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Table C-7
<br /> Inclusionary 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.ft.
<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(1) $14.96 /net sq.8./year $14,963 $448,875
<br /> (less)Operating Expenses 30% ($4,489) ($134,663)
<br /> (less)Vacancy Rate 5.0% (57481 1522,4441
<br /> Subtotal,Annual Net Operating Income $9,726 $291,769
<br /> Capitalized Value 4.8% cap rate $204,750 $6,142,500
<br /> (less)Cost of Sale 3.0% ($6,1431 1$184 275)
<br /> Total Revenue $198,608 $5,958,225
<br /> DEVELOPMENT COSTS
<br /> Direct Costs
<br /> Building Construction Cost(2) $175 /CIA 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
<br /> $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 $2,970 per unit $2,970 $89,100
<br /> Other Indirect Costs(3) 18.0% of direct costs $39.446 51,183.369
<br /> Total Indirect Costs 34.4% of direct costs $75,357 $2,260,702
<br /> Subtotal,Direct and Indirect Costs $294,499 $8,834,972
<br /> Contingency(%of direct and indirect costs) 5.0% of direct and indirect costs $14,725 $441,748.62
<br /> Developer Return(%of direct and indirect costs) 15.0% of direct and indirect costs $37.55 $1,325,246
<br /> Total Costs $353,399 $10,601,967
<br /> RESIDUAL LAND VALUE ($154,800) ($4,644,000)
<br /> (1)Based on the even mix of low and moderate income thresholds as specified by HCD 2013 income limits for Alameda County.
<br /> (2)Includes building permits.
<br /> (3)Include architecture&engineering,financing,and G&A costs.
<br /> Source:Economic&Planning Systems,Inc.
<br /> Economic&Planning Systems,Inc. 146/2013 P 1f21000112f090Eas tPleasanlonIDataVnbastmcture FeasibilityIFeasibility Cats)22.13 xlsx
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