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Farmington Townhome Apartments |
Sold |
Scheduled Monthly Rents
|
Units
|
Type
|
Est. SF
|
Current Avg. Rent
|
Monthly Income
|
|
2 |
Studio |
400 |
$480 |
$960 |
|
8 |
1 Bedroom / 1 Bath |
600 |
$550 |
$4,400 |
|
48 |
2 Bedroom / 1 Bath |
832 |
$650 |
$31,200 |
|
4 |
3 Bedroom / 1.5 Bath |
1,027 |
$750 |
$3,000 |
|
62 |
|
Estimated Total
|
$39,560 |
|
|
Scheduled Gross Income
|
$474,720 |
|
|
Less: Vacancy (10%)
|
-$47,472 |
|
|
Effective Gross Income
|
$427,248 |
|
|
Plus: Laundry |
$6,000 |
|
|
Effective Annual Income
|
$433,248 |
Estimated Expenses
|
|
Current
|
|
|
% EGI
|
Per/Unit
|
Amount
|
|
Taxes
|
9.33%
|
$643 |
$39,882 |
|
Insurance
|
2.40%
|
$166 |
$10,267 |
|
Utilities
|
11.11%
|
$766 |
$47,476 |
|
Professional Management
|
6.27%
|
$432 |
$26,774 |
|
On-Site Management
|
4.18%
|
$288 |
$17,849 |
|
Repairs
|
7.26%
|
$500 |
$31,000 |
|
Turnover Reserves
|
2.03%
|
$140 |
$8,680 |
|
Landscaping
|
3.63%
|
$250 |
$15,500 |
|
Reserves
|
2.90%
|
$200 |
$12,400 |
|
Total Estimated Annual Expenses
|
49.11%
|
$3,384 |
$209,828 |
|
Estimated Net Operating Income (NOI)
|
$223,420
|
|
Cap Rate
|
6.87%
|
|
Debt Service
|
$170,833 |
|
Cash Flow
|
$52,587 |
|
Cash Return
|
5.54%
|
|
Proposed Financing
|
|
Listing Summary
|
|
Down Payment
|
$950,000 |
|
|
Price
|
$3,250,000 |
|
Percent Down
|
29%
|
|
|
Units
|
62 |
|
Loan Amount
|
$2,300,000 |
|
|
Building Sq. Ft.
|
49,644 |
|
Interest Rate
|
6.65%
|
|
|
Price per Unit
|
$52,419 |
|
Loan Description
|
3 yr. fix/30 yr. am. |
|
|
Price per Sq. Ft.
|
$65.47 |
|
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