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Santa Ana Redhill Development
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<br />Prepared for: City of Santa Ana
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<br />AECOM
<br />36
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<br />Appendix A Document copies
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<br />Development Feasibility Analysis
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<br />The Project RLV Model
<br />PROGRAM
<br />Site Area 14.7 acres
<br />Height 6 stories
<br />Density 75 DU/AC 1.88 FAR
<br />Built Area 1,204,209 GBA sq.ft.79%efficiency 949,735 NLA sq.ft.
<br />Residential 1,115,320 GBA sq.ft.80%efficiency 869,735 NLA sq.ft.
<br />Retail 88,889 GBA sq.ft.90%efficiency 80,000 NLA sq.ft.
<br />Club/Fitness/Rec 28,151
<br />Room Mix
<br />Studio 228 units 657 NLA sq.ft./unit
<br />One-Bedroom 574 units 713 NLA sq.ft./unit
<br />Two-Bedroom 283 units 1,031 NLA sq.ft./unit
<br />Three-Bedroom 15 units 1,242 NLA sq.ft./unit
<br />Total 1,100 791
<br />Parking
<br />Residential (Resident)1,100 1.7 stall/unit 1,857 stalls
<br />Residential (Guest)1,100 0.0 stall/unit 0 stalls
<br />Total Residential 1.7 stall/unit 1,857 stalls
<br />Retail 5.0 /1,000 NLAsq.ft.400 stalls
<br />2,147 stalls
<br />Parking Type
<br />Surface 84 stalls
<br />Structured 2,059 stalls
<br />REVENUE
<br />Residential
<br />Studio $3.30 NLA/sq.ft.$2,169 /unit/month 228 units $5,935,382
<br />One-Bedroom $3.03 NLA/sq.ft.$2,162 /unit/month 574 units $14,889,593
<br />Two-Bedroom $2.75 NLA/sq.ft.$2,835 /unit/month 283 units $9,626,669
<br />Three-Bedroom $2.60 NLA/sq.ft.$3,229 /unit/month 15 units $581,256
<br />Gross Potential Revenue $2.97 NLA/sq.ft.1100 units $31,032,900
<br />(less) Vacancy 5.00%($1,551,645)
<br />(less) Operating Expenses 30.00%($9,309,870)
<br />(less) Capital Reserves 2.00%($620,658)
<br />Residential NOI $19,550,727
<br />Capitalized Value of NOI*4.00%cap rate $488,768,176
<br />(less) Cost of Sale 2.00%($9,775,364)
<br />Net Residential Value $478,992,813
<br />Retail
<br />NNN Rental Revenue $2.50 NLA/sq.ft.$2,400,000
<br />(less) leasing fee 4.0%NNN Rent ($96,000)
<br />(less) Vacancy 5.00%($115,200)
<br />(less) Non-reimb. Exp.5.00%($115,200)
<br />Retail NOI $2,073,600
<br />Capitalized Value of NOI**6.50%cap rate $31,901,538
<br />(less) Cost of Sale 3.00%($957,046)
<br />Net Retail Value $30,944,492
<br />TOTAL VALUE 4.2% implied cap rate $509,937,305
<br />3-263
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