Year 0

Rent growth
Weighted average rent (per unit) $3,048
Potential rental income $4,572,000
Gross rental income $4,343,400
Vacancy factor 5.0%
Parking income $200,000 $200,000
Other misc income $90,000 $90,000
Income growth rate 3.0%
Units 125
Gross operating income $4,633,400

Expenses
Op Ex $790 $1,185,000
Capex $200 $300,000
Total Capex $1,940,523
Expense growth rates 3.0%

NOI $3,448,400

Debt
LTV 70%
Interest rate 6%
Debt service $2,493,148
Fees 1% $415,524.67

Levered cash flow -$17,808,200.14

Unlevered -$59,360,667.13

Sale at exit cap rate $57,473,333

Exit Cap Rate 6%

Building
SF 88,600

Entry IRR 15%

Entrance Cap Rate 5.81%

Purchase Price $59,360,667
Purchase Price PSF $670
Loan Amount $41,552,467
Equity $17,808,200
Levered IRR 14.9%
Equity Multiple 1.88
Unlevered IRR 7.8%
Sales Price PSF $770
 1 2 3 4

4.0% 4.0% 3.0% 3.0%

$4,754,880 $4,945,075 $5,093,427 $5,246,230

$4,517,136 $4,697,821 $4,838,756 $4,983,919

$206,000 $212,180 $218,545 $225,102

$92,700 $95,481 $98,345 $101,296

$4,815,836 $5,005,482 $5,155,647 $5,310,316

$1,220,550 $1,257,167 $1,294,881 $1,333,728

$309,000 $318,270 $327,818 $337,653

$3,595,286 $3,748,316 $3,860,765 $3,976,588

$2,493,148 $2,493,148 $2,493,148 $2,493,148

$1,102,138 $1,255,168 $1,367,617 $1,483,440

$3,595,286 $3,748,316 $3,860,765 $3,976,588

$59,921,433 $62,471,932 $64,346,090 $66,276,473

 5

3.0%

$5,403,617
$5,133,436

$231,855
$104,335

$5,469,626

$1,373,740
$347,782

$4,095,886

$2,493,148

$28,315,038.22
$68,264,767

$68,264,767.20