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<br />CHAUNCEY BARETT GARDENS <br />2001 BUDGET NOTES <br /> <br />REVENUE <br /> <br />Apartment Rent $127,847 <br />Apartment rent is based on rents effective June 1, 2000 with a three percent <br />increase at lease renewal in 2001. <br /> <br />Floor Plan <br />1 BR <br />1 BR + Den <br />2BR <br /> <br />Total Units <br />2 <br />6 <br />8 <br /> <br />June I, 2000 Rent <br />$585 <br />$635 <br />$690 <br /> <br />Renewal Rate <br />(post June 2001) <br />$603 <br />$654 <br />$711 <br /> <br />Parking Rent <br />Parking Rent is based on 16 stalls at $35 per month <br /> <br />$6720 <br /> <br />Interest Income- based on historical averages. <br /> <br />$ 600 <br /> <br />HRA Levy - $12,000 has been pledged to this property. <br /> <br />$12,000 <br /> <br />Gross Revenue <br /> <br />$147,167 <br /> <br />Rent Concessions $7,170 <br />Employee rent concession for resident managers on a one bedroom plus den <br />apartment at $585 per month with a three percent increase June, 2001. <br /> <br />Apartment Vacancy Loss <br />Apartment Vacancy Loss projected at 1.6% based on high <br />QccunanCV and a substantial wait list. <br />L J <br /> <br />$2,046 <br /> <br />Parking Vacancy Loss <br />Parking Vacancy loss is based on the industry standard of 5%. <br /> <br />$336 <br /> <br />Effective Revenue <br /> <br />$137,615 <br /> <br />EXPENSES <br />CTeneral Administrative $2,580 <br />Advertising - $15 per month for yellow pages and listing in senior <br />directories <br />Telephone - 3 business lines( Office, Fire Panel, Front Entry) <br />Office Supplies - $10 for copying costs, stationary, general supplies, etc. <br />Postage- $10 per month <br />Miscellaneous Expense - Special Occasions/parties, extraordinary <br />expenses. $30 per month. <br />Insurance and Real Estate Taxes $10,042 <br />Property Insurance premium - $1,350 per year payable in May <br />P.I.L.O.T. Payment - based on income less utilities <br /> <br />Chauncey Barett Gardens Apartments 2001 Budget Notes July 1,2000 <br /> <br />Prepared be Mary Beth Davis <br />