07-02-2024, 12:26 AM
Real Estate Financial Modeling Course - Office Development
Learn how to build an Office Real Estate Financial Model from scratch based on a real Case Study.
Highest rated
Rating: 5.0 out of 5
(13 ratings)
600 students
2.5 hours on-demand video
2 downloadable resources
Description
This course is based on the following Case Study:
Background
As an investor at Udemy Capital specializing in office building developments, you are planning to purchase a land plot to develop a modern, build-to-suit office building for a major tenant who is willing to sign a 10-year lease (with no break options) for their headquarters. As part of Udemy Capital’s underwriting process you need to model the following assumptions on a monthly cash flow basis. If you think, that some of these assumptions may not make sense or could be more accurate, feel free to change them as long as you justify it properly.
Land and Acquisition Costs
Location: Barcelona’s Prime Office Area
Purchase of the Land on 01 January 2025
Land Purchase Price: to be determined by a minimum Levered IRR (LIRR) of 15% and an Equity Multiple (EM) of at least 1.80x
Buildability: 10,000 sqm
Real Estate Transfer Tax: 10% over Land Purchase Price
Notary and Registry: 0.25% over Land Purchase Price
Buy-Side Brokerage Fee: 1.50% over Land Purchase Price
Due Diligence: 75,000€
Development
Project: 10,000 sqm
Construction Period: 18 months starting in Month 1
Hard Costs: 1,800 €/sqm
Soft Costs: 15% over Hard Costs
Contingency: 5% over Hard + Soft Costs
Leasing Costs: 1 month of Rent
Tenant Improvements: 23.50 €/sqm to be paid out for 2 months and starting the first month of rent
Operations
Gross Leasable Area (GLA): 10,000 sqm
Rent: 23.50 €/sqm
Yearly Rental Bump: 2.50% on each lease anniversary
Free Rent: 5 months of rent
Operating Expenses (Opex): 15% over Gross Rental Income
Non-Recoverable Expenses: 10% of Opex
Building Capex Maintenance: 5% over Gross Rental Income
And more...
https://www.udemy.com/course/real-estate-financial-development-modeling-course/?couponCode=3F71936ABE66022DDBAA
Enjoy!
Learn how to build an Office Real Estate Financial Model from scratch based on a real Case Study.
Highest rated
Rating: 5.0 out of 5
(13 ratings)
600 students
2.5 hours on-demand video
2 downloadable resources
Description
This course is based on the following Case Study:
Background
As an investor at Udemy Capital specializing in office building developments, you are planning to purchase a land plot to develop a modern, build-to-suit office building for a major tenant who is willing to sign a 10-year lease (with no break options) for their headquarters. As part of Udemy Capital’s underwriting process you need to model the following assumptions on a monthly cash flow basis. If you think, that some of these assumptions may not make sense or could be more accurate, feel free to change them as long as you justify it properly.
Land and Acquisition Costs
Location: Barcelona’s Prime Office Area
Purchase of the Land on 01 January 2025
Land Purchase Price: to be determined by a minimum Levered IRR (LIRR) of 15% and an Equity Multiple (EM) of at least 1.80x
Buildability: 10,000 sqm
Real Estate Transfer Tax: 10% over Land Purchase Price
Notary and Registry: 0.25% over Land Purchase Price
Buy-Side Brokerage Fee: 1.50% over Land Purchase Price
Due Diligence: 75,000€
Development
Project: 10,000 sqm
Construction Period: 18 months starting in Month 1
Hard Costs: 1,800 €/sqm
Soft Costs: 15% over Hard Costs
Contingency: 5% over Hard + Soft Costs
Leasing Costs: 1 month of Rent
Tenant Improvements: 23.50 €/sqm to be paid out for 2 months and starting the first month of rent
Operations
Gross Leasable Area (GLA): 10,000 sqm
Rent: 23.50 €/sqm
Yearly Rental Bump: 2.50% on each lease anniversary
Free Rent: 5 months of rent
Operating Expenses (Opex): 15% over Gross Rental Income
Non-Recoverable Expenses: 10% of Opex
Building Capex Maintenance: 5% over Gross Rental Income
And more...
https://www.udemy.com/course/real-estate-financial-development-modeling-course/?couponCode=3F71936ABE66022DDBAA
Enjoy!