ABCDEFGHIJKLMNOPQR
1
5 Year Pro Forma and Budget
2
Year 0Year 1Year 2Year 3Year 4Year 5
3
Operating Assumptions
4
Rent Growth0.0%0.0%3.0%3.0%3.0%
5
Vacancy15.9%15.9%15.9%20.0%20.0%
6
Concessions 0.0%0.0%0.0%0.0%0.0%
7
Loss to Lease4.1%4.1%4.1%0.0%0.0%
8
9
Revenues
10
Gross Scheduled Rents(GSR)@100%
$97,200 $100,800 $100,800 $103,824 $106,939 $110,147
11
Physical Vacancy$16,027 $16,027 $16,508 $21,388 $22,029
12
Concessions$0 $0 $0 $0 $0
13
Loss to Lease$4,142$4,142$4,267$0$0
14
Rental Income$80,630 $80,630 $83,049 $85,551 $88,118 $80.95$80.95$83.38$85.89$88.47
15
Utility Reimbursement$0$0$0$0Increase Per Yr3.00%1300
16
Other Income$0 $0 $0 $0 Increase Per Yr3.00%
17
Total Income$80,630 $80,630 $83,049 $85,551 $88,118
18
19
Expenses
20
Taxes$19,880 $19,880 $20,476 $21,091 $21,723 $22,375 Increase Per Yr3.00%
21
Insurance$5,350 $7,099 $7,667 $8,280 $8,943 $9,658 Increase Per Yr8.00%
22
Maintenance$1,000 $1,000 $1,030 $1,061 $1,093 $1,126 Increase Per Yr3.00%
23
Repairs$2,500 $2,500 $2,575 $2,652 $2,732 $2,814 Increase Per Yr3.00%
24
Management %$7,776 $5,465 $4,838 $4,983 $5,133 $5,287 6.00%
25
Asset Management$0 $0 $0 $0 0.00%
26
Marketing$0 $0 $0 $0 Increase Per Yr3.00%
27
Electric$2,100 $750 $773 $796 $820 $844 Increase Per Yr3.00%
28
Gas$0 $0 $0 $0 Increase Per Yr3.00%
29
Water & Sewer$3,550 $5,600 $5,768 $5,941 $6,119 $6,303 Increase Per Yr3.00%
30
Trash$360 $360 $371 $382 $393 $405 Increase Per Yr3.00%
31
Lawn$600 $600 $618 $637 $656 $675 Increase Per Yr3.00%
32
Supplies$0 $0 $0 $0 Increase Per Yr3.00%
33
Contract Services$0 $0 $0 $0 Increase Per Yr3.00%
34
Payroll$0 $0 $0 $0 Increase Per Yr3.00%
35
Total Expenses$43,116 $43,254 $44,115 $45,822 $47,612 $49,487
36
Expenses as ratio of Total Income54%55%55%56%56%
37
Net Operating Income (NOI)$34,644 $37,377 $36,515 $37,227 $37,939 $38,630 $515,073.05
38
$360,551.13($618,970)-51580.79346
39
Debt Service Mortgage657600
40
Debt Service $27,544 $27,544 $27,544 $32,141 $32,141 $32,141 $654,521.91-94.57%
41
42
Net Cash Flow $7,100 $9,833 $8,971 $5,086 $5,799 $6,490
43
44
Cap Rate6.13%6.62%6.46%6.59%6.71%6.84%
45
Capital Reserves $16,070 $16,070 $16,070 $16,070 $16,070 $16,070
46
Cash on Cash Return %4.07%5.64%5.15%2.92%3.33%3.72%
47
Value if Reversion Cap is7.50%$461,920 $498,354 $486,865 $496,360 $505,859 $515,073 $6,131.82$6,131.82
48
Loan Balance$413,960 $413,960 $408,568 $402,815 $396,677 $390,127 $515,073.05
49
Cost of Sale2%$6,929 $7,475 $7,303 $7,445 $7,588 $7,726
50
Net Proceeds$41,031 $76,918 $70,994 $86,099 $101,594 $117,220
51
52
Total Deal Summary
53
Year 0Year 1Year 2Year 3Year 4Year 5
54
Cash Flow-$174,270$9,833 $8,971 $5,086 $5,799 $6,490
55
Net Sales Proceeds$133,290
56
Total-$174,270$9,833 $8,971 $5,086 $5,799 $139,780
57
IRR-0.62%
58
Equity Multiple0.97
59
60
This preliminary information package offers only limited descriptive material regarding an investment in the Property known as:
61
This summary does not purport to be complete and will be supplemented with additional information at such time as it is requested by an interested investor. The use of this material is authorized only for those to whom it is originally provided. This is not an offer security. An offer can only be made through the complete Private Placement Memorandum.
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100