Parcel 2
WATER PLACE AT WOODMONT
199 Units
7890 NW 78th Avenue
Tamarac, Florida

TO BE SOLD WITHOUT RESERVE SUBJECT TO A MINIMUM BID OF $7,100,000
Cashier's check required to bid: $250,000.

Built in 1988, the complex comprises 4 three-story buildings. Features include a clubhouse with kitchen and exercise room, leasing office, swimming pool, sauna and jacuzzi, sand volleyball court, children's playground and lighted tennis court. All units offer wall-to-wall carpeting, cabinetry, verticals and miniblinds, frost-free refrigerator, range, oven, microwave, dishwasher, garbage disposal, washer and dryer.

CONSTRUCTION:   Concrete block with exterior stucco finish and reinforced construction.
LANDSITE: 13.4391 acres  
PARKING: 468 spaces (2.35 spaces/unit)
OCCUPANCY: 96% (as of 10/15/95)
REAL ESTATE TAXES:  (1995)	$210,369

Unit Mix:   Bed/Bath              # of Units             Sq. Ft.               Rents


              1/1                      9                   758              $  615
              1/1                     38                   762              $  615
              1/2                     54                   830              $  675
              2/2                     30                   952              $  735
              2/2                     23                 1,014              $  745
              2/2                     44                 1,038              $  750
              3/3                      1                 1,500              $1,000


                                     199 UNITS         179,652 NET RENTABLE SQ. FT.

INCOME & EXPENSES:         1993             1994      1995 thru 9/30   1995 Annualized


Effective Gross Income  $1,391,071.89   $1,497,662.69  $1,139,495.33     $1,519,327.11

Salaries and Personnel    $104,131.89     $101,487.06     $68,522.16        $91,362.87
Insurance                  $19,749.12      $47,969.04     $57,053.52        $76,071.36
Taxes                     $192,002.88     $217,920.00    $154,503.00       $206,004.00
Management Fees               N/A          $23,128.00     $30,600.00        $40,800.00
Utilities                 $104,938.66     $101,729.54     $84,761.06       $113,014.75
Administrative & Mktg      $47,103.45      $30,468.55     $15,602.61        $20,803.48
Repair & Maintenance       $73,907.14      $54,968.38     $41,438.43        $55,251.26
Contract Services          $38,669.45      $34,648.85     $22,346.14        $29,794.86

Total Expenses            $580,502.63     $612,319.42    $474,826.92       $633,102.58


NET OPERATING INCOME      $810,569.26     $885,343.27    $664,668.41       $886,224.53

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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