pro forma income & expenses
TRANSCRIPT
UNIT MIX & RENT SCHEDULE
24 1 / 1.0 12% 629 $830 $19,920 $850 $20,400
24 1 / 1.0 12% 645 $845 $20,280 $870 $20,880
20 1 / 1.0 10% 650 $855 $17,100 $880 $17,600
40 2 / 1.0 20% 731 $915 $36,600 $940 $37,600
40 2 / 1.0 20% 750 $915 $36,600 $940 $37,600
10 2 / 1.0 5% 776 $930 $9,300 $960 $9,600
10 2 / 1.0 5% 796 $905 $9,050 $930 $9,300
16 2 / 1.0 8% 802 $905 $14,480 $930 $14,880
16 2 / 1.0 8% 813 $925 $14,800 $950 $15,200
200 144,376 $178,130 $183,060
INCOMEScheduled Gross Rent $2,149,821 $2,137,560 $2,196,720
Loss-to-Lease 7.5% ($160,339) 4.2% 4.2% ($89,184) 1.0% ($21,967)
Vacancy 4.3% ($92,040) 3.5% 3.5% ($75,491) 5.0% ($109,836)Non-Revenue Units 0.3% ($6,627) 0.2% 0.2% ($5,160) 0.2% ($5,303)
Effective Rental Income $1,890,815 $1,967,725 $2,059,614
Laundry Revenue Collected $22,177 $22,177 $29,640
Other Revenue Collected $73,724 $73,724 $69,420
Total Other Revenue $95,901 $95,901 $99,060
Effective Gross Income (EGI) $1,986,716 $2,063,626 $2,158,674
Total Expenses $887,859 $962,771 $965,385
Per Unit: $4,439 $4,814 $4,827Per Square Foot: $6.15 $6.67 $6.69
Percent of EGI: 44.69% 46.65% 44.72%
Net Operating Income (NOI) $1,098,857 $1,100,855 $1,193,289
NEW LOAN PRICING Price $ / Unit $ / SF Current Cap Pro Forma CapListing Price $18,300,000 $91,500 $127 6.02% 6.52%Debt Service ($812,552) ($812,552)
Projected Net Cash Flow $288,302 $380,737
Cash-on-Cash Return 5.08% 6.71%
DSCR-Debt Service Coverage Ratio 135.48% 146.86%
NEW LOAN LTV Amount Interest Term Payment Amortization Fees I/O TermListing Price 69% $12,628,000 4.99% 10 ($67,713) 30 0.50% 2 - 3 Years
DEBT SUMMARY Scenario Loan Amt Down Payment Rate LTV Mo. Payment Debt ConstantNew Loan $12,628,000 $5,672,000 4.99% 69% ($67,713) 6.43%
Floor PlanUnits% of Mix
Asking RentMonthly
Pro Forma(Year-1)
Asking RentPro Forma
(Current)
Asking RentPro Forma
(Year-1)Current
Asking Rent
Historic Rent(T12 Nov 2018)
Current Pro Forma
(T3 Nov 2018)
TMG Pro Forma
(Year-1)
EstimatedSquare Feet
PRO FORMA INCOME & EXPENSES
ROBIN C. KANESenior Vice President
[email protected] BRE License #00583537
BRENDAN KANEVice President
[email protected] BRE License #01976828
GORDON J. LARKINSenior Investment Advisor
[email protected] BRE License #00305847
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Income and Expenses are estimates. Buyer must verify the information and bears all risk for any inaccuracies.
Listings.Mogharebi.com/HunterPlace
IMPORTANT INFORMATION & DISCLAIMER:
NOTES1. Actual Scheduled Rents are derived from the Rent Roll dated December 31, 2018.2. Expenses are annualized based on a 12-Month Statement from December 2017 to October 2018.3. Property Tax is based on the sale price and an ad valorem tax rate of 1.24427% with direct assessments totaling $2,951.36.4. Current Asking Rent is based on a December 31, 2018 rent survey.5. The projected vacancy allowance includes rollover and potential rent loss. 9. Current Pro Forma (T3 Nov 2018) - comprises asking rent, December 2018 in place loss-to-lease and non-revenue units, T3 vacancy, T12 other income, and adjusted operating expenses.7. TMG Pro Forma (Year-1) - reflects asking rents adjusted upward by 3.00%, recapture of loss-to-lease, market occupancy, and adjusted expenses.
Investment Advisors
BRENDAN KANE Vice President
CA BRE License #01976828
ROBIN C. KANE Senior Vice President
CA BRE License #00583537
GORDON J. LARKIN Senior Investment Advisor
CA BRE License #00305847
200 Units | Built: 1973 | $18,300,000
1050 WEST GRIFFITH WAY, FRESNO, CA 93705LISTINGS.MOGHAREBI.COM/HUNTERPLACE
Listings.Mogharebi.com/HunterPlace
DESIRABLE NORTHWEST FRESNO LOCATIONHunter Place is located just east of Highway-99, the Central Valley’s most important transportation corridor and south of the Shaw Retail Corridor, home to Costco, Target, Super Walmart, and many other stores and restaurants.
EXCELLENT MIX OF UNITSHunter Place offers a strong mix of one- and two-bedroom floor plans with desirable amenities including patios, updated kitchens, and upgraded baths.
EASY ACCESS TO MAJOR EMPLOYMENT CENTERSHunter Place is ten miles northwest of Fresno Yosemite International Airport. Businesses located there include Federal Express, Pelco, and The GAP. Two of the largest medical employers in Fresno, Saint Agnes Medical Center (2,812 jobs) and Kaiser Permanente Medical - Fresno Medical Center (2,200 jobs), are located within 5 miles of Hunter Place.
CLOSE TO COLLEGESHunter Place is located two miles north of Fresno City College and is five miles west of Fresno State University. Fresno State employs approximately 2,542 full- and part-time faculty and staff members.
OUTSTANDING ACCESS Hunter Place is close to State Route-168, -180, and -41, providing easy access to numerous employment hubs within the metropolitan area.
The Mogharebi Group is pleased to announce that it has been retained as the exclusive listing agent for the sale of Hunter Place, a 200-unit apartment community located in Fresno, California. This property provides the right investor an opportunity to acquire a value-add asset in one of the nation’s hottest submarkets.
INVESTMENT OPPORTUNITY
FLOOR PLANS
Property DiscriptionUNITS 200
RENTABLE SF 144,376
YEAR BUILT 1973
APN 434-020-63 & -73
LOT SIZE 8.87 acres
DENSITY 22.5 units per acre
PARKING SURFACE Asphalt
PARKING SPACES 200 Carports & 144 Surface
PARKING RATIO 1.72
BUILDINGS 41 Residential; 1 Common
STORIES Two
FOUNDATION Slab-on Concrete
FRAMING Wood
EXTERIOR Stucco and Wood
ROOF Flat
ELECTRICITY Tenant-Individually Metered
GAS Tenant-Individually Metered
WATER Landlord - Master Metered
SEWER Landlord - Master Metered
TRASH Landlord - Master Metered
HVAC Centralized (1/Unit)
WATER HEATER
Phase 1 - Central Boilers
Phase 2 - Individual Water
Heater (1/Unit)
FIRE PROTECTIONSmoke Detector /
Extinguisher
PLUMBINGCopper, Galvanized Steel,
and PVC
Unit Amenities Common Area Amenities• Laminate Countertops• Electric Range/Oven• Hood-fan, Disposal• Dishwasher*• Refrigerator• Plush Carpeting in Bedrooms• Wood Laminate in Kitchen,
Living and Bath Areas • Ceiling Fan• Cantralized AC• Gas Heating• Pre-Wired for Cable
• Swimming Pool and Spa• Clubhouse• Business Center• Outdoor Picnic Area with BBQ• Garden / Courtyard, Walkways• Fitness Center• Covered Parking• Controlled Access Community• Laundry Facility• Tot Lot
1 Bed / 1.0 Bath
2 Bed / 1.0 Bath