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Non-Tech : Income Investing -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (51931)	8/11/2025 10:17:01 PM
From: E_K_S	Read Replies (1) \| Respond to of 52048

Re: BFS multi-use development; retail ground floor w/ apartments on all levels above 1st floor. I checked the rents and they are pretty high but so far already at 80% occupancy on their Phase 1 development. FWIW, I checked the cost of new/used homes w/i a 10 mile area (avg price $545K) and if you look at 20% down and a 30 year mortgage, insurance & taxes the monthly payment is equal to their brand new 3 bed/2bath apartment. That runs around $3,500 - $4,000 per month. The avg salery is just over $100K w/ lots of local gov jobs and some high tech jobs including Lockheed and a few other notable names. The project looks good especially w/ the different phases. All the new retail is triple net leases so that's where their FCF growth comes from. Eventually BFS will earn a higher Price/FFO from mid 9x's to mid 12x which reflects the higher ROI that apartments generate (a higher Cap rate). I am watching their preferred BFS-D yielding 7.2% discounted but I suspect this will eventually be called before Phase 1 project is even completed.