mary gilson

Chittenango, NY (USA)
Role(s):
Founder/Owner/Principal

MCR Properties LLC

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Location: Chittenango
Industry: Real Estate
Year Founded: 2005
Number Employees: 1-10 people
Business Stage: Growth (profitable)
Entity Type: Limited Liability Company
Description: MCR Properties LLC was first started in 2005 for the purpose of investing and managing real estate. We are located in central New York State. Starting with a Victorian, a 6 unit C property, which was downsized from 6 units to 4. The building was completely remodeled and increased in assessed value from $150,000 to $325,000. Bob and Mary Gilson, sole members of MCR Properties manage their own properties and for eleven owners who live out of the area. Of the 48 apartment units they currently manage only 5 units are vacant. MCR Properties Gross Scheduled Income has grown from $46,701 in 2008 to $132,720 at the end of 2010. With the purchase in July of Empire Apartments, a 90 unit complex in Utica, New York, the Gross Scheduled Income will increase to $624,800 for the year 2011. The purpose of this plan is to show to investors the profits that are associated with the Empire Apartments. In 2010 Empire Apartments' gross operating income was $609,768. Operating expenses totaled $239,052. Leaving a Net Operating Income of $370,716. Empire Apartments currently has a 2.2% vacancy rate. Our goal is to have it at 1% or less by the end of 2011. Our goals are to: 1. Increase rents an average of $15 per apartment. This will increase the Gross Scheduled Income by $16,020 per year. 2. Increase laundry and vending income 3. Reduce expenses Company Ownership Robert and Mary Gilson sole members and officers of MCR Properties LLC are both actively involved in managing and investing in real estate. Bob and Mary have been involved in real estate since the early 70's when they got their real estate license in Saratoga Springs, NY. They purchased their first rental properties in the 70’s. When they moved to California Mary acquired her California real estate license and both were certified by IREM as accredited residential managers. At that time Mary was a property manager for a major property management firm in the San Jose Bay area. She managed 8-10 properties with 100-200 units each. Bob was an on-site manager for a residential property of over 200 units and the project manager for other large complexes. In the mid 1990's they purchased and managed a couple rental 4 plexs and an ocean front condo. In 2005 they sold out in California, moved back to Syracuse and started purchasing income properties and started a property management company. In 2011 MCR Properties found a 90 unit apartment complex in Utica (Empire Apartments) that shows great potential. The purpose of this Business Plan is to show the investment opportunity of the Empire Apartments in Utica, NY to prospective investors/partners. The following table "Past Performance" shows the growth of MCR Properties from 2008 through 2010. In that time period four (4) single family homes were purchased from the earnings of MCR Properties. Table: Past Performance Past Performance 2008 2009 2010 Sales $46,701 $110,763 $132,720 Gross Margin $0 $0 $0 Gross Margin % 0.00% 0.00% 0.00% Operating Expenses $53,196 $58,688 $67,688 Balance Sheet