Please fill out the rest

Please fill out the property pro forma (last picture)

Your investment firm is considering acquiring a 76-unit, 43,548 rentable-square-foot multifamily property in Phoenix, Arizona (Arcadia Gardens). The Asking Price is $9.775 million, which equates to $128,618 per apartment unit and $225 per rentable square foot. Comparable properties have sold for median figures of $120,000 per unit and $157 per rentable square foot. The previous owner of Arcadia Gardens spent $3.5 million on a renovation, during which the entire property was closed. It began leasing again in early 2017 upon completion of the renovation, but the previous owner offered below-market rents to achieve 100% occupancy within six months. Your firm believes that it can raise rents to close to market rates, reduce bad debts and tenant concessions, and boost utility reimbursements, all of which will result in annual Effective Gross Income (EGI) growth of 5-6% rather than 2-3% over a 4-year period. Your firm will spend a modest amount on CapEx in Years 1, 2, 3, and 4, spend more on sales & marketing, and accept an eventual Occupancy Rate of 97%, down from 100% currently. Property and Operating Assumptions: # of Units: 76 with average size of 573 square feet; 80% Rentable to Gross Square Feet Parking: 1.13 spots per apartment unit Property Taxes: 0.68% of acquisition price; 2% annual growth Management Fee: 3.0% of Effective Gross Income FY 19 FY 18 3.5% FY 20 3.5% FY 21 3.0% FY 22 3.0% FY 23 3.0% 3.5% 7.5% 5.0% 2.5% 1.0% 1.0% 1.0% (3.0%) (2.0%) (2.0% (1.0% (1.0%) (1.0%) Rental and Parking Income Growth In-Place Rent Discount to Market Rent Bad Debt & Concessions % Effective Rent Utility Reimbursement % Total Utilities General Vacancy Operating Expense Growth Sales, Marketing & Administrative % EGI CapEx per Unit per Year 83.0% 86.0% 89.0% 92.0% 95.0% 95.0% (1.0%) 3.0% (2.0%) 3.0% (3.0%) 3.0% (3.0% 3.0% (3.0%) 3.0% (3.0%) 3.0% 20.0% 19.2% $500 19.4% $1,000 19.6% $750 19.8% $0 20.0% $200 $0 For the baseline revenue and expense figures, use the hard-coded numbers that have already been entered for FY 17 in the Excel template. Acquisition & Exit Assumptions: Assume an acquisition price of $9.775 million, with acquisition costs of 1.0% and loan issuance fees of 1.0%. Assume Replacement Reserves of $19,000 in the initial acquisition and that any Reserves remaining upon exit are sold back to the new owner. Arcadia Gardens - Investment Analysis Model ($ USD in $ as stated, Unless otherwise Noted) Property Assumptions: Units: Units: Name Building / Construction Name: Location: Months in Year: Arcadia Gardens Phoenix, AZ Property Taxes % Property Value: Property Management Fee % EGI: 0.68% 2.00% Name sq. ft. Rentable Square Footage (RSF): Rentable to Gross Square Feet Ratio: Gross Square Footage (GSF): 43,548 sq. ft. 80.0% 76 Number of Apartment Units: Average Rentable Square Feet per Unit: Parking Spots per Unit: Parking Spots: sq.ft. sq. ft. 43,548 sq. ft. 1.13 86 Acquisition and Exit Assumptions: Units: Units: Date Date $ 2017-12-31 9,775,000 2022-12-31 6.00% Acquisition Date: Acquisition Price: Implied Going-In Cap Rate: Acquisition Price per Unit: Acquisition Price per RSF: Exit Date: Exit Cap Rate: Exit Price: Exit Price per Unit: Exit Price per RSF: $/ Unit $ / sq.ft. $ / Unit $/ sq.ft. Selling Costs (% Gross Sale Price): % 2.0% Acquisition Costs (% Gross Acquisition Price): Loan Issuance Fees (% Senior Debt): 1.0% 1.09 Acquisition Loan-to-Value (LTV) Ratio: Loan Interest Rate: Loan Amortization Period: Loan Maturity: 65.0% 5.0% 30 # Years # Years Sources and Uses of Funds: Sources of Funds: Uses of Funds: 9,775,000 Senior Debt: Investor Equity Total Sources: Acquisition Price: Acquisition Costs: Loan Issuance Fees: Replacement Reserves: Total Uses: 19,000 9,989,500 $ Historical: Projected: Stabilized Operating Assumptions: Units: FY17 FY18 FY19 FY20 F Y21 FY22 Year: 1.78 Market Rent per RSF per Month: In-Place Rent per RSF per Month: $/RSF / Mo. $ / RSF / Mo. 1.60 Rental & Parking Income Growth Rate: In-Place Rent Discount to Market Rent: 3.5% 7.5% 3.5% 5.0% 3.5% 2.5% 3.0% 1.0% 3.0% 1.0% 3.0% 1.0% 10.0% Bad Debt & Concessions % Effective Rent: (3.0%) (3.0%) (2.0%) 2.0% 1.0% 1.0% 1.0% $ / Spot / Mo. Parking Fees per Spot per Month: Utility Reimbursements % Utility Expense: General Vacancy: 50.00 80.0% 83.0% (1.0%) 86.0% (2.0%) 89.0% (3.0%) 92.0% (3.0%) 95.0% (3.0%) 95.0% (3.0%) $ / GSF / Yr. $ / Unit / Mo. Insurance per Gross Square Foot per Year: Utilities per Unit per Month: Sales, Marketing & Administrative % EGI: Replacement Reserves per Unit per Year: 0.40 85.00 19.0% 250.00 19.2% 19.40 19.6% 19.8% 20.0% 20.0% $ / Unit / Yr. Property Tax Growth Rate: Operating Expense Growth Rate: Capital Expenditures per Unit per Year: $/ Unit / Yr. - 500.00 1,000.00 750.00 - 200.00 . Replacement Reserves: Fiscal Year: Year 2017 2018 2019 2020 2021 2022 2023 Historical: FY171 Property Pro-Forma: Units: FY18 Projected: FY20 FY19 Stabilized Year: FY21 FY22 Revenue: (+) Base Rental Income: (-) Loss to Lease: (-) Bad Debt & Concessions: (+) Parking Income: (+) Utility Reimbursements: Potential Gross Revenue: (-) General Vacancy: Effective Gross Income (EGI): EGI Growth Rate: Kununun N/A Historical: FY17 Stabilized Year: Property Pro-Forma: Projected: FY20 Units: L FY18 FY19 FY21 FY22 Revenue: (+) Base Rental Income: (-) Loss to Lease: (-) Bad Debt & Concessions: (+) Parking Income: (+) Utility Reimbursements: Potential Gross Revenue: (-) General Vacancy: Effective Gross Income (EGI): EGI Growth Rate: Expenses: (-) Property Taxes: (-) Insurance: (-) Utilities: (-) Property Management Fee: (-) Sales, Marketing & Administrative: (-) Replacement Reserves: Total Expenses: Net Operating Income (NOI): NOI Margin: (-) Capital Expenditures: (+) Capital Costs Paid from Reserves: Adjusted Net Operating Income: Adjusted NOI Margin: (-) Interest Expense on Debt: (-) Debt Principal Repayment: Cash Flow to Equity Investors: Ending Debt Balance: Debt Yield