Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Anytown, Pa
PICTURE
Presented By
Glenn Blumenthal
Malvern Advisors, LLC
Thursday, March 31, 2011
Disclaimer: All information presented is believed to be accurate.
The information, calculations & data presented in this report are believed to be accurate but are not guaranteed or
warranted. The information contained in this report shall not be considered as a substitution for a legal, accounting or other
professional advice. Please seek proper legal and tax advice as appropriate before making any decisions on real estate.
Glenn Blumenthal
Malvern Advisors, LLC
Thursday, March 31, 2011
Disclaimer: All information presented is believed to be accurate.
The information, calculations & data presented in this report are believed to be accurate but are not guaranteed or
warranted. The information contained in this report shall not be considered as a substitution for a legal, accounting or other
professional advice. Please seek proper legal and tax advice as appropriate before making any decisions on real estate.
Executive Summary
Gas Station Venture
Property Information
Type:
Property Location
Year Built
Debt Information
Retail
CBD
$ 40,000,000
$ 41,887,600
Sq. Footage:
Capitalization Rate:
Amount
$ 4,087,600
$ 9,800,000
$ 28,000,000
Initial Equity
Mezz Debt/Revolver
Initial Loan
Various
Purchase Price:
Fair Market Value (FMV) :
3/14/2011
Amount
Mortgage #1
$28,000,000
Mezz Debt
$ 9,800,000
Initial Avg Wtg Cost of Debt
145,214
9.51%
% of Cost
9.76%
23.40%
66.85%
Rate
6.25%
14.00%
10.13%
Term (Yrs)
10
15
% FMV
10.22%
24.50%
70.00%
Mo Payment
$
204,660
$
114,333
# $
# $
$
$
316,667
3,800,000
349,289
3,827,919
$0.00
$0.00
$0.00
First
First
Full
Full
Year
Year
Gross Rental Income
Opex Reimbursement
Other Income
Less: Vacancy & Credit Loss
Total Income
2012
$ 3,884,475
$
240,136
$
$
$ 4,124,610
2013
$ 3,942,742
$ 261,966
$
$
$ 4,204,708
$
$
$
$
$
$ 3,804,429
$ 3,855,419
$ (3,804,585)
$
-
$ (3,683,019)
$
-
$ (3,683,019)
$
-
228,922
$
$
$
$
2021
32.87
3.05
29.82
185.88
(320,181)
(349,289)
2014
4,001,883
269,825
4,271,708
(359,767)
Assumptions:
Rental Growth Rate:
Expense Growth Rate:
Management Fee Rate
Discount Rate
Marginal Tax Rate:
Capital Gain Tax Rate:
2.50%
3.00%
3.50%
14.00%
35.00%
15.00%
1.00
7.76%
90.71%
100.00%
(156)
172,401
3,911,941
Comparative Measurements
2021
Revenue/Sqft
1.18 Expense/Sqft
9.27% NOI/Sqft
59.61% Balance/Sqft
87.54%
$
$
$
$
2012
28.40
2.20
26.20
248.18
Resale Analysis
Capitalization Rate (based on cost)
Capitalization Rate (based on Resale Value)
Net Present Value (NPV) (before taxes)
Net Present Value (NPV) (after taxes)
9.08%
9.77%
$
(137)
$ 379,159
10.34%
9.76% Project Sale Price
$ 1,542,700
$ 2,534,185
0.00%
10.57%
2021
45,280,956
(905,619)
44,375,337
26,992,620
17,382,717
0.00%
0.00%
0.00%
0.00%
22.27%
22.11%
21.22%
19.55%
145,214
0
145,214
Building Occupanied
Initial Vacancy
Total Rentable SF
100.0%
0.0%
100.0%
Manual Input
Referenced from another worksheet
Calculation
General:
Last updated:
Date of Creation
General
CC456
Gas Station Venture
40 Locations
Anytown
Pa
Print Information:
Identification Number
Property Name
Street Address
City
State
Zip
145,214
Retail
CBD
Various
Management Fee
Vacancy Assumption:
Opex Growth Projection
Rent Growth Rate
Capital Gains Federal Tax rate
Targeted Month of Analysis
Targeted Year of Analysis
Number of Years for DCF
First Day of Acquisition Month
Partnership
Full Report
Value Information:
$ 40,000,000
12/23/2011
40,000,000
1,887,600
41,887,600
288.45
9.64%
9.20%
11 Years
0.50%
14.00%
This is a % of Revenue
Operating Costs:
Summary
75.00%
1.50
349,289
$
$
Property
Detail or Summary
Operating Cost Reimbusement
Enter Price/SF Operating Number(Without Mgmt Fee)
Gross Operating Expense (with 3.5% Mgmt Fee)
Debt:
4.00%
2.00%
25.00%
75.00%
Lender
70.00%
$28,000,000
1.2
10 Years
20 Years
10 Yr Treasury
4.250%
2.000%
6.250%
8.771%
No
0.00%
14.0000%
Revolver
Mortgage 1
Mortgage 2
Mortgage 3
Self Amort D1
Max LTV %
Max Initial Loan - Lower of Appraisal or Purchase Price
Underwriting DSCR
Term to Maturity (years)
Amortization Term (years)
Index Type
Index Rate
Spread
Coupon Rate
Constant
Debt Allctn %
28,000,000
Revolver
35.00%
9,800,000
Structured Debt
100.00%
28,000,000
Equity
4,087,600
41,887,600
Debt Assumption (Yes/No)
Debt Points
1 Month LIBOR
Debt
13.5%
38.7%
25.0%
22.8%
0.0%
100.0%
Cash Flow
%
%
%
%
%
General
Exec Report
ProForma Facts:
3.50
3.00
2.50
15.00
1
2012
10 Years
1/1/2012
3/14/11
Property
Appraisal Value
Date of Last Appraisal
12
23
Purchase Price
Closing Costs
4.72% of Acquisition Costs
Total Cost of Acquisition
Price/sf based on Acquisition Costs
Direct Cap Rate On Appraisal
Direct Cap Rate On Total Acquisition
Cap Year
Terminal Cap Rate (Premium 0ver Direct Cap Rate)
Discount Rate (Rate of Return on Equity)
Property
Detail or Summary
Total SF Occupied
Market Rent (psf)
Intital Term (in Years) of Occupied Square Feet.
Other Income
Rollover Term in Years
Renewal Donwtime in months
TI New
TI Renewal
Commission New
Commission Renewal
New Lease Probability
Renewal Probability
DSCR - Year 1
$ 3,804,429
%
3.50 %
23%
67%
10%
$3,804,585
1.00
Underwrting
$3,884,474.5
Underwrting
Lender
Lender's Cash flow is computed by adjusting NOI as follows:
Year 1 - NOI
First Full Year
Adjustments:
Vacancy adjustment
Management fee
Capital Reserves
Leasing Commission Reserve
First Full Year P&I Payment (using 20 yr amort)
Year 1 - DSCR
Note: DSCR must be 1.2 or higher
Amort
Term
Rate Term (in yrs)
15
IO
10
20
5
25
5
25
IO
IO
30
30
30
2012
Index Name
1 Month LIBOR
10 Yr Treasury
10 Yr Treasury
10 Yr Treasury
Index Rate
14.0000%
4.2500%
4.9500%
5.4500%
Spread
Coupon Rate
14.0000%
2.0000%
6.2500%
2.0000%
6.9500%
1.3500%
6.8000%
0.0000%
Begin Date
01/31/12
01/31/12
01/31/22
01/31/27
Maturity
Date
01/31/27
01/31/22
01/31/27
01/31/32
Balloon
Date
01/31/27
01/31/22
01/31/27
01/31/32
Balloon
Amount
9,800,000
########
########
########
-
40 Locations
Anytown Pa
Potential Rental Income
Opex Reimbursement
Other Income
2012
3,884,475
75.00%
240,136
$
-
2013
3,942,742
261,966
-
2014
4,001,883
269,825
-
2015
4,061,911
277,920
-
2016
4,122,840
286,258
-
2017
4,184,682
294,846
-
2018
4,247,452
303,691
-
2019
4,311,164
312,802
-
2020
4,375,832
322,186
-
2021
4,441,469
331,851
-
$ 4,124,610
$ 4,204,708
$ 4,271,708
$ 4,339,831
$ 4,409,097
$ 4,479,528
$ 4,551,143
$ 4,623,966
$ 4,698,017
$ 4,773,320
$ 4,124,610
$ 4,204,708
$ 4,271,708
$ 4,339,831
$ 4,409,097
$ 4,479,528
$ 4,551,143
$ 4,623,966
$ 4,698,017
$ 4,773,320
17,860
1,405
121,917
401
22,475
1,003
30,904
3,411
2,609
8,428
5,418
4,615
61,205
13,445
25,084
19,483
1,532
133,000
438
24,519
1,095
33,713
3,722
2,846
9,194
5,911
5,035
66,769
14,667
27,364
20,068
1,578
136,990
451
25,254
1,127
34,724
3,833
2,931
9,470
6,088
5,186
68,772
15,107
28,185
20,670
1,626
141,100
464
26,012
1,161
35,766
3,948
3,019
9,754
6,271
5,342
70,835
15,561
29,031
21,290
1,675
145,333
478
26,792
1,196
36,839
4,067
3,110
10,047
6,459
5,502
72,961
16,027
29,902
21,929
1,725
149,693
493
27,596
1,232
37,944
4,189
3,203
10,348
6,653
5,667
75,149
16,508
30,799
22,587
1,776
154,183
508
28,424
1,269
39,083
4,314
3,299
10,659
6,852
5,837
77,404
17,003
31,723
23,264
1,830
158,809
523
29,276
1,307
40,255
4,444
3,398
10,979
7,058
6,012
79,726
17,514
32,675
23,962
1,885
163,573
538
30,155
1,346
41,463
4,577
3,500
11,308
7,269
6,192
82,118
18,039
33,655
24,681
1,941
168,480
555
31,059
1,387
42,707
4,714
3,605
11,647
7,488
6,378
84,581
18,580
34,664
$ 320,181
$ 349,289
$ 359,767
$ 370,560
$ 381,677
$ 393,127
$ 404,921
$ 417,069
$ 429,581
$ 442,468
$ 3,804,429
$ 3,855,419
$ 3,911,941
$ 3,969,271
$ 4,027,420
$ 4,086,400
$ 4,146,222
$ 4,206,897
$ 4,268,436
$ 4,330,852
Operating Expenses
General Building Maintenance
Administrative Building Exp
Professional Fees
Management Fee
Landscaping
Weather Related
Jantorial
Waste Removal
Pest Control
Utilties/Electric
Utilities/Gas & Fuel
Utilities/other
Insurance
Elevator
HVAC Exp
Real Estate Taxes
Rental Commissions
Security
Alternation & Repair
(3,804,585)
0
$
(3,683,019)
-
(156) $ 172,401
(3,683,019)
-
(3,683,019)
-
(3,683,019)
-
(3,683,019)
-
$ 228,922
$ 286,252
$ 344,402
$ 403,382
432,398
418,067
380,877
342,285
302,214
26,013
$ 432,242
$ 590,468
$ 609,799
$ 628,537
$ 646,615
$ 429,395
(3,683,019)
$ 463,203
(17,261)
$ 445,942
(3,683,019)
$ 523,878
(313,597)
$ 210,281
(3,683,019)
$ 585,418
(360,439)
$ 224,979
(3,683,019)
$ 647,833
(409,214)
$ 238,619
145,214
3/14/11
40 Locations
Anytown Pa
2012
Property Resale Analysis
Project Sale Price
Less: Selling Expenses
Adjusted Projected Sales Price
2.0%
2014
2015
2016
2017
2018
2019
2020
2021
39,729,380 40,311,824 40,902,598 41,501,818 42,109,596 42,726,048 43,351,291 43,985,444 44,628,625 45,280,956
(794,588)
(806,236)
(818,052)
(830,036)
(842,192)
(854,521)
(867,026)
(879,709)
(892,573)
(905,619)
38,934,793 39,505,587 40,084,546 40,671,781 41,267,404 41,871,527 42,484,266 43,105,735 43,736,053 44,375,337
36,038,504
35,265,279
34,442,319
33,566,424
32,634,190
31,641,994
30,585,977
29,462,035
28,265,800
26,992,620
2,896,288
4,240,308
5,642,227
7,105,357
8,633,214
10,229,534
11,898,289
13,643,700
15,470,253
17,382,717
34,970
2,931,258
(449,644)
3,790,664
(935,740)
4,706,487
(1,423,340)
5,682,018
(4,543,006)
4,090,207
(4,914,377)
5,315,156
(6,022,264)
5,876,025
(6,268,969)
7,374,731
(6,893,195) (7,143,135)
8,577,058 10,239,582
2013
(156) $ 172,401 $ 228,922 $ 286,252 $ 344,402 $ 403,382 $ 463,203 $ 523,878 $ 585,418 $ 647,833
$
(156) $ 172,244 $ 401,167 $ 687,419 $ 1,031,820 $ 1,435,202 $ 1,898,405 $ 2,422,284 $ 3,007,702
2,931,258
3,790,664
4,706,487
5,682,018
4,090,207
5,315,156
5,876,025
7,374,731
8,577,058 10,239,582
(4,087,600) (4,087,600) (4,087,600) (4,087,600) (4,087,600) (4,087,600) (4,087,600) (4,087,600) (4,087,600) (4,087,600)
(1,156,498)
(124,691) 1,020,054
2,281,836
1,034,428
2,662,758
3,686,830
5,709,415
7,497,160
9,807,517
1.00
8%
91%
100%
1.05
8%
87%
100%
1.06
8%
84%
95%
1.08
9%
81%
95%
1.09
9%
77%
92%
1.11
9%
74%
92%
1.13
9%
71%
90%
1.14
9%
67%
90%
1.16
9%
63%
88%
1.18
9%
60%
88%
9.08%
9.77%
9.20%
9.76%
9.34%
9.76%
9.48%
9.76%
9.61%
9.76%
9.76%
9.76%
9.90%
9.76%
10.04%
9.76%
10.19%
9.76%
10.34%
9.76%
($137)
$379,159
$132,520
$833,505
$287,036
$1,245,102
$456,520
$1,617,247
$635,391
$1,953,079
$819,167
$2,148,705
$1,004,280
$2,326,920
$1,187,930
$2,400,636
$1,367,951
$2,469,819
$1,542,700
$2,534,185
0.00%
10.57%
4.22%
14.45%
5.60%
14.92%
7.00%
15.38%
8.43%
15.82%
9.87%
10.50%
11.33%
10.91%
12.82%
5.14%
14.32%
5.50%
15.85%
5.84%
0.00%
0.00%
0.00%
0.00%
7.95%
19.86%
7.95%
19.86%
21.97%
28.94%
21.83%
28.01%
24.80%
30.43%
24.44%
28.59%
25.16%
19.07%
24.61%
18.14%
24.79%
22.02%
24.09%
20.27%
24.19%
21.64%
23.37%
19.70%
23.53%
22.38%
22.61%
20.06%
22.88%
22.10%
21.89%
19.67%
22.27%
22.11%
21.22%
19.55%
14.00%
14.00%
$
$
$
$
248.18
28.40
2.20
26.20
$
$
$
$
242.85
28.96
2.41
26.55
$
$
$
$
237.18
29.42
2.48
26.94
$
$
$
$
231.15
29.89
2.55
27.33
$
$
$
$
224.73
30.36
2.63
27.73
$
$
$
$
217.90
30.85
2.71
28.14
$
$
$
$
210.63
31.34
2.79
28.55
$
$
$
$
202.89
31.84
2.87
28.97
$
$
$
$
194.65
32.35
2.96
29.39
$
$
$
$
185.88
32.87
3.05
29.82
Operating Expenses
217821
Summary
Allocation*
$
1.50
19,483
1,532
133,000
438
24,519
1,095
33,713
3,722
2,846
9,194
5,911
5,035
66,769
14,667
27,364
349,289
145,214
Price/ Sq
Ft
$
912
5,000
2,000
133,000
6,122
9,523
36,229
32,000
224,786
Capital Reserve
Commission Reserve
Tenant Improvement Reserve
$
$
$
Total Reserves
Annual
Increase
% of
Expenses
0.13
0.01
0.92
0.00
0.17
0.01
0.23
0.03
0.02
0.03
0.46
0.10
0.19
2.30
$
$
$
0%
6%
0%
38%
0%
0%
7%
0%
0%
10%
1%
1%
3%
0
1%
19%
0%
4%
8%
100%
Based on age of Building
Notes
Based on Summary Data the gross number was allocated based on BOMA Std
As of Date
NRSF
03/14/11
145,214
Suite
Sum
Tenant
Summary Information
SF
Lease
Lease
Lease
RR
Current
Rent
Increase
Type
Start
Expire
Pro Rata
Rent
P.S.F.*
Y/(N)
145,214 Gross
02/01/12
01/28/27
100.00%
$3,800,000
26.17
Increase %
Y
3%
01/31/12
Increase
Step
Step
Date
Date
Rent
01/31/13
01/00/00
Reimbursables
CAM
Formula
$0
RE TAX
Formula
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
0.00%
$0
#DIV/0!
0%
01/00/00
$0
$0
0.00%
$0
0.00%
0.00%
$0
#DIV/0!
0%
01/00/00
$0
$0
0.00%
$0
0.00%
0.00%
$0
#DIV/0!
0%
01/00/00
$0
$0
0.00%
$0
0.00%
0.00%
$0
#DIV/0!
0%
01/00/00
$0
$0
0.00%
$0
0.00%
0.00%
$0
#DIV/0!
0%
01/00/00
$0
$0
0.00%
$0
0.00%
100.00%
$3,800,000
$0
$0
0.00%
$0
#DIV/0!
$0
0.00%
Total
Sum
145,214
Summary Information
Gross
02/01/12
01/28/27
26.17
$0
$0
0.00%
Vacant/ MTM
0.00%
$0
#DIV/0!
$0
0.00%
$0
0.00%
Vacant/ MTM
0.00%
$0
#DIV/0!
$0
0.00%
$0
0.00%
0.00%
$0
100.00%
$3,800,000
145,214
2012
2013
2014
2015
2016
$ 3,884,475
$ 3,942,742
$ 4,001,883
$ 4,061,911
$ 4,122,840
$0
26.17
$0
$0
2017
2018
2019
2020
2021
$ 4,184,682
$ 4,247,452
$ 4,311,164
$ 4,375,832
$ 4,441,469
2022
2023
######### $ 4,575,713
$0
2024
2025
2026
$ 4,644,348
#########
########
Rollover rent
Manual Adjustments
Total Rent
$ 3,884,475
$ 3,942,742
$ 4,001,883
$ 4,061,911
$ 4,122,840
$ 4,184,682
$ 4,247,452
$ 4,311,164
$ 4,375,832
$ 4,441,469
######### $ 4,575,713
$ 4,644,348
#########
########
01/00/00
Please note if management fee is included in CAM
*For vacancy, rent psf is market
3/31/2011 6:08 PM
Base
Factor
Cost
40,000,000
PSF
275.46
As %
Purch Price
100.00%
0.00
0.00
0.00
0.00
0.00
0.00
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
61,000
0
40,000
50,600
40,000
400,000
140,000
0
0.42
0.00
0.28
0.35
0.28
2.75
0.96
0.00
0.00
0.00
0.15%
0.00%
0.10%
0.13%
200,000
104,000
104,000
200,000
260,000
260,000
28,000
0
1.38
0.72
0.72
1.38
1.79
1.79
0.19
0.00
0.50%
0.26%
0.26%
0.50%
0.65%
0.65%
0.07%
0.00%
0
0
0.00
0.00
0.00%
0.00%
1,887,600
13.00
4.72%
41,887,600
288.45
104.72%
0.0%
0.0%
0.25%
1,525
$1 per $1,000
1,265
$1 per $1,000
1.00%
3,500
0.00%
10.00
5,000
2,600
2,600
5,000
6,500
6,500
700
-
3/14/2011
145,214
9 of 9
0.35%
0.00%
0.00%
0.00%
Closing Costs