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 60 Unit Orillia
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This property was constructed under the affordable Housing Program. 45 units must be rented at CMHC market rents for 15 years plus 5 years out period. 15 units can bee rented at market value. Tenants pay own heat & hydro with individual gas & hydro meters. Tax exemption savings on 45 units for 10 years.
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| 60 unit orillia |
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| September 4, 2008 |
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| Purchase price |
$6,950,000 |
| Cap Rate |
6.38% |
| Closing costs |
$105,424 |
| Mortgage @ 75% |
$5,212,500 |
| VTB @ 10% |
$695,000 |
| Capital required |
$1,147,924 |
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| Monthy totals |
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| Income |
$48,213.00 |
| Effective Income |
$47,007.68 |
| Expenses |
$11,257.66 |
| First Mortgage |
$27,917.15 |
| VTB |
$336.75 |
| ROI Cash |
$7,832.87 |
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| Annual totals |
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| Income |
$578,556 |
| Expenses |
$135,092 |
| First Mortgage |
$335,006 |
| VTB |
$4,041 |
| Annual ROI Cash |
$104,417 |
| Principal recapture |
$73,109 |
| Appreciatation |
$139,000 |
| Annual ROI $ |
$316,526 |
| ROI % |
27.57% |
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| Partnership share first year |
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| Annual ROI $ |
$158,263 |
| ROI % |
13.79% |
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| 5 Year forecast |
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| Income |
$3,071,045 |
| Expenses |
$717,084 |
| First Mortgage |
$1,675,029 |
| Second Mortgage |
$20,205 |
| ROI Cash |
$658,727 |
| Principal recapture |
$365,545 |
| Appreciatation |
$737,829 |
| ROI $ |
$1,762,101 |
| Annualized ROI % |
30.70% |
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| Partnership share |
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| ROI $ |
$881,050.40 |
| Annualized ROI % |
15.35% |
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