SmartHelping / Business + Real Estate / Excel
Business + Real Estate JV Model
Underwrite an acquisition that combines an operating business with its real estate. Build a streamlined 10-year forecast for revenue, expenses and NOI, layer in SBA or conventional financing, test a future refinance and allocate returns through a flexible preferred-return waterfall.
Immediate download after purchase. By purchasing, you agree to the Terms of Service.
See the model in action
See the acquisition structure, financing and returns.
Walk through how the operating business, property, debt, reserve and partnership assumptions connect to the 10-year forecast and investor outputs.
What the model includes
One connected view of the business, property and partnership.
Use a concise assumptions framework to forecast combined NOI, structure separate business and property financing, solve for reserves and evaluate LP/GP returns.
Build the case from one high-level assumptions tab
Enter the key acquisition, operating, financing and exit assumptions without navigating an unnecessarily complex workbook structure.
Forecast the operating business and real estate together
Build gross revenue, salaries and wages, and other operating expenses into a connected annual NOI forecast for the combined acquisition.
Choose how operating expenses are projected
Enter annual expenses directly or use an expense ratio to drive the operating-cost forecast as revenue changes over time.
Separate real estate and business acquisition debt
Use SBA 504 financing for the real estate portion and SBA 7(a) financing for the operating-business portion of the transaction.
Use an assumed loan and test a future refinance
Switch off the SBA 504 structure when an assumed or standard real estate loan is more appropriate, then consolidate eligible debt in a future refinance.
Size the complete capital requirement
Review a consolidated sources-and-uses summary and solve for the reserve needed to support the forecast and transaction structure.
Configure the LP/GP waterfall
Set preferred-return tiers, hurdles and distribution terms to reflect the economics agreed between the limited and general partners.
Review the deal from multiple decision angles
Evaluate LP and GP IRR, equity multiple, discounted cash flow and DSCR, supported by eight visualizations and a consolidated dashboard in a fully unlocked Excel file.
Flexible debt and refinance logic
Match the financing to both sides of the acquisition.
The model separates the operating-business purchase from the real estate purchase, while keeping the debt service, reserve needs and future refinance connected to the same forecast.
SBA 504
Structure the real estate portion using SBA 504 financing assumptions and calculate the resulting debt service within the acquisition forecast.
SBA 7(a)
Finance the operating-business portion separately with SBA 7(a) assumptions so the property and business purchase prices remain distinct.
Assumed or standard loan
Turn off the SBA 504 option and use an assumed or conventional real estate loan when that structure better reflects the transaction.
Future refinance
Test a later refinancing event and roll the applicable existing debt balances into the new facility to see the impact on cash flow and returns.
How to use it
Move from purchase assumptions to a decision-ready case.
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Set the purchase and operating assumptions
Enter the business and property purchase values, revenue drivers, salaries and wages, other costs, growth assumptions and exit timing.
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Choose the NOI input method
Project annual operating expenses directly or use an expense ratio so costs move with revenue across the 10-year forecast.
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Build the financing and reserve
Configure SBA or alternative loans, define a potential future refinance, review sources and uses, and solve for the required reserve.
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Evaluate the partnership returns
Set the preferred-return waterfall and review LP/GP IRR, equity multiple, DCF, DSCR and the consolidated dashboard as assumptions change.
Who gets value from it
Built for mixed business-and-property acquisitions.
Owner-operators
Evaluate an operating-business purchase together with the property needed to run it, rather than treating the two assets in isolation.
Facility-based acquisitions
Model businesses such as assisted living facilities where operating performance and real estate financing are closely connected.
Real estate sponsors and JV partners
Review the project economics, capital structure and LP/GP outcomes under a configurable preferred-return waterfall.
Lenders, advisors and analysts
Use a fully editable framework to test debt service, reserve needs, coverage and returns as acquisition assumptions change.
Also available in these bundles
Need a broader modeling library?
The Business + Real Estate JV Model is also included in the Real Estate, Joint Venture and Super Smart bundles.
Real Estate Bundle
Explore acquisition, development, operating and investor-return models across multiple real estate strategies.
View Real Estate BundleJoint Venture Bundle
Compare preferred returns, IRR hurdles and partnership distribution structures across a broader set of JV models.
View Joint Venture BundleSuper Smart Bundle
Get the complete SmartHelping template collection for real estate, operating forecasts, valuation, finance and more.
View Super Smart BundleRelated real estate models
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Build a 10-year acquisition forecast using units, rent, occupancy and operating assumptions.
Explore the unit-based modelAssisted Living Facility / Nursing Home
Connect resident capacity, occupancy, staffing and operating costs to long-term returns.
Explore the assisted-living modelShort-Term Rental Arbitrage
Evaluate leased-unit economics, occupancy, rates, operating costs and expansion.
Explore the rental-arbitrage modelHotel Development / Acquisition
Forecast hotel development or purchase assumptions, operations, financing and exit value.
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Explore the sensitivity modelMultifamily Acquisition - Annual Model
Use a streamlined annual-only structure for a multifamily acquisition.
Explore the annual multifamily modelReal Estate Flipping Calculator
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Forecast managed units, fee revenue, staffing, overhead and business cash flow.
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Model transaction volume, commissions, agent splits, operating costs and profitability.
Explore the brokerage modelReal Estate Development
Track development budgets, actual spending, timing and remaining project costs.
Explore the development modelReal Estate Checklist
Organize real estate diligence and project tasks in a structured template.
Explore the real estate checklistRental Property ROI Calculator
Estimate cash flow and investment return for a rental-property opportunity.
Explore the rental ROI calculatorRelated capital-structure tools
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Seller Financing
Model seller-financed purchase terms, payments, balances and investment outcomes.
Explore the seller-financing modelCash Flow Waterfall - 3 IRR Hurdles
Distribute cash across three LP return hurdles and changing LP/GP splits.
Explore the IRR waterfallCash Flow Waterfall with GP Catch-Up
Add a GP catch-up mechanism to a three-hurdle partnership distribution structure.
Explore the catch-up waterfallPreferred Equity
Model a senior preferred-equity leg, repayment priority and subordinate equity returns.
Explore the preferred-equity modelPreferred Return
Model preferred returns, return of capital and residual partnership distributions.
Explore the preferred-return modelZero-Down Seller Financing
Evaluate a real estate purchase funded through seller-financing structures with no initial equity.
Explore the zero-down modelCost Segregation Study
Estimate asset reclassification, accelerated depreciation and potential tax-timing effects.
Explore the cost-segregation modelQuestions before you buy
A few useful details.
What type of acquisition is this model designed for?
It is designed for transactions that combine an operating business with its real estate, such as the acquisition of an assisted living facility or another property-dependent company.
Which loan structures are included?
The model supports SBA 504 financing for the real estate portion and SBA 7(a) financing for the operating-business portion. The SBA 504 structure can also be replaced with an assumed or standard real estate loan.
Can I use an expense ratio instead of entering every annual expense?
Yes. You can forecast operating expenses from an expense ratio or enter annual expense assumptions directly, depending on the level of detail available for the deal.
Can the model include a future refinance?
Yes. The refinance option can replace the applicable existing debt balances with a new facility so you can see how the transaction affects cash flow, coverage and investor returns.
Which partnership and return outputs are included?
The model includes a flexible preferred-return waterfall with configurable tiers and hurdles, plus LP and GP IRR, equity multiple, discounted cash flow and DSCR outputs.
Is the model editable and is it included in a bundle?
Yes. The Excel file is fully unlocked and editable. It is also included in the Real Estate, Joint Venture and Super Smart bundles linked above.
Underwrite the business, property and partnership together
Build a more defensible combined acquisition case.
Connect operating performance, real estate, SBA or alternative financing, reserves, refinancing and LP/GP returns in one 10-year Excel model. One-time purchase for $75.
