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
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 ß         ß
6          GROSS SCHEDULED INCOME: $258,060   % GSI % GSI   $267,120
7        Less Vacancy and Credit Losses: $12,903 ¬ 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   % AGI % AGI   $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         $178,758
23 Less Annual Debt Service: 116,806 ¬ 46.9% 45.4% ® 116,806
24 Net Income (Cash Flow) L22-L23): 53,947 61,951
25 CAP RATE (NOI ¸ PURCHASE PRICE): 8.87% 9.29%
26 RETURN ON INVESTMENT (NI ¸ DOWN): 14.01% 16.09%
           Estimated Financing              
Purchase Price: $1,925,000 6.50% :Interest      
20%  Down:  $          385,000 30 :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.