MULTI - FAMILY STAT / PROFORMA SHEET

MANOR SOUTH APARTMENTS - 1200 S. 7-HWY

Reece & Nichols Realtors

City:

BLUE SPRINGS

State:

MO.

Zip

64014

BRICE BRADSHAW

Date:

31207

Listing Price:

$1,925,000

Phone:

913-219-7074

MLS No.

Fax:

913-901-6450

NUMBERS BASED ON ACTUALS

BILL HARGIS 913-901-6352

www.kccommercial.net

Unit Description

Current Rental Data

Market Rental Data

# of Units

# Bed

# Bath

Unit Rent

Mo. Rent

Yearly Rent

Unit Rent

Mo. Rent

Yearly Rent

1 1/2

$575

$6,900

$82,800

$575

$6,900

$82,800

1 1/2

$550

$3,300

$39,600

$560

$3,360

$40,320

$492

$2,460

$29,520

$500

$2,500

$30,000

$475

$4,750

$57,000

$500

$5,000

$60,000

$465

$1,395

$16,740

$500

$1,500

$18,000

$450

$2,700

$32,400

$500

$3,000

$36,000

TOTALS

$21,505

$258,060

TOTALS

$22,260

$267,120

PROFORMA

GROSS SCHEDULED INCOME:

$258,060

% GSI

$267,120

Less Vacancy and Credit Losses:

$12,903

5.0%

$13,356

Laundry and Other Income

$3,643

1.4%

$3,643

ADJUSTED GROSS INCOME (L6-(L7+L8)):

$248,800

% AGI

$257,407

Fire Alarm System and 3 Phone Lines

$3,276

1.3%

$3,276

Accounting, Office, Postage, Adertising, Misc.:

$2,750

1.1%

$2,750

Less Repair and Maintenance:

$22,046

8.9%

8.6%

$22,046

Insurance:

$7,110

2.9%

2.8%

$7,110

Less Management:

$17,161

7.0%

$17,763

Less Taxes:

$5,602

2.3%

2.2%

$5,602

Refuse

$2,160

0.9%

0.8%

$2,160

Electric

$3,004

1.2%

$3,004

Gas

$2,161

0.9%

0.8%

$2,161

Water & Sewer

$9,927

4.0%

3.9%

$9,927

Less Other:

Pool, Lawn, Snow, Etc.

$2,850

1.1%

$2,850

Total Expenses(sum L10 - L20):

$78,047

31.4%

30.6%

$78,649

Net Operating Income(L9 minus L21):

$170,753

$178,758

Less Annual Debt Service:

116,806

46.9%

45.4%

116,806

Net Income (Cash Flow) L22-L23):

53,947

61,951

CAP RATE (NOI ¸ PURCHASE PRICE):

8.87%

9.29%

RETURN ON INVESTMENT (NI ¸ DOWN):

14.01%

16.09%

Estimated Financing

Purchase Price:

$1,925,000

6.50%

:Interest

20%

Down:

$ 385,000

:Years Amortized

Amount Financed:

$1,540,000

$ 9,733.85

:P&I Monthly Payment

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.

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.