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1859 & 1861 Kingston Avenue Apartments1859 & 1861 Kingston Avenue, Norfolk, VA 23503
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N OT I C EN O N - E N D O R S E M E N T SMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee iden-tified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorse-ment by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, ser-vice, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
Exclusively Listed By: ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
D I S C L A I M E R : THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or war-ranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate In-vestment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. ZAB0600043.
Altay UzunFirst Vice President, Investments
Hampton Roads & Richmond Offices
Justin FergusonInvestment Associate
Hampton Roads & Richmond Offices412.849.9977
Kyle P. GrossSenior Investment Associate
Raleigh Office
Shelby JacobsMarketing CoordinatorHampton Roads Office
908.910.1572
www.midatlanticmultifamily.com
1859 & 1861 Kingston Ave Apartments
1859 & 1861 Kingston Avenue Norfolk, VA 23503
Prime Ocean View Location
Table of Contents
1859 & 1861 Kingston AvenueNorfolk, VA
7Property Description
Property DetailsRegional Map
Local Retail MapProperty Pictures
25Market OverviewLocation OverviewLocation HighlightsEconomic Overview
Demographics
47Financial AnalysisFinancial SummaryUnit Mix Analysis
Operating Statements
35Comparable Properties
Sales ComparablesMap
Rent ComparablesMap
10-Units in Ocean View, Norfolk
Prop e r t y Descr ipt ion
Property Details
Address: 1859 & 1861 Kingston Avenue
Total Units: 10 Units
Parcel Number: 1540880797
Buildings: 2 Buildings
Legal Description: Lot Z, Blk 8, Cottage Park
Year Built: 1965
Occupancy: 100%
Gross Building SqFt: 8,800 SqFt
Lot Size: 0.3329 Acres
Total Parking: 1 per Unit
HVAC: Central
1859 & 1861 Kingston Avenue
Water/Sewer: Owner Paid - Billed Back
Garbage/Recycling: Owner Paid
Electric: Tenant Paid
Util ities
PROPERTY
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1859 & 1861 Kingston Avenue A p a r t m e n t s
1 8 5 9 & 1 8 6 1 K i n g s to n Ave n u e , N o r f o l k , VA 2 3 5 0 3 U n i t A m e n i t i e s
Hardwood Flooring
Matching Appliances
Tile Flooring
Ceiling Fans
Central A/C
In-Unit Washers & Dryers
The Marcus & Millichap Mid-Atlantic Multifamily Advisory Group is pleased to present the pricing and financial analysis for 1859 & 1861 Kingston Avenue located in the West Ocean View neighborhood of Norfolk, VA.
The property features 10-units in two two-story buildings built in 1965 and situated on +/- 0.3329 acres. The property features four (4) 750 sqft two-bedroom one-bathroom units, two (2) 900 sqft two-bed-room two-bathroom units, and four (4) 1,000 sqft three-bedroom two-bathroom units. Amenities include hardwood floooring, car-peting, ceiling fans, matching appliances, in-unit W&D, and pet friendly units. Located in West Ocean View, the property’s prime location enjoys the benefits of not only Hampton Roads liveliest metro, but also the most prominent arts and culture district in the entire MSA. 1859 & 1861 Kingston Avenue also provides quick ac-cess to downtown Norfolk and Norfolk’s Waterside District.
The Hampton Roads economy is heavily diversed home to the fastest growing port on the East Coast, two Fortune 500 companies, low business costs, global access, and a robust talent pipeline. Hampton Roads is well known for its ports, shipyards, maritime related industries, aerospace, food and beverage processing, and is home to every branch of the U.S. Armed Forces. Hampton Roads seven universities and three community colleges graduate +/- 17,000 students annually, consistently supplying a highly skilled workforce.
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Offering Highlights
Residents have access to Bay View Elementary School,
Lake Taylor Middle School, and Norview High School.
Amenities
Built-In Microwaves
Matching Appliances
Ceiling Fans
In-Unit Washers & Dryers
Off StreetParking
Hardwood Flooring
Value Add Opportunity with Rent Growth Potential Located near the Chesapeake Bay.
Convenient Access to Major Transportation Arteries including
Route 60, Route 13, and Interstate 64.
1859 & 1861 Kingston Avenue
Abundant Recreational ActivitiesLocated on the Chesapeake Bay pro-vides ample activities including fishing,
swimming, kayaking, surfing, volley-ball, and many more.
Prime LocationClose proximity to schools, higher ed-ucation institutions, employment cen-
ter, shopping, and retail amenities.
Diverse Employment BaseDiverse regional employment base
focusing on military, shipping, health-care, and business services.
In-UnitWashers &
Dryers
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Investment Highlights• The Offering: market rate commu-
nity catering to military and working professionals.
• Strong Rental Market: positive rent growth forecasts. New construction has slowed facilitating a demand for rent growth.
• Ideal Demographic for Multifami-ly Demand: High affordability gap in-creased the rent-by-necessity demo-graphic combined with a strong 20-34 age renter cohort from the abundant military presence and numerous high-er educational institutions.
• Abundant Population Growth: 5.2% 30-34 year old population growth for the past 5 years.
• Prime Location: located near East Ocean View Avenue within walking distance to retail and recreational activities and only 6 miles from Joint Expeditionary Base Little Creek-Fort Story.
• Close Proximity to Chic’s Beach: 15 minute drive from Chic’s Beach and surrounding top attractions in-cluding a vibrant night-life, savory restaurants, breweries, and outdoor recreational activities.
• Strategic Value-Add: investors have the opportunity to implement a light interior upgrade and en-hance the community amenities to capture additional rental premi-ums.
1859 & 1861 Kingston Ave$1.2M | 10 Units
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1859 & 1861 Kingston A
venueINTERIOR AMENITIES
Hardwood FlooringCeiling Fans
Matching AppliancesTile FlooringCentral A/C
In-Unit Washers & Dryers
COMMUNITY AMENITIES
Off Street ParkingPrime Location
In General:Added RUBS System: 9 out of 10 tenants are currently on RUBS system.
Retenanted the building with new paying tenants.
Replaced GFCI receptacles in 10 kitchen units.
Parking Lot: Sawcut and removed 4 areas as marked on concrete and re-poured. Restriped parking spaces and numbers. Put in 1 handicap space.
1859 Building:Replace exterior light fixtures at all front doors only.
Install vinyl beaded ceilings over 2nd floor deck.
Install 15 stick on nonskid strips over stair treads.
Replace exterior pressure treated balusters on rear stairs and deck where missing.
Paint all exterior doors and re-letter.
1861 Building:Remove/replace 2 exterior flush mount light fixtures at lobby front door. Install
light globes where missing.
Remove/replace 2 broken pressure treated stair rails.
Remove wood lattice surrounding A/C compressor.
Repair metal siding where gaps and holes appear on rear of building.
Remove/replace unit 2 exterior front entry door and re-use lockset.
Install 15 stick on nonskid over stair treads.
Replace 4 missing interior balusters in lobby and hallway.
Paint exterior metal siding on right gable end with white Direct to Metal paint.
Paint all exterior doors and re-number.
Repair windowsill in unit 3.
Renovation SummaryPR
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“Nor fo l k i s a fun , v ib rant ente r ta inment and cu l tu re , de l ic ious cu i s ine and 144 mi les o f shore l ine wa i t ing to be ex -p lo red!
Wi th the Chesapeake Bay , At lant ic ocean and count les s r i ve r s in ou r back-yard , you a re never fa r f rom the water . Nor fo l k ’ s th r i v ing a r t s communi ty we l -comes you in to i t s s tud ios , ga l le r ie s and up and down the s t reet s o f downtown, the NEON Ar t s D i s t r ic t and beyond. I f you’ re look ing fo r wor ld -c las s cu i s ine , look no fu r ther ! F rom t rad i t iona l South-e rn fa re to a w ide range of nouveau and in te rnat iona l o f fe r ings Nor fo l k ’ s eate r ies o f fe r someth ing fo r everyone – and every appet i te .”
C i t y O fN o r f o l k“Nor- fok”“Naw-fok”
Mark e t Overview
Norfo
lk, V
A
Superb DemographicsThe submarket’s proximity to major em-ployment centers, high end retail, historic neighborhood charm, on the water perks, and central location make it a desirable place of residence for tenants of all ages.
242,742Total
Population
30.5Median
Age
$49,146Median
HouseholdIncome
88,155Total
Households
2.49Average
People perHousehold
Market Leading DemographicsSuperb Apartment Fundamentals
The market’s proximity to major employment centers, high end retail, historic neighborhood charm, close proximity to the water, and central location make
it a desirable place of residence for tenants of all ages.
Hampton Roads
Total Households: 701,456
Average Household Size: 2.53
Median Household Income: $67,583
Median Age: 35.4
Vacancy (Q4): 5.41%
Median Home Price (Q4): $247,500
Monthly Mortgage Payment: $1,490
Average Asking Rent (Q4): $1,088
Affordability Gap: 26.9%
Hampton Roadsat a glance
4%Population Growth ‘10-’19
25.9%of the Population Between
18-34 Years Old
90%High School Graduate or Higher
$67,583Median Household Income
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Norfolk SFR Values
According to Zillow, the median home sale price in Norfolk is $197,700 with the cur-rent median listed home price of $223,000.
Norfolk home values have increased 4.2% over the past year. This growth in the price of single family homes has created a widening gap between the average monthly rents compared with the average monthly mortgage payment on a single family home.
Affordability GapNorfolk
$1,20
0
Affordability Gap$108/month
$1,108
$1,000
Average Rent at 1859 & 1861Kingston Ave
Monthly Payment on a Median Priced Home
$190K
$180K
$200K
$170K2019201820172016
Robust EmploymentClose Proximity to Numerous Employment Centers
The property’s convenient location, located 1 mile away from the Hamp-ton Roads Beltway, provides easy ac-cess to all that the Hampton Roads region has to offer including em-ployment centers, local attractions, and retail destinations. Between 2017 and now, Hampton Roads added 11,000 jobs in the pro-fessional and business services sector, representing a 10% increase according to the Bureau of Labor Statistics. Hampton Roads is home to two Fortune 500 compa-nies, Dollar Tree in Ches-apeake and Huntington Ingalls Shipbuilding in Newport News.
Affordability Gap to HomeownershipNorfolk, VA
Current average rent at 1859 & 1861 Kingston Avenue is $108 per month less than the monthly mortgage payment on a median priced single family home in the area. There is ample room to increase rents at the subject property while still maintaining the affordability gap.
Strong Submarket FundamentalsHealthy Housing Market with Significant Runway for
Rent Growth and Apartment Asset Performance
Hampton Roads
United States
Key:
Based on CoStar Estimates for the Hampton Roads MSA and the United States; January 2020.
Median Household Income
Q4 2019
Q3 2019
Q2 2019
$66,070$62,469
Q1 2019
$66,563$63,020
$67,072$63,574
$67,583$64,116
Q4 2019
Q3 2019
Q2 2019
$1,072$1,337
Q1 2019
$1,089$1,356
$1,087$1,335
$1,087$1,355
Average Market Rent
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24,176 Students as of Fall 2018
Downtown Norfolk
1,438 Students as of Fall 2018
1,383 Students as of Fall 2018
Norfolk Premium Outlets
Chic’s BeachOcean ViewBeach Park
Strategic LocationLocated 5.6 Miles from the Norfolk International Airport serving coastal VA and northeast NC !
City of Norfolk
“Norfolk is a fun, vibrant entertainment and cul-ture, delicious cuisine and 144 miles of shoreline waiting to be explored!
With the Chesapeake Bay, Atlantic Ocean and count-less rivers in our backyard, you are never far from the water. Norfolk’s thriving arts community welcomes you into its studios, galleries and up and down the streets of downtown, the NEON Arts District and be-yond. If you’re looking for world-class cuisine, look no further! From traditional Southern fare to a wide range of nouveau and international offerings Norfolk’s eateries offer something for everyone – and every ap-petite.”
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AccessibilityPart of Ocean View’s appeal is its plethora of bou-tiques, restaurants, nightlife, and recreational ac-
tivities for the whole family to enjoy.
Walk ScoreSome errands can be
accomplished on foot.
Some TransitA few nearby public
transportation options.
Bike ScoreFlat as a pancake, minimal bike lanes.
413147
BOverall Niche
Grade for Ocean View
“Norfolk’s relaxing beach communities of Ocean View and East Beach will leave you feeling as though you’re in a whole other world-one filled with fresh seafood, sand and seaside fun.”
...magnificent sunrises and sunsets. Perfect for the whole family!
- Niche Review
““
East Beach
Chesapeake Bay
E Ocean View Ave
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Mark e t Comparables
1859 & 1861 Kingston Ave1 6228-6240 Chesapeake Blvd2 233 W Ocean View Ave3 Casa Playa4 1st Bay Street Portfolio
S a l eCOMPARABLES
2
1
3
4
1859 & 1861Kingston Ave
$0
A v e r a g e$149,928
6228-6240Chesapeake
Blvd
233 W OceanView Avenue
Casa Playa
A v e r a g e P r i c e / U n i t :
$135
,714
$125
,000
$109
,000
$50,000
$100,000
$150,000
$120
,000
$200,000
$250,000
$230
,000
1st BayStreet
Portfolio
1859 & 1861 Kingston AvenueNorfolk, VA 23503
Offering Price: $1,200,000
Units: 10 Units
Price/Unit: $120,000/Unit
Year Built: 1965
Lot Size: 0.3329 Acres
Rentable SqFt: 8,800 SF
Price/SqFt: $136.36
Unit Mix: 4 - Two Bed One Bath
2 - Two Bed Two Bath
4 - Three Bed Two Bath
Amenities: Ceiling Fans, Hardwood Flooring, Matching Appliances, Built-In Microwaves, Tile Flooring, Central A/C, Carpeting, and In-Unit W&D.
100
6228-6240 Chesapeake BoulevardNorfolk, VA 23513
Amenities: Laminate Wood Flooring
Matching AppliancesBaseboard Heating
Wall A/C Unit Provided
2 Bedroom
Sale Price: $1,900,000
COE: February 7, 2019
Units: 14 Units
Price/Unit: $135,714/Unit
Year Built: 1985
Lot Size: 1.03 Acres
Rentable SqFt: 29,088 SqFt
Price/SqFt: $65.32
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100
233 W Ocean View AvenueNorfolk, VA 23503
Amenities: Carpeting
Tile FlooringBaseboard Heating
Matching White AppliancesWall A/C Unit Provided
2 Bedroom
Sale Price: $1,500,000
COE: September 26, 2017
Units: 12 Units
Price/Unit: $125,000/Unit
Year Built: 1974
Lot Size: 0.17 Acres
Rentable SqFt: 4,800 SqFt
Price/SqFt: $312.50
2
20+80
Casa Playa1033 Little Bay Avenue, Norfolk, VA 23503
Amenities: On-the-Water Location
Hardwood FlooringSpiral Staircase
Matching AppliancesCeiling Fans
1 Bedroom
Sale Price: $545,000
COE: July 17, 2017
Units: 5 Units
Price/Unit: $109,000/Unit
Year Built: 1969
Lot Size: 0.36 Acres
Rentable SqFt: 4,500 SqFt
Price/SqFt: $121.11
3
2 Bedroom
40+60
1st Bay StreetNorfolk, VA 23518
Amenities: Carpeting
Laminate Wood FlooringBaseboard HeatingOff Street Parking
Matching Appliances
Sale Price: $4,600,000
COE: April 3, 2019
Units: 20 Units
Price/Unit: $230,000/Unit
Year Built: 1970
Rentable SqFt: 15,042 SqFt
Price/SqFt: $305.81
4
2 Bedroom1 Bedroom
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1859 & 1861 Kingston Avenue1 2016 E Ocean View Avenue2 Pleasant Village Apartments3 1874 Kingston Avenue4 Walker’s Chase Townhomes5 Pinewood Gardens
R e n tCOMPARABLES
13
5
42
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$0
A v e r a g e$1,138 (+$240)
2016 E Ocean View
Avenue
Pleasant Village
Apartments
Walker’s Chase
PinewoodGardens
Tw o B e d r o o m R e n t :
$950
$1,2
50
$950
1874 KingstonAvenue
$1,5
14
$995
$200
$400
$891$800
$1,000
$600
$1,200
$1,400
$1,600
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100Units Type SF Rent Rent/SF
19 2 Bed 1 Bath 800 $950 $1.19
19 Totals/Wtd Avg 800 $950 $1.19
Amenities:Linoleum Flooring
Ceiling FansCarpeting
Matching White AppliancesOff Street Parking
2 Bedroom
Total Units: 19 Units
Rentable SqFt: 20,016 SqFt
Year Built: 1948
Lot Size: 0.46 Acres
2016 E Ocean View AvenueNorfolk, VA 23503
Units Type SF Rent Rent/SF
4 2 Bed 1 Bath 750 $869 $1.16
2 2 Bed 2 Bath 900 $913 $1.01
4 3 Bed 2 Bath 1,000 $1,174 $1.17
10 Totals/Wtd Avg 880 $1,000 $1.14
Amenities:Hardwood Flooring
Tile FlooringStainless Steel Appliances
Built-In MicrowavesCentral A/C
Total Units: 10 Units
Rentable SqFt: 8,800 SqFt
Year Built: 1965
Lot Size: 0.34 Acres
Occupancy: 100%
1859 & 1861 Kingston AvenueNorfolk, VA 23503
1T h r e e B e d r o o m R e n t :
1859 & 1861KingstonAvenue
$0
A v e r a g e$1,435 (+$261)
Walker’s Chase
PinewoodGardens
$1,6
99
$1,1
72
$200
$400
$1,1
74
$800
$1,000
$600
$1,200
$1,400
$1,600
$1,800
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100100Units Type SF Rent Rent/SF
48 2 Bed 2 Bath 950 $1,200-$1,300 $1.32
48 Totals/Avg 950 $1,250 $1.32
Amenities:Carpeting
Vinyl Wood FlooringStainless Steel Appliances
DishwashersTile Flooring
2 Bedroom
Total Units: 48 Units
Rentable SqFt: 74,664 SqFt
Year Built: 1988
Lot Size: 1.40 Acres
Pleasant Village Apartments4930 Pleasant Avenue, Norfolk, VA 23518
2
Units Type SF Rent Rent/SF
4 2 Bed 1 Bath 862 $950 $1.10
4 Totals/Wtd Avg 862 $950 $1.10
Amenities:Hardwood Flooring
Matching White AppliancesDishwashersCentral A/C
Tiled Bathrooms2 Bedroom
Total Units: 4 Units
Rentable SqFt: 3,466 SqFt
Year Built: 1950
Lot Size: 0.16 Acres
1874 Kingston AvenueNorfolk, VA 23503
3
91+9Units Type SF Rent Rent/SF
56 2 Bed 2.5 Bath 1,400 $1,514 $1.08
6 3 Bed 2.5 Bath 1,700 $1,699 $1.00
71 Totals/Wtd Avg 1,550 $1,606 $1.04
2 Bedroom
Total Units: 71 Units
Rentable SqFt: 131,600 SqFt
Year Built/Renovated: 1967/2010
Walker’s Chase Townhomes8581 Tidewater Dr, Norfolk, VA 23503
53+8+37+2
# Type SF Rent Rent/SF
12 Studio 1 Bath 500 - -
281 1 Bed 1 Bath 835-878 - -
409 2 Bed 1 Bath 995-1,038 $935-$1,055 $0.98
59 3 Bed 1.5 Bath 1,115 $1,125-$1,220 $1.05
761 Totals/Avg 893 $1,083 $1.02
Amenities:Private Patio/Balcony
Ceiling FansFully Equipped Kitchens
PoolsFitness Center
Laundry Facilities
Total Units: 761 Units
Rentable SqFt: 944,682 SqFt
Year Built: 1963
Pinewood Gardens1731 E Little Creek Rd, Norfolk, VA 23518
54
3 Bedroom
Studio 1 Bedroom2 Bedroom 3 Bedroom
Amenities:Pool
Bark ParkPlank Flooring
In-Unit Full-Size W&DShaker-Style Cabinetry
Private Fenced-In Patios
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1859 & 1861 Kingston Avenue | Pricing Detail
Price $1,200,000
Down Payment 25% $300,000
Number of Units 10 Units
Price Per Unit $120,000
Rentable SqFt 8,800 SF
Price Per SqFt $136.36
Lot Size (Acres) 0.34 Acres
Lot Size (SqFt) 14,810 SF
Year Built 1965
Occupancy 100%
Returns Current Year 1
Cap Rate 7.07% 7.65%
GRM Rate 10.01 9.17
Cash-on-Cash 8.97% 11.27%
Debt Coverage Ratio 1.46 1.58
Current Potential
Unit Type # of Units
Avg SF
Avg Rent
Avg Rent/SF
MonthlyIncome
Avg Rent
Avg Rent/SF
MonthlyIncome
Two Bed One Bath 4 750 $869 $1.16 $3,475 $925 $1.23 $3,700
Two Bed Two Bath 2 900 $913 $1.01 $1,825 $1,050 $1.17 $2,100
Three Bed Two Bath 4 1,000 $1,174 $1.17 $4,695 $1,250 $1.25 $5,000
Totals/Averages 10 880 $1,000 $1.14 $9,995 $1,080 $1.23 $10,800
Gross Annual Rents $119,940 $129,600
Financing 1st Loan
Loan Amount $900,000
Loan Type New
Interest Type 5.00%
Amortization 30 Years
Year Due 2029
Finan c i a l Analysis
1859 & 1861 Kingston Avenue | Operating StatementIncome Current Year 1 Notes Per Unit Per SF Gross Potential Rent 129,600 130,896 [1] 13,090 14.87Loss / Gain to Lease (9,660) 7.5% 0 0 0.00Gross Current Rent 119,940 130,896 13,090 14.87Physical Vacancy (4,798) 4.0% (3,927) 3.0% [2] (393) (0.45)Bad Debt (2,400) 2.0% (1,309) 1.0% [3] (131) (0.15)Total Vacancy (7,198) 6.0% (5,236) 4.0% (524) (1)Economic Occupancy 94.00% 96.00%Effective Rental Income 112,742 125,660 12,566 14.28Utility Bill-Back 5,477 5,477 [4] 548 0.62Effective Gross Income 118,219 131,137 13,114 14.90
Expenses Current Year 1 Notes Per Unit Per SF Real Estate Taxes 7,743 12,350 [5] 1,235 1.40Insurance 2,500 2,500 [6] 250 0.28Utilities - Water & Sewer 5,827 5,827 [7] 583 0.66Repairs & Maintenance 4,000 4,500 [8] 450 0.51Contract Services 2,000 2,000 [9] 200 0.23Marketing & Advertising 500 500 [10] 50 0.06General & Administrative 1,000 1,000 [11] 100 0.11Operating Reserves 1,500 1,500 [12] 150 0.17Management Fee 8,275 7.0% 9,180 7.0% [13] 918 1.04Total Expenses 33,345 39,357 3,936 4.47Expenses as % of EGI 28.2% 30.0%Net Operating Income 84,874 91,781 9,178 10.43
[1] Current Gross Potential Rent is based on actuals per the rent roll. Pro Forma Gross Potential Rent is based on current market averages.
[2] Current and Pro Forma Physical Vacancy is a conservative assumption based on market averages. The property is cur-rently 100% occupied.
[3] Current Bad Debt reflect actuals. Pro Forma Bad Debt is a conservative improvement to property stabilization.
[4] Current and Pro Forma Utility Bill-Back reflect actuals.
[5] Current Real Estate Taxes reflect actuals. Pro Forma Real Estate Taxes are based on estimated sales price and Norfolk City mill rate.
[6] Current and Pro Forma Insurance costs are calculated at $250 per unit per year.
[7] Current and Pro Forma Water and Sewer Utility costs reflect actuals.
[8] Current Repairs and Maintenance costs reflect actuals. Pro Forma Repairs and Maintenance costs are estimated at $550 per unit per year.
[9] Current and Pro Forma Contract Services costs are calculated at $200 per unit per year.
[10] Current and Pro Forma Marketing and Advertising costs are calculated at $50 per unit per year.
[11] Current and Pro Forma General & Administrative costs are calculated at $100 per unit per year.
[12] Current and Pro Forma Operating Reserve costs are calculated at $150 per unit per year.
[13] Current and Pro Forma Management Fee expenses are calculated at 7%.
1859 & 1861 Kingston Avenue | Notes to the Operating StatementFI
NA
NC
IAL
AN
ALY
SIS
48
1859
& 18
61 K
ings
ton A
venu
e FINA
NC
IAL A
NA
LYSIS
49
1859 & 1861 Kingston A
venue
Altay UzunFirst Vice President, Investments
Justin FergusonInvestment Associate
412-849-9977
Kyle P. GrossSenior Investment Associate
Shelby JacobsMarketing Coordinator
908.910.1572
Exclusively Listed By: