Luxury2
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FINANCIALS<br />
A TURNKEY CASH-FLOWING ASSET<br />
OFFERING DETAILS<br />
Property<br />
The Residences<br />
Address<br />
101 West 42nd Street<br />
Building Size<br />
117,000 SF<br />
Lot Size<br />
0.27 Acres<br />
Units 127<br />
Price $70,000,000<br />
Price Per SF $598.29<br />
Price Per Unit $551,181<br />
Down Payment $14,000,000<br />
PROJECTED RETURNS<br />
Year 1 NOI $5,000,000<br />
Year 1 Cap Rate 7.14%<br />
10-Yr Unleveraged IRR 11.47%<br />
10-Yr Leveraged IRR 18.46%<br />
Cash Flow Before D/S $4,100,000<br />
Cash Flow After D/S $2,400,000<br />
DEBT FINANCING<br />
Loan Amount $56,000,000<br />
Loan to Sales Price Ratio 80%<br />
Interest Rate 5.50%<br />
Term<br />
10 Years<br />
Amortization Period<br />
25 Years, 2 Years I/O<br />
Maturity October, 2028<br />
Outstanding Loan Balance (Yr 10) $5,600,000<br />
Annual Debt Service Payment $4,762,395<br />
Year 1 Debt Service Coverage Ratio 1.66<br />
Loan Constant P&I Only 7.37%<br />
OPERATING PARAMETERS<br />
Current Operating Expenses $1,000,000<br />
End of Year 1 Operating Expenses (SF/YR) $44.53<br />
End of Year 1 Capital Reserves (SF/YR) $0.28<br />
Occupancy Rate 98%
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