Monthly

Unit Type Bed$/$Bath NRSF Units Rents

Townhome Interior $3$ bed$/2\mathrm{.}5$ bath $1,55050$ Mkt

Townhome Exterior $3$ bed$/2\mathrm{.}5$ bath $1,55050$ Mkt

Total $/$ Wgtd $155,000100$

Development Inputs

Unit Delivery Per Month $10$ Assume $5$ of each unit type

Land Closing Date $6/1/2024$

Vertical Construction Start Month $8$

First Units Month $14$

Unit Absorption$/$Month $8$

Yearly Operating Expenses Per Unit

G&A $$350$

Marketing $$250$

Property Management Fee $3\mathrm{.}50\%\%$ of total gross income

Payroll $$1,300$

Repairs & Maintenance $$350$

Common Area Utilities $$400$

Service Contracts $$325$

Insurance $$750$

Property Taxes Mkt

Replacement Reserve $$200$

Turnover $$500$

NOI & Cash Flow Assumptions

Other Income Per Unit Per Year Mkt

Growth Rate Start After $2025$

Expense growth $2\mathrm{.}0\%$

Income growth $3\mathrm{.}0\%$

Vacancy $5\mathrm{.}0\%$

Dbt Assumptions

LTC $60\mathrm{.}0\%$

Fixed $($interest only$)6\mathrm{.}5\%$

Budget

Land $$2,000,000$ Assume spent Day $0/$ at Closing

Total Hard Costs $$20,000,000$ Straightline Month $8-23$

Total Soft Costs $$6,570,000$ Straightline Month $0-23$

Legal Costs $$150,000$ Assume spent Day $0/$ at Closing

Developer Fee $$1,100,000$ Straightline Month $0-23$

Financing Costs $1\mathrm{.}00\%$ of Loan Principal paid at Closing

Capitalized Interest Reserve $1$ Year

Lease$-$up

First Units Month $14$

Opex Begins Month $13$

Lease$-$up Begins Month $14$

Lease$-$up Complete Month $26$

Exit

Year $5$

Exit Cap $5\mathrm{.}75\%$

Cost of Sale $1\mathrm{.}5\%$