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|
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Chardonnay Apartments |
Sold |
Scheduled Monthly Rents
|
Units
|
Type
|
Est. SF
|
Current Avg. Rent
|
Monthly Income
|
|
15 |
Studio |
400 |
$720 |
$10,800 |
|
6 |
1 Bed / 1 Bath |
550 |
$883 |
$5,298 |
|
21 |
|
Estimated Total
|
$16,098 |
|
|
Scheduled Gross Income
|
$193,176 |
|
|
Less: Vacancy (3%)
|
-$5,795 |
|
|
Effective Gross Income
|
$187,381 |
|
|
Plus: Laundry |
$2,760 |
|
|
Plus: Bill Back / Lease Forfeiture |
$7,948 |
|
|
Effective Annual Income
|
$198,089 |
Estimated Expenses
|
|
Current
|
|
|
% EGI
|
Per/Unit
|
Amount
|
|
Taxes
|
9.43%
|
$842 |
$17,674 |
|
Insurance
|
1.08%
|
$97 |
$2,029 |
|
Utilities
|
8.43%
|
$752 |
$15,794 |
|
Professional Management
|
6.00%
|
$535 |
$11,243 |
|
Repairs
|
4.48%
|
$400 |
$8,400 |
|
Turnover Reserves
|
2.24%
|
$200 |
$4,200 |
|
Landscaping
|
0.48%
|
$43 |
$898 |
|
Advertising
|
0.04%
|
$4 |
$80 |
|
Reserves
|
2.80%
|
$250 |
$5,250 |
|
Other
|
2.24%
|
$200 |
$4,200 |
|
Total Estimated Annual Expenses
|
37.23%
|
$3,322 |
$69,768 |
|
Estimated Net Operating Income (NOI)
|
$128,321
|
|
Cap Rate
|
5.83%
|
|
Debt Service
|
$88,226 |
|
Cash Flow
|
$40,095 |
|
Cash Return
|
6.07%
|
|
Proposed Financing
|
|
Listing Summary
|
|
Down Payment
|
$660,000 |
|
|
Price
|
$2,200,000 |
|
Percent Down
|
30%
|
|
|
Units
|
21 |
|
Loan Amount
|
$1,540,000 |
|
|
Building Sq. Ft.
|
11,582 |
|
Interest Rate
|
4.00%
|
|
|
Price per Unit
|
$104,762 |
|
Loan Description
|
5 year fixed |
|
|
Price per Sq. Ft.
|
$189.95 |
|
|
|