Explore nine worked US development proformas, from multifamily and build-to-rent to for-sale housing, land development and commercial projects. Each interactive example shows a model’s assumptions, costs, financing, revenue, cash flow and returns.
Free to view. To edit a template, save a copy in your Aprao account. New users can start a free seven-day trial. These examples are interactive online models, rather than Excel downloads.
Ground-up apartments built, stabilized, held for five years, then sold at a 5.25% cap rate. Covers land, build, finance and an operating income forecast.
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Two tilt-up buildings with five suites, leased on NNN terms, held for three years, then sold at a 5.75% cap rate.
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Two-phase for-sale community with buyer deposits, phased closings and a construction loan. Covers 28 townhomes and 24 detached homes.
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Raw land entitled and serviced in two phases, then sold as finished lots to homebuilders, with two commercial pads and a JV equity partner.
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Purpose-built rental community held for five years, then sold as a stabilized portfolio at a 5.5% cap rate, with operating income and finance.
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Three-story facility with 980 units, built over 12 months, held for three years, then sold at a 6.25% cap rate with ancillary income.
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Five-story podium with apartments above ground-floor retail, held for five years, then sold. Shows two operated assets in one appraisal.
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For-sale tower with 20% buyer deposits, phased closings and a construction loan, covering 120 units including four penthouses.
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A simple single-phase scheme of six townhomes with buyer deposits and a small construction loan. Suited to smaller, lower-volume developers.
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A real estate development proforma projects land and acquisition costs, hard and soft costs, finance, sales or rental income, timing and returns. Use it to test whether a project meets your target return and to calculate a residual land value.
These templates are worked examples. Review every assumption before using a copy for your project, including unit mix, area, prices or rents, construction timing, loan terms, fees and the exit.
Read the plain-English guide to development proformas.
A spreadsheet template gives you a workbook structure. An Aprao template provides a working online model with cash flow forecasting, sensitivity analysis, residual land value and professional reporting. Save your own copy and adapt the assumptions to your deal.
Compare Excel and development proforma software.
A real estate proforma is a forward-looking financial projection of a property or project’s income, expenses and returns. For a development, it also covers land, construction, financing and the sale or lease-up period.
A feasibility study assesses whether a project can work, including financial, physical, planning and market considerations. A proforma is the financial model used to test its costs, funding and returns.
There is no universal target. Required profit on cost and equity returns depend on the project’s location, asset type, delivery risk, financing and investor requirements. Agree the hurdle before bidding and test downside scenarios against it.
Yes. Excel is flexible and familiar. As projects and contributors increase, a dedicated platform can help teams standardize inputs, compare scenarios and share consistent reports. Both approaches require checked assumptions and results.
Yes. Aprao’s templates directory includes nine US examples covering multifamily, build-to-rent, for-sale housing, land development, industrial, self-storage, mixed-use and condominiums. Public examples are free to view. To edit one, save a copy in an Aprao account; new users can start a seven-day free trial. These are interactive models rather than downloadable Excel templates.
