Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Residential Apartment Building 138 units Apartment Breakdown Monthly Rent (36) Studios $ 750.00 (48) 1 Bedrooms 1,500.00 (42) 2 Bedrooms 2,200.00 (12) 3 Bedrooms
Residential Apartment Building 138 units Apartment Breakdown Monthly Rent (36) Studios $ 750.00 (48) 1 Bedrooms 1,500.00 (42) 2 Bedrooms 2,200.00 (12) 3 Bedrooms 2,700.00 Closing Costs: 2.5% of Purchase Price Vacancy: 3% of Gross Potential Rent Loan Constant: 6.5% Ordinary Income Tax Rate: (Based on a 30 year amortization) 28% Capital Improvements: $213,000 Real Estate Taxes 187,000 Insurance 73,000 Annual Debt Service 1,337,213 Payroll and Payroll Taxes 185,000 Union Benefits 37,500 Utilities 78,000 Repairs 150,000 Supplies 30,000 Legal and Accounting 25,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started