Portfolio
Where the portfolio stands today.
13 buildings · 400 units · As of May 4, 2026
Last AppFolio sync: 03:14 AM
Occupancy
94.0%
0.4 pp
376 of 400 units occupied
T12 NOI
$5.3M
5.4%
vs $5.04M prior year
Total debt
$57.0M
Wtd. rate 6.41% · DSCR 1.30x
Cash on hand
$1.8M
Distributions YTD $1.1M
Trailing 12
Portfolio occupancy
T12 NOI
By building
Syndicated
Wholly-owned
AI Insights
This week
HIGH
Expense anomalyMay 45818 N Kenmore · Plumbing expense $4,820 in 8 days
Three Patriot Plumbing invoices coded to G/L 5300, vs T6 average of $410/mo. Last invoice flagged 'emergency, full repipe estimate to follow.'
→ Likely undisclosed major repair. Open a capex project and request scope from the PM company before the next invoice clears.
MED
Occupancy dropMay 31156 W Devon · Occupancy 96% to 89% over 21 days
Three move-outs since April 13. No replacement leases signed. Two units have been listed >14 days at asking rent that exceeds top-of-market by $120.
→ Lower asking rent on Units 2A and 4B by $100. Reassess after 7 days.
MED
DSCR forecastMay 25818 N Kenmore · DSCR 1.18x next quarter, covenant 1.20x
Loan covenant requires 1.20x. Forecast based on T3 NOI trend and known capex obligations through Q3.
→ Rent increases on 4 expiring leases (Units 1B, 2A, 4C, 5B) at +6% would resolve. Lender notification due by Aug 15 if tracking remains.
LOW
Insurance gapMay 1901 W Diversey · Coverage 22% below replacement cost
Current dwelling coverage $5.8M. Modeled replacement cost $7.4M based on 2026 RSMeans Chicago commercial multipliers.
→ Quote a $7.5M policy at next renewal (Sep 2026).
LOW
Renewal riskApr 301734 N Western · 8 leases expiring next 60d, all below market
Average gap to market: $215/mo. Tenant payment history is clean across all 8.
→ Send renewal offers at +5% with 30 day deadline. Expect 6 of 8 to renew.
Valuation
Total portfolio value
$88.5M
Equity (book)
$31.5M
Implied LTV
64.4%
Cap rate (T12)
6.00%
Avg rent / occupied unit
$2,140