2. EXECUTIVE SUMMARY
PROPERTY OVERVIEW
MARKET OVERVIEW
OPERATING INFORMATION
F O R M O R E I N F O R M AT I O N, C O N TA C T:
3
7
9
15
TABLE OF CONTENTS
LICENSING DISCLOSURE
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January 2015
LIMITING CONDITIONS
The material contained in this Offering Memorandum is confidential, furnished solely for the purpose of considering the acquisition of the property described herein (the “Property”) and is not to be
used for any other purpose or made available to any other person without the express written consent of the owner (the “Owner”) or Auction.com. This Offering Memorandum contains selected infor-
mation pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which prospective purchasers may desire. The material in this Offering Memorandum has
been compiled by Auction.com from sources considered reliable and has not been independently verified by Auction.com. Summaries contained herein of any legal documents are not intended to be
comprehensive statements of the terms of such documents but rather only outlines of some of the principal provisions contained therein. Qualified prospective purchasers should conduct appropriate
due diligence and review all legal documents, which are available from Auction.com, and make their own conclusions. Additional information and an opportunity to inspect the Property will be made
available to interested and qualified prospective purchasers. Neither the Owner nor Auction.com, nor any of their respective officers, agents or employees, have made any representation or warranty,
expressed or implied, as to the accuracy or completeness of this Offering Memorandum, or any additional verbal or written information provided. This Offering Memorandum is subject to prior place-
ment, errors, omissions, changes, or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the value of the Property. Each prospective purchaser is to rely
solely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. No liability is assumed by and none shall be asserted against the Owner
or Auction.com on account of any statements, descriptions or information, or projections or estimates, contained herein or omitted here from. The Owner reserves the right, at its sole discretion, to
reject any or all offers to acquire the Property and/or to terminate discussions with any prospective purchaser, at any time, with or without notice or cause. The Owner expressly reserves the right to
sell the Property on any basis or using any criteria. In addition, the Owner expressly reserves the right, at its sole discretion, to withdraw, supplement, change, amend, bifurcate, or reduce the Offering
Memorandum and/or the Property.
JOHN NESBITT
Auction.com
949-208-8505
jnesbitt@auction.com
GLORIA BOYER
Worth Clark Realty
MO RE Lic No: 2013028234
314-494-2589
gloriaboyer1@yahoo.com
ALEXANDRA BRODY
Auction.com
305-503-2654
Abrody@auction.com
WHERE
REAL ESTATE
IS MOVING
3. 3
WHERE REAL ESTATE IS MOVING
EXECUTIVE SUMMARY
Auction.com and Worth Clark Realty are pleased to present
the opportunity to acquire the Warwood Apartments, this 95-
Unit 8 story Multifamily high-rise was constructed in 1973,
located just 6 minutes from the historic Central West End
and 5 minutes from the Delmar Loop, fun and adventure
is just a few miles away. Students at Washington University
and Saint Louis University would enjoy a brisk 10 minute
commute to school and social activities. Close to grocery
stores and public transportation residents enjoy Laundry on
every floor, 2 elevators as well as a recreational room with
a pool table and work out equipment. With attractions just
10 minutes away enjoy the Missouri History Museum, the
Muny, Saint Louis Art Museum, Saint Louis Science Center,
James S. McDonnell Planetarium, Saint Louis Zoo, The
Boathouse Restaurant, The Jewel Box, Athletic Fields, Bike
Tours & Rentals, Bird Watching, Boating, Tennis Center
Courts, Fishing, Highlands Golf & Tennis Center and the
Steinberg Skating Rink.
The staff are extremely self-sufficient and dedicated; the
maintenance man has been with the building over 12 years
and would be an asset to someone who purchases the
building. The sale also includes 1.487 Acres of vacant land
which is zoned Multifamily located at 4947 Aldine Place.
OFFERING OVERVIEW
PROPERTY SNAPSHOT
Property Warwood Apartments
Address 1610 North Kingshighway Boulevard
City, State St. Louis, MO
Type Multifamily
Occupancy 94.0%
Square Feet 149,475
Number of Units 95
Number of Stories Eight
Year Built/Renovated 1973
4. 4
WHERE REAL ESTATE IS MOVING
EXECUTIVE SUMMARY
Highlights:
• Across from Wohls Recreation Center (Sherman Park)
• 95 units total, 59 studio units with 425 sqft and 36 1 bedroom units with 525 sqft.
• Studios rent for $450 (including all utilities compared to $550 in the neighborhood )
• 1 Bedrooms rent for $499 (including all utilities compared to $599 in the neighborhood )
• Located on a main bus line
• Close to St. Louis Children’s Hospital
• Washington University School of Medicine
• Barnes Jewish Hospital
• Kindred Hospital
Upgrades:
• All units painted in 2013
• All new GE air conditioners installed in 2013
• All tubs resurfaced 2013
• Floors stripped and waxed 2013
• New Hot water tanks 2013
• New Camera System installed in 2013, ability to watch live feed from desktop or smartphone anywhere in the world.
• New Fire Panel in compliance to 2015 city/state code
• New Cables and hoists for Elevators 2013
• All appliances are fairly new – Ranges and Refrigerators
• New building air conditioner with new cage installed on first floor exterior 2014
• Upgraded generators will maintain power if the rest of the city goes down 2014
INVESTMENT HIGHLIGHTS
6. 6
WHERE REAL ESTATE IS MOVING
EXECUTIVE SUMMARY
THE OFFERING PROCESS
Auction.com will conduct an auction sale process on the website www.auction.com. Prospective bidders will execute a confidentiality
agreement, and then be given access to an online archival bank of information.
Prospective bidders will be required to register with Auction.com to bid. The system will automatically total the amount necessary
for deposit and total proof of funds. If you are the winning bidder, your bidder deposit may be applied toward the earnest money
deposit. If you are a non-winning bidder, your bidder deposit will be refunded following the auction.
Due diligence materials are available to qualified prospective bidders via an electronic data room hosted by www.auction.com.
Conduct your due diligence by visiting the secure data vault. All due diligence must be conducted prior to signing the contract.
You may contact Auction.com concerning any due diligence questions.
In order to participate in an auction, the Seller requires bidders to provide proof of their liquidity in an amount of at least their
anticipated maximum bid for those assets they wish to bid on. Such liquidity must be in the form of cash, or cash equivalents,
and must be available immediately without restriction. Generally, recent bank statements, brokerage account statements, or
bank letters are acceptable. A line of credit statement may be acceptable only if it is already closed in place, has undrawn
capacity, and may be funded immediately without bank approval. Loan pre-approval letters, term sheets, and the like, where
the loan would be collateralized by the property up for auction and funded at escrow closing, are NOT acceptable. Capital call
agreements, investor equity commitments, and the like, are evaluated on a case-by-case basis. The acceptance of any proof of
funds documents are made at the sole and absolute discretion of Auction.com.
During the live auction period, place your bid amount and click BID NOW. Feel free to contact Auction.com before or during the
auction process with any questions.
CLOSING
Following the auction, the winning bidder will be contacted by phone and email to go over specifics of the sale, including the
execution of the purchase agreement and all documentation involved in the purchase. The winning bidder must be available by
telephone within two hours of the sale. More information can be found on the auction.com website: http://www.auction.com/
auction-process/commercial.php
CONTACT INFORMATION
All questions should be directed to the individuals referenced below.
SALES PROCESS
Auction.com Important Dates
Warwood Apartments - Property ID #: B152-117
Auction Start Date March 24, 2015
Auction End Date March 26, 2015
TOUR DATES
On-Site Tour Date #1 Thursday, March 12th from 10:00AM to 1:00PM
On-Site Tour Date #2 Thursday, March 19th from 10:00AM to 1:00PM
JOHN NESBITT
Auction.com
949-208-8505
jnesbitt@auction.com
GLORIA BOYER
Worth Clark Realty
MO RE Lic No: 2013028234
314-494-2589
gloriaboyer1@yahoo.com
ALEXANDRA BRODY
Auction.com
305-503-2654
Abrody@auction.com
7. 7
WHERE REAL ESTATE IS MOVING
PROPERTY DESCRIPTION
PROPERTY DESCRIPTION
Property Warwood Apartments
Address 1610 North Kingshighway Boulevard
City, State St. Louis, MO
Parcel/Area APN: 44890602000/ 3.4 acres
BUILDING DATA
Year Built/Renovated 1973
Number of Units 95
Number of Stories Eight
Square Feet 149,475
Occupancy 94.0%
Unit Mix
The sale also includes an adjacent 1.483 acres of vacant Zoned multifamily.
SITE DATA
Type # Units
Efficiency units (Studios) 59
1 BD / 1 BA 36
8. 8
WHERE REAL ESTATE IS MOVING
PROPERTY DESCRIPTION
AERIAL VIEW
Dr. Martin Luther King Drive
NorthEuclidAvenue
NorthKingshighwayBlvd
Warwood
Apartments
1.483 acre
Vacant Zoned
Multifamily
Wohls Recreation
Center
(Sherman Park)
St. Louis University
School of Medicine
9. 9
WHERE REAL ESTATE IS MOVING
MARKET OVERVIEW
Warwood Apartments (“Property”) is located at 1610 North Kingshighway Boulevard in St. Louis, Missouri. St. Louis is an
independent city that sits outside any county boundaries, and is the principal city of the St. Louis Metropolitan Statistical
Area (“metro”) in eastern Missouri. In addition to the city, the St. Louis metro encompasses 15 counties in Missouri and
Illinois.
Strengths
• Metro employment is recovering steadily and is forecast to surpass its prior peak sometime this year
• Diverse employment base with growth projected in most major economic sectors
• Metro is home to nine Fortune 500 Company headquarters
• Effective apartment rents are at all-time high in market and St. Louis City North submarket
MARKET OVERVIEW
St. Louis, Missouri
10. 10
WHERE REAL ESTATE IS MOVING
MARKET OVERVIEW
METRO POPULATION GROWTH TO PROCEED AT MODEST PACE
The St. Louis metro, with 2.8 million residents, is the 19st largest population center in the US. Like the rest of the Midwest, the metro
has seen only modest population growth in recent years, falling short of the US average pace since 2000. The metro is projected
to average 0.1% annual growth through 2019.
The city of St. Louis is home to about 11% of the metro population. City residency has been declining since 2000, but the ex-
migration has slowed to a mild 0.2% annually since 2010. Nielsen Claritas projects a further contraction of 0.1% per annum,
working out to a decline of about 1,100 people through 2019.
Population is also contracting in the neighborhood surrounding the Property. Currently, about 335,000 people live within a 5-mile
radius of the Property, but the area is forecast to lose residents at a pace matching the projected city rate, and an even sharper
decline is projected in the blocks closest to the Property (1-mile radius).
METRO INCOMES APPROACHING US LEVEL
St. Louis metro incomes, at $70,000, are below the US average. Metro incomes have grown by 1.5% annually since 2000 and are
forecast to keep up the established pace through 2019, ahead of the US projected pace. Growth of this magnitude would narrow
the gap between metro and US incomes to less than 1% by 2019, according to Nielsen Claritas.
Incomes are further constrained in St. Louis city and the blocks surrounding the Property, though forecast to grow ahead of the
projected metro pace over the next five years.
Area 2000 2010a 2014e 2019f 2000-2010a 2010-2014e 2014-2019f
Warwood Apartments: 5 mile ring 366,547 336,984 334,844 333,570 -0.8% -0.2% -0.1%
Warwood Apartments: 3 mile ring 154,772 135,564 133,297 131,392 -1.3% -0.4% -0.3%
Warwood Apartments: 1 mile ring 23,571 19,156 18,384 17,658 -2.1% -1.0% -0.8%
S t. Louis, MO 348,203 319,294 317,322 316,230 -0.9% -0.2% -0.1%
S t. Louis Metro 2,721,493 2,837,592 2,848,641 2,864,817 0.4% 0.1% 0.1%
Missouri 5,595,288 5,988,927 6,039,326 6,102,328 0.7% 0.2% 0.2%
The United S tates 281,421,942 308,745,538 317,199,353 328,309,464 0.9% 0.7% 0.7%
S ource: US Census, Nielsen Claritas
Population Level Annual Growth
Area 2000a 2014e 2019f 2000-2014a 2014-2019f 2000a 2014e 2019f
Warwood Apartments: 5 mile ring $42,490 $52,276 $56,788 1.5% 1.7% 3.2% 5.5% 6.6%
Warwood Apartments: 3 mile ring $35,285 $41,240 $44,470 1.1% 1.5% 2.2% 3.5% 4.1%
Warwood Apartments: 1 mile ring $30,765 $34,207 $37,514 0.8% 1.9% 1.1% 1.4% 1.8%
S t. Louis, MO $37,012 $47,137 $51,253 1.7% 1.7% 1.6% 3.8% 4.6%
S t. Louis Metro $56,945 $69,966 $75,234 1.5% 1.5% 4.1% 8.4% 10.2%
Missouri $49,894 $62,828 $65,201 1.7% 0.7% 3.0% 6.2% 7.4%
The United S tates $56,644 $71,320 $75,940 1.7% 1.3% 4.6% 9.0% 10.7%
S ource: US Census, Nielsen Claritas
Average Household Income Annual Growth % HHs with Inc. > $150K
St. Louis Skyline
11. 11
WHERE REAL ESTATE IS MOVING
MARKET OVERVIEW
METRO EMPLOYMENT GROWTH IS STEADILY PROGRESSING
The St. Louis metro posted employment growth of 1.2% last year, an improvement over the prior decade. Despite overall job growth
being flat since 2005, payrolls have expanded in each of the last five years and total employment is up 3.6% from the 2009 trough.
The metro currently supports more than 1.3 million jobs.
Moody’s Economy.com projects 3% growth this year, moderating to an annualized 1.4% through 2019, on par with the US
projection. Growth of this magnitude projects a new employment peak in the current year and about 94,300 new jobs through
2019.
About 18% of the metro’s jobs are based in the city of St. Louis. City employment growth outpaced the metro over the last decade
at 0.3% per annum. Payroll growth is forecast to ramp up to 1.2% annually in the city, slightly behind the metro and US projection.
Metro unemployment was 6% as of 4Q’14, above the current US rate. The metro unemployment rate is forecast to drop to 4.6%
by 2019, according to Moody’s Economy.com.
The St. Louis metro has a diverse employment base, with no one sector significantly overweight. Growth is forecast in nearly all
metro sectors over the next five years.
The metro’s largest sector is Trade, Transportation, and Utilities (TTU), which includes all retail jobs. Major TTU employers include
Walmart, Schnuck Markets, and McDonald’s. TTU jobs are forecast to grow by 0.7% annually through 2019.
Professional and Business Services jobs was one of the metro’s fastest-growing sectors since 2010, improving by 2.7% annually.
These jobs are also forecast to account for the largest share of the metro’s new positions over the next five years. About 27,500
jobs are projected in this sector, equating to 29% of the anticipated total, according to Moody’s Economy.com. The metro is home
to nine Fortune 500 company headquarters, including Express Scripts, Monsanto, and Emerson Electric, illustrating the importance
of the sector.
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
2005-2014 2014 2015 2015-2019
Employment Growth
St. Louis city (MO) St. Louis Metro United States
Source: BLS, Moody's
(5,000)
-
5,000
10,000
15,000
20,000
25,000
30,000
Sector Jobs Forecast
New Metro Jobs Over Next 5 Years
(2015-2019)
Current Unemployment 6%
Forecast2019 Unemployment 4.6%
Source:BLS, Moody's
Economy.com
Emerson Electric HQ - St. Louis, MO Monsanto HQ - St. Louis, MO
12. 12
WHERE REAL ESTATE IS MOVING
MARKET OVERVIEW
Financial Activities also improved by 2.7% annually over the last five years, and
is now the metro’s most overweight sector. Financial Activities jobs are forecast
to grow by 1.3% per annum through 2019, with about 5,800 new positions
projected.
The Education and Health Services sector encompasses three of the metro’s
top five employers. The sector is forecast to grow by 1.7% annually through
2019, translating to 21,000 new jobs, or more than 22% of the total projected.
In addition to the sectors discussed above, strong improvement is forecast in
the Construction, Information, and Leisure and Hospitality sectors. The only
sector forecast to decline is Other Services, with a projected contraction of
0.4% annually through 2019, according to Moody’s Economy.com.
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
Metro Sector Employment Weighting
USA St. Louis Metro
Source: BLS
Washington University - St. Louis, MO
BJC Healthcare 24,082
Boeing Defense, S pace & S ecurity 15,000
Washington University in S t. Louis 14,170
S cott Air Force Base 13,000
S S M Health Care S ystem 12,697
Archdiocese of S t. Louis 11,207
Walmart S tores Inc. 10,600
S chnuck Markets Inc. 10,553
Mercy Health Care 10,247
McDonald's Corp. 9,500
S t. Louis University 7,495
AT&T 7,100
Wells Fargo 5,300
E nterprise Holdings 4,830
E dward Jones 4,813
Ameren Corp. 4,408
Monsanto Corp. 4,200
E xpress S cripts Inc. 4,188
CitiMortgage Inc. 4,000
Dierbergs Markets 4,000
Company Ranking
E xpress S cripts Holding 20
E merson E lectric Co. 121
Monsanto Company 197
Centene Corporation 251
R einsurance Group of America, Incorporated 274
Peabody E nergy Corporation 365
Ameren Corporation 379
The Jones Financial Companies,L.L.L.P. 444
Graybar E lectric Company, Inc. 449
S ource: Fortune Magazine, May 2014
Major Employers in the St. Louis Metro
Fortune 500 Corporations Headquartered in the
St. Louis Metro
S ources: S t. Louis Business Journal, 2014 & 2012
13. 13
WHERE REAL ESTATE IS MOVING
MARKET OVERVIEW
ST. LOUIS APARTMENT MARKET
The St. Louis apartment market encompasses about
120,450 units, according to Reis. New units have
been delivered each year for over two decades,
increasing market inventory by about 8% since 1994.
Reis reports about 460 market-rate units currently
under construction, all in the city of St. Louis.
Absorption has been robust over the last five years,
dwarfing new deliveries. More than 7,400 units were
taken up between 2010 and 2014, after negative
performance from 2008-2009. In response, vacancy
declined by 480 basis points (bps), falling from a
cyclical peak of 9.2% in 2009 to 4.4% at 4Q’14.
Effective apartment rents have increased in each of
the last five years, reaching an all-time high of $755
per unit at year-end 2014. In general, St. Louis rents
have performed well, declining less than 1% from
peak to trough during the recession.
ST. LOUIS CITY NORTH APARTMENT SUBMARKET
The St. Louis City North apartment submarket contains about 18,740 apartment units, or 15% of the St. Louis market total,
according to Reis. An average of 200 units have been completed annually over the last decade, with 2010 uncharacteristically
light. Reis reports about 460 units are under construction, representing the only market-rate units underway in the St. Louis market.
Submarket apartment absorption has been positive in each of the last five years, allowing vacancy to slide from its 2009 peak
of 11.1%. The vacancy rate dropped 540 bps to a bottom of 5.7% in early 2014, but ticked up as deliveries outpaced demand,
reaching 6.3% at year-end 2014. The current rate is 190 bps above the St. Louis market average. Reis projects vacancy to rise to
7.2% through 2019 as forecast demand falls below the pace of projected new deliveries.
Effective rents in St. Louis City North have risen steadily since 2010, and measured $867 per unit at 4Q’14, a submarket high
and a gain of 3.2% year-over-year. Reis forecasts rents to continue rising by 2.3% per annum, projecting rents to $971 per unit by
2019. Currently, submarket effective rents command a 15% premium over the St. Louis market average.
Source: Reis
Relative Size
(Market/Submarket)
St. Louis
ApartmentMarket
St. Louis City
North
ApartmentSubmarket
15.6%
Source: CoStar
0.0
2.0
4.0
6.0
8.0
10.0
12.0
-400
-200
0
200
400
600
800
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Vacancy(%)
Units
St. Louis City North Apartment Submarket Trends (4Q'14)
Completions Absorption
Vacancy (%)
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
0
200
400
600
800
1000
1200
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
YOYChange(%)
RentperUnit
St. Louis City North
Apartment Submarket Rent Trends (4Q'14)
Effective Rent % Change
14. 14
WHERE REAL ESTATE IS MOVING
MARKET OVERVIEW
WARWOOD APARTMENTS - COMPETITIVE PROPERTIES
Comparable Criteria: Competitive properties were selected among apartment properties of 15 stories or less, having between
50 and 200 units, within a five mile radius of the Property.
Twenty comparable properties were identified. All but one the competitors were built between 1960 and 1978 and most are
Class B/C.
Most properties are a mix of one- and two-bedroom units, but several contain studios, and one property, Williamsburg Square,
offers three-bedroom units. Unit sizes range from 400 sf to 1,840 sf.
The competitors have an average weighted occupancy of 96.9%. One property reports vacancy of 13%, but most are less than
5% vacant.
Average rents are in a wide range from $448 per unit to $1,098 per unit. The lowest listed rent is $405for a one-bedroom unit
at Rolling Hills, while the highest listed is $1,284 for a two-bedroom unit at West End Terrace.
Property Name Street Address City
Size
(units)
Year
built Floors Class
Rent/Unit
($)
Vacancy
Rate (%)
Warwood Apartments 1610 North Kingshighway Blvd St. Louis 96 NA 8 NA NA NA
Waterman Apartments 5132 Waterman Ave St. Louis 60 1978 3 BC $563 0.0
Soho Towers 5438 Delmar Blvd St. Louis 88 1960 4 BC $577 3.4
West End Terrace 4466 Greenwich Ct St. Louis 195 1977 2 A $1,098 3.6
Jackson Arms 4482 Lindell Blvd St. Louis 104 1965 14 BC $662 3.8
Park 44 4444 W Pine Blvd St. Louis 147 1967 1 BC $830 0.7
Lucas Heights Village Apts Ph.I 3114 Franklin Ave St. Louis 192 1978 2 BC $537 1.6
Park Clayton 6605 Clayton Ave St. Louis 104 1970 4 A $793 6.7
Purdue Park 1104 Midland Blvd University City 52 1962 1 BC $600 5.8
The Railton 205 N 18th St St. Louis 104 1973 14 BC $553 1.0
Caroline Apartments 2729 Park Ave St. Louis 112 1981 2 BC $629 4.5
Williamsburg Square 7477 Ahern Ct University City 58 1962 2 BC $1,088 5.2
Bermuda Heights Apartments 7738 Springdale Dr Normandy 69 1970 3 BC $671 13.0
Normandy Villa 4335 Walker Ln St. Louis 78 1965 2 BC $698 1.3
Peppertree 2111 Bellevue Ave Maplewood 60 1970 2 BC $456 1.7
Hafner Court Apartments 8077 Hafner Ct St. Louis 80 1965 2 BC $574 1.3
Rolling Hills 8869 Maya Ln Jennings 128 1965 2 BC $455 0.0
Lackland Plaza 8432 Plazarock Ct St. Louis 80 1965 2 BC $548 6.3
River Trails 849 Rivertrail Ct St. Louis 96 1968 3 BC $525 4.2
Elta Rose Apts 2653 Eltarose Dr St. Louis 80 1965 3 BC $448 5.0
Richwood Terrace 2471 Laclede Station Rd Maplewood 163 1969 2 BC $550 0.6
Source: Reis
Comparable Properties - Warwood Apartments
15. 15
WHERE REAL ESTATE IS MOVING
OPERATING INFORMATION
2014 P&L STATEMENT
OPERATING INFORMATION
Revenue:
Residential Units:
Occupancy % 94.74%
Occupancy Units 90
Gross Rent $467,136
LESS: Rent Abatement / Loss to Lease $0
Net Base Rent $467,136
PLUS: Laundry Income @ $450/Mo. $5,400
Net Residential Revenue $472,536
Less: Collection Loss @ 4.00% ($18,901)
Effective Gross Income $453,635
Operating Expenses:
Auto Local Transportation $1,238
Business Promotion $50
Expenses $2,362
Insurance $6,530
Landscaping $300
Legal & Professional Fees $10,338
Refurbishment, Maintenance and Repairs $37,402
Other Taxes $385
Outisde Services $0
Payroll $97,857
Postal Courier $238
RE Taxes $5,039
Tenant Screening $1,887
Utilities - Gas $11,692
Utilities - Power $62,884
Utilities - Trash $2,472
Utilities - Water & Sewer $19,320
Management Fee $0
Total Operating Expenses ($259,994)
LESS: Replacement Reserve @ $250/Unit ($23,750)
Total Expenses & Reserve ($283,744)
Net Operating Income $169,891
NOI Margin (vs. EGI) 37.45%
Warwood Apartments P&L Statement 2014
16. 16
WHERE REAL ESTATE IS MOVING
OPERATING INFORMATION
PRO-FORMA
Revenue:
Residential Units:
Occupancy % 100.00%
Occupancy Units 95
Gross Rent $648,168
LESS: Rent Abatement / Loss to Lease $0
Net Base Rent $648,168
PLUS: Laundry Income @ $450/Mo. $5,400
Net Residential Revenue $653,568
Less: Vacancy - 5% ($32,678)
Effective Gross Income $620,890
Operating Expenses:
Auto Local Transportation $1,238
Business Promotion $50
Expenses $2,362
Insurance $6,530
Landscaping $300
Legal & Professional Fees $10,338
Materials Building Supplies $37,402 Refurbishment expenses
Other Taxes $385
Outisde Services $0
Payroll $97,857
Postal Courier $238
RE Taxes $5,039
Tenant Screening $1,887
Utilities - Gas $11,692
Utilities - Power $62,884
Utilities - Trash $2,472
Utilities - Water & Sewer $19,320
Management Fee @ 3.00% $19,607
Total Operating Expenses ($279,601)
LESS: Replacement Reserve @ $250/Unit ($23,750)
Total Expenses & Reserve ($303,351)
Net Operating Income $317,539
NOI Margin (vs. EGI) 51.14%
Type No of Units Market Rent
Studios 59 550.00$ 32,450.00$
1 Bedroom 36 599.00$ 21,564.00$
Monthy Poteltial 54,014.00$
Yearly Potential 648,168.00$
18. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted
subject to omissions, change of price, rental or other condition, without notice, and to any listing conditions, imposed by the owner.
Confidential Offering Memorandum
JOHN NESBITT
Auction.com
949-208-8505
jnesbitt@auction.com
GLORIA BOYER
Worth Clark Realty
MO RE Lic No: 2013028234
314-494-2589
gloriaboyer1@yahoo.com
ALEXANDRA BRODY
Auction.com
305-503-2654
Abrody@auction.com
