pro forma income & expenses

2
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 INCOME Scheduled 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 $4,827 Per 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 Cap Listing 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 Term Listing 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 Constant New Loan $12,628,000 $5,672,000 4.99% 69% ($67,713) 6.43% Floor Plan Units % of Mix Asking Rent Monthly Pro Forma (Year-1) Asking Rent Pro Forma (Current) Asking Rent Pro Forma (Year-1) Current Asking Rent Historic Rent (T12 Nov 2018) Current Pro Forma (T3 Nov 2018) TMG Pro Forma (Year-1) Estimated Square Feet PRO FORMA INCOME & EXPENSES ROBIN C. KANE Senior Vice President 559.761.0020 [email protected] CA BRE License #00583537 BRENDAN KANE Vice President 559.892.0036 [email protected] CA BRE License #01976828 GORDON J. LARKIN Senior Investment Advisor 559.761.0015 [email protected] CA 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: NOTES 1. 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 559.892.0036 [email protected] CA BRE License #01976828 ROBIN C. KANE Senior Vice President 559.761.0020 [email protected] CA BRE License #00583537 GORDON J. LARKIN Senior Investment Advisor 559.761.0015 [email protected] CA BRE License #00305847 200 Units | Built: 1973 | $18,300,000 1050 WEST GRIFFITH WAY, FRESNO, CA 93705 LISTINGS.MOGHAREBI.COM/HUNTERPLACE

Upload: others

Post on 15-Oct-2021

2 views

Category:

Documents


0 download

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

[email protected]

CA BRE License #01976828

ROBIN C. KANE Senior Vice President

[email protected]

CA BRE License #00583537

GORDON J. LARKIN Senior Investment Advisor

[email protected]

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