Skip to main content
Skip to content

Pro-Forma Generator

Pro-Forma · Northgate Apartments

184-unit value-add MF · Santa Clara County · Fund III · 3-yr hold

Acquisition · all-in capitalization

Total capitalization$58,200,000
Property purchase$56,420,000
Acquisition fee (1.0%)$580,000
Closing & reserves$1,200,000
Going-in cap rate5.00%
Price / unit (all-in)$316,304
Loan-to-value (of cap)65%
Senior debt (bridge · loan-northgate)$37,800,000
LP equity (90%)$18,360,000
GP co-invest (10%)$2,040,000

Operating · 3-yr NOI ramp

YrOccRevenueNOIΔ
191%$5,910,000$2,910,000in-pl
293%$6,460,000$3,280,000+12.7%
395%$6,980,000$3,640,000+11.0%

Y3 exit · stabilized NOI $3.64M carried to sale

Exit · Y3 sale

Exit cap rate5.25%
Gross sale (Y3 NOI ÷ exit cap)$69,333,333
Sale costs (2.0%)−$1,386,667
Net sale$67,946,667
Debt payoff−$37,800,000
Net equity at exit$30,146,667

Sensitivity · exit cap × rent growth

49 cells · levered IRR · recomputes live
Exit cap5.25%
Rent growth3.5%
rent ↓
4.50%
4.75%
5.00%
5.25%
5.50%
5.75%
6.00%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
Hover a cell to preview · click or drag the sliders to recompute the model
Below pref · < 12%Clears pref · 12–14%Solid · 14–16%Strong · 16–18%Target+ · 18–22%Trophy · > 22%