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ta
<br />www.FinanceDTA.com
<br />SECTION II
<br />LRV OF THE PROJECT
<br />Below is a summary of the value of the congregate care facility.
<br />Table 11: NAV for Congregate Care
<br />er Room
<br />per
<br />Total Per
<br />Revenues From Rooms
<br />$7,500
<br />$1,500,000
<br />$18,000,000
<br />Vacancy
<br />($375)
<br />($75,000)
<br />($900,000)
<br />Revenues After Vacancy
<br />$7,125
<br />$1,425,000
<br />$17,100,000
<br />Revenues From Services
<br />$3,420
<br />$684,000
<br />$8,208,000
<br />Total Revenues
<br />$10,545
<br />$2,109,000
<br />$25,308,000
<br />Department Expenses
<br />($4,451)
<br />($890,288)
<br />($10,683,450)
<br />Undistributed Operating Expenses
<br />($2,925)
<br />($585,000)
<br />($7,020,000)
<br />Insurance and Property Tax
<br />($143)
<br />($28,500)
<br />($342,000)
<br />Total Operating Expenses
<br />$3,026
<br />$605,213
<br />$7,262,550
<br />Capital Reserves
<br />($143)
<br />($28,500)
<br />($342,000)
<br />Net Operating Income
<br />$2,884
<br />$576,713
<br />$6,92.0,550
<br />NAV (a 6.5% Cap Rate
<br />$106,470,000
<br />The Specific Plan specifies there will be 3,896 parking spaces. DTA assumed that all
<br />common spaces would generate $100 per month in NOI after operating expenses. We
<br />estimated the 121 spaces allocated to the hotel property would generate $600 per day after
<br />operating expenses. DTA further assumed the parking spaces would be valued at a cap rate
<br />of 6.0%.
<br />Table 12: Parking Summary
<br />.agm
<br />Common Spaces
<br />1,667
<br />664
<br />1,444
<br />3,775
<br />Hotel Spaces
<br />121
<br />0
<br />0
<br />121
<br />Total Spaces
<br />1,788
<br />664
<br />1,444
<br />3,896
<br />Monthly Revenue from Common Spaces
<br />$100
<br />$100
<br />$100
<br />$377,500
<br />Monthly Revenue from Hotel Spaces
<br />$600
<br />0
<br />0
<br />$72,600
<br />Annual Income Common Spaces
<br />$2,000,400
<br />$796,800
<br />$1,732,800
<br />$4,530,000
<br />Annual Income Hotel Spaces
<br />$871,200
<br />$0
<br />$0
<br />$871,200
<br />Total Annual Parking Income
<br />$2,871,600
<br />$796,800
<br />$1,732,800
<br />$5,401,200
<br />NAV Parking Spaces Ca 6% Cap Rate
<br />$47,860,000
<br />$13,280,000
<br />$28,880,000
<br />$90,020,000
<br />Related Bristol at 3600 South Bristol Street
<br />Land Residual Value Study Report
<br />Exhibit 10
<br />September 27, 2023
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