INC WSIO NARY ZONING ANALYSIS 2 7
Table 13. 125-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
125-Unit 125-Unit 125-Unit 125-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 125 125 125 189
Market Rate Units 125 125 101 165
Affordable Units oO oO 24 24
Parking Aboveground Aboveground Aboveground Aboveground
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 14.71% 15.02% 13.99% 15.07%
NPV ($239,602) $16,370 ($811,805) $78,589
All costs $31,647,288 $31,312,967 $31,312,967 $46,076,832
Land cost $2,662,418 $2,328,097 $2,328,097 $2,328,097
Land cost per unit $21,299 $18,625 $18,625 $12,320
Average cost per unit (inclusive of
land) $253,178 $250,504 $250,504 $243,841
Hard cost construction (exclusive of
land) $231,879 $231,879 $231,879 $231,520
Return on Cost (ROC) 7.36% 7.43% 7.19% 7.45%
