Sheet 1: List of Tables

	
	

		
Disclaimer: These spreadsheets are intended for educational use only.  Users should consult with professional advisors and should not rely on the information contained herein for investment decisions. Any computations should be independently verified.
	
	

		


	
	

		


	
	

		
List of Tables
	
	

		
figure 4-3a
Stage 1a: Rent & Sales Summary
	
	

		


	
	

		
figure 4-3b
Stage 1b: Pro Forma NOI
	
	

		


	
	

		
figure 4-3c
Stage 1c: Maximum Debt Calculation
	
	

		


	
	

		
figure 4-3d
Stage 1d: Development Costs
	
	

		


	
	

		
figure 4-3e
	
	

		
Stage 1e:  Summary Analysis & Simple Ratios
	
	

		


	
	

		
figure 4-4a
Stage 2a:  Analysis
	
	

		


	
	

		
figure 4-4b
Stage 2 Analysis--For-Sale Condominium Cash Flow
	
	

		


	
	

		
figure 4-5
Stage 3a--Analysis, Cash Flows During Development Period, Including Initial Lease-Up Activities
	
	

		


	
	

		
figure 4-6
Stage 3b: Development Cost Summary
	
	

		


	
	

		
figure 4-7
Stage 3c:  Analysis--Combined Annual Before- and After-Tax Cash Flows during Development and Operating Period
	
	

		


	
	

		
figure 4-9
Stage 5 Analysis - Investor Return
	



Sheet 2: 4-3a-Stage 1a Rents & Sales

	
	
	
	
	

		
figure 4-3a
Stage 1a - Rental and Sales Revenue Summary
		
	

		


		


		


		


		


		


		


	
	

		
Apartment Unit Types
		
No. of Units
		
Rent/Ft2
		
Area/Unit (ft2)
		
Total Ft2
		
Rent/Month/Unit
		
Total Annual Rent
	
	

		


		


		


		


		


		


		


	
	

		
1 Bedroom, 1 Bath
		
10 
		
$1.13 
		
800 
		
8,000 
		
$900 
		
$108,000 
	
	

		
1 Bedroom, 1.5 Bath
		
27 
		
$1.10 
		
956 
		
25,800 
		
$1,053 
		
$341,100 
	
	

		
2 Bedroom, 1 Bath
		
8 
		
$1.03 
		
1,138 
		
9,100 
		
$1,169 
		
$112,200 
	
	

		
2 Bedroom, 2 Bath
		
6 
		
$1.21 
		
1,450 
		
8,700 
		
$1,750 
		
$126,000 
	
	

		
2 Bedroom, 2 Bath, Den
		
2 
		
$1.02 
		
2,450 
		
4,900 
		
$2,495 
		
$59,880 
	
	

		
 
		
    
		
 
		
 
		


		


		


	
	

		
Total Apartment Rental Revenue
		
53 
		
 $1.10 
		
1,066 
		
56,500 
		
$1,175 
		
$747,180 
	
	

		


		


		


		


		


		


		


	
	

		
Total Retail Rental Revenue (see below)
		
4 
		
 $1.31 
		
1,981 
		
7,925 
		
$2,592 
		
$124,437 
	
	

		
Other Rental Revenuea 
		


		


		


		


		


		
$18,300 
	
	

		
Other Miscellaneous Revenueb 
		


		


		


		


		


		
$2,400 
	
	

		
Total Rental Revenue
		
57 
		
 $1.15 
		
1,130 
		
64,425 
		
$3,767 
		
$892,317 
	
	

		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


	
	

		
Retail Tenants
		
No. of Units
		
Rent/Ft2
		
Area/Unit (ft2)
		
Total Ft2
		
Rent/Month/Unit
		
Total Annual Rent
	
	

		


		


		


		


		


		


		


	
	

		
Restaurant
		
3 
		
$1.25 
		
2,333 
		
6,998 
		
$2,916 
		
$104,970 
	
	

		
Dry Cleaners
		
1 
		
$1.75 
		
927 
		
927 
		
$1,622 
		
$19,467 
	
	

		
 
		
    
		
 
		
 
		


		


		


	
	

		
Total Rental Revenue
		
4 
		
 $1.31 
		
1,981 
		
7,925 
		
$2,592 
		
$124,437 
	
	

		


		


		


		


		


		


		


	
	

		
Condominium Homes
		
No. of Units
		
Sales/Ft2
		
Area/Unit (ft2)
		
Total Ft2
		
Sales/Unit
		
Total Annual Sales
	
	

		


		


		


		


		


		


		


	
	

		
Condominium Homes
		
3 
		
$162.50 
		
2,000 
		
6,000 
		
$325,000 
		
$975,000 
	
	

		
 
		
    
		
 
		
 
		


		


		


	
	

		
Total Sales Revenue
		
3 
		
 $162.50 
		
2,000 
		
6,000 
		
$325,000 
		
$975,000 
	
	

		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


	
	

		
aOther Rental Revenue includes additional revenue derived from leasing space at the property. Examples of Other Rental Revenue include leases for parking, rooftop telecommunication devices, storage space, and billboards.
		
	

		
	

		


		


		


		


		


		


		


	
	

		
bOther Miscellaneous Revenue includes additional revenue as a result of conducting daily business activities. Examples of Other Miscellaneous Revenue include late fees and penalties, forfeiture of deposits, and lost key fees. Specific to this case, miscellaneous revenue from participation in the tax increment financing program accounts for the majority of the line item amount.
		



Sheet 3: 4-3b-Stage 1b Pro Forma NOI

	
	
	
	
	

		
figure 4-3b
Stage 1b - Pro Forma NOI
		
	

		


		


		


		


	
	

		


		
Factor
		


		
Annual Revenue/Cost
	
	

		
Revenue
		


		


		


	
	

		
Gross Potential Revenuea 
		


		


		
$892,317 
	
	

		
Less: Vacancy
		
5.00%
		


		
($44,616)
	
	

		
Less: Bad Debt
		
0.50%
		


		
($4,462)
	
	

		
Effective Gross Revenue
		


		


		
$843,240 
	
	

		
 
		


		


		


	
	

		


		


		


		


	
	

		
Expensesb
		


		


		


	
	

		
Property Management
		
3.00%
		
of Effective Gross Revenue
		
$25,297 
	
	

		
Controllable Costsc
		
 $1,950 
		
per unit
		
$103,350 
	
	

		
Real Estate Taxes
		
1.36%
		
of estimated total project cost
		
$135,000 
	
	

		
Insurance
		
$400 
		
per unit
		
$21,200 
	
	

		
Utilities
		
$500 
		
per unit
		
$26,500 
	
	

		
Replacement Reserve
		
$150 
		
per unit
		
$7,950 
	
	

		
Total Expenses
		


		


		
$319,297 
	
	

		


		


		


		


	
	

		
Net Operating Income
		


		


		
$523,942 
	
	

		


		


		


		


	
	

		


		


		


		


	
	

		


		


		


		


	
	

		


		


		


		


	
	

		


		
= link from another sheet
		


		


	
	

		


		


		


		


	
	

		
aGross Potential Revenue is provided by the prior Rental and Sales Revenue Summary exhibit.  Vacancy and Bad Debt are customary charges against gross revenue.
		
	

		
	

		


		


		


		


	
	

		
bCustomary expense items have been shown.  In the pro forma, per-unit expense items are applied against 53 units. For expenses based on project cost, the total project cost used to estimate expenses is $9,900,000, which accounts for the apartment and retail portions only before application of any subsidies.
		
	

		
	

		
	

		
	

		


		


		


		


	
	

		
cControllable costs typically include salary, administrative, marketing, and maintenance expenses.