|
ta
<br />www.FinanceDTA.com
<br />SECTION V
<br />RESIDENTIAL PROJECTS PROPOSED IN THE SPECIFIC PLAN
<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 />E
<br />Units
<br />Rent
<br />perSF
<br />Rent
<br />Premiums
<br />A��
<br />__IV
<br />Square Feet
<br />arl, et Rent
<br />per Unit
<br />IV�
<br />canW
<br />, =ME&
<br />OperatingMarket
<br />4et
<br />Expenses
<br />11
<br />Reserve
<br />Net
<br />Operatingescription
<br />Income
<br />Market
<br />Rate
<br />Market
<br />per Unit
<br />4.00%
<br />5.00%
<br />35.00%
<br />3.00%
<br />Single Unit
<br />1 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$498,000
<br />Block 1 Residential
<br />108 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$53,784,000
<br />Block 2 Residential
<br />105 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$52,290,000
<br />Block 3 Residential
<br />202 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$100,596,000
<br />Block 6 Residential
<br />170 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$84,660,000
<br />Block 7 Residential
<br />373 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$185,754,000
<br />Block 8 Residential
<br />88 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$43,824,000
<br />Block 9 Residential
<br />106 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$52,788,000
<br />Block 10 Residential
<br />222 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$110,556,000
<br />Block 11 Residential
<br />552 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$274,896,000
<br />Block 12 Residential
<br />289 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$143,922,000
<br />Block 14 Residential
<br />680 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$338,640,000
<br />Block 15 Residential
<br />222 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$110,556,000
<br />Block 18 Residential
<br />335 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$166,830,000
<br />Block 19 Residential
<br />298 DU
<br />$3.50
<br />$0.14
<br />900 SF
<br />$3,276
<br />($164)
<br />($1,147)
<br />($98)
<br />$1,867
<br />4.50%
<br />$498,000
<br />$148,404,000
<br />Totals
<br />3,750 DU
<br />$3.50
<br />$0.14
<br />3,375,000 SF
<br />$12,285,000
<br />($614,250)
<br />($4,299,750)
<br />1 ($368,550)
<br />#7,002,450
<br />4.50%
<br />$498,000
<br />$1,867,500,000
<br />Related Bristol at 3600 South Bristol Street
<br />Draft Market Study Report
<br />Exhibit 10
<br />September 2023
<br />20
<br />
|