ABCDEFGHIJKLMNOPQRSTUVWXYZ
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All Units Inclusionary Units
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Project No of UnitsGFADwelling unit Floor Area (DUFA)Studio- No. of Units1 BR -No. of Units2 BR -No. of Units3 BR-No. of UnitsStudio- No. of Units1 BR -No. of Units2 BR -No. of Units3 BR-No. of UnitsRequired Inclusionary SFRequired 3BR
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Small Project -Rental1513,00010,4005640111020800
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Small Project -Condo1513,00010,4005640111020800
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Medium Project-Rental4243,55034,840316167033269681
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Medium Project Condo4243,55034,840316167033269681
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Large Project -Rental4950,00040,000517216144180001
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ProjectStudio SF/unit1 BR SF/unit2 BR SF/unit3 BR SF/unit
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Small & medium projects5007009001100
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Large Project5007009001100
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Rental Income for Inclusionary Zoning (IZ) Units
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Factor/ ParameterSF/UnitsHousehold Size/UnitAMIIncome @ .65 AMI30% of Income/25% for studiosLess Annual Utility Allowance*Net Annual Rent/Unit Total Annual Rent/Unit Type
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Building Gross Floor Area (GFA)10,000
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Dwelling Unit Floor Area (DUFA)7900
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Required IZ DUFA @ .201580
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Required 3 BR Units0
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Number of 3 BR Units011004$149,300$97,045$29,113.50-3336$25,778$0
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Number of 2 BR Units19003$134,400$87,360$26,208.00-2388$23,820$23,820
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Number of 1 BR Units17002$119,400$77,610$23,283.00-1716$21,567$21,567
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Number of Studio Units15001$104,500$67,925$16,981.25-1236$15,745$15,745
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Total Affordable Units32100
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Total Gross Rent Inclusionary Zoning Units$61,132
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Percent affordable DUFA20.39%
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Rental Income for Market Rate Units
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Market Rate Units- DUFA Number of UnitsSF Per UnitTotal Unit SFRent/SFAnnual Rent/Unit Type
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3 BR SF011000$4.45$0
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2 BR SF39002700$4.35$140,940
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1 BR SF57003500$5.00$210,000
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Studio SF45002000$5.50$132,000
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Total Market Rate Units128200
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Total Gross Rent Marlet Rate Units$482,940
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Annual Cash Flow Statement
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Total Gross Rental Income$544,072
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Parking Revenue$0
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On-site Laundry Revenue$0
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Other Revenue$0
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Total Gross Annual Revenue$544,072
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Less Vacancy and Collection Loss-$27,204
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Less Operating Expenses-$150,000
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Net Cash Flow Before Debt $366,869
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Cash Flow for Debt Service @ 1.25$293,495
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Annual Debt Service -$293,493
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Net Cash Flow After Debt Service $73,376
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Debt Principal($3,102,024)
round to 3,102,000
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Development Costs and Sources of Funds
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Gross Building Floor Area13,000
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Construction TypePodium & Stick built
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Use of FundsCost/GFA SF Cost/Unit Amount
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Land acquisition -based on 11 units before density bonus
87000$957,000
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Land development$0
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Building construction/hard costs$350$4,550,000
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Parking construction Costs$0$0
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Soft Costs20%$910,000
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Total Development Cost$6,417,000
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Sources of FundsPercentAmount
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Developer/Investor Equity 51.7%$3,315,000
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Debt48.3%$3,102,000
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Total Sources of Funds$6,417,000
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Debt Amortization Period300
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Debt Interest Rate8.25%
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Annual Debt Service($293,493)
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Financial Returns
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Return on Cost Percentage*5.72%
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*Net cash flow before debt/total development cost
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IRR Analysis with Building Sale in Year 3
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Assumes constant rent and costs
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Year 0Year 1Year 2Year 3
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Equity investment-$1,105,000-$1,105,000-$1,105,000
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Net Cash Flow Before Debt Service$366,869
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Sale in Year 3-stablized net income$7,337,373
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Less sales cost (5%)-$366,869
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Less debt payoff - principal + 1 years interest-$3,357,915
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Net Sales proceeds$3,612,589
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Net Cash Flow-$1,105,000-$1,105,000-$1,105,000$3,979,458
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Cap rate5.00%
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IRR9.42%
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