Multifamily Development Feasibility Study — Input Template
An initial input tab designed to pair with your existing real estate pro forma template — not replace it. Size your site, test your unit mix, and know your building type before you spend a dollar on architecture.
Free Excel template • Single working tab • No email required
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.
Most templates assume you already know your unit mix, building size, and NRA going in. This one starts from the parcel — lot dimensions, setbacks, zoning FAR, density bonus tier — and works forward to what you can actually build.
This is a development feasibility study tool. It tells you whether a site is worth underwriting — not whether the deal works.
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 parcel lot dimensions, zoning analysis, TOC 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. 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.
📐 Zoning & Density
Lot dimensions, FAR, density bonus tiers, max units, max SF
🏢 Unit Mix & Rent Roll
NRA, GBA, parking count, efficiency ratio, annual gross rent
📊 Pro Forma Pass-Through
Link outputs to your model, or use the Quick Basic Analysis screen
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 or a Type I steel-frame structure.
Type III — Wood Frame
Up to 5 stories standalone, up to 7 with a concrete podium
Type I — Steel Frame
Required above 7 stories — fundamentally different cost structure
That's a fundamental cost and feasibility threshold. 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.
No 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.
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. |
How to Use It
- 1
Enter your lot dimensions
Up to five parcels. The sheet calculates combined lot size, setbacks, and buildable footprint automatically.
- 2
Set your zoning and density bonus tier
Input current zoning FAR and select your TOC tier. Max units and SF calculate immediately.
- 3
Build your unit mix
Enter unit counts, average SF, and market rents. NRA, GBA, parking, and annual rent roll update in real time.
- 4
Check your building stories output
This is your Type III vs. Type I trigger. If the site pushes past 5 stories, your cost structure changes significantly.
- 5
Link to your model or use the Quick Basic Analysis
Connect the pro forma outputs to your existing underwriting spreadsheet. If you don't have one yet, the Quick Basic Analysis gives you a rough screen to decide whether to go further.
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.
Disclosure
This template is for planning and informational purposes only. It does not account for construction costs, financing structure, entitlement risk, or project-specific market conditions. The Quick Basic Analysis uses simplified assumptions and does not constitute a complete underwriting or return analysis. All outputs should be validated against current market data, local zoning regulations, and professional underwriting before making any investment or development decision. Density bonus tiers and FAR assumptions reflect state and local guidelines — verify against applicable municipal code.
Ready to Screen Your Next Site?
Download the template, drop it into your workflow, and start running sites through a consistent screen before you commit to full underwriting.
Use the Dashboard to check demographics, income levels, and market conditions in your target area before you size the deal.