Spring Hill Apartments - Somerville

FINANCIAL ANALYSIS Rent Roll 44 CENTRAL STREET / 151-153 SUMMER STREET

CURRENT

PROJECTED

AVG. RENT # OF UNITS

TOTALS AVG. RENT # OF UNITS

TOTALS

STUDIO

$1,279

6

$7,675

$1,500

6

$9,000

1-BED 2-BED

$1,600

1

$1,600

$1,800

1

$1,800

$1,700

1

$1,700

$2,200

1

$2,200

3-BED+

$2,000

1

$2,000

$2,800

1

$2,800

$/MONTH

$12,975

$15,800

$/YEAR

$155,700

$189,600

155-157 SUMMER STREET

AVG. RENT # OF UNITS

TOTALS AVG. RENT # OF UNITS

TOTALS

STUDIO

$1,325

2

$2,650

$1,500

2

$3,000

1-BED

$1,550

43

$66,630

$1,793

43

$77,100

1-BED+

$1,618

17

$27,505

$2,194

17

$37,300

2-BED

$1,809

6

$10,855

$2,500

6

$15,000

$/MONTH

$107,640

$132,400

$/YEAR

$1,291,680

$1,588,800

163 SUMMER STREET

AVG. RENT # OF UNITS

TOTALS AVG. RENT # OF UNITS

TOTALS

STUDIO

$1,210

1

$1,210

$1,500

1

$1,500

1-BED 2-BED

$1,546

15

$23,195

$1,800

15

$27,000

$1,782

3

$5,345

$2,200

3

$6,600

2-BED + 3-BED +

$1,933

3

$5,800

$2,500

3

$7,500

$2,283

6

$13,700

$2,800

6

$16,800

4-BED

$3,300

1

$3,300

$3,800

1

$3,800

$/MONTH

$52,550

$63,200

$/YEAR

$630,600

$758,400

PORTFOLIO

NOTES: Current income is based on existing rents. Projected income assumes an increase to full market rents from renovations and or by converting units with extra rooms (dining) into bedrooms. Operating Expenses were projected based on 2014 operations and estimates of industry standards. Professional Fees ($78,986.50) were excluded assuming a new operator may not hire outside agents to lease apartments. Repairs & Maintenance ($391,062.74) actual was removed and a 5% (of EGR) estimate was projected, since there was no breakdown on what % was non-recurring capital expenditures. A $400/unit capital reserve was added. Expenses under the Projected Column were grown by 3% inflation.

CURRENT

PROJECTED

44 CENTRAL

$155,700

$189,600

155-157 SUMMER

$1,291,680

$1,588,800

163 SUMMER

$630,600

$758,400

TOTALS

$2,077,980

$2,536,800

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