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34
<br /> SECTION VII
<br />HOSPITALITY
<br />
<br />
<br />
<br />Related Bristol at 3600 South Bristol Street September 2023
<br />Draft Market Study Report
<br />
<br />www.FinanceDTA.com
<br />Total Revenues $10,545 $2,109,000 $25,308,000
<br />Department Expenses ($4,451) ($890,288) ($10,683,450)
<br />Undistributed Operating Expenses ($2,925) ($585,000) ($7,020,000)
<br />Insurance and Property Tax ($143) ($28,500) ($342,000)
<br />Total Operating Expenses $3,026 $605,213 $7,262,550
<br />Capital Reserves ($143) ($28,500) ($342,000)
<br />Net Operating Income $2,884 $576,713 $6,920,550
<br />Net Asset Value @ 6.5% Cap Rate $532,350 $106,470,000 $106,470,000
<br />To determine if a congregate care facility would provide a profitable return, we estimated the costs to
<br />construct the facility. They are as follows:
<br />Table 17: Congregate Care Development Costs
<br />Project Costs Percentage Per Room Per SF Total
<br /> 200 Rooms 192,000
<br />Land $0 $0.00/SF $0
<br />Vertical Costs $296,940 $309.31/SF $59,388,000
<br />Lot Indirect Costs $24,417 $43.60/SF $106,036
<br />Lot Development Direct Costs $10,449 $18.66/SF $2,752,656
<br />Share of Backbone Costs $7,951 $14.20/SF $1,998,918
<br />Indirect Costs 4.00% $21,294 $42.00/SF $5,641,983
<br />Marketing and Sales 2.00% $10,647 $0.76/SF $106,470
<br />Finance Costs 5.00% $9,747 $17.40/SF $2,672,807
<br />Total Costs $381,445 $445.94/SF $72,666,871
<br />
<br />
<br />Exhibit 10
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<br />
<br />City Council 22 – 557 9/17/2024
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