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Stone Manor Apartments |
Sold |
Scheduled Monthly Rents
|
Units
|
Type
|
Est. SF
|
Current Avg. Rent
|
Monthly Income
|
|
6 |
1 Bedroom / 1 Bath |
0 |
$457 |
$2,740 |
|
14 |
1 Bedroom / 1 Bath |
0 |
$495 |
$6,930 |
|
20 |
|
Estimated Total
|
$9,670 |
|
|
Scheduled Gross Income
|
$116,040 |
|
|
Less: Vacancy (6%)
|
-$6,962 |
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|
Effective Gross Income
|
$109,077 |
|
|
Plus: Laundry |
$1,600 |
Estimated Expenses
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|
Current
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|
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% EGI
|
Per/Unit
|
Amount
|
|
Taxes
|
8.53%
|
$465 |
$9,300 |
|
Insurance
|
2.75%
|
$150 |
$3,000 |
|
Utilities
|
9.55%
|
$521 |
$10,413 |
|
Professional Management
|
6%
|
$327 |
$6,544 |
|
Repairs
|
6.42%
|
$350 |
$7,000 |
|
Turnover Reserves
|
1.83%
|
$100 |
$2,000 |
|
Advertising
|
0.55%
|
$30 |
$600 |
|
Reserves
|
4.58%
|
$250 |
$5,000 |
|
Total Estimated Annual Expenses
|
40.21%
|
$2,193 |
$43,857 |
|
Estimated Net Operating Income (NOI)
|
$66,820
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Cap Rate
|
7.95%
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Debt Service
|
$46,267 |
|
Cash Flow
|
$20,553 |
|
Cash Return
|
8.94%
|
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Proposed Financing
|
|
Listing Summary
|
|
Down Payment
|
$230,000 |
|
|
Price
|
$840,000 |
|
Percent Down
|
27%
|
|
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Units
|
20 |
|
Loan Amount
|
$610,000 |
|
|
Building Sq. Ft.
|
11,016 |
|
Interest Rate
|
6.5%
|
|
|
Price per Unit
|
$42,000 |
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Loan Description
|
5 yr. fix/30 yr. am. |
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Price per Sq. Ft.
|
$76.25 |
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