real estate investment analysis - loopnet...real estate investment analysis january 26 2018 prepared...

REAL ESTATE INVESTMENT ANALYSISJANUARY 26 2018

PREPARED FOR :

Tradko

David Ormonde has been a facilitator for investment transactions

since 1981 and is the general partner for several companies,

including Cidejjko, Inc. a California Corporation, Tradko Valley

Associates, a California Limited Partnership, Invesdko, LLC, and

PJM, LLC

PREPARED BY :

David Ormonde

1486 W 11th STreet

Tracy, California 95376

[email protected]

(209) 832-0679

Coldwell Banker Valley Central

2430 W Byron Road

Tracy, California 95376

1/26/2018

Authorized License to David Ormonde. Coldwell Banker Valley Central

Descriptive Card

0.00 x 0.00

0.00 x 0.00

$111,600.00 $34,403.00 $77,197.00

$1,195,000.00

0

0

No

2430 W Byron Road

95376

Safeway in TracyTracy

Residential

14

Year Built

Property Type

Total Units

Nb of Levels Above Ground

Nb of Basement Levels

Zoning Type

Nominal Roll

Registration Division

Lot

Certificate of Localisation

Building Dimensions

Building Area

Lot Dimensions

Lot Area

Property information

Near

Pot. Gr. Income Oper. Expenses Net Op. Income

List Price Payment Type Balance

Municipal Assessment

$0.00Land

$0.00Building

$0.00Total

Owner

Property Details

PublicWater

NoLaundry Hookup

NoFire Protection

NoLaundry

0 Int. 0 Ext.Parking

NoOutdoor outlets

David Ormonde

Information and Appointment

3

Coldwell Banker Valley Central

Contact BrokerPREPARED FOR :

Tradko

Pictures2430 W Byron Road, Tracy, California 95376

1/26/2018


12/9/2016

Tradko T-Park front photo

4

Tradko

PREPARED FOR : David Ormonde

[email protected], (209) 832-0679

Financial Analysis2430 W Byron Road, Tracy, California 95376

1/26/2018


Income Monthly Annually

$100.00 $1,200.00PGE Rebate

$281.00 $3,372.00PGE Charge Tenants

$910.00 $10,920.00Util Income

$3,259.00 $39,108.00Cottage Rents

$4,750.00 $57,000.00Space Rents

Potential Gross Income (PGI) $111,600.00$9,300.00

Vacancy Rate $1,116.00$93.001.00 %

Bad Debt $1,116.00$93.001.00 %

Vacancy and Credits % of PGI Monthly Annually

$9,114.00 $109,368.00Effective Gross Income (EGI)

Monthly AnnuallyExpenses % of EGI

$12,000.00Taxes $1,000.0010.97 %

$1,771.00Insurance $147.581.62 %

$8,000.00Maintenance $666.677.31 %

$4,920.00Property Mangement $410.004.50 %

$614.00Util $51.170.56 %

$7,098.00Trash $591.506.49 %

31.46 % $34,403.00$2,866.92Total of Expenses

-

+

$74,965.00

$41,915.16

$33,049.84

$12,319.95

$45,369.79

AnnuallyCash Flow

$47,800.00+

Total of Equity (Principal Payment)

Cash Flow (Before Taxes)

Debt Service

Net Operating Income

Cash Flow + Equity

$93,169.79Cash Flow + Eq. + Appreciation

Appreciation

5

Prepared for :

Tradko

David Ormonde


Financial Analysis2430 W Byron Road, Tracy, California 95376

1/26/2018


Expenses Distribution

35%Taxes

5%

Insurance

23%

Maintenance

14%Property Mangement

21%Trash

2%Other Expenses

Income Distribution

35%

Cottage Rents

3%

PGE Charge Tenants

1%

PGE Rebate51%

Space Rents

10%

Util Income

Incomes, expenses and mortgage interests

0.00

20,000.00

40,000.00

60,000.00

80,000.00

100,000.00

120,000.00

Effective Gross Income

Operating Expenses

Mortgage Interest

Year 1 Year 2 Year 3 Year 4 Year 5

This diagram helps to illustrate the

available incomes following the

payment of the operating expenses and

the mortgage interests. These incomes

are considered as profit and will serve

in part to pay the income taxes.

6

PREPARED FOR :

Tradko

David Ormonde


2430 W Byron Road, Tracy, California 95376

1/26/2018


Financing

50.00%

50.00%

Acquisition Cost

Total - Sold Price $1,195,000.00

Mortgage

Down Payment

Detailed Acquisition

(50.00 %)$597,500.00 of Acquisition Cost

Down Payment

5.00 %

300 months

Monthly

Monthly

$3,492.93

300 months

$597,500.00 (50.00 %)

Term

Payment Frequency

Interest Rate

Length

of Acquisition Cost

Mortgage # 1

Compound Interest

Payment

7

PREPARED FOR :

Tradko

David Ormonde


Profitability Analysis2430 W Byron Road, Tracy, California 95376

1/26/2018


Financial Ratios (After 1 year)* Acquisition Cost

Gross Rent Multiplier (GRM) 11.14 11.14

16.58Net Rent Multiplier (NRM)

$88,771.43Average Unit Price

31.46 %Operating Expense Ratio (OER)

47.09 %Loan to Value Ratio (LVR)

1.79Debt Coverage Ratio (DCR)

%68.39Break Even Ratio

%6.03Capitalization Rate

%9.52Internal Rate of Return (year 5)

Cash on Cash Return

%5.53Before Equity

%7.59After Equity (Principal Payment)

15.59%After Equity and Appreciation

Financial Ratios (At Year 0)* Acquisition Cost

Gross Rent Multiplier (GRM) 10.93

Net Rent Multiplier (NRM) 15.94

Average Unit Price $85,357.14

Capitalization Rate 6.27 %

Cash on Cash Return**

0%

20%

40%

60%

80%

100%

7.59%

15.54%

23.86%

32.55%

41.64%

15.59%

31.86%

48.83%

66.53%

84.97%

5.53%11.31%

17.35%23.65%

30.22%


Cash on Cash Return (Appreciation)

Cash on Cash Return (after Equity)

Cash on Cash Return (before Equity)

This diagram represents the portion of

the initial down payment that goes back

in the investor's pockets throughout the

years. In other words, with this diagram

it is possible to identify the moment

when the investor will have entirely

recovered his down payment by

observing the moment when 100% is

reached.

*Not considering non-financed acq. fees nor fixed expenses

**Considering non-financed acquisition fees and fixed expenses.

8

PREPARED FOR :

Tradko

David Ormonde


Ratios Definition2430 W Byron Road, Tracy, California 95376

1/26/2018


Definitions and Formulas

This ratio shows how many times the gross income represents the value of the

property.

Gross Rent Multiplier (GRM): Value of the property

Gross Income

This ratio shows how many times the net operating income represents the value

of the property.

Net Rent Multiplier (NRM): Value of the property


Value of the property

Number of unitsAverage unit price.

Unit Price

Operating ExpensesOperating Expense Ratio (OER)

This ratio gives the gross effective income that is used by operating expenses. Gross Effective Income

Mortgage Balance


Loan to Value Ratio (LVR)

This ratio gives the value of the property proportion that comes from external

creditors.

Financing Cost


Measures the extent to which net operating income can cover the debt service.

Debt Coverage Ratio (DCR)

Break Even Ratio

This ratio gives the minimal occupancy rate for which expenses are covered by

gross income.

Expenses + Financing Cost

Gross Potential Income

Capitalization Rate (Cap. Rate)

It's a measure of the ratio between the cash flow produced by a property and its

capital cost (the original price paid) or alternatively its current market value.

(Net operating income / value (or selling price) = Capitalization Rate).



Cash return on Cash (ConC):

This ratio represents the equity return rate of the owner based on his personal

tax rate if a tax rate has been specified. The mentioned equity return illustrates

the return rate before and after capitalization following the first year of

acquisition. (See financial Forecasts for the following years).

Cash Flow before and after Capitalization

Down Payment

Internal Rate of Return

Discount rate for which the actualized liquidity values generated by the property

are equal to the actualized withdrawal values necessary to carry out this

investment.

Homeowner

Rent of Homeowner before Equity:

Occupying owner's rent, considering the cash flow (positive or negative)

generated by the property, before tax.

Cash Flow Before Equity

12 months

Rent -

Rent of Homeowner after Equity:

Occupying owner rent, considering the capitalization and the cash flow generated

by the property (rent before equity, principal payment).

Total of Equity

12 months

Rent Bef. Eq. -

PREPARED FOR :

Tradko

9

David Ormonde


Financial Forecast2430 W Byron Road, Tracy, California 95376

1/26/2018


From Jan 01, 2018 From Jan 01, 2019 From Jan 01, 2020 From Jan 01, 2021 From Jan 01, 2022

To Dec 31, 2018 To Dec 31, 2019 To Dec 31, 2020 To Dec 31, 2021 To Dec 31, 2022

Incomes and Expenses . . . . .

Potential Gross Income $111,600.00 $113,832.00 $116,108.64 $118,430.81 $120,799.43

Effective Gross Income $109,368.00 $111,555.36 $113,786.47 $116,062.20 $118,383.44

Operating Expenses $34,403.00 $35,091.06 $35,792.88 $36,508.74 $37,238.91

Net Operating Income $74,965.00 $76,464.30 $77,993.59 $79,553.46 $81,144.53

Debt Service $41,915.16 $41,915.16 $41,915.16 $41,915.16 $41,915.16

Cash Flow (before Taxes) $33,049.84 $34,549.14 $36,078.43 $37,638.30 $39,229.37

Financing . . . . .

Principal Payment $12,319.95 $12,950.27 $13,612.83 $14,309.30 $15,041.38

Mortgage Interest $29,595.21 $28,964.89 $28,302.33 $27,605.86 $26,873.78

Mortgage Balance $585,180.05 $572,229.78 $558,616.95 $544,307.65 $529,266.27

Profitability (Accord. to Market Value) . . . . .

Gross Rent Multiplier (GRM) 11.14 11.35 11.58 11.80 12.04

Net Rent Multiplier (NRM) 16.58 16.90 17.23 17.57 17.92

Operating Expenses Ratio (OER) 31.46 % 31.46 % 31.46 % 31.46 % 31.46 %

Loan to Value Ratio (LVR) 47.09 % 44.27 % 41.56 % 38.94 % 36.40 %

Debt Coverage Ratio (DCR) 1.79 1.82 1.86 1.90 1.94

Break Even Ratio (BER) 68.39 % 67.65 % 66.93 % 66.22 % 65.53 %

Capitalization Rate (Cap. Rate) 6.03 % 5.92 % 5.80 % 5.69 % 5.58 %

Market Value of Property per apartment $88,771.43 $92,322.29 $96,015.18 $99,855.78 $103,850.02

Net current Value of the Cash Flow $31,778.69 $31,942.62 $32,073.59 $32,173.37 $32,243.68

Cash on Cash Return (Before Equity) 5.53 % 5.78 % 6.04 % 6.30 % 6.57 %

Cash on Cash Return (After Equity) 7.59 % 7.95 % 8.32 % 8.69 % 9.08 %

Cash on Cash Return (Appreciation) 15.59 % 16.27 % 16.97 % 17.69 % 18.44 %

Equity (cumulative) . . . . .

Cash on Cash Return (Appreciation) 15.59 % 31.86 % 48.83 % 66.53 % 84.97 %

Property Value (Annual Appreciation 4.00%) $1,242,800.00 $1,292,512.00 $1,344,212.48 $1,397,980.98 $1,453,900.22

Appreciation (Accord. to Market Value) $47,800.00 $97,512.00 $149,212.48 $202,980.98 $258,900.22

Principal Payment $12,319.95 $25,270.22 $38,883.05 $53,192.35 $68,233.73

Cash Flow (after Taxes) $33,049.84 $67,598.98 $103,677.41 $141,315.70 $180,545.07

Total Equity $93,169.79 $190,381.20 $291,772.94 $397,489.03 $507,679.02

10

PREPARED FOR :

Tradko

David Ormonde


Financial Forecast

1/26/2018


2430 W Byron Road, Tracy, California 95376

Cumulative Equity

0.00

100,000.00

200,000.00

300,000.00

400,000.00

500,000.00

600,000.00


Cash Flow (after Taxes)

Cumulative for the previous years

Down Payment

Principal Payment

Annual Appreciation of the Property

This diagram represents the accumulated

amount throughout the years thanks to the

profit generated by the building, the assets

accumulated by the mortgage

reimbursement and to the increase of the

building's value. In other words, it is possible

to identify the moment when the investor will

have entirely recovered his initial down

payment by observing the moment when the

line, representing the down payment, is

reached.

Equity Progression

10,000.00

15,000.00

20,000.00

25,000.00

30,000.00

35,000.00

40,000.00

45,000.00

50,000.00

55,000.00

60,000.00

Cash Flow (after Taxes)

Annual Appreciation of the Property

Principal Payment

Year 5Year 4Year 3Year 2Year 1

Cash Flow (before Taxes)

In this diagram, the evolution of the profit

generated by the building by considering the

taxes is illustrated. If the acquisition cost is

inferior to the market value, an amount

higher can be observed for the appreciation

the first year because a profit is earned from

the purchase.

Increase of the building value and the mortgage balance.

400,000.00

600,000.00

800,000.00

1,000,000.00

1,200,000.00

1,400,000.00

1,600,000.00

Year 5Year 4Year 3Year 2Year 1

Property Value

Mortgage Balance

The space between two lines represents the

amount that truly belongs to the investor

since it is not detained by mortgage

creditors. The building increases in value

each year without additional financing being

necessary.

11

PREPARED FOR :

Tradko

David Ormonde


Mortgage Details2430 W Byron Road, Tracy, California 95376

1/26/2018


Mortgage

$597,500.00Amount

Interest Rate 5.00 %

Length 300 months

Term 300 months

Payment Frequency Monthly

Date Payment Principal Interest Balance Total Interest

$0.00 $0.00 $0.00 $597,500.00 $0.0012/1/2017 0

$3,492.93 $1,003.35 $2,489.58 $596,496.65 $2,489.581/1/2018 1

$3,492.93 $1,007.53 $2,485.40 $595,489.12 $4,974.982/1/2018 2

$3,492.93 $1,011.73 $2,481.20 $594,477.39 $7,456.183/1/2018 3

$3,492.93 $1,015.94 $2,476.99 $593,461.45 $9,933.174/1/2018 4

$3,492.93 $1,020.17 $2,472.76 $592,441.28 $12,405.935/1/2018 5

$3,492.93 $1,024.42 $2,468.51 $591,416.86 $14,874.446/1/2018 6

$3,492.93 $1,028.69 $2,464.24 $590,388.17 $17,338.687/1/2018 7

$3,492.93 $1,032.98 $2,459.95 $589,355.19 $19,798.638/1/2018 8

$3,492.93 $1,037.28 $2,455.65 $588,317.91 $22,254.289/1/2018 9

$3,492.93 $1,041.61 $2,451.32 $587,276.30 $24,705.6010/1/2018 10

$3,492.93 $1,045.95 $2,446.98 $586,230.35 $27,152.5811/1/2018 11

$3,492.93 $1,050.30 $2,442.63 $585,180.05 $29,595.2112/1/2018 12

$3,492.93 $1,054.68 $2,438.25 $584,125.37 $32,033.461/1/2019 13

$3,492.93 $1,059.07 $2,433.86 $583,066.30 $34,467.322/1/2019 14

$3,492.93 $1,063.49 $2,429.44 $582,002.81 $36,896.763/1/2019 15

$3,492.93 $1,067.92 $2,425.01 $580,934.89 $39,321.774/1/2019 16

$3,492.93 $1,072.37 $2,420.56 $579,862.52 $41,742.335/1/2019 17

$3,492.93 $1,076.84 $2,416.09 $578,785.68 $44,158.426/1/2019 18

$3,492.93 $1,081.32 $2,411.61 $577,704.36 $46,570.037/1/2019 19

$3,492.93 $1,085.83 $2,407.10 $576,618.53 $48,977.138/1/2019 20

$3,492.93 $1,090.35 $2,402.58 $575,528.18 $51,379.719/1/2019 21

$3,492.93 $1,094.90 $2,398.03 $574,433.28 $53,777.7410/1/2019 22

$3,492.93 $1,099.46 $2,393.47 $573,333.82 $56,171.2111/1/2019 23

$3,492.93 $1,104.04 $2,388.89 $572,229.78 $58,560.1012/1/2019 24

$3,492.93 $1,108.64 $2,384.29 $571,121.14 $60,944.391/1/2020 25

$3,492.93 $1,113.26 $2,379.67 $570,007.88 $63,324.062/1/2020 26

$3,492.93 $1,117.90 $2,375.03 $568,889.98 $65,699.093/1/2020 27

12

PREPARED FOR :

Tradko

David Ormonde


$3,492.93 $1,122.56 $2,370.37 $567,767.42 $68,069.464/1/2020 28

$3,492.93 $1,127.23 $2,365.70 $566,640.19 $70,435.165/1/2020 29

$3,492.93 $1,131.93 $2,361.00 $565,508.26 $72,796.166/1/2020 30

$3,492.93 $1,136.65 $2,356.28 $564,371.61 $75,152.447/1/2020 31

$3,492.93 $1,141.38 $2,351.55 $563,230.23 $77,503.998/1/2020 32

$3,492.93 $1,146.14 $2,346.79 $562,084.09 $79,850.789/1/2020 33

$3,492.93 $1,150.91 $2,342.02 $560,933.18 $82,192.8010/1/2020 34

$3,492.93 $1,155.71 $2,337.22 $559,777.47 $84,530.0211/1/2020 35

$3,492.93 $1,160.52 $2,332.41 $558,616.95 $86,862.4312/1/2020 36

$3,492.93 $1,165.36 $2,327.57 $557,451.59 $89,190.001/1/2021 37

$3,492.93 $1,170.22 $2,322.71 $556,281.37 $91,512.712/1/2021 38

$3,492.93 $1,175.09 $2,317.84 $555,106.28 $93,830.553/1/2021 39

$3,492.93 $1,179.99 $2,312.94 $553,926.29 $96,143.494/1/2021 40

$3,492.93 $1,184.90 $2,308.03 $552,741.39 $98,451.525/1/2021 41

$3,492.93 $1,189.84 $2,303.09 $551,551.55 $100,754.616/1/2021 42

$3,492.93 $1,194.80 $2,298.13 $550,356.75 $103,052.747/1/2021 43

$3,492.93 $1,199.78 $2,293.15 $549,156.97 $105,345.898/1/2021 44

$3,492.93 $1,204.78 $2,288.15 $547,952.19 $107,634.049/1/2021 45

$3,492.93 $1,209.80 $2,283.13 $546,742.39 $109,917.1710/1/2021 46

$3,492.93 $1,214.84 $2,278.09 $545,527.55 $112,195.2611/1/2021 47

$3,492.93 $1,219.90 $2,273.03 $544,307.65 $114,468.2912/1/2021 48

$3,492.93 $1,224.98 $2,267.95 $543,082.67 $116,736.241/1/2022 49

$3,492.93 $1,230.09 $2,262.84 $541,852.58 $118,999.082/1/2022 50

$3,492.93 $1,235.21 $2,257.72 $540,617.37 $121,256.803/1/2022 51

$3,492.93 $1,240.36 $2,252.57 $539,377.01 $123,509.374/1/2022 52

$3,492.93 $1,245.53 $2,247.40 $538,131.48 $125,756.775/1/2022 53

$3,492.93 $1,250.72 $2,242.21 $536,880.76 $127,998.986/1/2022 54

$3,492.93 $1,255.93 $2,237.00 $535,624.83 $130,235.987/1/2022 55

$3,492.93 $1,261.16 $2,231.77 $534,363.67 $132,467.758/1/2022 56

$3,492.93 $1,266.41 $2,226.52 $533,097.26 $134,694.279/1/2022 57

$3,492.93 $1,271.69 $2,221.24 $531,825.57 $136,915.5110/1/2022 58

$3,492.93 $1,276.99 $2,215.94 $530,548.58 $139,131.4511/1/2022 59

$3,492.93 $1,282.31 $2,210.62 $529,266.27 $141,342.0712/1/2022 60

$3,492.93 $1,287.65 $2,205.28 $527,978.62 $143,547.351/1/2023 61

$3,492.93 $1,293.02 $2,199.91 $526,685.60 $145,747.262/1/2023 62

$3,492.93 $1,298.41 $2,194.52 $525,387.19 $147,941.783/1/2023 63

$3,492.93 $1,303.82 $2,189.11 $524,083.37 $150,130.894/1/2023 64

$3,492.93 $1,309.25 $2,183.68 $522,774.12 $152,314.575/1/2023 65

$3,492.93 $1,314.70 $2,178.23 $521,459.42 $154,492.806/1/2023 66

$3,492.93 $1,320.18 $2,172.75 $520,139.24 $156,665.557/1/2023 67

$3,492.93 $1,325.68 $2,167.25 $518,813.56 $158,832.808/1/2023 68

13

PREPARED FOR :

Tradko

David Ormonde


$3,492.93 $1,331.21 $2,161.72 $517,482.35 $160,994.529/1/2023 69

$3,492.93 $1,336.75 $2,156.18 $516,145.60 $163,150.7010/1/2023 70

$3,492.93 $1,342.32 $2,150.61 $514,803.28 $165,301.3111/1/2023 71

$3,492.93 $1,347.92 $2,145.01 $513,455.36 $167,446.3212/1/2023 72

$3,492.93 $1,353.53 $2,139.40 $512,101.83 $169,585.721/1/2024 73

$3,492.93 $1,359.17 $2,133.76 $510,742.66 $171,719.482/1/2024 74

$3,492.93 $1,364.84 $2,128.09 $509,377.82 $173,847.573/1/2024 75

$3,492.93 $1,370.52 $2,122.41 $508,007.30 $175,969.984/1/2024 76

$3,492.93 $1,376.23 $2,116.70 $506,631.07 $178,086.685/1/2024 77

$3,492.93 $1,381.97 $2,110.96 $505,249.10 $180,197.646/1/2024 78

$3,492.93 $1,387.73 $2,105.20 $503,861.37 $182,302.847/1/2024 79

$3,492.93 $1,393.51 $2,099.42 $502,467.86 $184,402.268/1/2024 80

$3,492.93 $1,399.31 $2,093.62 $501,068.55 $186,495.889/1/2024 81

$3,492.93 $1,405.14 $2,087.79 $499,663.41 $188,583.6710/1/2024 82

$3,492.93 $1,411.00 $2,081.93 $498,252.41 $190,665.6011/1/2024 83

$3,492.93 $1,416.88 $2,076.05 $496,835.53 $192,741.6512/1/2024 84

$3,492.93 $1,422.78 $2,070.15 $495,412.75 $194,811.801/1/2025 85

$3,492.93 $1,428.71 $2,064.22 $493,984.04 $196,876.022/1/2025 86

$3,492.93 $1,434.66 $2,058.27 $492,549.38 $198,934.293/1/2025 87

$3,492.93 $1,440.64 $2,052.29 $491,108.74 $200,986.584/1/2025 88

$3,492.93 $1,446.64 $2,046.29 $489,662.10 $203,032.875/1/2025 89

$3,492.93 $1,452.67 $2,040.26 $488,209.43 $205,073.136/1/2025 90

$3,492.93 $1,458.72 $2,034.21 $486,750.71 $207,107.347/1/2025 91

$3,492.93 $1,464.80 $2,028.13 $485,285.91 $209,135.478/1/2025 92

$3,492.93 $1,470.91 $2,022.02 $483,815.00 $211,157.499/1/2025 93

$3,492.93 $1,477.03 $2,015.90 $482,337.97 $213,173.3910/1/2025 94

$3,492.93 $1,483.19 $2,009.74 $480,854.78 $215,183.1311/1/2025 95

$3,492.93 $1,489.37 $2,003.56 $479,365.41 $217,186.6912/1/2025 96

$3,492.93 $1,495.57 $1,997.36 $477,869.84 $219,184.051/1/2026 97

$3,492.93 $1,501.81 $1,991.12 $476,368.03 $221,175.172/1/2026 98

$3,492.93 $1,508.06 $1,984.87 $474,859.97 $223,160.043/1/2026 99

$3,492.93 $1,514.35 $1,978.58 $473,345.62 $225,138.624/1/2026 100

$3,492.93 $1,520.66 $1,972.27 $471,824.96 $227,110.895/1/2026 101

$3,492.93 $1,526.99 $1,965.94 $470,297.97 $229,076.836/1/2026 102

$3,492.93 $1,533.36 $1,959.57 $468,764.61 $231,036.407/1/2026 103

$3,492.93 $1,539.74 $1,953.19 $467,224.87 $232,989.598/1/2026 104

$3,492.93 $1,546.16 $1,946.77 $465,678.71 $234,936.369/1/2026 105

$3,492.93 $1,552.60 $1,940.33 $464,126.11 $236,876.6910/1/2026 106

$3,492.93 $1,559.07 $1,933.86 $462,567.04 $238,810.5511/1/2026 107

$3,492.93 $1,565.57 $1,927.36 $461,001.47 $240,737.9112/1/2026 108

$3,492.93 $1,572.09 $1,920.84 $459,429.38 $242,658.751/1/2027 109

14

PREPARED FOR :

Tradko

David Ormonde


$3,492.93 $1,578.64 $1,914.29 $457,850.74 $244,573.042/1/2027 110

$3,492.93 $1,585.22 $1,907.71 $456,265.52 $246,480.753/1/2027 111

$3,492.93 $1,591.82 $1,901.11 $454,673.70 $248,381.864/1/2027 112

$3,492.93 $1,598.46 $1,894.47 $453,075.24 $250,276.335/1/2027 113

$3,492.93 $1,605.12 $1,887.81 $451,470.12 $252,164.146/1/2027 114

$3,492.93 $1,611.80 $1,881.13 $449,858.32 $254,045.277/1/2027 115

$3,492.93 $1,618.52 $1,874.41 $448,239.80 $255,919.688/1/2027 116

$3,492.93 $1,625.26 $1,867.67 $446,614.54 $257,787.359/1/2027 117

$3,492.93 $1,632.04 $1,860.89 $444,982.50 $259,648.2410/1/2027 118

$3,492.93 $1,638.84 $1,854.09 $443,343.66 $261,502.3311/1/2027 119

$3,492.93 $1,645.66 $1,847.27 $441,698.00 $263,349.6012/1/2027 120

$3,492.93 $1,652.52 $1,840.41 $440,045.48 $265,190.011/1/2028 121

$3,492.93 $1,659.41 $1,833.52 $438,386.07 $267,023.532/1/2028 122

$3,492.93 $1,666.32 $1,826.61 $436,719.75 $268,850.143/1/2028 123

$3,492.93 $1,673.26 $1,819.67 $435,046.49 $270,669.814/1/2028 124

$3,492.93 $1,680.24 $1,812.69 $433,366.25 $272,482.505/1/2028 125

$3,492.93 $1,687.24 $1,805.69 $431,679.01 $274,288.196/1/2028 126

$3,492.93 $1,694.27 $1,798.66 $429,984.74 $276,086.857/1/2028 127

$3,492.93 $1,701.33 $1,791.60 $428,283.41 $277,878.458/1/2028 128

$3,492.93 $1,708.42 $1,784.51 $426,574.99 $279,662.969/1/2028 129

$3,492.93 $1,715.53 $1,777.40 $424,859.46 $281,440.3610/1/2028 130

$3,492.93 $1,722.68 $1,770.25 $423,136.78 $283,210.6111/1/2028 131

$3,492.93 $1,729.86 $1,763.07 $421,406.92 $284,973.6812/1/2028 132

$3,492.93 $1,737.07 $1,755.86 $419,669.85 $286,729.541/1/2029 133

$3,492.93 $1,744.31 $1,748.62 $417,925.54 $288,478.162/1/2029 134

$3,492.93 $1,751.57 $1,741.36 $416,173.97 $290,219.523/1/2029 135

$3,492.93 $1,758.87 $1,734.06 $414,415.10 $291,953.584/1/2029 136

$3,492.93 $1,766.20 $1,726.73 $412,648.90 $293,680.315/1/2029 137

$3,492.93 $1,773.56 $1,719.37 $410,875.34 $295,399.686/1/2029 138

$3,492.93 $1,780.95 $1,711.98 $409,094.39 $297,111.667/1/2029 139

$3,492.93 $1,788.37 $1,704.56 $407,306.02 $298,816.228/1/2029 140

$3,492.93 $1,795.82 $1,697.11 $405,510.20 $300,513.339/1/2029 141

$3,492.93 $1,803.30 $1,689.63 $403,706.90 $302,202.9610/1/2029 142

$3,492.93 $1,810.82 $1,682.11 $401,896.08 $303,885.0711/1/2029 143

$3,492.93 $1,818.36 $1,674.57 $400,077.72 $305,559.6412/1/2029 144

$3,492.93 $1,825.94 $1,666.99 $398,251.78 $307,226.631/1/2030 145

$3,492.93 $1,833.55 $1,659.38 $396,418.23 $308,886.012/1/2030 146

$3,492.93 $1,841.19 $1,651.74 $394,577.04 $310,537.753/1/2030 147

$3,492.93 $1,848.86 $1,644.07 $392,728.18 $312,181.824/1/2030 148

$3,492.93 $1,856.56 $1,636.37 $390,871.62 $313,818.195/1/2030 149

$3,492.93 $1,864.30 $1,628.63 $389,007.32 $315,446.826/1/2030 150

15

PREPARED FOR :

Tradko

David Ormonde


$3,492.93 $1,872.07 $1,620.86 $387,135.25 $317,067.687/1/2030 151

$3,492.93 $1,879.87 $1,613.06 $385,255.38 $318,680.748/1/2030 152

$3,492.93 $1,887.70 $1,605.23 $383,367.68 $320,285.979/1/2030 153

$3,492.93 $1,895.56 $1,597.37 $381,472.12 $321,883.3410/1/2030 154

$3,492.93 $1,903.46 $1,589.47 $379,568.66 $323,472.8111/1/2030 155

$3,492.93 $1,911.39 $1,581.54 $377,657.27 $325,054.3512/1/2030 156

$3,492.93 $1,919.36 $1,573.57 $375,737.91 $326,627.921/1/2031 157

$3,492.93 $1,927.36 $1,565.57 $373,810.55 $328,193.492/1/2031 158

$3,492.93 $1,935.39 $1,557.54 $371,875.16 $329,751.033/1/2031 159

$3,492.93 $1,943.45 $1,549.48 $369,931.71 $331,300.514/1/2031 160

$3,492.93 $1,951.55 $1,541.38 $367,980.16 $332,841.895/1/2031 161

$3,492.93 $1,959.68 $1,533.25 $366,020.48 $334,375.146/1/2031 162

$3,492.93 $1,967.84 $1,525.09 $364,052.64 $335,900.237/1/2031 163

$3,492.93 $1,976.04 $1,516.89 $362,076.60 $337,417.128/1/2031 164

$3,492.93 $1,984.28 $1,508.65 $360,092.32 $338,925.779/1/2031 165

$3,492.93 $1,992.55 $1,500.38 $358,099.77 $340,426.1510/1/2031 166

$3,492.93 $2,000.85 $1,492.08 $356,098.92 $341,918.2311/1/2031 167

$3,492.93 $2,009.18 $1,483.75 $354,089.74 $343,401.9812/1/2031 168

$3,492.93 $2,017.56 $1,475.37 $352,072.18 $344,877.351/1/2032 169

$3,492.93 $2,025.96 $1,466.97 $350,046.22 $346,344.322/1/2032 170

$3,492.93 $2,034.40 $1,458.53 $348,011.82 $347,802.853/1/2032 171

$3,492.93 $2,042.88 $1,450.05 $345,968.94 $349,252.904/1/2032 172

$3,492.93 $2,051.39 $1,441.54 $343,917.55 $350,694.445/1/2032 173

$3,492.93 $2,059.94 $1,432.99 $341,857.61 $352,127.436/1/2032 174

$3,492.93 $2,068.52 $1,424.41 $339,789.09 $353,551.847/1/2032 175

$3,492.93 $2,077.14 $1,415.79 $337,711.95 $354,967.638/1/2032 176

$3,492.93 $2,085.80 $1,407.13 $335,626.15 $356,374.769/1/2032 177

$3,492.93 $2,094.49 $1,398.44 $333,531.66 $357,773.2010/1/2032 178

$3,492.93 $2,103.21 $1,389.72 $331,428.45 $359,162.9211/1/2032 179

$3,492.93 $2,111.98 $1,380.95 $329,316.47 $360,543.8712/1/2032 180

$3,492.93 $2,120.78 $1,372.15 $327,195.69 $361,916.021/1/2033 181

$3,492.93 $2,129.61 $1,363.32 $325,066.08 $363,279.342/1/2033 182

$3,492.93 $2,138.49 $1,354.44 $322,927.59 $364,633.783/1/2033 183

$3,492.93 $2,147.40 $1,345.53 $320,780.19 $365,979.314/1/2033 184

$3,492.93 $2,156.35 $1,336.58 $318,623.84 $367,315.895/1/2033 185

$3,492.93 $2,165.33 $1,327.60 $316,458.51 $368,643.496/1/2033 186

$3,492.93 $2,174.35 $1,318.58 $314,284.16 $369,962.077/1/2033 187

$3,492.93 $2,183.41 $1,309.52 $312,100.75 $371,271.598/1/2033 188

$3,492.93 $2,192.51 $1,300.42 $309,908.24 $372,572.019/1/2033 189

$3,492.93 $2,201.65 $1,291.28 $307,706.59 $373,863.2910/1/2033 190

$3,492.93 $2,210.82 $1,282.11 $305,495.77 $375,145.4011/1/2033 191

16

PREPARED FOR :

Tradko

David Ormonde


$3,492.93 $2,220.03 $1,272.90 $303,275.74 $376,418.3012/1/2033 192

$3,492.93 $2,229.28 $1,263.65 $301,046.46 $377,681.951/1/2034 193

$3,492.93 $2,238.57 $1,254.36 $298,807.89 $378,936.312/1/2034 194

$3,492.93 $2,247.90 $1,245.03 $296,559.99 $380,181.343/1/2034 195

$3,492.93 $2,257.26 $1,235.67 $294,302.73 $381,417.014/1/2034 196

$3,492.93 $2,266.67 $1,226.26 $292,036.06 $382,643.275/1/2034 197

$3,492.93 $2,276.11 $1,216.82 $289,759.95 $383,860.096/1/2034 198

$3,492.93 $2,285.60 $1,207.33 $287,474.35 $385,067.427/1/2034 199

$3,492.93 $2,295.12 $1,197.81 $285,179.23 $386,265.238/1/2034 200

$3,492.93 $2,304.68 $1,188.25 $282,874.55 $387,453.489/1/2034 201

$3,492.93 $2,314.29 $1,178.64 $280,560.26 $388,632.1210/1/2034 202

$3,492.93 $2,323.93 $1,169.00 $278,236.33 $389,801.1211/1/2034 203

$3,492.93 $2,333.61 $1,159.32 $275,902.72 $390,960.4412/1/2034 204

$3,492.93 $2,343.34 $1,149.59 $273,559.38 $392,110.031/1/2035 205

$3,492.93 $2,353.10 $1,139.83 $271,206.28 $393,249.862/1/2035 206

$3,492.93 $2,362.90 $1,130.03 $268,843.38 $394,379.893/1/2035 207

$3,492.93 $2,372.75 $1,120.18 $266,470.63 $395,500.074/1/2035 208

$3,492.93 $2,382.64 $1,110.29 $264,087.99 $396,610.365/1/2035 209

$3,492.93 $2,392.56 $1,100.37 $261,695.43 $397,710.736/1/2035 210

$3,492.93 $2,402.53 $1,090.40 $259,292.90 $398,801.137/1/2035 211

$3,492.93 $2,412.54 $1,080.39 $256,880.36 $399,881.528/1/2035 212

$3,492.93 $2,422.60 $1,070.33 $254,457.76 $400,951.859/1/2035 213

$3,492.93 $2,432.69 $1,060.24 $252,025.07 $402,012.0910/1/2035 214

$3,492.93 $2,442.83 $1,050.10 $249,582.24 $403,062.1911/1/2035 215

$3,492.93 $2,453.00 $1,039.93 $247,129.24 $404,102.1212/1/2035 216

$3,492.93 $2,463.22 $1,029.71 $244,666.02 $405,131.831/1/2036 217

$3,492.93 $2,473.49 $1,019.44 $242,192.53 $406,151.272/1/2036 218

$3,492.93 $2,483.79 $1,009.14 $239,708.74 $407,160.413/1/2036 219

$3,492.93 $2,494.14 $998.79 $237,214.60 $408,159.204/1/2036 220

$3,492.93 $2,504.54 $988.39 $234,710.06 $409,147.595/1/2036 221

$3,492.93 $2,514.97 $977.96 $232,195.09 $410,125.556/1/2036 222

$3,492.93 $2,525.45 $967.48 $229,669.64 $411,093.037/1/2036 223

$3,492.93 $2,535.97 $956.96 $227,133.67 $412,049.998/1/2036 224

$3,492.93 $2,546.54 $946.39 $224,587.13 $412,996.389/1/2036 225

$3,492.93 $2,557.15 $935.78 $222,029.98 $413,932.1610/1/2036 226

$3,492.93 $2,567.81 $925.12 $219,462.17 $414,857.2811/1/2036 227

$3,492.93 $2,578.50 $914.43 $216,883.67 $415,771.7112/1/2036 228

$3,492.93 $2,589.25 $903.68 $214,294.42 $416,675.391/1/2037 229

$3,492.93 $2,600.04 $892.89 $211,694.38 $417,568.282/1/2037 230

$3,492.93 $2,610.87 $882.06 $209,083.51 $418,450.343/1/2037 231

$3,492.93 $2,621.75 $871.18 $206,461.76 $419,321.524/1/2037 232

17

PREPARED FOR :

Tradko

David Ormonde


$3,492.93 $2,632.67 $860.26 $203,829.09 $420,181.785/1/2037 233

$3,492.93 $2,643.64 $849.29 $201,185.45 $421,031.076/1/2037 234

$3,492.93 $2,654.66 $838.27 $198,530.79 $421,869.347/1/2037 235

$3,492.93 $2,665.72 $827.21 $195,865.07 $422,696.558/1/2037 236

$3,492.93 $2,676.83 $816.10 $193,188.24 $423,512.659/1/2037 237

$3,492.93 $2,687.98 $804.95 $190,500.26 $424,317.6010/1/2037 238

$3,492.93 $2,699.18 $793.75 $187,801.08 $425,111.3511/1/2037 239

$3,492.93 $2,710.43 $782.50 $185,090.65 $425,893.8512/1/2037 240

$3,492.93 $2,721.72 $771.21 $182,368.93 $426,665.061/1/2038 241

$3,492.93 $2,733.06 $759.87 $179,635.87 $427,424.932/1/2038 242

$3,492.93 $2,744.45 $748.48 $176,891.42 $428,173.413/1/2038 243

$3,492.93 $2,755.88 $737.05 $174,135.54 $428,910.464/1/2038 244

$3,492.93 $2,767.37 $725.56 $171,368.17 $429,636.025/1/2038 245

$3,492.93 $2,778.90 $714.03 $168,589.27 $430,350.056/1/2038 246

$3,492.93 $2,790.47 $702.46 $165,798.80 $431,052.517/1/2038 247

$3,492.93 $2,802.10 $690.83 $162,996.70 $431,743.348/1/2038 248

$3,492.93 $2,813.78 $679.15 $160,182.92 $432,422.499/1/2038 249

$3,492.93 $2,825.50 $667.43 $157,357.42 $433,089.9210/1/2038 250

$3,492.93 $2,837.27 $655.66 $154,520.15 $433,745.5811/1/2038 251

$3,492.93 $2,849.10 $643.83 $151,671.05 $434,389.4112/1/2038 252

$3,492.93 $2,860.97 $631.96 $148,810.08 $435,021.371/1/2039 253

$3,492.93 $2,872.89 $620.04 $145,937.19 $435,641.412/1/2039 254

$3,492.93 $2,884.86 $608.07 $143,052.33 $436,249.483/1/2039 255

$3,492.93 $2,896.88 $596.05 $140,155.45 $436,845.534/1/2039 256

$3,492.93 $2,908.95 $583.98 $137,246.50 $437,429.515/1/2039 257

$3,492.93 $2,921.07 $571.86 $134,325.43 $438,001.376/1/2039 258

$3,492.93 $2,933.24 $559.69 $131,392.19 $438,561.067/1/2039 259

$3,492.93 $2,945.46 $547.47 $128,446.73 $439,108.538/1/2039 260

$3,492.93 $2,957.74 $535.19 $125,488.99 $439,643.729/1/2039 261

$3,492.93 $2,970.06 $522.87 $122,518.93 $440,166.5910/1/2039 262

$3,492.93 $2,982.43 $510.50 $119,536.50 $440,677.0911/1/2039 263

$3,492.93 $2,994.86 $498.07 $116,541.64 $441,175.1612/1/2039 264

$3,492.93 $3,007.34 $485.59 $113,534.30 $441,660.751/1/2040 265

$3,492.93 $3,019.87 $473.06 $110,514.43 $442,133.812/1/2040 266

$3,492.93 $3,032.45 $460.48 $107,481.98 $442,594.293/1/2040 267

$3,492.93 $3,045.09 $447.84 $104,436.89 $443,042.134/1/2040 268

$3,492.93 $3,057.78 $435.15 $101,379.11 $443,477.285/1/2040 269

$3,492.93 $3,070.52 $422.41 $98,308.59 $443,899.696/1/2040 270

$3,492.93 $3,083.31 $409.62 $95,225.28 $444,309.317/1/2040 271

$3,492.93 $3,096.16 $396.77 $92,129.12 $444,706.088/1/2040 272

$3,492.93 $3,109.06 $383.87 $89,020.06 $445,089.959/1/2040 273

18

PREPARED FOR :

Tradko

David Ormonde


$3,492.93 $3,122.01 $370.92 $85,898.05 $445,460.8710/1/2040 274

$3,492.93 $3,135.02 $357.91 $82,763.03 $445,818.7811/1/2040 275

$3,492.93 $3,148.08 $344.85 $79,614.95 $446,163.6312/1/2040 276

$3,492.93 $3,161.20 $331.73 $76,453.75 $446,495.361/1/2041 277

$3,492.93 $3,174.37 $318.56 $73,279.38 $446,813.922/1/2041 278

$3,492.93 $3,187.60 $305.33 $70,091.78 $447,119.253/1/2041 279

$3,492.93 $3,200.88 $292.05 $66,890.90 $447,411.304/1/2041 280

$3,492.93 $3,214.22 $278.71 $63,676.68 $447,690.015/1/2041 281

$3,492.93 $3,227.61 $265.32 $60,449.07 $447,955.336/1/2041 282

$3,492.93 $3,241.06 $251.87 $57,208.01 $448,207.207/1/2041 283

$3,492.93 $3,254.56 $238.37 $53,953.45 $448,445.578/1/2041 284

$3,492.93 $3,268.12 $224.81 $50,685.33 $448,670.389/1/2041 285

$3,492.93 $3,281.74 $211.19 $47,403.59 $448,881.5710/1/2041 286

$3,492.93 $3,295.42 $197.51 $44,108.17 $449,079.0811/1/2041 287

$3,492.93 $3,309.15 $183.78 $40,799.02 $449,262.8612/1/2041 288

$3,492.93 $3,322.93 $170.00 $37,476.09 $449,432.861/1/2042 289

$3,492.93 $3,336.78 $156.15 $34,139.31 $449,589.012/1/2042 290

$3,492.93 $3,350.68 $142.25 $30,788.63 $449,731.263/1/2042 291

$3,492.93 $3,364.64 $128.29 $27,423.99 $449,859.554/1/2042 292

$3,492.93 $3,378.66 $114.27 $24,045.33 $449,973.825/1/2042 293

$3,492.93 $3,392.74 $100.19 $20,652.59 $450,074.016/1/2042 294

$3,492.93 $3,406.88 $86.05 $17,245.71 $450,160.067/1/2042 295

$3,492.93 $3,421.07 $71.86 $13,824.64 $450,231.928/1/2042 296

$3,492.93 $3,435.33 $57.60 $10,389.31 $450,289.529/1/2042 297

$3,492.93 $3,449.64 $43.29 $6,939.67 $450,332.8110/1/2042 298

$3,492.93 $3,464.01 $28.92 $3,475.66 $450,361.7311/1/2042 299

$3,490.14 $3,475.66 $14.48 $0.00 $450,376.2112/1/2042 300

Total $450,376.21$597,500.00$1,047,876.21

19

PREPARED FOR :

Tradko

David Ormonde


real estate investment analysis - loopnet...real estate investment analysis january 26 2018 prepared...

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