Built in 1988, the complex comprises 22 two-story buildings. Features include a 3,000 sq. ft. clubhouse with kitchen and exercise room, leasing office, swimming pool, jacuzzi, 2 enclosed racquetball courts, children's playground and 2 lighted tennis courts. All units offer wall-to-wall carpeting, vertical and miniblinds, frost-free refrigerator, range, oven, dishwasher, garbage disposal, washer and dryer. The apartments have a ceiling fan in the living room, open patios or balconies and some have vaulted ceilings. Every apartment has individually controlled air-conditioning units and each is metered separately for electricity.
Unit Mix: Bed/Bath # of Units Sq. Ft. Rents
1/1 40 692 $600-$650
1/1 deluxe 120 770 $630-$680
1/1 & den 70 904 $675-$725
2/1 48 933 $700-$750
2/2 90 1,129 $775-$825368 Units 329,754 Net rentable sq. ft.
Income & Expenses: 1993 1994 1995 thru 9/30 1995 Annualized
Effective Gross Income $2,662,813.50 $2,912,677.02 $2,152,535.13 $2,870,046.84Salaries and Personnel $235,140.11 $147,208.68 $129,146.55 $172,196.40 Insurance $62,207.22 $69,459.72 $122,400.00 $163,200.00 Taxes $382,469.46 $399,960.00 $299,700.00 $399,600.00 Management Fees N/A $87,380.32 $60,300.00 $80,400.00 Utilities $200,097.63 $180,980.40 $118,431.70 $157,908.93 Administrative & Marketing$108,724.02 $51,086.94 $25,865.53 $34,487.37 Repair & Maintenance $167,995.51 $126,768.04 $62,872.71 $83,830.28 Contract Services $92,667.89 $66,751.03 $42,224.34 $67,632.45
Total Expenses $1,249,302.34 $1,129,595.13 $861,940.83 $1,149,254.44
Net Operating Income: $1,413,511.16 $1,783,081.89 $1,290,594.30 $1,720,792.40
On Site Inspection: 9:00 to 12:00 noon
Tuesday, December 5 Wednesday, January 17 Thursday, December 14 Tuesday, January 23 Tuesday, January 9
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