Income Inputs RESHEETS SAMPLE REPORT <Name> <Contact>
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1 Income Inputs RESHEETS SAMPLE REPORT UNIT MIX Unit Description Unit Type No. of Units Unit SF Current Rent Monthly Total Pro Forma Rent Monthly Total % Upside Ash Single/Studio 5 Units 450 SF $810 $4,050 $900 $4, % Elm 1 Bedroom 7 Units 700 SF $1,260 $8,820 $1,300 $9, % Dog Wood 1 Bedroom 10 Units 775 SF $1,395 $13,950 $1,400 $14, % Fern 2 Bedroom 5 Units 950 SF $1,710 $8,550 $1,800 $9, % Evergreen 2 Bedroom 10 Units 1,000 SF $1,800 $18,000 $1,750 $17,500 (2.78%) Pine 3 Bedroom 5 Units 1,200 SF $2,160 $10,800 $2,100 $10,500 (2.78%) $0 $0 0.00% $0 $0 0.00% $0 $0 0.00% $0 $0 0.00% Total / Average 42 Units 35,650 SF $1,528 $64,170 $1,538 $64, % OTHER INCOME Item Current $ Amount Pro Forma Method Pro Forma Entry Pro Forma Result Variance Laundry $1,500 % Increase $1,545 Vending $1,700 % Increase $1,751 Pet Fee $3,200 % Increase $3,296 Total $6,400 $6,592 VACANCY Item Method Entry Result Current: Pro Forma: # of Units % of PGR 2 Units 5.00% 4.76% 5.00% UNIT ROLLOVER Annual Unit Rollover: % of Total 20.00% 8 Units 20.00%
2 Expense Inputs OPERATING EXPENSES Expense Item $ Amount (Per Unit/Per SF/%EGR) (PF) Method (PF) Entry (PF) Result (Per Unit/Per SF/%EGR) Variance Real Estate Taxes $47,500 $1,131 / $1.33 / 6.42% % of Purchase 1.20% $90,000 $2,143 / $2.52 / 12.11% 89.47% Insurance $13,000 $310 / $.36 / 1.76% Per SF $0.40 $14,260 $340 / $.40 / 1.92% 9.69% Utilities $20,000 $476 / $.56 / 2.70% % Increase $20,600 $490 / $.58 / 2.77% Repairs & Maintenance $10,000 $238 / $.28 / 1.35% Per Unit $250 $10,500 $250 / $.29 / 1.41% 5.00% General & Administrative $6,500 $155 / $.18 / 0.88% Per Unit $175 $7,350 $175 / $.21 / 0.99% 13.08% Contract Services $8,775 $209 / $.25 / 1.19% Per Month $750 $9,000 $214 / $.25 / 1.21% 2.56% Management Fee $16,500 $393 / $.46 / 2.23% % of EGR 3.50% $26,006 $619 / $.73 / 3.50% 57.61% Marketing $1,425 $34 / $.04 / 0.19% $ Amount $1,500 $1,500 $36 / $.04 / 0.20% 5.26% Reserves & Replacements $10,500 $250 / $.29 / 1.42% Per Unit $250 $10,500 $250 / $.29 / 1.41% 0.00% $ / $.00 / 0.00% $0 $ / $.00 / 0.00% 0.00% Total Expenses $134,200 $3,195 / $3.76 / 18.14% $189,716 $4,517 / $5.32 / 25.53% 41.37% $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Real Estate Taxes Insurance Utilities Repairs & Maintenance General & Administrative Contract Services Management Fee Marketing Reserves & Replacements Current Pro Forma
3 Growth Rates & Financing GROWTH RATES Year 1 Year 2 Year 3 Year 4 Year 5 Year 6-10 Income: N/A Vacancy: 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Expenses: N/A Loan Calc. Method: Interest Rate: Amortization Period: (yrs) Interest Only Period: (yrs) Loan Amount Result: Debt Service: Loan Constant: FINANCING % LTV 70.00% 5.75% 30 yrs 2 yrs $5,250,000 $371, %
4 Basic & Pricing Inputs Property Address: Property Name: Year Built: No. of Units: NRSF: BASIC INFO 1234 Address Dr, Anywhere, ST, Lakewood Apartments Units 35,650 SF PURCHASE PRICE Method: Sensitivity: Low Price Base Price (Used in Analysis) $ Amount High Price Entry: $7,000,000 $7,500,000 $8,000,000 Result: $7,000,000 $7,500,000 $8,000,000 Per Unit: $166,667 $178,571 $190,476 Per SF: $ $ $ Current Cap Rate: 8.65% 8.07% 7.57% Pro Forma Cap Rate: 7.90% 7.38% 6.92% Current GRM: Pro Forma GRM: Method: Entry: Cost of Sale: REVERSION PRICE Cap Rate 7.50% Results For Year: Year 3 Year 5 Year 10 Reversion Price: $7,798,015 $8,303,492 $9,626,023 Leveraged IRR: 12.56% 15.82% 16.71% Unleveraged IRR: 7.81% 9.00% 9.80% Cap Rate: 7.50% 7.50% 7.50% GRM: Per Unit: $185,667 $197,702 $229,191 Per SF: $ $ $270.01
5 Executive Summary Lakewood Apartments Executive Summary Property Address: 1234 Address Dr, Anywhere, ST, Year Built: 2005 No. of Units: 42 Units NRSF: 35,650 SF Price: $7,500,000 Per Unit: $178,571 Per SF: $ Current Cap Rate: 8.07% Pro Forma Cap Rate: 7.38% Current GRM: 9.74 Pro Forma GRM: 9.67 Click Here To Add Picture Financing: $5,250,000 LTV %: 70.00% Interest Rate/Loan Constant: 5.75%/7.07% Amortization Period: 30 yrs Debt Service: $371,260 Current Cash on Cash: 10.41% Pro Forma Cash on Cash: 8.09% Unit Description Unit Type No. of Units Unit SF Current Rent Monthly Total Pro Forma Rent Monthly Total % Upside Ash Single/Studio 5 Units 450 SF $810 $4,050 $900 $4, % Elm 1 Bedroom 7 Units 700 SF $1,260 $8,820 $1,300 $9, % Dog Wood 1 Bedroom 10 Units 775 SF $1,395 $13,950 $1,400 $14, % Fern 2 Bedroom 5 Units 950 SF $1,710 $8,550 $1,800 $9, % Evergreen 2 Bedroom 10 Units 1,000 SF $1,800 $18,000 $1,750 $17, % Pine 3 Bedroom 5 Units 1,200 SF $2,160 $10,800 $2,100 $10, % Units 0 SF $0 $0 $0 $0 0.00% Units 0 SF $0 $0 $0 $0 0.00% Units 0 SF $0 $0 $0 $0 0.00% Units 0 SF $0 $0 $0 $0 0.00% Total / Average 42 Units 35,650 SF $1,528 $64,170 $1,538 $64, % 1 1 Current Per Unit Per SF %PGR/EGR Pro Forma Per Unit Per SF %PGR/EGR Potential Gross Revenue $770,040 $18,334 $ % $775,200 $18,457 $ % Vacancy ($36,669) ($873) ($1.03) (4.76%) ($38,760) ($923) ($1.09) (5.00%) Net Effective Rent $733,371 $17,461 $ % $736,440 $17,534 $ % Other Income $6,400 $152 $ % $6,592 $157 $ % Effective Gross Revenue $739,771 $17,614 $ % $743,032 $17,691 $ % Expenses Real Estate Taxes $47,500 $1,131 $ % $90,000 $2,143 $ % Insurance $13,000 $310 $ % $14,260 $340 $ % Utilities $20,000 $476 $ % $20,600 $490 $ % Repairs & Maintenance $10,000 $238 $ % $10,500 $250 $ % General & Administrative $6,500 $155 $ % $7,350 $175 $ % Contract Services $8,775 $209 $ % $9,000 $214 $ % Management Fee $16,500 $393 $ % $26,006 $619 $ % Marketing $1,425 $34 $ % $1,500 $36 $ % Reserves & Replacements $10,500 $250 $ % $10,500 $250 $ % 0 $0 $0 $ % $0 $0 $ % Total Expenses $134,200 $3,195 $ % $189,716 $4,517 $ % Net Operating Income $605,571 $14,418 $ % $553,316 $13,174 $ % Debt Service $371,260 $8,840 $ % $371,260 $8,840 $ % Cash Flow $234,311 $5,579 $ % $182,056 $4,335 $ % Cash on Cash 10.41% 8.09% Highlights/Notes:
6 Unit Analysis Unit Analysis Unit Type No. of Units Unit SF Current Rent Monthly Total Pro Forma Rent Monthly Total % Upside Single/Studio 5 Units 450 SF $810 $4,050 $900 $4, % 1 Bedroom 17 Units 1,475 SF $2,655 $22,770 $2,700 $23, % 2 Bedroom 15 Units 1,950 SF $3,510 $26,550 $3,550 $26, % 3 Bedroom 5 Units 1,200 SF $2,160 $10,800 $2,100 $10, % Total / Average 42 Units 35,650 SF $1,528 $64,170 $1,538 $64, % Single/Studio 1 Bedroom 2 Bedroom 3 Bedroom 12.00% 10.00% 12% 12% 8.00% 6.00% 4.00% 36% 40% 2.00% 0.00% -2.00% -4.00% Single/Studio 1 Bedroom 2 Bedroom 3 Bedroom Total / Average Upside
7 Cash Flow Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Potential Gross Revenue $771,072 $795,267 $820,220 $845,954 $872,494 $898,669 $925,629 $953,398 $982,000 $1,011,460 Vacancy 38,554 39,763 41,011 42,298 43,625 44,933 46,281 47,670 49,100 50,573 Net Effective Rent 732, , , , , , , , , ,887 Other Income 6,438 6,671 6,912 7,161 7,419 7,642 7,871 8,107 8,351 8,601 Effective Gross Revenue 738, , , , , , , , , ,488 Expenses Real Estate Taxes 90,000 92,700 95,481 98, , , , , , ,430 Insurance 14,260 14,688 15,128 15,582 16,050 16,531 17,027 17,538 18,064 18,606 Utilities 20,600 21,218 21,855 22,510 23,185 23,881 24,597 25,335 26,095 26,878 Repairs & Maintenance 10,500 10,815 11,139 11,474 11,818 12,172 12,538 12,914 13,301 13,700 General & Administrative 7,350 7,571 7,798 8,032 8,272 8,521 8,776 9,040 9,311 9,590 Contract Services 9,000 9,270 9,548 9,835 10,130 10,433 10,746 11,069 11,401 11,743 Management Fee 26,006 26,786 27,590 28,418 29,270 30,148 31,053 31,984 32,944 33,932 Marketing 1,500 1,545 1,591 1,639 1,688 1,739 1,791 1,845 1,900 1,957 Reserves & Replacements 10,500 10,815 11,139 11,474 11,818 12,172 12,538 12,914 13,301 13, Total Expenses 189, , , , , , , , , ,537 NOI 549, , , , , , , , , ,952 Debt Service 301, , , , , , , , , ,260 Cash Flow 247, , , , , , , , , ,691 Cash on Cash 10.99% 11.77% 9.49% 10.32% 11.18% 12.01% 12.86% 13.74% 14.65% 15.59% Effective Cap Rate 7.32% 7.56% 7.80% 8.05% 8.30% 8.55% 8.81% 9.07% 9.35% 9.63% Effective GRM DSCR
8 IRR Reversion Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Potential Gross Revenue $771,072 $795,267 $820,220 $845,954 $872,494 $898,669 $925,629 $953,398 $982,000 $1,011,460 Net Operating Income 549, , , , , , , , , ,952 Cash Flow 247, , , , , , , , , ,691 Reversion Sales Price 7,323,209 7,556,897 7,798,015 8,046,799 8,303,492 8,552,597 8,809,175 9,073,450 9,345,653 9,626,023 Per Unit 174, , , , , , , , , ,191 Per SF Cap Rate 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% GRM Cost Of Sale 219, , , , , , , , , ,781 Debt Balance 5,250,000 5,250,000 5,180,615 5,107,240 5,029,646 4,947,590 4,860,816 4,769,053 4,672,013 4,569,394 Net Proceeds 1,853,513 2,080,190 2,383,460 2,698,155 3,024,741 3,348,429 3,684,083 4,032,193 4,393,270 4,767,848 Leveraged IRR Equity Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 1 (2,250,000) 2,100,878 Year 2 (2,250,000) 247,366 2,345, % Year 3 (2,250,000) 247, ,892 2,597, % Year 4 (2,250,000) 247, , ,591 2,930,405 Year 5 (2,250,000) 247, , , ,250 3,276, % Year 6 (2,250,000) 247, , , , ,502 3,618, % Year 7 (2,250,000) 247, , , , , ,185 3,973,511 Year 8 (2,250,000) 247, , , , , , ,428 4,341,442 Year 9 (2,250,000) 247, , , , , , , ,248 4,722,934 Year 10 (2,250,000) 247, , , , , , , , ,664 5,118,540 IRR -6.63% 7.74% 12.56% 14.72% 15.82% 16.32% 16.58% 16.70% 16.73% 16.71% Unleveraged IRR Equity Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 1 (7,500,000) 7,652,753 Year 2 (7,500,000) 549,241 7,896, % Year 3 (7,500,000) 549, ,767 8,148, % Year 4 (7,500,000) 549, , ,851 8,408,905 Year 5 (7,500,000) 549, , , ,510 8,677, % Year 6 (7,500,000) 549, , , , ,762 8,937, % Year 7 (7,500,000) 549, , , , , ,445 9,205,587 Year 8 (7,500,000) 549, , , , , , ,688 9,481,755 Year 9 (7,500,000) 549, , , , , , , ,509 9,766,208 Year 10 (7,500,000) 549, , , , , , , , ,924 10,059,194 IRR 2.04% 6.34% 7.81% 8.55% 9.00% 9.27% 9.46% 9.60% 9.71% 9.80%
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