Académique Documents
Professionnel Documents
Culture Documents
Sunset
Apartments
Property Attributes
Location
Building Use
Building Age (in Years)
Rentable Area/Units/Spaces
Acquisition Cost
Acquisition Cost (per sq.ft/per unit)
Holding Period (in Years)
$36.00
$42.00
$1,680.00
$
$
105,000,000
271
10
7.50%
14,195,856
3.5%
3.0%
6.0%
3.0%
6,210,000
3.0%
12.0%
3.5%
3.5%
$
2%
Equity Investment
33,250,000
Debt Financing
First Mortgage Loan Amount
First Mortgage LTV
71,750,000
68.3%
6.5%
10
$60,540,433
30
5,594,239
1%
6.65%
Debt-to-Equity Ratio
2.16
Year
2013
2016
2020
The Duke
Residential
Retail
Parking
Residential
Retail
Parking
$34.72 Commercial
$198,000.00 Parking and Other
$
$
45,000,000
216
10
8.50%
7,224,317
3.0%
3.0%
5.0%
0
$3,551,064.15
3.0%
5.0% Potential Base Rental Revenue
3.0%
330,000
2%
18,000,000
27,000,000
60.0%
5.5%
10
20,203,969
25
717,500
2,012,833
1.5% $
405,000
5.72%
1.50
Sf Annual
68806
59197
80092
$
$
$
ByLine
Distribution Center
Southern City
Flex Warehouse
0
75200 Industrial
10,200 Office space
500 Parking
20000 Additional sq footage
$8.00 sq ft
$9.75 sq ft
$
$
2018 growth 2%
7,600,600
89
10
8.00%
$683,200.00
2%
3.0%
0.0%
0.0%
20,500.00
3.0%
1.45 /Sq.Ft.
2.0%
3,000 Replacement
$15,000.00 Property and
5,500 Management
88-90 Replacement
2%
1,900,150
4180330
55.0%
Reserve
Casualty insurance
Fees
Cost per sq ft
1520120
20.00%
6.00%
12.00%
10
10
$
$
3,176,037
1,520,120
25
10
$327,013
$182,414
1.50% $
2.00% $
62,705
30,402
6.23%
12.36%
3.00
PSF
$
$
$
25.65
40.25
33.54
% of Total
25.10%
34.00%
39.00%
$
$
$
Reimburesment PSF
6.79
3.92
8.00
2010
2011
2012
$982,867
0
15,150,096
15,675,578
Less:
Vancancies
(1,666,511)
(1,724,314)
13,483,585
13,951,265
Less:
Bad Debt
Less:
0
16,219,309
(973,750)
15,245,559
(404,508)
(418,538)
(457,367)
Operating Expenses
(4,448,591)
(4,582,049)
(4,719,510)
(1,703,503)
(1,763,125)
(1,824,835)
(530,253)
(548,645)
(567,676)
Replacement Reserve
Net Operating Income (NOI)
Less:
$1,012,353
6,396,731
6,638,907
7,676,172
(5,594,239)
(5,594,239)
(5,594,239)
(1.14)
(1.19)
(1.37)
$802,492
$1,044,668
$2,081,933
2013
2014
2015
2016
2017
2018
$1,074,006
0
$1,106,226
0
$1,139,412
0
$1,173,595
0
$18,693,231
$1,208,803
0
16,781,923
17,364,077
17,966,449
18,589,744
19,234,688
19,902,034
(1,007,831)
(1,043,105)
(1,079,614)
(1,117,400)
(1,156,509)
(1,196,987)
15,774,092
16,320,972
16,886,836
17,472,344
18,078,179
18,705,047
(473,223)
(489,629)
(506,605)
(524,170)
(542,345)
(561,151)
(4,861,095)
(5,006,928)
(5,157,136)
(5,311,850)
(5,471,206)
(5,635,342)
(1,888,704)
(1,954,809)
(2,023,227)
(2,094,040)
(2,167,331)
(2,243,188)
(587,367)
(607,743)
(628,826)
(650,641)
(673,214)
(696,571)
7,963,703
8,261,863
8,571,042
8,891,642
9,224,082
9,568,795
(5,594,239)
(5,594,239)
(5,594,239)
(5,594,239)
(5,594,239)
(5,594,239)
(1.42)
(1.48)
(1.53)
(1.59)
(1.65)
(1.71)
$2,369,464
$2,667,624
$2,976,803
$3,297,403
$3,629,843
$3,974,556
2019
2020
10
11
$19,347,495
$20,024,657
$1,245,067
$1,282,419
20,592,561
21,307,076
(1,238,882)
(1,282,242)
19,353,680
20,024,833
(580,610)
(600,745)
(5,804,402)
(5,978,534)
(2,321,699)
(2,402,959)
(720,740)
(745,748)
9,926,228
10,296,847
(5,594,239)
(1.77)
$4,331,989
$10,296,847
2010
2011
7,224,317
7,224,317
1,340,030
1,380,231
106,532
10,836
198,000
203,940
244,000
251,320
9,006,347
9,177,176
(361,216)
(361,216)
Vacancy Recovery
Less:
Operating Expenses
Real Estate Taxes
Replacement Reserve
8,815,960
(3,551,064)
(3,657,596)
(361,216)
(372,052)
(72,243)
(72,243)
Tenant Improvements
Leasing Commisions
4,660,608
4,714,069
Reimburesment on Sq Ft.
Net Operating Income (NOI)
Less:
8,645,131
(330,000)
(330,000)
(2,012,833)
(2,012,833)
2.15
2.18
$2,317,775
$2,371,236
2010
Rent Increase (hypothetical)
Rent PSF
Original Leases Rent Payments
Overall Sq Ft
Square Feet Rolling Over
Percentage Resigning
Sq. Ft Resigning
New Rent Per Sq. Ft
Rent From Resigners
Square feet
Percetange New Lease
Sq Ft.
New Rent Per Sq. Ft
Rent Revenue
Less Vacancy for 9 Months
Less Two Months Free Rent
Income from New Rentals
$
$
$
7,224,317.00 $ 7,441,046.51
34.72 $
35.76
7,224,317.00 $ 7,224,317.00
Tenant Improvements
2014
On Resigning:
$
206,418.00
On New Leases
$
963,284.00
Leasing Commision
2014
On Resigning Leases $
494,000.37
On New Leases
$
988,000.73
Sum
$ 1,482,001.10
Overall Sq Ft
2011
Square feet
Percetange New Lease
Sq Ft.
New Rent Per Sq. Ft
Rent Revenue
Less Vacancy for 9 Months
Less Two Months Free Rent
Income from New Rentals
Income from Renewals
Income from New Rentals
Income from Original Leases less Lease Roll Over Square Footage
Total Base Rental Revenue:
Complete SUM
2010
7,224,317.00
2011
$7,224,317.00
2012
2013
2014
2015
2016
7,224,317
7,224,317
6,422,690
8,147,770
8,147,770
1,421,638
1,464,287
1,508,216
1,553,462
1,600,066
109,728
113,020
116,410
119,903
123,500
11,162
11,496
11,841
12,197
12,562
210,058
216,360
222,851
229,536
236,422
258,860
266,625
274,624
282,863
291,349
9,235,762
9,296,105
8,556,632
10,345,731
10,411,670
(361,216)
(361,216)
(321,134)
(407,389)
(407,389)
467,193
8,874,546
8,934,890
8,702,690
9,938,342
10,004,281
(3,767,324)
(3,880,344)
(3,996,754)
(4,116,657)
(4,240,156)
(383,214)
(394,710)
(406,552)
(418,748)
(431,311)
(72,243)
(72,243)
(64,227)
(81,478)
(81,478)
(1,169,702)
(741,001)
4,651,765
4,587,592
2,324,455
4,580,459
5,251,336
(741,001)
0
0
(330,000)
(330,000)
(330,000)
(330,000)
(330,000)
(2,012,833)
(2,012,833)
(2,012,833)
(2,012,833)
(2,012,833)
2.15
2.12
$2,308,933
$2,244,760
0.99
($18,378)
2.11
2.44
$2,237,627
$2,908,504
2012
$ 7,664,277.91
$
36.83
$ 7,224,317.00
2013
2014
### $
37.93 $
### $
8,131,032.43 $
39.07 $
5,459,333.00 $
$
$
208100
68806
30%
20641.8
39.07 $
806,531.21 $
ovements
$
$
2017
177,591.00
828,758.00
ommision
2017
$
199,037.79
$
928,843.03
$ 1,127,880.83
2015
68806
70%
48164.2
$
39.07 $
$
1,881,906.16 $
$ (1,411,429.62)
$
(313,651.03)
$
156,825.51 $
$
$
$
$
806,531.21
156,825.51
5,459,333.00
6,422,689.73
$
$
$
$
8,374,963.40
40.24
5,459,333.00
2016
###
41.45
###
20641.8
20641.8
39.07 $
39.07
806,531.21 $806,531.21
48164.2
39.07 $
1,881,906.16
48164.2
39.07
###
1,881,906.16
###
806,531.21
1,881,906.16
5,459,333.00
8,147,770.37
$806,531.21
###
###
###
2012
$7,224,317.00
2013
###
2014
2015
$ 6,422,689.73 $ 8,147,770.37
2016
###
2017
2018
2019
2020
10
11
6,670,798
8,292,587
8,561,431
8,561,431
1,648,068
1,697,510
1,748,435
1,800,888
127,205
131,021
134,951
139,000
12,939
13,327
13,727
14,139
243,515
250,820
258,345
266,095
300,089
309,092
318,365
327,916
9,002,614
10,694,358
11,035,255
11,109,470
(333,540)
(414,629)
(428,072)
(428,072)
232,052
8,901,126
10,279,729
10,607,183
10,681,398
(4,367,361)
(4,498,382)
(4,633,333)
(4,772,333)
(444,250)
(457,577)
(471,305)
(485,444)
(66,708)
(82,926)
(85,614)
(85,614)
(1,006,349)
(563,940)
0
(563,940)
2,452,518
4,676,903
5,416,931
5,338,007
(330,000)
(330,000)
(330,000)
(2,012,833)
(2,012,833)
(2,012,833)
1.05
2.16
2.53
$109,686
$2,334,071
$3,074,098
(330,000)
$5,008,007
2017
###
42.70 $
###
2018
###
43.98 $
###
2019
###
45.30 $
###
2020
###
46.65
###
20641.8
20641.8
20641.8
20641.8
$
39.07 $
39.07 $
42.98 $
42.98 $
$806,531.21 $806,531.21 $887,184.33 $887,184.33
48164.2
39.07 $
###
48164.2
39.07 $
###
48164.2
42.98 $
###
48164.2
42.98 $
###
###
###
###
###
###
###
###
2017
2018
2019
2020
208100
20641.8
42.98 $
###
20641.8
42.98
###
48164.2
42.98 $
###
48164.2
42.98
###
59197
30%
17759.1
17759.1
17759.1
17759.1
$
42.70 $
42.70 $
42.70 $
42.70 $
$758,239.21 $758,239.21 $758,239.21 $758,239.21
59197
70%
41437.9
$
42.70 $
###
###
###
$147,435.40
41437.9
42.70 $
###
41437.9
42.70 $
###
41437.9
42.70 $
###
###
###
###
2017
###
###
2018
###
###
2019
###
###
2020
###
17759.1
42.70 $
###
17759.1
46.97
###
41437.9
42.70 $
###
41437.9
46.97
###
20641.8
42.98
###
48164.2
42.98
###
17759.1
46.97 $
###
17759.1
46.97 $
###
17759.1
46.97 $
###
17759.1
46.97
###
41437.9
41437.9
41437.9
41437.9
46.97
###
46.97
###
46.97
###
46.97
###
2010
2011
2012
$683,200.00
$683,200.00
$683,200.00
$ 128,832.73
$ 131,409.39
$ 134,037.57
$ 812,032.73
$ 814,609.39
$ 817,237.57
$ 812,032.73
$ 814,609.39
$ 817,237.57
Less:
Vancancies
Bad Debt
Less:
Operating Expenses
Replacement Reserve
Less:
(21,748.45) $
(3,000.00) $
(22,400.90) $
(3,000.00) $
(23,072.93)
(3,000.00)
$ 658,451.55
$ 657,799.10
$ 657,127.07
(327,013)
(327,013)
(327,013)
(182,414)
(182,414)
(182,414)
DSCR
Unlevered Cash Flow Before Taxes
2008
$
8.00
1.29
1.29
1.29
$149,024
$148,371
$147,699
2009
$
8.16
2010
$
8.32
2011
$
8.49
2013
2014
2015
2016
2017
$683,200.00
$683,200.00
$683,200.00
$683,200.00
$683,200.00
$ 136,718.33
$ 139,452.69
$ 142,241.75
$ 145,086.58
$ 147,988.31
$ 819,918.33
$ 822,652.69
$ 825,441.75
$ 828,286.58
$ 831,188.31
$ 819,918.33
$ 822,652.69
$ 825,441.75
$ 828,286.58
$ 831,188.31
(23,765.12) $
(24,478.07) $
(25,212.41) $
(25,968.79) $
(26,747.85)
(3,000.00) $
(3,000.00) $
(3,000.00) $
(3,000.00) $
(3,000.00)
$ 656,434.88
$ 655,721.93
$ 654,987.59
$ 654,231.21
$ 653,452.15
(327,013)
(327,013)
(327,013)
(327,013)
(327,013)
(182,414)
(182,414)
(182,414)
(182,414)
(182,414)
1.29
1.29
1.29
1.28
1.28
$147,007
$146,294
$145,560
$144,803
$144,024
2012
$
8.66
2013
$
8.83
2014
$
9.01
2015
$
9.19
2016
$
9.37
2018
2019
2020
10
11
$832,650
$832,650
$832,650
$ 150,948.08
$ 153,967.04
$ 157,046.38
$ 983,598.08
$ 986,617.04
$ 989,696.38
$ 983,598.08
$ 986,617.04
$ 989,696.38
(27,550.29) $
(28,376.79) $
(29,228.10)
(3,000.00) $
(3,000.00) $
(3,000.00)
$ 802,099.71
$ 801,273.21
$ 800,421.90
(327,013)
(327,013)
(182,414)
(182,414)
1.57
1.57
$292,672
$291,845
2017
$
9.56
2018
$
9.75
$800,422
Sunset
Apartments
Number of Units/Sq. Ft.
Acquisition Cost Per Unit or Rentable Sq. Ft
386,834
$271
The Duke
208,100
$216
Operating-Expense Ratio
(Operating Expenses/Effective Gross Income)
33.0%
41.1%
Real-Estate-Tax Ratio
(Real Estate Taxes/Effective Gross Income)
12.6%
4.2%
$2,320
94%
$34.72
95%
ByLine
Distribution Center
85,400
$89
2.7%
15.9%
$8.00
100%
94%
95%
N/A
47.1%
40.1%
59.9%
1.14
68.3%
2.15
60.0%
100%
N/A
100.0%
(This property only
has 1 tenant so in
order to be in the
positive, this facility
needs to be 100%
leased)
1.29
75%
Sunset Apartments
First Mortgage Holder
Loan Proceeds Disbursed
Loan Points Received
Debt Service Payment Received
Participation in Cash Flow
Participation in Capital Appreciation
Repayment of Loan Balance
Before-Tax Cash Flow
Yield to Lender (IRR)
The Duke
First Mortgage Holder
Loan Proceeds Disbursed
Loan Points Received
Debt Service Payment Received
Participation in Cash Flow
Participation in Capital Appreciation
Repayment of Loan Balance
Before-Tax Cash Flow
Yield to Lender (IRR)
(71,750,000)
(71,750,000)
6.65%
(27,000,000)
405,000
(26,595,000)
5.72%
(4,180,330.00)
62,704.95
(4,117,625)
6.23%
(1,520,120.00)
30,402.40
(1,489,718)
12.36%
2010
1
99,808
5,494,431
5,594,239
2011
2
99,808
5,494,431
5,594,239
2,012,833
2,012,833
2,012,833
2,012,833
327,013
327,013
327,013
327,013
182,414
182,414
182,414
182,414
2012
3
99,808
5,494,431
5,594,239
2013
4
99,808
5,494,431
5,594,239
2014
5
99,808
5,494,431
5,594,239
2015
6
99,808
5,494,431
5,594,239
2016
7
99,808
5,494,431
5,594,239
2017
8
99,808
5,494,431
5,594,239
2018
9
99,808
5,494,431
5,594,239
2,012,833
2,012,833
2,012,833
2,012,833
2,012,833
2,012,833
2,012,833
2,012,833
2,012,833
2,012,833
2,012,833
2,012,833
2,012,833
2,012,833
327,013
327,013
327,013
327,013
327,013
327,013
327,013
327,013
327,013
327,013
327,013
327,013
327,013
327,013
182,414
182,414
182,414
182,414
182,414
182,414
182,414
182,414
182,414
182,414
182,414
182,414
182,414
182,414
2019
10
99,808
5,494,431
60,540,433
66,134,672
2,012,833
20,203,969
22,216,802
327,013
3,176,037
3,503,050
182,414
1,520,120
1,702,534
2020
11
SUNSET APARTMENTS
137,291,300
2,745,826
134,545,474
(60,540,433)
74,005,040
THE DUKE
62,800,077
1,256,002
61,544,076
(20,203,969)
41,340,106
###
###
9,805,168
(4,696,157)
5,109,012
ANNUAL
TIME
PERIOD
EQUITY
CASH FLOW
INVESTMENT BEFORE TAXES
(33,250,000)
1
2
3
4
5
6
7
8
9
802,492
1,044,668
2,081,933
2,369,464
2,667,624
2,976,803
3,297,403
3,629,843
3,974,556
10
11
4,331,989
10,296,847
$
(33,250,000) $ 27,176,774
NET SALES
PROCEEDS
-
74,005,040
$ 74,005,040 $
###
13.48%
Cash Flow
DISCOUNTED
NET SALES
PERIOD
BEFORE TAXES
AT IRR
PROCEEDS
###
802,492
707,149
1,044,668
811,183
2,081,933
1,424,549
2,369,464
1,428,667
2,667,624
1,417,346
2,976,803
1,393,707
3,297,403
1,360,391
3,629,843
1,319,623
3,974,556
1,273,271
10
4,331,989
1,222,897
11
10,296,847
74,005,040
12,358,783
33,250,000
PERCENTAGE BREAKDOWN
BEFORE-TAX CASH FLOW FROM OPERATIONS
37.17%
62.83%
TOTAL
CASH FLOW
BEFORE TAXES
(33,250,000)
802,492
1,044,668
2,081,933
2,369,464
2,667,624
2,976,803
3,297,403
3,629,843
3,974,556
78,337,030
67,931,815
NTS
NET SALES
PROCEEDS
DISCOUNTED
AT IRR
$
20,891,217
20,891,217
ANNUAL
TIME
PERIOD
-
EQUITY
INVESTMENT
CASH FLOW
BEFORE TAXES
(18,000,000)
2,317,775
2,371,236
2,308,933
2,244,760
(18,378)
2,237,627
2,908,504
109,686
2,334,071
1
2
3
4
5
6
7
8
9
10
11
3,074,098
5,008,007
$ (18,000,000) $
19,888,312 $
NET SALES
PROCEEDS
-
57,739,370
57,739,370
BEFORE TAXES
TIME
CASH FLOW
DISCOUNTED
PERIOD
BEFORE TAXES
AT IRR
2,317,775
1,933,762
2,371,236
1,650,586
2,308,933
1,340,930
2,244,760
1,087,668
(18,378)
(7,429)
2,237,627
754,705
2,908,504
818,448
109,686
25,752
2,334,071
457,192
10
3,074,098
502,382
11
5,008,007
8,563,994
TOTAL
CASH FLOW
BEFORE TAXES
(18,000,000)
2,317,775
2,371,236
2,308,933
2,244,760
(18,378)
2,237,627
2,908,504
109,686
2,334,071
60,813,468
$
$
59,627,682
19,226,701
19.86%
: THE DUKE
NET SALES
PROCEEDS
NET SALES
DISCOUNTED
PROCEEDS
AT IRR
###
###
###
###
###
###
###
-
57,739,370
9436005.62314
9,436,006
18,000,000
47.58%
52.42%
ANNUAL
TIME
PERIOD
EQUITY
CASH FLOW
INVESTMENT BEFORE TAXES
(1,900,150)
1
2
3
4
5
6
7
8
9
149,024
148,371
147,699
147,007
146,294
145,560
144,803
144,024
292,672
10
11
291,845
800,422
$ (1,900,150) $
1,757,299
NET SALES
PROCEEDS
###
-
9,805,168
9,805,168 $
$ 3,312,853
22.50%
CASH FLOW
DISCOUNTED
NET SALES
PERIOD
BEFORE TAXES
AT IRR
PROCEEDS
###
149,024
121,656
148,371
98,879
147,699
80,355
147,007
65,291
146,294
53,042
145,560
43,083
144,803
34,989
144,024
28,409
292,672
47,129
10
291,845
38,365
11
800,422
9,805,168
611,198
1,900,150
PERCENTAGE BREAKDOWN
BEFORE-TAX CASH FLOW FROM OPERATIONS
32.17%
67.83%
TOTAL
CASH FLOW
BEFORE TAXES
(1,900,150)
149,024
148,371
147,699
147,007
146,294
145,560
144,803
144,024
292,672
10,097,014
9,662,318
N CENTER
NET SALES
PROCEEDS
DISCOUNTED
AT IRR
$
1288952.48578
1,288,952
Sunset
Apartments
Equity Required
###
Cash-on-Cash
2.4%
The Duke
18,000,000
12.9%
### $
13.48%
19,226,701
19.86%
ByLine
Distribution Center
1,900,150
7.8%
3,312,853
22.50%
3.50%
3.00%
7.50%
IRR
13.48%
Rental Rate Growth
5.50%
6.50%
7.50%
8.50%
9.50%
1.50%
9.13%
7.85%
6.82%
5.95%
5.20%
2.50%
10.85%
9.55%
8.48%
7.59%
6.83%
3.50%
12.48%
11.16%
10.07%
9.16%
8.39%
4.50%
14.05%
12.70%
11.59%
10.67%
9.88%
5.50%
15.56%
14.19%
13.06%
12.12%
11.31%
3.00%
3.00%
8.50%
IRR
19.86%
Rental Rate Growth
6.50%
7.50%
8.50%
9.50%
10.50%
22.50%
1.00%
2.00%
3.00%
5.00%
Operating Expense Growth 7.00%
6.00%
ut Cap Rate
8.00%
9.00%
10.00%