Page 140 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

03 GUARDIAN PLACE
VALUATION
GUARDIAN PLACE II VALUATION SUMMARY

VALUATION SUMMARY PROPERTY ASSUMPTIONS LOSS RATES
AGGRESSIVE TARGET BASE Total SF 72,242 SF GENERAL VACANCY
Units 115 units Year 1 & Thereafter 2.00%
CAP RATE: 4.00% 4.15% 4.30%
PURCHASE PRICE: $12,690,000 $12,231,000 $11,804,000 Average Unit Size 628 SF CONCESSIONS
Average Market Rent $933
PRICE PER UNIT: $110,350 $106,360 $102,640 Year 1 0.73%
Avgerage Market Rent PSF $1.49 Year 2 & Thereafter 0.31%
PRICE PER SF: $176 $169 $163
CASH-ON-CASH (5 YR. AVG): 6.41% 6.89% 7.36%
REVENUE GROWTH RATES BAD DEBT
UNLEVERED IRR (7 YR.) 7.41% 7.61% 7.80% Year 1 & Thereafter 0.15%
LEVERED IRR (7 YR.) 13.75% 14.22% 14.69% MARKET RENT GROWTH RATES
YEAR 1 NOI: $507,582 $507,582 $507,582 Year 1 5.00% EXPENSE GROWTH RATES
IN-PLACE Year 2 4.00% Controllable 2.00%
IN-PLACE NOI: $464,728 $464,728 $464,728 Year 3 & Thereafter 3.00% Insurance 2.00%
Taxes 2.00%
IN-PLACE CAP RATE: 3.66% 3.80% 3.94%
OTHER INCOME GROWTH RATES
T3 MANAGEMENT FEE 4.00%
T3 NOI: $484,957 $484,957 $484,957 Year 1 & Thereafter 2.00%
T3 CAP RATE: 3.82% 3.96% 4.11% REPLACEMENT RESERVES
2022 BUDGET Year 1 & Thereafter $250
REAL ESTATE TAXES
2022 BUDGET NOI: $469,202 $469,202 $469,202
Reassessment Ratio 90%
2022 BUDGET CAP RATE: 3.70% 3.84% 3.97% SUMMARY OF FINANCING
2021 ACTUALS Millage Rate 1.2000% Initial Loan Amount $7,950,150
2021 ACTUALS NOI: $619,526 $619,526 $619,526 Real Estate Tax Growth 2.00% Loan-to-Value 65%
(Year 2 & Thereafter)
2021 ACTUALS CAP RATE: 4.88% 5.07% 5.25%
Millage Rate Annual Growth 1.00% Interest Rate 3.00%
Years Interest Only 4 Years

PRICING ASSUMPTIONS Amortization Period 30 Years
Target Cap Rate 4.15% Loan Term 7 Years
Terminal Cap Rate Spread 0.35% Loan Source
Terminal Cap Rate 4.50% Year 1 DSCR 1.26x
Cost of Sale 2.00% Debt Yield 6.38%

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