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% |
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 | Beds | Baths | Sq Ft | 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.