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Real Estate Finance

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FORECASTED INCOME AND OPERATING STATEMENT OFFICE BUILDING DOWNTOWN TAMPA Income: Office Rental Income Area = Rate = 38,450 sq. ft $ 24.50 / sq. ft $942,025 Parking Income Number of spaces = Rate per month per space = $ Potential Gross Income: Less: Vacancy and Collection Allowance (13%) Parking vacancy: 20 10.00% Building vacancy: 3450 8.97% 200 24.50 $324,000 $1,266,025 ($32,400) ($84,525) ($116,925.00) Effective Gross Income: $1,149,100 Expenses: Management Fees (10% of EGI) Real Estate Taxes Hazard Insurance Maintenance/Repairs Supplies Capital Repair Allowance Administration Costs Garage Operating Costs TOTAL EXPENSES Net Operating Income Debt Service Before Tax Cash Flow $114,910.00 $12,750 $9,525 $23,500 $9,250 $11,500 $8,750 $10,925 $201,110.00 $947,990.00 ($468,477) $479,513.00 NOI: Year 6 Div. by Cap. Rate: Estimated Value $1,081,574.37 6.80% $15,905,505 Selling/Closing Costs: 13.00% Remaining Loan Balance (end of Year 5): Appreciated Value Less: Selling/Closing Costs Net Proceeds From Sale Less: Unpaid Mortgage Balance Before-Tax Equity Reversion (BTER) $2,697,962.60 $15,905,505 ($2,067,716) $13,837,790 ($2,697,962.60) $11,139,827 Discount Factors: rate of return: 13% Year Discount Factor 1 2 3 4 5 6 0.8850 0.7831 0.6931 0.6133 0.5428 0.4803 Year BTCF 1 2 3 4 5 6 $479,513 $504,972 $531,045 $557,747 $585,093 BTER $11,139,827 Total CF's $479,513 $504,972 $531,045 $557,747 $585,093 $11,139,827 Present Value of the CF's and Reversion: Dis ...
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