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<br /> <br />With MUPTEYear 1Year 2Year 10 <br /> <br /> <br />Rent Income$ 1,214,400$ 1,226,544$ 1,328,171 <br /> <br /> - Vacancy (5%)$ 60,720$ 61,327$ 66,409 <br /> <br /> <br /> = Effective Gross Rent$ 1,153,680$ 1,165,217$ 1,261,763 <br /> <br /> - Operating Exp$ 288,420 $ 306,636 $ 332,043 <br /> <br /> - Property Tax <br />$ (135,935)$ (138,654)$ (162,455) <br /> <br />(saved by MUPTE) <br /> <br /> = NOI$ 1,001,195$ 997,235 $ 1,092,175 <br /> <br /> - Debt Service$ 848,135 $ 848,135 $ 848,135 <br /> <br /> <br /> = CF$ 153,060 $ 149,100 $ 244,040 <br /> <br />Cash on Cash Return 5%5%8% <br /> <br />Value$ 13,810,000$ 13,755,000$ 15,064,000 <br /> <br /> <br />dsc 1.18 <br /> <br />The Pro-Forma above shows that the project improves with the MUPTE. The debt service coverage is <br />1.18. The Cash on Cash return reaches 8% by year 10, only slightly below the market expectation. The <br />project valuation is 72% loan to value, which is similar to loan to value ratios currently in the market. <br /> \\Cesrv500\cc support\CMO\2011 Council Agendas\M110509\S1105094and atts A-C and F-G.doc <br />