INC WSIO NARY ZONING ANALYSIS 2 3
Table 10. 25-Unit Multifamily (Podium) 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 Downtown Downtown Downtown Downtown
25-Unit 25-Unit 25-Unit 25-Unit
Unit Style Multifamily Multifamily Multifamily Multifamily
Unit Type Rental Rental Rental Rental
Construction Type MF - Podium MF - Podium MF - Podium MF - Podium
Construction Cost $215 $215 $215 $215
Number of Units 25 25 25 29
Market Rate Units 25 25 23 27
Affordable Units Oo Oo 2 2
Parking Aboveground Aboveground Aboveground Aboveground
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 11.70% 15.03% 14.28% 15.03%
NPV ($577,986) $4,155 ($117,178) $6,263
All costs $7,068,716 $6,308,391 $6,308,391 $7,090,351
Land cost $1,250,000 $489,675 $489,675 $489,675
Land cost per unit $50,000 $19,587 $19,587 $17,118
Average cost per unit (inclusive of
land) $282,749 $252,336 $252,336 $247,859
Hard cost construction (exclusive of
land) $232,749 $232,749 $232,749 $230,741
Return on Cost (ROC) 6.64% 7.44% 7.28% 7.46%
