Laserfiche WebLink
<br /> <br /> <br />6 <br /> <br />Appendix <br />Rental Summary for Development with Very Low Income Units <br /> <br />Units 281 (including bonus units) <br />Average unit size 890 sf <br />Average rent $3.82 - $5.01 per sf, depending on unit size <br />Total construction cost <br /> Hard costs $106,262,300 <br /> Soft costs $21,252,500 <br /> Fees $17,500 per unit (not including affordable <br />housing fees) <br /> Land $21,380,000 <br />Profit $29,655,800 <br />Exit cap rate 4.25 <br />Vacancy 5% <br />Operating costs 30% <br /> <br />Ownership Summary for Developments with Moderate Income Units <br /> <br />Units 15 base units and 2 bonus unit <br />Average unit size 1500 sf <br />Average sale price $1,266,700 <br />Total construction cost <br /> Hard costs $5,120,000 <br /> Soft costs/other costs <br />(including sales costs) <br />$1,262,000 <br /> Fees $892,500 (not including affordable housing fees) <br /> Fractional unit fee $250,000 <br /> Land $7,125,000 <br /> Sales and marketing <br />costs <br />$3,153,120 <br />Profit $16,355,071 <br />Project value $93,673,196 <br /> <br />Point of Indifference Calculations <br />15% Very Low Income development without density bonus <br />The point of indifference is based on the capitalized cost of the difference between market rents and <br />affordable rents, using the assumptions above. <br />This can also be thought of as <br />[Profit with no requirements] - [Profit with affordable units] = [Point of indifference] <br />7.A. - Page 54