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***CORRECTED 12-15-20*** <br /> Self Storage Bonus Square Footage Valuation Estimates(Modeling Tool) <br /> Project Characteristics Pro Forma Assumptions Bonus FAR Notes <br /> Project Description <br /> Gross Bldg.Area(GBA) 161,942 Gross building area over 35%FAR <br /> Rentable Building Area(RBA) 75% Efficiency Ratio 121,457 Based on Total GBA <br /> Project Valuation <br /> Gross Rent Potential $25 Per RBA $3,036,413 City market survey,adjusted for location and product type <br /> Vacancy Allowance 5% -$151,821 8%reported by Colliers for Pacific West Region,less 3 percentage points location and product type <br /> Effective Revenue $2,884,592 <br /> Operating Expenses 30% of Effective Rev. -$865,378 29.6%reported by NKF and CBRE Report for Pacific West <br /> Net Operating Income(NOI) $2,019,214 <br /> Building Value Estimate 4.5% Capitalization Rate 544,871,429 4.5-5.75%reported by Colliers for Class A West Region,local transactions suggest low end of the range <br /> Project Costs <br /> Hard Cost <br /> Basic Site Work/Demo $10 per GBA $1,619,420 <br /> Construction Cost $175 per GBA $28,339,850 Saylor Current Construction Costs 2020 for Warehouse Self Storage(1 story) <br /> Total Hard Cost $29,959,270 <br /> Soft Costs <br /> Professional Services(incl.A&E) 5.0% of Const.Cost $1,416,993 <br /> Permits and Fees $11.20 per GBA $1,813,750 Estimate of City and other permits and fees,per GBA square foot <br /> Tax,Insurance&Financing 6.0% of Const.Cost $1,700,391 <br /> General&Admin.(incl.Marketing) 5.0% of Const.Cost $1,416,993 <br /> Total Soft Cost $6,348,126 <br /> Other Project Costs <br /> Contingency 5.0% of Soft+Hard Cost $1,815,370 <br /> Return on Investment 0.75% Cap.Rate Premium' $6,410,204 Capitalization rate premium of 75 basis points,ROI for risk associated with market conditions and project lease up <br /> Total Other Costs $8,225,574 <br /> Total Development Cost $44,532,970 <br /> Residual Land Value $338,459 <br />