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Table C-5
<br /> Garden Apartments Residual Land Value
<br /> East Pleasanton Specific Plan Infrastructure Feasibility Analysis; EPS#121090
<br /> Item Assumption Per Unit Total(per acre)
<br /> DEVELOPMENT PROGRAM
<br /> Units 30
<br /> Net Area 1,000 sq.ft.per unit 30,000 sq.fl.
<br /> Efficiency Ratio 85%
<br /> Gross Area 35,294 sq.ft.
<br /> Parking Ratio(spaces per unit) 2.0
<br /> REVENUE ASSUMPTIONS
<br /> Gross Revenue $28 /net sq.ft./year $28,000 $840,000
<br /> (less)Operating Expenses 30% ($8,400) ($252,000)
<br /> (less)Vacancy Rate 5.0% I$1.4001 f$42,000)
<br /> Subtotal,Annual Net Operating Income $18,200 $546,000
<br /> Capitalized Value 4.8% cap rate $383,158 $11,494,737
<br /> (less)Cost of Sale 3.0% j$11.495) f$344.8421
<br /> Total Revenue $371,663 $11,149,895
<br /> DEVELOPMENT COSTS
<br /> Direct Costs
<br /> Building Construction Cost(1) $175 /GLA sq.ft. $205,882 $6,176,471
<br /> Site Improvement Cost $5.0 /land sq.ft. $7,260 $217,800
<br /> Parking Construction Cost $3,000 per space $6,000 $180,000
<br /> Total Direct Costs $219,142 $6,574,271
<br /> Indirect Costs
<br /> Impact Fees
<br /> Water $6,617 per unit $6,617 $198,510
<br /> Wastewater $9,807 per unit $9,807 $294,210
<br /> Public Facilities $2,736 per unit $2,736 $82,080
<br /> Traffic Development $3,125 per unit $3,125 $93,750
<br /> Tri-Valley Transportation Committee Fee $1,450 per unit $1,450 $43,500
<br /> Impervious Surface $1,234 per unit $1,234 $37,026
<br /> In-lieu Park Dedication Fee $7,969 per unit $7,969 $239,070
<br /> GIS Fee $3 per unit $3 $87
<br /> School Impact Fee $3,040 per unit $3,040 $91,200
<br /> Other Indirect Costs(2) 18_0% of direct costs $39.446 $1,183,369
<br /> Total Indirect Costs 34.4% of direct costs $75,427 $2,262,802
<br /> Subtotal,Direct and Indirect Costs $294,569 $8,837,072
<br /> Contingency(%of direct and indirect costs) 5.0% of direct and indirect costs $14,728 $441,854
<br /> Developer Return(%of direct and indirect costs) 15.0% of direct and indirect costs $37.56 $1,325 561
<br /> Total Costs $353,483 $10,604,487
<br /> RESIDUAL LAND VALUE $18,167 $545,000
<br /> (1)Includes building permits.
<br /> (2)Include architecture 8 engineering,financing,and G 8 A costs.
<br /> Source:Economic 8 Planning Systems,Inc.
<br /> Econontic&Planning Systems,Inc. 7/25/2013 P 11210001121090EasIPleasanfoniDafaunsastwc fore FeasiOililyiceasibility Cetcs J 2l 13 xlsx
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