Building

4421 N Sheridan

4421 N Sheridan Rd · Uptown Built 1972 48 units

Ownership

Syndicated

Occupancy

93.8%

45 of 48 units occupied

T12 NOI

$552K

Avg rent $1,950 · Cap 6.00%

Valuation

$9.2M

Equity $3.3M · LTV 64%

DSCR

1.24x

Covenant 1.20x · Buffer 3%

T12 NOI

Monthly NOI vs occupancy

Loan

Debt summary

Outstanding

$5,900,000

Rate

7.10%

Maturity

Dec 15, 2026

Months to maturity

5 mo

Annual debt service

$476K

DSCR (covenant 1.20x)

1.24x

Cash Flow

T12 levered waterfall

Trailing 12

Net Operating Income

$552,000

(less) Annual debt service

-$475,799

(less) T12 capex

-$114,400

Levered cash flow

-$38,199

Negative cash flow this period driven by elevated capex. Fund from reserves; capex is non-recurring.

Depreciation

Annual non-cash

$268K

Straight-line, 27.5 years (residential), on building basis of $7.4M.

Building basis (80% of value)

$7.4M

Useful life

27.5 years

Method

GAAP straight-line

Tax shield estimate (37%)

$99K

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 $88KT12 $114K

Major roof and HVAC project mid-year. Capitalized over 27.5 years, depreciable starting next month.

Open

$26K

Capex / unit / yr

$2,383

Documents

Linked files

Loan agreement

4421 N Sheridan Loan Agreement 2025.pdf

AI-parsed

Insurance

4421 N Sheridan Policy 2026.pdf

AI-parsed

PPM

4421 N Sheridan Operating Agreement.pdf

AI-parsed