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Cleveland Colonial Apartments |
Sold |
Scheduled Monthly Rents
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Units
|
Type
|
Est. SF
|
Current Avg. Rent
|
Monthly Income
|
|
2 |
2 Bedroom / 1 Bath |
800 |
$563 |
$1,126 |
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8 |
3 Bedroom / 1 Bath |
1,000 |
$652 |
$5,215 |
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10 |
|
Estimated Total
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$6,341 |
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Scheduled Gross Income
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$76,092 |
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|
Less: Vacancy (5%)
|
-$3,805 |
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Effective Gross Income
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$72,287 |
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Plus: Laundry & Fees |
$1,200 |
Estimated Expenses
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Current
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% EGI
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Per/Unit
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Amount
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Taxes
|
12.67%
|
$916 |
$9,156 |
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Insurance
|
2.77%
|
$200 |
$2,000 |
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Utilities
|
8.21%
|
$594 |
$5,935 |
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Repairs
|
3.80%
|
$275 |
$2,750 |
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Turnover Reserves
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1.94%
|
$140 |
$1,400 |
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Landscaping
|
1.25%
|
$90 |
$900 |
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Reserves
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2.08%
|
$150 |
$1,500 |
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Total Estimated Annual Expenses
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32.70%
|
$2,364 |
$23,641 |
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Estimated Net Operating Income (NOI)
|
$49,846
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Cap Rate
|
6.24%
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Debt Service
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$37,511 |
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Cash Flow
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$12,335 |
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Cash Return
|
4.13%
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Proposed Financing
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Listing Summary
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Down Payment
|
$299,000 |
|
|
Price
|
$799,000 |
|
Percent Down
|
37.00%
|
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Units
|
10 |
|
Loan Amount
|
$500,000 |
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Building Sq. Ft.
|
10,160 |
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Interest Rate
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6.375%
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Price per Unit
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$79,900 |
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Loan Description
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5 yr fix/ 30 yr. am. |
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Price per Sq. Ft.
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$78.64 |
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