The quadruple-tank system (QTS) is a popular educational resource in universities for studying multivariable control systems. It enables the analysis of the interaction between variables and the limitations imposed by multivariable non-minimum phase zeros, as well as the evaluation of new multivariable control methodologies. The works utilizing this system present a theoretical model that may be too idealistic and based on erroneous assumptions in real-world implementations, such as the linear behavior of the actuators. In other cases, an identified linear model is directly provided. This study outlines the practical grey-box modeling procedure conducted for the QTS at the University of Cordoba and provides guidance for its implementation. A configurable nonlinear model was developed and controlled in a closed loop using different controllers. Specifically, decentralized control, static decoupling control, and simplified decoupling control were compared. The simulation designs were experimentally validated with high accuracy, demonstrating that the conclusions reached with the developed model can be extrapolated to the real system. The comparison of these three control designs illustrates the advantages and disadvantages of decoupling in certain situations, especially in the presence of non-minimum phase zeros.