Archive for the ‘TOPEKA FINANCIALS’ Category

TOPEKA FINANCIALS!! Saturday, February 28th, 2015

RENTS & TENANTS:

1) $1,150     since     2010………..dental assistant

2) $1,250    since     2012………..lawyer

3) $1,395    since     2014………..law student

4) $1,394    since     2015………..scientist

5) $1,095    since     2007………..law enforcement

6) $1,255    since     2012…………hospitality industry

TOTAL MONTHLY RENTS……………. $7,539

TOTAL ANNUAL RENTS………………..$90,468

A TOTAL OF SEVEN RESIDENTS LIVE IN THE APARTMENT BUILDING….

All units are rented and are on a month to month basis.

 

With purchase price of $1,291,000……………GRM(gross rent multiplier)     14.2

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PROFIT & LOSS STATEMENT:

RENTAL REVENUE………………………..$90,468

VACANCY FACTOR(3%)………………………..$2,714

AUTO TRAVEL………………………………………   896

CLEANING & MAINT. ……………………………    645

INSURANCE …………………………………………2,386

LEGAL & PRFESSIONAL ………………………….   120

TAXES ………………………………………………… 6,702

REPAIRS …………………………………………….   2,819

SUPPLIES ……………………………………………….. 30

UTILITIES …………………………………………..   2,227

OTHER ……………………………………………………950

TOTAL EXPENSES………………………………….  19,489

PROFIT…………………………………………$70,979*

*before income tax, depreciation and debt service. Also, these figures were derived from the owner and are approximate. Precise figures according to owner’s schedule E Form 1040 will be updated shortly. Also, owner was a hands on manager and expenses under new management may vary.

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PRO FORMA P&L STATEMENT & PURCHASE AT LIST PRICE:

Assumptions:

1) All units rented at market ($1,400)

2) Purchase at full price with 25% cash down payment.

3) Loan at 4%, interest portion only.

Purchase Price…………………………………………………………..$1,291,000

Cash Down Payment(25%)……………………….322.750

Loan………………………………………………………968,250

Annual Interest Expense on Loan(4%)………..38,730

Rental Revenue at market($1,400 per unit)……………..$100,800

Expenses;

Property Tax (1.25% of purchase price………………………….16,137

Vacancy Factor………………………………………………………….  3,024

Auto & Travel…………………………………………………………….     896

Cleaning & Maint. ………………………………………………………     645

Insurance…………………………………………………………………   2,386

Legal & Professional……………………………………………………..   120

Repairs ………………………………………………………………………2,819

Supplies……………………………………………………………………        30

Utilities …………………………………………………………………….  2,227

Other………………………………………………………………………..      950

Interest Expense on Loan……………………………………………38,730

 

Total Expenses………………………………………………………………..$67,964

 

PRO FORMA PROFIT………………………………………….$32,836*

*Before income tax and depreciation.

 

PRO FORMA GRM………………..12.8

PRO FORMA RETURN ON CASH……… 10.2%

PRO FORMA CAP RATE……….. 5.54%

Information was derived from seller. Information is believed to be reliable but it was not verified or guaranteed. Leases, Certificates of estoppel and other desired documentation will be provided during contingency and due diligence period of contract.

 

 QUESTIONS: Contact me, Luciano.

DALMATIANREALTY@YAHOO.COM

408-482-3438

dalmatianrealty@yahoo.com  

IT’S MY PLEASURE TO SERVE!!