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Shandon Park Apartments36 Units | 3020 Lerwick Drive | Rawlins, WY 82301

EXCLUSIVE OFFERING

2 LIHTC ADVISORS SHANDON PARK | 36 UNITS

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LIHTC Advisors12639 W. Explorer DriveSuite 200Boise, ID 83713

Jordan Skyles800.840.3021 (phone)208.631.4981 (direct)888.506.2771 (fax)[email protected]

John Nicolas800.840.3021 (phone)208.891.8901 (direct)888.506.2771 (fax)[email protected]

Jeff Irish800.840.3021 (phone)208.286.5013 (direct)888.506.2771 (fax)[email protected]

www.lihtcadvisors.com

In Cooperation with:

Greg ThomasWY Broker of RecordThomas & Moorehead 307-630-5637 (cell)[email protected]


Shandon Park36 Units

3020 Lerwick DriveRawlins, WY 82301

Table of Contents

PROPERTY OVERVIEW

DescriptionArea Highlights

SummaryArea Maps

FINANCIAL ANALYSIS

Executive SummaryIncome & Expenses

Cash Flow SummaryUnit Mix

Income & Rent LimitsHistorical AMI, MAX Rent, & FMR

COMPARABLE PROPERTIES

Rent Comparables MapRental & Occupancy Statistics

Rent Comparable Details

DEMOGRAPHIC ANALYSIS

Demographic Analysis


Property Overview

HIGHLIGHTS

• Section 42 LIHTC Property Built & Placed into Service in 1999

• Income Limits are Higher than Rental Limits on Respective Units Allowing for a Larger Prospective Tenant Pool

• Favorable WCDA HOME Financing that is Assumable by New Buyer


Property Description

Shandon Park Apartments is a 36-unit LIHTC property located in Rawlins, Wyoming. The property offers a mix of spacious two bedroom and three bedroom floor plans to income qualifying residents. Conveniently located, Shandon Park is within minutes to local schools, Interstate 80, and the Rawlins Municipal Airport.

Shandon Park was built and placed in service in 1999 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place with the Wyoming Community Development Authority, which requires all units to be rented to income qualifying tenants earning no more than 50%, and 60% of the Area Median Income. The property is out of the initial 15-year tax credit compliance period. Please see the Property Summary page and Unit Mix page for further details. A qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordable housing units and to fulfill all requirements of an existing regulatory agreement.

Residents benefit from an on-site leasing office, playground, and on-site maintenance. Unit amenities include full appliance package, extra storage, washer and dryer hook-ups, and private patio/balcony.

COMMUNITY AMENITIES

• On-Site Laundry Facilities• Community Room• Playground

UNIT AMENITIES

• Full Appliance Package• Open Floor Plan• Patio/Balcony• Extra Storage


Area Highlights

Rawlins, Wyoming has a population of 9,040 and is the county seat for Carbon County, the third largest county in the state, with a population of 15,885.

Rawlins is located in the south central part of Wyoming, 150 miles west of Cheyenne, WY, 290 miles east of Salt Lake City, UT, and 160 miles north east of Ft. Collins, CO. This part of Wyoming is replete with ranching heritage, pioneer legacy, and railroad history. A strong mining tradition clings to many of the towns as well, due to the plentiful coal deposits that give Carbon County its name.

Wyoming is a land of wide-open spaces, breathtaking views, and has an abundance and diversity of wildlife found no where else. Rawlins is home to an abundance of outdoor recreation including, hunting, fishing, camping, rafting, and hot springs.

Rawlins largest employment industries are construction, manufacturing, and public administration.

ECONOMY Recent job growth in Carbon County is positive. Jobs have increased by 1.0% since January 2017.

COST OF LIVING Rawlins cost of living is 6% lower than the state average and 9% lower than the rest of the country as of Q4 2016.

POPULATION Rawlin’s population is 9,040 people.

REAL ESTATE The median home cost in Rawlins is $141,600. Median rent is $810 a month.

NEIGHBORHOOD AMENITIES

• Rawlins Elementary School (0.4 miles)• Rawlins High School (1.9 miles)• Carbon County Higher Education

Center (2.1 miles)• Walmart (2.3 miles)

LOCATION HIGHLIGHTS

• Population: 9,040• Carbon County is the 3rd

largest county in the state

TOP EMPLOYMENT INDUSTRIES

• Construction• Manufacturing• Public Administration

SOURCE: homefacts.com, areavibes.com


NAME & LOCATIONProperty Name Shandon Park ApartmentsProperty Address 3020 Lerwick Drive

Rawlins, WY 82301

SECTION 42 LIHTC RESTRICTIONSPlaced in Service 1999End of Initial Compliance Period 12/31/2013End of WCDA Compliance Period 12/31/2033End of WCDA Extended Use Period 12/31/2048End of HOME Affordability Period 12/31/2029

SITE INFORMATIONAssessor’s Parcel Number 21870440111800Number of Units 36Number of Buildings 7 (5 apartment buildings, 1 office, and 1 garage building)Number of Stories 2Rentable Square Feet 36,504Year Built 1999Lot Size 3.22 AcresDensity 10.86 Units/AcreType of Ownership Fee SimpleLandscaping Mature Trees, Shrubs & GrassTopography Relatively Flat

UTILITIESWater City of RawlinsElectric Rocky Mountain PowerGas Amerigas

CONSTRUCTIONExterior Vinyl SidingRoof Composite Shingle

# OF UNITS

RENTABLESF

PLACEDIN SERVICE

LOT SIZE

36 36,504 1999 3.22 acres

Property Summary


Aerial Map


Local Map

Shandon Park Apartments

Rawlins Elementary School (0.4 miles)

The Movies 3 (1.2 miles)

Rawlins High School (1.9 miles)

Rawlins Middle School (2.1 miles)

Carbon County Higher Education Center (2.1 miles)

Rawlins Airport (2.1 miles)

Taco Bell, Burger King, Subway, Taco Johns (2.1 miles)

Rawlins Family Recreation Center (2.2 miles)

Walmart (2.3 miles)

US Post Office (3.1 miles)

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Local Map

SHANDON PARK

Movies 3Rawlins High School

Rawlins Family Recreation Center

Rawlins Elementary School

Rawlins Airport

Rawlins Middle School

Carbon County Higher Education

Center


Regional Map

• Laramie, WY (100 miles)

• Casper, WY (121 miles)

• Cheyenne, WY (149 miles)

• Fort Collins, CO (164 miles)


Financial Analysis

LIST PRICE PRICE/UNIT PRICE/SF PROFORMANOI

PROFORMANOI/UNIT

PROFORMACAP RATE

$1,075,000 $29,861 $29.45 $80,861 $2,246 7.52%


Executive Summary

Name Shandon ParkAddress 3020 Lerwick DriveCity, State, Zip Rawlins, WY 82301County Carbon

Year Built 1999Placed In Service 1999End of Initial Tax Credit Compliance PeriodEnd of WCDA Compliance Period December 31, 2033End of WCDA Extended Use Period December 31, 2048End of HOME Affordability Period December 31, 2029

Total Number of Units 36Net Rentable Square Feet 36,504 SF

PRICING FIGURES - WITH DEBT ASSUMPTION

LIST PRICE $1,075,000Price per Unit $29,861Price per SF $29.45

PROFORMA 10-Year All Cash IRR%* 8.14%PROFORMA 10-Year Leveraged Cash IRR%* 17.27%

Closing Cost $10,750Capital Expense $36,000Total Acquisition Cost $1,121,750

FINANCIAL SUMMARY

* IRR Analysis assumes 1.00% in Closing Costs, $1,000 per unit in Capital Expense, 7.75% exit cap, with a 6.00% cost of sale.

PROPERTY INFORMATION

December 31, 2013


Executive Summary

PROPOSED NEW FINANCING

Program ConventionalLoan to Value % 80.00%Interest Rate 4.75%Interest Only Period (Months) 0Amortization Period (Years) 30

Loan Amount $656,804

Annual Debt Service - P&I $41,114

DEBT ASSUMPTION

Program WCDA HOMEOriginal Loan Amount $325,000Interest Rate 1.00%1st Amortizing Payment Month Dec 2000Maturity Date Apr 2040Amortization Period (Years) 40

Assumed Loan Amount $203,196

*Analysis assumes New Financing with an assumption of the existing WDCA HOME loan.

Total Acquisition Cost $1,121,750Total Loan Amount $860,000Loan Fee @ 1.00% $8,600Down Payment $270,350

HOME Debt Service (P&I) $9,861Total Year 1 Debt Service $50,976

Year 1 PROFORMA Debt Coverage Ratio 1.59

PROFORMACAP Rate 7.52%NOI $80,861Year 1 Debt Service $50,976Net Cash Flow After Debt Service $29,885Cash on Cash % 11.05%

FINANCING

VITAL DATA


Income & Expenses

OPERATIONAL ANALYSIS YE 2016 PER UNIT

2017 YTD REVENUE (JUNE) /YE 2016

EXPENSES PER UNIT PROFORMA PER UNIT

INCOME

Rental Income $242,324 $0.55 $240,760 $0.55 $246,509 $0.56Subsidy Income $350 $0.00 $7,144 $0.02 $7,315 $0.02Gain (Loss) to Lease 0.00% $0 $0 0.00% $0 $0 0.00% $0 $0POTENTIAL RENTAL INCOME $242,674 $6,741 $247,904 $6,886 $253,824 $7,051 (1)% Increase over Prior Year 2.16% 2.39%

Economic LossVacancy Loss 9.38% ($22,770) ($633) 8.03% ($19,898) ($553) 6.00% ($15,229) ($423) (2)Bad Debt 0.00% $0 $0 0.00% $0 $0 0.00% $0 $0Concessions 0.00% $0 $0 0.00% $0 $0 0.00% $0 $0

Total Economic Loss 9.38% ($22,770) ($633) 8.03% ($19,898) ($553) 6.00% ($15,229) ($423)

NET RENTAL INCOME $219,904 $6,108 $228,006 $6,334 $238,595 $6,628

Other IncomeGarage Rental $2,204 $61 $600 $17 $615 $17Late Fees $240 $7 $2,400 $67 $2,460 $68Misc. Other Income $8,055 $224 $694 $19 $711 $20

Total Other Income $10,499 $292 $3,694 $103 $3,786 $105

EFFECTIVE GROSS INCOME $230,403 $6,400 $231,700 $6,436 $242,381 $6,733

EXPENSES

FIXED OPERATIONAL EXPENSETotal Real Estate Property Taxes 5% $11,311 $314 5% $11,311 $314 5% $11,311 $314 (3)Total Property Insurance Expense 4% $8,844 $246 4% $8,844 $246 3% $7,200 $200 (4)Total Property Utility Expense 18% $41,257 $1,146 18% $41,257 $1,146 17% $42,288 $1,175

TOTAL FIXED OPERATIONAL EXP 27% $61,412 $1,706 27% $61,412 $1,706 25% $60,800 $1,689

VARIABLE OPERATIONAL EXPENSETotal Maint. Contract Services 0% $1,085 $30 0% $1,085 $30 0% $1,112 $31Total Repairs & Maintenance 15% $34,125 $948 15% $34,125 $948 11% $26,100 $725 (5)Total Administrative Expenses 4% $8,680 $241 4% $8,680 $241 3% $6,437 $179 (6)Total Leasing & Marketing 0% $74 $2 0% $74 $2 0% $76 $2Total Payroll and Salary Expenses 18% $41,819 $1,162 18% $41,819 $1,162 18% $42,864 $1,191Property Management Fee 6.06% $13,965 $388 6.03% $13,965 $388 5.50% $13,331 $370

TOTAL VARIABLE OPERATIONAL EXP 43% $99,748 $2,771 43% $99,748 $2,771 37% $89,920 $2,498

TOTAL FIXED & VARIABLE EXPENSES 70% $161,160 $4,477 70% $161,160 $4,477 62% $150,720 $4,187

Reserves & Replacements $10,800 $300 $10,800 $300 $10,800 $300

TOTAL OPERATING EXPENSES 75% $171,960 $4,777 74% $171,960 $4,777 67% $161,520 $4,487

NET OPERATING INCOME $58,443 $1,623 $59,740 $1,659 $80,861 $2,246


Comments to Income & Expenses

(1)

(2)

(3)

(4)

(5)

(6)

REAL ESTATE TAX ANALYSIS

Parcel #: 21875378

2016 2017Total Market Value $1,637,774 $1,637,774Exemptions $0 $0Value after Exemptions $1,637,774 $1,637,774Assessment Ratio 9.50% 9.50%Assessed Value $155,589 $155,589

Tax Rate 7.270% 7.270%Ad Valorem Taxes $11,311 $11,311Sales Tax Credit $0 $0Total Taxes Due $11,311 $11,311

Administrative: Proforma assumes that the cost of an audit will no longer be required after a sale.

Analysis estimates Taxes by using the Tax Rate seen in 2016 with the 2017 Assessed Value.

NOTES TO PROFORMA

Potential Rental Income: Rents from 7/1/17 Rent Roll annualized.

Vacancy: Based on the rent roll from 7/1/17, occupancy is 91.67%. Analysis uses a 6% vacancy factor going forward.

Insurance: Analysis assumes a reduction based on expenses observed at comparable LIHTC properties.

Real Estate Taxes: See notes below.

Repairs & Maintenance: Proforma assumes a reduction based on expenses observed at comparable LIHTC Properties.


Cash Flow

PROPERTY CASH FLOW ANALYSIS - ASSUMPTIONS

YEAR 1 OPERATIONS BASED ON Proforma

Gross Potential Rent Growth NA 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%Other Income Growth NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Loss to Lease 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Vacancy 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%Bad Debt 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Concessions 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Property Taxes NA 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%Insurance NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Utilities NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Property Management Fee 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%Other Expenses NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Replacement Reserves NA 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

CASH FLOW SUMMARY Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

INCOMERental Income $253,824 $259,535 $265,375 $271,346 $277,451 $283,693 $290,077 $296,603 $303,277 $310,101

Gain (Loss) to Lease $0 $0 $0 $0 $0 $0 $0 $0 $0 $0POTENTIAL RENTAL INCOME $253,824 $259,535 $265,375 $271,346 $277,451 $283,693 $290,077 $296,603 $303,277 $310,101

Economic Operational LossVacancy Loss ($15,229) ($15,572) ($15,922) ($16,281) ($16,647) ($17,022) ($17,405) ($17,796) ($18,197) ($18,606)Bad Debt $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0Total Operational Loss ($15,229) ($15,572) ($15,922) ($16,281) ($16,647) ($17,022) ($17,405) ($17,796) ($18,197) ($18,606)

NET RENTAL INCOME $238,595 $243,963 $249,452 $255,065 $260,804 $266,672 $272,672 $278,807 $285,080 $291,495

Total Other Income $3,786 $3,881 $3,978 $4,077 $4,179 $4,284 $4,391 $4,501 $4,613 $4,729

EFFECTIVE GROSS INCOME $242,381 $247,844 $253,430 $259,142 $264,983 $270,956 $277,063 $283,308 $289,694 $296,223

OPERATIONAL EXPENSESFIXED OPERATIONAL EXPENSE

Total Real Estate Property Taxes $11,311 $11,651 $12,000 $12,360 $12,731 $13,113 $13,506 $13,911 $14,329 $14,759Total Property Insurance Expense $7,200 $7,380 $7,565 $7,754 $7,947 $8,146 $8,350 $8,559 $8,773 $8,992Total Property Utility Expense $42,288 $43,346 $44,429 $45,540 $46,679 $47,845 $49,042 $50,268 $51,524 $52,812

TOTAL FIXED OPERATIONAL EXP $60,800 $62,376 $63,994 $65,654 $67,357 $69,105 $70,898 $72,738 $74,626 $76,563

VARIABLE OPERATIONAL EXPENSETotal Maint. Contract Services $1,112 $1,140 $1,168 $1,198 $1,228 $1,258 $1,290 $1,322 $1,355 $1,389Total Repairs & Maintenance $26,100 $26,753 $27,421 $28,107 $28,810 $29,530 $30,268 $31,025 $31,800 $32,595Total Administrative Expenses $6,437 $6,598 $6,763 $6,932 $7,105 $7,283 $7,465 $7,652 $7,843 $8,039Total Leasing & Marketing $76 $78 $80 $82 $84 $86 $88 $90 $92 $95Total Payroll and Salary Expenses $42,864 $43,936 $45,034 $46,160 $47,314 $48,497 $49,710 $50,952 $52,226 $53,532Property Management Fee $13,331 $13,631 $13,939 $14,253 $14,574 $14,903 $15,238 $15,582 $15,933 $16,292

TOTAL VARIABLE OPERATIONAL EXP $89,920 $92,136 $94,405 $96,731 $99,114 $101,556 $104,059 $106,623 $109,250 $111,942

TOTAL FIXED & VARIABLE EXPENSE $150,720 $154,512 $158,399 $162,385 $166,471 $170,661 $174,956 $179,360 $183,876 $188,505

Replacement Reserves $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800

TOTAL OPERATING EXPENSES $161,520 $165,312 $169,199 $173,185 $177,271 $181,461 $185,756 $190,160 $194,676 $199,305

PROPERTY NET OPERATING INCOME $80,861 $82,532 $84,231 $85,957 $87,712 $89,495 $91,306 $93,147 $95,018 $96,918

NEW FINANCING 1ST MORTGAGE DEBT SERVICE $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 $41,114WCDA HOME LOAN DEBT SERVICE $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 $9,861TOTAL ANNUAL DEBT SERVICE $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 $50,976

CASH FLOW AFTER DEBT SERVICE $29,885 $31,556 $33,255 $34,981 $36,736 $38,519 $40,331 $42,172 $44,042 $45,942

DEBT SERVICE COVERAGE RATIO 1.59 1.62 1.65 1.69 1.72 1.76 1.79 1.83 1.86 1.90INDICATED CAPITALIZATION RATE 7.52% 7.68% 7.84% 8.00% 8.16% 8.33% 8.49% 8.66% 8.84% 9.02%

Concessions


UNIT TYPE NUMBER OF UNITS UNIT SIZE (RSF) ASKING RENT ASKING RENT

PSF MAX TC RENT CURRENT UA MAX NET TC RENT

2 BD 1 BTH- 35% HOME 1 948 $346 $0.36 $434 $88 $3462 BD 1 BTH- 40% HOME 5 948 $454 $0.48 $542 $88 $4542 BD 1 BTH- 45% HOME 2 948 $468 $0.49 $556 $88 $4682 BD 1 BTH- 45% 10 948 $575 $0.61 $799 $88 $7112 BD 1 BTH- 50% 10 948 $655 $0.69 $888 $88 $8002 BD 1 BTH UNIT TOTAL 28 26,544 15,852 21,126 18,6622 BD 1 BTH UNIT AVG 948 $566 $0.60 $755 $667

3 BD 2 BTH- 40% HOME 2 1,245 $520 $0.42 $620 $100 $5203 BD 2 BTH- 45% 2 1,245 $650 $0.52 $923 $100 $8233 BD 2 BTH- 50% 4 1,245 $740 $0.59 $1,026 $100 $9263 BD 2 BTH UNIT TOTAL 8 9,960 5,300 7,190 6,3903 BD 2 BTH UNIT AVG 1,245 $663 $0.53 $899 $799

TOTAL POTENTIAL 36 36,504 $21,152 $28,316 $25,052AVERAGE 1,014 $588 $0.58 $787 $696

*HOME units are designated with 50% Income Limits and all LIHTC units have 60% Income Limits.

Unit Mix


Shandon Park Apartments is a Section 42 LIHTC property which means that federal tax credits were given to help finance the property. The property currently is required to hold the maximum rent charged at or below a level considered appropriate for the households that have incomes at or below 50% and 60% of the local Area Median Income (AMI) for the county.

Carbon County Effective Year: 2017

Area Median Income: $71,500

Tax Credit Property Income LimitsINCOME 50% 60%1 Person $27,650 $33,1802 Person $31,600 $37,9203 Person $35,550 $42,6604 Person $39,450 $47,3405 Person $42,650 $51,1806 Person $45,800 $54,9607 Person $48,950 $58,740

$566

$663$667

$799

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2 BD 3 BD

Asking Rents to Net Max Tax Credit Rents

Asking Rent Max Net Rent

Tax Credit Maximum Allowable RentsSet Aside Unit Type # of Units Max Rent UA Max Net

Rent35% HOME 2 BD 1 $434 $88 $34640% HOME 2 BD 5 $542 $88 $45445% HOME 2 BD 2 $556 $88 $46845% 2 BD 10 $799 $88 $71150% 2 BD 10 $888 $88 $80040% HOME 3 BD 2 $620 $100 $52045% 3 BD 2 $923 $100 $82350% 3 BD 4 $1,026 $100 $926

80%

20%

Unit Breakdown By Unit Type

2 BD 3 BD


Max Allowable LIHTC Rent Growth- 3BD/ 60%

Year Rent % Change

2012 $939 -2013 $1,012 7.77%2014 $1,059 4.64%2015 $1,066 0.66%2016 $1,066 0.00%2017 $1,066 0.00%

3 Yr Avg 0.22%5 Yr Avg 2.62%

$58,000

$60,000

$62,000

$64,000

$66,000

$68,000

$70,000

$72,000

$74,000

2012 2013 2014 2015 2016 2017

AMI Growth RateYear AMI % Change

2012 $64,300 -2013 $69,300 7.78%2014 $72,500 4.62%2015 $73,000 0.69%2016 $67,100 (8.08%)2017 $71,500 6.56%

3 Yr Avg (0.28%)5 Yr Avg 2.31%

$850

$900

$950

$1,000

$1,050

$1,100

2012 2013 2014 2015 2016 2017

SOURCE: novoco.com

*The high watermark year is 2015 at $73,000


Fair Market RentsYear 2 BD 3 BD

2012 $584 $7322013 $775 $1,0362014 $682 $9122015 $679 $9082016 $747 $1,0392017 $752 $1,044

$650

$700

$750

$800

$850

$900

$950

2012 2013 2014 2015 2016 2017

FMR AveragesYear FMR Avg. % Change

2012 $658 -2013 $906 37.61%2014 $797 (11.98%)2015 $794 (0.44%)2016 $893 12.54%2017 $898 0.56%

3 Yr Avg 4.22%5 Yr Avg 7.66%

SOURCE: novoco.com


Rent Comparables

SHANDON PARKOCCUPANCY

COMPS AVERAGE OCCUPANCY

SHANDON PARKRENT/SF

COMPS AVERAGE RENT/SF

92% 90% $0.58 $0.68


A

Rent Comparables Map

B

Shandon Park Apts.

Buffalo Run Apts.

Bitter Creek Apts.

A

B


Occupancy- 90% Average

Rent Per SF- $0.68 Average

Occupancy & Rent per SF

$0.40

$0.45

$0.50

$0.55

$0.60

$0.65

$0.70

$0.75

$0.80

A B

Shandon Park Apts.

Buffalo Run Apts.

Bitter Creek Apts.

A

B

80%

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

A B


Unit Type # of Units Rent SF RentPer SF

2BD 1BTH- 35% HOME 1 $346 948 $0.36 2BD 1BTH- 40% HOME 5 $454 948 $0.48 2BD 1BTH- 45% HOME 2 $468 948 $0.49 2BD 1BTH- 45% 10 $575 948 $0.61 2BD 1BTH- 50% 10 $655 948 $0.69 3BD 2BTH- 40% HOME 2 $520 1,245 $0.42 3BD 2BTH- 45% 2 $650 1,245 $0.52 3BD 2BTH- 50% 4 $740 1,245 $0.59 TOTALS/AVG. 36 $588 1,014 $0.58

3020 Lerwick DriveRawlins, WY 82301

Rent Comparables

SHANDON PARK 36 UNITS OCCUPANCY: 92% YEAR BUILT: 1999

808 West Buffalo StreetRawlins, WY 82301

Distance to Subject: 3.2 miles

BUFFALO RUN 28 UNITS OCCUPANCY: 90% YEAR BUILT: 1999A


2BD 2BTH 14 $637 850 $0.75 3BD 2BTH 14 $750 1,000 $0.75 TOTALS/AVG. 28 $694 925 $0.75

*LIHTC Property with 50% Units


Rent Comparables

434 East Hugus StreetRawlins, WY 82301

Distance to Subject: 3.5 miles

BITTER CREEK 38 UNITS OCCUPANCY: 90% YEAR BUILT: 2003B


1BD 1BTH 8 $435 650 $0.67 2BD 1BTH 30 $500 850 $0.59 TOTALS/AVG. 38 $486 808 $0.60

*LIHTC Property with 30% Units


Demographics

RAWLINSMEDIAN HOME COST

RAWLINSMEDIAN RENT

RAWLINSUNEMPLOYMENT RATE

RAWLINSJOB GROWTH

$141,600 $810 3.9%(5/2017)

1.0%(since 1/2017)

SOURCE: homefacts.com, areavibes.com


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700

800

Under $25,000 $25,000- $50,000 $50,000- $75,000 $75,000- $100,000 $100,000- $125,000 $125,000- $150,000 $150,000- $200,000 $200,000+

Demographic Analysis

POPULATION 1 MILE 3 MILES 5 MILES

2017 Estimated Population 1,272 8,430 8,542Population Growth 2010-2017 3.58% (2.87%) (2.88%)

HOUSEHOLDS

2017 Estimated Households 472 3,372 3,417Household Growth 2010-2017 3.5% (3.1%) (3.1%)

INCOME

2017 Household Income: Average $86,821 $73,816 $74,096 2017 Household Income: Median $76,524 $63,998 $64,245

HOUSEHOLD INCOME LEVELS BY POPULATION

OWNER68%

RENTER32%

OCCUPIED85%

VACANT15%

SOURCE: CoStar

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