Empfohlen
Weitere ähnliche Inhalte
Andere mochten auch
Andere mochten auch (17)
Ähnlich wie Pineville Medical @ 521 V2
Ähnlich wie Pineville Medical @ 521 V2 (20)
Kürzlich hochgeladen
Kürzlich hochgeladen (20)
Pineville Medical @ 521 V2
- 1. PINEVILLE MEDICAL @ FIVE TWENTY-ONE CHARLOTTE, NC BELK DEVELOPMENT GROUP Real Estate Development MBAD 6159 Prepared by: Rashmi Menon, Anthony Provenzano, Mike Foster, Bo Shinn, and Sisi Yan
- 2. Project Site
- 3. Site Plan
- 7. Tenant Mix Type of Practice Office Space (Sq. Ft) Rental Rate Lease Status Floor Rehabilitation Services 12,000 $21.50 Pre-leased 1 Outpatient Services 7,200 $24.00 Pre-leased 1 Orthopedic Services 4,000 $25.77 Available 2 Psychiatric Services 2,200 $25.77 Available 2 Pediatric Services 3,000 $25.77 Available 2 Diagnostic and Imaging 3,000 $25.77 Available 2 Laboratory Services 7,000 $24.00 Pre-leased 2 Gynecological Services 6,200 $24.75 Available 3 Primary Care Practice 8,000 $23.00 Pre-leased 3 Primary Care Practice 5,000 $24.75 Pre-leased 3
- 10. Employment
- 14. Demography
- 18. Construction Assumptions Item Assumption Time for Construction 12 Months Land Costs per Acre $750,000 Number of Acres 3.8 Building Square Feet (3 Stories) 57,600 Hard Costs (+5% Contingency) $108.68 Tenant Improvement Allowance $36.00 Architectural/Engineering/Permitting 3% Leasing and Marketing 7% Closing Costs and Other $68,220 Developer’s Fee and Overhead 2%
- 19. Construction Cost Summary Expense Amount Per Sqft Hard Costs $ 6,259,680 $ 108.68 Soft Costs 1,205,840 20.93 Land Cost 2,850,000 49.48 Developer Fee 149,310 2.59 Total Construction Cost $10,464,831 $181.68
- 20. Space Market Assumptions Item Assumption Operating expense per square ft. $7.55 % of expenses eligible for Tenant Reimbursements 0.00% Projected Stabilized Vacancy 11.50% Growth Rate-Rents 3.00% Growth Rate Expenses after Year 1 3.00% Capex Percentage 0.50% Sales Costs (sale on completed project) 3.00% Average Lease Term (years) 10.0
- 21. Capital Market Assumptions Construction Loan Assumptions Construction Loan Interest Rate 8.0% Construction Loan Fee 1.0% Loan to Cost Ratio Construction Loan 75.0% Permanent Loan Assumptions Mortgage Interest Rate Perm Mtg 6.50% LTV Ratio Perm Mtg 70.0% Amortization Period Perm Mtg 20 Points/Fees Perm Mtg 1.0% Risk Free Rate 3.93% Expected Completed Property Cap Rate 7.75% Terminal Cap Rate Discount 0.50% Unlevered BT Discount Rate Development 15.05% Unlevered BT Discount Rate Operations 10.65%
- 22. Land Price Sensitivity Current Scenario NPV -$20,844 Unlevered BT IRR Development 15.05% Land Price Reduction of 80 Basis Points NPV $0 Unlevered BT IRR Development 15.89% Land Price Reduction of 5 Percent NPV $115,302 Unlevered BT IRR Development 20.53% Land Price Reduction of 10 Percent NPV $251,488 Unlevered BT IRR Development 25.88%
- 23. Go / No Go ??? Wait until seller expectations drop to 5% of current value!!