Development Analysis

Project / property Address

Statement of Confidentiality & NonNon-Disclosure

This document contains proprietary and confidential information. All information submitted within
this document and its component sections, where not publicly available, is provided in reliance upon
the recipients consent not to use or disclose any information contained herein except in the context of
its business dealings with _______________. The recipient of this document agrees to inform all present
and future individuals and businesses with access to this information of its confidential nature.
The recipient agrees to instruct each individual with access to this document not to disclose any
information concerning this document to others except to the extent that such matters are generally
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_______________ retains all title, ownership, and intellectual property rights to the material and
trademarks contained herein, including all supporting documentation, files, marketing material, and
multimedia.
By accepting this document, the recipient agrees to be bound by the foregoing statement.

Executive Summary

{Company Name} is pleased to present this development feasibility study and plan for the site located at
{property address}.
{Company Name} understands that the City continues to grow and that the need to grow with it is
essential. {Client Name} is faced with a unique opportunity to take advantage of a rebounding real
estate market and exemplary location to leverage their property asset to upgrade their existing facility
in a new development that reflects the current needs and mission of the church. {Company Name}
believes that the Manhattan real estate market is in a growth stage and we are uniquely positioned to
work with non-profit owners on small sites to successfully develop the {property address} property.

Site & Neighborhood Information

{property address} is located near the northwest corner of Central Park, at the intersection of
Manhattan Avenue and 109th Street Manhattan block {block #}, lot {lot #}. The site is a corner lot,
measuring just under 101 along {Avenue Name} Avenue by 75 along {Street Name} Street for a total of
7,569 square feet of area. The lot is currently occupied by an approximately 15,000 square foot building,
built almost a century ago, used by the church.
The site sits almost on the border between three neighborhoods {Neighborhood 1}, {Neighborhood 2},
and {Neighborhood 3}, located at the northeasteast corner of Manhattan Community District {CD #},
which encompasses {CD Neighborhood 1} and {CD Neighborhood 2}. This placement positions the site to
both serve and be served by all three neighborhoods, though contextually it most resembles the
surrounding {Community Name} community. The site, additionally, is equidistant between
{neighborhood amenity 1} and {neighborhood amenity 2}, either one of which is within an easily
accessible three blocks.
The neighborhood is extremely walkable, with convenient access to a wide range of services and
amenities earning it a WalkScore of 95 Walkers Paradise from walkability research and rating site
Walkscore.com. It also has convenient access to multiple subway and bus lines serving primarily eastside and crosstown routes providing access to the rest of the borough and the City.

Project Overview & Design Objectives

{property address} will be a newly constructed, market-rate, mixed-use residential project. The project
will entail the redevelopment of church-owned land, which will be contributed to the project by the
church.

The project will be developed as-of-right under the current R8B zoning, which is a contextual zoning
district. The new development will yield approximately 11,500 square feet of new community facility
space for the church and an additional 24 residential units intended for sale as condominiums.
The redevelopment of the site will involve the demolition of the existing building and the construction
of a new 5-story building in its place. The new building will be approximately 30,000 square feet in floor
area. The church will be provided with the full ground floor and cellar (exclusive of areas required for
building services and residential entry) for their programming and use. Apartments would be located
on floors 2-5, approximately 6 units per floor, with a dedicated ground floor entry. No parking is
required on this site and none will be provided.
The project will be developed in accordance with sustainable design and construction practices and is
targeted to achieve the EnergyStar label through NYSERDA. The building could also achieve LEED
certification through the LEED for New Construction program of the US Green Buildings Council.
The estimated development cost for this project will be approximately $12.5 million.

Conclusion
{Company Name} is confident that our proposed development strategy will lead to a successful new
development and be of benefit to both parties. We sincerely hope that {Client Name} will consider us as
a long-term partner and allow us to enter into a mutually beneficial relationship. We are available to
answer any questions you may have and look forward to discussing this opportunity further.
After reviewing this document, the following are next steps to reach a final agreement:
Submission of questions/comments/suggestions
Counter-proposal or approval by {Client Name}
Negotiation of fees, terms, clauses, and conditions

Thank you for your interest.

Sincerely,

Contents
Development Analysis Cover
Confidentiality Statement
Executive Summary
Contents

o Development Proposal
Architectural Information
Zoning
Building Planning
Schematic Design
Financial Analysis
Draft Project Budget
Comparables Summary

o Due Diligence
Building & Property Information
Address Information
Maps
Photos
Department of Buildings Overview
Department of Finance Overview
Community Information
Maps
Walkability & Amenities
Community District Profiles
Financial Information
Sales Comps
Rental Comps

o Firm Profile

Development Proposal
Architectural Information

[Property Address]

Zoning & Building Planning

Lot Size

7569

Zoning
Max FAR
Max Buildable

R8B
4
30276

Lot Coverage
Net Floorplate

80%
6055.2

Efficiency
Net Unit Size/Floor

Stacking Plan
Cellar
Building Services
Community Facility
1st Floor
Residential Lobby
Community Facility
2nd Floor
Residential
3rd Floor
Residential
4th Floor
Residential
5th Floor
Residential
6th Floor
Residential
7th Floor
Residential
8th Floor
Residential
Total (excluding cellar)

90%
5449.68

6500
1000
5500
6500
500
6000
6055
6055
6055
6055
6055
6055
6055
6055
0
0
0

30720

Average Unit Sizes

Studio
1 Bedroom
2 Bedroom
3 Bedroom

400
675
900
1400

Total Unit Size/Floor

Studio
1 Bedroom
2 Bedroom
3 Bedroom
Total

0
1350
2700
1400
5450

Floor Area Summary

Back of House
Services
Garage
Residential
Lobby
Circulation
Living Area
Community Facility
Church
Commercial
empty

0
2
3
1

Cost/SF
1000

500
4238.64
19981.36
11500

50
50
50
265.7067961
300
100
300
100
100

Development Proposal
Financial Analysis

Project Summary
Total Project Size
66.42%
30.90%
0.00%
0.00%
2.69%

24720
11500
0
0
1000
37220

Residential SF
Community SF
Commercial SF
Garage SF
Back of House
Total Project SF

Total Units
0
8
12
4
24
0
24

# Parking Spaces

Unit Distribution %
0.00%
33.33%
50.00%
16.67%

Rooms/DU
2
3
4
5

0.00%
100.00%

Total Rooms
0
24
48
20
92
0
92

Unit Breakdown

Studio
One Bedroom
Two Bedroom
Three Bedroom
Subtotal
Super's Unit (2 BR)
Total

Unit Size Breakdown

Residential

Community
Commercial

Studio
One Bedroom
Two Bedroom
Three Bedroom
Use 1

Unit Size (sf)

400
675
900
1400
11500
0

Sources & Uses

Sales Model
Sources
Construction
Source 1
Source 2
Source 3
Source 4
Total Sources

Permanent
Source 1
Source 2
Source 3
Total Sources

Return on Investment:

TDC
$
12,554,219.99
$
$
$
$

6,951,424.33
21,600.00
948,000.00
4,818,031.57

12,739,055.90

$
$
$

18,868,625.00
21,600.00
948,000.00

19,838,225.00

55.37%
0.17%
7.55%
38.38%
Excess / (Shortfall)
$
184,835.91

Excess / (Shortfall)
$
7,284,005.01

Condominium Sales

151.18%

Rental Fallback Model

Sources
Construction
Source 1
Source 2
Source 3
Source 4
Source 5
Total Sources

Permanent
Source 1
Source 2
Source 3
Source 4
Source 5
Total Sources

Return on Investment:

TDC
$
10,358,521.15
$
$
$
$
$

6,951,424.33
21,600.00
948,000.00
836,354.89
1,601,141.93

10,358,521.16

$
$
$
$
$

6,951,424.33
21,600.00
948,000.00
650,338.20
1,787,158.62

10,358,521.15

67.11%
0.21%
9.15%
8.07%
15.46%
Excess / (Shortfall)
$
0.00

67.11%
0.21%
9.15%
6.28%
17.25%

Rental 10 year net cash flow

Rental 15 year net cash flow

Excess / (Shortfall)
$
(0.00)

81.36%
186.50%

Development Budget

Type
Acquisition Costs
Land
Demolition, Env, & Misc.
Total Acquisition
Hard Costs
Residential
Community
Commercial
Back of House

Multiplier

Total Cost
$
$
$

1,000,000,000.00
250,000.00
1,000,250,000.00

$
$
$
$
$
$
$

6,568,272.00
1,150,000.00
50,000.00
7,768,272.00
388,413.60
8,156,685.60

$
$
$
$
$
$
$
$
$
$
$

388,413.60
150,000.00
100,000.00
25,000.00
25,000.00
75,000.00
125,000.00
754,745.00
40,000.00

$
$

900.00
1,861.00

$
$
$
$
$
$

50,000.00
30,000.00
10,000.00
15,000.00
62,562.82
50,000.00

$
$
$
$
$

69,514.24
69,514.24
139,028.49
194,639.88
125,000.00

1%

$
$
$
$

304,130.81
50,000.00
10,000.00
77,682.72

0.5

126,078.00

5%

$
$
$

3,069,070.81
153,453.54
3,222,524.35

15%

1,165,240.80

265.7067961
100
0
50
Subtotal HC

Contingency

5%
Total HC

Soft Costs
Professional Fees
Arch & Engineering
Financial
Owner Legal
LEED Consultant
Owner's Representation
Accounting
Bank Engineer
Bank Legal
Marketing
Sales Comission
Controlled Inspections
Sustainability
LEED Registration
LEED Certification
Site
Environmental
Borings
Survey
Appraisal
Title Insurnace
Permits & Fees
Financing
Const. Loan Commitment
Perm. Loan Commitment
LoC/Bond Fees
Mortgage Recording Tax
Attorney General Plan
Carrying Costs
Construction Interest
Real Estate Taxes
Utilities
Insurance
Reserves
Lease Up Reserve
Replacement Reserve
Subtotal SC
Contingency
Total SC
Developer Fee

5%

4%

0.05

0.90%

1.00%
1.00%
2.00%
0.028

Notes

sales only

rental only

sales only

rental only

Residential Income
Sales Scenario
Unit Type

Unit Count

Studio
1 Bedroom
2 Bedroom
3 Bedroom

Price / SF

0
8
12
4

$
$
$
$

835.13
813.10
832.14
980.50

Single Unit Sales

Income
$
334,050.00
$
548,842.50
$
748,923.75
$
1,372,700.00

Total Unit Sales

Income
$
$
4,390,740.00
$
8,987,085.00
$
5,490,800.00
$ 18,868,625.00

Total Monthly
Income
21,710.00
42,510.00
23,240.00

Total Annual
Income
260,520.00
510,120.00
278,880.00
1,049,520.00

Rental Fallback Scenario

Unit Type

Unit Count

Studio
1 Bedroom
2 Bedroom
3 Bedroom

Monthly Rent

0
8
12
4

$
$
$
$

2,367.50
2,713.75
3,542.50
5,810.00

$
$
$
$

$
$
$
$
$

Parking Income
Count

Total Monthly
Income
$
$
-

Total Annual
Income
$
$
$
-

Total Monthly
Income
$
$
-

Total Annual
Income
$
$
$
-

20.00
20.00

Total Monthly
Income
$
$
-

Total Annual
Income
$
$
$
-

10.00
100.00

Total Monthly
Income
$
$
-

Total Annual
Income
$
$
$
-

Rent

Tenant Parking
Commercial Parking

0
0

$
$

150.00
150.00

Community Facility Income

Unit

Unit Size

Church
-

Rent / SF

11,500

$
$

Commercial Income
Unit

Unit Size

Retail
-

Rent / SF

$
$

Additional Income
Type

Laundry
Storgae

Total Annual Income

Count

Rent

0
0

$
$

Rental
Additional

1,049,520.00
-

Total

1,049,520.00

Residential Maintenance & Operating Expenses

Supplies / Cleaning / Exterminating
Heating
Gas & Electricity
Cooking Gas
Repairs
Legal & Accounting
Painting
Staff Salaries
Super
1
Porter
1
Doorman/Front Desk
0
Elevator Maintenance & Repair
2
Management Fee
5%
Water & Sewer
Fire & Liability Insurnace
LIHTC Monitoring Fee

$
$
$
$
$
$
$

50.00
350.00
150.00
100.00
400.00
350.00
40.00

per room
per room
per room
per unit
per unit
per unit
per room

$
50,000.00 annually
$
30,000.00 annually
$
30,000.00 annually
$
5,000.00 per elevator
Gross Residential Income
$
250.00 per room
$
500.00 per unit
$
per unit

Subtotal M&O
Replacement Reserve
Replacement Reserve

250.00 per unit

Subtotal Replacement Reserve

Taxes
Real Estate Taxes

15.00%
Subtotal Taxes

Total Expenses

$
$
$
$
$
$
$

4,600.00
32,200.00
13,800.00
2,400.00
9,600.00
8,400.00
3,680.00

$
$
$
$
$
$
$
$

50,000.00
30,000.00
10,000.00
52,476.00
23,000.00
12,000.00
-

252,156.00

6,000.00

6,000.00

157,428.00

157,428.00

415,584.00

Construction Interest Calculation

Construction Period (Months)
Lease Up Period (Months)
Total Construction Interest
18 $
6 $
$

1.25 $
1.5 $

Net Operating Income

Available Debt Service

Debt Coverage Ratio

$
$
15% $

Total Expenses

Expenses
Maintenance & Operating Expenses
Replacement Reserve
Real Estate Taxes

Net Income

$
0% $

Ancillary
Less Ancillary Vacancy

$
10% $

Community
Less Community Vacancy
$
5% $

$
10% $

Commercial Income
Less Commercial Vacancy

Parking
Less Parking Vacancy

$
5% $

Net Operating Income Calculation

Income
Residential Income
Less Residential Vacancy

273,712.33
30,418.48
304,130.81

465,168.00
387,640.00

581,460.00

415,584.00

252,156.00
6,000.00
157,428.00

997,044.00

1,049,520.00
(52,476.00)

Total Mortgage Amount

Total Supportable Mortgage @ 1.5 DCR

Debt Service @ 1.5 DCR

Total Supportable Mortgage @ 1.25 DCR

Annual Debt Service @ 1.25 DCR

Bank Mortgage
Loan Amortization Term (Years)
Interest Rate
Base Rate
Mortgage Insurance
Enhancement & Servicing Fee
Liquidity
Remarketing
Add'l Fees
Total Interest Rate

Loan Sizing for Rental Fallback Scenario

6,951,424.33

5,792,853.61
$387,640.00

6,951,424.33
$465,168.00

4.00%
0.00%
1.00%
0.00%
0.25%
0.00%
5.25%

30

$0 $
$5 $

Total Expenses

NOI

Debt Service
Mortgage

Net Cash Flow After DS

Master Lease Income

Community Income
Commercial Income

Deferred Dev Fee Repayment

Net Cash Flow After DS & Lease

Expense
M&O Expenses 3% $
RE Taxes 15% $
Replacement Reserve 3% $

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

59,129.58 $

(65,033.82) $

124,163.40 $

465,168.00

589,331.40

407,712.60 $

252,156.00
149,556.60
6,000.00

997,044.00 $

(52,476.00)
-

Less Residential Vacancy 5% $

Less Community Vacancy 10% $
Less Commercial Vacancy 10% $
Less Parking Vacancy 5% $
Less Ancillary Vacancy 0% $

Total Income

1,049,520.00
-

3%
5%
5%
3%
3%

Year 1

$
$
$
$
$

Income
Residential Income
Community Income
Commercial Income
Parking Income
Ancillary Income

Rental Fallback Cash Flow

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

76,809.52 $

(65,033.82) $

141,843.34 $

465,168.00

607,011.34

419,943.98 $

259,720.68
154,043.30
6,180.00

1,026,955.32 $

(54,050.28)
-

1,081,005.60
-

Year 2

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

95,019.86 $

(65,033.82) $

160,053.68 $

465,168.00

625,221.68

432,542.30 $

267,512.30
158,664.60
6,365.40

1,057,763.98 $

(55,671.79)
-

1,113,435.77
-

Year 3

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

113,776.51 $

(65,033.82) $

178,810.33 $

465,168.00

643,978.33

445,518.57 $

275,537.67
163,424.53
6,556.36

1,089,496.90 $

(57,341.94)
-

1,146,838.84
-

Year 4

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

133,095.86 $

(65,033.82) $

198,129.68 $

465,168.00

663,297.68

458,884.12 $

283,803.80
168,327.27
6,753.05

1,122,181.81 $

(59,062.20)
-

1,181,244.01
-

Year 5

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

152,994.79 $

(65,033.82) $

218,028.61 $

465,168.00

683,196.61

472,650.65 $

292,317.91
173,377.09
6,955.64

1,155,847.26 $

(60,834.07)
-

1,216,681.33
-

Year 6

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

173,490.69 $

(65,033.82) $

238,524.51 $

465,168.00

703,692.51

486,830.17 $

301,087.45
178,578.40
7,164.31

1,190,522.68 $

(62,659.09)
-

1,253,181.77
-

Year 7

194,601.47

(65,033.82)

259,635.29

465,168.00

724,803.29

501,435.07

310,120.07
183,935.75
7,379.24

1,226,238.36

(64,538.86)
-

1,290,777.22
-

Year 8

465,168.00
281,379.39 $

(65,033.82) $
216,345.57 $

$0 $
$5 $

Debt Service
Mortgage

Net Cash Flow After DS

Master Lease Income

Community Income
Commercial Income

Deferred Dev Fee Repayment

Net Cash Flow After DS & Lease

746,547.39

NOI

$
$

516,478.12 $

$
$
$

319,423.68
189,453.83
7,600.62

1,263,025.51 $

$
$
$
$
$

$
$
$
$
$

Total Expenses

Expense
M&O Expenses 3% $
RE Taxes 15% $
Replacement Reserve 3% $

(66,475.03)
-

Less Residential Vacancy 5% $

Less Community Vacancy 10% $
Less Commercial Vacancy 10% $
Less Parking Vacancy 5% $
Less Ancillary Vacancy 0% $

Total Income

1,329,500.54
-

3%
5%
5%
3%
3%

Year 9

$
$
$
$
$

Income
Residential Income
Community Income
Commercial Income
Parking Income
Ancillary Income

Rental Fallback Cash Flow

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

238,741.99 $

(65,033.82)

303,775.81 $

465,168.00

768,943.81

531,972.47 $

329,006.39
195,137.44
7,828.64

1,300,916.27 $

(68,469.28)
-

1,369,385.55
-

Year 10

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

326,844.12 $

326,844.12 $

465,168.00

792,012.12

547,931.64 $

338,876.58
200,991.56
8,063.50

1,339,943.76 $

(70,523.36)
-

1,410,467.12
-

Year 11

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

350,604.48 $

350,604.48 $

465,168.00

815,772.48

564,369.59 $

349,042.88
207,021.31
8,305.40

1,380,142.08 $

(72,639.06)
-

1,452,781.13
-

Year 12

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

375,077.66 $

375,077.66 $

465,168.00

840,245.66

581,300.68 $

359,514.16
213,231.95
8,554.57

1,421,546.34 $

(74,818.23)
-

1,496,364.57
-

Year 13

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

400,285.03 $

400,285.03 $

465,168.00

865,453.03

598,739.70 $

370,299.59
219,628.91
8,811.20

1,464,192.73 $

(77,062.78)
-

1,541,255.50
-

Year 14

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

426,248.62 $

426,248.62 $

465,168.00

891,416.62

616,701.89 $

381,408.57
226,217.78
9,075.54

1,508,118.51 $

(79,374.66)
-

1,587,493.17
-

Year 15

452,991.12

452,991.12

465,168.00

918,159.12

635,202.95

392,850.83
233,004.31
9,347.80

1,553,362.06

(81,755.90)
-

1,635,117.96
-

Year 16

$0 $
$5 $

Master Lease Income

Community Income
Commercial Income

Net Cash Flow After DS & Lease

480,535.89 $

Net Cash Flow After DS

Deferred Dev Fee Repayment

465,168.00

Debt Service
Mortgage

$
$

480,535.89 $

945,703.89

NOI

654,259.03 $

$
$
$

404,636.36
239,994.44
9,628.24

1,599,962.93 $

$
$
$
$
$

$
$
$
$
$

Total Expenses

Expense
M&O Expenses 3% $
RE Taxes 15% $
Replacement Reserve 3% $

(84,208.58)
-

Less Residential Vacancy 5% $

Less Community Vacancy 10% $
Less Commercial Vacancy 10% $
Less Parking Vacancy 5% $
Less Ancillary Vacancy 0% $

Total Income

1,684,171.50
-

3%
5%
5%
3%
3%

Year 17

$
$
$
$
$

Income
Residential Income
Community Income
Commercial Income
Parking Income
Ancillary Income

Rental Fallback Cash Flow

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

508,907.01 $

508,907.01 $

465,168.00

974,075.01

673,886.81 $

416,775.45
247,194.27
9,917.09

1,647,961.81 $

(86,734.83)
-

1,734,696.65
-

Year 18

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

538,129.26 $

538,129.26 $

465,168.00

1,003,297.26

694,103.41 $

429,278.71
254,610.10
10,214.60

1,697,400.67 $

(89,336.88)
-

1,786,737.55
-

Year 19

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

568,228.18 $

568,228.18 $

465,168.00

1,033,396.18

714,926.51 $

442,157.07
262,248.40
10,521.04

1,748,322.69 $

(92,016.98)
-

1,840,339.67
-

Year 20

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

599,230.06 $

599,230.06 $

465,168.00

1,064,398.06

736,374.31 $

455,421.78
270,115.86
10,836.67

1,800,772.37 $

(94,777.49)
-

1,895,549.86
-

Year 21

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

631,162.00 $

631,162.00 $

465,168.00

1,096,330.00

758,465.54 $

469,084.44
278,219.33
11,161.77

1,854,795.54 $

(97,620.82)
-

1,952,416.36
-

Year 22

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

664,051.90 $

664,051.90 $

465,168.00

1,129,219.90

781,219.50 $

483,156.97
286,565.91
11,496.62

1,910,439.41 $

(100,549.44)
-

2,010,988.85
-

Year 23

697,928.50

697,928.50

465,168.00

1,163,096.50

804,656.09

497,651.68
295,162.89
11,841.52

1,967,752.59

(103,565.93)
-

2,071,318.52
-

Year 24

$0 $
$5 $

Master Lease Income

Community Income
Commercial Income

Net Cash Flow After DS & Lease

732,821.40 $

Net Cash Flow After DS

Deferred Dev Fee Repayment

465,168.00

$
$

732,821.40 $

Debt Service
Mortgage

1,197,989.40

NOI

828,795.77 $

$
$
$

512,581.23
304,017.78
12,196.76

2,026,785.17 $

$
$
$
$
$

$
$
$
$
$

Total Expenses

Expense
M&O Expenses 3% $
RE Taxes 15% $
Replacement Reserve 3% $

(106,672.90)
-

Less Residential Vacancy 5% $

Less Community Vacancy 10% $
Less Commercial Vacancy 10% $
Less Parking Vacancy 5% $
Less Ancillary Vacancy 0% $

Total Income

2,133,458.07
-

3%
5%
5%
3%
3%

Year 25

$
$
$
$
$

Income
Residential Income
Community Income
Commercial Income
Parking Income
Ancillary Income

Rental Fallback Cash Flow

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

768,761.08 $

768,761.08 $

465,168.00

1,233,929.08

853,659.64 $

527,958.67
313,138.31
12,562.67

2,087,588.72 $

(109,873.09)
-

2,197,461.81
-

Year 26

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

805,778.95 $

805,778.95 $

465,168.00

1,270,946.95

879,269.43 $

543,797.43
322,532.46
12,939.55

2,150,216.38 $

(113,169.28)
-

2,263,385.67
-

Year 27

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

843,907.36 $

843,907.36 $

465,168.00

1,309,075.36

905,647.52 $

560,111.35
332,208.43
13,327.73

2,214,722.88 $

(116,564.36)
-

2,331,287.24
-

Year 28

$
$
$
$
$

$
$
$
$
$

$
$
$

$
$

883,179.62 $

883,179.62 $

465,168.00

1,348,347.62

932,816.94 $

576,914.69
342,174.68
13,727.57

2,281,164.56 $

(120,061.29)
-

2,401,225.85
-

Year 29

923,630.05

923,630.05

465,168.00

1,388,798.05

960,801.45

594,222.13
352,439.92
14,139.39

2,349,599.50

(123,663.13)
-

2,473,262.63
-

Year 30

Rental

Sales

Unit Type
Studio
1 Bedroom
2 Bedroom
3 Bedroom

Unit Type
Studio
1 Bedroom
2 Bedroom
3 Bedroom

Comparables Summary

$
$
$
$

$
$
$

Average Price
1,894
2,171
2,834
4,648

Average Price
251,622
435,507
694,791
1,167,475
$

515
700
913
1,363

Average Size

377
670
1,044
1,488

Average Size

$
$
$
$

$
$
$
$

Average Price/SF
3.68
3.10
3.11
3.41

Average Price/SF
668.10
650.48
665.71
784.40

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Building & Property Information

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Community Information

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Financial Information

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