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The Commercial Real Estate Lease Modeling Master Class (Udemy.com)

The Complete Step-By-Step Guide To Building Dynamic Commercial Real Estate Lease Models in Microsoft Excel

Created by: Justin Kivel

Last updated August 2026

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What you will learn

  • Learn how to build dynamic, institutional-quality CRE models incorporating reimbursement structures, rent escalation schedules, re-leasing assumptions, and more
  • Learn how to replace ARGUS and use Excel to perform the calculations necessary to model commercial leases
  • Learn how to create institutional, professionally formatted models for retail, office, and industrial deals to present to investors and partners
  • Learn how to create dynamic Excel dashboards showing tenant cash flows over time, capital costs, and reimbursement structures

How it compares

Against the other 75 rated Udemy courses in Real Estate on CourseDuck:

  • Rating4.8 out of 5higher than 80% of them
  • Reviews528#39 of 76 by number of reviews
  • Length8.2 hourslonger than 77% of them
  • Last updatedAugust 2026more recently than 68% of them

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Course Description

Want to learn how to model complex commercial real estate leases in Microsoft Excel from scratch, even without ARGUS? 

This course is a complete, step-by-step guide to modeling commercial leases for retail, office, and industrial real estate. This is a project-based course, meaning you'll start with a blank Excel workbook and walk away with a fully-functional, dynamic, commercial lease model that YOU'VE created - from scratch.

By the end of this course, you'll be able to build a dynamic, professional-quality commercial real estate lease model from scratch, and your first one will be done by the time you finish the last lecture.

This course will teach you how to model things like multiple tenant lease terms and expiration dates, complex reimbursement structures, renewal probability and downtime, tenant improvement allowances, leasing commissions, and much, much more. At the end of this course, you will be able to:

  • Build an institutional-quality, dynamic commercial real estate lease model from scratch

  • Learn key Excel shortcuts to double your real estate financial modeling speed

  • Model multiple lease structures and quickly and easily model complex reimbursement structures (NNN, FSG, MG, & BYS)

  • Use renewal probability to accurately drive your future cash flows at a commercial property

  • Build a dynamic lease structure that models irregular rent increases (or decreases) and dynamically changes cash flows with the click of a button

  • Model dynamic leasing commissions on a commercial deal, even if you have different agreements for different periods of a lease

  • Build out percentage rent formulas to model percentage rent payments for retail tenants based on net sales

  • Create easy-to-view annual cash flow roll-ups to quickly review your work and present to investors or colleagues

This course is perfect for you if:

  • You're a college student or graduate student looking to break into real estate investment after graduation, and you're looking to add the key technical skill sets to your arsenal that will put you head and shoulders above the competition and allow you to land a lucrative career opportunity in the field

  • You're a professional in a different field, but looking to buy real estate on the side and want to be able to confidently analyze a commercial deal 

  • You're an existing real estate professional looking to advance your career, increase your compensation, and break into the real estate investment industry.

  • You've bought rental homes or duplexes, and now you're looking to move into bigger commercial properties and want to feel confident in your ability to analyze deals.


Here's what some of our students have had to say:

★★★★★ "Justin really takes a deep dive into crucial concepts that play a huge role in the practical modeling portion of the course. The content is clear and concise, and he makes sure you understand things before moving onto more advanced material. I've taken a few of Justin's courses and every one of them has been indispensable in my REPE analyst intern role."

★★★★★"Brilliant Justin. Each course I do I get more confident and regularly use the skills and formula writing at work. The great think about these courses is that they revolve around the same base. Each time you complete a different course the base knowledge is reinforced and then built upon."

★★★★★"This course I found to be complete in all aspects of Commercial Lease Modeling, combined with Justin's teaching style, really enables me to look at Commercial lease modeling opportunities with a renewed sense of understanding, and confidence."


If you have a basic understanding of real estate finance, and you're looking to apply that knowledge to analyze new commercial real estate investment opportunities, enroll now and let's get started building this model together today. Looking forward to having you in the course!

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Instructor Details

Justin Kivel

Master real estate financial modeling, advance your career, and earn more money.

If you’re an aspiring real estate investment professional looking to break into the real estate investment field, or a current real estate professional looking to advance your career and increase your compensation, you’re in the right place.

My name is Justin Kivel, and I’m a real estate investment professional with a love for teaching. Throughout my career, I’ve worked on over $1.5 billion of closed acquisitions across multifamily, retail, office, and mixed-use properties. I’ve had the opportunity to work with some of the brightest minds in real estate investing and have spent almost a decade in the industry across private equity, finance, and brokerage roles.

Unfortunately, most of what I know today I had to learn on the job. Although great courses exist on Microsoft Excel and financial modeling, I couldn’t find a resource that was specifically tailored toward real estate investment professionals that would actually walk me through exactly what I needed to know to succeed in the real estate investment industry.

These courses are that resource.

After dozens of phone calls and coffee meetings with college students and aspiring real estate investment professionals, I realized that most people were asking exactly what I was asking when I was in their shoes.

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Reviews

4.8

528 ratings on Udemy

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By Robb Day on 3/25/2021

The final templates are very good, very useful as underwriting tools. The path to get there is tough and paved with very complex excel formulas. They are also geared toward a PC and I use a Mac, so the translation is not always clear. But the final product is very useful and it is good to hear how the calculations are being made, just found it very difficult to write them myself.

By Lance Atkinson on 1/26/2021

Excellent level of detail - significantly improved my RE modelling skills Two minor points of feedback: - Calculations could be much less complex if the weighted releasing assumptions and relevant timing inputs were broken out separately instead of calculated in cell with very long formulas - Re-leasing base rent formula is not strictly technically accurate - the new lease would be struck at prevailing market rents determined by the market rent growth rate, but should then be inflated by separate contracted rental increases e.g. CPI, 2.5% every 12 months

By Marc C on 7/20/2020

This is now my 4th completed class from this instructor. Excellent class, excellent teacher, 100% timely and detailed response rate to Q&A. I honestly feel bad paying 15 bucks for this, it is worth much, much more, believe me. I love a good deal, but I don't like to rip someone off

By Jonathan Lim-Bentley on 5/15/2020

Far exceeded my expectations - as a university student, this builds on what I learned in school and is easy to follow, well explained with clear understandings of Excel formulas and logic. I would highly recommend this course and any of Justin's other courses. Update: two years later I am again taking the course and was surprised to see it was updated! The new update improved on an already excellent course and the new model is better organized and clearer!

By Abdullah Alwohaib on 4/26/2020

I am currently a Senior Manager and a Deputy Head in Clients Relationship Department in one of the leading Real Estate Investment Co in Kuwait " Dimah Capital Investment". Our core business is to invest in international real estate opportunities in the US, UK, and EU. I have personally raised an amount of $ 200 Mm within 4 years. We are responsible for syndicating the investors' equity in order to acquire the properties. currently, I am focusing on financials in order to master the knowledge of real estate deals. I will keep learing and I will keep participating in your courser. Thank you

By Sumantra Bagchi on 4/20/2020

This is an awesome course! Apart from creating a professional template, this course takes a deep dive into the economics of the Commercial Real Estate Leasing. The fact that the knowledge gained can be used by any professional currently dealing or wanting to enter commercial deals, makes it even more valuable. Justin as an instructor is super engaging with a wide horizon and in-depth knowledge of the subject. I would highly recommend this course as well as other course by Justin. Thanks again for creating such a gem!

By D. Higa on 9/10/2019

An Excellent Course that every Real Estate Professional or Amateur should have within their arsenal. Justin takes you step by step into the ins and outs of commercial lease modeling. A great resource. Thanks again Justin for sharing your knowledge and expertise with us - especially all the hard work you put into it.

By Kris Kucharski on 6/2/2019

The course is well laid out and the material is what I expected. My only concern is that it feels as if the instructor is rushing through some of the formulas; making it difficult to follow along without constantly having to pause the videos to catch up.

By Patrick Koo on 12/28/2018

It is really a great learning video for people who are serious about learning financial modelling for commercial properties. Step-by-step guide with patient and detailed explanations were given along the way to build out the complex and highly dynamic model from start to end.

By Matthew Overton on 8/24/2018

Brilliant Justin. Each course I do I get more confident and regularly use the skills and formula writing at work. The great think about these courses is that they revolve around the same base. Each time you complete a different course the base knowledge is reinforced and then built upon. I'm very happy that I have found UDEMY.

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Overall Score : 96 / 100