Multifamily Development Feasibility — Input Template

An initial input tab designed to pair with your existing real estate pro forma template — not replace it.

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Everyone Has Their Own Spreadsheet

Everyone in real estate has a spreadsheet they swear by. That's not what this is.

This initial multifamily development feasibility study input template is designed to slot alongside whatever you're already working with — not replace it. Think of it as a front-end input tab you can incorporate into your existing investment property analysis spreadsheet, or run independently when you're still in early site screening mode.

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What It Does

This is a single working tab that consolidates everything you need to evaluate a multifamily site before committing to full underwriting. Multiple parcels, zoning analysis, density bonus tiers, unit mix, parking, building size, and a preliminary rent roll — all in one view, all recalculating live as you adjust inputs.

The goal is speed and flexibility. You want to quickly play with different unit mixes, test multiple lots combined, apply different density bonus tiers, and see how the numbers shift — without jumping between tabs or reconciling three different spreadsheets. One tab, one session, enough clarity to decide whether a site is worth the next step.

This is a development feasibility study tool. It tells you whether a site is worth underwriting — not whether the deal works.

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Key Calculations

Zoning and Density

Enter your lot dimensions across multiple parcels. The sheet calculates combined lot size, applies your current zoning FAR, then layers in your selected TOC density bonus tier (1 through 4) to show maximum allowable units and gross square footage under bonus density. Tier structure reflects California TOC guidelines — adjust thresholds to match your local municipal code if applicable.

Unit Mix and Rent Roll

Build out your unit mix — studios, 1BR, 2BR, 3BR — with average square footages and market rents. The sheet calculates total net rentable area (NRA), gross building area with efficiency ratio applied, parking count, and annual gross rent. Adjust unit counts in real time to test different mix scenarios.

Building Height Estimation

One of the most useful and overlooked calculations here is the estimated building stories output. This is critical early information — it tells you immediately whether you're looking at a Type III wood-frame build (up to 5 stories, or 7 with a podium) or a Type I steel-frame structure. That's a fundamental cost and feasibility threshold, and knowing it at the site screening stage changes how you think about the deal before you've spent a dollar on architecture.

Pro Forma Pass-Through

The Pro Forma section is built to connect to your own underwriting model. Link the outputs to your existing real estate pro forma template and let your full model handle construction costs, financing, and return analysis.

If you don't have a connected model yet, the Quick Basic Analysis provides a basic screen using a 40% operating expense assumption and a 5.5% exit cap rate. It's a rough order-of-magnitude check — useful for filtering sites, not for making decisions.

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Notes on Key Inputs

Input	Default	Notes
Est. Parking Size (Cell E25)	330 SF/stall	Includes turnaround and circulation space — not just the stall itself.
Efficiency % (Column N)	92%	Accounts for hallways and common circulation in gross building area. Adjust based on building configuration.
Est. Building Stories (Cell F28)	Calculated	Gross building area ÷ building footprint. Use as your Type III vs. Type I construction trigger — wood frame viable to 5 stories standalone, 7 with a concrete podium.

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How to Use It

This template is designed to be incorporated into your workflow, not handed to you as a finished product. Drop in your property information, size the unit mix to match what the site can support, and let the sheet generate your preliminary numbers. Use those numbers to decide whether to move forward into full underwriting — and when you do, your rent roll, building size, and density calculations are already done.

The more sites you run through a consistent take-off process, the faster you get at filtering. That's the real value here — not any single calculation, but the discipline of running every site through the same initial screen before you commit time and money to deeper analysis.