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Waterfall Court Apartments $-$ Summary Description

Name of Property

Waterfall Court Apartments

Location

Suburbia, USA

Improvement Description

A $232-$unit garden apartment community loacted on a major north$-$south aterial road.

The property was well constructed with a high level of amenities, including $100\%$

direct$-$access garages. All Buildings are two$-$story construction with $90\%$

Land Area Density:

$15$ acres$/15\mathrm{.}5$ units

Unit mix:

$1$ 'bedroom $-1$ bath

$104$ units

brick exteriors.

$2$ bedrooms $-2$ baths

$128$ units

Age:

Seven years old

Average monthly rent:

$$

Gross Potential Rental Income $($GPRI$)$

Less: Loss to Lease$*.$

Gross Rental Income

Less: Vacancy and Collection Loss

Concessions and Adjustments

Net Rental Income

Add:

Other Income

Recovery of expenses from tenants

Total Income

Less:

Operating and Leasing Expenses

CAPEX$/$Improve Allowance

Net Operating Income $($NOI$)$

$\backslash$table$[[0,88\frac{\text{\$}}{?}$ sq$],[$$$2,465,650$

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Direct Cap and DCF Anaysis Exercise for Income Valuation

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U$9$

$=$U$6-$U$7-$U$8$

Basic Summary Example

APOD $($annual Property Oper. Dat

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$141$

Total $($Gross Operating$)$

Operating Expenses

$($Marketing Included$)$

Net Operating Income

Acquisition Cap Rate

Acquisition Value

Notes: Add Cap Rate; Acquisition Value uses Cap Rate and Direct Cap Formula Make sure to account for differences in Acquisition and Disposition Cap Rates $-$why is there generally a difference and which one is generally higher?

Disposition $($Terminal$)$ Cap Rate

Projected Sale Value $($Price$)$

using Direct Cap Method Enter Direct Cap Formula Yourself

Internal Rate of Return $($IRR$,$ or Yield$)$

Enter Direct Cap Formula Yourself

$0\mathrm{.}00\%$

$($after midterm$)$

Basic Summary Example

APOD $($Annual Property Oper. Dat

DCF Valuation

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