MULTI - FAMILY STAT / PROFORMA SHEET

Property Address:

The Sheffield

Reece & Nichols Realtors

City:

Kansas City

State:

Zip

BRICE BRADSHAW

Date:

Listing Price:

$1,850,000

Phone:

913-901-6305

MLS No.

Fax:

913-901-6450

Directions:

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

$500

$18,500

$222,000

$525

$19,425

$233,100

1 1/2

$525

$3,150

$37,800

$550

$3,300

$39,600

$400

$1,200

$14,400

$425

$1,275

$15,300

$350

$700

$8,400

$375

$750

$9,000

TOTALS

$23,550

$282,600

TOTALS

$24,750

$297,000

PROFORMA

GROSS SCHEDULED INCOME:

$282,600

% GSI

$297,000

Vacancy and Credit Losses:

$14,130

5.0%

$14,850

Other Income:

$3,400

1.2%

1.1%

$3,400

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

$271,870

% AGI

$285,550

Accounting and Legal:

$800

0.3%

$800

Advertising:

$500

0.2%

$500

Repair and Maintenance:

$19,200

7.1%

6.7%

$19,200

Insurance:

$13,000

4.8%

4.6%

$13,000

Management:

$21,478

8.0%

$22,572

Taxes:

$29,419

10.8%

10.0%

$28,673

Refuse:

$3,800

1.4%

1.3%

$3,800

Internet:

$960

0.4%

0.3%

$960

Gas:

$1,600

0.6%

$1,600

Electric, Water and Sewer:

$26,400

9.7%

9.2%

$26,400

Other:

Pool and Pest Control:

$2,000

0.7%

$2,000

Total Expenses(sum L10 - L20):

$119,157

43.8%

41.9%

$119,505

Net Operating Income(L9 minus L21):

$152,713

$166,045

Less Annual Debt Service:

115,191

42.4%

40.3%

115,191

Net Income (Cash Flow) L22-L23):

37,522

50,854

CAP RATE (NOI ¸ PURCHASE PRICE):

8.25%

8.98%

RETURN ON INVESTMENT (NI ¸ DOWN):

10.14%

13.74%

Estimated Financing

Purchase Price:

$1,850,000

6.75%

:Interest

20%

Down:

$ 370,000

:Years Amortized

Amount Financed:

$1,480,000

$ 9,599.25

:P&I Monthly Payment

Description:

Sheffield is a two and one half story garden style complex featuring four buildings with a total of 48 units. The property has a brick veneer exterior with mansards, most of which were replaced in the last year. The apartments are spacious with mini-blinds, central air and heat, secure entrances, large closets, a private balcony or patio and 30-gallon hot water heaters in each unit. The complex features a swimming pool and courtyard, wireless internet, laundry facilities, storage lockers, attractive well light hallways and off-street parking. Each unit is individually metered for gas and electric service with common water. Sheffield was built in 1967 and is in great shape with many capital improvements recently completed. Each unit has been updated as needed over the last 18 months. The Sheffield has strong rental demand and excellent tenants.

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.