Cortland Park Financials
Income
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Income and Unit Count
| Size | Type | # Units | Per Unit | Per Month |
|---|---|---|---|---|
| 1 Br | Basement | 12 | @ $695 | $8,340 |
| 1 Br | Balcony | 32 | @ $735 | $23,520 |
| 2 Br | Basement | 23 | @ $750 | $17,250 |
| 2 Br | Balcony | 42 | @ $795 | $33,390 |
| 3 Br | Basement | 12 | @ $800 | $9,600 |
| 3 Br | Balcony | 25 | @ $845 | $21,125 |
|
Maximum Rent (Monthly): | 146 | $113,225 | ||
Staff Quarters & Office
| For | Type | Per Month |
|---|---|---|
| Office (B15) | 3Br w/Bal | $845 |
| Elaine | 3Br w/Bal | $845 |
| Bill/Briana | 2Br w/Bal | $795 |
| Matt S | 3Br w/Bal | $845 |
| Mark S | 1Br w/Bal | $735 |
|
Staff & Office (Monthly): | $4,065 | |
Owners also currently occupy one 2 Br w/Bal for personal use
Expenses
| 2017 Expenses | ||||
|---|---|---|---|---|
| Credit Reports | $1,224 | |||
| Electric | $12,398 | |||
| Exterminating | $12,717 | |||
| Gas | $50,316 | |||
| Office Supplies | $7,328 | |||
| Postage | $3,576 | |||
| Sewer | $27,369 | |||
| Supplies | $25,610 | |||
| Telephone | $2,620 | |||
| Trash Removal | $13,490 | |||
| Water | $26,027 | |||
| Advertising | $752 | |||
| Insurance | $69,271 | |||
| Legal/Professional Fees | $6,227 | |||
| Salaries (for Repair, Mgt, Operations) | $116,080 | |||
| Operating Expenses | $375,005 | |||
| + Taxes | $182,719 | |||
These figures are not warranted although they are from sources deemed reliable. Schatz Realty Group.
Operating Statement
| Maximum Rent Monthly | $113,225 | |||
| Staff Quarters & Office | -$4,065 | |||
| Gross Rent Monthly | $109,160 | |||
| x12 | ||||
| Gross Rent Yearly | $1,309,920 | |||
| 5% Vacancy Loss | -$65,517 | |||
| Net Rent | $1,244,403 | |||
| Miscellaneous Income | +$93,456 | |||
| Effective Gross Income | $1,337,859 | |||
| Operating Expense | -$375,005 | |||
| Tax | -$182,719 | |||
| NET OPERATING INCOME | $780,135 | |||
