PRO FORMA INCOME & EXPENSES · 2020. 11. 10. · Units Type Unit SF Total SF Market Rents Current...
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29 UNITS IN FRESNO, CA | $3,050,000 2550 NORTH MAROA AVENUE, FRESNO, CA 93704 LISTINGS.MOGHAREBI.COM/MAROALANAI a Mogharebi - Ozen Company ROBIN C. KANE Senior Vice President O: 559.761.0020 [email protected] CA BRE License #00583537 BRENDAN KANE Vice President O: 559.892.0036 [email protected] CA BRE License #01976828
Transcript of PRO FORMA INCOME & EXPENSES · 2020. 11. 10. · Units Type Unit SF Total SF Market Rents Current...
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Units Type Unit SF Total SF Market RentsCurrent
Rent Average
Market Rent/SF
14 One Bedroom One Bath 700 9,800 $825.00 $762.93 $1.1815 Two Bedroom One Bath 800 12,000 $925.00 $845.80 $1.1629 752 21,800 $876.72 $805.79 $1.17
IncomeTMG
Pro Forma
OCT 20 RR/ T12
ADJUSTED EXP
OCT 20 RR/ T12 EXP
Scheduled Market Rent $305,100 $280,416 $280,416 Less: Vacancy 3.00% ($9,153) ($8,412) ($8,412) Less: Manager Credit ($3,780) ($3,780) ($3,780)Net Rental Income $295,947 $272,004 $268,224 Plus: Other Income $6,100 $6,063 $6,063Total Operating Income (EGI) $302,047 $278,067 $274,287
Expenses Per UnitAdministrative $83 $2,400 $2,400 $2,369Payroll - Onsite $621 $18,000 $18,000 $6,730Repairs & Maintenance/Turnover $750 $21,750 $21,750 $43,186Management Fee 4.00% $11,838 $10,880 $11,270Utilities $586 $17,000 $17,000 $16,864Contracted Services $403 $11,700 $11,700 $11,539New Real Estate Taxes 1.2200% $1,283 $37,210 $37,210 $37,210Insurance $217 $6,300 $6,300 $6,300CapEx Improvements/ Reserve $250 $7,250 $7,250
Total Expenses $133,448 $132,490 $135,468
Per Unit: $4,602 $4,569 $4,671Per SF: $6.12 $6.08 $6.21
Net Operating Income $168,599 $145,577 $138,819
Less: Debt Service ($81,299) ($81,299) ($81,299)Projected Net Cash Flow $87,300 $64,278 $57,520
Cash-on-Cash Return (Based on List Price) 6.13% 4.51% 4.04%Debt Service Coverage 2.07 1.79 1.71
GRM 10.00 10.88 10.88
Cap Rate Analysis Price $/Unit $/Foot Cap Rate Cap Rate Cap RateListed Price $3,050,000 $105,172 $139.91 5.53% 4.77% 4.55%
All FinancingTotal
Loan AmountDown
Payment LTVMonthly
PaymentDebt
Constant$1,625,000 $1,425,000 53% ($6,775) 5.0%
Existing Assumable LoansOriginal Amount Current Balance Interest Rate Amort. Payment Orig. Date
$1,625,000 $1,625,000 5.00% 999 ($6,775) January-20
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/MaroaLanai
IMPORTANT INFORMATION & DISCLAIMER:
29 UNITS IN FRESNO, CA | $3,050,0002550 NORTH MAROA AVENUE, FRESNO, CA 93704LISTINGS.MOGHAREBI.COM/MAROALANAI a
Mog
hare
bi -
O
zen
Com
pany
PRO FORMA INCOME & EXPENSES
ROBIN C. KANE Senior Vice President
O: 559.761.0020 [email protected]
CA BRE License #00583537
ROBIN C. KANE Senior Vice PresidentO: 559.761.0020 [email protected] BRE License #00583537
BRENDAN KANE Vice President
O: 559.892.0036 [email protected]
CA BRE License #01976828
BRENDAN KANE Vice PresidentO: 559.892.0036 [email protected] CA BRE License #01976828
*Current loan must be assumed. The Loan is interest only for the first two years.
-
Listings.Mogharebi.com/MaroaLanai
• Units include a balcony area, heating, and a full kitchen.
• One of the larger apartments near the Tower District which includes restaurants, cafes, nightclubs, performing arts venues, theaters, galleries, bakeries, delis, and most are locally owned and operated.
• Commutable to over 840,000 jobs - Within a 30, 60, and 90 minute commute of approximately 400,000, 660,000, and 847,000 jobs.
• Maroa Lanai is walkable to Fresno City College with a population of over 22,000 students. Located one block North-West of the campus.
• Located in an Opportunity Zone - Maroa Lanai is located within an Opportunity Zone, that provides investors with beneficial tax treatment for making investments made within the zone.
The Mogharebi Group is pleased to announce that it has been retained as the exclusive listing agent for
the sale of Maroa Lanai Apartments, a 29-unit apartment community in Fresno, California. The community
features covered parking, on-site laundry facility, controlled access, and a sparkling pool. This community
provides the right investor with an opportunity to acquire a value-add asset in one of the nation’s hottest
submarkets.
INVESTMENT OPPORTUNITY PROPERTY DESCRIPTIONUNITS 29
RENTABLE SF 21,800
YEAR BUILT 1960
APN 443-331-01
LOT SIZE 1.92 acres
DENSITY 15.1 units per acre
PARKING SURFACE Asphalt
PARKING 29 Covered Spaces
PARKING RATIO 1.00
BUILDINGS 4 Residential
STORIES 1
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 Through-the-Wall
WATER HEATERIndividual Water Heater
(1/Unit)
FIRE PROTECTIONSmoke Detector /
Extinguisher
PLUMBING Copper
Unit Amenities Common Area Amenities• Formica Countertops• Electric Range/Oven• Hood-fan• Disposal• Refrigerator • Carpet flooring in Bedrooms• Tile flooring in Kitchen, Living
and Bath Areas • Balcony / Covered Patio• Ceiling Fan• Air-Conditioning
• Swimming Pool• Garden• Courtyard• Walkways• Covered Parking• Laundry Facilities• Controlled Access Community
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Listings.Mogharebi.com/MaroaLanai
• Units include a balcony area, heating, and a full kitchen.
• One of the larger apartments near the Tower District which includes restaurants, cafes, nightclubs, performing arts venues, theaters, galleries, bakeries, delis, and most are locally owned and operated.
• Commutable to over 840,000 jobs - Within a 30, 60, and 90 minute commute of approximately 400,000, 660,000, and 847,000 jobs.
• Maroa Lanai is walkable to Fresno City College with a population of over 22,000 students. Located one block North-West of the campus.
• Located in an Opportunity Zone - Maroa Lanai is located within an Opportunity Zone, that provides investors with beneficial tax treatment for making investments made within the zone.
The Mogharebi Group is pleased to announce that it has been retained as the exclusive listing agent for
the sale of Maroa Lanai Apartments, a 29-unit apartment community in Fresno, California. The community
features covered parking, on-site laundry facility, controlled access, and a sparkling pool. This community
provides the right investor with an opportunity to acquire a value-add asset in one of the nation’s hottest
submarkets.
INVESTMENT OPPORTUNITY PROPERTY DESCRIPTIONUNITS 29
RENTABLE SF 21,800
YEAR BUILT 1960
APN 443-331-01
LOT SIZE 1.92 acres
DENSITY 15.1 units per acre
PARKING SURFACE Asphalt
PARKING 29 Covered Spaces
PARKING RATIO 1.00
BUILDINGS 4 Residential
STORIES 1
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 Through-the-Wall
WATER HEATERIndividual Water Heater
(1/Unit)
FIRE PROTECTIONSmoke Detector /
Extinguisher
PLUMBING Copper
Unit Amenities Common Area Amenities• Formica Countertops• Electric Range/Oven• Hood-fan• Disposal• Refrigerator • Carpet flooring in Bedrooms• Tile flooring in Kitchen, Living
and Bath Areas • Balcony / Covered Patio• Ceiling Fan• Air-Conditioning
• Swimming Pool• Garden• Courtyard• Walkways• Covered Parking• Laundry Facilities• Controlled Access Community
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Units Type Unit SF Total SF Market RentsCurrent
Rent Average
Market Rent/SF
14 One Bedroom One Bath 700 9,800 $825.00 $762.93 $1.1815 Two Bedroom One Bath 800 12,000 $925.00 $845.80 $1.1629 752 21,800 $876.72 $805.79 $1.17
IncomeTMG
Pro Forma
OCT 20 RR/ T12
ADJUSTED EXP
OCT 20 RR/ T12 EXP
Scheduled Market Rent $305,100 $280,416 $280,416 Less: Vacancy 3.00% ($9,153) ($8,412) ($8,412) Less: Manager Credit ($3,780) ($3,780) ($3,780)Net Rental Income $295,947 $272,004 $268,224 Plus: Other Income $6,100 $6,063 $6,063Total Operating Income (EGI) $302,047 $278,067 $274,287
Expenses Per UnitAdministrative $83 $2,400 $2,400 $2,369Payroll - Onsite $621 $18,000 $18,000 $6,730Repairs & Maintenance/Turnover $750 $21,750 $21,750 $43,186Management Fee 4.00% $11,838 $10,880 $11,270Utilities $586 $17,000 $17,000 $16,864Contracted Services $403 $11,700 $11,700 $11,539New Real Estate Taxes 1.2200% $1,283 $37,210 $37,210 $37,210Insurance $217 $6,300 $6,300 $6,300CapEx Improvements/ Reserve $250 $7,250 $7,250
Total Expenses $133,448 $132,490 $135,468
Per Unit: $4,602 $4,569 $4,671Per SF: $6.12 $6.08 $6.21
Net Operating Income $168,599 $145,577 $138,819
Less: Debt Service ($81,299) ($81,299) ($81,299)Projected Net Cash Flow $87,300 $64,278 $57,520
Cash-on-Cash Return (Based on List Price) 6.13% 4.51% 4.04%Debt Service Coverage 2.07 1.79 1.71
GRM 10.00 10.88 10.88
Cap Rate Analysis Price $/Unit $/Foot Cap Rate Cap Rate Cap RateListed Price $3,050,000 $105,172 $139.91 5.53% 4.77% 4.55%
All FinancingTotal
Loan AmountDown
Payment LTVMonthly
PaymentDebt
Constant$1,625,000 $1,425,000 53% ($6,775) 5.0%
Existing Assumable LoansOriginal Amount Current Balance Interest Rate Amort. Payment Orig. Date
$1,625,000 $1,625,000 5.00% 999 ($6,775) January-20
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/MaroaLanai
IMPORTANT INFORMATION & DISCLAIMER:
29 UNITS IN FRESNO, CA | $3,050,0002550 NORTH MAROA AVENUE, FRESNO, CA 93704LISTINGS.MOGHAREBI.COM/MAROALANAI a
Mog
hare
bi -
O
zen
Com
pany
PRO FORMA INCOME & EXPENSES
ROBIN C. KANE Senior Vice President
O: 559.761.0020 [email protected]
CA BRE License #00583537
ROBIN C. KANE Senior Vice PresidentO: 559.761.0020 [email protected] BRE License #00583537
BRENDAN KANE Vice President
O: 559.892.0036 [email protected]
CA BRE License #01976828
BRENDAN KANE Vice PresidentO: 559.892.0036 [email protected] CA BRE License #01976828
*Current loan must be assumed. The Loan is interest only for the first two years.
