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<br /> <br /> <br />With MUPTEYear 1Year 2Year 10 <br /> <br /> <br />Rent Income$ 248,400 $ 250,884 $ 271,671 <br /> <br /> - Vacancy (5%)$ 12,420$ 12,544$ 13,584 <br /> <br /> <br /> = Effective Gross Rent$ 235,980 $ 238,340 $ 258,088 <br /> <br /> - Operating Exp$ 58,995$ 62,721$ 67,918 <br /> <br /> - Property Tax <br />$ (20,385)$ (20,793)$ (24,362) <br /> <br />(saved by MUPTE) <br /> <br /> = NOI$ 197,370 $ 196,412 $ 214,532 <br /> <br /> <br /> - Debt Service$ 165,291 $ 165,291 $ 165,291 <br /> <br /> = CF$ 32,079$ 31,121$ 49,241 <br /> <br />Cash on Cash Return 6%5%9% <br /> <br /> <br />Value$ 2,820,000$ 2,806,000$ 3,065,000 <br /> <br />dsc 1.19 <br /> <br /> <br />The Pro-Forma below shows that the project improves with the MUPTE. The debt service coverage is <br />1.19. The Cash on Cash return reaches 9% by year 10, only slightly below the market expectation. The <br />project valuation is 72% loan to value. <br /> \\Cesrv500\cc support\CMO\2011 Council Agendas\M110725\S1107253.doc <br />