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Commercial Acquisition Financial Model

Commercial Acquisition Pro Forma Model

An Excel model for office, retail, industrial, warehouse, self-storage, data center, medical office, and other commercial acquisitions.

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Walkthrough of the TILT commercial acquisition model
50+
output sheets
500+
firms use TILT models
$1M–$1B+
deal sizes underwritten
15+ yrs
building financial models

Commercial acquisitions this model handles

Use the same model for office, retail, industrial, warehouse, self-storage, data center, medical office, and other commercial properties.

  • Office
  • Retail
  • Industrial
  • Warehouse
  • Self-Storage
  • Data Center
  • Medical Office
Explore acquisition modelsMixed-Use Acquisition ModelResidential Acquisition ModelHotel Acquisition Model
Justin Acciavatti, founder of TILT Analytics

Who builds it

Justin Acciavatti builds and supports every TILT model.

Justin has spent 15+ years building financial models, primarily for real estate developers and investors, with additional experience in investment banking, M&A, and startup finance. More than 500 firms use TILT models, and you work directly with him.

Direct support

Book a complimentary 15 to 30 minute screen-share before you buy. Justin will run your deal structure through the model so you can see whether it fits. If you buy, that time counts toward the one hour of working time included with the model.

Talk to Justin

Custom work

Need a lease structure, refinance, or report that is not in the standard model? Justin can add it for an hourly fee.

See RE Analyst services

What the commercial acquisition model handles

Start with tenant leases and current expenses. Then test renovations, financing, refinancing, and sale without circular references.

Inputs & Workbook Tools 11 features
  • All inputs on one page
    Categorized and hyperlinked for fast navigation and no hunting through tabs
  • Show only rows with data
    One-click button toggle for clean output across all output sheets
  • Show/hide output sheets
    Easily toggle to display only the sheets you need right from the table of contents
  • Print report packets
    Select and print any combination of sheets from the table of contents with the push of a button
  • Smart sources and uses
    Funding order, timing, and availability month by month
  • Loan Interest Without Circular References
    Calculate interest without turning on iterative calculations.
  • Input error check
    Flags common errors with labeled warnings
  • Flexible input methods
    Enter amounts per square foot, per unit, per month, or as a total.
  • Hyperlinked table of contents
    Jump to any of the 50+ sheets
  • Reorder Sheets
    Change the report order from the right-click menu.
  • Rename Sheets
    Change a sheet name and the table of contents updates with it.
Underwriting & Rent Roll 4 features
  • Tenant-Level Commercial Rent Roll
    Enter each tenant's rent schedule, increases, and lease expiration.
  • Vacancy, concessions & bad debt
    Set year-by-year occupancy and credit loss assumptions.
  • Commercial Lease Terms
    Model NNN, NN, gross, and modified gross leases, free rent, tenant improvements, management, and leasing costs.
  • Up to 20 Commercial Segments
    Give each segment its own use type, square footage, rent structure, expenses, and exit assumption.
Capital Stack & Partnership 4 features
  • Non-cash contributions
    Give a partner equity credit for land or another contributed asset.
  • Up to 6 LPs and 3 GPs
    Track separate contributions and returns for each partner.
  • Multiple payout options
    Use an IRR waterfall, GP catch-up, fixed split, or another payout structure.
  • Mezzanine Debt and Grants
    Add other funding sources alongside the acquisition loan.
Investment Returns & Exit 3 features
  • Exit Value by Cap Rate or Amount
    Value the sale with an exit cap rate or enter the sale price directly.
  • Sensitivity analysis
    Test changes to rent, expenses, interest rates, and other assumptions.
  • Up to 3 Sequential Refinances
    Model cash-out or LTV-target refinance events and flow them through partner cash flows.
Optional Add-Ons 2 add-ons
  • Mixed-Use Property Types
    The base model includes one property type. Add the other property types your acquisition needs.
  • Multi-date exit
    Sell separate parts of the property at different times.

Underwrite the commercial property you are buying.

Tell us about the tenants, leases, and business plan the model needs to handle.

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Commercial Acquisition Pro Forma Model

Frequently Asked Questions

What is a commercial acquisition pro forma model?

A commercial acquisition pro forma model is the financial model used to underwrite the purchase of an existing commercial property. It forecasts tenant-level rents, operating expenses, value-add scenarios, refinancing, and exit returns. The TILT commercial acquisition model handles up to 20 commercial segments with lease-by-lease modeling, NNN versus gross structures, abatements, and TIs.

Does the model handle office, retail, industrial, and mixed commercial acquisitions?

Yes. Up to 20 commercial segments per project, each with its own use type, square footage, rent structure, operating expenses, and exit assumption. Different segments can have different lease structures (NNN, gross, modified gross) and different escalation patterns.

Does the model handle tenant-by-tenant rent rolls with NNN, abatements, and TIs?

Yes. Lease-by-lease modeling supports lease term, abatements, TI allowances, NNN versus gross, escalations, renewal probability, and downtime between leases. Each tenant can carry its own lease terms and rollover assumptions.

What if the acquisition includes residential or hotel components?

TILT can upgrade the model to the mixed-use version. The same engine handles commercial plus residential plus hotel acquisitions in any combination.

Does the model handle value-add and refinancing scenarios?

Yes. Renovation premium, phased lease-up, rent increases on renovation completion, and up to 3 sequential refinances for cash-out or LTV-target events are all standard. Exit valuation works on cap rate, direct dollar input, or a stabilized NOI multiple.

What if I need a feature that is not built in?

TILT can customize the model. Specific lease structures, output variations, or commercial-segment logic the standard build does not cover get added by Justin for an hourly fee.

How long until I am productive?

Most clients have their first acquisition running within an hour. Each TILT model includes up to one hour of working time with Justin in total. You can use 15 to 30 minutes before buying to test your deal structure; that time counts toward the hour. Ongoing technical support is free.

Tell us about the property.

Send us the property type and what you need to model. We'll confirm whether the model fits and explain the next step.

  • 50+ professional output sheets
  • Financing, refinancing, and exit analysis
  • Direct technical support
  • Customization available when you need it

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