Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
LIHTC Advisors
Shandon Park Apartments36 Units | 3020 Lerwick Drive | Rawlins, WY 82301
EXCLUSIVE OFFERING
2 LIHTC ADVISORS SHANDON PARK | 36 UNITS
CONFIDENTIALITY & DISCLAIMER
The information contained in this package is confidential and is intended for review solely by the person receiving it directly from LIHTC Advisors. It should not be copied, distributed, nor made available to any person without the written consent from LIHTC Advisors. The information in this package has been obtained from sources we believe reliable. However, LIHTC Advisors has not verified and will not verify, any of the information contained herein and makes no guarantee, warranty, or representation about it. It is the sole responsibility of any interested parties to independently confirm the accuracy and completeness of the information provided herein. All prospective clients must conduct their own due diligence and take appropriate measures to verify all information.
LIHTC Advisors12639 W. Explorer DriveSuite 200Boise, ID 83713
Jordan Skyles800.840.3021 (phone)208.631.4981 (direct)888.506.2771 (fax)[email protected]
John Nicolas800.840.3021 (phone)208.891.8901 (direct)888.506.2771 (fax)[email protected]
Jeff Irish800.840.3021 (phone)208.286.5013 (direct)888.506.2771 (fax)[email protected]
www.lihtcadvisors.com
In Cooperation with:
Greg ThomasWY Broker of RecordThomas & Moorehead 307-630-5637 (cell)[email protected]
3 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Shandon Park36 Units
3020 Lerwick DriveRawlins, WY 82301
Table of Contents
PROPERTY OVERVIEW
DescriptionArea Highlights
SummaryArea Maps
FINANCIAL ANALYSIS
Executive SummaryIncome & Expenses
Cash Flow SummaryUnit Mix
Income & Rent LimitsHistorical AMI, MAX Rent, & FMR
COMPARABLE PROPERTIES
Rent Comparables MapRental & Occupancy Statistics
Rent Comparable Details
DEMOGRAPHIC ANALYSIS
Demographic Analysis
4 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Property Overview
HIGHLIGHTS
• Section 42 LIHTC Property Built & Placed into Service in 1999
• Income Limits are Higher than Rental Limits on Respective Units Allowing for a Larger Prospective Tenant Pool
• Favorable WCDA HOME Financing that is Assumable by New Buyer
5 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Property Description
Shandon Park Apartments is a 36-unit LIHTC property located in Rawlins, Wyoming. The property offers a mix of spacious two bedroom and three bedroom floor plans to income qualifying residents. Conveniently located, Shandon Park is within minutes to local schools, Interstate 80, and the Rawlins Municipal Airport.
Shandon Park was built and placed in service in 1999 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place with the Wyoming Community Development Authority, which requires all units to be rented to income qualifying tenants earning no more than 50%, and 60% of the Area Median Income. The property is out of the initial 15-year tax credit compliance period. Please see the Property Summary page and Unit Mix page for further details. A qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordable housing units and to fulfill all requirements of an existing regulatory agreement.
Residents benefit from an on-site leasing office, playground, and on-site maintenance. Unit amenities include full appliance package, extra storage, washer and dryer hook-ups, and private patio/balcony.
COMMUNITY AMENITIES
• On-Site Laundry Facilities• Community Room• Playground
UNIT AMENITIES
• Full Appliance Package• Open Floor Plan• Patio/Balcony• Extra Storage
6 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Area Highlights
Rawlins, Wyoming has a population of 9,040 and is the county seat for Carbon County, the third largest county in the state, with a population of 15,885.
Rawlins is located in the south central part of Wyoming, 150 miles west of Cheyenne, WY, 290 miles east of Salt Lake City, UT, and 160 miles north east of Ft. Collins, CO. This part of Wyoming is replete with ranching heritage, pioneer legacy, and railroad history. A strong mining tradition clings to many of the towns as well, due to the plentiful coal deposits that give Carbon County its name.
Wyoming is a land of wide-open spaces, breathtaking views, and has an abundance and diversity of wildlife found no where else. Rawlins is home to an abundance of outdoor recreation including, hunting, fishing, camping, rafting, and hot springs.
Rawlins largest employment industries are construction, manufacturing, and public administration.
ECONOMY Recent job growth in Carbon County is positive. Jobs have increased by 1.0% since January 2017.
COST OF LIVING Rawlins cost of living is 6% lower than the state average and 9% lower than the rest of the country as of Q4 2016.
POPULATION Rawlin’s population is 9,040 people.
REAL ESTATE The median home cost in Rawlins is $141,600. Median rent is $810 a month.
NEIGHBORHOOD AMENITIES
• Rawlins Elementary School (0.4 miles)• Rawlins High School (1.9 miles)• Carbon County Higher Education
Center (2.1 miles)• Walmart (2.3 miles)
LOCATION HIGHLIGHTS
• Population: 9,040• Carbon County is the 3rd
largest county in the state
TOP EMPLOYMENT INDUSTRIES
• Construction• Manufacturing• Public Administration
SOURCE: homefacts.com, areavibes.com
7 LIHTC ADVISORS SHANDON PARK | 36 UNITS
NAME & LOCATIONProperty Name Shandon Park ApartmentsProperty Address 3020 Lerwick Drive
Rawlins, WY 82301
SECTION 42 LIHTC RESTRICTIONSPlaced in Service 1999End of Initial Compliance Period 12/31/2013End of WCDA Compliance Period 12/31/2033End of WCDA Extended Use Period 12/31/2048End of HOME Affordability Period 12/31/2029
SITE INFORMATIONAssessor’s Parcel Number 21870440111800Number of Units 36Number of Buildings 7 (5 apartment buildings, 1 office, and 1 garage building)Number of Stories 2Rentable Square Feet 36,504Year Built 1999Lot Size 3.22 AcresDensity 10.86 Units/AcreType of Ownership Fee SimpleLandscaping Mature Trees, Shrubs & GrassTopography Relatively Flat
UTILITIESWater City of RawlinsElectric Rocky Mountain PowerGas Amerigas
CONSTRUCTIONExterior Vinyl SidingRoof Composite Shingle
# OF UNITS
RENTABLESF
PLACEDIN SERVICE
LOT SIZE
36 36,504 1999 3.22 acres
Property Summary
8 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Aerial Map
9 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Local Map
Shandon Park Apartments
Rawlins Elementary School (0.4 miles)
The Movies 3 (1.2 miles)
Rawlins High School (1.9 miles)
Rawlins Middle School (2.1 miles)
Carbon County Higher Education Center (2.1 miles)
Rawlins Airport (2.1 miles)
Taco Bell, Burger King, Subway, Taco Johns (2.1 miles)
Rawlins Family Recreation Center (2.2 miles)
Walmart (2.3 miles)
US Post Office (3.1 miles)
A
B
C
D
E
F
G
H
I
J
A
B
D
E
G
H
J
F
C
I
10 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Local Map
SHANDON PARK
Movies 3Rawlins High School
Rawlins Family Recreation Center
Rawlins Elementary School
Rawlins Airport
Rawlins Middle School
Carbon County Higher Education
Center
11 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Regional Map
• Laramie, WY (100 miles)
• Casper, WY (121 miles)
• Cheyenne, WY (149 miles)
• Fort Collins, CO (164 miles)
12 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Financial Analysis
LIST PRICE PRICE/UNIT PRICE/SF PROFORMANOI
PROFORMANOI/UNIT
PROFORMACAP RATE
$1,075,000 $29,861 $29.45 $80,861 $2,246 7.52%
13 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Executive Summary
Name Shandon ParkAddress 3020 Lerwick DriveCity, State, Zip Rawlins, WY 82301County Carbon
Year Built 1999Placed In Service 1999End of Initial Tax Credit Compliance PeriodEnd of WCDA Compliance Period December 31, 2033End of WCDA Extended Use Period December 31, 2048End of HOME Affordability Period December 31, 2029
Total Number of Units 36Net Rentable Square Feet 36,504 SF
PRICING FIGURES - WITH DEBT ASSUMPTION
LIST PRICE $1,075,000Price per Unit $29,861Price per SF $29.45
PROFORMA 10-Year All Cash IRR%* 8.14%PROFORMA 10-Year Leveraged Cash IRR%* 17.27%
Closing Cost $10,750Capital Expense $36,000Total Acquisition Cost $1,121,750
FINANCIAL SUMMARY
* IRR Analysis assumes 1.00% in Closing Costs, $1,000 per unit in Capital Expense, 7.75% exit cap, with a 6.00% cost of sale.
PROPERTY INFORMATION
December 31, 2013
14 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Executive Summary
PROPOSED NEW FINANCING
Program ConventionalLoan to Value % 80.00%Interest Rate 4.75%Interest Only Period (Months) 0Amortization Period (Years) 30
Loan Amount $656,804
Annual Debt Service - P&I $41,114
DEBT ASSUMPTION
Program WCDA HOMEOriginal Loan Amount $325,000Interest Rate 1.00%1st Amortizing Payment Month Dec 2000Maturity Date Apr 2040Amortization Period (Years) 40
Assumed Loan Amount $203,196
*Analysis assumes New Financing with an assumption of the existing WDCA HOME loan.
Total Acquisition Cost $1,121,750Total Loan Amount $860,000Loan Fee @ 1.00% $8,600Down Payment $270,350
HOME Debt Service (P&I) $9,861Total Year 1 Debt Service $50,976
Year 1 PROFORMA Debt Coverage Ratio 1.59
PROFORMACAP Rate 7.52%NOI $80,861Year 1 Debt Service $50,976Net Cash Flow After Debt Service $29,885Cash on Cash % 11.05%
FINANCING
VITAL DATA
15 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Income & Expenses
OPERATIONAL ANALYSIS YE 2016 PER UNIT
2017 YTD REVENUE (JUNE) /YE 2016
EXPENSES PER UNIT PROFORMA PER UNIT
INCOME
Rental Income $242,324 $0.55 $240,760 $0.55 $246,509 $0.56Subsidy Income $350 $0.00 $7,144 $0.02 $7,315 $0.02Gain (Loss) to Lease 0.00% $0 $0 0.00% $0 $0 0.00% $0 $0POTENTIAL RENTAL INCOME $242,674 $6,741 $247,904 $6,886 $253,824 $7,051 (1)% Increase over Prior Year 2.16% 2.39%
Economic LossVacancy Loss 9.38% ($22,770) ($633) 8.03% ($19,898) ($553) 6.00% ($15,229) ($423) (2)Bad Debt 0.00% $0 $0 0.00% $0 $0 0.00% $0 $0Concessions 0.00% $0 $0 0.00% $0 $0 0.00% $0 $0
Total Economic Loss 9.38% ($22,770) ($633) 8.03% ($19,898) ($553) 6.00% ($15,229) ($423)
NET RENTAL INCOME $219,904 $6,108 $228,006 $6,334 $238,595 $6,628
Other IncomeGarage Rental $2,204 $61 $600 $17 $615 $17Late Fees $240 $7 $2,400 $67 $2,460 $68Misc. Other Income $8,055 $224 $694 $19 $711 $20
Total Other Income $10,499 $292 $3,694 $103 $3,786 $105
EFFECTIVE GROSS INCOME $230,403 $6,400 $231,700 $6,436 $242,381 $6,733
EXPENSES
FIXED OPERATIONAL EXPENSETotal Real Estate Property Taxes 5% $11,311 $314 5% $11,311 $314 5% $11,311 $314 (3)Total Property Insurance Expense 4% $8,844 $246 4% $8,844 $246 3% $7,200 $200 (4)Total Property Utility Expense 18% $41,257 $1,146 18% $41,257 $1,146 17% $42,288 $1,175
TOTAL FIXED OPERATIONAL EXP 27% $61,412 $1,706 27% $61,412 $1,706 25% $60,800 $1,689
VARIABLE OPERATIONAL EXPENSETotal Maint. Contract Services 0% $1,085 $30 0% $1,085 $30 0% $1,112 $31Total Repairs & Maintenance 15% $34,125 $948 15% $34,125 $948 11% $26,100 $725 (5)Total Administrative Expenses 4% $8,680 $241 4% $8,680 $241 3% $6,437 $179 (6)Total Leasing & Marketing 0% $74 $2 0% $74 $2 0% $76 $2Total Payroll and Salary Expenses 18% $41,819 $1,162 18% $41,819 $1,162 18% $42,864 $1,191Property Management Fee 6.06% $13,965 $388 6.03% $13,965 $388 5.50% $13,331 $370
TOTAL VARIABLE OPERATIONAL EXP 43% $99,748 $2,771 43% $99,748 $2,771 37% $89,920 $2,498
TOTAL FIXED & VARIABLE EXPENSES 70% $161,160 $4,477 70% $161,160 $4,477 62% $150,720 $4,187
Reserves & Replacements $10,800 $300 $10,800 $300 $10,800 $300
TOTAL OPERATING EXPENSES 75% $171,960 $4,777 74% $171,960 $4,777 67% $161,520 $4,487
NET OPERATING INCOME $58,443 $1,623 $59,740 $1,659 $80,861 $2,246
16 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Comments to Income & Expenses
(1)
(2)
(3)
(4)
(5)
(6)
REAL ESTATE TAX ANALYSIS
Parcel #: 21875378
2016 2017Total Market Value $1,637,774 $1,637,774Exemptions $0 $0Value after Exemptions $1,637,774 $1,637,774Assessment Ratio 9.50% 9.50%Assessed Value $155,589 $155,589
Tax Rate 7.270% 7.270%Ad Valorem Taxes $11,311 $11,311Sales Tax Credit $0 $0Total Taxes Due $11,311 $11,311
Administrative: Proforma assumes that the cost of an audit will no longer be required after a sale.
Analysis estimates Taxes by using the Tax Rate seen in 2016 with the 2017 Assessed Value.
NOTES TO PROFORMA
Potential Rental Income: Rents from 7/1/17 Rent Roll annualized.
Vacancy: Based on the rent roll from 7/1/17, occupancy is 91.67%. Analysis uses a 6% vacancy factor going forward.
Insurance: Analysis assumes a reduction based on expenses observed at comparable LIHTC properties.
Real Estate Taxes: See notes below.
Repairs & Maintenance: Proforma assumes a reduction based on expenses observed at comparable LIHTC Properties.
17 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Cash Flow
PROPERTY CASH FLOW ANALYSIS - ASSUMPTIONS
YEAR 1 OPERATIONS BASED ON Proforma
Gross Potential Rent Growth NA 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%Other Income Growth NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Loss to Lease 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Vacancy 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%Bad Debt 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Concessions 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Property Taxes NA 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%Insurance NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Utilities NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Property Management Fee 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%Other Expenses NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Replacement Reserves NA 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
CASH FLOW SUMMARY Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
INCOMERental Income $253,824 $259,535 $265,375 $271,346 $277,451 $283,693 $290,077 $296,603 $303,277 $310,101
Gain (Loss) to Lease $0 $0 $0 $0 $0 $0 $0 $0 $0 $0POTENTIAL RENTAL INCOME $253,824 $259,535 $265,375 $271,346 $277,451 $283,693 $290,077 $296,603 $303,277 $310,101
Economic Operational LossVacancy Loss ($15,229) ($15,572) ($15,922) ($16,281) ($16,647) ($17,022) ($17,405) ($17,796) ($18,197) ($18,606)Bad Debt $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0Total Operational Loss ($15,229) ($15,572) ($15,922) ($16,281) ($16,647) ($17,022) ($17,405) ($17,796) ($18,197) ($18,606)
NET RENTAL INCOME $238,595 $243,963 $249,452 $255,065 $260,804 $266,672 $272,672 $278,807 $285,080 $291,495
Total Other Income $3,786 $3,881 $3,978 $4,077 $4,179 $4,284 $4,391 $4,501 $4,613 $4,729
EFFECTIVE GROSS INCOME $242,381 $247,844 $253,430 $259,142 $264,983 $270,956 $277,063 $283,308 $289,694 $296,223
OPERATIONAL EXPENSESFIXED OPERATIONAL EXPENSE
Total Real Estate Property Taxes $11,311 $11,651 $12,000 $12,360 $12,731 $13,113 $13,506 $13,911 $14,329 $14,759Total Property Insurance Expense $7,200 $7,380 $7,565 $7,754 $7,947 $8,146 $8,350 $8,559 $8,773 $8,992Total Property Utility Expense $42,288 $43,346 $44,429 $45,540 $46,679 $47,845 $49,042 $50,268 $51,524 $52,812
TOTAL FIXED OPERATIONAL EXP $60,800 $62,376 $63,994 $65,654 $67,357 $69,105 $70,898 $72,738 $74,626 $76,563
VARIABLE OPERATIONAL EXPENSETotal Maint. Contract Services $1,112 $1,140 $1,168 $1,198 $1,228 $1,258 $1,290 $1,322 $1,355 $1,389Total Repairs & Maintenance $26,100 $26,753 $27,421 $28,107 $28,810 $29,530 $30,268 $31,025 $31,800 $32,595Total Administrative Expenses $6,437 $6,598 $6,763 $6,932 $7,105 $7,283 $7,465 $7,652 $7,843 $8,039Total Leasing & Marketing $76 $78 $80 $82 $84 $86 $88 $90 $92 $95Total Payroll and Salary Expenses $42,864 $43,936 $45,034 $46,160 $47,314 $48,497 $49,710 $50,952 $52,226 $53,532Property Management Fee $13,331 $13,631 $13,939 $14,253 $14,574 $14,903 $15,238 $15,582 $15,933 $16,292
TOTAL VARIABLE OPERATIONAL EXP $89,920 $92,136 $94,405 $96,731 $99,114 $101,556 $104,059 $106,623 $109,250 $111,942
TOTAL FIXED & VARIABLE EXPENSE $150,720 $154,512 $158,399 $162,385 $166,471 $170,661 $174,956 $179,360 $183,876 $188,505
Replacement Reserves $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800
TOTAL OPERATING EXPENSES $161,520 $165,312 $169,199 $173,185 $177,271 $181,461 $185,756 $190,160 $194,676 $199,305
PROPERTY NET OPERATING INCOME $80,861 $82,532 $84,231 $85,957 $87,712 $89,495 $91,306 $93,147 $95,018 $96,918
NEW FINANCING 1ST MORTGAGE DEBT SERVICE $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 $41,114WCDA HOME LOAN DEBT SERVICE $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 $9,861TOTAL ANNUAL DEBT SERVICE $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 $50,976
CASH FLOW AFTER DEBT SERVICE $29,885 $31,556 $33,255 $34,981 $36,736 $38,519 $40,331 $42,172 $44,042 $45,942
DEBT SERVICE COVERAGE RATIO 1.59 1.62 1.65 1.69 1.72 1.76 1.79 1.83 1.86 1.90INDICATED CAPITALIZATION RATE 7.52% 7.68% 7.84% 8.00% 8.16% 8.33% 8.49% 8.66% 8.84% 9.02%
Concessions
18 LIHTC ADVISORS SHANDON PARK | 36 UNITS
UNIT TYPE NUMBER OF UNITS UNIT SIZE (RSF) ASKING RENT ASKING RENT
PSF MAX TC RENT CURRENT UA MAX NET TC RENT
2 BD 1 BTH- 35% HOME 1 948 $346 $0.36 $434 $88 $3462 BD 1 BTH- 40% HOME 5 948 $454 $0.48 $542 $88 $4542 BD 1 BTH- 45% HOME 2 948 $468 $0.49 $556 $88 $4682 BD 1 BTH- 45% 10 948 $575 $0.61 $799 $88 $7112 BD 1 BTH- 50% 10 948 $655 $0.69 $888 $88 $8002 BD 1 BTH UNIT TOTAL 28 26,544 15,852 21,126 18,6622 BD 1 BTH UNIT AVG 948 $566 $0.60 $755 $667
3 BD 2 BTH- 40% HOME 2 1,245 $520 $0.42 $620 $100 $5203 BD 2 BTH- 45% 2 1,245 $650 $0.52 $923 $100 $8233 BD 2 BTH- 50% 4 1,245 $740 $0.59 $1,026 $100 $9263 BD 2 BTH UNIT TOTAL 8 9,960 5,300 7,190 6,3903 BD 2 BTH UNIT AVG 1,245 $663 $0.53 $899 $799
TOTAL POTENTIAL 36 36,504 $21,152 $28,316 $25,052AVERAGE 1,014 $588 $0.58 $787 $696
*HOME units are designated with 50% Income Limits and all LIHTC units have 60% Income Limits.
Unit Mix
19 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Shandon Park Apartments is a Section 42 LIHTC property which means that federal tax credits were given to help finance the property. The property currently is required to hold the maximum rent charged at or below a level considered appropriate for the households that have incomes at or below 50% and 60% of the local Area Median Income (AMI) for the county.
Carbon County Effective Year: 2017
Area Median Income: $71,500
Tax Credit Property Income LimitsINCOME 50% 60%1 Person $27,650 $33,1802 Person $31,600 $37,9203 Person $35,550 $42,6604 Person $39,450 $47,3405 Person $42,650 $51,1806 Person $45,800 $54,9607 Person $48,950 $58,740
$566
$663$667
$799
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2 BD 3 BD
Asking Rents to Net Max Tax Credit Rents
Asking Rent Max Net Rent
Tax Credit Maximum Allowable RentsSet Aside Unit Type # of Units Max Rent UA Max Net
Rent35% HOME 2 BD 1 $434 $88 $34640% HOME 2 BD 5 $542 $88 $45445% HOME 2 BD 2 $556 $88 $46845% 2 BD 10 $799 $88 $71150% 2 BD 10 $888 $88 $80040% HOME 3 BD 2 $620 $100 $52045% 3 BD 2 $923 $100 $82350% 3 BD 4 $1,026 $100 $926
80%
20%
Unit Breakdown By Unit Type
2 BD 3 BD
20 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Max Allowable LIHTC Rent Growth- 3BD/ 60%
Year Rent % Change
2012 $939 -2013 $1,012 7.77%2014 $1,059 4.64%2015 $1,066 0.66%2016 $1,066 0.00%2017 $1,066 0.00%
3 Yr Avg 0.22%5 Yr Avg 2.62%
$58,000
$60,000
$62,000
$64,000
$66,000
$68,000
$70,000
$72,000
$74,000
2012 2013 2014 2015 2016 2017
AMI Growth RateYear AMI % Change
2012 $64,300 -2013 $69,300 7.78%2014 $72,500 4.62%2015 $73,000 0.69%2016 $67,100 (8.08%)2017 $71,500 6.56%
3 Yr Avg (0.28%)5 Yr Avg 2.31%
$850
$900
$950
$1,000
$1,050
$1,100
2012 2013 2014 2015 2016 2017
SOURCE: novoco.com
*The high watermark year is 2015 at $73,000
21 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Fair Market RentsYear 2 BD 3 BD
2012 $584 $7322013 $775 $1,0362014 $682 $9122015 $679 $9082016 $747 $1,0392017 $752 $1,044
$650
$700
$750
$800
$850
$900
$950
2012 2013 2014 2015 2016 2017
FMR AveragesYear FMR Avg. % Change
2012 $658 -2013 $906 37.61%2014 $797 (11.98%)2015 $794 (0.44%)2016 $893 12.54%2017 $898 0.56%
3 Yr Avg 4.22%5 Yr Avg 7.66%
SOURCE: novoco.com
22 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Rent Comparables
SHANDON PARKOCCUPANCY
COMPS AVERAGE OCCUPANCY
SHANDON PARKRENT/SF
COMPS AVERAGE RENT/SF
92% 90% $0.58 $0.68
23 LIHTC ADVISORS SHANDON PARK | 36 UNITS
A
Rent Comparables Map
B
Shandon Park Apts.
Buffalo Run Apts.
Bitter Creek Apts.
A
B
24 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Occupancy- 90% Average
Rent Per SF- $0.68 Average
Occupancy & Rent per SF
$0.40
$0.45
$0.50
$0.55
$0.60
$0.65
$0.70
$0.75
$0.80
A B
Shandon Park Apts.
Buffalo Run Apts.
Bitter Creek Apts.
A
B
80%
82%
84%
86%
88%
90%
92%
94%
96%
98%
100%
A B
25 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Unit Type # of Units Rent SF RentPer SF
2BD 1BTH- 35% HOME 1 $346 948 $0.36 2BD 1BTH- 40% HOME 5 $454 948 $0.48 2BD 1BTH- 45% HOME 2 $468 948 $0.49 2BD 1BTH- 45% 10 $575 948 $0.61 2BD 1BTH- 50% 10 $655 948 $0.69 3BD 2BTH- 40% HOME 2 $520 1,245 $0.42 3BD 2BTH- 45% 2 $650 1,245 $0.52 3BD 2BTH- 50% 4 $740 1,245 $0.59 TOTALS/AVG. 36 $588 1,014 $0.58
3020 Lerwick DriveRawlins, WY 82301
Rent Comparables
SHANDON PARK 36 UNITS OCCUPANCY: 92% YEAR BUILT: 1999
808 West Buffalo StreetRawlins, WY 82301
Distance to Subject: 3.2 miles
BUFFALO RUN 28 UNITS OCCUPANCY: 90% YEAR BUILT: 1999A
Unit Type # of Units Rent SF RentPer SF
2BD 2BTH 14 $637 850 $0.75 3BD 2BTH 14 $750 1,000 $0.75 TOTALS/AVG. 28 $694 925 $0.75
*LIHTC Property with 50% Units
26 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Rent Comparables
434 East Hugus StreetRawlins, WY 82301
Distance to Subject: 3.5 miles
BITTER CREEK 38 UNITS OCCUPANCY: 90% YEAR BUILT: 2003B
Unit Type # of Units Rent SF RentPer SF
1BD 1BTH 8 $435 650 $0.67 2BD 1BTH 30 $500 850 $0.59 TOTALS/AVG. 38 $486 808 $0.60
*LIHTC Property with 30% Units
27 LIHTC ADVISORS SHANDON PARK | 36 UNITS
Demographics
RAWLINSMEDIAN HOME COST
RAWLINSMEDIAN RENT
RAWLINSUNEMPLOYMENT RATE
RAWLINSJOB GROWTH
$141,600 $810 3.9%(5/2017)
1.0%(since 1/2017)
SOURCE: homefacts.com, areavibes.com
28 LIHTC ADVISORS SHANDON PARK | 36 UNITS
0
100
200
300
400
500
600
700
800
Under $25,000 $25,000- $50,000 $50,000- $75,000 $75,000- $100,000 $100,000- $125,000 $125,000- $150,000 $150,000- $200,000 $200,000+
Demographic Analysis
POPULATION 1 MILE 3 MILES 5 MILES
2017 Estimated Population 1,272 8,430 8,542Population Growth 2010-2017 3.58% (2.87%) (2.88%)
HOUSEHOLDS
2017 Estimated Households 472 3,372 3,417Household Growth 2010-2017 3.5% (3.1%) (3.1%)
INCOME
2017 Household Income: Average $86,821 $73,816 $74,096 2017 Household Income: Median $76,524 $63,998 $64,245
HOUSEHOLD INCOME LEVELS BY POPULATION
OWNER68%
RENTER32%
OCCUPIED85%
VACANT15%
SOURCE: CoStar
www.lihtcadvisors.com
LIHTC Advisors