DICIERO PORTFOLIO 2024 OFFERING MEMORANDUM 1836 Sunset Avenue, Cincinnati, Ohio OM
Jordan Dickman
First Vice President Investments
Cincinnati Office
D. 513.878.7735
Nick Andrews
First Vice President Investments
Cincinnati Office
D. 513.878.7741
nicholas.andrews@marcusmillichap.com
Austin Sum
Senior Associate
Cincinnati Office
D. 513.878.7747
austin.sum@marcusmillichap.com
LEAD
CONTENTS
AGENTS
jordan.dickman@marcusmillichap.com 04 14 26 38 4801 Madison Ave 3517 Clifton Ave Kenwood Crest Colonial Trace SECTIONS
YOUR TEAM
JORDAN DICKMAN
FIRST VICE PRESIDENTS DIRECTOR, NMHG
NICK ANDREWS
FIRST VICE PRESIDENTS DIRECTOR, NMHG
AUSTIN SUM
SENIOR INVESTMENT ASSOCIATE
AUSTIN Hall
INVESTMENT ASSOCIATE
ALDEN SIMMS
INVESTMENT ASSOCIATE
BROKER SUPPORT
SAM PETROSino
VALUATION & RESEARCH
BRETT MARTIN
INTERNAL ACCOUNTANT
CORPORATE SUPPORT
LIZ POPP
MIDWEST OPERATIONS MANAGER
JOSH CARUANA
VICE PRESIDENT
REGIONAL MANAGER
INDIANAPOLIS | CINCINNATI | LOUISVILLE | ST LOUIS | KANSAS CITY
JOHN SEBREE
SENIOR VICE PRESIDENT
NATIONAL DIRECTOR
NATIONAL MULTI HOUSING GROUP
MICHAEL GLASS
SENIOR VICE PRESIDENT
MIDWEST DIVISION MANAGER
NATIONAL DIRECTOR, MANUFACTURED HOME COMMUNITIES GROUP
BRITTANY CAMPBELL-KOCH
DIRECTOR OF OPERATIONS
ALEX PAPA
MARKETING COORDINATOR
4801 MADISON
MADISON ROAD
rent sort two bedroom
4801 Madison Rd $757 4864 Madison Rd $1,150 4820 Stewart Ave $1,200 Red Bank Reserve $1,200 5001 Madison Rd $1,299 3254 Berwyn Place $1,400
Gold Key Apts $920 Romaine Court Apts $1,245
Two Bedroom
Property Year Built # Units Avg SF Avg Rent Avg Rent/SF 3254 Berwyn 1912 3 831 $1,400 $1.68 5001 Madison Rd 1956 4 846 $1,299 $1.54 Romaine Court Apartment 1967 96 750 $1,245 $1.66 4820 Stewart Ave 1960 20 900 $1,200 $1.33 Red Bank Reserve Apartments 1969 263 689 $1,200 $1.74 4864 Madison Rd 1941 4 900 $1,150 $1.28 Subject Pro Forma 1967 10 900 $1,050 $1.17 Gold Key Apartments 1960 44 750 $920 $1.23 Subject Average Effective 1967 10 900 $757 $0.84 4801 MADISON ROAD
AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL Two Bedroom 2BR/1BA 10 Units 900 SF 9,000 SF $757.00 $0.84 SF $7,570 $850.00 $0.94 SF $8,500 $1,300.00 $1.44 SF $13,000 Totals / Wtd. Averages 10 Units 900 SF 9,000 SF $757.00 $0.84 SF $7,570 $850.00 $0.94 SF $8,500 $1,300.00 $1.44 SF $13,000 Summary Two Bedroom 10 Units 900 SF 9,000 SF $757.00 $0.84 $7,570 $850.00 $0.94 SF $8,500 $1,300.00 $1.44 SF $13,000 Totals / Wtd. Averages 10 Units 900 SF 9,000 SF $757.00 $0.84 SF $7,570 $850.00 $0.94 SF $8,500 $1,300.00 $1.44 SF $13,000
UNIT MIX BREAKDOWN 4801 Madison Rd - Diciero Portfolio
4801 MADISON ROAD
UNIT DISTRIBUTION UNIT RENTS
4801 Madison RdDiciero Portfolio T8 RENT ROLL: AS OF DECEMBER 31, 2023 INCOME AND EXPENSES: MAY 2023 - DECEMBER 2023 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $102,000 RR 10,200 Gain (Loss) to Lease ($11,160) 10.94% (1,116) GROSS SCHEDULED RENT $90,840 RR 9,084 TOTAL OTHER INCOME $6,185 6.81% 619 GROSS POTENTIAL INCOME $97,025 9,703 Physical Vacancy ($11,624) T8 Economic 12.80% (1,162) Bad Debt $0 0.00% 0 EFFECTIVE GROSS INCOME $85,402 76.26% 8,540 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit 2024 Taxes Paid $9,258 Auditor 10.84% 926 Total Real Estate Taxes $9,258 10.84% 926 Insurance $4,087 T8 4.79% 409 Utilities Electric $1,641 T8 1.92% 164 Electric Vacant $363 T8 0.43% 36 Gas $894 T8 1.05% 89 Gas Vacant $64 T8 0.08% 6 Water & Sewage $6,920 T8 8.10% 692 Trash Removal $1,092 T8 1.28% 109 Utilities $10,974 12.85% 1,097 Total Non-Controllable $24,318 28.48% 2,432 CONTROLLABLE Contract Services Snow Removal $0 0.00% 0 Landscaping/Grounds $1,815 T8 2.13% 182 Pest Control $417 T8 0.49% 42 Contract Services $2,232 2.61% 223 Repairs & Maintenance $18,285 T8 21.41% 1,828 Marketing & Promotion $0 0.00% 0 Labor $7,914 T8 9.27% 791 General & Administrative $168 T8 0.20% 17 Management Fee $8,125 T8 9.51% 813 Replacement & Reserves $3,000 Note 1 3.51% 300 Total Controllable $39,724 46.51% 3,972 TOTAL EXPENSES $64,042 74.99% 6,404 NET OPERATING INCOME $7,915 9.27% 791 NOI - NO TAX REASSESSMENT $21,359 25.01% 2,136 EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year 2 Non Revenue Unit: Office on the property
T6 T3 YEAR 1 % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $102,000 RR 10,200 $102,000 RR 10,200 $156,000 15,600 ($11,160) 10.94% (1,116) ($11,160) 10.94% (1,116) ($3,120) 2.00% (312) $90,840 RR 9,084 $90,840 RR 9,084 $152,880 15,288 $6,185 6.81% 619 $6,185 6.81% 619 $6,371 4.17% 637 $97,025 9,703 $97,025 9,703 $159,251 15,925 ($8,818) T6 Economic 9.71% (882) ($15,436) T3 Economic 16.99% (1,544) ($7,644) 5.00% (764) $0 0.00% 0 $0 0.00% 0 ($1,529) 1.00% (153) $88,207 79.35% 8,821 $81,589 72.07% 8,159 $150,078 92.00% 15,008 % of EGI % of EGI Per Unit % of EGI $9,258 Auditor 10.50% 926 $9,258 Auditor 11.35% 926 $9,258 11.35% 926 $9,258 10.50% 926 $9,258 11.35% 926 $9,258 11.35% 926 $4,500 4.79% 450 $4,500 4.79% 450 $4,500 5.52% 450 $1,641 1.92% 164 $1,641 1.92% 164 $1,674 2.05% 167 $363 0.43% 36 $363 0.43% 36 $370 0.45% 37 $894 1.05% 89 $894 1.05% 89 $911 1.12% 91 $64 0.08% 6 $64 0.08% 6 $65 0.08% 7 $6,920 8.10% 692 $6,920 8.10% 692 $7,058 8.65% 706 $1,092 1.28% 109 $1,092 1.28% 109 $1,114 1.36% 111 $10,974 12.44% 1,097 $10,974 13.45% 1,097 $11,193 13.72% 1,119 $24,732 27.72% 2,473 $24,732 29.58% 2,473 $24,951 30.58% 2,495 $350 0.00% 35 $350 0.00% 35 $350 0.23% 35 $1,500 2.13% 150 $1,500 2.13% 150 $1,500 1.00% 150 $350 0.49% 35 $350 0.49% 35 $350 0.23% 35 $2,200 2.49% 220 $2,200 2.70% 220 $2,200 2.70% 220 $5,000 21.41% 500 $5,000 21.41% 500 $5,000 3.33% 500 $500 0.00% 50 $500 0.00% 50 $500 0.33% 50 $9,000 9.27% 900 $9,000 9.27% 900 $9,000 6.00% 900 $750 0.20% 75 $750 0.20% 75 $750 0.50% 75 $6,175 7.00% 1,051 $5,711 7.00% 1,051 $10,505 7.00% 1,051 $3,000 Note 1 3.40% 300 $3,000 Note 1 3.68% 300 $3,000 2.00% 300 $26,625 43.77% 3,096 $26,161 44.25% 3,096 $30,955 21.86% 3,096 $51,356 58.22% 5,136 $50,893 62.38% 5,089 $55,907 68.52% 5,591 $23,407 26.54% 2,341 $17,252 21.14% 1,725 $94,171 115.42% 9,417 $36,851 41.78% 3,685 $30,696 37.62% 3,070 $107,616 131.90% 10,762 Tax Reassessment Calculator Desired Reassessment % 75% Current Taxes / Market Value Ratio 2.8829% Tax Reassessment Calculator Ratio x Proposed Price $30,270.01 New Taxes x Desired Reassessment % $22,702.51 Total Tax Adjustment $13,444.50 4801 MADISON ROAD
T8 T6 T3 YR 1 YR 2 YR 3 YR 4 YR 5 YE MAR-2025 YE MAR-2026 YE MAR-2027 YE FEB-2028 YE FEB-2029 GROSS POTENTIAL RENT All Units at Market Rent $102,000 $102,000 $102,000 $156,000 $160,680 $165,500 $170,465 $175,579 Gain (Loss) to Lease ($11,160) ($11,160) ($11,160) ($3,120) ($3,214) ($3,310) ($3,409) ($3,512) GROSS SCHEDULED RENT $90,840 $90,840 $90,840 $152,880 $157,466 $162,190 $167,056 $172,068 TOTAL OTHER INCOME $6,185 $6,185 $6,185 $6,371 $6,498 $6,628 $6,761 $6,896 GROSS POTENTIAL INCOME $97,025 $97,025 $97,025 $159,251 $163,965 $168,819 $173,817 $178,964 Physical Vacancy ($11,624) ($8,818) ($15,436) ($7,644) ($7,873) ($8,110) ($8,353) ($8,603) Bad Debt $0 $0 $0 ($1,529) ($1,575) ($1,622) ($1,671) ($1,721) EFFECTIVE GROSS INCOME $85,402 $88,207 $81,589 $150,078 $154,517 $159,087 $163,793 $168,640 Real Estate Taxes $9,258 $9,258 $9,258 $9,258 $9,443 $9,632 $9,825 $10,021 Insurance $4,087 $4,500 $4,500 $4,500 $4,590 $4,682 $4,775 $4,871 Utilities $10,974 $10,974 $10,974 $11,193 $11,417 $11,645 $11,878 $12,116 Contract Services $2,232 $2,200 $2,200 $2,200 $2,244 $2,289 $2,335 $2,381 Repairs & Maintenance $18,285 $5,000 $5,000 $5,000 $5,100 $5,202 $5,306 $5,412 Marketing & Promotion $0 $500 $500 $500 $510 $520 $531 $541 Labor $7,914 $9,000 $9,000 $9,000 $9,180 $9,364 $9,551 $9,742 General & Administrative $168 $750 $750 $750 $765 $780 $796 $812 Management Fee $8,125 $6,175 $5,711 $10,505 $10,816 $11,136 $11,466 $11,805 Replacement & Reserves $3,000 $3,000 $3,000 $3,000 $3,060 $3,121 $3,184 $3,247 TOTAL EXPENSES $64,042 $51,356 $50,893 $55,907 $57,125 $58,371 $59,646 $60,948 NET OPERATING INCOME $7,915 $23,407 $17,252 $94,171 $97,391 $100,716 $104,148 $107,691 INCOME EXPENSE 4801 Madison RdDiciero Portfolio
CASH FLOW
CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T8 T6 T3 YR 1 YR 2 INCOME Gross Potential Rent 52.94% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 10.94% 10.94% 2.00% 2.00% 2.00% Other Income 3.00% 3.00% 3.00% 3.00% 3.00% EXPENSES Expenses 2.00% 2.00% 2.00% 2.00% Management Fee** 7.00% 7.00% 7.00% 7.00% 7.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T8 T6 T3 YR 1 YR 2 Physical Vacancy 9.71% 16.99% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 0.00% 0.00% 1.00% 1.00% 1.00% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 9.71% 16.99% 6.00% 6.00% 6.00% 4801 MADISON ROAD
3517 clifton
clifton ave
3517 Clifton Ave $921 203 Loraine Ave $ 3207 Vine Street $1,025
ONE bedroom 107 Glenmary Ave $995 The Admiral $950 3450 Clifton Ave $1,000 The Roanoke $875 3505 Telford $
rent sort
One Bedroom Property Year Built # Units Avg SF Avg Rent Avg Rent/SF Subject Pro Forma 1900 12 947 $1,050 $1.11 3207 Vine Street 1915 7 900 $1,025 $1.14 3450 Clifton Ave 1900 4 800 $1,000 $1.25 107 Glenmary Ave 1916 5 650 $995 $1.53 The Admiral Apartments 1900 38 730 $950 $1.30 Subject Average Effective 1900 12 947 $921 $0.97 The Roanoke 1900 53 1000 $875 $0.88 3517 CLIFTON AVE
rent sort two bedroom
3517 Clifton Ave $1,101 203 Loraine Ave $1,625 The Admiral $1,495 The Roanoke $1,350 3505 Telford $1,425
Property Year Built # Units Avg SF Avg Rent Avg Rent/SF 203 Loraine Ave 1947 8 700 $1,625 $2.32 The Admiral Apartments 1900 38 1060 $1,495 $1.41 3505 Telford St 1970 4 675 $1,425 $2.11 2332 Chickasaw 1900 4 827 $1,350 $1.63 The Roanoke 1900 53 1400 $1,350 $0.96 Subject Pro Forma 1900 12 1129 $1,175 $1.04 Subject Average Effective 1900 12 1129 $1,101 $0.98 3517 CLIFTON AVE
Two Bedroom
AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL One Bedroom 1BR/1BA 8 Units 947 SF 7,576 SF $921.39 $0.97 SF $7,371 $1,005.00 $1.06 SF $8,040 $1,125.00 $1.19 SF $9,000 Totals / Wtd. Averages 8 Units 947 SF 7,576 SF $921.39 $0.97 SF $7,371 $1,005.00 $1.06 SF $8,040 $1,125.00 $1.19 SF $9,000 Two Bedroom 2BR/1BA 4 Units 1,129 SF 4,516 SF $1,101.25 $0.98 SF $4,405 $1,175.00 $1.04 SF $4,700 $1,400.00 $1.24 SF $5,600 Totals / Wtd. Averages 4 Units 1,129 SF 4,516 SF $1,101.25 $0.98 SF $4,405 $1,175.00 $1.04 SF $4,700 $1,400.00 $1.24 SF $5,600 Summary One Bedroom 8 Units 947 SF 7,576 SF $921.39 $0.97 $7,371 $1,005.00 $1.06 SF $8,040 $1,125.00 $1.19 SF $9,000 Two Bedroom 4 Units 1,129 SF 4,516 SF $1,101.25 $0.98 $4,405 $1,175.00 $1.04 SF $4,700 $1,400.00 $1.24 SF $5,600 Totals / Wtd. Averages 12 Units 1,008 SF 12,092 SF $981.34 $0.97 SF $11,776 $1,061.67 $1.05 SF $12,740 $1,216.67 $1.21 SF $14,600
UNIT MIX BREAKDOWN 3517 Clifton Ave - Diciero Portfolio
3517 CLIFTON AVE
UNIT DISTRIBUTION UNIT RENTS
3517 Clifton AveDiciero Portfolio T11 RENT ROLL: AS OF DECEMBER 31, 2023 INCOME AND EXPENSES: FEBRUARY 2023 - DECEMBER 2023 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $152,880 RR 12,740 Gain (Loss) to Lease ($10,572) 6.92% (881) GROSS SCHEDULED RENT $142,308 RR 11,859 TOTAL OTHER INCOME $13,651 9.59% 1,138 GROSS POTENTIAL INCOME $155,959 12,997 Physical Vacancy ($16,147) T11 Economic 11.35% (1,346) Bad Debt $0 0.00% 0 EFFECTIVE GROSS INCOME $139,812 81.74% 11,651
Real Estate Taxes % of EGI Per Unit 2024 Taxes Paid $16,999 Auditor 12.16% 1,417 Total Real Estate Taxes $16,999 12.16% 1,417 Insurance $6,181 T11 4.42% 515 Utilities Electric $1,647 T11 1.18% 137 Gas $2,170 T11 1.55% 181 Water & Sewage $6,212 T11 4.44% 518 Trash Removal $0 0.00% 0 Utilities $10,029 7.17% 836 Total Non-Controllable $33,209 23.75% 2,767 CONTROLLABLE Contract Services Snow Removal $0 0.00% 0 Landscaping/Grounds $1,129 T11 0.81% 94 Pest Control $0 0.00% 0 Contract Services $1,129 0.81% 94 Repairs & Maintenance $20,930 T11 14.97% 1,744 Marketing & Promotion $93 T11 0.07% 8 Labor $15,648 T11 11.19% 1,304 General & Administrative $1,605 T11 1.15% 134 Management Fee $7,382 T11 5.28% 615 Replacement & Reserves $3,600 Note 1 2.57% 300 Total Controllable $50,387 36.04% 4,199 TOTAL EXPENSES $83,596 59.79% 6,966 NET OPERATING INCOME $46,061 32.95% 3,838 EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year
NON-CONTROLLABLE
T6 T3 YEAR 1 % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $152,880 RR 12,740 $152,880 RR 12,740 $175,200 14,600 ($10,572) 6.92% (881) ($10,572) 6.92% (881) ($3,504) 2.00% (292) $142,308 RR 11,859 $142,308 RR 11,859 $171,696 14,308 $13,651 9.59% 1,138 $13,651 9.59% 1,138 $14,060 8.19% 1,172 $155,959 12,997 $155,959 12,997 $185,756 15,480 ($19,354) T6 Economic 13.60% (1,613) ($12,855) T3 Economic 9.03% (1,071) ($8,585) 5.00% (715) $0 0.00% 0 $0 0.00% 0 ($1,717) 1.00% (143) $136,605 79.48% 11,384 $143,104 84.05% 11,925 $175,454 92.00% 14,621 % of EGI % of EGI Per Unit % of EGI $16,999 Auditor 12.44% 1,417 $16,999 Auditor 11.88% 1,417 $16,999 11.88% 1,417 $16,999 12.44% 1,417 $16,999 11.88% 1,417 $16,999 11.88% 1,417 $6,000 4.42% 500 $6,000 4.42% 500 $6,000 4.19% 500 $1,647 1.18% 137 $1,647 1.18% 137 $1,680 1.17% 140 $2,170 1.55% 181 $2,170 1.55% 181 $2,214 1.55% 184 $6,212 4.44% 518 $6,212 4.44% 518 $6,336 4.43% 528 $0 0.00% 0 $0 0.00% 0 $0 0.00% 0 $10,029 7.34% 836 $10,029 7.01% 836 $10,230 7.15% 852 $33,028 24.21% 2,752 $33,028 23.31% 2,752 $33,229 23.22% 2,769 $420 0.00% 35 $420 0.00% 35 $420 0.24% 35 $1,200 0.81% 100 $1,200 0.81% 100 $1,200 0.68% 100 $420 0.00% 35 $420 0.00% 35 $420 0.24% 35 $2,040 1.49% 170 $2,040 1.43% 170 $2,040 1.43% 170 $6,000 14.97% 500 $6,000 14.97% 500 $6,000 3.42% 500 $600 0.07% 50 $600 0.07% 50 $600 0.34% 50 $10,800 11.19% 900 $10,800 11.19% 900 $10,800 6.16% 900 $900 1.15% 75 $900 1.15% 75 $900 0.51% 75 $9,562 7.00% 1,023 $10,017 7.00% 1,023 $12,282 7.00% 1,023 $3,600 Note 1 2.64% 300 $3,600 Note 1 2.52% 300 $3,672 2.09% 306 $33,502 38.51% 3,018 $33,957 38.32% 3,018 $36,294 20.95% 3,024 $66,530 48.70% 5,544 $66,985 46.81% 5,582 $69,523 48.58% 5,794 $59,919 43.86% 4,993 $65,963 46.09% 5,497 $105,932 74.02% 8,828 3517 CLIFTON AVE
CASH FLOW
T11 T6 T3 YR 1 YR 2 YR 3 YR 4 YR 5 YE MAR-2025 YE MAR-2026 YE MAR-2027 YE FEB-2028 YE FEB-2029 GROSS POTENTIAL RENT All Units at Market Rent $152,880 $152,880 $152,880 $175,200 $180,456 $185,870 $191,446 $197,189 Gain (Loss) to Lease ($10,572) ($10,572) ($10,572) ($3,504) ($3,609) ($3,717) ($3,829) ($3,944) GROSS SCHEDULED RENT $142,308 $142,308 $142,308 $171,696 $176,847 $182,152 $187,617 $193,245 TOTAL OTHER INCOME $13,651 $13,651 $13,651 $14,060 $14,341 $14,628 $14,921 $15,219 GROSS POTENTIAL INCOME $155,959 $155,959 $155,959 $185,756 $191,188 $196,780 $202,538 $208,465 Physical Vacancy ($16,147) ($19,354) ($12,855) ($8,585) ($8,842) ($9,108) ($9,381) ($9,662) Bad Debt $0 $0 $0 ($1,717) ($1,768) ($1,822) ($1,876) ($1,932) EFFECTIVE GROSS INCOME $139,812 $136,605 $143,104 $175,454 $180,577 $185,851 $191,281 $196,870 Real Estate Taxes $16,999 $16,999 $16,999 $16,999 $17,339 $17,686 $18,040 $18,400 Insurance $6,181 $6,000 $6,000 $6,000 $6,120 $6,242 $6,367 $6,495 Utilities $10,029 $10,029 $10,029 $10,230 $10,434 $10,643 $10,856 $11,073 Contract Services $1,129 $2,040 $2,040 $2,040 $2,081 $2,122 $2,165 $2,208 Repairs & Maintenance $20,930 $6,000 $6,000 $6,000 $6,120 $6,242 $6,367 $6,495 Marketing & Promotion $93 $600 $600 $600 $612 $624 $637 $649 Labor $15,648 $10,800 $10,800 $10,800 $11,016 $11,236 $11,461 $11,690 General & Administrative $1,605 $900 $900 $900 $918 $936 $955 $974 Management Fee $7,382 $9,562 $10,017 $12,282 $12,640 $13,010 $13,390 $13,781 Replacement & Reserves $3,600 $3,600 $3,600 $3,672 $3,745 $3,820 $3,897 $3,975 TOTAL EXPENSES $83,596 $66,530 $66,985 $69,523 $71,026 $72,563 $74,134 $75,740 NET OPERATING INCOME $46,061 $59,919 $65,963 $105,932 $109,551 $113,288 $117,147 $121,130 INCOME EXPENSE 3517 Clifton AveDiciero Portfolio
Tax Breakdown Property Address Parcel ID Year Built Acres Market Value Assessed Value Tax Rate Taxes Payable Land Use Code 3521 Clifton Ave 214-0004-0001-00 1900 0.23 $304,650 $106,630 82.074213 $8,767.72 401 - Apartment, 4-19 Units 3517 Clifton Ave 214-0004-0002-00 1900 0.23 $282,250 $98,790 82.074213 $8,124.13 401 - Apartment, 4-19 Units 3521 Clifton Ave 215-0064-0067-00 0.05 $4,690 $1,640 69.301606 $107.19 500 - Residential Vacant Land Total 0.51 $591,590 $207,060 $16,999.04
CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T11 T6 T3 YR 1 YR 2 INCOME Gross Potential Rent 14.60% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 6.92% 6.92% 2.00% 2.00% 2.00% Other Income 3.00% 3.00% 3.00% 3.00% 3.00% EXPENSES Expenses 2.00% 2.00% 2.00% 2.00% Management Fee** 7.00% 7.00% 7.00% 7.00% 7.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T11 T6 T3 YR 1 YR 2 Physical Vacancy 13.60% 9.03% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 0.00% 0.00% 1.00% 1.00% 1.00% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 13.60% 9.03% 6.00% 6.00% 6.00% 3517 CLIFTON AVE
KENWOOD
KENWOOD CREST
rent sort STUDIO
Kenwood Crest $750 Twin Pines Apts $799
Ravine Apts $825
6330 Montgomery Rd $750
Property Year Built # Units Avg SF Avg Rent Avg Rent/SF Ravine Apartments 1961 24 520 $825 $1.59 Subject Pro Forma 1956 18 500 $800 $1.60 Twin Pines Apartments 1973 72 300 $799 $2.66 Subject Average Effective 1956 18 500 $750 $1.50 6330-6334 Montgomery Rd 1955 16 500 $750 $1.50 KENWOOD CREST
Studio
rent sort THREE bedroom
2528 Vera Ave
Amberley House Apts
Cincinnati Premier Living
Hilltop Apts
Kenwood Crest
$1,191
$1,785
$2,100
$1,999
$1,650
Three Bedroom
Property Year Built # Units Avg SF Avg Rent Avg Rent/SF Hilltop Apartments 1993 196 1171 $2,100 $1.79 Cincinnati Premier Living 1904 18 2000 $1,999 $1.00 Amberley House Apartments 1956 73 1500 $1,785 $1.19 2528 Vera Ave 195 5 1200 $1,650 $1.38 Subject Pro Forma 1956 18 868 $1,254 $1.44 Subject Average Effective 1956 18 868 $1,191 $1.37 KENWOOD CREST
kenwood crest - Diciero Portfolio
UNIT MIX BREAKDOWN
AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL Studio 0BR/1BA 1 Units 500 SF 500 SF $750.00 $1.50 SF $750 $750.00 $1.50 SF $750 $800.00 $1.60 SF $800 Totals / Wtd. Averages 1 Units 500 SF 500 SF $750.00 $1.50 SF $750 $750.00 $1.50 SF $750 $800.00 $1.60 SF $800 Three Bedroom 3BR/1BA 15 Units 850 SF 12,750 SF $1,193.46 $1.40 SF $17,902 $1,200.00 $1.41 SF $18,000 $1,550.00 $1.82 SF $23,250 3BR/1BA - Large 2 Units 1,000 SF 2,000 SF $1,175.00 $1.18 SF $2,350 $1,175.00 $1.18 SF $2,350 $1,650.00 $1.65 SF $3,300 Totals / Wtd. Averages 17 Units 868 SF 14,750 SF $1,191.29 $1.37 SF $20,252 $1,197.06 $1.38 SF $20,350 $1,561.76 $1.80 SF $26,550 Summary Studio 1 Units 500 SF 500 SF $750.00 $1.50 $750 $750.00 $1.50 SF $750 $800.00 $1.60 SF $800 Three Bedroom 17 Units 868 SF 14,750 SF $1,191.29 $1.37 $20,252 $1,197.06 $1.38 SF $20,350 $1,561.76 $1.80 SF $26,550 Totals / Wtd. Averages 18 Units 847 SF 15,250 SF $1,166.77 $1.38 SF $21,002 $1,172.22 $1.38 SF $21,100 $1,519.44 $1.79 SF $27,350
KENWOOD CREST
UNIT DISTRIBUTION UNIT RENTS
Diciero Portfolio T8 RENT ROLL: AS OF DECEMBER 31, 2023 INCOME AND EXPENSES: MAY 2023 - DECEMBER 2023 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $253,200 RR 14,067 Gain (Loss) to Lease ($1,020) 0.40% (57) GROSS SCHEDULED RENT $252,180 RR 14,010 TOTAL OTHER INCOME $16,844 6.68% 936 GROSS POTENTIAL INCOME $269,024 14,946 Physical Vacancy ($17,366) T11 Economic 6.89% (965) Bad Debt $0 0.00% 0 EFFECTIVE GROSS INCOME $251,658 92.71% 13,981 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit 2024 Taxes $46,237 Auditor 18.37% 2,569 Total Real Estate Taxes $46,237 18.37% 2,569 Insurance $7,854 T11 3.12% 436 Utilities Electric $630 T11 0.25% 35 Electric Vacant $428 T11 0.17% 24 Gas $326 T11 0.13% 18 Gas Vacant $515 T11 0.20% 29 Water & Sewage $9,378 T11 3.73% 521 Trash Removal $2,840 T11 1.13% 158 Utilities $14,117 5.61% 784 Total Non-Controllable $68,207 27.10% 3,789 CONTROLLABLE Contract Services Snow Removal $0 0.00% 0 Landscaping/Grounds $3,134 T11 1.25% 174 Pest Control $128 T11 0.05% 7 Contract Services $3,263 1.30% 181 Repairs & Maintenance $33,037 T11 13.13% 1,835 Marketing & Promotion $175 T11 0.07% 10 Labor $16,980 T11 6.75% 943 General & Administrative $1,939 T11 0.77% 108 Management Fee $15,387 T11 6.11% 855 Replacement & Reserves $5,400 Note 1 2.15% 300 Total Controllable $76,180 30.27% 4,232 TOTAL EXPENSES $144,388 57.37% 8,022 NET OPERATING INCOME $103,978 41.32% 5,777 EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year
kenwood crest -
T6 T3 YEAR 1 % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $253,200 RR 14,067 $253,200 RR 14,067 $328,200 18,233 ($1,020) 0.40% (57) ($1,020) 0.40% (57) ($6,564) 2.00% (365) $252,180 RR 14,010 $252,180 RR 14,010 $321,636 17,869 $16,844 6.68% 936 $16,844 6.68% 936 $17,349 5.39% 964 $269,024 14,946 $269,024 14,946 $338,985 18,833 ($31,740) T6 Economic 12.59% (1,763) ($31,640) T3 Economic 12.55% (1,758) ($16,082) 5.00% (893) $0 0.00% 0 $0 0.00% 0 ($3,216) 1.00% (179) $237,284 87.01% 13,182 $237,384 87.05% 13,188 $319,687 92.00% 17,760 % of EGI % of EGI Per Unit % of EGI $46,237 Auditor 19.49% 2,569 $46,237 Auditor 19.48% 2,569 $46,237 19.48% 2,569 $46,237 19.49% 2,569 $46,237 19.48% 2,569 $46,237 19.48% 2,569 $8,100 3.12% 450 $8,100 3.12% 450 $8,100 3.41% 450 $630 0.25% 35 $630 0.25% 35 $643 0.27% 36 $428 0.17% 24 $428 0.17% 24 $437 0.18% 24 $326 0.13% 18 $326 0.13% 18 $332 0.14% 18 $515 0.20% 29 $515 0.20% 29 $525 0.22% 29 $9,378 3.73% 521 $9,378 3.73% 521 $9,565 4.03% 531 $2,840 1.13% 158 $2,840 1.13% 158 $2,897 1.22% 161 $14,117 5.95% 784 $14,117 5.95% 784 $14,399 6.07% 800 $68,453 28.56% 3,803 $68,453 28.55% 3,803 $68,736 28.96% 3,819 $630 0.00% 35 $630 0.00% 35 $630 0.20% 35 $1,800 1.25% 100 $1,800 1.25% 100 $1,800 0.56% 100 $630 0.05% 35 $630 0.05% 35 $630 0.20% 35 $3,060 1.29% 170 $3,060 1.29% 170 $3,060 1.29% 170 $9,000 13.13% 500 $9,000 13.13% 500 $9,000 2.82% 500 $900 0.07% 50 $900 0.07% 50 $900 0.28% 50 $16,200 6.75% 900 $16,200 6.75% 900 $16,200 5.07% 900 $1,350 0.77% 75 $1,350 0.77% 75 $1,350 0.42% 75 $16,610 7.00% 1,243 $16,617 7.00% 1,243 $22,378 7.00% 1,243 $5,400 Note 1 2.28% 300 $5,400 Note 1 2.27% 300 $5,400 1.69% 300 $52,520 31.28% 3,238 $52,527 31.28% 3,238 $58,288 18.56% 3,238 $120,973 50.98% 6,721 $120,980 50.96% 6,721 $127,024 53.51% 7,057 $113,018 47.63% 6,279 $113,111 47.65% 6,284 $192,663 81.16% 10,703 KENWOOD CREST
T11 T6 T3 YR 1 YR 2 YR 3 YR 4 YR 5 YE MAR-2025 YE MAR-2026 YE MAR-2027 YE FEB-2028 YE FEB-2029 GROSS POTENTIAL RENT All Units at Market Rent $253,200 $253,200 $253,200 $328,200 $338,046 $348,187 $358,633 $369,392 Gain (Loss) to Lease ($1,020) ($1,020) ($1,020) ($6,564) ($6,761) ($6,964) ($7,173) ($7,388) GROSS SCHEDULED RENT $252,180 $252,180 $252,180 $321,636 $331,285 $341,224 $351,460 $362,004 TOTAL OTHER INCOME $16,844 $16,844 $16,844 $17,349 $17,696 $18,050 $18,411 $18,779 GROSS POTENTIAL INCOME $269,024 $269,024 $269,024 $338,985 $348,981 $359,274 $369,871 $380,783 Physical Vacancy ($17,366) ($31,740) ($31,640) ($16,082) ($16,564) ($17,061) ($17,573) ($18,100) Bad Debt $0 $0 $0 ($3,216) ($3,313) ($3,412) ($3,515) ($3,620) EFFECTIVE GROSS INCOME $251,658 $237,284 $237,384 $319,687 $329,104 $338,800 $348,784 $359,063 Real Estate Taxes $46,237 $46,237 $46,237 $46,237 $47,161 $48,105 $49,067 $50,048 Insurance $7,854 $8,100 $8,100 $8,100 $8,262 $8,427 $8,596 $8,768 Utilities $14,117 $14,117 $14,117 $14,399 $14,687 $14,981 $15,281 $15,586 Contract Services $3,263 $3,060 $3,060 $3,060 $3,121 $3,184 $3,247 $3,312 Repairs & Maintenance $33,037 $9,000 $9,000 $9,000 $9,180 $9,364 $9,551 $9,742 Marketing & Promotion $175 $900 $900 $900 $918 $936 $955 $974 Labor $16,980 $16,200 $16,200 $16,200 $16,524 $16,854 $17,192 $17,535 General & Administrative $1,939 $1,350 $1,350 $1,350 $1,377 $1,405 $1,433 $1,461 Management Fee $15,387 $16,610 $16,617 $22,378 $23,037 $23,716 $24,415 $25,134 Replacement & Reserves $5,400 $5,400 $5,400 $5,400 $5,508 $5,618 $5,731 $5,845 TOTAL EXPENSES $144,388 $120,973 $120,980 $127,024 $129,776 $132,590 $135,466 $138,406 NET OPERATING INCOME $103,978 $113,018 $113,111 $192,663 $199,328 $206,211 $213,318 $220,657 INCOME EXPENSE
Diciero
Tax Breakdown Property Address Parcel ID Year Built Acres Market Value Assessed Value Tax Rate Taxes Payable Land Use Code 7505 Montgomery Rd 600-0212-0020-00 1956 1.35 $1,749,650 $612,380 75.335197 $46,236.63 401 - Apartment, 4-19 Units Total 1.35 $1,749,650 $612,380 $46,236.63
kenwood crest -
Portfolio CASH FLOW
CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T11 T6 T3 YR 1 YR 2 INCOME Gross Potential Rent 29.62% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 0.40% 0.40% 2.00% 2.00% 2.00% Other Income 3.00% 3.00% 3.00% 3.00% 3.00% EXPENSES Expenses 2.00% 2.00% 2.00% 2.00% Management Fee** 7.00% 7.00% 7.00% 7.00% 7.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T11 T6 T3 YR 1 YR 2 Physical Vacancy 12.59% 12.55% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 0.00% 0.00% 1.00% 1.00% 1.00% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 12.59% 12.55% 6.00% 6.00% 6.00% KENWOOD CREST
colonial
colonial trace
rent sort two bedroom
Steeplechase Townhomes
Colonial Trace $860
Arbors of Lebanon $1,400
Cedar Ridge Apts $1,050
Deerfield Crossing $1,399
American Village $1,025
$1,050
Williamsburg of Lebanon $1,095
Two Bedroom
Property Year Built # Units Avg SF Avg Rent Avg Rent/SF Arbors of Lebanon 2003 95 950 $1,400 $1.47 Deerfield Crossing 2000 96 950 $1,399 $1.47 Williamsburg of Lebanon Apts 1972 78 700 $1,095 $1.56 Steeplechase Townhomes 1973 45 900 $1,050 $1.17 Cedar Ridge Apartments 1973 40 900 $1,050 $1.17 Subject Pro Forma 1967 48 963 $1,029 $1.07 American Village Apartments 1979 96 1100 $1,025 $0.93 Subject Average Effective 1967 48 963 $860 $0.89 COLONIAL TRACE
COLONIAL TRACE APTS - Diciero Portfolio
UNIT MIX BREAKDOWN
AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL Two Bedroom 2BR/1BA 40 Units 950 SF 38,000 SF $836.89 $0.88 SF $33,476 $1,025.00 $1.08 SF $41,000 $1,100.00 $1.16 SF $44,000 2BR/1BA - TH 8 Units 1,025 SF 8,200 SF $975.00 $0.95 SF $7,800 $995.00 $0.97 SF $7,960 $1,200.00 $1.17 SF $9,600 Totals / Wtd. Averages 48 Units 963 SF 46,200 SF $859.91 $0.89 SF $41,276 $1,020.00 $1.06 SF $48,960 $1,116.67 $1.16 SF $53,600 Summary Two Bedroom 48 Units 963 SF 46,200 SF $859.91 $0.89 $41,276 $1,020.00 $1.06 SF $48,960 $1,116.67 $1.16 SF $53,600 Totals / Wtd. Averages 48 Units 963 SF 46,200 SF $859.91 $0.89 SF $41,276 $1,020.00 $1.06 SF $48,960 $1,116.67 $1.16 SF $53,600
COLONIAL TRACE
UNIT DISTRIBUTION UNIT RENTS
Diciero Portfolio T8 RENT ROLL: AS OF DECEMBER 31, 2023 INCOME AND EXPENSES: MAY 2023 - DECEMBER 2023 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $587,520 RR 12,240 Gain (Loss) to Lease ($64,884) 11.04% (1,352) GROSS SCHEDULED RENT $522,636 RR 10,888 TOTAL OTHER INCOME $16,516 3.16% 344 GROSS POTENTIAL INCOME $539,152 11,232 Physical Vacancy ($172,760) T8 Economic 33.06% (3,599) Bad Debt $0 0.00% 0 EFFECTIVE GROSS INCOME $366,393 55.90% 7,633
Real Estate Taxes % of EGI Per Unit 2024 Taxes $14,700 Auditor 4.01% 306 Adjustment for Sale $44,137 12.05% 920 Total Real Estate Taxes $58,837 16.06% 1,226 Insurance $12,181 T8 3.32% 254 Utilities Electric $2,646 T8 0.72% 55 Electric Vacant $464 T8 0.13% 10 Water & Sewage $22,315 T8 6.09% 465 Trash Removal $4,584 T8 1.25% 95 Utility Other $1,386 T8 0.38% 29 Utilities $31,395 8.57% 654 Total Non-Controllable $102,413 27.95% 2,134 CONTROLLABLE Contract Services Snow Removal $0 0.00% 0 Landscaping/Grounds $5,308 T8 1.45% 111 Pest Control $2,889 T8 0.79% 60 Contract Services $8,197 2.24% 171 Repairs & Maintenance $20,324 T8 5.55% 423 Marketing & Promotion $2,363 T8 0.64% 49 Labor $29,682 T8 8.10% 618 General & Administrative $488 T8 0.13% 10 Management Fee $19,523 T8 5.33% 407 Replacement & Reserves $14,400 Note 1 3.93% 300 Total Controllable $94,977 25.92% 1,979 TOTAL EXPENSES $197,389 53.87% 4,112 NET OPERATING INCOME $169,004 46.13% 3,521 EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year
COLONIAL TRACE APTS -
NON-CONTROLLABLE
T6 T3 YEAR 1 % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $587,520 RR 12,240 $587,520 RR 12,240 $643,200 13,400 ($64,884) 11.04% (1,352) ($64,884) 11.04% (1,352) ($12,864) 2.00% (268) $522,636 RR 10,888 $522,636 RR 10,888 $630,336 13,132 $16,516 3.16% 344 $16,516 3.16% 344 $17,012 2.70% 354 $539,152 11,232 $539,152 11,232 $647,348 13,486 ($169,178) T6 Economic 32.37% (3,525) ($173,400) T3 Economic 33.18% (3,613) ($31,517) 5.00% (657) $0 0.00% 0 $0 0.00% 0 ($6,303) 1.00% (131) $369,974 56.59% 7,708 $365,752 55.78% 7,620 $609,528 92.00% 12,698 % of EGI % of EGI Per Unit % of EGI $14,700 Auditor 3.97% 306 $14,700 Auditor 4.02% 306 $14,700 4.02% 306 $44,137 11.93% 920 $44,137 12.07% 920 $44,137 12.07% 920 $58,837 15.90% 1,226 $58,837 16.09% 1,226 $58,837 16.09% 1,226 $19,200 3.32% 400 $19,200 3.32% 400 $19,200 5.25% 400 $2,646 0.72% 55 $2,646 0.72% 55 $2,699 0.74% 56 $464 0.13% 10 $464 0.13% 10 $474 0.13% 10 $22,315 6.09% 465 $22,315 6.09% 465 $22,761 6.22% 474 $4,584 1.25% 95 $4,584 1.25% 95 $4,675 1.28% 97 $1,386 0.38% 29 $1,386 0.38% 29 $1,414 0.39% 29 $31,395 8.49% 654 $31,395 8.58% 654 $32,023 8.76% 667 $109,432 27.71% 2,280 $109,432 27.99% 2,280 $110,060 30.09% 2,293 $1,680 0.00% 35 $1,680 0.00% 35 $1,680 0.28% 35 $4,800 1.45% 100 $4,800 1.45% 100 $4,800 0.79% 100 $1,680 0.79% 35 $1,680 0.79% 35 $1,680 0.28% 35 $8,160 2.21% 170 $8,160 2.23% 170 $8,160 2.23% 170 $28,800 5.55% 600 $28,800 5.55% 600 $28,800 4.72% 600 $3,600 0.64% 75 $3,600 0.64% 75 $3,600 0.59% 75 $43,200 8.10% 900 $43,200 8.10% 900 $43,200 7.09% 900 $4,800 0.13% 100 $4,800 0.13% 100 $4,800 0.79% 100 $22,198 6.00% 762 $21,945 6.00% 762 $36,572 6.00% 762 $14,400 Note 1 3.89% 300 $14,400 Note 1 3.94% 300 $14,400 2.36% 300 $125,158 26.52% 2,907 $124,905 26.59% 2,907 $139,532 23.78% 2,907 $234,591 63.41% 4,887 $234,337 64.07% 4,882 $249,592 68.24% 5,200 $135,384 36.59% 2,820 $131,415 35.93% 2,738 $359,936 98.41% 7,499 COLONIAL TRACE
T8 T6 T3 YR 1 YR 2 YR 3 YR 4 YR 5 YE MAR-2025 YE MAR-2026 YE MAR-2027 YE FEB-2028 YE FEB-2029 GROSS POTENTIAL RENT All Units at Market Rent $587,520 $587,520 $587,520 $643,200 $662,496 $682,371 $702,842 $723,927 Gain (Loss) to Lease ($64,884) ($64,884) ($64,884) ($12,864) ($13,250) ($13,647) ($14,057) ($14,479) GROSS SCHEDULED RENT $522,636 $522,636 $522,636 $630,336 $649,246 $668,723 $688,785 $709,449 TOTAL OTHER INCOME $16,516 $16,516 $16,516 $17,012 $17,352 $17,699 $18,053 $18,414 GROSS POTENTIAL INCOME $539,152 $539,152 $539,152 $647,348 $666,598 $686,423 $706,838 $727,863 Physical Vacancy ($172,760) ($169,178) ($173,400) ($31,517) ($32,462) ($33,436) ($34,439) ($35,472) Bad Debt $0 $0 $0 ($6,303) ($6,492) ($6,687) ($6,888) ($7,094) EFFECTIVE GROSS INCOME $366,393 $369,974 $365,752 $609,528 $627,643 $646,299 $665,511 $685,296 Real Estate Taxes $58,837 $58,837 $58,837 $58,837 $60,014 $61,214 $62,439 $63,687 Insurance $12,181 $19,200 $19,200 $19,200 $19,584 $19,976 $20,375 $20,783 Utilities $31,395 $31,395 $31,395 $32,023 $32,663 $33,316 $33,983 $34,662 Contract Services $8,197 $8,160 $8,160 $8,160 $8,323 $8,490 $8,659 $8,833 Repairs & Maintenance $20,324 $28,800 $28,800 $28,800 $29,376 $29,964 $30,563 $31,174 Marketing & Promotion $2,363 $3,600 $3,600 $3,600 $3,672 $3,745 $3,820 $3,897 Labor $29,682 $43,200 $43,200 $43,200 $44,064 $44,945 $45,844 $46,761 General & Administrative $488 $4,800 $4,800 $4,800 $4,896 $4,994 $5,094 $5,196 Management Fee $19,523 $22,198 $21,945 $36,572 $37,659 $38,778 $39,931 $41,118 Replacement & Reserves $14,400 $14,400 $14,400 $14,400 $14,688 $14,982 $15,281 $15,587 TOTAL EXPENSES $197,389 $234,591 $234,337 $249,592 $254,939 $260,404 $265,989 $271,697 NET OPERATING INCOME $169,004 $135,384 $131,415 $359,936 $372,705 $385,895 $399,522 $413,599 INCOME EXPENSE COLONIAL TRACE APTSDiciero Portfolio
Tax Breakdown Property Address Parcel ID Year Built Acres Market Value Assessed Value Tax Rate Taxes Payable Land Use Code 15 N West St 120-638-0012 1967 2.45 $764,530 $267,590 0.019228 $14,700.30 403 - Apartments 40+ Units Total 2.45 $764,530 $267,590 $14,700.30
CASH FLOW
CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T8 T6 T3 YR 1 YR 2 INCOME Gross Potential Rent 9.48% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 11.04% 11.04% 2.00% 2.00% 2.00% Other Income 3.00% 3.00% 3.00% 3.00% 3.00% EXPENSES Expenses 2.00% 2.00% 2.00% 2.00% Management Fee** 6.00% 6.00% 6.00% 6.00% 6.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T8 T6 T3 YR 1 YR 2 Physical Vacancy 32.37% 33.18% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 0.00% 0.00% 1.00% 1.00% 1.00% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 32.37% 33.18% 6.00% 6.00% 6.00% COLONIAL TRACE
DICIERO PORTFOLIO
