Annual Property Operating Data

Name

Dolly Ramphir

Location
Type of Property
Size of Property

250 NE 77th Street

Miami
Rental
Efficie Purchase Price
300-8= 2400 (Sq. Ft./Units)
Acquisition Costs

Purpose

Sale

Assessed/Appraised Values
Land
Improvements
Personal Property
Total

Loan Points
Down Payment

Adjusted Basis as of:

Existing
1st
2nd

0%
0%
0%
0%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35

Advertising
Supplies
Miscellaneous Contract Services:
Garbage Disposal

$0

$0

#Pmts.
12

Interest

Term

0%

COMMENTS/FOOTNOTES

or $/Unit of GOI

8
450
POTENTIAL RENTAL INCOME
2 Units Extra:2nd per
Plus: Other Income (affected by vacancy)
( 2% of
40,800 )
Less: Vacancy & Cr. Losses
EFFECTIVE RENTAL INCOME
late fees
Plus: Other Income (not affected by vacancy)
GROSS OPERATING INCOME
OPERATING EXPENSES:
5,500
Real Estate Taxes
25
Personal Property Taxes
5,000
Property Insurance
0
Off Site Management
0
Payroll
0
Expenses/Benefits
0
Taxes/Worker's Compensation
500
Repairs and Maintenance
Utilities:
1,000
Water & Sewer

Accounting and Legal

Licenses/Permits

Payment

Potential
1st
2nd

$0
$/SQ FT

ALL FIGURES ARE ANNUAL

Balance

43,200.00
1,800.00
816
44,184
800
44,984

0
0
0
0
250
100
0
0
1,300
0
0
0
0

TOTAL OPERATING EXPENSES

NET OPERATING INCOME
Less: Annual Debt Service
Less: Funded Reserves
Less: Leasing Commissions
Less: Capital Additions
CASH FLOW BEFORE TAXES
Copyright 1997 by the Commercial Investment Real Estate Institute

13,675
31,309
0
0
0

The statements and figures herein, while not guaranteed, are secured
from sources we believe authoritative.

Prepared by:

Dick Ramphir

Cash Flow Analysis Worksheet

Property Name
Prepared For
Prepared By
Date Prepared

250 NE 77th Street

Dolly Ramphir
Dick Ramphir
15-Nov-16

Purchase Price
Acquisition Costs
Loan Points
Down Payment

Mortgage Data
1st Mortgage

Cost Recovery Data

2nd Mortgage

Amount
Interest Rate
Term
Payments/Year
Periodic Payment

12
-

Annual Debt Service

Comments

Improvements
Value
C. R. Method
Useful Life
In Service Date
Recapture

Personal Property

0
SL
39
7/28/2002

(All/None/Excess)

Investment Tax
Credit ($$ or %)

Taxable Income
Year :
1
2
3
4
5
6
7
8
9
10
11
12
13
14

Potential Rental Income

+Other Income affected by vacancy
-Vacancy & Credit Losses
=Effective Rental Income
+Other Income not affected by vacancy
=Gross Operating Income
-Operating Expenses
=NET OPERATING INCOME
-Interest - 1st Mortgage
-Interest - 2nd Mortgage
-Cost Recovery - Improvements
-Cost Recovery - Personal Property
-

2,005

2,006

2,007

2,008

2009

40,800
(2,100)
0
38,700
800
39,500
12,175
27,325

44,064
1,836
0
45,900
816
46,716
13,949
32,768

44,945
1,873
0
46,818
832
47,650
14,227
33,423

45,844
1,910
0
47,754
849
48,603
14,512
34,091

46,761
1,948
0
48,709
866
49,575
14,802
34,773

15,853
0
0

15,853
0
0

15,853

15,853

15,853

15 =Real Estate Taxable Income

16 Tax Liability (Savings) at 36.0%

11,472
4,130

16,915
6,089

17,570
6,325

18,238
6,566

18,920
6,811

Cash Flow
17
18
19
20
21
22
23
24

NET OPERATING INCOME (Line 8)

-Annual Debt Service
=CASH FLOW BEFORE TAXES
-Tax Liability (Savings) (Line 16)
+Investment Tax Credit
=CASH FLOW AFTER TAXES

27,325
18,146

32,768
18,146

33,423
18,146

34,091
18,146

34,773
18,146

9,179
4,130

14,622
6,089

15,277
6,325

15,945
6,566

16,627
6,811

$5,049

$8,532

$8,952

$9,380

$9,816

Copyright 1997 by the Commercial Investment Real Estate Institute

The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative.

Alternative Cash Sales Worksheet

Mortgage Balances
Year:
Principal Balance - 1st Mortgage
Principal Balance - Prepay Penalty
TOTAL UNPAID BALANCE

155,500
0

152,927
30,000

150,100
14,870

$182,927

$164,970

146,945
7,350

$154,295

140,200
7,010

$147,210

Calculation of Sale Proceeds

$443,357
8%

PROJECTED SALES PRICE

cap rate
CALCULATION OF ADJUSTED BASIS:
1
Basis at Acquisition
2 +Capital Additions
3
-Cost Recovery (Depreciation) Taken
4
-Basis in Partial Sales
5
=Adjusted Basis at Sale
CALCULATION OF EXCESS COST RECOVERY
6
Total Cost Recovery Taken (Line 3)
7 -Straight Line Cost Recovery
8
=Excess Cost Recovery
CALCULATION OF CAPITAL GAIN ON SALE:
9
Sale Price
10 -Costs of Sale
11 -Adjusted Basis at Sale (Line 5)
12 -Participation Payments
13 =Total Gain
14 -Excess Cost Recovery (Line 8)
15 -Suspended Losses
16 =Gain or (Loss)
17 -Straight Line Cost Recovery (limited to gain)
18 =Capital Gain from Appreciation
ITEMS TAXED AS ORDINARY INCOME:
19 Excess Cost Recovery (Line 8)
20 -Unamortized Loan Points
21 =Ordinary Taxable Income
CALCULATION OF SALES PROCEEDS AFTER TAX:
22 Sale Price
23 -Cost of Sale
24 -Participation Payments
25 -Mortgage Balance(s)
26 =Sale Proceeds Before Tax
27 -Tax (Savings) : Ordinary Income at 36% ( Line 21)
28 -Tax : Straight Line Recapture at 25% (Line 17)
29 -Tax on Capital Gains at 15% (Line 18)
30 =SALE PROCEEDS AFTER TAX

$506,694
7%
cap rate

$591,143
6%
cap rate

$0

$0

$0

0
0
0

0
0
0

0
0
0

443,357
22,168
0

506,694
25,335
0

591,143
29,557
0

421,190
0

481,360
0

561,586
0

421,190
0
421,190

481,360
0
481,360

561,586
0
561,586

8,000
(8,000)

443,357
22,168

506,694
25,335

591,143
29,557

153,000
268,190
(2,880)
0
63,178
$207,891

150,000
331,360
0
0
72,204
$259,156

145,000
416,586
0
0
84,238
$332,348

Copyright 1997 by the Commercial Investment Real Estate Institute

The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative.

RE T UR N
OF

n
0
1
2
3
4
5

$
0
9,179
14,622
15,277
15,945
284,817

RAT E S

$
0
5,049
8,532
8,952
9,380
268,971

IRR= Err:523

Alternative 3

n
0
1
2
3
4
5

$
0
5,049
8,532
8,952
9,380
342,164

IRR= Err:523

R E T U R N

IRR= Err:523

IRR= Err:523

AFTER TAX
Alternative 2

n
0
1
2
3
4
5

$
0
9,179
14,622
15,277
15,945
433,213

O F

$
0
5,049
8,532
8,952
9,380
217,707

Alternative 3

n
0
1
2
3
4
5

A T E S

I NT E RNAL

IRR= Err:523

Alternative 1

n
0
1
2
3
4
5

$
0
9,179
14,622
15,277
15,945
347,987

IRR= Err:523

Alternative 2

n
0
1
2
3
4
5

I N T E R N A L

BEFORE TAX
Alternative 1

Assumptions

Ordinary Income Tax Bracket

Capital Gain Max Tax Rate
Tax Rate on Straight Line Recaptur
Month Placed in Service:

36%
15%
25%
27

Year---->
Vacancy Rates (enter just year 1, or each year)
Income Escalators
(enter just year 2, or each year)
Expense Escalators (enter just year 2, or each year)

Cap rate used in Sale

Expenses of Sale

Alternative 1
8%
5%

1
0%
2%
2

2
0%
2%
2%
Alternative 2
7%

3
0%
2%
2%

4
0%
2%
2%
Alternative 3
6%

5
0%
2%
2%

6
0%
2%
2%

ReadMe

License:
*This Template was developed by Gary Tharp, CCIM,f for the Commercial Investment Real Estate Institute
(CIREI) which holds copyright to the CCIM Business Forms. The business form template streamlines
calculations that can be achieved through the use of a financial calculator.
*CCIM Business Forms are provided at no cost for the use of the members of the Commercial Investment
Real Estate Institute and others who may wish to use them. They may be used in the course of doing
business and may not be sold, rented or in any way become in and of themselves a source of income.
*This CCIM Business Forms template is presented on an 'as-is' basis. Neither the Institute nor the author
accept any liability that may arise as a result of reliance on any conclusion indicated by the template
or any report generated by the template, even if the template is defective. No warranty is given concerning the suitability of the template for any application.
*Forms may be copied with inclusion of the following: "Reprinted with permission of the Commercial
Investment Real Estate Institute / Copyright 1997 Commercial Investment Real Estate Institute (CIREI)"
*Please direct all comments and questions regarding calculations to:
Gary G. Tharp, CCIM
2083 Biltmore Point
407/869-1011 Fax 407/862-3666
Longwood, FL 32779
Email: gary@orlando.com

Overview:
The template consists of five worksheets, plus this documentation worksheet. The active sheets
are called APOD, CashFlows, Sales, IRR, and Assumptions.
The APOD worksheet:
Much of the data that must be input to the template resides here, and is carried over to the CashFlows
worksheet. All the computations are automated. Note that if you put no number in the 'Size of
Property' blank, you won't have any answers that depend on dollars-per-units information. There are
three ways to enter each expense category: dollars per unit (such as dollars per square foot),
percentage of GOI, in the "%" collumn, or by just plugging in the number in column "I". The Mortgage
information in the APOD is not entered there, but comes instead from the CashFlows worksheet.
The CashFlows worksheet derives much of its input from the APOD, although you can override that
by plugging in numbers just about wherever you want. You must put in the mortgage info, although
the payments will calculate automatically. Income and expenses on this worksheet will escalate in
accordance with percentages you enter in the Assumptions worksheet, which is also where the tax
brackets and the Year Placed in Service comes from. CFBT and CFAT numbers, of course, will carry
over into the IRR worksheet, and the cost recovery and mortgage information, etc., is carried over to the
Sales worksheet. The date you use in the "In Service Date" blank in the Cost Recovery Data
box is used by Assumptions to extract the "month placed in service" for amortization and cost
recovery purposes. You may, of course, over-ride that number, but the two should agree always.
The Sales worksheet is pretty self-documenting. The sales price is calculated by capping the 6th
year's NOI (the sixth NOI is in a hidden cell at the end of line 7 on the CashFlows sheet.) The cap
rates for each alternative are entered in the Assumptions, as is the 'cost of sale' percentage.
The IRR worksheet is just the frosting on the cake -- before and after tax IRRs on the three alternative
cash sales. All the numbers derive from the CashFlows and Sales sheets, and there is nothing to
input.
All the sheets are protected, but none are password protected except this 'readme' sheet. That means
you can modify anything you like, but must first unprotect the sheet you're working with using the
Protection option in the Tools drop-down menu. You must do this to look at and change formulae, and

Page 8

ReadMe

to change column widths, and other formatting options.

Page 9