Answer
How do I underwrite a multifamily acquisition in CRE Build?
Start from the Core or Value-add template and pick a permanent or bridge opening loan. Enter the purchase price, closing costs and the trailing and forward twelve, import the rent roll or unit mix, set renovation units and rent premiums, then model opex, tax reassessment, debt, the waterfall and the exit.
Answer
How is a value-add deal different from a Core deal in CRE Build?
The Value-add template carries a renovation program and rent premium, on a permanent loan or a bridge. The Core template models a stabilized deal with in-place rents on a permanent loan, mezzanine and preferred equity. Both run on the same calculation engine.
Fit
Built for, and not for
Built for
- Acquisitions teams underwriting stabilized (Core) multifamily.
- Value-add sponsors modeling a renovation program and rent premium.
Not for
- Asset types other than multifamily.
- A broker CRM, a property-management system or appraisal software.
Workflow
Start → Basis → Rents → Debt → Exit → Share
Step 01
Start
Core or Value-add template. Acquisitions start on a permanent loan or a bridge.
Multifamily model →
Step 03
Rents & renovation
Unit mix with in-place and market rent, renovation units and rent premium; import the rent roll.
Multifamily model →
Step 04
Opex & taxes
Operating expenses and tax reassessment on sale or at stabilization.
Multifamily model →
Step 05
Debt
Permanent, bridge and mezzanine debt: loan presets, extensions and refi.
Debt & loan sizing →
Step 06
Pref & waterfall
Preferred equity, drawn ahead of common, then LP/GP tiers with hurdles, splits and promote.
Equity & waterfall →Step 07
What-ifs, cases & exit
Build named what-ifs and compare their returns. Branch cases from the base, rebase them, or promote one to the base case. Then test the exit.
Returns, sensitivity & scenarios →
Comparison
Your spreadsheet vs cre.build
| Job | Your spreadsheet | cre.build |
|---|---|---|
| Change an assumption | Edit a cell; an inserted row can leave a total summing the wrong range, with no record of what changed. | Named line items: Default, Hardcode, Alternate method or Custom formula on expense lines, a custom formula on budget lines, and a ◆ flag on every line you take over. |
| See who changed what | Compare file names and track changes by hand. | Deviations with Who and why, and Versions › Compare with IRR impact. |
| Size the loan | Build each test yourself. | Sizing tests with the binding constraint named. |
| Share with a lender | Email the workbook and wait for comments. | A private copy they work in, with a proposal sent back. |
| Get the numbers out | It's already a spreadsheet. | Reports from the current version, and an Excel snapshot. |
Methodology
Check the math yourself
Methodology
How CRE Build calculates every figure
Every number points back to its source, and the methodology page shows the math.
Methodology →FAQ
Questions
Can I import a rent roll for an acquisition?
Yes. Import a rent roll or unit mix from .csv, .tsv or .xlsx, then add to the unit mix or replace it. Spreadsheet import covers the rent roll or unit mix only.
Can I test the deal under different assumptions?
Yes. Add named what-ifs or branch scenario cases, then compare the outputs you choose across them.
Pricing