New Construction Comparable Property Form
Updated: April 2025
Instructions: Complete this form for each comparable property that aligns with the proposed development. Do not include comparable properties located outside of Minnesota. Additionally, the most recent audit for the comparable property should coincide with the financial information in the chart below. Attach a copy of the audit with this form.  All questions must be fully completed or answered as “not applicable” (NA).
Minnesota Housing will consider all comparable properties provided, in addition to comparable(s) in Minnesota Housing’s portfolio (refer to Chapter 3 in the Multifamily Underwriting Standards for more information).  
Proposed Development
Development Name:      
D#:      
Development Street Address:      
Development City, State ZIP Code:      
Contact Person Name and Title:      
Contact Person Email Address:      
Contact Person Telephone Number:      
Comparable Property 
Comparable Property Name:      
Comparable Property County:      
Comparable Property Street Address:      
Comparable Property City, State ZIP Code:      
Name of Management Company:      
Name of Service Provider (if applicable):      
Comparable Property Information
Provide the following information for the comparable property. Answer all items or identify as NA (not applicable).
1.	Explain in detail why this comparable property is similar to the proposed development, for example, the location, size, operating expenses, population served, etc. Include information outlining what is unique, such as energy efficiency upgrades, to the proposed development and how those unique details directly compare to the comparable property.
     
2.	How many years has it been since the comparable property was constructed or last renovated? Include any details, such as whether there was a renovation that also included new construction of additional units.
     
3.	What type of structure is the property? 
a.	For combination structure types, include the breakdown of number of units in each structure type, for example, a development has a total of 100 units: 60 units [elevator building]; 40 units [townhomes]. 
     
4.	What type of construction is the property? 
5.	Complete the Table 1.
Table 1: Comparable Unit Details
	# of Units	Monthly Contract Rents / Unit	Square footage/ Unit	
Efficiency / SRO	     	$      	      sqft	
1 Bedroom	     	$      	      sqft	
2 Bedrooms	     	$      	      sqft	
3 Bedrooms	     	$      	      sqft	
4 Bedrooms	     	$      	      sqft	
5 Bedrooms	     	$      	      sqft	
Total	     	$      	      sqft	
6.	What is the total number of rooms?      
See the Multifamily Underwriting Standards for the room count guidelines.

7.	What utilities are paid through the operations budget?      
a.	What utilities are paid by the tenant? Provide the Utility Allowance breakdown by unit type paid by the tenant.
     

8.	What is the number of subsidized units?      
a.	What is the subsidy source(s) for all units? Provide all sources and include any specific sources for any supportive housing units and the rent amount that is currently being paid on each unit type. 
     

9.	Does the comparable development serve supportive housing units? 
a.	If yes, list the number of supportive housing units and type (high priority homeless (HPH) or long-term homeless (LTH)), and identify what populations are being served (e.g., single adults, families with children, youth).
     

10.	Is there front desk staff? 
a.	If yes, how many full-time employees (FTE)?      
b.	What are the total front desk costs that are paid for out of the operating budget? 
     

11.	Is there a tenant services coordinator? 
a.	If yes, how many full-time employees (FTE)?      
b.	What are the total tenant service coordinator costs that are paid for out of the operating budget? 
     

12.	Complete Table 2 to outline the financial information for the comparable property.
Table 2: Comparable Property Financial Information
Income	Year End Totals	Comments	
Rental Income	$      	     	
Vacancy	$      	     	
Other Income	$      	     	
Other Vacancy	$      	     	
Total Revenue	$      	     	

Expenses	$      	     	
Management Fees	$      	     	
Admin and Marketing	$      	     	
Payroll	$      	     	
Maintenance	$      	     	
Utilities	$      	     	
Unique Operating Expenses (front desk staff and tenant services coordinator) 	$      	     	
Insurance	$      	     	
Real estate taxes	$      	     	
Total Expenses	$      	     	

13.	Are there any supportive service expenses included in the operating budget other than what is listed in #10 and #11 above? 
a.	If yes, specify any additional supportive service expenses and indicate in which expense line(s) they are listed in the table