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83, 332 74, 514 71, 164
Per Unit 521 444 659
Milla a Rate 16. 8205 12. 9683 12. 9683
ValueValue TechTech RealtyRealty Services,Services, Inc.Inc. www.www. gotovalue.gotovalue. comcom PagePage 4242
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As a new property, the subject' s tax assessment will be higher than the income -restricted comparables on
a per unit basis. The assessment and resulting real estate tax is estimated as follows:
REAL ESTATE TAX ESTIMATE
Estimated Assessment / Unit 35, 000
Number of Units 200
Assessment Basis 7, 000, 000
Milla a Rate 0. 0129683
Estimated Taxes 90, 778
Per Unit 454
Employee taxes, workman' s compensation and benefits total about 21% of total payroll. This is within
industry norms of 20% to 30 %. The comparables provide the following:
TOTAL TAXES INCLUDING REAL ESTATE, PAYROLL AND RELATED BENEFITS
Comp. 1 Comp. 2 Comp. 3 Projection
Total Tax Ex ens;e Per Unit $ 560 $ 1, 629 $ 454 $ 607
Projection $ 121, 348
The projection falls within the range provided by the comparables.
Overall Expenses
The comparables provide the following:
OVERALL EXPENSES
Comp. 1 Comp. 2 Comp. 3 Projection
No Reserves) ( No Reserves) ( No Reserves) No Reserves)
Overall Expenses Per Unit $ 2, 570 $ 5, 025 $ 4, 024 3, 640
Projection 728, 058
Overall expenses are below the range provided by the comparables. This can be attributed to reduced
operating and maintenance costs. The total expenses below include reserves.
Total Expenses ( with Reserves) 39940 $ 788,058
Revenue and Expense Summary
The revenue and expense estimates for the subject are projected to be as follows:
NET OPERATING INCOME
Potential Rental Income 2, 165, 266
Other Income 84,000
Potential Gross Income 2,249,266
Less: Vacancy and Collection 112, 463)
Effective Gross Income 2, 136, 802
Less: Total Expenses 788, 058
Net Operating Income 1, 348, 744
Value Tech Realty Services, Inc. www.gotovalue. com Page 43
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