2309-11 Baronne St + 1802 Philip St + 2311 Baronne St | 20 units | Report Period: August 2026 | Investor Summary
Occupancy 95% — fully leased vacancies as of 9/1August NOI $7,477 — one-time cost items this monthNo Distribution This Period
Occupancy
95.0%
19 / 20 units as of 9/1 — 2311 A & B leased, up from 85% in July
August NOI
$7,477
YTD $95,008 — full-year forecast $144,513
August Net Cash Flow
$2,639
NOI minus interest-only debt service ($4,838)
August Net Income
$2,639
After $4,838 interest expense
August Revenue
$18,742
Rental $18,596 + fees/interest $146
Distribution Paid
$0
No distribution this period
2026 NOI Trend (Jan–Aug 2026)
August NOI of $7,477 is below the recent run rate, driven by higher repair & maintenance and pest-control spend plus the annual flood insurance premium — line-by-line review underway with the property manager. YTD NOI of $95,008 through August remains close to the pace implied by the $144,513 full-year forecast. (July NOI above reflects an updated legal & accounting fee posted after last month's report and supersedes the figure published in the July update.)
August Income Summary
Line Item
August Actual
Rental Income
$18,596
Other Income (interest + late fees)
$146
Total Income
$18,742
Repair & Maintenance
($6,779)
Property Management Fee
($1,860)
Pest Control
($1,136)
Insurance (annual flood policy renewal)
($1,405)
Trash Removal
($370)
Utilities (net tenant reimbursement credit)
+$463
Other Operating (bank, bookkeeping, office)
($178)
Total Operating Expenses
($11,265)
Net Operating Income
$7,477
Interest Expense
($4,838)
Net Income
$2,639
Net Cash Flow (NOI − Interest)
$2,639
August expenses ran higher than the recent monthly average — repair & maintenance was the largest driver, along with a pest-control charge well above the normal $150/month rate and the property's annual flood insurance premium (coverage period 8/2026–8/2027). The sponsor is reviewing the maintenance invoices line-by-line with the property manager to confirm scope and timing. Full expense detail and building-level breakdown is in the quarterly report.
Trailing 12-Month Trend (Sep 2025–Aug 2026)
Month
Revenue
NOI
Sep 2025
$19,955
$8,175
Oct 2025
$16,893
$5,248
Nov 2025
$16,578
$8,774
Dec 2025
$27,971
$2,223
Jan 2026
$20,887
$12,347
Feb 2026
$17,314
$9,472
Mar 2026
$21,113
$6,953
Apr 2026
$21,577
$13,911
May 2026
$21,339
$15,390
Jun 2026
$22,430
$15,513
Jul 2026
$21,251
$13,946
Aug 2026
$18,742
$7,477
T12 Total
$246,050
$119,429
Dec 2025 reflects a one-time spike in year-end depreciation/amortization booking below the NOI line and is not representative of operating performance. May–Jun 2026 remains the strongest sustained stretch of the trailing year; August's dip is tied to one-time maintenance and insurance timing (see Income Summary above).
Rent Roll
Building
Units
Occupied
Vacant
In-Place Rent
2309-11 Baronne St
11
10
1
$10,497
1802 Philip St
7
7
0
$7,271
2311 Baronne St
2
2
0
$2,700
Total
20
19 (95%)
1
$20,468
Unit
Status
Rent
1802 Philip #101
Current
$1,050
1802 Philip #102
Current
$1,025
1802 Philip #103
Current
$1,025
1802 Philip #201
Current
$1,045
1802 Philip #202
Current
$1,076
1802 Philip #203
Current
$1,025
1802 Philip #204
Current
$1,025
2309 Baronne #101
Current
$1,095
2309 Baronne #102
Current
$1,000
2309 Baronne #103
Vacant-Unrented
$0
2309 Baronne #104
Current
$1,025
2309 Baronne #105
Month-to-Month
$1,025
2309 Baronne #106
Current
$1,025
2309 Baronne #201
Current
$1,226
2309 Baronne #202
Current
$1,075
2309 Baronne #203
Current
$1,025
2309 Baronne #204
Current
$1,076
2309 Baronne #205
Current
$925
2311 A
Current (new lease 9/1)
$1,300
2311 B
Current (new lease 9/1)
$1,400
20 Units
19 current | 1 vacant
$20,468
Rent roll as of 09/01/2026. 2309-11 #103 is the property's only remaining vacant unit; marketing is underway.
Upcoming Lease Expirations (Next Two Months)
Month
Leases Expiring
September 2026
0
October 2026
2
Delinquency & Collections
Tenants past due at August close
0
Late fees assessed in August
$50
Accounts receivable (8/31/26)
$2,002 — normal one-month remittance timing
Cash Position (as of 8/31/2026)
Item
Balance
Cash (all accounts)
$49,143
Escrow (Freddie Mac)
$48,514
Notes Payable — Ready Cap
$1,483,556
Security Deposits Held
$10,472
Full balance sheet detail is in the quarterly report.
Highlights & Priorities
POSITIVE
Property reached 95% occupancy. The last two vacant units (2311 A & B) were both leased effective September 1, 2026 — the strongest occupancy level of the year, up from 85% in July.
FOCUS
August expenses ran above trend. Repair & maintenance and pest-control costs were elevated this month, alongside the annual flood insurance premium; the sponsor is reviewing invoices line-by-line with the property manager.
FOCUS
Two leases expire in October 2026. Both at 1802 Philip St; renewal outreach begins in September.
POSITIVE
No distribution paid in August. Cash position remains healthy at $49,143 and the mortgage escrow is fully funded.