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. <br />^ SCENARIO 4 - ASS~UMPTIONS ^ <br />Building Construction: Three story, wood frame, average to good quality construction, <br />built over one basement level of parking. Parking level will be <br />concrete. <br />Building Size: 47,018 square feet of Gross Building Area (GBA) <br /> 39,382 square fee# of Net Rentabie Area (NRA) <br />Building Use: 12,000 square feet of ground floor retail with 28 apartment units <br /> above (14 on the second floor and 14 on the third floor). Average <br /> size per unit will be 978 square feet. Units will be iwo bedroom and <br /> 1wo bathroom. Each unit v~n'll contain standard kitchen appliances <br /> including a range with oven and hood, dishwasher, garbage <br /> disposal, and refrigerator. In addition, it is assumed there will be a <br /> full size, side by side, washer and dryer in each unit. Freplaces are <br /> not anticipated. <br />pcr{cing: 56 - Based on one space per 1,000 square feet of NRA for the <br /> retail space and one and a half spaces per apartment unit. <br />Income Analysis: Rent is estimated at $1.30/SF on a triple net basis for the retail <br /> spc~ce. Expenses to the landlord include only management at 3qb <br /> of effective gross income and~structural repairs as 29b of effective <br /> gross income. Rent for the apartments is estimated at $615 per unit <br /> or $0.63 per square foot. Apartment expenses ~are estimated at <br /> 309b of effective gross income, based on market standards. Net <br /> operating income is capital'¢ed at 9.00°6. <br />Cost Analysis: ~ Base cost per square foot of $63.00 based on the Marshal <br />Valuc~tion Service: Improvemenf costs excludes infrasfivcture, <br /> foundation, and landscapi~g costs. Absorption costs include <br /> $140,000 for retail and $50,000 for the apartment units. <br />P99239 P~e~, GROTM 8~ PiEnu-, INC. ~ <br />