UNIT MIX BREAKDOWN
HUNTERS COURT - financials
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 One & Half Bath 2BR/1.5BA - Classic 102 Units 960 SF 97,920 SF $1,165.23 $1.21 SF $118,853 $1,260.00 $1.31 SF $128,520 $1,410.00 $1.47 SF $143,820 2BR/1.5BA - Full Reno 20 Units 960 SF 19,200 SF $1,372.50 $1.43 SF $27,450 $1,410.00 $1.47 SF $28,200 $1,410.00 $1.47 SF $28,200 Totals / Wtd. Averages 122 Units 960 SF 117,120 SF $1,199.21 $1.25 SF $146,303 $1,284.59 $1.34 SF $156,720 $1,410.00 $1.47 SF $172,020 Two Bedroom Two & Half Bath 2BR/2.5BA - Classic 4 Units 1,252 SF 5,008 SF $1,207.00 $0.96 SF $4,828 $1,236.00 $0.99 SF $4,944 $1,486.00 $1.19 SF $5,944 Totals / Wtd. Averages 4 Units 1,252 SF 5,008 SF $1,207.00 $0.96 SF $4,828 $1,236.00 $0.99 SF $4,944 $1,486.00 $1.19 SF $5,944 Three Bedroom Two & Half Bath 3BR/2.5BA - Classic 4 Units 1,256 SF 5,024 SF $1,416.25 $1.13 SF $5,665 $1,505.00 $1.20 SF $6,020 $1,640.00 $1.31 SF $6,560 Totals / Wtd. Averages 4 Units 1,256 SF 5,024 SF $1,416.25 $1.13 SF $5,665 $1,505.00 $1.20 SF $6,020 $1,640.00 $1.31 SF $6,560 Summary Two Bedroom | One & Half Bath 122 Units 960 SF 117,120 SF $1,199.21 $1.25 $146,303 $1,284.59 $1.34 SF $156,720 $1,410.00 $1.47 SF $172,020 Two Bedroom | Two & Half Bath 4 Units 1,252 SF 5,008 SF $1,207.00 $0.96 $4,828 $1,236.00 $0.99 SF $4,944 $1,486.00 $1.19 SF $5,944 Three Bedroom | Two & Half Bath 4 Units 1,256 SF 5,024 SF $1,416.25 $1.13 $5,665 $1,505.00 $1.20 SF $6,020 $1,640.00 $1.31 SF $6,560 Totals / Wtd. Averages 130 Units 978 SF 127,152 SF $1,206.13 $1.23 SF $156,796 $1,289.88 $1.32 SF $167,684 $1,419.42 $1.45 SF $184,524
VACANCY
TWO BEDROOM | ONE & HALF BATH
MARKET RENT INCREASE
Max budget per unit
$12,500
UNIT RENTS
03 SECTION - THE FINANCIALS classic & full reno
DISTRIBUTION
UNIT
HUNTERS COURTfinancials
T12 RENT ROLL: AS OF APRIL 25, 2024 INCOME AND EXPENSES: APRIL 2023 - MARCH 2024 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $1,842,425 T12 14,173 Gain (Loss) to Lease ($65,970) T12 3.58% (507) GROSS SCHEDULED RENT $1,776,455 13,665 Total Other Income $202,182 11.38% 1,555 GROSS POTENTIAL $1,978,637 15,220 Physical Vacancy ($182,512) T12 10.27% (1,404) Non Revenue Units ($14,153) T12 0.80% (109) Bad Debt ($22,377) T12 Note 2 1.26% (172) Concessions Allowance ($1,240) T12 0.07% (10) EFFECTIVE GROSS $1,758,355 84.02% 13,526 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit 2024 Taxes $91,916 Auditor 5.23% 707 Total Real Estate Taxes $91,916 5.23% 707 Insurance $66,824 T12 3.80% 514 Utilities Electric $2,646 T12 0.15% 20 Electric Vacant $10,428 T12 0.59% 80 Water & Sewage $81,333 T12 4.63% 626 Trash Removal $9,715 T12 0.55% 75 Utilities $104,122 5.92% 801 Total Non-Controllable $262,862 14.95% 2,022 CONTROLLABLE Contract Services Snow Removal $3,350 T12 0.19% 26 Landscaping/Grounds $16,066 T12 0.91% 124 Pest Control $1,252 T12 0.07% 10 Contract Services $20,668 1.18% 159 Repairs & Maintenance $15,864 T12 0.90% 122 Marketing & Promotion $68,820 T12 3.91% 529 On-Site Payroll $162,066 T12 9.22% 1,247 Payroll Taxes & Benefits $54,421 T12 3.09% 419 General & Administrative $32,973 T12 1.88% 254 Management Fee $45,467 T12 2.59% 350 Telephone & Internet $3,227 T12 0.18% 25 Replacement & Reserves $39,000 Note 1 2.22% 300 Total Controllable $442,506 25.17% 3,404 TOTAL EXPENSES $705,368 40.12% 5,426 NET OPERATING INCOME $936,050 53.23% 7,200 EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year 2 Includes bad debt write-offs from unpaid rent and other income. Accounts ‘Rent Adj - Move Out’ and ‘Move out Charges’
T6 T3 YEAR 1 % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $1,866,000 T6 14,354 $1,868,900 T3 14,376 $2,214,288 17,033 ($36,730) T6 1.97% (283) ($17,236) T3 0.92% (133) ($44,286) 2.00% (341) $1,829,270 14,071 $1,851,664 14,244 $2,170,002 16,692 $202,182 11.05% 1,555 $202,182 10.92% 1,555 $208,248 9.60% 1,602 $2,031,452 15,627 $2,053,846 15,799 $2,378,250 18,294 ($146,354) T6 8.00% (1,126) ($124,596) T3 6.73% (958) ($108,500) 5.00% (835) ($12,726) T6 0.70% (98) ($11,764) T3 0.64% (90) ($16,920) 0.78% (130) ($11,038) T6 Note 2 0.60% (85) ($16,868) T3 Note 2 0.91% (130) ($21,700) 1.00% (167) $0 T6 0.00% 0 $0 T3 0.00% 0 $0 0.00% 0 $1,861,334 88.73% 14,318 $1,900,618 90.80% 14,620 $2,231,130 91.22% 17,163 % of EGI % of EGI Per Unit % of EGI $91,916 Auditor 4.94% 707 $91,916 Auditor 4.84% 707 $91,916 4.84% 707 $91,916 4.94% 707 $91,916 4.84% 707 $91,916 4.84% 707 $66,824 T12 3.80% 514 $66,824 T12 3.80% 514 $68,250 3.59% 525 $2,646 T12 0.15% 20 $2,646 T12 0.15% 20 $2,699 0.14% 21 $10,428 T12 0.59% 80 $10,428 T12 0.59% 80 $10,637 0.56% 82 $81,333 T12 4.63% 626 $81,333 T12 4.63% 626 $82,960 4.36% 638 $9,715 T12 0.55% 75 $9,715 T12 0.55% 75 $9,909 0.52% 76 $104,122 5.59% 801 $104,122 5.48% 801 $106,204 5.59% 817 $262,862 14.33% 2,022 $262,862 14.11% 2,022 $266,370 14.01% 2,049 $3,350 T12 0.19% 26 $3,350 T12 0.19% 26 $4,550 0.20% 35 $16,066 T12 0.91% 124 $16,066 T12 0.91% 124 $16,250 0.73% 125 $1,252 T12 0.07% 10 $1,252 T12 0.07% 10 $4,550 0.20% 35 $20,668 1.11% 159 $20,668 1.09% 159 $25,350 1.33% 195 $15,864 T12 0.90% 122 $15,864 T12 0.90% 122 $78,000 3.50% 600 $68,820 T12 3.91% 529 $68,820 T12 3.91% 529 $13,000 0.58% 100 $162,066 T12 9.22% 1,247 $162,066 T12 9.22% 1,247 $130,000 5.83% 1,000 $54,421 T12 3.09% 419 $54,421 T12 3.09% 419 $26,000 1.17% 200 $32,973 T12 1.88% 254 $32,973 T12 1.88% 254 $19,500 0.87% 150 $45,467 T12 2.59% 350 $45,467 T12 2.59% 350 $66,934 3.00% 515
T12 0.18% 25 $3,227 T12 0.18% 25 $3,250 0.15% 25 $39,000 Note 1 2.10% 300 $39,000 Note 1 2.05% 300 $39,000 1.75% 300 $442,506 24.98% 3,404 $442,506 24.91% 3,404 $401,034 18.17% 3,085 $705,368 37.90% 5,426 $705,368 37.11% 5,426 $667,404 35.12% 5,134 $1,039,029 55.82% 7,993 $1,078,313 56.73% 8,295 $1,446,789 76.12% 11,129
$3,227
T12 T6 T3 YR 1 YR 2 YR 3 YR 4 YR 5 YE MAY-2025 YE MAY-2026 YE MAY-2027 YE APR-2028 YE APR-2029 GROSS POTENTIAL RENT All Units at Market Rent $1,842,425 $1,866,000 $1,868,900 $2,214,288 $2,280,717 $2,349,138 $2,419,612 $2,492,201 Gain (Loss) to Lease ($65,970) ($36,730) ($17,236) ($44,286) ($45,614) ($46,983) ($48,392) ($49,844) GROSS SCHEDULED RENT $1,776,455 $1,829,270 $1,851,664 $2,170,002 $2,235,102 $2,302,155 $2,371,220 $2,442,357 TOTAL OTHER INCOME $202,182 $202,182 $202,182 $208,248 $212,413 $216,661 $220,994 $225,414 GROSS POTENTIAL INCOME $1,978,637 $2,031,452 $2,053,846 $2,378,250 $2,447,515 $2,518,816 $2,592,214 $2,667,771 Physical Vacancy ($182,512) ($146,354) ($124,596) ($108,500) ($111,755) ($115,108) ($118,561) ($122,118) Bad Debt ($22,377) ($11,038) ($16,868) ($21,700) ($22,351) ($23,022) ($23,712) ($24,424) EFFECTIVE GROSS INCOME $1,758,355 $1,861,334 $1,900,618 $2,231,130 $2,295,981 $2,362,737 $2,431,452 $2,502,186 Real Estate Taxes $208,853 $208,853 $208,853 $208,853 $213,030 $217,291 $221,636 $226,069 Insurance $66,824 $66,824 $66,824 $68,250 $69,615 $71,007 $72,427 $73,876 Utilities $104,122 $104,122 $104,122 $106,204 $108,329 $110,495 $112,705 $114,959 Contract Services $20,668 $20,668 $20,668 $25,350 $25,857 $26,374 $26,902 $27,440 Repairs & Maintenance $15,864 $15,864 $15,864 $78,000 $79,560 $81,151 $82,774 $84,430 Marketing & Promotion $68,820 $68,820 $68,820 $13,000 $13,260 $13,525 $13,796 $14,072 On-Site Payroll $162,066 $162,066 $162,066 $130,000 $132,600 $135,252 $137,957 $140,716 Payroll Taxes & Benefits $54,421 $54,421 $54,421 $26,000 $26,520 $27,050 $27,591 $28,143 General & Administrative $32,973 $32,973 $32,973 $19,500 $19,890 $20,288 $20,694 $21,107 Management Fee $45,467 $45,467 $45,467 $66,934 $68,879 $70,882 $72,944 $75,066 Replacement & Reserves $39,000 $39,000 $39,000 $39,000 $39,780 $40,576 $41,387 $42,215 TOTAL EXPENSES $822,305 $822,305 $822,305 $784,341 $800,635 $817,273 $834,262 $851,610 NET OPERATING INCOME $936,050 $1,039,029 $1,078,313 $1,446,789 $1,495,346 $1,545,464 $1,597,190 $1,650,575 INCOME EXPENSE HUNTERS COURTfinancials
Tax Breakdown Property Address Parcel ID Year Built Acres Market Value Assessed Value Tax Rate Taxes Payable Land Use Code Hunters Court 290-106.043 1980 8.78 $4,004,900 $1,401,720 65.573683 $91,915.92 403 C - Apartments 40+ Units Total 8.78 $4,004,900 $1,401,720 $91,915.92
CASH FLOW
CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2 INCOME Gross Potential Rent 20.18% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 1.97% 0.92% 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** 3.00% 3.00% 3.00% 3.00% 3.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2 Physical Vacancy 8.00% 6.73% 5.00% 5.00% 5.00% Non-Revenue Units 0.70% 0.64% 0.78% 0.78% 0.78% Bad Debt 0.60% 0.91% 1.00% 1.00% 1.00% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 9.30% 8.28% 6.78% 6.78% 6.78%