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^ SCENARIO 4 - ASSUMPTIONS <br />^ <br />Building Construction: Three story, wood frame, average to good quality construction, <br />built over one basement level of parking. Parking level will be <br />concrete. <br />Building Size: 47,018 square feet of Gross Building Area (GBA) <br />39,382 square feet of Net Rentable Area (NRA) <br />Building Use: 12,000 square feet of ground floor retail with 28 apartment units <br />above (14 on the second floor and 14 on the third floor). Average <br />size per unit will be 978 square feet. Units will be two bedroom and <br />two bathroom. Each unit will contain standard kitchen appliances <br />including a range with oven and hood, dishwasher, garbage <br />disposal, and refrigerator. In addition, it is assumed there will be a <br />full size, side by side, washer and dryer in each unit. Freplaces are <br />not anticipated. <br />Parking: 56 - Based on one space per 1,000 square feet of NRA for the <br />retail space and one and a half spaces per apartment unit. <br />Income Analysis: Rent is estimated at $1.30/SF on a triple net basis for the retail <br />space. Expenses to the landlord include only management at 3% <br />of effective gross income and structural repair~ as 2~ of effective <br />gross income. Rent for the apartments is estimated at $615 per unit <br />or $0.63 per squa~e foot. Apartment expenses are estimated at <br />30% of effective gross income, based on market standards. Net <br />operating income is capitalized at 9.00%. <br />Cost Analysis: Base cost per square foot of $63.00 based on the Marshol <br />Valuation Service. Improvement costs excludes infrastructure, <br />foundation, and landscaping costs. Absorption costs include <br />$140,000 for retail and $50,000 for the apartment units. <br />P99239 PALMER, GROrH 8~ Pi~, In-c. 33 <br />