Vol. II Templates CASH-FLOW-PROJECTION Available now
The 10-year DCF, without the broken sensitivity tables.
A 10-year discounted cash flow projection template with multifamily, industrial, and retail variants. Drop in T-12 actuals, set forward assumptions, and read project IRR, equity IRR, and exit-year value – without rebuilding a workbook every deal.
Definition
What it is
10-year
Annual projections with optional monthly first-year build-up.
3 variants
Multifamily, industrial, retail – each with its own NOI conventions baked in.
$37
$47 retail. 14-day refund.
Audience
Who this is for
Acquisitions analysts
Get to a coherent DCF in under an hour. Spend the saved time on the market thesis and the rent-growth defensibility, not on rebuilding the model.
Asset management
Standing 10-year hold model across the portfolio. Refresh quarterly with actuals; compare projected vs. realized cash flow at each anniversary.
LP allocators
Drop sponsor projections into a known reference model and see which assumption is doing the work on the IRR.
Capital advisors
Pre-screen deals against realistic exit-cap and rent-growth bands before tying up a lender's underwriting time.
Inclusion
What's in the file
- Inputs tab with deal-structure and assumptions
- Year-1 monthly stabilization detail
- 10-year annual roll-forward (NOI, capex, debt service)
- Exit value + sale proceeds waterfall
- Project IRR + equity IRR + equity multiple
- Sensitivity grid: rent growth × exit cap
- One-page output summary for IC memos
Reference
FAQ
Hospitality, office, self-storage?
Office and hospitality work as adaptations of the multifamily variant (rent/occupancy → ADR/REVPAR for hotels; lease-level for office). Self-storage uses an adapted multifamily flow. Dedicated variants are forthcoming.
How does this differ from the UW Workbook?
UW Workbook is the full acquisitions model with capital stack, sources & uses, and waterfall. Cash Flow Projection is the DCF-only core – the right tool when you need just the cash flow projection (asset management, LP DD, refinance review).
Refund policy?
14-day refund if the file is materially different from what was described, corrupted, or not delivered correctly. Email support@valoreregistry.com.
Pricing
Pricing
Retail at release $47
Founders' price (first 14 days) $37
Single XLSX delivery, three asset-class variants. Free point-update releases for 12 months. Informational only – not investment advice.
Implementation
How to use Cash Flow Projection
Six steps from operating assumptions to a 10-year levered cash flow with LP-facing returns. Plus practitioner tips on stabilized NOI alignment, expense growth, IO + amort triggers, and exit cap-rate honesty.
A. Six steps
- 1
Download the Cash Flow Projection workbook
You receive an XLSX with monthly + annual tabs spanning a 10-year hold. Save as
CashFlow_<Deal>_<YYYY-MM>.xlsx. The model is built to live alongside the UW Workbook — pulling base case from UW, projecting forward. - 2
Set the operating assumptions on the input tab
Inputs: stabilized NOI · vacancy assumption · expense growth (insurance, taxes, repairs, utilities, management fee) · revenue growth (market rent escalation, other income) · capex reserve · turnover cost · concession assumptions. Use the same conventions you used in the UW Workbook; the two should reconcile.
- 3
Layer the debt structure on the Debt tab
Senior debt: rate · term · IO period · amortization · maturity. Mezz / pref equity if applicable: rate · accrual treatment · paydown order. The model auto-calculates debt service per month and reconciles cash flow waterfall to equity distributions.
- 4
Run the levered + unlevered cash flow tabs
Two parallel projections: unlevered (operating cash flow before debt) and levered (after debt service). Both feed into the Returns tab. Stress-test by toggling the rate-environment assumptions; the model regenerates both projections in 2-3 seconds.
- 5
Build the exit scenario on the Exit tab
Exit assumption: sale year · exit cap rate · transaction costs (broker fee, legal, closing). The Returns tab calculates IRR, equity multiple, and CoC year-by-year for both unlevered and levered. Refi scenarios use a separate row with refi proceeds + cash-out treatment.
- 6
Export the LP-facing returns table
The Returns tab is print-ready: equity multiple · IRR · average CoC · peak negative cash position · refi cash-out (if applicable) · downside-case IRR. Save as PDF for the LP packet; the full workbook stays as backup.
B. Practitioner tips
- Stabilized NOI from the UW Workbook should be year-2 or year-3 NOI in this model — not year-1. Year-1 is lease-up / renovation period, not stabilized.
- Expense growth: assume 3-4% across the board unless you have specific data otherwise. Insurance has been growing faster than this in coastal markets; tax growth depends on reassessment policy.
- IO period: the model handles partial-IO (e.g., 3 years IO, then amortizing) but you have to set the trigger date on the Debt tab. Default is full-IO.
- Mezz pay-current vs accrual: pay-current reduces equity distributions monthly; accrual compounds into the takeout. The waterfall treats these differently — verify the toggle matches your structure.
- Exit cap rate: most institutional UWs add 25-50 bps to the going-in cap rate at exit ("cap-rate decompression"). Be honest about whether this is conservative or aggressive in your sensitivity.
- Refi vs hold-to-exit: the model lets you model a refi at year 5 with a hold to year 10. Useful for value-add bridge-to-perm patterns. Make sure the refi rate assumption is supportable.
C. Scope & limits
- Not a fund-level model. This projects single-asset cash flow; fund waterfalls (preferred return, catch-up, promote) need a separate fund model.
- Not for portfolio cross-allocation. Each asset gets its own workbook; cross-collateralized structures need additional adaptation.
- No Monte Carlo or stochastic modeling. Sensitivity is deterministic — change one assumption, see the output.
- Not for non-CRE asset classes. Built for income-producing real estate; private equity / venture / debt-fund-level projections need different conventions.
D. Pairs with
-
Asset Manager
Agent (forthcoming Q4 2026)
Updates the projection with actuals; runs variance commentary against the original underwriting.
-
Investor Update Drafter
Skill (forthcoming Q4 2026)
Pulls the Returns tab + current-period actuals; drafts the quarterly LP letter.
-
UW Workbook
Template (available now)
Source of the base-case assumptions; the two models should always reconcile at stabilization.
-
Sensitivity Analyses
Template (available now)
For deeper sensitivity work — cap-rate decompression scenarios, exit-year shifts, refi-window stress tests.
-
Variance Commentary
Skill (forthcoming Q4 2026)
Compares projection vs actuals each period; produces the narrative for the LP reporting cycle.
Quarterly refresh. Free re-download for 12 months from purchase.
14-day refund if the file is materially different from what was described, corrupted, or not delivered correctly.
Or get this in Acquisitions Toolkit for $247 — save ~21% vs à la carte.See all bundles →
Get the file
Open the Cash Flow Projection.
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