|
Roosevelt Family Lofts, LLC
<br />Project Name Uptown Lofts 2.0
<br />Project Type Market Rate Multifamily
<br />Units 13
<br />2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Notes
<br />Unit Type Unit Count Market Rent GPR Gross Potential Rent 276,900 279,669 282,466 285,290 288,143 291,025 293,935 296,874 299,843 302,841
<br />Studio Vacancies (22,152) (22,374) (22,597) (22,823) (23,051) (23,282) (23,515) (23,750) (23,987) (24,227) 8.0%
<br />1BD/1BA 0 - - Month-to-Month Rent 0.0%
<br />2BD/2BA 0 - - Garage/Parking Rent - - - - - - - - - -
<br />3BD/2BA 13 1,775 23,075 Storage Unit Rent - - - - - - - - - -
<br />Garage 0 - - Laundry Rental Income - - - - - - - - - -
<br />Pet Rent 692 699 706 713 720 728 735 742 750 757 0.3%
<br />Rent Growth 1.0%
<br />Expense Growth 1.5%Rental Incentives (5,538) (5,593) (5,649) (5,706) (5,763) (5,820) (5,879) (5,937) (5,997) (6,057) 2.0%
<br /> Net Rental Income 249,902 252,401 254,925 257,475 260,049 262,650 265,276 267,929 270,608 273,314
<br />NSF Fees - - - - - - - - - - 0%
<br />Late Fees 415 420 424 428 432 437 441 445 450 454 0.2%
<br />Pet Deposit - Non Refundable 415 420 424 428 432 437 441 445 450 454 0.2%
<br />Application Fees 455 460 464 469 473 478 483 488 493 498 35
<br />Re-Rental Charges - - - - - - - - - - 0%
<br />Cable/Telecom Income - - - - - - - - - - - Total Operating Income 251,188 253,700 256,237 258,799 261,387 264,001 266,641 269,307 272,001 274,721
<br />Maintenance Staff Costs 4,056 4,117 4,179 4,241 4,305 4,369 4,435 4,502 4,569 4,638 26.00
<br />Repairs/Maintenance 312 317 321 326 331 336 341 346 351 357 2.00
<br />Turn Cleaning 468 475 482 489 497 504 512 519 527 535 3.00
<br />Carpet Cleaning 250 254 258 261 265 269 273 277 282 286 250.00
<br />Extermination 39 40 40 41 41 42 43 43 44 45 0.25
<br />HVAC 273 277 281 285 290 294 299 303 308 312 1.75
<br />Electrical 78 79 80 82 83 84 85 87 88 89 0.50
<br />Fire 350 355 361 366 371 377 383 388 394 400 350.00
<br />Plumbing 156 158 161 163 166 168 171 173 176 178 1.00
<br />Painting 350 355 361 366 371 377 383 388 394 400 350.00
<br />Appliances 468 475 482 489 497 504 512 519 527 535 3.00
<br />Flooring 234 238 241 245 248 252 256 260 264 268 1.50
<br />Tools & Equipment 78 79 80 82 83 84 85 87 88 89 0.50
<br />Keys/Locks 200 203 206 209 212 215 219 222 225 229 200
<br />Lawn Care 1,000 1,015 1,030 1,046 1,061 1,077 1,093 1,110 1,126 1,143 1,500
<br />Grounds Maintenance 500 508 515 523 531 539 547 555 563 572 500
<br />Snow Removal 3,200 3,248 3,297 3,346 3,396 3,447 3,499 3,552 3,605 3,659 3,200
<br />Pet Related 156 158 161 163 166 168 171 173 176 178 1.00
<br />Parking Areas Maintenance 300 305 309 314 318 323 328 333 338 343 300.00
<br />Other Maintenance 156 158 161 163 166 168 171 173 176 178 1.00
<br />Resident Chargebacks (624) (633) (643) (653) (662) (672) (682) (693) (703) (713) (4.00)
<br /> Total Maintenance Exp.12,000 12,180 12,363 12,548 12,736 12,927 13,121 13,318 13,518 13,721
<br />Staff Costs 2,808 2,850 2,893 2,936 2,980 3,025 3,070 3,116 3,163 3,211 18.00
<br />Property Management 3,500 3,553 3,606 3,660 3,715 3,770 3,827 3,884 3,943 4,002 -
<br />Advertising & Promotion 1,326 1,346 1,366 1,387 1,407 1,428 1,450 1,472 1,494 1,516 8.50
<br />Legal - - - - - - - - - -
<br />Accounting 1,000 1,015 1,030 1,046 1,061 1,077 1,093 1,110 1,126 1,143 1,000.00
<br />Other Professional Fees 78 79 80 82 83 84 85 87 88 89 0.50
<br />Asset Management - - - - - - - - - - 0.02
<br />Tenant Screening 300 305 309 314 318 323 328 333 338 343
<br />Security Deposit Interest 156 158 161 163 166 168 171 173 176 178 1.00
<br />Insurance 16,000 16,240 16,484 16,731 16,982 17,237 17,495 17,758 18,024 18,294 0.0025
<br />Real Estate Taxes 45,500 46,183 46,875 47,578 48,292 49,016 49,752 50,498 51,255 52,024
<br />Specials Installments - - - - - - - - - - -
<br />Electricity - Apts 234 238 241 245 248 252 256 260 264 268 1.50
<br />Electricity - Bldg 1,716 1,742 1,768 1,794 1,821 1,849 1,876 1,904 1,933 1,962 11.00
<br />Natural Gas - Apts 312 317 321 326 331 336 341 346 351 357 2.00
<br />Natural Gas - Bldg 1,248 1,267 1,286 1,305 1,325 1,344 1,365 1,385 1,406 1,427 8.00
<br />Water and Sewer 4,680 4,750 4,821 4,894 4,967 5,042 5,117 5,194 5,272 5,351 30
<br />Garbage Removal 1,872 1,900 1,929 1,958 1,987 2,017 2,047 2,078 2,109 2,140 12.00
<br /> Total Admin & Utility Exp.80,730 81,941 83,170 84,418 85,684 86,969 88,274 89,598 90,942 92,306
<br /> Total Operating Exp.92,730 94,121 95,533 96,966 98,420 99,897 101,395 102,916 104,460 106,027
<br />Net Operating Income 158,458 159,579 160,704 161,833 162,967 164,105 165,246 166,392 167,541 168,694
<br />63%63%63%63%62%62%62%62%62%61%
<br />Less: Cap Project Reserves 3,900 3,900 3,900 3,900 3,900 3,900 3,900 3,900 3,900 3,900 300.00 Primary Debt Service 172,148 172,148 172,148 172,148 172,148 172,148 172,148 172,148 172,148 172,148
<br /> Second Debt Service - - - - - - - - - -
<br />Cash Flow (17,590) (16,469) (15,344) (14,215) (13,081) (11,944) (10,802) (9,657) (8,507) (7,354)
<br />Cash on Cash Return -2.18%-2.04%-1.90%-1.76%-1.62%-1.48%-1.34%-1.19%-1.05%-0.91%
|