Page 10 - Property Summary Guardian Place 1 12 2022 Reduced File - With Cover Pages
P. 10
Executive Summary
Executive Summary
Property Name Guardian Place I
Location 1620 North Hamilton Street, Richmond, Virginia
23230
Client Reference Number 18-001036-001
Highest and Best Use
As If Vacant Apartment
As Improved Apartment
Property Rights Appraised Leased Fee Interest
Date of Report May 23, 2018
Date of Inspection May 9, 2018
Estimated Exposure Time 6 Months
Estimated Marketing Time 6 Months
Land Area 3.21 AC 139,828 SF
Zoning B-3 General Business District
Improvements
Property Type Apartment (Multi-family Senior Housing)
Number of Buildings 1
Number of Stories 4
Gross Building Area 84,904 SF
Net Rentable Area 63,048 SF
Number of Units 121
Average Unit Size 521 SF
Year Built 1994 Renovated: 0
Condition Good
Financial Indicators
Current Occupancy 99.2%
Stabilized Occupancy 97.0%
Stabilized Credit Loss 0.5%
Overall Capitalization Rate - As Is 6.25%
Overall Capitalization Rate - Hypothetical Market Rate 6.25%
Pro Forma Operating Data Total Per Unit
Effective Gross Income $1,125,430 $9,301
Operating Expenses $674,717 $5,576
Expense Ratio 59.95%
Net Operating Income $450,714 $3,725
Guardian Place I, Richmond, Virginia
