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SECTION II
<br />LRV OF THE PROJECT
<br />Related Bristol at 3600 South Bristol Street September 27, 2023
<br />Land Residual Value Study Report
<br />www.FinanceDTA.com
<br />Table 7: NAV for Residential Uses
<br />Description Units
<br />Market
<br />Rent per
<br />SF
<br />Rent
<br />Premiums Unit SF Market Rent
<br />per Unit
<br />Vacancy
<br />per Unit
<br />Net
<br />Operating
<br />Expenses
<br />per Unit
<br />Capital
<br />Reserve
<br />per Unit
<br />Net
<br />Operating
<br />Income
<br />per Unit
<br />Market
<br />Cap
<br />Rate
<br />Market
<br />Price per
<br />Unit
<br /> 4.00% 5.00% 35.00% 3.00%
<br />Block 1 Residential 108 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 2 Residential 105 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 3 Residential 202 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 6 Residential 170 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 7 Residential 373 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 8 Residential 88 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 9 Residential 106 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 10 Residential 222 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 11 Residential 552 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 12 Residential 289 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 14 Residential 680 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 15 Residential 222 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 18 Residential 335 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<br />Block 19 Residential 298 DU $3.50 $0.14 900 SF $3,276 ($164) ($1,147) ($98) $1,867 4.50% $498,000
<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 – 494 9/17/2024
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