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Calico Court Apartments |
Sold |
Scheduled Monthly Rents
|
Units
|
Type
|
Est. SF
|
Current Avg. Rent
|
Monthly Income
|
|
8 |
2 Bedroom / 1 Bath |
770 |
$655 |
$5,240 |
|
8 |
|
Estimated Total
|
$5,240 |
|
|
Scheduled Gross Income
|
$62,880 |
|
|
Less: Vacancy (5%)
|
-$3,144 |
|
|
Effective Gross Income
|
$59,736 |
|
|
Effective Annual Income
|
$59,736 |
Estimated Expenses
|
|
Current
|
|
|
% EGI
|
Per/Unit
|
Amount
|
|
Taxes
|
12.76%
|
$953 |
$7,621 |
|
Insurance
|
1.67%
|
$125 |
$1,000 |
|
Utilities
|
7.37%
|
$550 |
$4,400 |
|
Professional Management
|
6.00%
|
$448 |
$3,584 |
|
Repairs
|
6.70%
|
$500 |
$4,000 |
|
Turnover Reserves
|
1.87%
|
$140 |
$1,120 |
|
Landscaping
|
1.71%
|
$128 |
$1,020 |
|
Advertising
|
0.50%
|
$38 |
$300 |
|
Reserves
|
2.68%
|
$200 |
$1,600 |
|
Total Estimated Annual Expenses
|
41.26%
|
$3,081 |
$24,645 |
|
Estimated Net Operating Income (NOI)
|
$35,091
|
|
Cap Rate
|
6.56%
|
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Debt Service
|
$28,868 |
|
Cash Flow
|
$6,223 |
|
Cash Return
|
4.65%
|
|
Proposed Financing
|
|
Listing Summary
|
|
Down Payment
|
$133,750 |
|
|
Price
|
$535,000 |
|
Percent Down
|
25%
|
|
|
Units
|
8 |
|
Loan Amount
|
$401,250 |
|
|
Building Sq. Ft.
|
6,144 |
|
Interest Rate
|
6.00%
|
|
|
Price per Unit
|
$66,875 |
|
Loan Description
|
7 yr. fix/30 yr. am. |
|
|
Price per Sq. Ft.
|
$87.08 |
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