The net cash inflows and outflows of a real estate investment before taking into account cash flows related to financing.  Unlevered cash flows generally consist of total investment costs, net operating cash flows before financing, and asset reversion cash flows (i.e. net proceeds from sale).  In real estate financial analysis, the unlevered cash flow line is used to calculate the unlevered internal rate of return and unlevered equity multiple of a prospective real estate investment.