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^ SCENARIO 5 - ASSUMPTIONS ~ <br />Building Construction: Two 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: 29,904 square feet of Gross Building Area (GBA). <br />26,700 square feet of Net Rentable Area (NRA). <br />Building Use: 12,000 square feet of ground floor retail with 28 apartment units on <br />the second floor. Average size per unit is 525 square feet. Units will <br />be one bedroom and one bathroom. Each unit will contain the <br />standard kitchen appliances including a range with oven and <br />hood, dishwasher, garbage disposal, and refigerator. In addition, <br />it is assumed there will be a full size, side by side, washer and dryer <br />in each unit. Fireplaces are 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 structurat repairs as 2~ of effective <br />gross income. Rent for the apartments is estimated at $525 per unit <br />or $0.95 per square 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 fihe Marshal <br />Valuation Service. Improvement costs excludes infrastructure, <br />foundation, and landscaping costs. Absorption costs include <br />$140,000 for retail and $30,000 for the apartment units. <br />P99239 PALMER, GROTH & PIEfKA, INC. 36 <br />