Building

601 W Surf

601 W Surf St · Lakeview Built 2010 60 units

Ownership

Syndicated

Occupancy

95.0%

57 of 60 units occupied

T12 NOI

$945K

Avg rent $2,620 · Cap 6.00%

Valuation

$15.8M

Equity $5.5M · LTV 65%

DSCR

1.36x

Covenant 1.20x · Buffer 13%

T12 NOI

Monthly NOI vs occupancy

Loan

Debt summary

Outstanding

$10,200,000

Rate

5.95%

Maturity

Jul 15, 2031

Months to maturity

61 mo

Annual debt service

$730K

DSCR (covenant 1.20x)

1.36x

Cash Flow

T12 levered waterfall

Trailing 12

Net Operating Income

$945,000

(less) Annual debt service

-$729,920

(less) T12 capex

-$70,200

Levered cash flow

$144,880

Available for distributions or capex reserve. Coordinate with waterfall before distributing.

Depreciation

Annual non-cash

$458K

Straight-line, 27.5 years (residential), on building basis of $12.6M.

Building basis (80% of value)

$12.6M

Useful life

27.5 years

Method

GAAP straight-line

Tax shield estimate (37%)

$170K

Cost segregation could accelerate ~20-30% to 5/7/15-year lives. Worth modeling before next refi to amplify the LP tax shield.

Rent Roll

Live unit detail

Sample rent roll only loaded for the demo building (1247 N Damen). AppFolio sync will populate the rest.

Capex

Capital projects

YTD $54KT12 $70K

Routine turnover and unit refresh costs. Standard run rate.

Open

$16K

Capex / unit / yr

$1,170

Documents

Linked files

Loan agreement

601 W Surf Loan Agreement 2025.pdf

AI-parsed

Insurance

601 W Surf Policy 2026.pdf

AI-parsed

PPM

601 W Surf Operating Agreement.pdf

AI-parsed