New employment opportunities are also being created and the demand for the home ownership is declining. Competition would be from medium to high. This is because it has been projected by the national real estate brokerage Marcus and Millichap that around 10, new apartments would come to the market as compared to only in the year However, still the South Florida market forecasts based on the Real Capital Analytics and the Costar Group analysis show that the apartment owners in this region would cover higher average rents than their counterparts in Miami-Dade this year.
This is a one hundred unit apartment complex and the units include 20 one-bedroom, one-bath units and 60 two-bedroom, two-bath units and 20 three bedroom two bath units. The units were completed last year and are leased at this moment.
The complex also has most of the required amenities. The apartment includes spacious walk in closets, designer kitchens, dryer and the full size washer. The apartment also offers a swimming pool, clubhouse, spa, fitness center along with the play room for the children.
This home apartment complex has been designed to outclass trend and time. The amenities of the apartment include:. This is not an old apartment complex and it offers all the modern day amenities which are provided in the modern apartment complexes.
However, the size of the property is small therefore, the large real estate investment firms do not seem to be interested in purchasing this kind of a property and thus, the smaller local investors are more interested in this unit property. Moreover, the upside in rents and the growth of the population in this region of Florida both make this property highly profitable.
Finally, this property could also be converted into Condos in future years if the commercial market heats up. The rent comparables of the above property are as follows:. If we look at the average of the rent comparable figures in the above table, then we can see that our Florida Garden Apartment would compete well with all of the direct competitors based on the cap rates and the occupancy rates. Moreover, the unit size is also bigger for our property.
The listing price of the property is not mentioned in the case however, it seems that the price of the property would be higher than the identified sales comparables. All of the properties are comparable to our property in terms of the location and quality. The information and all the assumptions about the real estate market variables such as capitalization rates , occupancy rates, expense growth, rent growth and the vacancy rates have been provided in the property scenario.
The key assumptions which were used in this report included a range of different variables such as vacancy, credit loss, management fees, rent growth, expense growth, exit cap rate, initial cap rate and LTV which is the leverage. The vacancy and credit loss rates have been provided for the best and worst case scenarios, which are 7. An average rate of 6. It is not difficultto place this type of permanent loan even though the size of the complex is small.
The typical fees associated with property sales in the market are between 2. Going in Cap Rate: The high and low cap rates from historical figures are provided in the case, therefore, 7.
A single exit cap rate of 8. For the worst and the best case we have increased and decreased this exit cap by 0. The BT required returns and AT required return have assumed on the basis of prospective returns and alternative investments.
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