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Seems the Building SF and Land Acres on pgs 4 and 8 are somewhat disproportionate for a 370 unit mid-rise development? Also the graphed cap rates, and subsequent average cap rate on pg 24 do not match the cap rates in the preceding Sales Comps summaries.
That’s a keen eye! And quite correct. 995,803 SF of building area would equate to 995,8030 ÷ 370 = 2,691 SF/unit!
Since the net rentable area is (see page 5) 775 SF x 370 = 286,750 SF, either it’s a VERY inefficient building or it’s a typo. I’m going with typo!
We’ll get it fixed and a revised OM saved back to the Accelerator.
Thanks for pointing this out!
One more, on pg 27 of the OM, seems the Reserves of $74,000 may have been added into the Proforma – Total Operating Expense, when the TOE adds to $2,307,086, even though they are being noted below.
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