About 221 Lamm
Dewey Flats is a new, To-Be-Built, development designed to meet the growing demand for quality rental housing. The project will feature
three-story townhome style rentals, each offering 2 Bedrooms, 1.5 Bathrooms, a tuck under garage, in-unit washer and dryer, and 1,500
square feet of living space.
These pet friendly units are designed for modern renters and will lease for $1,750 per month to start. The exterior will combine durability
and curb appeal, featuring Vetter Stone accents, wainscoting, vinyl lap siding, and cement board elements.
Factor Group will handle the development and Factor Property Management will handle all of the onboarding and pre-leasing for the
property. They have a strong track record of success, having fully leased The Forde Apartments in North Mankato and The Capital Lofts
in St. Peter within three months of operation. Factor uses targeted marketing, efficient tenant screening, and hands on management to
quickly lease properties and ensure long-term success.
The projected cash flow for Dewey Flats reflects strong rental income potential and prudent expense management. Key details include:
• Rental Income: Monthly rent starts at $1,750 per unit with a Rental Income Growth Rate of 3% annually
• Additional Income: The development includes an estimated pet income averaging $165 per unit annually
• Operating Expenses: The Operating Expense Ratio is projected at 25.25%, with an Expense Growth Rate of 3% annually
• Vacancy and Credit Loss: A conservative vacancy and credit loss assumption of 5% has been applied
