Apolis

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

Screen a site in a minute

Type what you know; cost, yield on cost and the spread over the exit cap update as you type.

Adds this site to the pipeline board at Sourcing, saved in this browser.

You passed on 2 deals within 2 miles: Land price too high, Yield below target. See passed deals

Untrended yield on cost · untrended
6.51%
Spread over exit cap · over a 5.50% exit cap
+101 bp
Look closer
Per unit
$260,941
$52,188,100 total cost
Equity needed
$18,265,835
65.00% loan to cost, $33,922,265 loan

The site

Sample land price from the worked example, so the screen opens with a result. Type yours to replace it.

Fit a building on this siteOpens Site selection with this site name and, if you picked one, this library building.

Sample assumption from the worked example: the sample deal's unit count.

Sample assumption from the worked example: unit-weighted average size.

From the building program.

Sample assumption from the worked example: its effective gross income at today's rents per unit, other income included, before vacancy.

Sample assumption from the worked example: its hard cost budget over its 200 units.

Sample assumption from the worked example: all other uses (soft costs, interest, fees) over hard cost.

Operating and exit assumptions

Sample assumption from the worked example: net rental income over gross potential rent, after vacancy, concessions and credit loss.

Sample assumption from the worked example: operating expenses and property tax over EGI, at today's rents.

Sample assumption from the worked example: its exit cap.

Sample assumption from the worked example: its construction loan to cost.

Results

VerdictLook closer

Shown on the sample land price. Type your own land price to screen your site.

The verdict is arithmetic: the spread compared with your thresholds. It is not advice, and it is not an underwriting.

Untrended NOI

$3,399,779

Value at the exit cap

$61,814,161

Value less cost

$9,626,061

Land
$2,000,000
Hard cost
$41,000,000
Soft costs, financing and fees (22.41%)
$9,188,100
Total cost
$52,188,100
Per net rentable SF
$292
Gross potential rent
$5,596,800
Effective gross income (94.12% occupied)
$5,267,708
Operating expenses (35.46%)
-$1,867,929
Untrended NOI
$3,399,779
Your thresholds, sample defaults

Both lines are a spread over the exit cap. Below the look closer line, the verdict is Pass.

Untrended and stabilized, one year. No lease-up, no construction interest schedule, no trending; rent includes other income per unit. The full model replaces each figure.

Screened deals (0)

Screened deals

Saved in this browser only. Nothing is sent anywhere.

Screened
0
Added to pipeline
0
Passed
0

Nothing screened yet. Add a site to the pipeline or pass on it, and it appears here.

Look closer6.51% on cost, +101 bp