7500 South Shore Drive PREPARED BY RSL BUILDING CORPORATION TABLE - - PDF document

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Feb 26, 2024 567 likes •680 views

7500 South Shore Drive PREPARED BY RSL BUILDING CORPORATION TABLE OF CONTENTS 7500 South Shore Drive- front view................................................................................................2 7500 South Shore Drive- black and

SLIDE 1

7500 South Shore Drive

PREPARED BY RSL BUILDING CORPORATION

SLIDE 2

7500 South Shore Drive- front view................................................................................................2 7500 South Shore Drive- black and white.......................................................................................3 Projection of Cashfl

w Statement....................................................................................................4

Capital Improvements......................................................................................................................5 Location Map...................................................................................................................................6 Aerial View.......................................................................................................................................7 Zoning Information for Vacant Land at 75th & Coles.....................................................................8

SLIDE 3

7500 SOUTH SHORE DRIVE - FRONT VIEW

SLIDE 4

7500 SOUTH SHORE DRIVE - BLACK AND WHITE

SLIDE 5

PROJECTION OF CASHFLOW STATEMENT

SUMMARY

Price $9,000,000 Down Payment $1,800,000 Number of Units 125 Price/Unit $72,000 Current Cap Rate 6.64% Pro Forma Cap Rate 7.44% Current GRM 9.26 Pro Forma GRM 8.55 Current Cash on Cash 4.41% Pro Forma Cash on Cash 8.41%

ANNUALIZED OPERATING DATA Income Current Pro Forma

Scheduled Rent Income $971,808 $1,052,400 Other Income Scheduled Gross Income 971,808 1,052,400 Less: Vacancy/Other Deductions 5.00% ($48,590) 5.00% ($52,620) Effective Gross Income $923,218 $999,780 Less: Expenses 33.53% ($325,820) 31.39% ($330,394) Net Operating Income $597,398 $669,386 Debt Service ($518,012) ($518,012) Pre-Tax Cash Flow $79,386 $151,374 Principal Reduction $217,998 $218,000 Total Return Before Taxes $297,384 $369,374

PROPOSED NEW FINCANCING Loan Amount $7,200,000

Loan to Value 80% Interest Rate 6.00% Monthly Interest Rate 0.500000% Amortization Periods 360 Years Amortization 30 Term 5

ADDITIONAL INFORMATION 30 Car Parking lot Across from Rainbow Beach Unobstructed Lake Michigan views ANNUALIZED EXPENSES Expenses Current Pro Forma

Taxes $41,000 $41,000 Insurance $29,000 $28,000 Gas $70,000 $70,000 Electric $15,215 $15,671 Water/Sewer $19,176 $19,751 Scavenger $4,500 $4,635 Management 4% $36,929 $38,037 Janitor $40,000 $41,200 Maintenance/Repairs $25,000 $25,750 Painting/Decorating $25,000 $25,750 Reserves $20,000 $20,600 TOTAL EXPENSES $325,820 $330,394 Total Expenses per Unit $2,607 $2,643

INCOME SUMMARY Number of Units Type Current Rent Range Current Average Pro Forma 107 1Bed, 1Bath $600-$750 $630 $675 5 2Bed, 1Bath $725-$900 $840 $1,000 13 Studio $475-$500 $498 $525 30 Parking Spaces $50 $50 $75 Laundry Room $1,400 $1,400 $1,400 Total Monthly $80,984 $87,700

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Tub Refi nishing $800.00 $0.00 $800.00 $0.00 $0.00 Security cameras $15,000.00 $0.00 $15,000.00 $0.00 $0.00 Access Systems $15,750.00 $0.00 $15,750.00 $0.00 $0.00 Labor - Remodelling $4,910.00 $0.00 $4,910.00 $0.00 $0.00 Design/Creative $3,297.50 $0.00 $3,297.50 $0.00 $0.00 Electric Strikes $647.82 $0.00 $647.82 $0.00 $0.00 Mop Plates $303.02 $0.00 $303.02 $0.00 $0.00 Mail Boxes $3,598.41 $0.00 $3,598.4 1 $0.00 $0.00 Roof $27,500.00 $0.00 $27,500.00 $0.00 $0.00 Supplies $2,394.38 $0.00 $2,394.38 $0.00 $0.00 Laundry cart $133.53 $0.00 $133.53 $0.00 $0.00 Windows $161,721.42 $0.00 $161,721.42 $0.00 $0.00 Doors $6,855.00 $0.00 $6,855.00 $0.00 $0.00 Materials $10,843.05 $0.00 $10,843.05 $0.00 $0.00 Washer/Dryers $16,998.36 $0.00 $16,998.36 $0.00 $0.00 Plumbing/Sewer $5,500.00 $0.00 $5,500.00 $0.00 $0.00 Courtyard Lights $1,800.00 $0.00 $1,800.00 $0.00 $0.00 Boiler $8,753.00 $0.00 $8,753.00 $0.00 $0.00 Landscape $36,464.00 $0.00 $36,464.00 $0.00 $0.00 Electric $39,440.00 $0.00 $39,440.00 $0.00 $0.00 Appliances $12,792.79 $0.00 $12,792.79 $0.00 $0.00 Tuckpointing $39,500.00 $0.00 $39,500.00 $0.00 $0.00 Air Compressor $253.50 $0.00 $253.50 $0.00 $0.00 Elevators $94,294.80 $0.00 $94,294.80 $0.00 $0.00 General Constr. $13,590.00 $0.00 $13,590.00 $0.00 $0.00 Materials $28,418.36 $0.00 $28,418.36 $0.00 $0.00 Painting $36,415.00 $0.00 $36,415.00 $0.00 $0.00 Painting $36,745.00 $0.00 $36,745.00 $0.00 $0.00 Elevator Cabs $11,430.00 $0.00 $11,430.00 $0.00 $0.00 Fence work $1,250.00 $0.00 $1,250.00 $0.00 $0.00 Walkway Pavers $14,466.00 $0.00 $14,466.00 $0.00 $0.00 Demolition $32,715.00 $0.00 $32,715.00 $0.00 $0.00 Carpet $38,029.00 $0.00 $38,029.00 $0.00 $0.00 Permit Fee $2,064.00 $0.00 $2,064.00 $0.00 $0.00 Chain Link Fence $10,975.00 $0.00 $10,975.00 $0.00 $0.00 Signs $4,511.93 $0.00 $4,511.93 $0.00 $0.00 Pumps $7,432.00 $0.00 $7,432.00 $0.00 $0.00 CM fee $56,069.39 $0.00 $56,069.39 $0.00 $0.00 “Balance to Become Due (inc. Retentions)” “Net Amount This Payment” “Net of Previous Payments” Retention (inc. current) Amount of Contract Kind of Work Amount of Original Contract $803,661.26 Work Completed to Date $803,661.26 Extras of Contract $0.00 Less/ /%Retained $0.00 Total Contracts and Extras $803,661.26 Net Amount Earned $803,661.26 Credits to Contract $0.00 Net Previously Paid $803,661.26 Adjusted Total Contract $803,661.26 Net Amount of This Payment $0.00 Balance to Become Due (Inc. Retention) $0.00

CAPITAL IMPROVEMENTS

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LOCATION MAP

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AERIAL VIEW

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ZONING INFORMATION FOR VACANT LAND AT 75TH & COLES

Parcel #1- (Approximately 7,700SF) 21-30-201-008 This site is currently zoned RM-5, Residential District, by the City of Chicago. Only resi- dential uses are permitted. The maximum fl

or area ratio is 2.0. The minimum lot area is

400 square feet per dwelling unit. Parking requirements vary by use, but are required for all

uses. One parking space is required per dwelling unit.

19 units could be built with total buildable SF of 15,400 SF. Residential use on the ground fl

or and multi-unit residential use are permitted uses under this zoning.

Parcel #2- (Approximately 18,800SF) 21-30-201-040 21-30-201-041 21-30-201-042 21-30-201-043 21-30-201-044 21-30-201-045 21-30-201-046 This site is currently zoned B3-3, Community Shopping District, by the City of Chicago. Residential uses are permitted. The maximum fl

or ratio is 3.0. The minimum lot area is

400 square feet per dwelling unit. Parking requirements vary by use, but are required for all uses. 41 units could be built with total buildable SF of 56,400 SF. Residential use on the ground fl

or is a special use under this zoning. Multi-unit residential is a permitted use under this
zoning. To build a 100% residential project with fi

rst fl

or residential and no commercial,

Alderman support would be required. In total 60 units could be built with about 71,000 SF under existing zoning. It may be possi- ble to obtain additional density by re-zoning the property and/or taking the property through a Planned Development process. The parcel is rectangular in shape.