SmartHelping / Real Estate / Excel
Single Tenant Industrial Model
Underwrite the acquisition or development of single-tenant industrial real estate over a hold period of up to 15 years. Connect rent, vacancy reserves, lease-up costs, operating expenses, financing, refinancing, financial statements, exit taxes, valuation, and GP/LP returns.
Immediate download after purchase. By purchasing, you agree to the Terms of Service.
See the model in action
See how property assumptions, financing, and investor returns connect.
Watch the walkthrough, then open the screenshots to review the acquisition or development budget, rent assumptions, operating forecast, debt, refinancing, financial statements, valuation, exit, and joint-venture waterfalls.
What the model includes
A complete industrial-property underwriting framework.
Move from the initial property basis and tenant economics through operating cash flow, refinancing, exit proceeds, and project and partner returns.
Model a long-term investment period
Plan a hold period of up to 15 years with connected monthly and annual pro forma views.
Choose the initial project structure
Use a purchase price for an acquisition or schedule construction and development costs over time for a new build.
Connect monthly and annual financials
Integrate the Income Statement, Balance Sheet, and Cash Flow Statement with the operating and capital assumptions.
Build rent from square footage and lease terms
Configure rentable area, rent per square foot, commencement timing, annual increases, vacancy reserves, and ancillary income.
Finance construction or an existing property
Use a construction or regular loan and evaluate as many as two future refinancings based on cap rate and LTV.
Compare IRR hurdles and preferred returns
Choose IRR-hurdle or preferred-return logic using either monthly or annual cash-flow conventions.
Measure the project and every stakeholder
Review IRR, NPV, DCF value, and equity multiple at the project, operator, and investor levels.
Toggle alternative underwriting cases
Compare different property, lease, operating, financing, and exit assumptions without rebuilding the model.
Rent and lease assumptions
Translate a single tenant lease into NOI and property cash flow.
Define the occupied area, rent economics, timing, and reserves while retaining flexibility for tenant turnover or a future lease-up period.
Rent commencement
Set the month rent begins so acquisition, development, and lease-up timing flow into the operating forecast correctly.
Rentable square feet
Enter the area leased to the tenant and use it as the basis for calculating annual and monthly base rent.
Rent per square foot
Define annual rent per square foot and review the resulting starting annual and monthly rental income.
Annual rent increases
Apply contractual escalation assumptions over the hold period to reflect the planned lease economics.
Vacancy loss reserve
Use a percentage of maximum rent as a reserve for tenant turnover, downtime, or other interruption in occupancy.
Ancillary income
Add recurring monthly revenue outside base rent when the property agreement includes other income sources.
Lease-up costs
Schedule fixed monthly expenses with defined start and end dates for the period required to secure or replace a tenant.
Capital structure and exit
Model acquisition, construction, refinancing, and sale proceeds.
Configure the property basis, loan structure, equity funding, future refinancing, and tax-sensitive exit assumptions around the deal being evaluated.
Build the full acquisition or development basis
Enter a purchase price or schedule development and construction uses up front or across the applicable project months.
Fund costs as the project is built
Use a construction-loan structure and choose whether interest is paid currently or accrued into the balance.
Underwrite conventional acquisition financing
Use a standard property loan when the investment begins with an existing stabilized or lease-ready asset.
Revalue and recapitalize the property
Schedule up to two refinance events using the selected refinance month, capitalization rate, and loan-to-value percentage.
Use one operator or an LP/GP structure
Fund the deal with a single operator or divide the required equity between an investor and sponsor group.
Separate operating income and sale-related taxes
Review depreciation recapture, capital gains, and operating-income tax bases, or enter 0% when taxes do not apply at the project level.
Joint-venture return structures
Choose the waterfall convention that matches the partnership.
The four waterfall alternatives combine two hurdle styles with monthly or annual cash-flow treatment, while preserving project and stakeholder return views.
Monthly IRR hurdles
Route monthly contributions and distributions through IRR tiers using monthly equivalents of the annual hurdle rates.
Annual IRR hurdles
Assume the initial equity is invested up front and move annual period cash flows through the IRR-based distribution tiers.
Monthly preferred return
Use monthly negative cash flow as additional contributed capital and positive cash flow as available distributions.
Annual preferred return
Evaluate the preferred-return arrangement using annual cash-flow periods and an up-front equity contribution.
Stakeholder views
Compare project, operator, and investor cash flows, IRR, NPV, DCF value, and equity multiple under the selected structure.
How to use it
Move from property basis to stakeholder returns.
Define the property and investment timeline
Set the model start, hold period, rentable area, acquisition price or development budget, and timing of the initial costs.
Enter the lease and operating assumptions
Configure rent commencement, rent per square foot, escalations, vacancy reserve, ancillary income, landlord expenses, and lease-up costs.
Build the debt and equity structure
Select the construction or regular loan, interest treatment, refinance assumptions, equity participants, and waterfall convention.
Review NOI, value, and returns
Evaluate the pro forma, three statements, refinancing, exit taxes, DCF, IRR, NPV, equity multiple, and operator and investor outcomes.
Who gets value from it
Built for teams evaluating industrial property economics.
Industrial real estate investors
Underwrite rental income, NOI, financing, refinancing, exit value, and investment returns over a long-term hold.
Developers and owner-operators
Compare an existing-property acquisition with a new-build scenario and schedule development costs over time.
GPs, LPs, and capital partners
Evaluate project and stakeholder economics through four configurable joint-venture waterfall structures.
Advisors and financial modelers
Use an editable underwriting framework for feasibility analysis, investment committees, fundraising, and scenario testing.
Also available in these bundles
Need a broader spreadsheet library?
The Single Tenant Industrial Model is also included in the Real Estate, Joint Venture, and Super Smart bundles.
Real Estate Models
Explore acquisition, development, financing, operations, refinancing, exit, and investor-return models across multiple property types.
View Real Estate ModelsJoint Venture Models
Compare preferred returns, IRR hurdles, promote splits, GP catch-ups, investor thresholds, and partner cash flows.
View Joint Venture ModelsSuper Smart Bundle
Get the complete SmartHelping collection for forecasting, valuation, accounting, financing, real estate, and more.
View Super Smart BundleRelated financial models
Explore adjacent real-estate and investment decisions.
Use these complementary SmartHelping models for property acquisitions, development, lease structures, portfolio strategies, and tax analysis.
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Request modifications to this industrial-property model or a custom underwriting framework for a specific transaction.
Contact SmartHelpingQuestions before you buy
A few useful details.
Can I model both an acquisition and new construction?
Yes. Use a purchase price for an existing property or schedule construction and development costs up front or over time for a new-build scenario.
How long is the forecast?
The model supports a hold period of up to 15 years with monthly and annual operating projections and integrated financial statements.
Which lease structures can the model handle?
The model can accommodate NNN, double-net, absolute-net, or other net-lease arrangements by setting landlord-paid expense categories according to the actual lease.
Can I model tenant turnover or downtime?
Yes. A vacancy loss reserve can represent periods without rent, while lease-up expenses can be scheduled with defined start and end months.
What financing and waterfall options are included?
Use a construction loan or regular loan, up to two refinancings, and four waterfall alternatives combining IRR hurdles or preferred returns with monthly or annual cash-flow conventions.
Is it included in any bundles?
Yes. It is included in the Real Estate, Joint Venture, and Super Smart bundles.
Underwrite the full property lifecycle
Turn the lease, capital structure, and exit into clear investment returns.
Get the editable model for acquisition or development, rent and NOI, debt, two refinancings, three statements, exit taxes, DCF, IRR, equity multiple, and four joint-venture waterfalls. One-time purchase for $45.
