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^ SCENARIO 3 - ASSUMPTIONS <br />^ <br />Building Construction: Three story, steel frame, average to good quality construction, <br />built over one basement level of parking. Parking level will be <br />concrete. <br />Building Size: 42,290 square feet of Gross Building Area (GBA) <br />40,000 square feet of Net Rentable Area (NRAj <br />Building Use: 12,000 square feet of retail on the ground floor with 14,000 square <br />feet of office on the second floor and 14,000 square feet of office <br />on the third floor. <br />Parking: 56 - Based on two spaces per 1,000 square feet of NRA for the <br />office space and zero spaces allocated to the retail space. <br />Income Analysis: Rent is estimated at $1.20/SF for the office space and $1.25/SF for <br />the retail space. Both reflect a triple net rent where expenses to <br />the landlord include only management at 3% of effective gross <br />income and structural repairs at 2% of effective gross income. Net <br />operating income is capitalized at 9.50~. <br />Cost Analysis: Base cost per square foot of $90.00 based on local cost <br />comparables and the Marshal Valuation Service. Improvement <br />costs excludes infrastructure, foundation, and landscaping costs. <br />Absorption cost includes 5~ leasing commissions ($145,000) and <br />rent loss ($195,000). Retail space reflects a$10.00/SF buildout to an <br />approximate vanilla shell~~. <br />P99239 PALMER, GROTH 8~ PIETKA, INC. 30 <br />