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SITE VALUATION 58 <br /> Value is calculated as follows: <br /> Value Indication—Sales Comparison Approach <br /> Land Size 44,745 <br /> Multiplied by: Value per Square Foot $215.00 <br /> Market Value Indicator $9,620,175 <br /> Rounded $9,620,000 <br /> Land Residual Technique <br /> Due to the limited sales activity of comparable sites, the land residual technique has also <br /> been utilized in estimated the market value of the subject. For purposes of the land <br /> residual technique, the site is assumed to be improved to its highest and best use. In <br /> this case, the currently approved office project of 136,250 rentable square feet is utilized. <br /> The land residual technique is applied by valuing the land and improvements and <br /> deducting the cost of the improvements and any entrepreneurial profit. The remainder is <br /> the residual land value. <br /> Value Indication— Land Residual Technique <br /> Year 1 (2018) NOI $4,374,325 <br /> Year 1 Stable Value Based on 7.00% OAR $62,490,357 <br /> Construction Costs <br /> Office (136,250 SF @$200/SF) $27,250,000 <br /> Pkg Garage (515 spaces @ $13,200/Space) $6,798,000 <br /> Indirect Cost/Rent Loss (25%) $8,512,000 <br /> Total Construction Costs $42,560,000 <br /> Ent. Profit (20%) $8,512,000 <br /> Total Project Costs Including Profit $51,072,000 <br /> Land Residual Before Discount $11,418,357 <br /> PV Factor (6%, 3 Years) 0.8396 <br /> NPV of Land After Discounting $9,586,853 <br /> Rounded $9,590,000 <br /> Per SF $214.33 <br /> Assumptions <br /> Rents: Retail $50/SF, Office$35/SF (NNN) <br /> Vacancy: 8% <br /> Exps: $0.50/SF (Misc, Reser'es) <br /> Costs: Marshall Valuation Senrice, Costs Comps <br /> Project Timeline: 3 Years (Construction& Lease-Up) <br /> Clobus, McLemore & Duke, Inc. <br />