INC WSIO NARY ZONING ANALYSIS 2 6
Table 12. 125-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
125-Unit 125-Unit 125-Unit 125-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 125 125 125 160
Market Rate Units 125 125 101 136
Affordable Units oO oO 24 24
Parking Surface Surface Surface Surface
Special Permit No No No No
Inclusionary % 0% 0% 20% 20%
Inclusionary Treatment No Inclusionary No Inclusionary Proposed Proposed
Inclusionary Units oO oO 24 24
Payment in Lieu $0 $0 $36,438 $36,438
AMI Split 0 oO 80% 80%
IRR 16.85% 14.94% 13.91% 15.01%
NPV $1,448,804 ($48,481) ($876,656) $14,989
All costs $29,442,087 $31,397,668 $31,397,668 $38,914,180
Land cost $2,662,418 $4,617,998 $4,617,998 $4,617,998
Land cost per unit $21,299 $36,944 $36,944 $28,823
Average cost per unit (inclusive of
land) $235,537 $251,181 $251,181 $242,879
Hard cost construction (exclusive of
land) $214,237 $214,237 $214,237 $214,056
Return on Cost (ROC) 7.91% 7.41% 7.17% 7.44%
