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SECTION VII
<br />ta
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<br />HOSPITALITY
<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 />$6,920,550
<br />Net Asset Value @ 6.5% Cap Rate
<br />$532,350
<br />$106,470,000
<br />$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 />Costs
<br />Project
<br />Percentage
<br />Per Room
<br />PerSF
<br />Total
<br />200 Rooms
<br />192,000
<br />Land
<br />$0
<br />$0.00/SF
<br />$0
<br />Vertical Costs
<br />$296,940
<br />$309.31/SF
<br />$59,388,000
<br />Lot Indirect Costs
<br />$24,417
<br />$43.60/SF
<br />$106,036
<br />Lot Development Direct Costs
<br />$10,449
<br />$18.66/SF
<br />$2,752,656
<br />Share of Backbone Costs
<br />$7,951
<br />$14.20/SF
<br />$1,998,918
<br />Indirect Costs
<br />4.00%
<br />$21,294
<br />$42.00/SF
<br />$5,641,983
<br />Marketing and Sales
<br />2.00%
<br />$10,647
<br />$0.76/SF
<br />$106,470
<br />Finance Costs
<br />1 5.00% 1
<br />$9,747
<br />1 $17.40/SF
<br />$2,672,807
<br />Total Costs
<br />1 $381,445
<br />1 $445.94/SF
<br />$72,666,871
<br />Related Bristol at 3600 South Bristol Street
<br />Draft Market Study Report
<br />Exhibit 10
<br />September 2023
<br />34
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