4050 LUDLOW PHILADELPHIA - LoopNet · 2021. 3. 1. · total parking stalls: 18 (1 ada) 16 required,...

4050 LUDLOWPHILADELPHIA9,500 Sq Ft CMX4 Development Site

4050 LUDLOWTABLE OF CONTENTS

WHO WE ARE 3

SERVICES WE PROVIDE 4

PROJEC T OVERVIEW 5

FLOOR PL ANS

PUBLIC RECORD

CLOSED L AND SALES

STABILIZED ASSE T SALES

PRO FORM A

6-8

9

10-11

12-14

15-18

4050 LUDLOWWHO WE ARE

STEPHEN STAFFORDCell: 609.335.4016

[email protected]

SEAN DOYLECell: 267-606-3587

[email protected]

The Stafford Group is a full service real estate team affiliated with Keller Williams Philly founded by Stephen Stafford after a successful start as a solo agent. The team focuses primarily on commercial real estate transactions anchored in multifamily sales. The team is comprised of 5 agents and 1 broker, a full service conveyancing team, a full service marketing team, and is on pace to top 60MM in sales for the year 2020 and has sold in excess of 60MM in property since inception at the end of June 2018.

Stephen started his Real Estate career in 2014 as a humble student housing leasing agent around Temple university. Since becoming a full time sales agent in 2015 Stephen has helped his clients acquire, invest in, sell, and lease over 100MM in residential and commercial real estate. After receiving his brokers license in Pennsylvania, and having gained ample experience, Stephen decided to begin a team in which he surrounded himself with like minded agents who are aggressive, and hard working. I believe that face to face interactions with my agents and clients are crucial to cementing lasting and successful relationships

4050 LUDLOWSERVICES WE PROVIDE

LEASINGFINANCINGACQUISITIONSSALESMANAGEMENTDEVELOPMENTThe Stafford Group focuses on the leasing, financing, acquisition, sales, management, and development of multi family properties in Philadelphia, and it’s sub markets. Having developed our own properties we are fully aware of the intricacies involved in the process and are well equipped to navigate municipal red tape as well as neighborhood to client interaction. We pride ourselves on our ability to analyze a property and determine the assets value based on both the comparable and income approach. Our wide range of clientele allows us to sell properties before hitting the market by going to repeat buyers with whom we have a stellar reputation and relationship.

4050 LUDLOWPROJECT OVERVIEW

4050 LUDLOW4050 Ludlow is a SHOVEL READY development site with BUILDING PERMITS in place for a 7 story mid-rise apartment building. The design calls for below grade parking with 18 spaces, and 95 residential units in the above floors. The residential units will be one bedroom and studios making the lease up exceptionally easy as these are the unit types across Philadelphia in the highest demand. The layouts also create incredible value as these units consistently garner the highest price per/sf in the city and this sub market. This project is in the very core of the University City sub-market in Philadelphia, an extension of Center City that is seeing incredible growth and demand. There are high barriers to entry in the sub market with development sites quickly drying up. Preliminary drawings will be included with the sale of the property. We believe this is an incredible opportunity to acquire a property with the approved zoning permit in hand in the heart of one of the most exciting sub markets in the North East Corridor.

Price 6.5MM

Property Sq Ft 9,500Sq Ft

Zoning CMX4

95 UNITS 18 PARKING SPOTS

6.6MM

4050 LUDLOWFLOOR PLANS

130'-3" P.L. @ S78°59'E

24'-0" DRIVE AISLE

67'-0"

3'-1 1/2"

94'-0" PROPERTY LINE @ S86°28'31"W

11'-9 1/4" P.L. @N78°59'W

69'-6

7/8"

P.L.

@ S

11°1

'W20

'-5" P

ARKI

NG S

YSTE

M±2

8'-11

"±1

9'-1"

±1'-2

"

97'-1 5/8" PROPERTY LINE @ N5°25'14"W

11'-0"ADA STALL

(VANACCESSIBLE)

CAR LIFT

8

10

22'-9"

20'-0"

30'-8 15/16"

20'-0"

24'-0 3/16"

18'-0 1/8"

128'-2"

24'-9" DN UP

DN

UP

WATER/SPRINKLER

ROOM

BICYCLESTORAGE

ROOM

PROJECT SUMMARY: 4050 LUDLOW STREET9,504 SF SITE AREA7 STORIES7,352 SF AT FIRST FLOOR; 8,547 SF AT FLOORS 2-6 (90%)7,127 SF AT 7TH FLOOR57,214 SF TOTAL (601% FAR; 500% FAR MAX.)TOTAL DWELLING UNITS: 96

1ST FLR 2ND FLR 3RD FLR 4TH FLR 5TH FLR 6TH FLR 7TH FLR TOTAL

STUDIO 7 11 11 11 11 11 8 70 (73%)JR. 1 BEDROOM 1 4 4 4 4 4 4 26 (27%)

8 15 15 15 15 15 15 96

TOTAL PARKING STALLS: 18 (1 ADA) 16 REQUIRED, 3 CAR SHARE SPACES, +15 BIKE PARKING SPACES, 1 ADA SPACE

DRIVE AISLES /PARKING GARAGE

AMENITY

JR. 1 BED

COMMERCIAL

STUDIO

CIRCULATION/MECH.STOR./TRASH

PLANSSD.1

4050

LU

DLO

W S

TREE

T

# DATE ISSUE / REVISION

FEASIBILITY04/08/2020

DRAWN BY: REVIEWED BY:

JMW14050 LUDLOW STREETPhiladelphia, PA

© 2019 HARMAN DEUTSCH OHLER ARCHITECTURE. ALL RIGHTS RESERVED.

JMW

FEASIBILITY REV04/29/2020 JMW2 JMW

SD.11 BASEMENT FLOOR

1/8" = 1'-0"

DN UP

PECO VAULT

REFUSEROOM

RESERVOIRSPACE

RESERVOIRSPACE

CAR LIFT

128'-3 3/4"

69'-6

7/8"

19'-1

"

20'-3 1/4"18'-4 3/4"

39'-7 5/16"

44'-11 7/8"84'-7 3/16"

UP

18'-7"

STUDIO443 SF

STUDIO443 SF

STUDIO451 SFSTUDIO

445 SFSTUDIO489 SF

15'-0"

15'-0"

STUDIO445 SF

29'-7"

27'-6"9'-3 3/4"

13'-0 1/2"

15'-0"

11'-7 1/8" 10'-10 7/16"

8'-6 7/16"

JR. 1BEDROOM

481 SF

STUDIO443 SF

DN

UP

FITNESS915 SF

ELECTRICROOM

PACKAGEROOM




8 15 15 15 15 15 15 96



AMENITY

JR. 1 BED

COMMERCIAL

STUDIO


PLANSSD.2

4050

LU

DLO

W S

TREE

T






JMW


SD.21 FIRST FLOOR

1/8" = 1'-0"

4050 LUDLOWFLOOR PLANS

130'-3" P.L. @ S78°59'E

24'-0" DRIVE AISLE

67'-0"

3'-1 1/2"

94'-0" PROPERTY LINE @ S86°28'31"W

11'-9 1/4" P.L. @N78°59'W

69'-6

7/8"

P.L.

@ S

11°1

'W20

'-5" P

ARKI

NG S

YSTE

M±2

8'-11

"±1

9'-1"

±1'-2

"

97'-1 5/8" PROPERTY LINE @ N5°25'14"W

11'-0"ADA STALL

(VANACCESSIBLE)

CAR LIFT

8

10

22'-9"

20'-0"

30'-8 15/16"

20'-0"

24'-0 3/16"

18'-0 1/8"

128'-2"

24'-9" DN UP

DN

UP

WATER/SPRINKLER

ROOM

BICYCLESTORAGE

ROOM




8 15 15 15 15 15 15 96



AMENITY

JR. 1 BED

COMMERCIAL

STUDIO


PLANSSD.1

4050

LU

DLO

W S

TREE

T






JMW


SD.11 BASEMENT FLOOR

1/8" = 1'-0"

DN UP

PECO VAULT

REFUSEROOM

RESERVOIRSPACE

RESERVOIRSPACE

CAR LIFT

128'-3 3/4"

69'-6

7/8"

19'-1

"

20'-3 1/4"18'-4 3/4"

39'-7 5/16"

44'-11 7/8"84'-7 3/16"

UP

18'-7"

STUDIO443 SF

STUDIO443 SF

STUDIO451 SFSTUDIO

445 SFSTUDIO489 SF

15'-0"

15'-0"

STUDIO445 SF

29'-7"

27'-6"9'-3 3/4"

13'-0 1/2"

15'-0"

11'-7 1/8" 10'-10 7/16"

8'-6 7/16"

JR. 1BEDROOM

481 SF

STUDIO443 SF

DN

UP

FITNESS915 SF

ELECTRICROOM

PACKAGEROOM




8 15 15 15 15 15 15 96



AMENITY

JR. 1 BED

COMMERCIAL

STUDIO


PLANSSD.2

4050

LU

DLO

W S

TREE

T






JMW


SD.21 FIRST FLOOR

1/8" = 1'-0"

4050 LUDLOWPUBLIC RECORD

4050 LUDLOWCLOSED LAND SALES

Page 17/15/2020

4125 Chestnut St - 4125 ChestnutPhiladelphia, PA 19104 - University City Submarket

Property Summary Report

LANDType: Commercial Land

Land AC: 0.39 AC

Land SF: 17,001 SF

Density Allowed: cmx-4

Parcel 881442703

ZONING & USAGEZoning: CMX4

Proposed Use: Apartment Units

Approvals: Approved Plan

CURRENT CONDITIONInfrastructure: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water

TRAFFIC & FRONTAGE

Made with TrafficMetrix® Products

Traffic Volume: 19,896 on Chestnut St & S 42nd St (2018)

19,102 on Walnut St & S 41st St (2018)

Frontage: 75' on chestnut

TRANSPORTATIONTransit/Subway: 6 minute walk to 40th Street Transit Stop (Market-Frankford Line)

Commuter Rail: 5 minute drive to Philadelphia 30th Street Commuter Rail (Atlantic City Line)

Airport: 16 minute drive to Philadelphia International Airport

Walk Score ®: Walker's Paradise (98)

Transit Score ®: Excellent Transit (89)

Copyrighted report licensed to The Stafford Group - 1010631.

Page 57/15/2020

Aerial / Map Report4125 Chestnut

4125 Chestnut St - Philadelphia, PA 19104

Copyrighted report licensed to The Stafford Group - 1010631.Page 6

7/15/2020

Aerial / Map Report4125 Chestnut

4125 Chestnut St - Philadelphia, PA 19104


Page 27/15/2020

4125 Chestnut St - 4125 ChestnutPhiladelphia, PA 19104 - University City Submarket


SALELast Sale: Sold on Apr 11, 2018 for $9,900,000 ($25,365,104/AC - $582.32/SF)

PROPERTY CONTACTSTrue Owner: Danella Realty & Management Co.

Recorded Owner: 4125 Chestnut Partners Llc

Prior True Owner: CRP Buildiers


4050 LUDLOWCLOSED LAND SALES

Page 77/15/2020

Aerial / Map Report

4258-4260 Chestnut St - Philadelphia, PA 19104

Copyrighted report licensed to The Stafford Group - 1010631. Page 87/15/2020

Aerial / Map Report

4258-4260 Chestnut St - Philadelphia, PA 19104


Page 37/15/2020

4258-4260 Chestnut StPhiladelphia, PA 19104 - University City Submarket


LANDType: Commercial Land

Land AC: 0.26 AC

Land SF: 11,500 SF

Topography: Level

Parcel 881612550

ZONING & USAGEZoning: CMX-4

Proposed Use: Commercial

CURRENT CONDITIONGrading: Raw land

Infrastructure: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water

TRAFFIC & FRONTAGE

Made with TrafficMetrix® Products

Traffic Volume: 3,576 on S 43rd St & Ranstead St (2018)

19,896 on Chestnut St & S 42nd St (2018)

Frontage: 83' on Chestnut St

127' on 43rd St







Page 47/15/2020

4258-4260 Chestnut StPhiladelphia, PA 19104 - University City Submarket


SALELast Sale: Sold on Aug 17, 2016 for $2,350,000 ($8,901,515/AC - $204.35/SF)

PROPERTY CONTACTSRecorded Owner: 4258-60 Chestnut Street, LP

Prior True Owner: University of Pennsylvania


4050 LUDLOWSTABILIZED ASSET SALES

Page 17/15/2020

The Netherlands Apartments - 4300 Chestnut StPhiladelphia, PA 19104 - Spruce Hill MF Submarket


BUILDINGType: Mid-Rise Apartme…

Year Built: 1907; Renov 2016

Units: 109

GBA: 110,300 SF

Floors: 4

Construction: Wood Frame

Rent Type: Market

Market Segment: All

LANDLand Area: 0.70 AC

Zoning: C4

Parcel 881121700

EXPENSES PER UNITTaxes: $720.53 (2020)

SITE AMENITIES

Laundry Facilities

UNIT AMENITIES

Kitchen, Range, Refrigerator

BEDROOM SUMMARY

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions

All 1 Beds 625 32 29.4% 0 0.0% $1,045 $1.66 $1,043 $1.66 0.3%

All 2 Beds 834 29 26.6% 0 0.0% $1,427 $1.71 $1,424 $1.70 0.2%

All 3 Beds 1,351 35 32.1% 0 0.0% $1,502 $1.11 $1,498 $1.11 0.3%

All 5 Beds 1,450 13 11.9% 0 0.0% $1,924 $1.33 $1,919 $1.32 0.2%

Totals 1,019 109 100% 0 0.0% $1,398 $1.37 $1,395 $1.37 0.2%

UNIT BREAKDOWN


Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions

1 1 - 1 0.9% 0 0.0% $1,250 - $1,247 - 0.2%

1 1 625 31 28.4% 0 0.0% $1,039 $1.66 $1,036 $1.66 0.3%

2 1 - 2 1.8% 0 0.0% $1,475 - $1,472 - 0.2%

2 1 800 4 3.7% 0 0.0% $1,500 $1.88 $1,496 $1.87 0.3%Updated July 01, 2020


Page 27/15/2020

The Netherlands Apartments - 4300 Chestnut StPhiladelphia, PA 19104 - Spruce Hill MF Submarket


UNIT BREAKDOWN



2 1 825 21 19.3% 0 0.0% $1,401 $1.70 $1,397 $1.69 0.2%

2 1 1,000 2 1.8% 0 0.0% $1,513 $1.51 $1,509 $1.51 0.3%

3 1 1,100 2 1.8% 0 0.0% $1,750 $1.59 $1,746 $1.59 0.3%

3 1 1,200 11 10.1% 0 0.0% $1,701 $1.42 $1,697 $1.41 0.2%

3 2 1,290 11 10.1% 0 0.0% $1,315 $1.02 $1,311 $1.02 0.3%

3 2 1,610 11 10.1% 0 0.0% $1,446 $0.90 $1,442 $0.90 0.3%

5 2 1,450 13 11.9% 0 0.0% $1,924 $1.33 $1,919 $1.32 0.2%Updated July 01, 2020

COMMERCIAL LEASINGAvailable Spaces: No Spaces Currently Available

FEESApplication Fee $35

PET POLICYCats Allowed - $25/Mo, One-Time Fee: $0

Dogs Allowed - $25/Mo, One-Time Fee: $0

SALELast Sale: Portfolio of 2 Multi-Family Properties in Philadelphia, PA Sold on Jun 8, 2016 for $14,700,000 ($105,000/Unit)






PROPERTY CONTACTSTrue Owner: Brick Capitol Real Estate Prior True Owner: Earl W Trent

Property Manager: ZanderCO - The Netherlands Apartments



Page 47/15/2020

Hamilton Court - 3816-3836 S Chestnut StPhiladelphia, PA 19104 - University of Pennsylvania



Year Built: 1915

Missing ID: 135,000 SF

Floors: 7

Construction: Wood Frame

LANDLand Area: 1.60 AC

Zoning: C2

PARCEL

881117000, 881117100

SITE AMENITIES

Fitness Center, Furnished Units Available, Laundry Facilities

UNIT AMENITIES

Cable Ready, Heating, High Speed Internet Access, Kitchen, Vaulted Ceiling, Wi-Fi

BEDROOM SUMMARY



All 1 Beds 664 12 11.4% 2 16.7% $1,970 $2.97 $1,950 $2.94 1.0%

All 2 Beds 1,140 30 28.6% 6 20.0% $2,972 $2.61 $2,942 $2.58 1.0%

All 3 Beds 1,331 31 29.5% 6 19.4% $3,757 $2.82 $3,719 $2.80 1.0%

All 4 Beds 1,518 19 18.1% 4 21.1% $5,098 $3.36 $5,046 $3.32 1.0%

All 5 Beds 1,675 13 12.4% 3 23.1% $5,872 $3.50 $5,813 $3.47 1.0%

Totals 1,277 105 100% 21 20.0% $3,833 $3.00 $3,794 $2.97 1.0%

UNIT BREAKDOWN



1 1 600 5 4.8% 1 20.0% $1,945 $3.24 $1,925 $3.21 1.0%Updated July 10, 2020


Page 57/15/2020

Hamilton Court - 3816-3836 S Chestnut StPhiladelphia, PA 19104 - University of Pennsylvania


UNIT BREAKDOWN



1 1 660 1 1.0% 0 0.0% $1,945 $2.95 $1,925 $2.92 1.0%

1 1 717 6 5.7% 1 16.7% $1,995 $2.78 $1,975 $2.75 1.0%

2 1 1,000 2 1.9% 0 0.0% $2,845 $2.85 $2,817 $2.82 1.0%

2 1 1,100 14 13.3% 3 21.4% $2,895 $2.63 $2,866 $2.61 1.0%

2 1 1,115 2 1.9% 0 0.0% $2,894 $2.60 $2,865 $2.57 1.0%

2 1 1,200 6 5.7% 1 16.7% $3,095 $2.58 $3,064 $2.55 1.0%

2 1 1,230 6 5.7% 1 16.7% $3,095 $2.52 $3,064 $2.49 1.0%

3 1 1,160 2 1.9% 0 0.0% $3,500 $3.02 $3,465 $2.99 1.0%

3 1 1,300 4 3.8% 1 25.0% $3,795 $2.92 $3,757 $2.89 1.0%

3 1 1,310 18 17.1% 4 22.2% $3,795 $2.90 $3,757 $2.87 1.0%

3 1 1,315 2 1.9% 0 0.0% $3,795 $2.89 $3,757 $2.86 1.0%

3 1 1,375 2 1.9% 0 0.0% $3,498 $2.54 $3,463 $2.52 1.0%

3 1 1,590 3 2.9% 1 33.3% $3,795 $2.39 $3,757 $2.36 1.0%

4 1 1,520 2 1.9% 0 0.0% $4,944 $3.25 $4,895 $3.22 1.0%

4 1 1,540 2 1.9% 0 0.0% $4,820 $3.13 $4,772 $3.10 1.0%

4 1 1,590 7 6.7% 1 14.3% $5,052 $3.18 $5,002 $3.15 1.0%

4 2 1,450 8 7.6% 2 25.0% $5,245 $3.62 $5,193 $3.58 1.0%

5 2 1,610 7 6.7% 1 14.3% $5,938 $3.69 $5,878 $3.65 1.0%

5 2 1,695 2 1.9% 0 0.0% $5,795 $3.42 $5,737 $3.38 1.0%

5 2 1,780 4 3.8% 1 25.0% $5,795 $3.26 $5,737 $3.22 1.0%Updated July 10, 2020

FEESApplication Fee $55

PET POLICYCats Allowed - $250 Deposit, $50/Mo, 1 Maximum, One-Time Fee: $0

Dogs Allowed - $250 Deposit, $50/Mo, 1 Maximum, One-Time Fee: $0

SALELast Sale: Sold on Oct 21, 2015 for $40,500,000 ($506,250/Unit) at 5.00% Cap

TRANSPORTATIONParking: 30 Surface Spaces are available; 0.1/Bed

Transit/Subway: 7 minute walk to 40th Street Transit Stop (Market-Frankford Line)




Transit Score ®: Rider's Paradise (92)



Page 77/15/2020

42nd and Ludlow - 4200 Ludlow StPhiladelphia, PA 19104 - University of Pennsylvania



Year Built: Under Construction


Floors: 8

LANDParcel 881442747

SITE AMENITIES

24 Hour Access, Bicycle Storage, Community-Wide WiFi, Elevator, Furnished Units Available, Grill, Key Fob Entry, Maid Service, Online Services, Property Manager on Site, Public Transportation, Shuttle To Campus, Tenant Controlled HVAC, Video Patrol, Walking/Biking Trails, Wi-Fi

UNIT AMENITIES

Air Conditioning, Carpet, Dishwasher, Disposal, Freezer, Granite Countertops, Hardwood Floors, Heating, Kitchen, Microwave, Oven, Refrigerator, Security System, Stainless Steel Appliances, Tub/Shower, Washer/Dryer

BEDROOM SUMMARY



All 1 Beds - 10 10.4% - - - - - - -

All 2 Beds - 43 44.8% - - - - - - -

All 3 Beds - 43 44.8% - - - - - - -

Totals - 96 100% - - - - - - -

UNIT BREAKDOWN



1 1 - 10 10.4% - - - - - - -

2 1 - 43 44.8% - - - - - - -

3 2 - 43 44.8% - - - - - - -Updated June 25, 2020


Page 77/15/2020




Year Built: Under Construction


Floors: 8

LANDParcel 881442747

SITE AMENITIES

24 Hour Access, Bicycle Storage, Community-Wide WiFi, Elevator, Furnished Units Available, Grill, Key Fob Entry, Maid Service, Online Services, Property Manager on Site, Public Transportation, Shuttle To Campus, Tenant Controlled HVAC, Video Patrol, Walking/Biking Trails, Wi-Fi

UNIT AMENITIES

Air Conditioning, Carpet, Dishwasher, Disposal, Freezer, Granite Countertops, Hardwood Floors, Heating, Kitchen, Microwave, Oven, Refrigerator, Security System, Stainless Steel Appliances, Tub/Shower, Washer/Dryer

BEDROOM SUMMARY



All 1 Beds - 10 10.4% - - - - - - -

All 2 Beds - 43 44.8% - - - - - - -

All 3 Beds - 43 44.8% - - - - - - -

Totals - 96 100% - - - - - - -

UNIT BREAKDOWN



1 1 - 10 10.4% - - - - - - -

2 1 - 43 44.8% - - - - - - -

3 2 - 43 44.8% - - - - - - -Updated June 25, 2020


Page 87/15/2020



SALELast Sale: Portfolio of 3 Properties in Philadelphia, PA Sold on Mar 30, 2018






PROPERTY CONTACTSTrue Owner: University Realty Apartments Property Manager: University Realty Apartments - 42nd and Lu…

Developer: University Realty Apartments


4050 LUDLOWPRO FORMA

Total Borrower Lender Loan SchedulePurchase 6,500,000.00$ Purchase Price 6,500,000.00$ 1,300,000.00$ 5,200,000.00$ Interest Rate 0.00375 4.5% by 12Settlement Costs (3.139%) 204,035.00$ Settlement Costs 204,035.00$ 40,807.00$ 163,228.00$ Origination 0.0075Total Purchase Price 6,704,035.00$ Soft Costs 105,000.00$ 21,000.00$ 84,000.00$ Title 1%

Construction 10,298,520.00$ 2,059,704.00$ 8,238,816.00$ Total Loan Amount Interest PaymentArchitectural Fee/Permitting 75,000.00$ Interest 836,474.10$ 167,294.82$ 669,179.28$ Draw 1 777,777.78$ 777,777.78$ 2,916.67$ Month 1Civil Engineering, Geotech, etc 15,000.00$ Miscellaneous 75,000.00$ 15,000.00$ 60,000.00$ Draw 2 777,777.78$ 1,555,555.56$ 5,833.33$ Month 2Legal/Misc 15,000.00$ Total Cost 18,019,029.10$ 3,603,805.82$ 14,415,223.28$ Draw 3 777,777.78$ 2,333,333.34$ 8,750.00$ Month 3Developer Fee -$ 20.00% 80.00% Draw 4 777,777.78$ 3,111,111.12$ 11,666.67$ Month 4Total Soft Costs 105,000.00$ Draw 5 777,777.78$ 3,888,888.90$ 14,583.33$ Month 5

SQ FT Construction PPSF Draw 6 777,777.78$ 4,666,666.68$ 17,500.00$ Month 6Construction Cost 10,298,520.00$ 57214.00 180.00$ Draw 7 777,777.78$ 5,444,444.46$ 20,416.67$ Month 7Total Cost of Construction 10,298,520.00$ Sale Price (5.5 Cap) 23,284,200.00$ Refi Value 19,209,465.00$ Draw 8 777,777.78$ 6,222,222.24$ 23,333.33$ Month 8

Settlement Costs (8.139%) 1,895,101.04$ Cost of Project 18,019,029.10$ Draw 9 777,777.78$ 7,000,000.02$ 26,250.00$ Month 9Interest - Construction Loan: 656,250.00$ Net Sale Price 21,389,098.96$ Cash Out 1,190,435.90$ Draw 10 777,777.78$ 7,777,777.80$ 29,166.67$ Month 10Origination - Construction Loan: 77,238.90$ Total Cost 18,019,029.10$ Draw 11 777,777.78$ 8,555,555.58$ 32,083.33$ Month 11Title Insurance 102,985.20$ Net Gain 3,370,069.86$ Draw 12 777,777.78$ 9,333,333.36$ 35,000.00$ Month 12Total Interest 836,474.10$ Unlevered Return 18.7% Draw 13 777,777.78$ 10,111,111.14$ 37,916.67$ Month 13

Stabilized Asset Buyer Draw 14 777,777.78$ 10,888,888.92$ 40,833.33$ Month 14Insurance 75,000.00$ 30% Cash Down 7,229,744.10$ Draw 15 777,777.78$ 11,666,666.70$ 43,750.00$ Month 15Total Miscellaneous Expenses 75,000.00$ Acqusition (5.5 Cap) 23,284,200.00$ Draw 16 777,777.78$ 12,444,444.48$ 46,666.67$ Month 16

Closing Costs (3.5%) 814,947.00$ Draw 17 777,777.78$ 13,222,222.26$ 49,583.33$ Month 17Total ARV -$ Total Acquisition 24,099,147.00$ Draw 18 777,777.78$ 14,000,000.04$ 52,500.00$ Month 18Total Cost of Project 18,019,029.10$ New Buyer Cap Rate 5.3% Draw 19 -$ -$ 52,500.00$ Month 19LTV #DIV/0! Cash On Cash 6.6% Draw 20 -$ -$ 52,500.00$ Month 20

Draw 21 -$ -$ 52,500.00$ Month 21Draw 22 -$ -$ -$ Month 22Draw 23 -$ -$ -$ Month 23Draw 24 -$ -$ -$ Month 24

Total 656,250.00$

Project Pro Forma4050 Ludlow Shovel Ready Site Project Pro Forma Total Borrower Lender Loan Schedule

Purchase $ 6,250,000.00 Purchase Price $ 6,250,000.00 $ 1,875,000.00 $ 4,375,000.00 Interest Rate 0.00375 4.5% by 12SeAlement Costs (3.14%) $ 196,187.50 Se9lement Costs $ 196,187.50 $ 58,856.25 $ 137,331.25 OriginaIon 0.0075Total Purchase Price $ 6,446,187.50 So@ Costs $ - $ - $ - Title 1%

ConstrucBon $ 12,608,860.00 $ 3,782,658.00 $ 8,826,202.00 Total Loan Amount Interest PaymentArchitectural Fee/PermiQng $ - Interest $ 941,590.49 $ 282,477.15 $ 659,113.34 Draw 1 $ 800,000.00 $ 800,000.00 $ 3,000.00 Month 1Civil Engineering, Geotech, etc $ - Miscellaneous $ 430,000.00 $ 129,000.00 $ 301,000.00 Draw 2 $ 800,000.00 $ 1,600,000.00 $ 6,000.00 Month 2Legal/Misc $ - Total Cost $ 20,426,637.99 $ 6,127,991.40 $ 14,298,646.59 Draw 3 $ 800,000.00 $ 2,400,000.00 $ 9,000.00 Month 3Developer Fee $ - 30.00% 70.00% Draw 4 $ 800,000.00 $ 3,200,000.00 $ 12,000.00 Month 4Total SoY Costs $ - Draw 5 $ 800,000.00 $ 4,000,000.00 $ 15,000.00 Month 5

SQ FT ConstrucIon PPSF Draw 6 $ 800,000.00 $ 4,800,000.00 $ 18,000.00 Month 6ConstrucIon Cost $ 12,608,860.00 57313.00 $ 220.00 Draw 7 $ 800,000.00 $ 5,600,000.00 $ 21,000.00 Month 7Total Cost of ConstrucIon $ 12,608,860.00 Sale Price (5.5 Cap) $ 26,370,120.00 Refi Value $ 21,755,349.00 Draw 8 $ 800,000.00 $ 6,400,000.00 $ 24,000.00 Month 8

Se9lement Costs (8.14%) $ 2,146,264.07 Cost of Project $ 20,426,637.99 Draw 9 $ 800,000.00 $ 7,200,000.00 $ 27,000.00 Month 9Interest - ConstrucIon Loan: $ 670,500.00 Net Sale Price $ 24,223,855.93 Cash Out $ 1,328,711.01 Draw 10 $ 800,000.00 $ 8,000,000.00 $ 30,000.00 Month 10OriginaIon - ConstrucIon Loan: $ 189,132.90 Total Cost $ 20,426,637.99 Draw 11 $ 800,000.00 $ 8,800,000.00 $ 33,000.00 Month 11Title Insurance $ 81,957.59 Net Gain $ 3,797,217.94 Draw 12 $ 800,000.00 $ 9,600,000.00 $ 36,000.00 Month 12Total Interest $ 941,590.49 Unlevered Return 18.6% Draw 13 $ 800,000.00 $ 10,400,000.00 $ 39,000.00 Month 13

Stabilized Asset Buyer Draw 14 $ 800,000.00 $ 11,200,000.00 $ 42,000.00 Month 14Hud Payment $ 355,000.00 30% Cash Down $ 8,187,922.26 Draw 15 $ 800,000.00 $ 12,000,000.00 $ 45,000.00 Month 15Insurance $ 75,000.00 AcqusiBon (5.5 Cap) $ 26,370,120.00 Draw 16 $ 800,000.00 $ 12,800,000.00 $ 48,000.00 Month 16Total Miscellaneous Expenses $ 430,000.00 Closing Costs (3.5%) $ 922,954.20 Draw 17 $ 800,000.00 $ 13,600,000.00 $ 51,000.00 Month 17

Total AcquisiBon $ 27,293,074.20 Draw 18 $ 800,000.00 $ 14,400,000.00 $ 54,000.00 Month 18Total ARV $ 26,370,120.00 New Buyer Cap Rate 5.3% Draw 19 $ - $ - $ 52,500.00 Month 19Total Cost of Project $ 20,426,637.99 Cash On Cash 8.0% Draw 20 $ - $ - $ 52,500.00 Month 20LTV 54.22% Draw 21 $ - $ - $ 52,500.00 Month 21

Draw 22 $ - $ - $ - Month 22Draw 23 $ - $ - $ - Month 23Draw 24 $ - $ - $ - Month 24

Total $ 670,500.00

1

4050 Ludlow Shovel Ready Site Project Pro Forma Total Borrower Lender Loan SchedulePurchase $ 6,250,000.00 Purchase Price $ 6,250,000.00 $ 1,875,000.00 $ 4,375,000.00 Interest Rate 0.00375 4.5% by 12SeAlement Costs (3.14%) $ 196,187.50 Se9lement Costs $ 196,187.50 $ 58,856.25 $ 137,331.25 OriginaIon 0.0075Total Purchase Price $ 6,446,187.50 So@ Costs $ - $ - $ - Title 1%

ConstrucBon $ 12,608,860.00 $ 3,782,658.00 $ 8,826,202.00 Total Loan Amount Interest PaymentArchitectural Fee/PermiQng $ - Interest $ 941,590.49 $ 282,477.15 $ 659,113.34 Draw 1 $ 800,000.00 $ 800,000.00 $ 3,000.00 Month 1Civil Engineering, Geotech, etc $ - Miscellaneous $ 430,000.00 $ 129,000.00 $ 301,000.00 Draw 2 $ 800,000.00 $ 1,600,000.00 $ 6,000.00 Month 2Legal/Misc $ - Total Cost $ 20,426,637.99 $ 6,127,991.40 $ 14,298,646.59 Draw 3 $ 800,000.00 $ 2,400,000.00 $ 9,000.00 Month 3Developer Fee $ - 30.00% 70.00% Draw 4 $ 800,000.00 $ 3,200,000.00 $ 12,000.00 Month 4Total SoY Costs $ - Draw 5 $ 800,000.00 $ 4,000,000.00 $ 15,000.00 Month 5

SQ FT ConstrucIon PPSF Draw 6 $ 800,000.00 $ 4,800,000.00 $ 18,000.00 Month 6ConstrucIon Cost $ 12,608,860.00 57313.00 $ 220.00 Draw 7 $ 800,000.00 $ 5,600,000.00 $ 21,000.00 Month 7Total Cost of ConstrucIon $ 12,608,860.00 Sale Price (5.5 Cap) $ 26,370,120.00 Refi Value $ 21,755,349.00 Draw 8 $ 800,000.00 $ 6,400,000.00 $ 24,000.00 Month 8

Se9lement Costs (8.14%) $ 2,146,264.07 Cost of Project $ 20,426,637.99 Draw 9 $ 800,000.00 $ 7,200,000.00 $ 27,000.00 Month 9Interest - ConstrucIon Loan: $ 670,500.00 Net Sale Price $ 24,223,855.93 Cash Out $ 1,328,711.01 Draw 10 $ 800,000.00 $ 8,000,000.00 $ 30,000.00 Month 10OriginaIon - ConstrucIon Loan: $ 189,132.90 Total Cost $ 20,426,637.99 Draw 11 $ 800,000.00 $ 8,800,000.00 $ 33,000.00 Month 11Title Insurance $ 81,957.59 Net Gain $ 3,797,217.94 Draw 12 $ 800,000.00 $ 9,600,000.00 $ 36,000.00 Month 12Total Interest $ 941,590.49 Unlevered Return 18.6% Draw 13 $ 800,000.00 $ 10,400,000.00 $ 39,000.00 Month 13

Stabilized Asset Buyer Draw 14 $ 800,000.00 $ 11,200,000.00 $ 42,000.00 Month 14Hud Payment $ 355,000.00 30% Cash Down $ 8,187,922.26 Draw 15 $ 800,000.00 $ 12,000,000.00 $ 45,000.00 Month 15Insurance $ 75,000.00 AcqusiBon (5.5 Cap) $ 26,370,120.00 Draw 16 $ 800,000.00 $ 12,800,000.00 $ 48,000.00 Month 16Total Miscellaneous Expenses $ 430,000.00 Closing Costs (3.5%) $ 922,954.20 Draw 17 $ 800,000.00 $ 13,600,000.00 $ 51,000.00 Month 17

Total AcquisiBon $ 27,293,074.20 Draw 18 $ 800,000.00 $ 14,400,000.00 $ 54,000.00 Month 18Total ARV $ 26,370,120.00 New Buyer Cap Rate 5.3% Draw 19 $ - $ - $ 52,500.00 Month 19Total Cost of Project $ 20,426,637.99 Cash On Cash 8.0% Draw 20 $ - $ - $ 52,500.00 Month 20LTV 54.22% Draw 21 $ - $ - $ 52,500.00 Month 21

Draw 22 $ - $ - $ - Month 22Draw 23 $ - $ - $ - Month 23Draw 24 $ - $ - $ - Month 24

Total $ 670,500.00

1

4050 LUDLOWRENT SCHEDULE

RENT SCHEDULEEXHIBIT E

Rent Schedule

EstimatedUnit Unit Monthly Annual Estimated MonthlyType Count Rent Income Rent/ Unit Sq Ft Per Unit Total Sq Ft Unit PPSF

Studio 70 98,000.00$ 1,176,000.00$ 1,400.00$ 440 30800 3.18$ 1BD 1BA 26 40,300.00$ 483,600.00$ 1,550.00$ 480 12480 3.23$

Parking Fee 18 3,600.00$ 43,200.00$ 200.00$ Ammenity Fee 96 7,200.00$ 86,400.00$ 75.00$

Water Fee 96 4,800.00$ 57,600.00$ 50.00$

Total Number of Units 96 Building Sq FT 57214.00 100%Total Monthly Income - Current 153,900.00$ Hallways/Stairs 11442.8 20%Total Annual Income - Current 1,846,800.00$ Rentable Sq Ft 45771.2 80%

Total Rentable Sq Ft

Rent Schedule


Studio 42 $ 64,470.00 $ 773,640.00 $ 1,535.00 440 18480 $ 3.49 1BD 1BA 52 $ 88,400.00 $ 1,060,800.00 $ 1,700.00 480 24960 $ 3.54

Parking Fee 18 $ 3,600.00 $ 43,200.00 $ 200.00 Ammenity Fee 94 $ 7,050.00 $ 84,600.00 $ 75.00

Water Fee 94 $ 4,700.00 $ 56,400.00 $ 50.00

Total Number of Units 94 Building Sq FT 57313.00 100%Total Monthly Income - Current $ 168,220.00 Hallways/Stairs 11462.60 20%Total Annual Income - Current $ 2,018,640.00 Rentable Sq Ft 45850.40 80%


RENT SCHEDULE EXHIBIT E

1

Rent Schedule


Studio 42 $ 64,470.00 $ 773,640.00 $ 1,535.00 440 18480 $ 3.49 1BD 1BA 52 $ 88,400.00 $ 1,060,800.00 $ 1,700.00 480 24960 $ 3.54

Parking Fee 18 $ 3,600.00 $ 43,200.00 $ 200.00 Ammenity Fee 94 $ 7,050.00 $ 84,600.00 $ 75.00

Water Fee 94 $ 4,700.00 $ 56,400.00 $ 50.00

Total Number of Units 94 Building Sq FT 57313.00 100%Total Monthly Income - Current $ 168,220.00 Hallways/Stairs 11462.60 20%Total Annual Income - Current $ 2,018,640.00 Rentable Sq Ft 45850.40 80%


RENT SCHEDULE EXHIBIT E

1

4050 LUDLOW10 YEAR OPERATING

STREET, PHILADELPHIA, PA10 YEAR OPERATING PRO FORMA

EXHIBIT F

YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10INCOME:

Gross Rents 1,846,800 1,902,204 1,959,270 2,018,048 2,078,590 2,140,947 2,205,176 2,271,331 2,339,471 2,409,655 Less: Vacancy (92,340) (95,110) (97,964) (100,902) (103,929) (107,047) (110,259) (113,567) (116,974) (120,483)

Gross Income 1,754,460 1,807,094 1,861,307 1,917,146 1,974,660 2,033,900 2,094,917 2,157,765 2,222,497 2,289,172

EXPENSES:Real Estate Taxes (10 YR Tax Abatement) 6,156 6,156 6,156 6,156 6,156 6,156 6,156 6,156 6,156 6,156 Miscellaneous 48,000 49,920 51,917 53,993 56,153 58,399 60,735 63,165 65,691 68,319 Repair and Maintenance 48,000 49,920 51,917 53,993 56,153 58,399 60,735 63,165 65,691 68,319 Replacement Reserves 48,000 49,920 51,917 53,993 56,153 58,399 60,735 63,165 65,691 68,319 Water/Heat 24,000 24,960 25,958 26,997 28,077 29,200 30,368 31,582 32,846 34,159 Common Electric 24,000 24,960 25,958 26,997 28,077 29,200 30,368 31,582 32,846 34,159 Security 24,000 24,960 25,958 26,997 28,077 29,200 30,368 31,582 32,846 34,159 Management Fee 87,723 91,232 94,881 98,676 102,624 106,728 110,998 115,437 120,055 124,857 Insurance 75,000 78,000 81,120 84,365 87,739 91,249 94,899 98,695 102,643 106,748 Trash 12000 12,480 12,979 13,498 14,038 14,600 15,184 15,791 16,423 17,080 Commission 76950 80,028 83,229 86,558 90,021 93,621 97,366 101,261 105,311 109,524

Total Operating Expenses 473,829 492,536 511,991 532,225 553,267 575,152 597,912 621,582 646,199 671,801

NET OPERATING INCOME 1,280,631 1,314,558 1,349,315 1,384,921 1,421,393 1,458,748 1,497,005 1,536,183 1,576,299 1,617,372

DEBT SERVICE:First Mortgage 801,110 801,110 801,110 801,110 801,110 801,110 801,110 801,110 801,110 801,110

TOTAL DEBT SERVICE 801,110 801,110 801,110 801,110 801,110 801,110 801,110 801,110 801,110 801,110

NET CASH FLOW 479,521 513,448 548,206 583,812 620,283 657,639 695,896 735,073 775,189 816,262 CUM CASH FLOW 479,521 992,969 1,541,175 2,124,987 2,745,270 3,402,908 4,098,804 4,833,877 5,609,066 6,425,328 DEBT COVERAGE RATIO 1.60 1.64 1.68 1.73 1.77 1.82 1.87 1.92 1.97 2.025 Year Average 1.69Break Even Annual Rent 1,274,938.76 NOTESBreak Even Monthly Rental Amount 106,244.90 Total Units 96Percentage Difference 31% Purchase Price/Estimated Value 23,284,200 Break Even DSCR 1.00 Principal (LTV)= 62% 14,415,223 Management Fee: 5% **Self Managed**Expense Ratio 27.0% Rate 3.750% Miscellaneous $500 per unitBuild to Cap Rate 7.11% Term 30 Repair and Maintenance $500 per unitCash on Cash 13.3% Cap Rate - 4.00% 32,015,775.00 Replacement Reserves $500 per unit

Cap Rate - 4.75% 26,960,652.63 Annual Vacancy Rate 5%REFI Cap Rate - 5.00% 25,612,620.00

SALE Cap Rate - 5.50% 23,284,200.00 Annual Inflation - Cap Rate - 6.00% 21,343,850.00 Rent 3%Cap Rate - 6.50% 19,702,015.38 Expenses 4%Cap Rate - 7.00% 18,294,728.57


Gross Rents 2,018,640 2,079,199 2,141,575 2,205,822 2,271,997 2,340,157 2,410,362 2,482,673 2,557,153 2,633,867

Less: Vacancy (100,932) (103,960) (107,079) (110,291) (113,600) (117,008) (120,518) (124,134) (127,858) (131,693)

Gross Income 1,917,708 1,975,239 2,034,496 2,095,531 2,158,397 2,223,149 2,289,844 2,358,539 2,429,295 2,502,174

EXPENSES:Real Estate Taxes (10 YR Tax Abatement) 6,156 6,156 6,156 6,156 6,156 6,156 6,156 6,156 6,156 6,156 Miscellaneous 28,200 29,328 30,501 31,721 32,990 34,310 35,682 37,109 38,594 40,137 Repair and Maintenance 47,000 48,880 50,835 52,869 54,983 57,183 59,470 61,849 64,323 66,896 Replacement Reserves 47,000 48,880 50,835 52,869 54,983 57,183 59,470 61,849 64,323 66,896 Water/Heat 24,000 24,960 25,958 26,997 28,077 29,200 30,368 31,582 32,846 34,159

Common Electric 24,000 24,960 25,958 26,997 28,077 29,200 30,368 31,582 32,846 34,159

Security 24,000 24,960 25,958 26,997 28,077 29,200 30,368 31,582 32,846 34,159

Management Fee 95,885 99,721 103,710 107,858 112,172 116,659 121,326 126,179 131,226 136,475

Insurance 75,000 78,000 81,120 84,365 87,739 91,249 94,899 98,695 102,643 106,748

Trash 12,000 12,480 12,979 13,498 14,038 14,600 15,184 15,791 16,423 17,080

Commission 84,110 87,474 90,973 94,612 98,397 102,333 106,426 110,683 115,110 119,715





NET CASH FLOW 655,725 694,809 734,880 775,962 818,077 861,247 905,497 950,850 997,330 1,044,962

CUM CASH FLOW 655,725 1,350,534 2,085,415 2,861,377 3,679,453 4,540,701 5,446,198 6,397,048 7,394,378 8,439,340 DEBT COVERAGE RATIO 1.83 1.87 1.92 1.98 2.03 2.08 2.14 2.20 2.26 2.325 Year Average 1.93

Break Even Annual Rent 1,261,982.54 NOTESBreak Even Monthly Rental Amount 105,165.21 Total Units 94 Percentage Difference 37% Purchase Price/Estimated Value 26,370,120 Break Even DSCR 1.00 Principal (LTV)= 54% 14,298,647 Management Fee: 5% **Self Managed**Expense Ratio 24.4% Rate 3.750% Miscellaneous $300 per unitBuild to Cap Rate 7.10% Term 30 Repair and Maintenance $500 per unitCash on Cash 10.7% Cap Rate - 4.00% 36,258,915.00 Replacement Reserves $500 per unit



STREET, PHILADELPHIA, PA 10 YEAR OPERATING PRO FORMA

EXHIBIT F

1


Gross Rents 2,018,640 2,079,199 2,141,575 2,205,822 2,271,997 2,340,157 2,410,362 2,482,673 2,557,153 2,633,867

Less: Vacancy (100,932) (103,960) (107,079) (110,291) (113,600) (117,008) (120,518) (124,134) (127,858) (131,693)

Gross Income 1,917,708 1,975,239 2,034,496 2,095,531 2,158,397 2,223,149 2,289,844 2,358,539 2,429,295 2,502,174

EXPENSES:Real Estate Taxes (10 YR Tax Abatement) 6,156 6,156 6,156 6,156 6,156 6,156 6,156 6,156 6,156 6,156 Miscellaneous 28,200 29,328 30,501 31,721 32,990 34,310 35,682 37,109 38,594 40,137 Repair and Maintenance 47,000 48,880 50,835 52,869 54,983 57,183 59,470 61,849 64,323 66,896 Replacement Reserves 47,000 48,880 50,835 52,869 54,983 57,183 59,470 61,849 64,323 66,896 Water/Heat 24,000 24,960 25,958 26,997 28,077 29,200 30,368 31,582 32,846 34,159

Common Electric 24,000 24,960 25,958 26,997 28,077 29,200 30,368 31,582 32,846 34,159

Security 24,000 24,960 25,958 26,997 28,077 29,200 30,368 31,582 32,846 34,159

Management Fee 95,885 99,721 103,710 107,858 112,172 116,659 121,326 126,179 131,226 136,475

Insurance 75,000 78,000 81,120 84,365 87,739 91,249 94,899 98,695 102,643 106,748

Trash 12,000 12,480 12,979 13,498 14,038 14,600 15,184 15,791 16,423 17,080

Commission 84,110 87,474 90,973 94,612 98,397 102,333 106,426 110,683 115,110 119,715





NET CASH FLOW 655,725 694,809 734,880 775,962 818,077 861,247 905,497 950,850 997,330 1,044,962

CUM CASH FLOW 655,725 1,350,534 2,085,415 2,861,377 3,679,453 4,540,701 5,446,198 6,397,048 7,394,378 8,439,340 DEBT COVERAGE RATIO 1.83 1.87 1.92 1.98 2.03 2.08 2.14 2.20 2.26 2.325 Year Average 1.93

Break Even Annual Rent 1,261,982.54 NOTESBreak Even Monthly Rental Amount 105,165.21 Total Units 94 Percentage Difference 37% Purchase Price/Estimated Value 26,370,120 Break Even DSCR 1.00 Principal (LTV)= 54% 14,298,647 Management Fee: 5% **Self Managed**Expense Ratio 24.4% Rate 3.750% Miscellaneous $300 per unitBuild to Cap Rate 7.10% Term 30 Repair and Maintenance $500 per unitCash on Cash 10.7% Cap Rate - 4.00% 36,258,915.00 Replacement Reserves $500 per unit



STREET, PHILADELPHIA, PA 10 YEAR OPERATING PRO FORMA

EXHIBIT F

1

4050 LUDLOW

2401 Walnut St. 6th FloorPhiladelphia, PA 19103

Stephen Stafford Cell: 609.335.4016

[email protected]

Sean DoyleCell: 267-606-3587

[email protected]

4050 LUDLOW PHILADELPHIA - LoopNet · 2021. 3. 1. · total parking stalls: 18 (1 ada) 16 required,...

Documents

Transcript of 4050 LUDLOW PHILADELPHIA - LoopNet · 2021. 3. 1. · total parking stalls: 18 (1 ada) 16 required,...