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<br /> Redwood City Incentive Zoning/Community Benefits Program 9.A. - Page 27
<br /> Figure 7 Mid-Rise Residential Pro Forma Analysis
<br /> DEVELOPMENT PROGRAM ASSUMPTIONS
<br /> Site(Square Feet) 156,800
<br /> Dwelling Units 265
<br /> Gross Building Area(Square Feet) 1,000 per Unit 265,000
<br /> Rentable Area(Square Feet) 85% of GBA 225,250
<br /> Structured Parking Spaces 398
<br /> Suface Parking Spaces 0
<br /> BUILDING VALUE
<br /> Gross Potential Rent(FS) $4.00 per SF/Month $10,812,000
<br /> Losses to Vacancy 5.0% of GPR -$540,600
<br /> Collection Losses 0.0% of GPR $0
<br /> Losses to Concessions 0.0% of GPR $0
<br /> Other Revenue(Parking) $50 per Space/Month $238,500
<br /> Gross Revenue $10,509,900
<br /> Operating Expenses $1.50 per SF/Month -$4,054,500
<br /> Net Operating Income $6,455,400
<br /> Building Value 5.00% Capitalization Rate $129,108,000
<br /> Disposition Cost 3.0% of Building Value -$3,873,240
<br /> Net Building Value $125,234,760
<br /> PROJECT COSTS
<br /> Construction Costs
<br /> Basic Site Work $20 per site SF $3,136,000
<br /> Building Direct Cost $160 Cost/SF(GBA) $42,400,000
<br /> Structured Parking Direct Cost $20,000 per Space $7,950,000
<br /> Total Construction Cost $53,486,000
<br /> Soft Costs
<br /> Architecture and Engineering 7.0% of Construction Cost $3,744,020
<br /> Other Professional Services 7.0% of Construction Cost $3,744,020
<br /> Permits and Fees $20,000 per Dwelling Unit $5,300,000
<br /> Taxes and Insurance 2.0% of Construction Cost $1,069,720
<br /> Financing 4.0% of Construction Cost $2,139,440
<br /> Marketing/Leasing 3.0% of Construction Cost $1,604,580
<br /> Developer Fee(overhead) 4.0% of Construction Cost $2,139,440
<br /> Total Soft Costs $19,741,220
<br /> Other Project Costs
<br /> Development Contingency 10.0% of Hard and Soft Costs $7,322,722
<br /> Land Cost 20.0% of Building Value $25,821,600
<br /> Developer ROI 10.0% of All Project Costs $10,637,154
<br /> Total Other Costs $43,781,476
<br /> Total Project Cost $117,008,696
<br /> COMMUNITY BENEFITS
<br /> Estimate of Potential Community Benefits Value $8,226,064
<br /> Per Square Foot(GBA) $31.04
<br /> P:\141000s\141053RedwoodCity\Deliverable\Financial Analysis Memo 11 2614.docx
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