fountain plaza apartments -...
TRANSCRIPT
Each office is independently owned and operated.
Sponsored By:
Each office independently owned and operated
Fountain Plaza Apartments 900 E Ohio Street | Clinton, MO 64735
CHUCK [email protected]
RE/MAX TRUMAN LAKE COMMERCIAL5 NE 91 RoadClinton, MO 64735(660) 525-0393www.remaxcommercial.com
Table of Contents
Investment Details .................................................................................... 3
Property Description ................................................................................ 4
Pro Forma Summary ................................................................................ 5
Cash Flow Analysis .................................................................................. 7
Loan Analysis ........................................................................................... 8
Rent Roll Oct 17 ........................................................................................ 9
Property Photos ........................................................................................ 10
INVESTMENT DETAILS900 E Ohio Street | Clinton, MO 64735
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
Analysis
Analysis Date October 2017
Property
Property Fountain Plaza Apartments
Property Address 900 E Ohio StreetClinton, MO 64735
Year Built 1972
Financial Information
Down Payment $220,000
Purchase Information
Property Type Residential
Purchase Price $1,125,000
Units 25
Total Rentable Sq. Ft. 30,400
Loans
Type Debt Term Amortization Rate Payment LO Costs
Balloon $880,000 3 years 20 years 5.25% $5,930
Income & Expenses
Gross Operating Income $140,501
Monthly GOI $11,708
Total Annual Expenses ($47,970)
Monthly Expenses ($3,998)
Contact Information
Chuck Gray
6605250393
P. 3
PROPERTY DESCRIPTION900 E Ohio Street | Clinton, MO 64735
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
Seller's business model is to buy distressed or miss managed product, rehab, remodel, update or whatever isnecessary, stabilize the product and seller finance. Or take cash but prefers financing.
$50,000 spent in improvements in last 14 months. All units move in ready and updated. 25-units Garden style 2-story. 3-buildings, 2.1 acres.All steel & concrete construction Built in 197231,200 leasable sq. ft. 24-units 2-bedroom 1-bath, 1,200 sq. ft. +/-, walk in closets, patios, 1-Unit 3-bedroom 2-bath, 2,400 sq. ft. +/-All HVAC units replaced in 2009Rubber roof 12-years old +/-Vacancy proforma at 12%Market occupancy rate 95% Excellent location on main thoroughfare 8,000 cars per day Trade area Demographics trade area population of 103,000.
Clinton is located on the Harry S Truman Reservoir , the last and largest Corp lake built. Marinas/boat ramps. TrumanLake is a Army Corp of Engineer Lake consisting of 55,000 acres surface water 950 miles of shoreline, surrounded by110,000 acres of public use land. Truman Lake and Lake of the Ozarks join at the dam in Warsaw MO. 80 miles southof Kansas City MO and 90 north of Springfield MO
P. 4
PRO FORMA SUMMARY900 E Ohio Street | Clinton, MO 64735
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
INCOME
Description Actual Per Unit
Gross Potential Rent $159,660 $6,386
Less: Vacancy ($19,159) ($766)
Effective Gross Income $140,501 $5,620
OPERATING EXPENSES
Description Actual Per Unit
Accounting $400 $16
Advertising $500 $20
Building Insurance $10,676 $427
Maintenance Reserves $12,000 $480
Management Fees $12,000 $480
Taxes - Real Estate $8,394 $336
Utility - Electricity $1,850 $74
Utility - Water $2,150 $86
Total Expenses ($47,970) ($1,919)
NET OPERATING INCOME $92,531 $3,701
P. 5
PRO FORMA SUMMARY900 E Ohio Street | Clinton, MO 64735
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
UNIT MIX & ANNUAL SCHEDULED INCOME
Type Units Actual Total TOTALS 25 $159,660
ANNUALIZED INCOME Description Actual
Gross Potential Rent $159,660Less: Vacancy ($19,159)Effective Gross Income $140,501Less: Expenses ($47,970)Net Operating Income $92,531Debt Service ($71,158)Net Cash Flow after Debt Service $21,373Principal Reduction $25,567Total Return $46,940
ANNUALIZED EXPENSES Description Actual
Accounting $400Advertising $500Building Insurance $10,676Maintenance Reserves $12,000Management Fees $12,000Taxes - Real Estate $8,394Utility - Electricity $1,850Utility - Water $2,150Total Expenses $47,970Expenses Per RSF $1.58Expenses Per Unit $1,919
INVESTMENT SUMMARY
Price: $1,125,000
Year Built: 1972
Units: 25
Price/Unit: $45,000
RSF: 30,400
Price/RSF: $37.01
Lot Size: 2.10 acres
Cap Rate: 8.22%
GRM: 7.05
FINANCING SUMMARY
Loan Amount: $880,000
Down Payment: $220,000
Loan Type: Balloon
Interest Rate: 5.25%
Term: 3 years
Monthly Payment: $5,930
DCR: 1.3
P. 6
CASH FLOW ANALYSIS900 E Ohio Street | Clinton, MO 64735
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection byand/or with the appropriate professionals.
Description Year 1 Year 2 Year 3
GROSS SCHEDULED INCOME $159,660 $159,660 $159,660
General Vacancy ($19,159) ($15,966) ($12,773)
Total Operating Expenses ($47,970) ($47,970) ($47,970)
NET OPERATING INCOME $92,531 $95,724 $98,917
Loan Payment ($71,158) ($71,158) ($71,158)
NET CASH FLOW (b/t) $21,373 $24,566 $27,759
Cash On Cash Return b/t 9.71% 11.17% 12.62%
* b/t = before taxes;a/t = after taxes
P. 7
LOAN ANALYSIS900 E Ohio Street | Clinton, MO 64735
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection byand/or with the appropriate professionals.
Description Year 1 Year 2 Year 3
LOAN 1
Debt Service Analysis
Principal Payments $25,567 $26,942 $28,391
Interest Payments $45,591 $44,216 $42,767
Total Debt Service $71,158 $71,158 $71,158
Balloon/Retirement $0 $0 $799,099
Principal Balance Analysis
Beginning Principal Balance $880,000 $854,433 $827,490
Principal Reductions $25,567 $26,942 $28,391
Ending Principal Balance $854,433 $827,490 $0
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