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MULTI -
FAMILY STAT / PROFORMA SHEET |
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MANOR SOUTH APARTMENTS - 1200
S. 7-HWY |
Reece & Nichols Realtors |
City: |
BLUE SPRINGS |
State: |
MO. |
Zip |
64014 |
BRICE
BRADSHAW |
Date: |
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31207 |
Listing Price: |
$1,925,000 |
Phone: |
913-219-7074 |
MLS No. |
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Fax: |
913-901-6450 |
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NUMBERS BASED ON ACTUALS |
BILL HARGIS 913-901-6352 |
www.kccommercial.net |
Unit Description |
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Current Rental Data |
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Market
Rental Data |
# of
Units |
# Bed |
# Bath |
Unit Rent |
Mo. Rent |
Yearly Rent |
Unit Rent |
Mo. Rent |
Yearly Rent |
12 |
2 |
1 1/2 |
$575 |
$6,900 |
$82,800 |
$575 |
$6,900 |
$82,800 |
6 |
2 |
1 1/2 |
$550 |
$3,300 |
$39,600 |
$560 |
$3,360 |
$40,320 |
5 |
1 |
1 |
$492 |
$2,460 |
$29,520 |
$500 |
$2,500 |
$30,000 |
10 |
1 |
1 |
$475 |
$4,750 |
$57,000 |
$500 |
$5,000 |
$60,000 |
3 |
1 |
1 |
$465 |
$1,395 |
$16,740 |
$500 |
$1,500 |
$18,000 |
6 |
1 |
1 |
$450 |
$2,700 |
$32,400 |
$500 |
$3,000 |
$36,000 |
TOTALS |
$21,505 |
$258,060 |
TOTALS |
$22,260 |
$267,120 |
PROFORMA |
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6 |
GROSS SCHEDULED INCOME: |
$258,060 |
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% GSI |
% GSI |
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$267,120 |
7 |
Less Vacancy and Credit Losses: |
$12,903
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¬ |
5.0% |
5.0% |
® |
$13,356 |
8 |
Laundry and Other Income |
$3,643 |
¬ |
1.4% |
1.4% |
® |
$3,643 |
9 |
ADJUSTED GROSS INCOME (L6-(L7+L8)): |
$248,800 |
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% AGI |
% AGI |
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$257,407 |
10 |
Fire Alarm System and 3 Phone Lines |
$3,276 |
¬ |
1.3% |
1.3% |
® |
$3,276 |
11 |
Accounting, Office, Postage, Adertising,
Misc.: |
$2,750 |
¬ |
1.1% |
1.1% |
® |
$2,750 |
12 |
Less Repair and Maintenance: |
$22,046 |
¬ |
8.9% |
8.6% |
® |
$22,046 |
13 |
Insurance: |
$7,110 |
¬ |
2.9% |
2.8% |
® |
$7,110 |
14 |
Less Management: |
$17,161 |
¬ |
7.0% |
7.0% |
® |
$17,763 |
15 |
Less Taxes: |
$5,602 |
¬ |
2.3% |
2.2% |
® |
$5,602 |
16 |
Refuse |
$2,160 |
¬ |
0.9% |
0.8% |
® |
$2,160 |
17 |
Electric |
$3,004 |
¬ |
1.2% |
1.2% |
® |
$3,004 |
18 |
Gas |
$2,161 |
¬ |
0.9% |
0.8% |
® |
$2,161 |
19 |
Water & Sewer |
$9,927 |
¬ |
4.0% |
3.9% |
® |
$9,927 |
20 |
Less Other: |
Pool,
Lawn, Snow, Etc. |
$2,850 |
¬ |
1.1% |
1.1% |
® |
$2,850 |
21 |
Total Expenses(sum L10 - L20): |
$78,047 |
¬ |
31.4% |
30.6% |
® |
$78,649 |
22 |
Net Operating Income(L9 minus L21): |
$170,753 |
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$178,758 |
23 |
Less Annual Debt Service: |
116,806 |
¬ |
46.9% |
45.4% |
® |
116,806 |
24 |
Net Income (Cash Flow) L22-L23): |
53,947 |
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61,951 |
25 |
CAP RATE (NOI ¸ PURCHASE PRICE): |
8.87% |
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9.29% |
26 |
RETURN ON INVESTMENT (NI
¸ DOWN): |
14.01% |
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16.09% |
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Estimated Financing |
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Purchase
Price: |
$1,925,000 |
6.50% |
:Interest |
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20% |
Down: |
$
385,000 |
30 |
:Years Amortized |
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Amount
Financed: |
$1,540,000 |
$
9,733.85 |
:P&I Monthly Payment |
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Description: |
42
UNIT APARTMENT COMPLEX IN FAST GROWING BLUE SPRINGS, MISSOURI ONLY 15 MILES
FROM DOWNTOWN KANSAS CITY. THERE ARE 3 BUILDINGS, LARGE ASPHALT PARKING LOT,
SWIMMING POOL AND MUCH PARK LIKE GREEN AREA.WITH LARGE TREES. 18 2-BEDROOM, 1 1/2 BATH APARTMENTS AND 24
LARGE 1-BEDROOM, 1-BATH APARTMENTS.
THERE ARE 3 LAUNDRY ROOMS FOR TENANT USE AND A FIRE ALARM SYSTEM WIRED
TO THE FIRE DEPARTMENT IN EACH BUILDING. MOST UNITS HAVE BEEN UPGRADED WITH
CARPET, PAINT, APPLIANCES AND MORE IN THE PAST 2 YEARS. THE BUILDINGS ARE
BRICK WITH SOME VINYL SIDING AND MANSARD ROOFS THAT WERE INSTALLED IN
2002. GREAT LOCATION WITH A NEW
SHOPPING CENTER ACROSS THE STREET AND ONLY MINUTES FROM INTERSTATE I-70. |
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This property summary includes
assumptions, which represent a projection of future events and assumptions
which may or may not occur.
Absolutely no tax or legal advice is being implied or given. These projections may not and should not
be relied upon to indicate results, which might be obtained. Income collected and expenses incurred
will vary depending upon the type of management employed. Therefore, all information provided is
solely for the purpose of permitting parties to determine whether or not the
property is of such type and general character as might interst them in this
purchase, and Reece and Nichols and Nichols Realtors/Hargis Real Estate Group
makes no warranty as to the accuracy of such information. Interested persons are expected to
acquaint themsleves with the property and arrive at their own conclusions as
to physical condition, number and occupancy of revenue producing units,
estimates of operating costs, tax matters and any factors having to do with
the valuation of property. |
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