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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 />38
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<br />Industiral Prototype RLV Model
<br />PROGRAM
<br />Site Area 14.7 acres
<br />Height 1 stories
<br />Density N/A DU/AC 0.45 FAR
<br />Built Area 303,109 GBA sq.ft.0%efficiency NLA sq.ft.
<br />Industrial 303,109 GBA sq.ft.95%efficiency 287,953 NLA sq.ft.
<br />Parking
<br />Industrial 2.0 /1,000 NLAsq.ft.576 stalls
<br />stalls
<br />Parking Type
<br />Surface 576 stalls
<br />REVENUE
<br />Industrial
<br />NNN Rental Revenue $0.95 NLA/sq.ft.$3,282,669
<br />(less) leasing fee 3.0%NNN Rent ($98,480)
<br />(less) Vacancy 5.00%($159,209)
<br />(less) Non-reimb. Exp.5.00%($159,209)
<br />Indutrail NOI $2,865,770
<br />Capitalized Value of NOI*4.25%cap rate $67,429,874
<br />(less) Cost of Sale 3.00%($2,022,896)
<br />Net Indutrial Value $65,406,977
<br />TOTAL VALUE 4.4%implied cap rate $65,406,977
<br />DEVELOPMENT COSTS
<br />Direct Costs
<br />Site Work $7 /sq.ft.$4,479,275
<br />Parking
<br />Surface $3,500 /stall $2,016,000
<br />Industrial
<br />Site 100%pro rata based on GBA $4,479,275
<br />Parking 100%pro rata based on stalls $2,016,000
<br />Construction $65 /GBA sq.ft.$19,702,073
<br />TI/TA $15 /NLA sq.ft.$4,319,301
<br />Subtotal $30,516,649
<br /> Total Direct Costs $30,516,649
<br />Indirect Costs
<br />LEED Certification 3.0%$915,499
<br />Permits and Fees 6%of Direct Costs $1,830,999
<br />Legal 1.0%of Direct Costs $305,166
<br />Insurance and Warranty 2.0%of Direct Costs $610,333
<br />Architecture and Engineering 7.0%of Direct Costs $2,136,165
<br />Developer Fee 5.0%of Direct Costs $1,525,832
<br />G&A 2.5%of Direct Costs $762,916
<br />Subtotal Indirect Costs $8,086,912
<br />Industrial 100%pro rata based on DC $8,086,912
<br />Financing**1.5 year(s) construction period $1,553,793
<br />Industrial 100%pro rata based on DC $1,553,793
<br />Contingency 5.0%$2,007,868
<br />Industrial 100%pro rata based on DC $2,007,868
<br />Profit as a % of Total Costs (Before Land)15%$6,324,783
<br />Industrial 100%pro rata based on DC $6,324,783
<br /> Total Indirect Costs $17,973,356 $17,973,356
<br />TOTAL COSTS (Direct + Indirect)
<br />Industrial $48,490,005
<br />$48,490,005
<br />RESIDUAL LAND VALUE
<br />Industrial $65,406,977
<br />Retail 0
<br />Net RLV $16,916,972
<br />Per Acre $1,151,598
<br />Per Land Square Foot $26
<br />Per Gross Building Square Foot $56
<br />Per Net Building Square Foot $58.75
<br />RLV as % of Total Costs 35%
<br />* CBRE Industrial Cap Rate Orange County H1 2019 for Class A: 3.75-4.25
<br />**Construction financing assumptions:60% LTC, 4.5% interest, 2%fee, 50% avg. balance3-265
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