The Five-Year Model, in the Portal and in Your Google Sheet
Revenue build, net operating income, and occupancy ramp for the sample 15,000 RSF flex workspace, modeled at $28.00/RSF gross rent ($35,000 per month) and a stabilized 85% occupancy. Delivered two ways: this portal, and a full Google Sheet pro forma.
The Space, Mapped to Revenue
In a live portal, this frame carries your actual floor plan overlaid with the office and revenue assumptions, so the path from square footage to monthly revenue is visible in one image. In the sample, the geometry is genericized and labeled illustrative.
Illustrative Test Fit. A genericized allocation map for the 15,000 RSF sample program: 44 private offices (24 one-person, 12 two-person, 6 four-person, 2 six-person), 20 dedicated desks, 3 meeting rooms, and a hospitality core. Full-occupancy office revenue is $60,000 per month; the model stabilizes dedicated space at 85% occupancy. In a live engagement this is your actual floor plan.
The Deliverable: Your Google Sheet Pro Forma
The portal presents the intelligence; the Google Sheet is the same model in the standard five-year spreadsheet format operators and lenders expect, with a 60-month ramp, rent roll, and space allocation model. Both stay in sync because both are produced by Core. Below is a faithful mock of the delivered sheet, populated with this sample's illustrative numbers; click the tabs along the bottom.
| A | B | C | D | |
|---|---|---|---|---|
| 1 | Floor Plate Details | |||
| 2 | Floor Plate | 15,000 SF | Private Offices | 44 (84 seats) |
| 3 | Rent | $28.00 PSF gross | Dedicated Desks | 20 |
| 4 | Monthly Rent | $35,000 | Meeting Rooms | 3 |
| 5 | Stabilized Monthly Revenue (Year 5) | |||
| 6 | Private Offices | $51,000 | Dedicated Desks | $7,650 |
| 7 | Virtual Office | $10,000 | Day Offices & Flex Passes | $5,500 |
| 8 | Meeting Rooms | $9,500 | Events & Other | $3,850 |
| 9 | Total Monthly Revenue | $87,500 | ||
| 10 | Key Operating Expenses (Monthly) | |||
| 11 | Rent | $35,000.00 | Marketing & Sales | $2,500.00 |
| 12 | Staffing | $12,500.00 | Member Experience | $2,000.00 |
| 13 | Utilities & Internet | $4,000.00 | Software, Tech & Security | $1,791.67 |
| 14 | Cleaning & Maintenance | $3,000.00 | Insurance & Professional | $1,333.33 |
| 15 | Total Monthly Opex | $62,125.00 | ||
| 16 | Profitability (Stabilized) | |||
| 17 | Monthly NOI | $25,375 | Stabilized Occupancy | 85% |
| 18 | NOI Margin | 29.0% | ||
| A | B | C | D | E | F | G | H | … | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Flex Space Pro Forma | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | M1 | M2 | … M60 |
| 2 | Total Revenue | $520,000 | $800,000 | $940,000 | $1,010,000 | $1,050,000 | ▮▮ | ▮▮ | ▮▮ |
| 3 | Rent | $420,000 | $420,000 | $420,000 | $420,000 | $420,000 | ▮▮ | ▮▮ | ▮▮ |
| 4 | Operating Expenses (ex-rent) | $240,000 | $286,000 | $304,000 | $317,300 | $325,500 | ▮▮ | ▮▮ | ▮▮ |
| 5 | Total Operating Expense | $660,000 | $706,000 | $724,000 | $737,300 | $745,500 | ▮▮ | ▮▮ | ▮▮ |
| 6 | Net Operating Income | ($140,000) | $94,000 | $216,000 | $272,700 | $304,500 | ▮▮ | ▮▮ | ▮▮ |
| 7 | NOI Margin | (26.9%) | 11.8% | 23.0% | 27.0% | 29.0% | ▮▮ | ▮▮ | ▮▮ |
| A | B | C | D | E | |
|---|---|---|---|---|---|
| 1 | Rent Roll | Qty | Rate / Mo | Monthly at 100% | At 85% Stabilized |
| 2 | 1-Person Office | 24 | $900 | $21,600 | $18,360 |
| 3 | 2-Person Office | 12 | $1,500 | $18,000 | $15,300 |
| 4 | 4-Person Office | 6 | $2,400 | $14,400 | $12,240 |
| 5 | 6-Person Suite | 2 | $3,000 | $6,000 | $5,100 |
| 6 | All Private Offices | 44 | $60,000 | $51,000 | |
| 7 | Dedicated Desk | 20 | $450 | $9,000 | $7,650 |
| 8 | Dedicated Space Total | 64 | $69,000 | $58,650 |
| A | B | C | D | |
|---|---|---|---|---|
| 1 | Space Allocation Model | Unit Qty | Sq Ft Per | Total Sq Ft |
| 2 | 1-Person Office | 24 | 110 | 2,640 |
| 3 | 2-Person Office | 12 | 160 | 1,920 |
| 4 | 4-Person Office | 6 | 260 | 1,560 |
| 5 | 6-Person Suite | 2 | 380 | 760 |
| 6 | Dedicated Desk | 20 | 40 | 800 |
| 7 | Meeting Room | 3 | 200 | 600 |
| 8 | Monetizable Subtotal | 67 | 8,280 | |
| 9 | Amenity & Non-Monetizable | |||
| 10 | Reception & Arrival | 1 | 450 | 450 |
| 11 | Cafe & Lounge | 1 | 1,200 | 1,200 |
| 12 | Event-Capable Commons | 1 | 700 | 700 |
| 13 | Phone Booths | 5 | 24 | 120 |
| 14 | Wellness Room | 1 | 100 | 100 |
| 15 | Mail & Print | 1 | 150 | 150 |
| 16 | IT, Storage & Back of House | 1 | 250 | 250 |
| 17 | Amenity Subtotal | 2,970 | ||
| 18 | Program Subtotal | 11,250 | ||
| 19 | Circulation (25.0%) | 3,750 | ||
| 20 | Total Floor Plate | 15,000 | ||
Revenue and NOI Trajectory
Revenue scales as the space fills toward a stabilized 85% occupancy. Year 1 runs at a loss: full rent lands on a revenue base that is still ramping, so the operation absorbs a first-year deficit. Monthly NOI crosses break-even during the ramp and climbs to a stabilized 29.0% margin by Year 5. This is the expected J-curve of a new flex location, not a weakness in the deal.
Reading Year 1 honestly: Year 1 posts a negative NOI margin of 26.9%. That is the expected J-curve, not a red flag. Monthly NOI crosses break-even partway through the ramp, Year 2 turns positive at 11.8%, and the operation stabilizes at a 29.0% margin by Year 5.
Five-Year Profit & Loss Summary
Top-line revenue, operating expense, net operating income, and net operating margin by year. All figures are illustrative model outputs at $28.00/RSF rent and 85% stabilized occupancy.
| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Total Revenue | $520,000 | $800,000 | $940,000 | $1,010,000 | $1,050,000 |
| Total Operating Expense | $660,000 | $706,000 | $724,000 | $737,300 | $745,500 |
| Net Operating Income | ($140,000) | $94,000 | $216,000 | $272,700 | $304,500 |
| NOI Margin | (26.9%) | 11.8% | 23.0% | 27.0% | 29.0% |
Year 1 is negative because full rent commences while revenue is still ramping; the operation reaches monthly break-even during the ramp and stabilizes by Year 5. See the Strategic Report tab for how the rent rate moves the stabilized margin.
Year 5 Revenue Mix
Where stabilized revenue comes from. Private offices are the engine; virtual office, meeting rooms, and dedicated desks are meaningful secondary streams. Figures are Year 5 stabilized, against a $1,050,000 total.
Where the Revenue Comes From: the Rate Card
The office program behind the dedicated-space line. At 100% occupancy the 44 offices produce $60,000 per month; the model stabilizes dedicated space at 85% occupancy, which yields $51,000 per month ($612,000 per year). Dedicated desks add $9,000 per month at full occupancy ($7,650 at 85%, $91,800 per year). Every rate ties to the Market Pricing Calibration tab.
| Product | Units | Rate / Month | Revenue / Mo at 100% | At 85% Stabilized |
|---|---|---|---|---|
| 1-Person Office | 24 | $900 | $21,600 | $18,360 |
| 2-Person Office | 12 | $1,500 | $18,000 | $15,300 |
| 4-Person Office | 6 | $2,400 | $14,400 | $12,240 |
| 6-Person Office | 2 | $3,000 | $6,000 | $5,100 |
| All Private Offices | 44 | $60,000 | $51,000 | |
| Dedicated Desk | 20 | $450 | $9,000 | $7,650 |
Meeting rooms ($9,500/mo), virtual office ($10,000/mo, roughly 100 clients at a blended $100), day offices and flex passes ($5,500/mo), and events ($3,850/mo) are usage-based streams modeled directly at their stabilized run rates, not scaled by dedicated-space occupancy.
Stabilized Operating Expenses
The Year 5 expense stack behind the 29.0% margin. Rent is the dominant line, exactly why the Strategic Report treats it as the deal's biggest lever.
| Expense Line | Year 5 Annual | Share of Revenue |
|---|---|---|
| Rent ($28.00/RSF gross × 15,000 RSF) | $420,000 | 40.0% |
| Staffing (community team) | $150,000 | 14.3% |
| Utilities & Internet | $48,000 | 4.6% |
| Cleaning & Maintenance | $36,000 | 3.4% |
| Marketing & Sales | $30,000 | 2.9% |
| Coffee, Consumables & Member Experience | $24,000 | 2.3% |
| Software, Tech & Security | $21,500 | 2.0% |
| Insurance, Professional & Miscellaneous | $16,000 | 1.5% |
| Total Operating Expense | $745,500 | 71.0% |
| Net Operating Income | $304,500 | 29.0% |
Flex Intelligence Portal · Sample v1 · © 2026 CoworkingConsulting.com LLC