Real Estate Proforma Template
The real estate proforma template below is free to preview and install in Zealos. Investment analysis template for real estate developments with acquisition costs, construction budget, and return projections.
Preview: Real Estate Development Pro Forma
Real Estate Development Pro Forma
Project Overview
Field | Value |
|---|---|
Project Name | [Project Name] |
Location | [Address / Market] |
Property Type | [Multifamily / Office / Retail / Mixed-Use / Industrial] |
Lot Size | [X acres / X SF] |
Zoning | [Current zoning and entitlements status] |
Gross Building Area | [XXX,XXX SF] |
Net Rentable Area | [XXX,XXX SF] |
Unit Count (if residential) | [XXX units] |
Parking Spaces | [XXX] |
Development Budget
Category | Amount | $/SF | % of Total |
|---|---|---|---|
Land Acquisition | [$X,XXX,XXX] | [$XX] | [XX%] |
Hard Costs (Construction) | [$XX,XXX,XXX] | [$XXX] | [XX%] |
Soft Costs (A&E, permits, fees) | [$X,XXX,XXX] | [$XX] | [XX%] |
Financing Costs (interest, fees) | [$X,XXX,XXX] | [$XX] | [XX%] |
Developer Fee | [$XXX,XXX] | [$XX] | [XX%] |
Contingency | [$XXX,XXX] | [$XX] | [XX%] |
Total Development Cost | [$XX,XXX,XXX] | [$XXX] | 100% |
Revenue Projections (Stabilized)
Revenue Source | Monthly | Annual | Notes |
|---|---|---|---|
Gross Rental Income | [$XXX,XXX] | [$X,XXX,XXX] | [Avg $/SF or $/unit] |
Vacancy & Credit Loss (-X%) | [-$XX,XXX] | [-$XXX,XXX] | [Market vacancy rate] |
Other Income (parking, laundry, etc.) | [$XX,XXX] | [$XXX,XXX] | [Sources] |
Effective Gross Income | [$XXX,XXX] | [$X,XXX,XXX] |
Operating Expenses (Stabilized)
Expense | Monthly | Annual | % of EGI |
|---|---|---|---|
Property Management | [$XX,XXX] | [$XXX,XXX] | [X%] |
Property Taxes | [$XX,XXX] | [$XXX,XXX] | [X%] |
Insurance | [$X,XXX] | [$XX,XXX] | [X%] |
Utilities | [$XX,XXX] | [$XXX,XXX] | [X%] |
Repairs & Maintenance | [$X,XXX] | [$XX,XXX] | [X%] |
Reserves | [$X,XXX] | [$XX,XXX] | [X%] |
Total Operating Expenses | [$XX,XXX] | [$XXX,XXX] | [XX%] |
Return Analysis
Metric | Value |
|---|---|
Net Operating Income (NOI) | [$X,XXX,XXX] |
Cap Rate (at cost) | [X.X%] |
Cash-on-Cash Return | [X.X%] |
Yield on Cost | [X.X%] |
Development Spread | [X.X% over market cap rate] |
Equity Multiple (5-year hold) | [X.Xx] |
IRR (projected) | [XX.X%] |
Capital Stack
Source | Amount | % of Total | Rate / Return | Term |
|---|---|---|---|---|
Senior Debt | [$XX,XXX,XXX] | [XX%] | [X.X%] | [X years] |
Mezzanine / Preferred Equity | [$X,XXX,XXX] | [XX%] | [X.X%] | [X years] |
Sponsor Equity | [$X,XXX,XXX] | [XX%] | [Target XX% IRR] | |
Investor Equity | [$X,XXX,XXX] | [XX%] | [Target XX% IRR] | |
Total | [$XX,XXX,XXX] | 100% |
Update this pro forma as assumptions change. The numbers you underwrite should be defensible — use market comps, not aspirational rents.
About this template
Every real estate development starts with a pro forma — the financial model that determines whether a project is worth pursuing. This template structures the analysis from land acquisition through construction, lease-up, and stabilized returns. Use it for multifamily, office, retail, or mixed-use developments to present a clear investment picture to partners and lenders.
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