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Table C-8
<br /> Retail Residual Land Value
<br /> East Pleasanton Specific Plan Infrastructure Feasibility Analysis; EPS#121090
<br /> Item Assumption Per Bldg.Sq.Ft. Total
<br /> DEVELOPMENT PROGRAM
<br /> Gross Leasable Area(sq.ft.) 13,068 sq.ft.
<br /> Efficiency Ratio 95%
<br /> Net Leasable Area(sq.ft.) 12,415 sq.ft.
<br /> Parking Ratio(spaces per 1,000 sq.ft.) 4.0
<br /> Total Spaces 52
<br /> REVENUE ASSUMPTIONS
<br /> Gross Revenue(NNN) $28.00 /NLA sq.ft. $28.00 $347,609
<br /> (less)Commissions 3.0% ($0.84) ($10,428)
<br /> (less)Vacancy Rate 4.0% 1$1.121 ($13,904)
<br /> Subtotal,Annual Net Operating Income $26.04 $323,276
<br /> Capitalized Value 6.6% cap rate $374.82 $4,898,124
<br /> (less)Cost of Sale 2.0% ($7.50) 1$97,962)
<br /> Total Revenue $367 $4,800,162
<br /> DEVELOPMENT COSTS
<br /> Direct Costs
<br /> Building Construction Cost $120 /GLA sq.ft. $120.00 $1,568,160
<br /> Site Improvement Cost $10.0 /land sq.ft. $33.33 $435,600
<br /> Parking Construction Cost(1) $0 /space
<br /> Total Direct Costs $153 $2,003,760
<br /> Indirect Costs
<br /> Tenant Improvements $40 /GLA sq.ft. $40.00 $522,720
<br /> Impact Fees
<br /> Water $124,230 /acre $9.51 $124,230
<br /> Wastewater $44,170 /acre $3.38 $44,170
<br /> Public Facilities $7,318 /acre $0.56 $7,318
<br /> Traffic Development $163,219 /acre $12.49 $163,219
<br /> Tri-Valley Transportation Committee Fee $19,863 /acre $1.52 $19,863
<br /> Impervious Surface $37,026 /acre $2.83 $37,026
<br /> In-lieu Park Dedication Fee $0 /acre $0.00 $0
<br /> GIS Fee $87 /acre $0.01 $87
<br /> School Impact Fee $6,142 /acre $0.47 $6,142
<br /> Other Indirect Costs(2) 15.0% of direct costs 23 $300,564
<br /> Total Indirect Costs 61.2% of direct costs $94 $1,225,340
<br /> Subtotal,Direct and Indirect Costs $247.10 $3,229,100
<br /> Contingency(%of direct and indirect costs) 5.0% of direct and indirect costs $12 $161,455
<br /> Developer Return(%of direct and indirect costs) 14.0% of direct and indirect costs $35 $452,074
<br /> Total Costs $294.05 $3,842,629
<br /> RESIDUAL LAND VALUE $73.31 $958,000
<br /> (1)Covered under site improvements.
<br /> (2)Include architecture&engineering,financing,and G&A costs.
<br /> Source:Economic&Planning Systems,Inc.
<br /> Economic&Planning Systems,Inc. 7/25/2013 P:11210001121090EastPleasantontnataVn/restrucNm FeasibililylFeasibility Calcs]22.13.xlsx
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