Executive summary
The thesis, right now
This week
What moved
EXPENSES
Waste Solution Services invoice 87620 unpaid ($1,409.29); new invoice 98770 ($1,709.29) issued
Data coverage
What this record contains
rent roll: partialfinancials noi: pendingfinancials: completeexpenses: completedebt: completevaluation: partialdistributions: pendingdelinquency: pendingleasing efficiency: completework orders: pendinggl forensics: pendingmanagement load: completewatchlist: complete
This page is generated from the canonical record. Dimensions marked partial/pending are honestly incomplete — not zero.
Operations
Occupancy & income
87.0%
Occupancy (latest)
—
NOI run-rate
—
Plan NOI
—
% of plan
Occupancy trend
Aug'25 → Jul'26 · 12 months
Income · NOI · Expense by month
IncomeNOIExpenses
Monthly operating detail
| Month | Income | NOI | Expenses | Margin |
|---|---|---|---|---|
| 2022-01 | $26,255 | $20,469 | $5,785 | 78% |
| 2022-02 | $29,328 | $23,160 | $6,169 | 79% |
| 2022-03 | $33,572 | $17,296 | $16,276 | 52% |
| 2022-04 | $20,014 | $14,727 | $5,286 | 74% |
| 2024-09 | $28,842 | $26,750 | $2,092 | 93% |
| 2024-10 | $33,294 | $23,529 | $9,765 | 71% |
| 2024-11 | $33,291 | $5,929 | $27,362 | 18% |
| 2024-12 | $31,719 | $19,245 | $12,474 | 61% |
| 2025-01 | $32,542 | $23,299 | $9,243 | 72% |
| 2025-02 | $28,052 | $3,326 | $24,726 | 12% |
| 2025-03 | $30,858 | $9,754 | $21,104 | 32% |
| 2025-04 | $30,536 | $15,326 | $15,210 | 50% |
| 2025-05 | $31,967 | $3,208 | $28,759 | 10% |
| 2025-06 | $32,889 | $23,673 | $9,216 | 72% |
| 2025-07 | $27,754 | $18,254 | $9,500 | 66% |
| 2025-08 | $34,212 | $23,305 | $10,906 | 68% |
| 2025-09 | $31,555 | $23,760 | $7,795 | 75% |
| 2025-10 | $31,484 | $22,489 | $8,994 | 71% |
| 2025-11 | $27,744 | $22,108 | $5,637 | 80% |
| 2025-12 | $26,283 | $4,620 | $21,664 | 18% |
| 2026-01 | $32,550 | $15,675 | $16,875 | 48% |
| 2026-02 | $26,704 | $12,731 | $13,973 | 48% |
| 2026-03 | $32,333 | $14,076 | $18,257 | 44% |
| 2026-04 | $29,368 | $15,555 | $13,814 | 53% |
| 2026-05 | $31,918 | $16,705 | $15,212 | 52% |
Rent roll
Unit-level rent roll
Current rent-roll module not attached for this asset. Run rent_roll_parse.py on the latest month and pass the modules dir.
Financials
Operating performance · 2022-01 → 2026-05 (25mo)
$187K
NOI run-rate
48.7%
NOI margin
—
vs plan
$7,937
Opex / unit
NOI over time
NOI margin % over time
Year over year
| Year | Income | NOI | Margin | Opex |
|---|---|---|---|---|
| 2022 (4mo) | $109,169 | $75,652 | 69% | $33,516 |
| 2024 (4mo) | $127,146 | $75,453 | 59% | $51,693 |
| 2025 | $365,876 | $193,122 | 53% | $172,754 |
| 2026 (5mo) | $152,873 | $74,742 | 49% | $78,131 |
Expense analysis
Where the money goes
$206K
Total opex / yr
$8,964
Opex / unit
53.8%
Opex ratio
47.6%
Non-controllable
Operating expense by category · annualized run-rate, % of EGI ■ controllable ■ fixed (tax/insurance)
$90,018
23.5% EGI
$42,874
11.2% EGI
$23,987
6.3% EGI
$18,000
4.7% EGI
$12,380
3.2% EGI
$8,134
2.1% EGI
$4,159
1.1% EGI
$2,400
0.6% EGI
$2,348
0.6% EGI
$1,871
0.5% EGI
Anomalies to research
rising
Other
Other up 71% (recent vs earlier) — 2.6% of opex, ~$4,175/yr.
spike
Utilities
Utilities spiked to $15,249 in 2025-03 (~4.3x typical) — confirm one-time vs recurring.
spike
Repairs & Maintenance
Repairs & Maintenance spiked to $7,380 in 2022-03 (~3.7x typical) — confirm one-time vs recurring.
spike
Insurance
Insurance spiked to $10,872 in 2026-01 (~16.0x typical) — confirm one-time vs recurring.
Rising = recent months vs earlier; spike = worst month ÷ typical. One-time acquisition/financing costs are stripped to NOI automatically.
Leasing efficiency
Pricing power & velocity
Market trade-out
-3.2%
5 re-leases
Renewal increase
+2.6%
3 renewals
Value-add reno lift
—
pending
Time to lease
73.5d
median · 4 turns
Time-to-lease is measured on Lombard's tenure only (takeover 2025-12-15). A unit that was already vacant when we took over is charged only the days from takeover to move-in; leases executed before takeover are excluded. This keeps inherited vacancy off our metric. Median 73.5d, average 80.8d across 4 market re-leases.
Trade-out = rent change re-leasing to a new resident; renewal = same-resident step-up; reno lift = outsized jump after a value-add turn. Together they separate market signal from manager pricing power from renovation premium.
Time-to-lease · detail
Actual days vacant, unit by unit
126d
Avg market re-lease (dated turns)
10/11
Turns with real move-out→move-in dates
11
Market trade-outs
Every market turn · days vacant = new resident move-in − prior resident move-out · newest first
| Unit | Re-leased | Prior move-out | New move-in | Days vacant | Basis | Type |
|---|---|---|---|---|---|---|
| 16 | 2026-06 | 2026-04-20 | 2026-05-29 | 39d | actual | trade-out |
| 15 | 2026-05 | 2025-08-31 | 2026-05-01 | 243d | actual | trade-out |
| 5 | 2026-04 | 2025-06-29 | 2026-03-06 | 250d | actual | trade-out |
| 19 | 2026-04 | 2025-12-31 | 2026-03-07 | 66d | actual | trade-out |
| 1 | 2025-12 | not recorded | ~2025-12-01 | 182d | est. | trade-out |
| 22 | 2025-08 | 2025-06-08 | 2025-07-18 | 40d | actual | trade-out · prior mgr |
| 3 | 2025-07 | 2025-01-31 | 2025-06-14 | 134d | actual | trade-out · prior mgr |
| 9 | 2025-07 | 2025-01-31 | 2025-06-13 | 133d | actual | trade-out · prior mgr |
| 10 | 2025-07 | 2025-01-31 | 2025-07-01 | 151d | actual | trade-out · prior mgr |
| 6 | 2025-04 | 2024-11-30 | 2025-03-05 | 95d | actual | trade-out · prior mgr |
| 16 | 2025-03 | 2024-10-31 | 2025-02-12 | 104d | actual | trade-out · prior mgr |
"Actual" rows use recorded move-out and move-in dates from the rent rolls; "est." rows fall back to the monthly-snapshot gap where a clean date pair is missing (which over-counts). Renovation turns are listed but excluded from the headline market time-to-lease; phantom same-lease name-changes are dropped upstream.
Rent growth · repricing impact
Trade-outs & renewals — what repricing is capturing
Trade-out rent impact
-$297/mo
5 re-leases · avg -3.2% · -$3,564/yr
Renewal rent impact
+$111/mo
3 renewals · avg +2.6% · +$1,332/yr
Combined repricing
-$186/mo
current-manager era · -$2,232/yr annualized
Trade-out impact = monthly rent gained (or lost) re-leasing vacated units to new residents; renewal impact = rent captured stepping up in-place residents who stayed. Together they show whether the current manager is growing scheduled rent — and through which lever. Figures are for the current-manager era.
$1,422→$1,433
Avg in-place rent (2024-10→2026-07)
+0.8%
In-place rent growth
-3.2%
Avg trade-out (5)
+2.6%
Avg renewal (3)
Average in-place vs market rent by month
2024-10 → 2026-07 · solid = in-place, dashed = market asking
In-place rentMarket asking
Every repricing event · dated · trade-outs, renewals & reno turns · newest first
| Month | Unit | Prior rent | New rent | Δ $/mo | Δ % | Type |
|---|---|---|---|---|---|---|
| 2026-06 | 16 | $1,195 | $1,350 | +$155 | +13% | trade-out |
| 2026-05 | 11 | $1,653 | $1,703 | +$50 | +3% | renewal |
| 2026-05 | 15 | $1,525 | $1,399 | -$126 | -8.3% | trade-out |
| 2026-04 | 5 | $1,520 | $1,349 | -$171 | -11.2% | trade-out |
| 2026-04 | 19 | $1,850 | $1,795 | -$55 | -3% | trade-out |
| 2026-02 | 23 | $1,299 | $1,360 | +$61 | +4.7% | renewal |
| 2025-12 | 23 | $1,299 | $1,299 | +$0 | 0% | renewal |
| 2025-12 | 1 | $1,595 | $1,495 | -$100 | -6.3% | trade-out |
| 2025-08 | 22 | $1,664 | $1,495 | -$169 | -10.2% | trade-out · prior mgr |
| 2025-07 | 3 | $1,695 | $1,495 | -$200 | -11.8% | trade-out · prior mgr |
| 2025-07 | 9 | $1,595 | $1,545 | -$50 | -3.1% | trade-out · prior mgr |
| 2025-07 | 10 | $1,550 | $1,500 | -$50 | -3.2% | trade-out · prior mgr |
| 2025-04 | 11 | $1,575 | $1,653 | +$78 | +5% | renewal · prior mgr |
| 2025-04 | 6 | $1,295 | $1,195 | -$100 | -7.7% | trade-out · prior mgr |
| 2025-04 | 17 | $1,345 | $1,412 | +$67 | +5% | renewal · prior mgr |
| 2025-04 | 1 | $1,450 | $1,595 | +$145 | +10% | renewal · prior mgr |
| 2025-03 | 22 | $1,495 | $1,664 | +$169 | +11.3% | renewal · prior mgr |
| 2025-03 | 16 | $1,345 | $1,195 | -$150 | -11.2% | trade-out · prior mgr |
| 2025-03 | 24 | $1,120 | $1,176 | +$56 | +5% | renewal · prior mgr |
Performance trends · since inception
Occupancy, rent & turnover across the hold
Physical occupancy (avg)
84.4%
Latest 87%
Economic occupancy (avg)
85.3%
In-place ÷ market
Avg in-place rent
$1,419
$1422 → $1433 (+0.8%)
Avg loss-to-lease
$4,677
per month · gross potential − in-place
Lease turns · time-to-lease
11 · 126d
median 118d · 10 date-verified
Avg trade-out
-5.7%
new-lease rent change
Charts and read-through load when this tab is opened.
Physical occupancy over time · occupied ÷ 23 units
In-place vs market (asking) rent
Economic occupancy & loss-to-lease
Not computable for this asset
This property's rent-roll export publishes a market (asking) rent only for vacant units — 32% coverage on occupied units. Gross potential rent therefore can't be measured, so economic occupancy and loss-to-lease are suppressed rather than shown as a misleading figure. Ask the manager to publish market rent on occupied units and this populates automatically.Average in-place rent by floorplan
Turnover — days vacant & trade-out % per lease · bars colored by speed; line = trade-out %
Debt & coverage
Debt-service coverage
1.02x
DSCR
$183K
Debt service / yr
$3K
Leveraged CF / yr
—
LTV
Positive leverage
Cost of debt 3.39% vs. ~5.35% cap rate — the asset out-yields its debt; leverage is accretive.Loans · 1 facility · IO uses interest, amortizing estimates P&I on 30yr
| Lender | Balance | Rate | Structure | Debt svc/yr | Maturity |
|---|---|---|---|---|---|
| Pacific West Bank | $3.45M | 3.39% | Amortizing | $183K | 2032-01-15 |
Leveraged cash flow by month · NOI minus debt service (≈$15K/mo)
Green = cash to equity that month, red = shortfall covered by reserves/equity.
Valuation & equity
Valuation & returns engine
Two engines: a mark-to-market of investor equity right now (choose the NOI basis and cap rate), and a go-forward projected net IRR to the LP through a full waterfall (senior debt → senior pref → LP capital + preferred return → GP promote). All inputs are live — dial them and the numbers recompute. Marks are model-implied, not appraisals.
Distributions & capital
Cash to & from partners
—
Status
—
Distributed to date
—
Cash-on-cash
0
Capital calls
Risk & action items
What needs attention
Open watch list · 1 item · 1 high priority · as of 2026-07-17
| Priority | Theme | Item | Owner | Next step | $ impact | Raised |
|---|---|---|---|---|---|---|
| High | Expenses | Waste Solution Services invoice 87620 unpaid ($1,409.29); new invoice 98770 ($1,709.29) issued | Vendor | Pay 87620; review/schedule 98770. | $1,409 | 2026-07-05 |
Source: Notion — Property Issues & Conversations Tracker + Outlook sweep. Each item carries a named owner and a next step; nothing sits here without one.
high
EXPENSES
Waste Solution Services invoice 87620 unpaid ($1,409.29); new invoice 98770 ($1,709.29) issued — Next: Pay 87620; review/schedule 98770.