Laserfiche WebLink
TABLE C <br /> <br />ILLUSTRATIVE DEVELOPMENT AND HOUSING COSTS <br />MULTI-FAMILY UNITS <br /> CITY OF SANTA ANA 1981 <br /> <br />Land @ $10.50/SF1) <br /> <br />lO00 SF Condo 1000 SF Condo 800 SF Apt. 800 SF Apt. <br />in 17 DU/Acre in 30 DU/Acre in 17 DU/Acre in 30 DU/Acre <br /> Project Project Project Project <br /> <br />$27,000 $15,750 $27,000 $15,750 <br /> <br />Unit Construction <br />Costs2) 42,000 42,000 30,400 <br /> <br />30,400 <br /> <br />Indirect Costs @ <br />15% Const. <br /> Incl. $1200+/- <br /> per DU local fees <br /> <br />6,300 6,300 4,560 4,560 <br /> <br />Subtota] Above <br />Costs $75,300 $64,050 $61,960 <br /> <br />$50,.710 <br /> <br />Financing Costs <br /> <br />Construction <br />Financing3) <br />Loan Fee $ 970 $ 970 $ 870 <br />Interest 3,080 3,080 2,765 <br />Permanent <br />Financing4) <br />Loan Fee NA NA 870 <br /> <br />$ 710 <br /> 2,260 <br /> <br />710 <br /> <br />Subtotal <br />Financing Costs 4,050 $ 4,050 $ 4,505 $ 3,680 <br /> <br />Subtotal Development <br />Costs $79,350 <br /> <br />$68,100 $66,460 $54,390 <br /> <br />Profit @ 10% Retail 8,820 $ 7,570 <br /> <br />NA NA <br /> <br />Sales Price $88,170 $75,670 . NA NA <br /> <br />Required Annual <br />Gross Income5) <br /> <br />$10,150 $ 8,300 <br /> <br />Required Monthly Rent <br /> <br />845 690 <br /> <br />1) Assumes 18,000 SF lots in each example. <br />2) Assumes $42/SF for sales units, $38/SF for rental units. <br />3) Assumes construction financing @ 17%; 2 points; loan amount for sales <br /> units not inclusive of land and financing costs; loan amount for rental <br /> units @ 70% development cost exclusive of financing costs; construction <br /> period assumed at 9 months, 50% loan amount drawn at any one time. <br />4) Assumes permanent loans at 15%, 30 years, loan amount as above. <br />5) Assumes no initial return on equity; assumes debt service equals 65% <br /> total required operating income. <br /> <br />15 <br /> <br /> <br />