MODEL DESIGN
How to Build a Small Multifamily (5–50 Units) Pro Forma
Overview
ARTICLE IN PROGRESS
We're writing a deep engineering essay on AQ-112. How we built it, the design choices behind it, and how to use it. The model itself is live and available today.
AQ-112 is built for the 5 to 50-unit multifamily acquisition, a segment where the institutional model is the wrong tool. The rent roll is a list of actual tenants, not a unit mix. The debt is agency-light or local bank, not multi-tranche. The hold is 5 years, not 10. The model matches the deal.
Planned Sections
When the full piece is published, it will cover:
- Small multifamily is its own asset class. Why the institutional model is the wrong tool.
- Design choice: unit-by-unit rent roll, not unit-mix abstraction.
- Design choice: 5-year hold vs 10-year (and why).
- Design choice: simpler debt module. Agency-light, not multi-tranche.
- What's left out for the family-office persona.
- How to use the model for owner-operator workflows.
For an example of the engineering-essay format this article will follow, see how we engineered AQ-141, the Multifamily Opportunistic Pro Forma Model.
About the Model
AQ-112 is a Boutique-tier small multifamily pro forma. Unit-by-unit rent roll, 5-year cash flows, simpler debt module. Built for family offices, brokers, and small REPE shops underwriting 5 to 50-unit acquisitions in either core or value-add positioning.