INC WSIO NARY ZONING ANALYSIS 2 1
Table 9. 25-Unit Multifamily (Stick) Rental Development
No _Inclusionary
Inclusionary 80%
Inclusionary 80%
AMI W/ Adjusted
Land Value and
Adjusted Land | AMI W/ Adjusted | Bonus Market
No Inclusionary Value Land Value Units
Location Amherst/Exit 1 Amherst/Exit 1 Amherst/Exit 1 Amherst/Exit 1
25-Unit 25-Unit 25-Unit 25-Unit
Unit Style Multifamily Multifamily Multifamily Multifamily
Unit Type Rental Rental Rental Rental
Construction Type MF - Stick Only MF - Stick Only MF - Stick Only MF - Stick Only
Construction Cost $185 $185 $185 $185
Number of Units 25 25 25 26
Market Rate Units 25 25 23 24
Affordable Units oO oO 2 2
Parking Surface Surface Surface Surface
Special Permit No No No No
Inclusionary % 0% 0% 10% 10%
Inclusionary Treatment No Inclusionary No Inclusionary Proposed Proposed
Inclusionary Units 0 O 2 2
Payment in Lieu so so $18,219 $18,219
AMI Split oO oO 80% 80%
IRR 13.58% 15.08% 14.34% 14.93%
NPV ($239,329) $13,268 ($108,064) ($11,689)
All costs $6,626,402 $6,296,489 $6,296,489 $6,409,734
Land cost $1,250,000 $920,087 $920,087 $920,087
Land cost per unit $50,000 $36,803 $36,803 $35,885
Average cost per unit (inclusive of
land) $265,056 $251,860 $251,860 $249,990
Hard cost construction (exclusive of
land) $215,056 $215,056 $215,056 $214,105
Return on Cost (ROC) 7.08% 7.45% 7.29% 7.44%
