APOD Assignment $1/30/25$

Your client is interested in purchasing for all cash, Garden Park Apartments, a $100-$unit apartment complex in Milford, CT$.$ There are $50$ one$-$bedroom units and $50$ two$-$bedroom units. $47$ onebedroom units are currently rented at $$1,500$ per month and $45$ two$-$bedroom units at $$2,100$ per month. Market rent for one $-$bedroom units is $$1,700$ per month and two$-$bedrooms rents are $$2,500$ per month. All rents are plus utilities.

The market vacancy rate is about $4\mathrm{.}5\%.$ The property generates laundry income of $$20.$per month per occupied unit.

Operating Expenses are:

RE Taxes $$2,500$ per unit per year, personal property tax is a total of $$3,100$ per year.

Property insurance is $$145\mathrm{.}00$ per unit.

Property Management is $5\%$ of Gross operating income.

Payroll is $$50,000$ per year; Expense benefits are $$12,000$ and payroll taxes are $30\%$ of payroll.

Repairs and Maintenance is $$175$ per unit per year.

Water is $$1,200$ quarterly, sewer tax is $$800$ semi$-$annually, common area electric is $$750$ per month, Common area Gas Heat is $$560$ per month October to April and $$150$ May to September.

Legal fees and accounting run about $$5,500$ per year

The elevator permit is $$450.$

Advertising runs about $$3,100$ per year.

Supplies run about $$50$ per unit per year.

Snow removal averages about $$20,000$ per year, Ground care runs about $$75,000$ per year.

Elevator Contract is $$2,500$ per quarter.

What is the NOI at the end of year one?

Do an APOD form, NO Cash flow Analysis form or Cash Sale Work sheet at this timehi