INC WSIO NARY ZONING ANALYSIS 3 0
Table 15. 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 Downtown Downtown Downtown Downtown
200-Unit 200-Unit 200-Unit 200-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 200 200 200 297
Market Rate Units 200 200 160 257
Affordable Units oO oO 40 40
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 40 40
Payment in Lieu so so so so
AMI Split 0 0 80% 80%
IRR 15.42% 14.99% 13.93% 15.05%
NPV $542,652 ($16,919) ($1,368,926) $97,653
All costs $49,332,308 $50,063,155 $50,063,155 $72,424,393
Land cost $3,000,000 $3,730,847 $3,730,847 $3,730,847
Land cost per unit $15,000 $18,654 $18,654 $12,577
Average cost per unit (inclusive of
land) $246,662 $250,316 $250,316 $244,149
Hard cost construction (exclusive of
land) $231,662 $231,662 $231,662 $231,572
Return on Cost (ROC) 7.54% 7.43% 7.16% 7.44%
