INC WSIO NARY ZONING ANALYSIS 2 9
Table 14. 200-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
200-Unit 200-Unit 200-Unit 200-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 200 200 200 242
Market Rate Units 200 200 160 202
Affordable Units oO oO 40 40
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 40 40
Payment in Lieu so so so so
AMI Split 0 0 80% 80%
IRR 17.63% 15.01% 13.95% 14.92%
NPV $3,242,153 $8,236 ($1,343,770) ($114,769)
All costs $45,806,535 $50,030,300 $50,030,300 $58,884,825
Land cost $3,000,000 $7,223,765 $7,223,765 $7,223,765
Land cost per unit $15,000 $36,119 $36,119 $29,899
Average cost per unit (inclusive of
land) $229,033 $250,151 $250,151 $243,723
Hard cost construction (exclusive of
land) $214,033 $214,033 $214,033 $213,824
Return on Cost (ROC) 8.12% 7.43% 7.17% 7.41%
