The Mill Gardens Apartments
69 Units · Asset Management Dashboard · 2026
High Delinquency: Jan 2026 delinquency rate is 13.4% — industry benchmark is 3–5%. Total arrears: $23,584.77.
Negative Free Cash Flow: Jan 2026 FCF was −$16,229 after mortgage. NOI ($25,516) is not covering debt service (~$41,744/mo).
Upcoming Lease Expirations: 11 leases expire in February 2026 — active renewal outreach recommended.
Expense Ratio On Target: Jan 2026 expense ratio was 48.8% vs. 50% benchmark — slightly under budget.
Total Units
69
69 residential
Physical Occupancy
92.7%
Jan 2026 · 64/69 units
Economic Occupancy
80.5%
−12.2 pts vs physical
Total Income
$49,849
vs $52,046 benchmark
NOI
$25,516
Jan 2026
Free Cash Flow
−$16,229
After mortgage
Collections Rate
86.6%
Benchmark: 95%+
Total Arrears
$23,585
30-day: $12,450 · 30+: $11,135
2025 Monthly Income vs NOI
2025 Occupancy — Physical vs Economic
Jan 2026 — Income Breakdown
Leasing Funnel — Jan 2026
Leads
64
Appointments
17
26.6%
Showings
10
58.8%
Applications
2
20%
Leases
1
50%
2026 Monthly Tracker
Full-year performance across all key metrics. Click column headers to sort.
Q1 Run Rate — Annual Income
$199,396
Based on Jan 2026 only
Q1 Run Rate — Annual NOI
$67,679
Based on Jan 2026 only
Q1 Run Rate — Annual FCF
−$299,104
After debt service
| Month | Status | Units | Rental Income | Water Income | Fee Income | Total Income | Avg Rent | Phys Occ | Econ Occ | Collect Rate | Delinq Rate | Total Arrears | Expenses | Exp Ratio | CapEx | NOI | Free Cash Flow | Leads | Leases | Move-Ins | Move-Outs | Renewals | Lease Exp. |
|---|
Quarterly Summaries — 2026
| Period | Avg Total Income | Avg Rental Income | Avg Water | Avg Expenses | Avg CapEx | Avg NOI | Avg FCF | Avg Phys Occ |
|---|---|---|---|---|---|---|---|---|
| Q1 Avg | $16,616 | $15,511 | $710 | $10,977 | $5,590 | $5,640 | −$24,925 | 30.9%* |
| Q1 Run Rate | $199,396 | $186,131 | $8,520 | $131,718 | $67,078 | $67,679 | −$299,104 | — |
| Q2 Avg | Data not yet available | |||||||
| Q3 Avg | Data not yet available | |||||||
| Q4 Avg | Data not yet available | |||||||
* Q1 averages skewed because Feb & Mar are zeroed out — only Jan has real data. Run rate figures are annualized from Jan 2026 only.
Leasing — LASAL System
Lead → Appointment → Showing → Application → Lease. Track and optimize the full leasing funnel.
Jan 2026 — Funnel Performance
Leads
64
Appointments
17
26.6%
Showings
10
58.8%
Applications
2
20%
Leases Signed
1
50%
Benchmark vs Actual
Leads → Appts26.6% / 40% benchmark
Appts → Showings58.8% / 55% benchmark
Showings → Apps20% / 50% benchmark
Apps → Leases50% / 58% benchmark
Key Gap: Showings-to-Applications conversion (20% vs 50% benchmark) is the weakest link. After each showing, an email blast goes to all leads + text to consenting leads. Focus: follow up more aggressively with no-shows.
📋 2026 Lease Expiration Calendar
Jan
0
Feb
11
Mar
6
Apr
4
May
3
Jun
2
Jul
4
Aug
7
Sep
3
Oct
5
Nov
4
Dec
7
Total 2026 lease expirations tracked: 56. Feb (11) and Aug/Dec (7 each) are the heaviest months — plan retention outreach 60 days ahead. Leases needed/year estimate: ~26.
Jan 2026 — Lease Activity
Move-Ins
0
Move-Outs
3
Renewals
5
Leases Signed
1
Q1 Renewal Rate
62.5%
Paid Leads
0
LASAL System: TTL (Time To Lead) — Gold: within 1 hour · Bronze: same business day · Iron: next business day. For every showing, send email blast to all leads and text blast to consenting leads. Call anyone who can't make it or are warm prospects.
Income & Occupancy
January 2026 — Income breakdown, occupancy metrics, and gross potential analysis.
Jan 2026 — Income Components
Benchmark Rental
$52,046
Target monthly income
Rental Income
$46,533
−$5,513 vs benchmark
Water Income
$2,130
Collected of $2,474 scheduled
Fee Income
$1,186
Late fees, etc.
TOTAL INCOME
$49,849
Avg rent/unit: $838
Jan 2026 — Occupancy Breakdown
Physical Occupancy
92.7%
64 of 69 units occupied
Occupied
64
Vacant Total
5
Reno Units
3
Rent Ready
2
Non-Rent Ready
3
Pre-Leased
2
Economic Occupancy
80.5%
Revenue collected vs. potential
The 12.2-point gap between physical (92.7%) and economic (80.5%) occupancy signals significant delinquency drag — tenants are in units but not paying. Target economic occ: 90%+.
Jan 2026 — Rent Collection Timeline
By the 6th
$18,434
Collected (rent)
+$20,285 total income
By the 13th
$26,416
Collected (rent)
+$28,724 total income
By the 18th
$29,236
Collected (rent)
+$31,604 total income
By the 25th
$33,184
Collected (rent)
+$35,902 total income
Feb 2026 — Partial Collection Timeline
By the 6th
$23,700
Collected (rent)
+$25,362 total income
By the 13th
$29,052
Collected (rent)
+$31,169 total income
By the 18th
$30,197
Collected (rent)
+$32,580 total income
By the 25th
—
Not yet recorded
Collections & Delinquency
January 2026 — Full delinquency tracking, rent & water collection rates.
Action Required: 13.4% rent delinquency rate — industry standard is 3–5%. Begin formal eviction or payment plan process for 30+ day accounts.
30-Day Arrears
$12,450
Past due under 30 days
30+ Day Arrears
$11,135
Past due over 30 days
Total Arrears
$23,585
Combined delinquency
Total Collections Rate
86.6%
Rent + water combined
Rent Collections — Jan 2026
Collection Rate86.6%
Delinquency Rate13.4%
Gross Scheduled
$53,735
Collected
$46,533
Uncollected
$7,202
Water Fee Collections — Jan 2026
Collection Rate86.1%
Delinquency Rate13.9%
Gross Scheduled
$2,474
Collected
$2,130
Uncollected
$344
2025 Rent Collection Rate — Monthly Trend
Expenses & NOI
January 2026 — Operating expenses, CapEx, NOI, and free cash flow analysis.
Operating Expenses
$24,333
Jan 2026
Expense Ratio
48.8%
vs 50% benchmark ✓
CapEx
$16,770
$243/unit · High month
Expenses Per Unit
$352.66
Operating only
Expense Ratio vs Benchmark
Expense Ratio (Operating)48.8% ✓
Benchmark: 50.0%
Total Cost Ratio (w/ CapEx)82.5% ⚠️
Total Cost/Unit: $595.70
CapEx of $16,770 in January is high — this is likely a renovation push. Recurring fixed expenses (without CapEx) run approx. $4,298/month for future months.
NOI & Free Cash Flow Waterfall
Total Income$49,849
Operating Expenses−$24,333
Net Operating Income (NOI)$25,516
CapEx−$16,770
Mortgage (implied)−$24,975
Free Cash Flow−$16,229
2025 Year in Review
Full 12-month performance history — income, NOI, occupancy, leasing, and collections.
2025 Avg Monthly Income
$54,232
Full year average
2025 Avg Monthly NOI
$33,070
Full year average
2025 Avg Free Cash Flow
$7,695
After debt service
2025 Avg Phys Occupancy
93.96%
Avg economic: 89.57%
2025 — Monthly NOI & Free Cash Flow
2025 — Physical vs Economic Occupancy
2025 Monthly Performance Table
| Month | Rental Income | Total Income | Phys Occ | Econ Occ | Collect Rate | NOI | Free Cash Flow | Leads | Leases | Move-Ins | Move-Outs | Renewals |
|---|
2025 Quarterly Summary
| Quarter | Avg Total Income | Avg NOI | Avg FCF | Avg Phys Occ | Avg Econ Occ | Avg Expense Ratio |
|---|---|---|---|---|---|---|
| Q1 | $52,605 | $32,286 | −$2,358 | 90.3% | 87.2% | 38.3% |
| Q2 | $53,225 | $30,370 | $8,455 | 95.7% | 87.9% | 43.2% |
| Q3 | $55,933 | $38,622 | $17,720 | 95.2% | 92.8% | 30.9% |
| Q4 | $55,165 | $31,003 | $6,965 | 94.7% | 90.4% | 44.0% |
| Year Avg | $54,232 | $33,070 | $7,695 | 93.96% | 89.57% | 39.1% |
2025 Inputs
Monthly data entry for 2025 performance tracking.
This section is under construction. Data entry fields will be added here.
2024 Year in Review
Full 12-month performance history for 2024.
This section is under construction. 2024 historical data will be populated here.
2024 Inputs
Monthly data entry for 2024 performance tracking.
This section is under construction. Data entry fields will be added here.
2023 Year in Review
Full 12-month performance history for 2023.
This section is under construction. 2023 historical data will be populated here.
2023 Inputs
Monthly data entry for 2023 performance tracking.
This section is under construction. Data entry fields will be added here.
Unit Mix & Gross Potential
69 total units across 4 floor plans — rent, water fees, and combined potential.
Unit Distribution
Unit Summary
1B/1B (470 sqft)
33 units48% of property
2B/1B (704 sqft)
26 units38% of property
3B/1B (902 sqft)
7 units10% of property
2B/2B (814 sqft)
3 units4% of property
Total Units
69
Avg Rent
$958.75
Gross Potential
$61,585
Unit Detail — All 69 Units
| Unit | Street | Zone | Beds | Baths | Sq Ft | Fence | HVAC Mfg Date | HVAC Serial # | Laundry | Notes |
|---|
Unit Turns
Track make-ready progress, budgets vs. actuals, and turn status for each unit.
Active Turns
6
Completed
4
In Progress
1
Total CapEx Spent
$22,405
| Unit | Condition | Budget | Actual Cost | Variance | Status |
|---|---|---|---|---|---|
| 303 Ashwood | Rough (Deep Remodel) | $0 | $12,819.00 | −$12,819.00 | Complete |
| 304 Ashwood | Great Condition | $0 | $0.00 | $0.00 | In Progress |
| 319 Ashwood | Good (Minor Repairs) | $0 | $2,051.50 | −$2,051.50 | Complete |
| 303 Ashwood (2nd) | Great Condition | $0 | $7,534.20 | −$7,534.20 | Complete |
| 314 Ashwood | Good (Minor Repairs) | $0 | $0.00 | $0.00 | Complete |
| 307 Ashwood | Good (Minor Repairs) | $5,000 | $0.00 | +$5,000.00 | Pending |
Process: Tenants submit maintenance via portal. Older tenants call in. Message Adam after each move-out for scope discussion. Review work orders monthly for completion time and issue patterns.
PM Call Notes
Track monthly property management calls, follow-ups, and quarterly insights.
Follow-Up Items
No follow-up items yet. Items tagged for follow-up will appear here.
📞
Select a call or click + to create one
Quarterly Insights