Clearwater Storage - Underwriting Model.xlsx

Underwriting Model · filed September 16, 2023 · deal: Clearwater Storage
Tab: Summary
Summary
Going-in cap rate (T-3 NOI / purchase price)6.05%Purchase CAP Rate
Tab: Returns
Returns
Exit, year 6: sale at a 6.30% cap rate$4,030,000Expected Sale Proceeds
Cash-on-cash by year: Y1 4.5%, Y2 5.6%, Y3 6.5%, Y4 7.3%, Y5 7.7%, Y6 8.0%Projected Returns - Yearly (1-10?)
Levered IRR15.0%Expected IRR - Hold
Equity multiple2.13xExpected Equity Multiple - Hold
Hold period6 years (exit 2029)Expected Hold
Refinance in 2027 at 65% LTV on stabilized valueExpected Refi Year
Refinance proceeds: new loan $2,520,000, less payoff $2,057,000 = $460,000 to equityExpected Refi Proceeds
Tab: Debt
Debt
Rate typeFixedLoan #1 - Floating or Fixed
Interest rate6.51% fixedLoan #1 - Rate
AmortizationAmortizing (30-year schedule)Loan #1 - I/O or Amortizing
Term7 yearsLoan #1 - Term
MaturityOctober 3, 2030Loan #1 - Maturity Date
Tab: Capex
Capex
Renovation program complete2024Last Renovated
Capital budget: Roof $54,000; total $54,000Budgeted Capex (by category)
Interior upgrades on 256 of 640 units as they turnUnits to Rehab
On file

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Answers: UW

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