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20
<br /> SECTION V
<br />RESIDENTIAL PROJECTS PROPOSED IN THE SPECIFIC PLAN
<br />
<br />
<br />
<br />Related Bristol at 3600 South Bristol Street September 2023
<br />Draft Market Study Report
<br />
<br />www.FinanceDTA.com
<br />combined adjustments to NOI (both expenses and reserves) equal to 38.0%. DTA concluded that a cap rate of 4.5% would be appropriate
<br />for this property. Below is a table summarizing the value of the 3,750 multifamily units.
<br />Table 9: Value of Residential Units
<br />Description Units
<br />Market
<br />Rent
<br />per SF
<br />Rent
<br />Premiums Square Feet Market Rent
<br />per Unit Vacancy Net Operating
<br />Expenses
<br />Capital
<br />Reserve
<br />Net
<br />Operating
<br />Income
<br />Market
<br />Cap
<br />Rate
<br />Market
<br />Sales Price
<br />per Unit
<br />Net Asset Value
<br /> 4.00% 5.00% 35.00% 3.00%
<br />Single Unit 1 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $498,000
<br />Block 1 Residential 108 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $53,784,000
<br />Block 2 Residential 105 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $52,290,000
<br />Block 3 Residential 202 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $100,596,000
<br />Block 6 Residential 170 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $84,660,000
<br />Block 7 Residential 373 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $185,754,000
<br />Block 8 Residential 88 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $43,824,000
<br />Block 9 Residential 106 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $52,788,000
<br />Block 10 Residential 222 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $110,556,000
<br />Block 11 Residential 552 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $274,896,000
<br />Block 12 Residential 289 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $143,922,000
<br />Block 14 Residential 680 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $338,640,000
<br />Block 15 Residential 222 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $110,556,000
<br />Block 18 Residential 335 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $166,830,000
<br />Block 19 Residential 298 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000 $148,404,000
<br />Totals 3,750 DU $3.50 $0.14 3,375,000 SF $12,285,000 ($614,250) ($4,299,750) ($368,550) #7,002,450 4.50% $498,000 $1,867,500,000
<br />
<br />Exhibit 10
<br />
<br />
<br />City Council 22 – 543 9/17/2024
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