Subject Property: Foxcroft Apartments
Address: 12645 and 12665 W Beloit Road, New Berlin, WI
About Foxcroft:
Welcome to Foxcroft Apartments, a quiet, boutique apartment community nestled in a park-like setting
in New Berlin. Located minutes from grocery stores, top-rated schools, local restaurants, and easy
access to both Interstate 41 & 43, residents love the privacy and convenience of the Foxcroft
Community. Foxcroft features reasonably priced, condo-quality 1BR & 2BR apartments, each with in-unit
washers & dryers and gas fireplaces. Each bedroom has a private full bathroom, and our large floorplans
are updated with granite countertops, stainless steel appliances, vinyl flooring, and designer lighting.
Residents can also rent parking spaces in our heated, underground parking garage. Please call us today
to become the next member of our community!
Income Considerations: What is the new Market Rent, and when can they take effect?
The property consists of 44 rental apartment units. There are two different styles of apartment units.
(36) 2-bedroom 2-bathroom -1,075 SF units. Average in-place rents are $1,204/month
(8) 1-bedroom 1-bathroom– 860 SF. Average in-place rents are $961/month
What Miscellaneous Income Items can be added, when can they take effect?
Utility Reimbursement:
In Unit Electric: Paid by tenant to Utility Company.
Common Electric: Paid by Landlord to Utility Company.
Gas: Paid by Tenant to Utility Company.
Heat: Paid by Tenant to Utility Company.
Water/Sewer: Currently included in rent paid by the Landlord to the Utility Company.
Laundry: In-unit laundry included with rent
Trash: Paid by the Landlord to Waste Removal Company.
Parking:
44 garage spaces. Currently free
10 surface spaces. Currently free
Storage Units:
Currently Free
Pet Fees:
Currently, there are no fees.
Expenses: Physical Building Operations
Utilities
Heating:
Each unit is heated by a forced-air furnace.
Each unit is serviced by an individual water heater.
There is no common area heating.
Tenants pay for in-unit heat.
Electric:
The building has hallway lights, exterior lights, garage doors, and elevators.
Budgeted expense is $4,800 per year.
Water and Sewer:
The landlord currently pays for Water and Sewer quarterly.
Budgeted expense is $12,000 per year.
Maintenance:
Landscaping:
Seasonal cost to cut the grass, fertilize, and weed control.
Expenses from May to October
Budgeted expense of $6,600 per year
Janitorial:
The weekly cost to clean the hallways and lobby is $50 per week.
The cost to clean apartments when they turnover is $50 per apartment.
Roughly 50% of the tenants will move out each year.
Painting and Decorating:
The cost to paint apartments when they turnover is roughly $300 each.
Roughly 50% of the tenants will move out each year.
Maintenance Labor:
Part-time Maintenance associate 20 hours per week.
Handles tenant work orders and turnover work.
The hourly wage is $25/hr.
Maintenance Contract
Elevator:
The property has 2 elevators.
Each elevator has to be maintained and inspected quarterly.
Budgeted cost of $2,000 per year
Life Safety System:
The buildings have a Sprinkler System that needs to be maintained and inspected
annually.
There are in-unit pull stations and alarms that need to be maintained and inspected
annually.
Budgeted cost of $1,250 per year.
Snow Removal:
Plowing, salting, and shoveling November-April
Budgeted cost of $7,500 per year
Trash Service:
There is weekly trash and recycling pickup.
Budgeted cost of $4,200 per year
HVAC:
Air conditioning is provided by a forced air split system in each unit.
There is no common area air conditioning.
Each unit is heated by a forced-air furnace.
There is no common area heating.
These items need to be occasionally serviced and repaired.
Budgeted cost of $3,000 per year
Plumbing:
Each apartment has its own hot water heater.
Each unit has toilets, sinks, garbage disposals, and dishwaters.
These items need to be occasionally serviced and repaired.
Budgeted cost of $2,400 per year
Electrical:
Each apartment has lighting fixtures and electrical outlets, and the common areas have
light outlets.
These items need to be occasionally serviced and repaired.
Budgeted cost of $1,800 per year
Security:
There is no security service at this property.
Administration:
Management Fee:
4% of gross collected income
Personal Expense:
Part-time Manager working 20 hours per week.
The hourly wage is $26/hr.
Office Supplies:
There is no office on this property.
Telephone:
Each elevator has 1 emergency phone line.
Each phone line costs $25month.
Marketing:
Advertised on Apartments.com monthly at a Gold Level
Gold-level advertising is $6,000 per year.
Taxes/Insurance:
Insurance:
Annual property and liability insurance is required annually.
Budget cost of $420 per unit
Real Estate Taxes:
Assessed Value X tax rate of 1.5%
Paid in full in January.
