Apolis

Deal: St. Louis Park West End, 200 unitsPage: Revenue

Revenue

Sample

Rent roll, other income and every deduction between gross potential rent and EGI.Model v1, worked example, no edits

Sample deal. Figures are the worked example's stated inputs; edits save in this browser.

Gross potential rent · year 4
$5,726,982
$5,440,633 billed after vacancy
Other income · year 4
$366,227
$152.59 per unit per month, 6.4% of EGI
Effective gross income · year 4
$5,756,463
The first stabilized year
Average rent · today
$2,184
$2.44 per SF; year 4 $2,386, $2.67

Gross potential rent to effective gross income

Year 4, the first stabilized year. Reductions in grey.

Revenue walk, year 4: Gross potential rent $5,726,982; plus Utility reimbursement (RUBS) $131,842; plus Parking $179,451; plus Storage, pet and other $54,934; less Vacancy $286,349; less Credit loss $21,763; less Concessions $28,635; equals Effective gross income $5,756,463

What each unit type rents for

Rent comps

Today's asking rents against the West End rent comps median, 2026-11-08. Select the pencil beside a market rent to change it.

Rent roll by unit type, today's asking rents
TypeUnitsAvg SFMarket rentRent per SFMonthly GPRAnnual GPRComp medianAgainst comps
Studio30535$1,625$3.04$48,750$585,000$1,599+1.6% vs median
1 bed80715$1,850$2.59$148,000$1,776,000$1,849+0.1% vs median
2 bed751,150$2,550$2.22$191,250$2,295,000$2,578-1.1% vs median
3 bed151,300$3,250$2.50$48,750$585,000None postedNo comp
All units200895$2,184$2.44$436,750$5,241,000
Year 4, grown$5,726,982

Where other income comes from

Year 4, 6.4% of effective gross income.

Other income by line, year 4
LineBasisCountRate per monthMonthlyAnnualOf EGISource
Utility reimbursement (RUBS)Per occupied unit per month189 occupied units$58.07$10,987$131,8422.3%Sample
ParkingPer stall per month230 stalls$65.02$14,954$179,4513.1%Sample
Storage, pet and otherStorage, pet fees and pet rent, carried as one linePer unit per month200 units$22.89$4,578$54,9341.0%Sample
Application and admin feesPer new leaseNot in the model
Late feesPer occupied unit per monthNot in the model
Retail or commercialFlat, per leaseNot in the model
Other income$152.59 per unit per month$30,519$366,2276.4%

What the model assumes

Stabilized vacancyModel
5.0%
Of gross potential rent. Physical occupancy at stabilization 94.6%.
Credit lossModel
0.4%
Of rent billed, not of gross potential rent.
Concessions, stabilizedModel
0.5%
Of gross potential rent, 0.26 weeks on a 12-month lease, every year.
Concessions, lease-upModel
None
No months off on new leases and no burn-off schedule in the model.
Concessions, marketComps
4.3 weeks
4.3 weeks median at 3 of 4 properties, West End.
Lease-upModel
11 months
First delivery month 25, stabilized month 36.
Lease-up paceModel
20.4 leases a month
By type: Studio 4.3 over 7 months; 1 bed 8.0 over 10 months; 2 bed 6.8 over 11 months; 3 bed 1.3 over 12 months.
Rent growth to stabilizationModel
3.0% a year
Today's rents compounded 3 years to year 4.
Rent growth after stabilizationModel
2.5% a year
Year 5 through the sale.
Other income growthModel
3.0%, then 2.5%
Grows with rent: the same rates, the same years.
Other income splitSample
$152.59 per unit per month, first stabilized year
The model carries one total; the three-line split is a stated sample.
Loss to leaseModel
None
A new building has no leases below market.

Rent growth by year

  1. Year 13.0%
  2. Year 23.0%
  3. Year 33.0%
  4. Year 4Base
  5. Year 52.5%
  6. Year 62.5%
  7. Year 72.5%
  8. Year 82.5%
  9. Year 92.5%
  10. Year 102.5%
How gross potential rent and EGI are calculated
  • Gross potential rent: every unit at its asking rent for 12 months. Today's rents total $5,241,000; grown 3.0% a year for 3 years, $5,726,982 in year 4.
  • Rent billed: gross potential rent less vacancy (5.0%) and loss to lease (none), $5,440,633.
  • Net rental income: rent billed less concessions (0.5% of gross potential rent) and credit loss (0.4% of rent billed), $5,390,236.
  • Effective gross income: net rental income plus other income, $5,756,463. The same figure is year 4 on the cash flow.
  • Other income is the model's residual between net rental income and the stabilized EGI; per stall and per occupied unit rates are that amount divided by the count shown.
  • The sample deal carries no income-restricted units, so the walk has no restricted rent line.