Built in 1986, the complex comprises 2 six-story buildings. Features include a clubhouse with kitchen and exercise room, leasing office, swimming pool, sauna and a children's playground. There are 6 laundry rooms, (3 in each building). All units feature wall-to-wall carpeting, frost-free refrigerator, range, oven, garbage disposal and dishwasher. All apartments have open patios or balconies and individually controlled central air-conditioning units. Each unit is metered separately for electricity.
Unit Mix: Bed/Bath # of Units Sq. Ft. Rents
1/1 24 762 $615
2/2 48 980 $695
2/2 deluxe corner 48 1,000 $705
120 Units 113,328 Net Rentable Sq. Ft.
Income & Expenses: 1993 1994 1995 thru 9/30 1995 Annualized
Effective Gross Income $695,875.86 $844,252.77 $635,864.09 $847,818.79
Salaries and Personnel $ 36,787.77 $ 54,088.79 $ 44,926.91 $ 59,902.55 Insurance $ 12,567.96 $ 17,873.64 $ 16,200.00 $ 21,600.00 Taxes $ 81,000.00 $100,027.92 $ 76,500.00 $102,000.00 Management Fees N/A $ 27,000.00 N/A N/A Utilities $ 72,557.24 $ 87,109.45 $ 79,805.97 $106,407.96 Administrative & Marketing $ 33,668.21 $ 26,426.27 $ 36,417.23 $ 48,556.31 Repair & Maintenance $ 48,852.21 $ 48,878.17 $ 27,296.48 $ 36,395.31 Contract Services $ 58,077.43 $ 61,904.89 $ 38,096.92 $ 50,795.89 Total Expenses $343,510.82 $423,309.13 $319,243.51 $425,658.01
Net Operating Income $352,365.04 $420,943.64 $316,620.58 $422,160.77
On Site Inspection: 1:00 to 3:00 p.m.
Tuesday, December 5 Wednesday, January 17
Thursday, December 14 Tuesday, January 23
Tuesday, January 9
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