 |
|
|
 |
Scheduled Monthly Rents
|
Units
|
Type
|
Est. SF
|
Current Avg. Rent
|
Monthly Income
|
|
1 |
Studio |
450 |
$500 |
$500 |
|
11 |
1 Bedroom / 1 Bath |
525 |
$613 |
$6,743 |
|
11 |
2 Bedroom / 1 Bath |
750 |
$668 |
$7,348 |
|
23 |
|
Estimated Total
|
$14,591 |
|
|
Scheduled Gross Income
|
$175,092 |
|
|
Less: Vacancy (5%)
|
-$8,755 |
|
|
Effective Gross Income
|
$166,337 |
|
|
Plus: Laundry |
$4,032 |
Estimated Expenses
|
|
Current
|
|
|
% EGI
|
Per/Unit
|
Amount
|
|
Taxes
|
6.1%
|
$445 |
$10,224 |
|
Insurance
|
1.8%
|
$132 |
$3,036 |
|
Utilities
|
8.3%
|
$600 |
$13,808 |
|
Professional Management
|
6.8%
|
$489 |
$11,242 |
|
Repairs
|
5.3%
|
$383 |
$8,800 |
|
Turnover Reserves
|
2.6%
|
$191 |
$4,400 |
|
Reserves
|
2.6%
|
$191 |
$4,400 |
|
Total Estimated Annual Expenses
|
33.6%
|
$2,431 |
$55,910 |
|
Estimated Net Operating Income (NOI)
|
$114,459
|
|
Cap Rate
|
9.16%
|
|
Debt Service
|
$66,223 |
|
Cash Flow
|
$48,236 |
|
Cash Return
|
15.44%
|
|
Proposed Financing
|
|
Listing Summary
|
|
Down Payment
|
$312,500 |
|
|
Price
|
$1,250,000 |
|
Percent Down
|
25%
|
|
|
Units
|
23 |
|
Loan Amount
|
$937,500 |
|
|
Building Sq. Ft.
|
14,691 |
|
Interest Rate
|
5.875%
|
|
|
Price per Unit
|
$54,348 |
|
Loan Description
|
30 yr. am. |
|
|
Price per Sq. Ft.
|
$85.09 |
|
|
|