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Correll Commercial - Iub Ds V FC& MC (Page 4)

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Correll Commercial - Iub Ds V FC& MC
FINANCIAL SUMMARY
STABILIZED OPERATING STATEMENT
The Village at Fall Creek and Monon Court Apartments
2005
Projected
2006
No. of Units (Renovated and Lease Ready):
81
81
GBA:
63,945
63,945
Approximate Occupancy:
91%
91%
Income
Gross Potential Rental Income:
$461,712
$461,712
Less: Vacancy & Credit Loss:
(23,086)
Effective Gross Income (EGI):
Other Income:
$1,500
$1,500
Utility Reimbursement:
$37,800
$37,800

Total Effective Income
$430,409
$477,926
Expenses
Advertising
$741
$1,000
Accounting and Legal
$1,000
$1,000
Administrative
$8,314
$8,500
Salaries and Benefits
$56,433
$37,000
Security Company
$28,392
$0
Management Fee @ 5% of EGI
$0
$0
Utilities - Electricity
$54,200
$50,000
Utilities - Water and Gas
$19,922
$27,093
Utilities - Trash
$3,600
$3,600
Repairs and Maintenance
$21,355
$20,000
Insurance
$14,611
$14,650
Real Estate and PP Taxes
$23,447
$23,500
Reserves
$0
$0
Total Expenses
$232,015
$186,343
Net Operating Income
$198,394
$291,583
Expense Ratio
-54%
-39%
THE VILLAGE AT FALL CREEK AND MONON COURT
PAGE 4
CORRELL COMMERCIAL
7399 North Shadeland Avenue Indianapolis, Indiana 46250
www.richcorrell.com
Tel: 317-842-0007
Fax: 317-842-0008
Mobile:317-507-0009

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