UNIT MIX BREAKDOWN
NORBEND - 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
1BR/1BA 35 Units 623 SF 21,805 SF $743.42 $1.19 SF $26,020 $800.00 $1.28 SF $28,000 $925.00 $1.48 SF $32,375 Totals / Wtd. Averages 35 Units 623 SF 21,805 SF $743.42 $1.19 SF $26,020 $800.00 $1.28 SF $28,000 $925.00 $1.48 SF $32,375
2BR/2BA 16 Units 1,123 SF 17,968 SF $910.42 $0.81 SF $14,567 $1,150.00 $1.02 SF $18,400 $1,250.00 $1.11 SF $20,000 Totals / Wtd. Averages 16 Units 1,123 SF 17,968 SF $910.42 $0.81 SF $14,567 $1,150.00 $1.02 SF $18,400 $1,250.00 $1.11 SF $20,000 Three Bedroom 3BR/2BA 1 Units 1,423 SF 1,423 SF $1,200.00 $0.84 SF $1,200 $1,200.00 $0.84 SF $1,200 $1,350.00 $0.95 SF $1,350 Totals / Wtd. Averages 1 Units 1,423 SF 1,423 SF $1,200.00 $0.84 SF $1,200 $1,200.00 $0.84 SF $1,200 $1,350.00 $0.95 SF $1,350 Summary One Bedroom 35 Units 623 SF 21,805 SF $743.42 $1.19 $26,020 $800.00 $1.28 SF $28,000 $925.00 $1.48 SF $32,375 Two Bedroom 16 Units 1,123 SF 17,968 SF $910.42 $0.81 $14,567 $1,150.00 $1.02 SF $18,400 $1,250.00 $1.11 SF $20,000 Three Bedroom 1 Units 1,423 SF 1,423 SF $1,200.00 $0.84 $1,200 $1,200.00 $0.84 SF $1,200 $1,350.00 $0.95 SF $1,350 Totals / Wtd. Averages 52 Units 792 SF 41,196 SF $803.59 $1.01 SF $41,786 $915.38 $1.16 SF $47,600 $1,033.17 $1.30 SF $53,725 03 SECTION - THE FINANCIALS
One Bedroom
Two Bedroom
UNIT DISTRIBUTION
NORBENDfinancials CURRENT RENT ROLL: AS OF MARCH 1, 2024 INCOME AND EXPENSES: JANUARY 2023 - DECEMBER 2023 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $400,137 T12 7,695 Gain (Loss) to Lease ($3,430) T12 0.86% (66) GROSS SCHEDULED RENT $396,707 7,629 TOTAL OTHER INCOME $5,663 1.43% 109 GROSS POTENTIAL INCOME $402,370 7,738 Physical Vacancy ($55,585) T12 14.01% (1,069) Bad Debt ($70,317) T12 17.73% (1,352) EFFECTIVE GROSS INCOME $276,468 67.41% 5,317
Real Estate Taxes % of EGI Per Unit 2023 Taxes $55,979 Auditor 20.25% 1,077 Total Real Estate Taxes $55,979 20.25% 1,077 Insurance $10,878 T12 3.93% 209 Utilities Gas & Electric $17,920 T12 6.48% 345 Water & Sewage $28,242 T12 10.22% 543 Total Utilities $50,721 18.35% 975 Total Non-Controllable $117,578 42.53% 2,261 CONTROLLABLE Contract Services Security Expense $2,400 T12 0.63% 46 Landscaping/Snow Removal $12,233 T12 3.21% 235 Total Contract Services $16,771 4.40% 323 Repairs & Maintenance $84,007 T12 30.39% 1,616 Marketing & Promotion $0 0.00% 0 Labor $750 T12 0.27% 14 General & Administrative $662 T12 0.24% 13 Management Fee $18,553 T12 6.71% 357 Replacement & Reserves $13,260 Note 1 4.80% 255 Total Controllable $134,003 48.47% 2,577 TOTAL EXPENSES $251,580 91.00% 4,838 NET OPERATING INCOME $24,887 9.00% 479 EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year
NON-CONTROLLABLE
YEAR 1 YEAR 2 YEAR 3 % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $644,700 12,398 $664,041 12,770 $683,962 13,153 ($12,894) 2.00% (248) ($13,281) 2.00% (255) ($13,679) 2.00% (263) $631,806 12,150 $650,760 12,515 $670,283 12,890 $5,832 0.92% 112 $6,007 0.92% 116 $6,188 0.92% 119 $637,638 12,262 $656,768 12,630 $676,471 13,009 ($31,590) 5.00% (608) ($32,538) 5.00% (626) ($33,514) 5.00% (645) ($12,636) 2.00% (243) ($13,015) 2.00% (250) ($13,406) 2.00% (258) $593,412 91.00% 11,412 $611,214 91.00% 11,754 $629,551 91.00% 12,107 % of EGI % of EGI Per Unit % of EGI $55,979 9.43% 1,077 $55,979 9.16% 1,077 $55,979 9.16% 1,077 $55,979 9.43% 1,077 $55,979 9.16% 1,077 $55,979 9.16% 1,077 $20,800 3.51% 400 $21,216 3.47% 408 $21,640 3.54% 416 $18,279 3.08% 352 $18,644 3.05% 359 $19,017 3.11% 366 $28,807 4.85% 554 $29,383 4.81% 565 $29,971 4.90% 576 $51,735 8.72% 995 $52,770 8.63% 1,015 $53,825 8.81% 1,035 $128,515 21.66% 2,471 $129,965 21.26% 2,499 $131,445 21.51% 2,528 $2,340 0.39% 45 $2,387 0.39% 46 $2,435 0.40% 47 $11,700 1.97% 225 $11,934 1.95% 230 $12,173 1.99% 234 $15,860 2.67% 305 $16,177 2.65% 311 $16,501 2.70% 317 $31,200 5.26% 600 $31,824 5.21% 612 $32,460 5.31% 624 $2,600 0.44% 50 $2,652 0.43% 51 $2,705 0.44% 52 $46,800 7.89% 900 $47,736 7.81% 918 $48,691 7.97% 936 $5,200 0.88% 100 $5,304 0.87% 102 $5,410 0.89% 104 $29,671 5.00% 571 $30,561 5.00% 588 $31,478 5.00% 588 $13,525 2.28% 260 $13,796 2.26% 265 $14,072 2.30% 271 $144,856 24.41% 2,786 $148,050 24.22% 2,847 $151,316 24.61% 2,892 $273,370 46.07% 5,257 $278,015 45.49% 5,346 $282,761 46.26% 5,438 $320,042 53.93% 6,155 $333,199 54.51% 6,408 $346,790 56.74% 6,669
CURRENT YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YE MAY-2025 YE MAY-2026 YE MAY-2027 YE APR-2028 YE APR-2029 YE APR-2030 YE APR-2031 GROSS POTENTIAL RENT All Units at Market Rent $400,137 $644,700 $664,041 $683,962 $704,481 $725,616 $747,384 $769,806 Gain (Loss) to Lease ($3,430) ($12,894) ($13,281) ($13,679) ($14,090) ($14,512) ($14,948) ($15,396) GROSS SCHEDULED RENT $396,707 $631,806 $650,760 $670,283 $690,391 $711,103 $732,436 $754,409 TOTAL OTHER INCOME $5,663 $5,832 $6,007 $6,188 $6,311 $6,438 $6,566 $6,698 GROSS POTENTIAL INCOME $402,370 $637,638 $656,768 $676,471 $696,703 $717,541 $739,003 $761,107 Physical Vacancy ($55,585) ($31,590) ($32,538) ($33,514) ($34,520) ($35,555) ($36,622) ($37,720) Bad Debt ($70,317) ($12,636) ($13,015) ($13,406) ($13,808) ($14,222) ($14,649) ($15,088) EFFECTIVE GROSS INCOME $276,468 $593,412 $611,214 $629,551 $648,375 $667,764 $687,732 $708,298 Real Estate Taxes $55,979 $55,979 $55,979 $55,979 $57,099 $58,241 $59,406 $60,594 Insurance $10,878 $20,800 $21,216 $21,640 $22,073 $22,515 $22,965 $23,424 Utilities $50,721 $51,735 $52,770 $53,825 $54,902 $56,000 $57,120 $58,262 Contract Services $16,771 $15,860 $16,177 $16,501 $16,831 $17,167 $17,511 $17,861 Repairs & Maintenance $84,007 $31,200 $31,824 $32,460 $33,110 $33,772 $34,447 $35,136 Marketing & Promotion $0 $2,600 $2,652 $2,705 $2,759 $2,814 $2,871 $2,928 Labor $750 $46,800 $47,736 $48,691 $49,665 $50,658 $51,671 $52,704 General & Administrative $662 $5,200 $5,304 $5,410 $5,518 $5,629 $5,741 $5,856 Management Fee $18,553 $29,671 $30,561 $31,478 $32,419 $33,388 $34,387 $35,415 Replacement & Reserves $13,260 $13,525 $13,796 $14,072 $14,353 $14,640 $14,933 $15,232 TOTAL EXPENSES $251,580 $273,370 $278,015 $282,761 $288,728 $294,824 $301,051 $307,413 NET OPERATING INCOME $24,887 $320,042 $333,199 $346,790 $359,647 $372,940 $386,681 $400,886 INCOME EXPENSE NORBENDfinancials
Tax Breakdown Property Address Parcel ID Year Built Acres Market Value Assessed Value Tax Rate Taxes Payable Land Use Code 1532 North Bend Rd. 247-0002-0010-00 1967 1.14 $1,946,790 $681,380 82.074213 $55,979.29 403 - Apartment, 40+ Units Total 1.14 $1,946,790 $681,380 $55,979.29
CASH FLOW
CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1 YR 2 YR 3 YR 4 YR 5
Gross Potential Rent 61.12% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 2.00% 2.00% 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** 5.00% 5.00% 5.00% 5.00% 5.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1 YR 2 YR 3 YR 4 YR 5 Physical Vacancy 5.00% 5.00% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 2.00% 2.00% 2.00% 2.00% 2.00% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 7.00% 7.00% 7.00% 7.00% 7.00%
INCOME