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05 FINANCIALS / PROFORMA
<br />7.04%
<br />6.95%
<br />32
<br />Project: Creative Village Proforma Operations
<br />Scenario: 409 Units 14 Story January 25, 2018
<br />Residential Rental Income CURRENT STABILIZED
<br />Beds /Net # of Unit Rent /Rent /Dec-2017 Oct-2020
<br />#Unit Type Baths Sq Ft Units %'s SF / Mo DU / Mo Rent / Yr Rent / Yr
<br />Market
<br />0/1 412 84 20.5%3.20 1,320 1,330,560 1,475,885
<br />0/1 412 12 2.9%3.08 1,270 182,880 202,854
<br />0/1 522 11 2.7%2.67 1,395 184,140 204,252
<br />0/1 554 52 12.7%2.74 1,520 948,480 1,052,074
<br />0/1 525 14 3.4%2.70 1,420 238,560 264,616
<br />1/1 736 101 24.7%2.47 1,820 2,205,840 2,446,763
<br />1/1 1,004 1 0.2%2.01 2,020 24,240 26,888
<br />1/1 589 3 0.7%2.75 1,620 58,320 64,690
<br />1/1 760 1 0.2%2.46 1,870 22,440 24,891
<br />1/1 773 1 0.2%2.42 1,870 22,440 24,891
<br />2/2 1,080 53 13.0%2.43 2,620 1,666,320 1,848,317
<br />2/2 1,010 1 0.2%2.50 2,520 30,240 33,543
<br />2/2 1,081 50 12.2%2.52 2,720 1,632,000 1,810,248
<br />3/2 1,307 14 3.4%2.62 3,420 574,560 637,314
<br />3/2 1,307 11 2.7%2.62 3,420 451,440 500,747
<br />Totals - Market 305,067 409 100.0%n/a 797,705 9,572,460 10,617,971
<br />Averages - Market 746 n/a n/a 2.61 1,950 $1,950/DU/mo $2,163/DU/mo
<br />Other Income & Premiums CURRENT STABILIZED
<br />#Description Type #% of DUs $ / Mo Rent / Year Rent / Year
<br />50 12%50.00 30,000 33,277
<br />409 100%75.00 368,100 408,304
<br />50 12%25.00 15,000 16,638
<br />20 5%35.00 8,400 9,317
<br />20 5%45.00 10,800 11,980
<br />Totals - Unit Premiums 2,850 34,200 37,935
<br />Totals - Other Income 33,175 398,100 441,581
<br />Total Other Income & Premiums 36,025 432,300 479,516
<br />Effective Revenue CURRENT STABILIZED
<br />Per Mo Rent / Year Rent / Year
<br />Rental Revenue 797,705 9,572,460 10,617,971
<br />Other Income and Preimums 36,025 432,300 479,516
<br />Gross Potential Revenue 833,730 10,004,760 11,097,487
<br />Less: Vacancy (4.00%)(33,349) (400,190) (443,899)
<br />Less: Loss to Lease (1.00%)- - (106,536)
<br />Net Effective Revenue - Residential 800,381 9,604,570 10,547,051
<br />Operating Expenses CURRENT STABILIZED
<br />$ per DU $ per
<br />Description per Year Month Rent / Year Rent / Year
<br />Payroll (1,025)(34,935)(419,225)(465,013)
<br />General and Administrative (250)(8,521)(102,250)(113,418)
<br />Marketing (200)(6,817)(81,800)(90,734)
<br />B-1
<br />B-1 Alt
<br />B-3
<br />C-1
<br />C-2
<br />A-1
<br />A-1 Alt
<br />A-2
<br />A-2 Alt
<br />A-3
<br />S-1
<br />S-2
<br />S-2 Alt
<br />S-3
<br />S-4
<br />City/Skyline View
<br />Garage Parking
<br />Miscellaneous Other Income
<br />Floor Premium
<br />Pool/Courtyard Premium
<br />Other Income
<br />Other Income
<br />Unit Premiums
<br />Unit Premiums
<br />Unit Premiums
<br />Project: Creative Village Proforma Operations
<br />Scenario: 409 Units 14 Story January 25, 2018
<br />Utilities (650)(22,154)(265,850)(294,886)
<br />Turnover / Make Ready (250)(8,521)(102,250)(113,418)
<br />Repairs and Maintenance (250)(8,521)(102,250)(94,750)
<br />Contract Services (400)(13,633)(163,600)(181,469)
<br />Property Insurance (600)(20,450)(245,400)(272,203)
<br />Property Taxes (Cost Basis)(2,938)(100,125)(1,201,502)(1,284,359)
<br />Management Fee (3.00%)(704)(24,011)(288,137)(316,412)
<br />Total Operating Expenses (30.9% of Net Revenue)(7,267)(247,689)(2,972,264)(3,226,661)
<br />Residential Net Operating Income (NOI)CURRENT STABILIZED
<br />Per Mo Rent / Year Rent / Year
<br />Net Effective Revenue - Residential 800,381 9,604,570 10,547,051
<br />Less: Total Operating Expenses (30.9% of Net Revenue)247,689 (2,972,264)(3,226,661)
<br />Residential Net Operating Income ( NOI Res)1,048,069 6,632,305 7,320,390
<br />Commercial Operations CURRENT STABILIZED
<br />Per SF/Yr Per Mo Rent / Year Rent / Year
<br />Gross Potential Rents 35.00 18,958 227,500 244,377
<br />Other Income - - - -
<br />Gross Potential Rents 35.00 18,958 227,500 244,377
<br />Net Effective Revneue
<br />Reimbursements - Common Area Maint. (100%)4.13 2,237 26,845 29,630
<br />Reimbursements - Property Taxes (100%)3.37 1,824 21,885 17,911
<br />Total Reimbursements 7.50 4,061 48,730 47,542
<br />Gross Potential Revenue 42.50 23,019 276,230 291,919
<br />Less: Economic Vacancy (10.00%)(4.25) (2,302) (27,623) (29,192)
<br />Net Effecitve Revenue - Commercial 38.25 20,717 248,607 262,727
<br />Commercial Operating Expenses
<br />Common Area Maintenance (4.13) (2,237) (26,845) (29,630)
<br />Property Taxes (3.37) (1,824) (21,885) (19,762)
<br />Management Fee (3.00%)(1.15) (622) (7,458) (6,118)
<br />Total Operating Expenses (23% of Net Revenue)(8.64) (4,682) (56,189) (55,510)
<br />Commercial Net Operating Income 29.60 16,035 192,419 207,217
<br />Net Operating Income Per Month CURRENT STABILIZED
<br />Residential NOI (409 Dwelling Units)1,048,069 6,632,305 7,320,390
<br />Commercial NOI (6,500 Sq Ft)16,035 192,419 207,217
<br />Total Project Net Operating Income (NOI)1,064,104 6,824,724 7,527,608
<br />Replacement Reserves (200 / DU / Year)(81,800) (90,734)
<br />Investment Basis 107,300,000 107,300,000
<br />Yield on Cost 6.36%7.02%
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