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The Cedars; 359; 361; 363 Warren Ave, Silverthorne, CO March 16, 2009 2008 rents; for new renters =$1250 for 2 BR; $1350 for 3 BR Silverthorne Apartments Projected

2002

2003

2004

2005

2006

2007

2008

2009

135,435

141,227

155,856

152,902

167,970

171,546

188,975

198,423

Management Fees

10,811

11,321

11,984

11,015

12,549

11,817

13,749

14,436

Maintenance & Supplies

23,631

28,568

24,984

45,483

35,465

31,810

75,632

33,400

15,806

14,931

14,722

9,980

13,174

8,847

7,802

8,000

Property Taxes

7,114

6,616

6,215

5,808

5,634

4,217

5,798

6,000

Insurance

8,227

12,313

12,313

13,536

15,827

12,500

9,739

10,000

38

26

-246

1,295

777

-2,297

0

0

Total Operating Expense

65,627

73,775

69,972

87,117

83,426

66,894

112,720

71,836

Operating Cash Flow

69,808

67,452

85,884

65,785

84,544

104,652

76,255

126,587

Revenue Operating Expense

Utilities

Other

M&S expenses are exceptionally high for 2008. This reflects 1) abnormally high snow removal costs, 2) a water problem which resulted from an ice damming issue, $25K, 3) concrete work on the sidewalks and steps, $20K. These abnormal expenses created about a $50K spike in M&S costs last year. These M&S expenses are not expected to reoccur in 2009. Projected 2009 Cap Rate: NOI $125, 587, Sales Price $1,950,000 = 6.5%


Cedars Income and Expense