Page 10 - danville

Green Meadows | Danville, IL

Net Operating Income & Value //
OPERATING HISTORY AND PROFORMA

2016 FYE 2017 FYE Post Rehab Value //
Annual Per Unit Annual Per Unit Annual Per Unit
Tenant Rent $ 172,330 $ 116,557 $ 1,369,296
Subsidy Rental Assistance $ 1,130,600 $ 1,222,976 $ 1,176,788
Gross Potential Rents $1,302,930 8,686 $1,339,533 8,930 $1,369,296 9,129
Economic Loss 6.04% ($78,736) (525) 3.31% ($44,400) (296) 5.00% ($68,465) (456)
Net Rental Income $1,224,194 8,161 $1,295,133 8,634 $1,300,831 8,672 Value:
Other Income $132 1 $159 1 $146 1
Total Other Income $132 1 $159 1 $146 1 $7,000,000 - 6,700,000
Effective Gross Income $1,224,326 8,162 $1,295,292 8,635 $1,300,977 8,673
2016 2017 Post Rehab
Real Estate Taxes $50,934 340 $53,234 355 $52,084 347 * Price does not include a seller note or
Insurance general partner income.
Property Insurance $39,196 261 $35,173 234 $37,185 248
Total Insurance $39,196 261 $35,173 234 $37,185 248
Utilities
Electricity $52,417 $51,017 $41,374
Water $66,400 $66,366 $53,106
Gas $43,405 $40,212 $41,809
Sewer $29,502 $27,992 $28,747
Total Utilities $191,724 1,278 $185,587 1,237 $165,036 1,100
Total Fixed Expenses $281,854 1,879 $273,994 1,827 $254,304 1,695
Maintenance
Contracts $195,822 $134,651 $165,237
Supplies $111,364 $102,981 $107,173
Trash Removal $12,089 $13,557 $12,823
Security $5,971 $1,165 $3,568
Utilities Maintenance $16,277 $8,879 $9,434
Paint and Décor $10,261 $3,692 $6,977
Vehicle and Equipment $7,311 $12,549 $9,930
Total Maintenance $359,095 2,394 $277,474 1,850 $315,140 2,101
Marketing
Marketing Expense $4,895 $3,739 $4,317
Marketing & Promotion $4,895 33 $3,739 25 $4,317 29
Payroll
Payroll and Office Salaries $33,796 $30,489 $32,143
Managers Salary and Unit Rent $43,057 $44,331 $43,694
Taxes and Benefits $31,839 $29,702 $30,771
Total Payroll $108,692 725 $104,522 697 $106,607 711
Professional Mgmt. Fee 8.16% $99,899 666 8.30% $107,551 717 4.00% $52,039 347
Administrative
Office Expenses $64,610 $57,524 $61,067
Audit Expense $6,750 $6,250 $6,500
Accouting and Bookkeeping $16,453 $19,578 $18,016
Computer & Network Expense $6,565 $15,562 $11,064
Misc. Admin Expenses $643 $595 $619
Total Administrative $95,021 633 $99,509 663 $97,265 648
Services $40,907 273 $46,461 310 $35,000 233
Total Variable Expenses $708,509 4,723 $639,256 4,262 $610,368 4,069
Nonprofit fee $0 0 $0 0 $0 0
Replacement Reserves $67,500 450 $67,500 450 $67,500 450
Total Expenses $1,057,863 7,052 $980,750 6,538 $932,172 6,214
Net Operating Income $166,463 1,110 $314,542 2,097 $368,805 2,459

10 | Services & Capabilities