Crosswinds Apartments

Crosswinds Apartments | OFFERING MEMORANDUM

HISTORICAL & PRO FORMA CASH FLOW

TRAILING 12 MONTHS ANNUALIZED CASH FLOW

PROJECTED CASH FLOW

OPERATING REVENUE

T12 ACTUAL

T1 ANNUALIZED

PRO FORMA YEAR 1

Nov-21

Per Unit

%

Nov-21

Per Unit

%

May-23

Per Unit

%

Notes

Potential Market Rent

$ 1,185,017 ($ 19,491) $ 1,165,526

$ 10,872

100.00% (1.64%) 98.36% (0.57%) (0.09%) (0.16%) 97.54% 9.63% 7.48% 17.11% 114.65% 7.96% 0.01% 1.33% 1.51% 11.42% 0.78% 3.48% 1.21% 2.40% 6.16% 2.21% 2.95% 3.93% 9.83% 55.16%

$ 1,241,388 ($ 54,084) $ 1,187,304

$ 11,389

100.00% (4.36%) 95.64% (0.80%) (0.29%) (0.15%) 94.40% 9.19% 4.76% 13.95% 108.36% 5.27% 0.01% 1.34% 1.53% 11.53% 0.79% 2.03% 1.22% 2.42% 6.22% 2.23% 2.98% 3.97% 3.00% 44.53%

$ 1,398,852

$ 12,834

100.00%

(1) (2)

(Loss to Lease) / Gain to Lease

($ 179)

($ 496)

-

-

-

Gross Potential Revenue

$ 10,693

$ 10,893

$ 1,398,852 ($ 13,989)

$ 12,834

100.00% (1.00%)

Vacancy

($ 6,702) ($ 1,100) ($ 1,860)

($ 61) ($ 10) ($ 17)

($ 9,936) ($ 3,600) ($ 1,860)

($ 91) ($ 33) ($ 17)

($ 128)

(3) (4) (5)

Concessions

-

-

-

Collection Loss / Bad Debt

($ 2,225)

($ 20)

(0.16%) 98.84% 8.38% 4.35% 12.73% 111.57% 4.68% 0.01% 1.19% 1.36% 10.24% 0.70% 1.80% 1.08% 2.15% 5.52% 1.98% 2.65% 3.49% 3.00% 39.83%

Base Rental Revenue

$ 1,155,864 $ 114,123 $ 88,631 $ 202,754 $ 1,358,618

$ 10,604 $ 1,047

$ 1,171,908 $ 114,123 $ 59,084 $ 173,207 $ 1,345,115

$ 10,751 $ 1,047

$ 1,382,639 $ 117,263 $ 60,857 $ 178,120 $ 1,560,758

$ 12,685 $ 1,076

Expense Reimbursements Other Residential Income

(6) (7)

$ 813

$ 542

$ 558

Other Income

$ 1,860 $ 12,464

$ 1,589 $ 12,341

$ 1,634 $ 14,319

EFFECTIVE GROSS REVENUE

YEAR1PROFORMA

OPERATING EXPENSES Repair & Maintenance

T12ACTUAL

BUYERADJUSTED EXPENSES

$ 108,086

$ 992

$ 70,850

$ 650

$ 72,976

$ 670

(8) (9)

Contract Services

$ 125

$ 1

$ 125

$ 1

$ 129

$ 1

Security

$ 18,025 $ 20,554 $ 155,132 $ 10,637 $ 47,266 $ 16,408 $ 32,544 $ 83,627 $ 29,976 $ 40,094 $ 53,376 $ 133,563 $ 749,413

$ 165 $ 189

$ 18,025 $ 20,554 $ 155,132 $ 10,637 $ 27,250 $ 16,408 $ 32,544 $ 83,627 $ 29,976 $ 40,094 $ 53,376 $ 40,353 $ 598,951

$ 165 $ 189

$ 18,566 $ 21,171 $ 159,786 $ 10,956 $ 28,068 $ 16,900 $ 33,520 $ 86,136 $ 30,875 $ 41,297 $ 54,444 $ 46,823 $ 621,645

$ 170 $ 194

(10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21)

Landscaping / Grounds

Personnel

$ 1,423

$ 1,423

$ 1,466

Marketing / Advertising Administrative Expenses

$ 98

$ 98

$ 101 $ 258 $ 155 $ 308 $ 790 $ 283 $ 379 $ 499 $ 430

$ 434 $ 151 $ 299 $ 767 $ 275 $ 368 $ 490

$ 250 $ 151 $ 299 $ 767 $ 275 $ 368 $ 490 $ 370

Electricity

Fuel (Gas & Oil) Water & Sewer Other Utilities

Insurance

Real Estate Taxes

Property Management Fee TOTAL OPERATING EXPENSES

$ 1,225 $ 6,875

$ 5,495

$ 5,703

NET OPERATING INCOME Net Operating Income (Bef. Reserves)

$ 609,205 $ 29,975 $ 579,230

$ 5,589

44.84% 2.21% 42.63%

$ 746,164 $ 29,975 $ 716,189

$ 6,846

55.47% 2.23% 53.24%

$ 939,113 $ 29,975 $ 909,138

$ 8,616

60.17% 1.92% 58.25%

Replacement Reserves

$ 275

$ 275

$ 275

(22)

NET OPERATING INCOME (Aft. Reserves)

$ 5,314

$ 6,571

$ 8,341

| FINANCIAL ANALYSIS

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