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Introduction To Real Estate Financial Analysis Using Excel (A)
Introduction To Real Estate Financial Analysis Using Excel (A)
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NUMERIC FORMATTING
Size column widths so all numbers are visible
PRO FORMA 0 1 2 3
GROSS INCOME
Market-Rate Apartments $249,000 ######## $264,164
Affordable Apartments $34,913 $35,960 $37,039
Retail Space $103,600 ######## $109,909
Subtotal $387,513 ######## $411,112
PRO FORMA 0 1 2 3
GROSS INCOME
Market-Rate Apartments $249,000 $256,470 $264,164
Affordable Apartments $34,913 $35,960 $37,039
Retail Space $103,600 $106,708 $109,909
Subtotal $387,513 $399,138 $411,112
NUMERIC FORMATTING
NUMERIC FORMATTING
NUMERIC FORMATTING
Integer Formatting:
Display commas
NUMERIC FORMATTING
Rounding Functions:
ROUND
ROUNDUP =ROUND__(NUMBER, Num_Digits)
ROUNDDOWN Number Can be Equation
MROUND Up/Down Forces Direction
Useful for # Units, Parking
NUMERIC FORMATTING
Rounding Functions:
ROUND
ROUNDUP
ROUNDDOWN
MROUND = (NUMBER, Multiple)
Number Can be Equation
Rounds to Nearest Multiple
FORMAT PAINTING
PRO FORMA 0 1 2 3 4 5
GROSS INCOME
Market-Rate Apartments $249,000
Affordable Apartments $34,913
Retail Space $103,600
Subtotal $387,513
VACANCY
(Residential Vacancy) ($17,035)
(Retail Vacancy) ($10,360)
ADDITIONAL INCOME
Parking Fees $38,400
Effective Gross Income $398,518
Procedures:
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© Kristen Hunter 2016
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ASSUMPTIONS
RETURN MEASURES
NET PROCEEDS
OFF-SHEET CALCULATIONS
FROM SALE
ASSUMPTIONS
RETURN MEASURES
NET PROCEEDS
OFF-SHEET CALCULATIONS
FROM SALE
ASSUMPTIONS
RETURN MEASURES
NET PROCEEDS
OFF-SHEET CALCULATIONS
FROM SALE
ASSUMPTIONS
RETURN MEASURES
NET PROCEEDS
FROM SALE 3 OFF-SHEET CALCULATIONS
ASSUMPTIONS
RETURN MEASURES
4
NET PROCEEDS
OFF-SHEET CALCULATIONS
FROM SALE
ASSUMPTIONS
5 RETURN MEASURES
NET PROCEEDS
OFF-SHEET CALCULATIONS
FROM SALE
NET PROCEEDS
OPERATING CASH FLOWS FROM SALE
RETURN MEASURES
ASSUMPTIONS:
DEVELOPMENT COSTS CAPITAL STRUCTURE
Development Cost/SF $150 LTV 65%
Development Cost $3,000,000 Equity $1,225,000
Land Cost $500,000 Debt $2,275,000
Total Development Cost $3,500,000
Term 30
Rate
Payment
5.40%
($154,808)
Input All Given Assumptions
PROGRAMMING INCOME
2-Bedroom Apartments 8 Market-Rate 1BR Units 5
1-Bedroom Apartments 5 Market-Rate 1BR Rent $1,750
Market-Rate 2BR Units 6
Residential Square Footage 16,300 Market-Rate 2BR Rent $2,000
Retail Square Footage 3,700
Gross Square Footage 20,000 Affordable 2BR Units 2
Area Median Income $83,125
Number of Parking Spaces 16 AMI % 70%
Affordable Income $58,188
% Income Allocated to Rent 30%
Affordable 2BR Rent $1,455
DEPRECIATION EXPENSES
Residential Dep. Basis $2,445,000 Operating Expense/SF $6.50
Residential Dep. Recovery Per. 27.5 Real Estate Taxes/SF $2.50
RATES
Residential Vacancy 6% Ordinary Income Tax 35%
Retail Vacancy 10% Depreciation Recapture 25%
Capital Gains 15%
Cap Rate @ Year 1 6.5%
Cap Rate @ Sale 6.9%
Sale Expenses % 5%
ASSUMPTIONS:
DEVELOPMENT COSTS CAPITAL STRUCTURE
Development Cost/SF $150 LTV 65%
Development Cost $3,000,000 Equity $1,225,000
Land Cost $500,000 Debt $2,275,000
Total Development Cost $3,500,000
Term 30
Rate
Payment
5.40%
($154,808)
Input All Given Assumptions
PROGRAMMING INCOME
2-Bedroom Apartments
1-Bedroom Apartments
8
5
Market-Rate 1BR Units
Market-Rate 1BR Rent
5
$1,750
Determine & Perform Additional
Residential Square Footage
Retail Square Footage
16,300
3,700
Market-Rate 2BR Units
Market-Rate 2BR Rent
6
$2,000 Calculations Needed
Gross Square Footage 20,000 Affordable 2BR Units 2
Area Median Income $83,125
Number of Parking Spaces 16 AMI % 70%
Affordable Income $58,188
% Income Allocated to Rent 30%
Affordable 2BR Rent $1,455
DEPRECIATION EXPENSES
Residential Dep. Basis $2,445,000 Operating Expense/SF $6.50
Residential Dep. Recovery Per. 27.5 Real Estate Taxes/SF $2.50
RATES
Residential Vacancy 6% Ordinary Income Tax 35%
Retail Vacancy 10% Depreciation Recapture 25%
Capital Gains 15%
Cap Rate @ Year 1 6.5%
Cap Rate @ Sale 6.9%
Sale Expenses % 5%
ASSUMPTIONS:
DEVELOPMENT COSTS CAPITAL STRUCTURE
Development Cost/SF $150 LTV 65%
Development Cost $3,000,000 Equity $1,225,000
Land Cost $500,000 Debt $2,275,000
Total Development Cost $3,500,000
Term 30
Rate
Payment
5.40%
($154,808)
Input All Given Assumptions
PROGRAMMING INCOME
2-Bedroom Apartments
1-Bedroom Apartments
8
5
Market-Rate 1BR Units
Market-Rate 1BR Rent
5
$1,750
Determine & Perform Additional
Residential Square Footage
Retail Square Footage
16,300
3,700
Market-Rate 2BR Units
Market-Rate 2BR Rent
6
$2,000 Calculations Needed
Gross Square Footage 20,000 Affordable 2BR Units 2
Area Median Income $83,125
Number of Parking Spaces 16 AMI % 70%
Affordable Income $58,188
% Income Allocated to Rent 30%
Affordable 2BR Rent
Retail Rent/SF
$1,455
$28
CELLS SHADED IN YELLOW DENOTE
Parking Fee/Space $200
CALCULATED ASSUMPTIONS
Income Growth Rate 3%
DEPRECIATION EXPENSES
Residential Dep. Basis $2,445,000 Operating Expense/SF $6.50
Residential Dep. Recovery Per. 27.5 Real Estate Taxes/SF $2.50
RATES
Residential Vacancy 6% Ordinary Income Tax 35%
Retail Vacancy 10% Depreciation Recapture 25%
Capital Gains 15%
Cap Rate @ Year 1 6.5%
Cap Rate @ Sale 6.9%
Sale Expenses % 5%
DEVELOPMENT COSTS
Development Cost/SF $150
CAPITAL STRUCTURE
LTV 65% HOW TO ADD IN EXCEL:
Development Cost $3,000,000 Equity $1,225,000
Land Cost $500,000 Debt $2,275,000
Total Development Cost $3,500,000
Term 30 = SUM (Cell1: Cell2) RANGE
Rate 5.40%
Payment ($154,808)
PROGRAMMING
2-Bedroom Apartments 8
INCOME
Market-Rate 1BR Units 5
= SUM (Cell1,Cell2)
1-Bedroom Apartments
16,300
Market-Rate 1BR Rent
Market-Rate 2BR Units
Market-Rate 2BR Rent
$1,750
6
$2,000
= SUM (Cell1 + Cell2) ITEMIZED
Retail Square Footage
Gross Square Footage
3,700
20,000 Affordable 2BR Units
Area Median Income
2
$83,125
= Cell1 + Cell2
Number of Parking Spaces 16 AMI % 70%
Affordable Income $58,188
% Income Allocated to Rent 30%
Affordable 2BR Rent $1,455
DEPRECIATION EXPENSES
Residential Dep. Basis $2,445,000 Operating Expense/SF $6.50
Residential Dep. Recovery Per. 27.5 Real Estate Taxes/SF $2.50
RATES
Residential Vacancy 6% Ordinary Income Tax 35%
Retail Vacancy 10% Depreciation Recapture 25%
Capital Gains 15%
Cap Rate @ Year 1 6.5%
Cap Rate @ Sale 6.9%
Sale Expenses % 5%
DEVELOPMENT COSTS
Development Cost/SF $150
CAPITAL STRUCTURE
LTV 65% HOW TO ADD IN EXCEL:
Development Cost $3,000,000 Equity $1,225,000
Land Cost $500,000 Debt $2,275,000
Total Development Cost $3,500,000
Term 30 = SUM (Cell1: Cell2) RANGE
Rate 5.40%
Payment ($154,808)
PROGRAMMING
2-Bedroom Apartments 8
INCOME
Market-Rate 1BR Units 5
= SUM (Cell1,Cell2)
1-Bedroom Apartments
16,300
Market-Rate 1BR Rent
Market-Rate 2BR Units
Market-Rate 2BR Rent
$1,750
6
$2,000
= SUM (Cell1 + Cell2) ITEMIZED
Retail Square Footage
Gross Square Footage
3,700
20,000 Affordable 2BR Units
Area Median Income
2
$83,125
= Cell1 + Cell2
Number of Parking Spaces 16 AMI % 70%
Affordable Income $58,188
% Income Allocated to Rent 30%
Affordable 2BR Rent $1,455
HOW TO MULTIPLY IN EXCEL:
Retail Rent/SF $28
Parking Fee/Space $200
RATES
Residential Vacancy 6% Ordinary Income Tax 35%
Retail Vacancy 10% Depreciation Recapture 25%
Capital Gains 15%
Cap Rate @ Year 1 6.5%
Cap Rate @ Sale 6.9%
Sale Expenses % 5%
DEVELOPMENT COSTS
Development Cost/SF $150
CAPITAL STRUCTURE
LTV 65% HOW TO ADD IN EXCEL:
Development Cost $3,000,000 Equity $1,225,000
Land Cost $500,000 Debt $2,275,000
Total Development Cost $3,500,000
Term 30 = SUM (Cell1: Cell2) RANGE
Rate 5.40%
Payment ($154,808)
PROGRAMMING
2-Bedroom Apartments 8
INCOME
Market-Rate 1BR Units 5
= SUM (Cell1,Cell2)
1-Bedroom Apartments
16,300
Market-Rate 1BR Rent
Market-Rate 2BR Units
Market-Rate 2BR Rent
$1,750
6
$2,000
= SUM (Cell1 + Cell2) ITEMIZED
Retail Square Footage
Gross Square Footage
3,700
20,000 Affordable 2BR Units
Area Median Income
2
$83,125
= Cell1 + Cell2
Number of Parking Spaces 16 AMI % 70%
Affordable Income $58,188
% Income Allocated to Rent 30%
Affordable 2BR Rent $1,455
HOW TO MULTIPLY IN EXCEL:
Retail Rent/SF $28
Parking Fee/Space $200
($88,909)
Real Estate Taxes/SF
Replacement Reserve/SF
$2.50
$1.00
HOW TO DIVIDE IN EXCEL:
Retail Depreciable Basis
Retail Dep. Recovery Per.
$555,000
39.0
Expenses Growth Rate 2.5%
= Cell1 / Cell2
Retail Annual Depreciation ($14,231)
RATES
Residential Vacancy 6% Ordinary Income Tax 35%
Retail Vacancy 10% Depreciation Recapture 25%
Capital Gains 15%
Cap Rate @ Year 1 6.5%
Cap Rate @ Sale 6.9%
Sale Expenses % 5%
DEVELOPMENT COSTS
Development Cost/SF $150
CAPITAL STRUCTURE
LTV 65% HOW TO ADD IN EXCEL:
Development Cost $3,000,000 Equity $1,225,000
Land Cost $500,000 Debt $2,275,000
Total Development Cost $3,500,000
Term 30 = SUM (Cell1: Cell2) RANGE
Rate 5.40%
Payment ($154,808)
PROGRAMMING
2-Bedroom Apartments 8
INCOME
Market-Rate 1BR Units 5
= SUM (Cell1,Cell2)
1-Bedroom Apartments
16,300
Market-Rate 1BR Rent
Market-Rate 2BR Units
Market-Rate 2BR Rent
$1,750
6
$2,000
= SUM (Cell1 + Cell2) ITEMIZED
Retail Square Footage
Gross Square Footage
3,700
20,000 Affordable 2BR Units
Area Median Income
2
$83,125
= Cell1 + Cell2
Number of Parking Spaces 16 AMI % 70%
Affordable Income $58,188
% Income Allocated to Rent 30%
Affordable 2BR Rent $1,455
HOW TO MULTIPLY IN EXCEL:
Retail Rent/SF $28
Parking Fee/Space $200
($88,909)
Real Estate Taxes/SF
Replacement Reserve/SF
$2.50
$1.00
HOW TO DIVIDE IN EXCEL:
Retail Depreciable Basis
Retail Dep. Recovery Per.
$555,000
39.0
Expenses Growth Rate 2.5%
= Cell1 / Cell2
Retail Annual Depreciation ($14,231)
RATES
Residential Vacancy 6% Ordinary Income Tax 35%
HOW TO USE EXPONENTS IN EXCEL:
Retail Vacancy 10% Depreciation Recapture 25%
Capital Gains 15%
Cap Rate @ Year 1 6.5%
Cap Rate @ Sale 6.9%
= Cell1 ^ n
Sale Expenses % 5%
Term 30
Rate 5.40%
Payment
RATE = Interest Rate
NPER = Number of Periods (Loan Term)
CAPITAL STRUCTURE PV = Present Value (Loan Amount)
LTV 65%
Equity $1,225,000
Debt $2,275,000
Term 30
Rate 5.40%
Payment ($154,808)
Term 30
Rate 5.40%
Payment
FV = Future Value
Not needed unless the mortgage loan is
CAPITAL STRUCTURE
not fully amortizing
LTV 65%
Equity $1,225,000
Debt $2,275,000
Term 30
Rate 5.40%
Payment ($154,808)
Term 30
Rate 5.40%
Payment
TYPE = When Payments are Made:
(1) Beginning of Period
CAPITAL STRUCTURE (0) End of Period is the default setting
LTV 65%
no input is required
Equity $1,225,000
Debt $2,275,000
Term 30
Rate 5.40%
Payment ($154,808)
PRACTICE EXERCISE:
CAPITAL STRUCTURE
LTV 65%
DEBT SERVICE PAID MONTHLY
Equity $1,225,000
Debt $2,275,000 = PMT (RATE / 12, NPER * 12, PV)
Term 30
Rate 5.40%
Payment ($12,775)
PRACTICE EXERCISE:
CAPITAL STRUCTURE
LTV 65%
DEBT SERVICE PAID MONTHLY
Equity $1,225,000
Debt $2,275,000 = PMT (RATE / 12, NPER * 12, PV)
Term 30
Rate 5.40% Annual Debt Service = PMT * 12
Payment ($12,775)
EXPENSES
(Operating Expenses) ($105,950)
(Real Estate Taxes) ($40,750)
(Replacement Reserve) ($20,000)
(Total Expenses) ($166,700)
ADDITIONAL INCOME
Parking Fees $38,400
Effective Gross Income $398,518
EXPENSES
(Operating Expenses) ($105,950)
(Real Estate Taxes) ($40,750)
(Replacement Reserve) ($20,000)
DEVELOPMENT COSTS
(Total Expenses) ($166,700)
Development Cost/SF $150
NET OPERATING INCOME $231,818
Development Cost $3,000,000
Debt Service ($154,808) Land Cost $500,000
ADDITIONAL INCOME
Parking Fees $38,400
Effective Gross Income $398,518
EXPENSES
(Operating Expenses) ($105,950)
(Real Estate Taxes) ($40,750)
(Replacement Reserve) ($20,000)
(Total Expenses) ($166,700)
If You There is an Error in the Cell Name
NET OPERATING INCOME $231,818
Click on the Insert Menu è Select Name
Debt Service ($154,808)
è Select Define è Delete or Edit Name
CASH FLOW AFTER FINANCING $77,010
ADDITIONAL INCOME
Parking Fees $38,400
Effective Gross Income $398,518
EXPENSES
(Operating Expenses) ($105,950)
(Real Estate Taxes) ($40,750)
(Replacement Reserve) ($20,000)
(Total Expenses) ($166,700)
ADDITIONAL INCOME
Parking Fees $38,400
Effective Gross Income $398,518 TOTAL EXPENSES = SUM (Operating
EXPENSES
Expenses : Replacement Reserve)
(Operating Expenses) ($105,950)
(Real Estate Taxes) ($40,750)
(Replacement Reserve) ($20,000)
(Total Expenses) ($166,700)
VACANCY
(Residential Vacancy) ($17,035)
(Retail Vacancy) ($10,360)
ADDITIONAL INCOME
Parking Fees $38,400
Effective Gross Income $398,518
EXPENSES
(Operating Expenses) ($105,950)
(Real Estate Taxes) ($40,750)
(Replacement Reserve) ($20,000)
(Total Expenses) ($166,700)
VACANCY
(Residential Vacancy) ($17,035)
To anchor reference, after clicking on
(Retail Vacancy) ($10,360) cell reference:
ADDITIONAL INCOME
Parking Fees $38,400
MAC ⌘+T
Effective Gross Income $398,518
Windows F4
EXPENSES
(Operating Expenses) ($105,950)
(Real Estate Taxes) ($40,750)
(Replacement Reserve) ($20,000)
(Total Expenses) ($166,700)
VACANCY
(Residential Vacancy) ($17,035)
(Retail Vacancy) ($10,360)
ADDITIONAL INCOME
Parking Fees $38,400
Effective Gross Income $398,518
EXPENSES
(Operating Expenses) ($105,950)
(Real Estate Taxes) ($40,750)
(Replacement Reserve) ($20,000)
(Total Expenses) ($166,700)
OFF-SHEET CALCULATIONS:
OFF-SHEET CALCULATIONS
AMORTIZATION
AMORTIZATION 1
Beginning of Year Outstanding Principal $2,275,000 When Debt Service is Paid Annually
End of Year Outstanding Principal ($2,243,042)
we can easily compute the Interest and
Amortization, but this becomes more
Amortization $31,958
labor-intensive when Debt Service is
paid monthly.
OFF-SHEET CALCULATIONS:
OFF-SHEET CALCULATIONS
AMORTIZATION
AMORTIZATION 1
Beginning of Year Outstanding Principal $2,275,000 When Debt Service is Paid Annually
End of Year Outstanding Principal ($2,243,042)
we can easily compute the Interest and
Amortization, but this becomes more
Amortization $31,958
labor-intensive when Debt Service is
paid monthly.
OFF-SHEET CALCULATIONS:
OFF-SHEET CALCULATIONS
AMORTIZATION
AMORTIZATION 1
OFF-SHEET CALCULATIONS:
OFF-SHEET CALCULATIONS
AMORTIZATION
AMORTIZATION 1
OFF-SHEET CALCULATIONS:
OFF-SHEET CALCULATIONS
AMORTIZATION
AMORTIZATION 1
CAPITAL STRUCTURE
PRACTICE EXERCISE:
LTV 65% DEBT SERVICE PAID MONTHLY
Equity $1,225,000
Debt $2,275,000
= PMT (RATE / 12, NPER * 12, PV)
Term 30
Rate 5.40%
Payment ($12,775)
= FV (RATE / 12, NPER * 12, PMT, PV)
OFF-SHEET CALCULATIONS
AMORTIZATION
Beginning of Year Outstanding Principal
1
$2,275,000
NPER = Years to Date
End of Year Outstanding Principal ($2,243,787)
Amortization $31,213
CAPITAL STRUCTURE
PRACTICE EXERCISE:
LTV 65% DEBT SERVICE PAID MONTHLY
Equity $1,225,000
Debt $2,275,000
= PMT (RATE / 12, NPER * 12, PV)
Term 30
Rate 5.40%
Payment ($12,775)
= FV (RATE / 12, NPER * 12, PMT, PV)
OFF-SHEET CALCULATIONS
AMORTIZATION
Beginning of Year Outstanding Principal
1
$2,275,000
NPER = Years to Date
End of Year Outstanding Principal ($2,243,787)
Amortization $31,213
TAXABLE INCOME
OFF-SHEET CALCULATIONS:
TAXABLE INCOME
Cash Flow After Financing $77,010
REPLACEMENT RESERVE =
— Replacement Reserve calculated in
Expenses
TAXABLE INCOME
OFF-SHEET CALCULATIONS:
TAXABLE INCOME
Cash Flow After Financing $77,010
TAXABLE INCOME
OFF-SHEET CALCULATIONS:
TAXABLE INCOME
Cash Flow After Financing $77,010
TAXABLE INCOME
Ordinary Income Tax 35%
Depreciation ($103,140)
CAPITALIZED VALUE
$3,566,427 YEAR 1 CAPITALIZED VALUE
= NOI Year 1 (Above)
/ Cap Rate @ Year 1 (Assumptions)
VACANCY
(Residential Vacancy) ($17,035)
To anchor growth rate reference to
(Retail Vacancy) ($10,360) Assumptions, after clicking on cell
ADDITIONAL INCOME reference:
Parking Fees $38,400
Effective Gross Income $398,518
MAC ⌘+T
EXPENSES Windows F4
(Operating Expenses) ($105,950)
(Real Estate Taxes) ($40,750)
(Replacement Reserve) ($20,000)
(Total Expenses) ($166,700)
VACANCY
(Residential Vacancy) ($17,035)
Formula Consistency:
(Retail Vacancy) ($10,360)
To Avoid Year 2 Adjustments
ADDITIONAL INCOME
Parking Fees $38,400
Effective Gross Income $398,518 Base Amount * (1 + Escalation) ^ Year — 1
EXPENSES
(Operating Expenses) ($105,950)
(Real Estate Taxes) ($40,750)
(Replacement Reserve) ($20,000)
(Total Expenses) ($166,700)
OFF-SHEET CALCULATIONS
INCOME & EXPENSES
AMORTIZATION 1 2
Beginning of Year Outstanding Principal $2,275,000 $2,243,042
End of Year Outstanding Principal ($2,243,042) ($2,209,359) YEAR 2 BEGINNING OF YEAR
Amortization $31,958 $33,683 OUTSTANDING PRINCIPAL =
— End of Year Outstanding
Principal Year 1
PRO FORMA 0 1 2
ALL OTHER ITEMS CAN BE COPIED
GROSS INCOME
Market-Rate Apartments $249,000 $256,470
& PASTED FROM YEAR 1 WITHOUT
Affordable Apartments
Retail Space
$34,913
$103,600
$35,960
$106,708
ADJUSTMENT
Subtotal $387,513 $399,138
VACANCY
(Residential Vacancy) ($17,035) ($17,546)
(Retail Vacancy) ($10,360) ($10,671)
ADDITIONAL INCOME
Parking Fees $38,400 $39,552
Effective Gross Income $398,518 $410,473
OFF-SHEET CALCULATIONS
EXPENSES
(Operating Expenses) ($105,950) ($108,599)
AMORTIZATION 1 2
(Real Estate Taxes) ($40,750) ($41,769) Beginning of Year Outstanding Principal $2,275,000 $2,243,042
(Replacement Reserve) ($20,000) ($20,500) End of Year Outstanding Principal ($2,243,042) ($2,209,359)
(Total Expenses) ($166,700) ($170,868)
Amortization $31,958 $33,683
NET OPERATING INCOME $231,818 $239,606
TAXABLE INCOME
Debt Service ($154,808) ($154,808) Cash Flow After Financing $77,010 $84,798
Amortization $31,958 $33,683
CASH FLOW AFTER FINANCING $77,010 $84,798
Replacement Reserve $20,000 $20,500
Tax Payment ($9,040) ($12,545) Depreciation ($103,140) ($103,140)
Taxable Income $25,828 $35,842
CASH FLOW AFTER TAXES $67,970 $72,254
CONTROL + ~
PRO FORMA 0 1 2 3
GROSS INCOME
Market-Rate Apartments =(F13*F14*12)+(F15*F16*12) =J6*(1+$F$28) =K6*(1+$F$28)
Affordable Apartments =F18*F23*12 =J7*(1+$F$28) =K7*(1+$F$28)
Retail Space =C17*F25 =J8*(1+$F$28) =K8*(1+$F$28)
Subtotal =SUM(J6:J8) =SUM(K6:K8) =SUM(L6:L8)
VACANCY
(Residential Vacancy) =(J6+J7)*-$C$40 =(K6+K7)*-$C$40 =(L6+L7)*-$C$40
(Retail Vacancy) =J8*-$C$41 =K8*-$C$41 =L8*-$C$41
ADDITIONAL INCOME
Parking Fees =C20*F26*12 =J16*(1+$F$28) =K16*(1+$F$28)
Effective Gross Income =J9+J12+J13+J16 =K9+K12+K13+K16 =L9+L12+L13+L16
EXPENSES
(Operating Expenses) =C16*-F31 =J20*(1+$F$35) =K20*(1+$F$35)
(Real Estate Taxes) =C16*-F32 =J21*(1+$F$35) =K21*(1+$F$35)
(Replacement Reserve) =C18*-F33 =J22*(1+$F$35) =K22*(1+$F$35)
(Total Expenses) =SUM(J20:J22) =SUM(K20:K22) =SUM(L20:L22)