NET INCOME  (PROJECTED)  $83,451.
CAP RATE (PROJECTED)        8.3%

Projected gross income:            $112,080.
           Less 5% vacancy           $    5,604.
           Projected expenses        $  27,025.
           Projected  Income:         $ 83,451.

One bedroom apt. rent per. Month   $ 495.    (12)
Two bedroom apt. rent per. Month   $ 595.      (5)
Studio apt. rent per. Month             $ 425.      (1)

Income  (projected) for the last 12 months with a 5% vacancy rate factored in. The reason for “Projections”, the owner did a major renovation, consequently the building was vacant for 90 days.

Rents project from current rent roll. Property was under extensive renovation and vacated for most of the year.

Laundry                             $4,000.
Rent                              $ 108,000.
Total                              $ 112,000.

Expenses estimates from the owner for a 12 month period:

Insurance                        $ 4,000. per yr. Taxes                             $ 4,725.
Cleaning                         $ 1,200.
Repair & maintenance      $ 2,400.
Supplies                         $    300.
Trash                              $ 1,200.
Utilities                           $ 8,400.
Water and sewer             $ 4,800.
                  Total          $ 27,025.

NUMBER OF UNITS: 18
MIX:  Five -2 bedrooms (5)
         Twelve -1 bedrooms (12)
         One - studio (1)
LAUNDRY: YES owned
CONSTR: Brick and frame
UTILITIES: Central hot water heat (boiler) — central hot water heater— unit window air conditioners — one gas meter— one water meter— separate electric meters
ROOF:    New
NUMBER OF PARKING SPACES: Ten (10) off street
YEAR BUILD: 1961