Page 57 - Property Summary Guardian Place 1 12 2022 Reduced File - With Cover Pages
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Executive Summary
Executive Summary
Property Name Guardian Place II
Location 3840 Mastin Lane, Richmond, Virginia 23230
Client Reference Number 18-001037-0001
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 3.36 AC 146,362 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 84,848 SF
Net Rentable Area 63,048 SF
Number of Units 115
Average Unit Size 548 SF
Year Built 2000 Renovated: 0
Condition Good
Financial Indicators
Current Occupancy 94.8%
Stabilized Occupancy 96.0%
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 $1,234,125 $10,732
Operating Expenses $720,922 $6,269
Expense Ratio 58.42%
Net Operating Income $513,203 $4,463
Guardian Place II, Richmond, Virginia
