Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
Block by Block Project Pro Forma
PROJECT SUMMARY Year 1 Block by Block after rehabilitation construction Development: Owner: Location: County: Total Units: Units by Bedroom Size Efficiency 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5+ Bedroom Total Operating Budget Gross Rent Potential Other Income Vacancy Adjusted Gross Income Operating Expenses Net Operating Income Debt Service Debt & Cash Flow Over Time Year 1 Operating Margin Year 5 Operating Margin Year 10 Operating Margin Year 15 Operating Maring Development Costs Predevelopment & Feasibility Building & Property Acquisition Construction Costs Professional Services Carrying & Construction Financing Costs Permanent Financing & Syndication Reserves Construction & Bridge Loan Interest Developer Fee Total Development Costs Sources New Hanover Community Endowment City of Wilmington New Hanover County WHSP CFC Total Sources Surplus/(Gap) CFC Acquisition Investment not included in rehabilitation construction budget Single Family Scattered-Site Rental Properties Cape Fear Collective CFCAH, CFCIO1, CFCIO2 City of Wilmington New Hanover 18 0 0 15 7 1 1 24 (estimate 12-24 units completed = avg 18) Annual 373776 0 205273.2 123649.68 0.602366407304996 0.511475526351904 0.405077338365743 0.30616890076546 Units by Income Target 0.3 0.4 0.5 0.6 0.8 1.2 Total Per Unit 15574 0 8553.05 5152.07 Year 1 Net Cash Flow Year 5 Net Cash Flow Year 10 Net Cash Flow Year 15 Net Cash Flow Total 10800 3503418 2077791.3 4500 0 0 0 0 418618.26 6015127.56 Total 837237 837237 837237 3503418 0 0 0 0 6015129 1.44 0 0 0 0 24 0 24 Long-Term Trending Assumptions Combined Vacancy Rate: Rent Inflation: Expense Inflation: Administration Maintenance Operating Escrows & Reserves Per Unit 600 115432.85 250 0 0 0 0 23256.57 138939.42 Per Unit 46513.1667 46513.1667 46513.1667 0 0 0 0 139539.5 600.08 % of TDC 4.29986021154452E-03 0.827241864700312 1.79160842147688E-03 0 0 0 0 0.166666666666667 1 % of TDC 0.333333524438232 0.333333524438232 0.333333524438232 0 0 0 0 1.00000057331469 5.73314694664959E-07 Units by Structure Type Single Family Duplex Triplex Fourplex Townhome Apartment Condo Other Total 123649.68 120480.9851 113326.9886 101732.1504 20 4 0 0 0 0 0 0 24 0.12 0.02 0.035 0.035 0.035 0.035 5152.07 5020.041 4721.9579 4238.8396 Units 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 24 Units REVENUE PROJECTIONS after Major Rehabilitation Construction Address 1205 Orange Street 609 Swan 212 S. 15th 1111 S. 6th 108 S. 13th (A ) 108 S. 13th ( B) 803 S. 7th 717 Wooster 1306 Church Street 1308 Church Street 1005 Chestnut Street 215 N 11th Street 203 N 11th Street 1003 Chestnut Street 1014 S 7th Street 1315 Church Street 4159 Abbington Terrace 720 S 10th Street 416 McRae Street 814 S 8th Street (AH) 209 S 13th Street 1112 Queen Street 1006 S 4th Street 1008 S 4th Street Total Units Other Income Miscellaneous & Interest Laundry Carports Tenant Charges (late fees, nonsufficient funds, etc) Other Totals Unit 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 24 Structure Type Single Family Single Family Single Family Single Family Duplex Duplex Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Duplex Duplex Bedrooms 2 2 2 3 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 4 5+ 2 2 Baths 1 1 1 1 2 2.5 1 1 1 1 1 1 1 1 1 1 2.5 1 1 1 1 2 1 1 Total Sq Footage Monthly 0 Sq Ft 816 708 1038 956 1040 1079 882 1131 745 745 840 862 940 816 615 1124 1711 863 1015 882 1409 1295 720 720 22952 Annually 0 0 0 0 0 0 Income Target 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 Utility Allowance 250 250 250 263 250 250 250 250 250 250 250 250 250 250 263 263 263 263 263 263 273 283 250 250 Monthly Rent Potential Annual Rent Potential Contract Rent based upon HUD High HOME Rent 2024 which is affordable to HH @ 65% AMI adjusted for HH size. Proposed Contract Rent 1179 1179 1179 1381 1179 1179 1179 1179 1179 1179 1179 1179 1179 1179 1381 1381 1381 1381 1381 1381 1814 1982 1179 1179 31148 373776 1194.5385 Gross Rent 1429 1429 1429 1644 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1644 1644 1644 1644 1644 1644 2087 2265 1429 1429 0 Max Rent Allowed 1429 1429 1429 1644 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1644 1644 1644 1644 1644 1644 2087 2265 1429 1429 ` Rent Acceptable? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes NHC City of Wilmington NHCE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 34 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 ANNUAL OPERATING BUDGET w/increase revenue after rehabilitation REVENUE Gross Rent Potential Other Revenue Subtotal Combined Vacancy Factor Adjusted Income TOTAL OPERATING EXPENSES Administrative Costs Advertising Management Legal/Partnership Accounting/Audit HOA Dues D&O Insurance Other- Bad Debt, Bank Fees, Evictions Subtotal Maintenance Preventative Maintenance Unit Turns Exterminating Grounds Other- MISC Subtotal Operating Utilities Vacant Units Property Management Fee Contract Labor Payroll include Taxes & Fringe Other Subtotal Escrows & Reserves Insurance Real Estate Taxes Other Taxes Replacement Reserve Other: Subtotal Total Operating Expenses Net Operating Income MORTGAGE Debt Coverage Ratio Max Mortgage Pmt Amortization (years) Interest Rate Projected Mortgage ACTUAL Mortgage Override Mortgage Payment Cash Flow Operating Margin 0.12 Annual 373776 0 373776 44853.12 328922.88 Annual Total Annual 0 49008 2592 4344 864 2448 1440 60696 Annual 12000 4147.2 2424 2400 1200 22171.2 Annual 750 16392 5256 40344 0 62742 Annual 25320 22344 0 12000 0 59664 205273.2 123649.68 1.5 82433.12 20 0.075 852716.5723 0 0 Annual 123649.68 0.602366407304996 Per Unit 15574 0 15574 1868.88 13705.12 Per Unit Total Per Unit 0 2042 108 181 36 102 60 2529 Per Unit 500 1440 101 100 50 923.8 Per Unit 250 683 219 1681 0 2614.25 Per Unit 1055 931 0 500 0 2486 8553.05 5152.07 3434.7133 35529.8572 0 Per Unit 5152.07 1 % of Revenue 0.184529577267474 6.74054659864343E-02 0.190749880336692 0.181392063695903 0.624076987286503 0.375923012713497 0.250615341808998 0 Override 49008 2592 4344 864 2448 1440 12000 4147.2 2424 2400 1200 750 16392 5256 40344 25320 22344 12000 Unit Address Unit # Structure Type Bedrooms Itemized Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1205 Orange Street 2 609 Swan 3 212 S. 15th 4 1111 S. 6th 5 108 S. 13th (A ) 6 803 S. 7th 7 717 Wooster 8 1306 Church Street 9 1308 Church Street 10 1005 Chestnut Street 11 215 N 11th Street 12 203 N 11th Street 13 1003 Chestnut Street 14 1014 S 7th Street 15 1315 Church Street 16 209 S 13th Street 17 1112 Queen Street 18 1006 S 4th Street 19 1008 S 4th Street 20 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Operating Cash Flow after rehabilitation construction REVENUE Gross Income Potential Vacancy Factor Net Income Per Unit OPERATING EXPENSES Administration Maintenance Operating Escrows & Reserves Total Operating Expenses Per Unit Net Operating Income Per Unit Debt Service Debt Coverage Ratio Operating Margin CASH FLOW Per Unit Operating Deficit Reserve Analysis Starting Balance Annual Operating Deficit Interest Earned on Reserve Ending Balance 0.12 Inflator 0.02 Inflator 0.035 0.035 0.035 0.035 0 Year 1 373776 44853.12 328922.88 13705.12 60696 22171.2 62742 59664 205273.2 8553.05 123649.68 5152.07 0 n/a 0.602366407304996 123649.68 5152.07 0 0 0 0 Year 2 381251.52 45750.1824 335501.3376 13979.2224 62820.36 22947.192 64937.97 61752.24 212457.762 8852.4068 123043.5756 5126.8157 0 n/a 0.579143705749852 123043.5756 5126.8157 0 0 0 0 Year 3 388876.5504 46665.186 342211.3644 14258.8068 65019.0726 23750.3437 67210.7989 63913.5684 219893.7837 9162.241 122317.5807 5096.5659 0 n/a 0.55625756508681 122317.5807 5096.5659 0 0 0 0 Year 4 396654.0814 47598.4898 349055.5916 14543.983 67294.7401 24581.6058 69563.1769 66150.5433 227590.0661 9482.9194 121465.5255 5061.0636 0 n/a 0.533703107621785 121465.5255 5061.0636 0 0 0 0 Year 5 404587.163 48550.4596 356036.7035 14834.8626 69650.056 25441.962 71997.8881 68465.8123 235555.7184 9814.8216 120480.9851 5020.041 0 n/a 0.511475526351904 120480.9851 5020.041 0 0 0 0 Year 6 412678.9063 49521.4688 363157.4375 15131.5599 72087.808 26332.4306 74517.8142 70862.1157 243800.1686 10158.3404 119357.269 4973.2195 0 n/a 0.489570083941007 119357.269 4973.2195 0 0 0 0 Year 7 420932.4844 50511.8981 370420.5863 15434.1911 74610.8813 27254.0657 77125.9377 73342.2898 252333.1745 10513.8823 118087.4118 4920.3088 0 n/a 0.467982111709978 118087.4118 4920.3088 0 0 0 0 Year 8 429351.1341 51522.1361 377828.998 15742.8749 77222.2621 28207.958 79825.3455 75909.2699 261164.8356 10881.8681 116664.1625 4861.0068 0 n/a 0.446707008641718 116664.1625 4861.0068 0 0 0 0 Year 9 437938.1568 52552.5788 385385.578 16057.7324 79925.0413 29195.2365 82619.2326 78566.0944 270305.6048 11262.7335 115079.9732 4794.9989 0 n/a 0.425740240400534 115079.9732 4794.9989 0 0 0 0 Year 10 446696.9199 53603.6304 393093.2895 16378.8871 82722.4178 30217.0698 85510.9057 81315.9077 279766.301 11656.9292 113326.9886 4721.9579 0 n/a 0.405077338365743 113326.9886 4721.9579 0 0 0 0 Year 11 455630.8583 54675.703 400955.1553 16706.4648 85617.7024 31274.6672 88503.7874 84161.9645 289558.1215 12064.9217 111397.0338 4641.5431 0 n/a 0.384713898679283 111397.0338 4641.5431 0 0 0 0 Year 12 464743.4755 55769.2171 408974.2584 17040.5941 88614.322 32369.2806 91601.42 87107.6332 299692.6558 12487.194 109281.6027 4553.4001 0 n/a 0.36464558130712 109281.6027 4553.4001 0 0 0 0 Year 13 474038.345 56884.6014 417153.7436 17381.406 91715.8232 33502.2054 94807.4697 90156.4004 310181.8987 12924.2458 106971.8449 4457.1602 0 n/a 0.344868109114263 106971.8449 4457.1602 0 0 0 0 Year 14 483519.1119 58022.2934 425496.8185 17729.0341 94925.877 34674.7826 98125.7311 93311.8744 321038.2652 13376.5944 104458.5533 4352.4397 0 n/a 0.325377266953187 104458.5533 4352.4397 0 0 0 0 Year 15 493189.4941 59182.7393 434006.7548 18083.6148 98248.2827 35888.4 101560.1317 96577.79 332274.6044 13844.7752 101732.1504 4238.8396 0 n/a 0.30616890076546 101732.1504 4238.8396 0 0 0 0 Year 16 503053.284 60366.3941 442686.8899 18445.2871 101686.9726 37144.494 105114.7363 99958.0126 343904.2156 14329.3423 98782.6743 4115.9448 0 n/a 0.287238916696395 98782.6743 4115.9448 0 0 0 0 Year 17 513114.3497 61573.722 451540.6277 18814.1928 105246.0167 38444.5513 108793.7521 103456.5431 355940.8632 14830.8693 95599.7646 3983.3235 0 n/a 0.268583280222535 95599.7646 3983.3235 0 0 0 0 Year 18 523376.6367 62805.1964 460571.4403 19190.4767 108929.6273 39790.1106 112601.5334 107077.5221 368398.7934 15349.9497 92172.6469 3840.527 0 n/a 0.250198015291773 92172.6469 3840.527 0 0 0 0 Year 19 533844.1694 64061.3003 469782.8691 19574.2862 112742.1642 41182.7645 116542.5871 110825.2354 381292.7511 15887.198 88490.118 3687.0882 0 n/a 0.232079203475951 88490.118 3687.0882 0 0 0 0 Year 20 544521.0528 65342.5263 479178.5265 19965.7719 116688.14 42624.1612 120621.5777 114704.1186 394637.9974 16443.2499 84540.5291 3522.522 0 n/a 0.21422298313572 84540.5291 3522.522 0 0 0 0 1 4 8 10 11 12 13 14 15 16 17 18 22 23 24 25 26 27 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 DEVELOPMENT BUDGET Predevelopment & Feasibility Environmental Reviews & Reports (Phase I, Phase II, etc) Consultant/Assessment/Scope of Work Other: Building & Property Acquisition Building & Land Acquisition Closing Costs @ Acquisition Misc Construction Costs Base Construction Costs Permits, Impact/Tap Fees Other: Contractor Overhead Contractor Profit CONSTRUCTION CONTINGENCY Professional Services Legal Carrying & Construction Financing Costs Inspection & Draw Fees Points & Bank Fees Builder's Risk Insurance Property Insurance Real Estate Taxes Interim/Capitalized Operating Costs Permanent Financing & Syndication Points & Bank Fees Title & Recording Partnership & Organization Expense Legal (including tax opinion) Other Reserves Rent Up Reserves Operating Reserves Deficit Reserve (as calculated by 20 Year Projection) Replacement Reserves Other Construction & Bridge Loan Interest Developer Fee TOTAL DEVELOPMENT COSTS (TDC): CFC Acquisition Costs TOTAL DEVELOPMENT COSTS (TDC): Development Cost does not inlcude CFC Acquisition 90.5277 0.2 per sq. ft. /Hard & Soft Costs 0.15 0.15 0.15 Subtotal Hard & Soft Costs Total Predevelopment: Total Acquisition: / hard cost / hard cost / hard cost Total Construction: Total Professional Fees: Total Carrying Costs: Total Permanent Financing & Syndication: Total Reserves: 2093091.3 Project Totals 0 10800 0 10800 3503418 0 0 3503418 1427994 7200 0 214199.1 214199.1 214199.1 2077791.3 4500 4500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 418618.26 2511709.56 3503418 6015127.56 Per Unit 0 450 0 450 145975.75 0 0 145975.75 79333 400 0 11899.95 11899.95 11899.95 115432.85 250 250 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 23256.57 139539.42 Override 10800 1427994 7200 214199.1 214199.1 214199.1 4500 Unit Addresss Unit # Structure Type Bedrooms Itemized Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1205 Orange Street 0 0 0 0 2 609 Swan 0 0 0 0 3 212 S. 15th 0 0 0 0 4 1111 S. 6th 0 0 0 0 5 108 S. 13th (A ) 0 0 0 0 6 803 S. 7th 0 0 0 0 7 717 Wooster 0 0 0 0 8 1306 Church Street 0 0 0 0 9 1308 Church Street 0 0 0 0 10 1005 Chestnut Street 0 0 0 0 11 215 N 11th Street 0 0 0 0 12 203 N 11th Street 0 0 0 13 1003 Chestnut Street 0 0 0 14 1014 S 7th Street 0 0 0 15 1315 Church Street 0 0 0 16 209 S 13th Street 0 0 0 17 1112 Queen Street 0 0 0 18 1006 S 4th Street 0 0 0 19 1008 S 4th Street 0 0 0 20 0 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 PROJECT DEVELOPMENT CASH FLOW USES OF FUNDS Predevelopment & Feasibility Acquisition Construction Professional Services Carrying & Construction Financing Permanent Financing & Syndication Reserves Developer Fee SUB-TOTAL USES SOURCES OF FUNDS Prior Month Ending Cash New Hanover Community Endowment City of Wilmington New Hanover County WHSP CFC SUB-TOTAL SOURCES Construction Loan Construction Loan Calculation Construction Loan Draw TOTAL SOURCES Paydown Calculation Construction Loan Paydown TOTAL USES Ending Cash CONSTRUCTION LOAN INT & BALANCES Draw (Loan Payoff) Construction Loan Interest Loan Balance Total Budget 10800 3503418 2077791.3 4500 0 0 0 418618.26 6015127.56 837237 837237 837237 3503418 0 0 0 0 6015129 0 0.07 0 Month 1 0 0 0 0 0 0 0 0 0 0 Month 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 13 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 16 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 18 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 19 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 22 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 23 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Month 24 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total 0 Trial Balance Under Under Under Under Balanced Balanced Balanced Under Under Under Under Under Balanced Balanced Balanced Balanced Variance 10800 3503418 2077791.3 4500 0 0 0 418618.26 837237 837237 837237 3503418 0 0 0 0