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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 8: NAV for Retail Products
<br />Block SF Monthly
<br />Rent
<br />Scheduled
<br />Rent Vacancy Net Operating
<br />Expenses
<br />Capital
<br />Reserve
<br />Vacancy
<br />Oper. Exp.
<br />and Cap
<br />Reserve
<br />Net
<br />Operating
<br />Income
<br />Market
<br />Cap
<br />Rate
<br />Block 11 - Ground-Floor Retail 31,004 SF $3.00 SF/Mth $1,116,144 5.00% 10.00% 3.00% ($200,906) $915,238 4.75% $19,268,000
<br />Block 12 - Ground-Floor Retail 16,216 SF $3.00 SF/Mth $583,776 5.00% 10.00% 3.00% ($105,080) $478,696 4.75% $10,078,000
<br />Retail - Grocery Anchored 38,269 SF $3.00 SF/Mth $1,377,684 5.00% 10.00% 3.00% ($247,983) $1,129,701 4.50% $25,104,000
<br />Block 15 - Ground-Floor Retail 12,454 SF $3.00 SF/Mth $448,344 5.00% 10.00% 3.00% ($80,702) $367,642 4.75% $7,740,000
<br />Block 18 - Ground-Floor Retail 18,810 SF $3.00 SF/Mth $677,160 5.00% 10.00% 3.00% ($121,889) $555,271 4.75% $11,690,000
<br />Block 19 - Ground-Floor Retail 16,735 SF $3.00 SF/Mth $602,460 5.00% 10.00% 3.00% ($108,443) $494,017 4.75% $10,400,000
<br />- Neighborhood Retail 25,167 SF $3.00 SF/Mth $906,012 5.00% 10.00% 3.00% ($163,082) $742,930 4.75% $15,641,000
<br />- Ground-Floor Retail 19,070 SF $3.00 SF/Mth $686,520 5.00% 10.00% 3.00% ($123,574) $562,946 4.75% $11,852,000
<br />- Ground-Floor Retail 35,156 SF $3.00 SF/Mth $1,265,616 5.00% 10.00% 3.00% ($227,811) $1,037,805 4.75% $21,849,000
<br />Block 10 - Ground-Floor Retail 20,886 SF $3.00 SF/Mth $751,896 5.00% 10.00% 3.00% ($135,341) $616,555 4.75% $12,980,000
<br />- Ground-Floor Retail 21,794 SF $3.00 SF/Mth $784,584 5.00% 10.00% 3.00% ($141,225) $643,359 4.75% $13,544,000
<br />- Ground-Floor Retail 21,015 SF $3.00 SF/Mth $756,540 5.00% 10.00% 3.00% ($136,177) $620,363 4.75% $13,060,000
<br />- Ground-Floor Retail 34,247 SF $3.00 SF/Mth $1,232,892 5.00% 10.00% 3.00% ($221,921) $1,010,971 4.75% $21,284,000
<br />- Ground-Floor Retail 17,772 SF $3.00 SF/Mth $639,792 5.00% 10.00% 3.00% ($115,163) $524,629 4.75% $11,045,000
<br />- Ground-Floor Retail 21,405 SF $3.00 SF/Mth $770,580 5.00% 10.00% 3.00% ($138,704) $631,876 4.75% $13,303,000
<br />Total 350,000 SF $12,600,000 ($2,268,000) $10,332,000 4.72% $218,838,000
<br />Exhibit 10
<br />
<br />
<br />City Council 22 – 495 9/17/2024
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