UNIT MIX BREAKDOWN
THE HUB 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 21 Units 539 SF 11,319 SF $807.68 $1.50 SF $16,961 $826.00 $1.53 SF $17,346 $875.00 $1.62 SF $18,375 Totals / Wtd. Averages 21 Units 539 SF 11,319 SF $807.68 $1.50 SF $16,961 $826.00 $1.53 SF $17,346 $875.00 $1.62 SF $18,375 One Bedroom 1BR/1BA - A 18 Units 650 SF 11,700 SF $861.83 $1.33 SF $15,513 $894.00 $1.38 SF $16,092 $950.00 $1.46 SF $17,100 1BR/1BA - B 13 Units 787 SF 10,231 SF $865.58 $1.10 SF $11,253 $884.00 $1.12 SF $11,492 $975.00 $1.24 SF $12,675 Totals / Wtd. Averages 31 Units 707 SF 21,931 SF $863.40 $1.22 SF $26,765 $889.81 $1.26 SF $27,584 $960.48 $1.36 SF $29,775 Two Bedroom 2BR/1BA - A 48 Units 836 SF 40,128 SF $977.97 $1.17 SF $46,943 $1,096.00 $1.31 SF $52,608 $1,125.00 $1.35 SF $54,000 2BR/1BA - B 15 Units 1,070 SF 16,050 SF $1,089.86 $1.02 SF $16,348 $1,095.00 $1.02 SF $16,425 $1,150.00 $1.07 SF $17,250 Totals / Wtd. Averages 63 Units 892 SF 56,178 SF $1,004.61 $1.13 SF $63,290 $1,095.76 $1.23 SF $69,033 $1,130.95 $1.27 SF $71,250 Three Bedroom 3BR/1BA 26 Units 1,023 SF 26,598 SF $1,262.00 $1.23 SF $32,812 $1,265.00 $1.24 SF $32,890 $1,315.00 $1.29 SF $34,190 Totals / Wtd. Averages 26 Units 1,023 SF 26,598 SF $1,262.00 $1.23 SF $32,812 $1,265.00 $1.24 SF $32,890 $1,315.00 $1.29 SF $34,190 Summary Studio 21 Units 539 SF 11,319 SF $807.68 $1.50 $16,961 $826.00 $1.53 SF $17,346 $875.00 $1.62 SF $18,375 One Bedroom 31 Units 707 SF 21,931 SF $863.40 $1.22 $26,765 $889.81 $1.26 SF $27,584 $960.48 $1.36 SF $29,775 Two Bedroom 63 Units 892 SF 56,178 SF $1,004.61 $1.13 $63,290 $1,095.76 $1.23 SF $69,033 $1,130.95 $1.27 SF $71,250 Three Bedroom 26 Units 1,023 SF 26,598 SF $1,262.00 $1.23 $32,812 $1,265.00 $1.24 SF $32,890 $1,315.00 $1.29 SF $34,190 Totals / Wtd. Averages 141 Units 823 SF 116,026 SF $991.70 $1.21 SF $139,829 $1,041.51 $1.27 SF $146,853 $1,089.29 $1.32 SF $153,590
UNIT DISTRIBUTION UNIT RENTS
THE HUB T12 RENT ROLL: AS OF FEBRUARY 12, 2024 INCOME AND EXPENSES: FEBRUARY 2023 - JANUARY 2024 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $1,675,078 T12 11,880 Gain (Loss) to Lease ($69,984) T12 4.18% (496) GROSS SCHEDULED RENT $1,605,094 11,384 TOTAL OTHER INCOME $266,743 16.62% 1,892 GROSS POTENTIAL $1,871,837 13,275 Physical Vacancy ($211,185) T12 13.16% (1,498) Bad Debt $0 0.00% 0 Concessions Allowance ($1,305) T12 0.08% (9) EFFECTIVE GROSS $1,659,347 82.58% 11,768 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit 2024 Taxes Paid $104,491 Auditor 6.30% 741 Total Real Estate Taxes $104,491 6.30% 741 Insurance $64,963 T12 3.91% 461 Utilities Electric $49,611 T12 2.99% 352 Water & Sewage $90,671 T12 5.46% 643 Trash Removal $32,459 T12 1.96% 230 Utilities $172,741 10.41% 1,225 Total Non-Controllable $342,195 20.62% 2,427 CONTROLLABLE Contract Services Snow Removal $2,883 T12 0.17% 20 Landscaping/Grounds $35,768 T12 2.16% 254 Pest Control $8,998 T12 0.54% 64 Fire Protection $11,032 T12 0.66% 78 Contract Services $58,681 3.54% 416 Repairs & Maintenance $96,915 T12 5.84% 687 Marketing & Promotion $29,615 T12 1.78% 210 On-Site Payroll $260,044 T12 15.67% 1,844 Payroll Taxes & Benefits $23,503 T12 1.42% 167 General & Administrative $95,758 T12 5.77% 679 Management Fee $49,027 T12 2.95% 348 Telephone & Internet $15,069 T12 0.91% 107 Replacement & Reserves $42,300 Note 1 2.55% 300 Total Controllable $670,912 40.43% 4,758 TOTAL EXPENSES $1,013,107 61.05% 7,185 NET OPERATING INCOME $646,240 38.95% 4,583 EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year
T6 T6 INCOME BROKER ADJUSTED CONTROLLABLE EXPENSES T3 T3 INCOME BROKER ADJUSTED CONTROLLABLE EXPENSES YEAR 1 % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $1,668,716 T6 11,835 $1,666,512 T3 11,819 $1,843,080 13,071 ($8,910) T6 0.53% (63) ($268) T3 0.02% (2) ($36,862) 2.00% (261) $1,659,806 11,772 $1,666,244 11,817 $1,806,218 12,810 $294,514 17.74% 2,089 $293,404 17.61% 2,081 $301,745 16.71% 2,140 $1,954,320 13,860 $1,959,648 13,898 $2,107,963 14,950 ($347,502) T6 20.94% (2,465) ($330,056) T3 19.81% (2,341) ($90,311) 5.00% (641) $0 0.00% 0 $0 0.00% 0 ($18,062) 1.00% (128) ($950) T6 0.06% (7) ($1,544) T3 0.09% (11) $0 0.00% 0 $1,605,868 78.47% 11,389 $1,628,048 80.08% 11,546 $1,999,590 92.00% 14,181 % of EGI % of EGI Per Unit % of EGI $104,491 Auditor 6.51% 741 $104,491 Auditor 6.42% 741 $104,491 6.42% 741 $104,491 6.51% 741 $104,491 6.42% 741 $104,491 6.42% 741 $64,963 T12 3.91% 461 $64,963 T12 3.91% 461 $70,500 4.33% 500 $49,611 T12 2.99% 352 $49,611 T12 2.99% 352 $50,603 3.11% 359 $90,671 T12 5.46% 643 $90,671 T12 5.46% 643 $92,484 5.68% 656 $32,459 T12 1.96% 230 $32,459 T12 1.96% 230 $33,108 2.03% 235 $172,741 10.76% 1,225 $172,741 10.61% 1,225 $176,196 10.82% 1,250 $342,195 21.18% 2,427 $342,195 20.94% 2,427 $351,187 21.57% 2,491 $4,935 0.17% 35 $4,935 0.17% 35 $4,935 0.25% 35 $28,200 2.16% 200 $28,200 2.16% 200 $28,200 1.41% 200 $4,935 0.54% 35 $4,935 0.54% 35 $4,935 0.25% 35 $11,280 0.66% 80 $11,280 0.66% 80 $11,280 0.56% 80 $49,350 3.07% 350 $49,350 3.03% 350 $49,350 3.03% 350 $84,600 5.84% 600 $84,600 5.84% 600 $84,600 4.23% 600 $21,150 1.78% 150 $21,150 1.78% 150 $21,150 1.06% 150 $141,000 15.67% 1,000 $141,000 15.67% 1,000 $141,000 7.05% 1,000 $21,150 1.42% 150 $21,150 1.42% 150 $21,150 1.06% 150 $28,200 5.77% 200 $28,200 5.77% 200 $28,200 1.41% 200 $64,235 4.00% 567 $65,122 4.00% 567 $79,984 4.00% 567 $15,510 0.91% 110 $15,510 0.91% 110 $15,510 0.78% 110 $42,300 Note 1 2.63% 300 $42,300 Note 1 2.60% 300 $42,300 2.12% 300 $467,495 41.10% 3,427 $468,382 41.02% 3,427 $483,244 24.73% 3,427 $809,690 50.42% 5,742 $810,577 49.79% 5,749 $834,431 51.25% 5,918 $796,178 49.58% 5,647 $817,471 50.21% 5,798 $1,165,160 71.57% 8,264
T12 T6 T3 YR 1 YR 2 YR 3 YR 4 YR 5 YE JAN-2025 YE JAN-2026 YE JAN-2027 YE JAN-2028 YE JAN-2029 GROSS POTENTIAL RENT All Units at Market Rent $1,675,078 $1,668,716 $1,666,512 $1,843,080 $1,898,372 $1,955,324 $2,013,983 $2,074,403 Gain (Loss) to Lease ($69,984) ($8,910) ($268) ($36,862) ($37,967) ($39,106) ($40,280) ($41,488) GROSS SCHEDULED RENT $1,605,094 $1,659,806 $1,666,244 $1,806,218 $1,860,405 $1,916,217 $1,973,704 $2,032,915 TOTAL OTHER INCOME $266,743 $294,514 $292,854 $301,195 $307,219 $313,363 $319,631 $326,023 GROSS POTENTIAL INCOME $1,871,837 $1,954,320 $1,959,098 $2,107,963 $2,167,624 $2,229,580 $2,293,334 $2,358,938 Physical Vacancy ($211,185) ($347,502) ($330,056) ($90,311) ($93,020) ($95,811) ($98,685) ($101,646) Bad Debt $0 $0 $0 ($18,062) ($18,604) ($19,162) ($19,737) ($20,329) EFFECTIVE GROSS INCOME $1,659,347 $1,605,868 $1,627,498 $1,999,590 $2,056,000 $2,114,607 $2,174,912 $2,236,963 Real Estate Taxes $104,491 $104,491 $104,491 $104,491 $106,581 $108,713 $110,887 $113,105 Insurance $64,963 $64,963 $64,963 $70,500 $71,910 $73,348 $74,815 $76,311 Utilities $172,741 $172,741 $172,741 $176,196 $179,720 $183,314 $186,980 $190,720 Contract Services $58,681 $49,350 $49,350 $49,350 $50,337 $51,344 $52,371 $53,418 Repairs & Maintenance $96,915 $84,600 $84,600 $84,600 $86,292 $88,018 $89,778 $91,574 Marketing & Promotion $29,615 $21,150 $21,150 $21,150 $21,573 $22,004 $22,445 $22,893 On-Site Payroll $260,044 $141,000 $141,000 $141,000 $143,820 $146,696 $149,630 $152,623 Payroll Taxes & Benefits $23,503 $21,150 $21,150 $21,150 $21,573 $22,004 $22,445 $22,893 General & Administrative $95,758 $28,200 $28,200 $28,200 $28,764 $29,339 $29,926 $30,525 Management Fee $49,027 $64,235 $65,122 $79,984 $82,240 $84,584 $86,996 $89,479 Replacement & Reserves $42,300 $42,300 $42,300 $42,300 $43,146 $44,009 $44,889 $45,787 TOTAL EXPENSES $1,013,107 $809,690 $810,577 $834,431 $851,776 $869,511 $887,622 $906,116 NET OPERATING INCOME $426,774 $576,713 $598,005 $1,165,160 $1,204,224 $1,245,096 $1,287,290 $1,330,847 INCOME EXPENSE THE HUB CASH FLOW Tax Breakdown Property Address Parcel ID Year Built Acres Market Value Tax Rate Taxes Payable Land Use Code 4025-4152 Prestwick Sq Dr 22-05-08-401-244.000-008 1992/2014 5.27 $1,318,800 0.021696 $28,612.50 403 - 40 or more Family Apartments 4201-4237 Prestwick Sq Dr 22-05-08-401-248.000-008 1.69 $1,971,300 0.021557 $42,496.04 402 - 20 to 39 Family Apartments 4160 Prestwick Sq Dr 22-05-08-401-248.001-008 0.32 $1,548,100 0.021564 $33,382.58 402 - 20 to 39 Family Apartments Total 3.42 $2,146,250 $751,190 $59,021.86
CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2 INCOME Gross Potential Rent 10.03% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 0.53% 0.02% 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** 4.00% 4.00% 4.00% 4.00% 4.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2 Physical Vacancy 20.94% 19.81% 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 0.06% 0.09% 0.00% 0.00% 0.00% Total Economic Loss 20.99% 19.90% 6.00% 6.00% 6.00%