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Clinton St. Retail
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BOE Financial model - Briq
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KEY INPUTS
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Property details
Lease Commission
%Rent / SqftTotal amount
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Ground-floor retail size (Sqft) 1,512 Year 16% $ 95 $ 8,618
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Basement / storage size (Sqft) 500 Year 25% $ 98 $ 7,397
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Hard / soft cost - Venting & gas installation $ 55,000 Years 3-44% $ 101 $ 12,191
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Key datesTotal $ 28,207
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Rent start2022
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Exit date2024
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Acquisition inputs
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Purchase price $ 3,300,000
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Legal / fiscal costs $ 22,400
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Title insurance / Acquisition costs1.0%
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Management fee5.0%
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Trust creation $ 23,200
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Rent inputs
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Retail rent - USD / Sqft $ 95
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Annual rent adjustment3.0%
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Security deposit (# of months' rent) 4.5
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Retail Common Area Maintenance (CAM) $ 40,000
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Refinancing
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Debt LTV65.0%
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Interest rate3.5%
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Mortgage origination cost1.0%
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Interest-only period (Years) 1
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Amortization period (Months) 25
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Mortgage start2022
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Exit inputs
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Tenant improvements $ 750,000
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Annual appreciation (%)7.0%
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Sales Commission4.5%
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CASH FLOW MODEL
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 1 2 3 4 5 6 7 8 9
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202120222023202420252026202720282029
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Annual rent adjustment3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%
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Retail rent (USD / Sqft) 95.0 97.9 100.8 103.8 - - - - -
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Retail rental income $ - $ 73,975 $ 152,388 $ 156,959 $ - $ - $ - $ - $ -
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Lease commission $ (28,207) $ - $ - $ - $ - $ - $ - $ - $ -
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Security deposit $ 53,865 $ - $ - $ (53,865) $ - $ - $ - $ - $ -
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Retail vacancy0%50%0%0%0%0%0%0%0%
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Retail CAM & real estate tax $ - $ (40,000) $ (41,200) $ (42,436) $ - $ - $ - $ - $ -
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Retail sale $ - $ - $ - $ 4,743,000 $ - $ - $ - $ - $ -
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Retail sales commission $ - $ - $ - $ (213,435) $ - $ - $ - $ - $ -
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Total Cash Flows $ 25,658 $ 33,975 $ 111,188 $ 4,590,223 $ - $ - $ - $ - $ -
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Costs
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Retail purchase $ 3,300,000 $ - $ - $ - $ - $ - $ - $ - $ -
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Title insurance / Acquisition costs $ 33,000 $ - $ - $ - $ - $ - $ - $ - $ -
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Funding Fee $ 55,000 $ - $ - $ - $ - $ - $ - $ - $ -
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Legal / Fiscal costs $ 22,400 $ - $ - $ - $ - $ - $ - $ - $ -
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Trust $ 23,200 $ - $ - $ - $ - $ - $ - $ - $ -
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Briq fundraising $ 67,640 $ - $ - $ - $ - $ - $ - $ - $ -
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Management $ - $ 3,699 $ 7,619 $ 7,848 $ - $ - $ - $ - $ -
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Total Costs $ 3,501,240 $ 3,699 $ 7,619 $ 7,848 $ - $ - $ - $ - $ -
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Unlevered CF $ (3,475,582) $ 30,276 $ 103,568 $ 4,582,375 $ - $ - $ - $ - $ -
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IRR10.9%
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Leverage
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Drawdown $ - $ 2,275,806 $ - $ - $ - $ - $ - $ - $ -
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Cumulative debt $ - $ 2,275,806 $ 2,275,806 $ 2,275,806 $ 0 $ 0 $ 0 $ 0 $ 0
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Interest $ - $ (39,827) $ (79,653) $ (79,653) $ (0) $ (0) $ (0) $ (0) $ (0)
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Amortization $ - $ - $ - $ (91,032) $ - $ - $ - $ - $ -
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Origination fee $ - $ (22,758) $ - $ - $ - $ - $ - $ - $ -
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Payment $ - $ - $ - $ (2,184,774) $ - $ - $ - $ - $ -
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Debt Cash Flows $ - $ 2,213,221 $ (79,653) $ (2,355,459) $ (0) $ (0) $ (0) $ (0) $ (0)
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Leveraged CF $ (3,475,582) $ 2,243,497 $ 23,915 $ 2,226,916 $ (0) $ (0) $ (0) $ (0) $ (0)
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Cumulative $ (3,475,582) $ (1,232,085) $ (1,208,170) $ 1,018,747 $ 1,018,747 $ 1,018,747 $ 1,018,747 $ 1,018,747 $ 1,018,747
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IRR14.24%
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%-100.0%64.6%0.7%64.1%0.0%0.0%0.0%0.0%0.0%
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$1,168,862.04$12,459.76$1,160,223.30$0.00$0.00$0.00$0.00$0.00
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EXIT
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Exit inputs14.2%4.0%5.0%7.0%8.0%9.0%
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Core appreciation21.0%13012.5%13.7%15.9%17.0%18.1%
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Total appreciation35.5%12012.0%13.2%15.5%16.5%17.6%
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Years311011.5%12.7%15.0%16.1%17.1%
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Annual appreciation (%)7.0%10011.0%12.2%14.5%15.6%16.7%
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9010.5%11.7%14.0%15.1%16.2%
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Exit price
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Exit price $ 3,993,000 14.2%4.0%5.0%7.0%8.0%9.0%
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Tenant improvements $ 750,000 1,000,000 14.4%15.6%17.7%18.7%19.7%
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Net exit $ 4,743,000 850,000 12.7%13.9%16.1%17.1%18.2%
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 750,000 11.5%12.7%15.0%16.1%17.1%
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Exit Cap Rate2% 600,000 9.7%10.9%13.3%14.4%15.5%
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 450,000 7.7%9.0%11.5%12.7%13.8%
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14.2%2022 2023 2024 2025 2025
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75%17.4%15.9%15.9%15.5%15.5%
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70%17.5%15.6%15.4%15.0%15.0%