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Final_Project_Excel_Template_Fall_2017_v21.xlsx
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Assumptions

Figure 1 - Apartment Level Information
Unit Type Unit Description # Units Area (sqft/unit) Monthly Rent ($/Unit)
1-S Studio 54 570 $1,550
1-A 1 BR/1BA 102 688 $1,775
1-B 1 BR/1.5 BA 76 800 $1,850
1-C 1 BR/1 BA+D 24 970 $1,975
2-A 2 BR/1 BA 140 1,110 $2,100
2-B 2 BR/1.5 BA 52 1,180 $2,150
2-C 2 BR/2 BA 40 1,250 $2,190
2-D 2 BR/2 BA+D 24 1,478 $2,375
3-A 3 BR/1.5 BA 64 1,500 $2,750
3-B 3 BR/2 BA 66 1,584 $2,900
4-A 4 BR/2 BA 8 1,852 $3,750
Figure 2 - Miscellaneous Information
Source # Units Monthly Rent
Garage (Direct Access) 130 $150
Carports 55 $50
Storage Units 150 $175
Figure 3 - Operating Expenses
Expense Annual PSF
Administration 0.24
Real Estate Taxes 3.85
Advertising 0.34
Insurance 0.45
Repairs & Maintenance 0.76
Management Fee 0.88
Personnel Expense 1.65
Utilities 0.85
Additional Assumptions
Vacancy 10.00%
Capital Expenditures (PSF) $1.25
Going-in Cap Rate 7.50%
Mortgage Term 30
Mortgage Pmt Per Year 12
Mortgage Interest Rate 6.00%
PGI Growth Rate 3.0% per year
Misc Income Growth Rate 2.0% per year
Op Ex Growth Rate 3.0% per year
Going Out Cap Rate 7.8%
Selling Costs 7.0%
Vacancy Projection 10.0%
Discount Rate 14.0%

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Rent Roll (Potential Gross Income)
Unit Type Unit Description Number of Units Area Per Unit (sqft) Monthly Rent/Unit Monthly Gross Rent Annual Gross Rent Total Area (sqft) Gross Rent (per sqft)
1-S Studio 54 570 $1,550 $83,700 $1,004,400 30,780 $2.72
1-A 1 BR/1BA 102 688 $1,775 $181,050 $2,172,600 70,176 $2.58
1-B 1 BR/1.5 BA 76 800 $1,850 $140,600 $1,687,200 60,800 $2.31
1-C 1 BR/1 BA+D 24 970 $1,975 $47,400 $568,800 23,280 $2.04
2-A 2 BR/1 BA 140 1,110 $2,100 $294,000 $3,528,000 155,400 $1.89
2-B 2 BR/1.5 BA 52 1,180 $2,150 $111,800 $1,341,600 61,360 $1.82
2-C 2 BR/2 BA 40 1,250 $2,190 $87,600 $1,051,200 50,000 $1.75
2-D 2 BR/2 BA+D 24 1,478 $2,375 $57,000 $684,000 35,472 $1.61
3-A 3 BR/1.5 BA 64 1,500 $2,750 $176,000 $2,112,000 96,000 $1.83
3-B 3 BR/2 BA 66 1,584 $2,900 $191,400 $2,296,800 104,544 $1.83
4-A 4 BR/2 BA 8 1,852 $3,750 $30,000 $360,000 14,816 $2.02
Total $1,400,550 $16,806,600 702,628
Miscellaneous Income
Number of Units Monthly Rent/Unit Monthly Gross Rent Annual Gross Rent
Garage (Direct Access) 130 $150 $19,500 $234,000
Carports 55 $50 $2,750 $33,000
Storage Units 150 $175 $26,250 $315,000
Total $48,500 $582,000
Operating Expenses
PSF Per/Year
Administration 0.24
Real Estate Taxes 3.85
Advertising & Promotion 0.34
Insurance 0.45
Repairs & Maintenance 0.76
Managment Fee 0.88
Personnel Expense 1.65
Utilities 0.85
Total Operating Expenses 9.02
Capital Expenditures
PSF Per/Year
Capital Expenditures - Reserves 1.25
Total Capital Expenditures
Year 1 NOI Calculation
PGI (Rental Revenue) $16,806,600
Vacancy Loss ($1,680,660)
Miscellaneous Income $582,000
EGI $15,707,940
Operating Expenses ($6,283,176)
Capital Expenditures ($785,397)
NOI $8,639,367
Market Value via Direct Capitalization
Cap Rate 7.50%
NOI $8,639,367
Market Value $115,191,560

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