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{"sheet":"Proforma","index":0,"n_rows":48,"n_cols":16,"rows_kept":48,"cut":false,"hidden":false,"merged":[[1,1,1,15],[2,1,2,15],[4,1,4,3],[16,1,16,3],[4,5,4,7],[16,5,16,7],[4,13,4,15],[4,9,4,11],[16,9,16,11],[37,13,37,15],[37,1,37,3],[22,9,22,11],[16,13,16,15],[30,1,30,3],[30,5,30,7],[30,9,30,11],[30,13,30,15]]}
[]
[null,"             Direct Capitalization | Development Analysis"]
[]
[]
[null,"Property Data",null,null,null,"Development Costs",null,null,null,"Construction Interest-Only Financing",null,null,null,"Market Metrics"]
[null,"Land Area","Acres",8.42,null,"Land Cost","$ Amount",1000000,null,"Annual Interest Rate","%",7.0000000000000007E-2,null,"Market Cap Rate","%",7.0000000000000007E-2]
[null,"# Units","Units",40,null,"Site + FFE + Dev Fee + Bond","$ Amount",1834556,null,"Amortization Period","Years",3,null,"Required Development Spread","%",1.4999999999999999E-2]
[null,"Rentable Area Ratio","%",1,null,"Construction Hard Costs","$ Amount",4189791,null,"Loan Term","Year",3,null,"Required Cash-on-Cash","%",0.1]
[null,"Rental Income ","$ per Month",2700,null,"Contingency","$ Amount",613565,null,"Loan to Value Ratio","%",0.8]
[null,"Parking Income ","$/Yr",0,null,"Soft Costs","$ Amount",111310,null,"DSCR","#.##",1.25]
[null,"Other Income","$/Yr",0,null,"Loan Cost ","$ Amount",141588,null,"Payments Per Year","##",12]
[null,"VACL (stabilized)","%",0.1]
[null,"Operating Expenses","$ per Yr",388800]
[]
[]
[]
[null,"Calculation of Stabilized NOI",null,null,null,"Calculation of Total Project Cost",null,null,null,"Calculation of Property Value",null,null,null,"Net Cap Rate Calculations"]
[null,"Rentable Units",null,{"$f":"D7*D8","v":40},null,"Land Cost",null,{"$f":"H6","v":1000000},null,"Net Operating Income",null,{"$f":"D26","v":777600},null,"Net Operating Income",null,{"$f":"D26","v":777600}]
[null,"Annual Potential Rental Income",null,{"$f":"D7*D9*12","v":1296000},null,"+Site + FFE + Dev Fee + Bond",null,1834556,null," ÷Market Cap Rate",null,{"$f":"P6","v":7.0000000000000007E-2},null,"÷Total Project Costs",null,{"$f":"H24","v":7890810}]
[null,"-VACL",null,{"$f":"D19*D12","v":129600},null,"+Construction Hard Costs",null,4189791,null,"=Market Value of Property",null,{"$f":"L18/L19","v":11108571.428571427},null,"=Return On Total Costs",null,{"$f":"P18/P19","v":9.8545016291103196E-2}]
[null,"=Effective Rental Income",null,{"$f":"D19-D20","v":1166400},null,"+Contingency",null,613565,null,"Property Value per Unit",null,{"$f":"L20/D7","v":277714.28571428568},null,"-Required Spread",null,{"$f":"P7","v":1.4999999999999999E-2}]
[null,"+Other income",null,{"$f":"D11","v":0},null,"+Soft Costs",null,111310,{"$nulls":5},"=Required Disposition Cap Rate",null,{"$f":"P20-P21","v":8.3545016291103197E-2}]
[null,"+Parking Income",null,{"$f":"D10","v":0},null,"+Soft Cost Contingency",null,141588,null,"Calculation of Potential Development Profit",null,null,null,"-Market Cap Rate",null,{"$f":"P6","v":7.0000000000000007E-2}]
[null,"=Gross Operating Income",null,{"$f":"D21+D22+D23","v":1166400},null,"=Total Project Cost",null,{"$f":"SUM(H18:H23)","v":7890810},null,"Market Value of Property",null,{"$f":"L20","v":11108571.428571427},null,"=Net Cap Rate",null,{"$f":"P22-P23","v":1.354501629110319E-2}]
[null,"-Operating Expenses",null,{"$f":"D13","v":388800},{"$nulls":5},"-Total Project Cost",null,{"$f":"H24","v":7890810},null,"Indicated Decision",null,{"$f":"IF(P24>0,\"Yes\",\"No\")","v":"Yes"}]
[null,"=Net Operating Income (NOI)",null,{"$f":"D24-D25","v":777600},null," ",null," ",null,"=Potential Development Profit",null,{"$f":"L24-L25","v":3217761.4285714272}]
[{"$nulls":5},"Total Project Cost per Unit",null,{"$f":"H24/D18","v":197270.25}]
[]
[]
[]
[null,"Calculation of Land Residual",null,null,null,"Calculation of Justified Land Price",null,null,null,"Mortgage Value Analysis",null,null,null,"Equity Value Analysis"]
[null,"Market Value of Property",null,{"$f":"L20","v":11108571.428571427},null,"Market Cap Rate",null,{"$f":"P6","v":7.0000000000000007E-2},null,"LTV Loan Amount",null,{"$f":"L25*L9","v":6312648},null,"Net Operating Income",null,{"$f":"D26","v":777600}]
[null,"-Hard Costs",null,{"$f":"H20+H21","v":4803356},null,"+Required Spread",null,{"$f":"P7","v":1.4999999999999999E-2},null,"Construction Loan \"Interest Only\" %",null,7.0000000000000007E-2,null,"-Annual Debt Service",null,{"$f":"L42","v":441885.36000000004}]
[null,"-Soft Costs",null,{"$f":"H22+H23","v":252898},null,"=Required Return on Costs",null,{"$f":"H32+H33","v":8.5000000000000006E-2},{"$nulls":5},"=Equity Cash Flow (CFBT)",null,{"$f":"P32-P33","v":335714.63999999996}]
[null,"=Residual Land Value  ",null,{"$f":"D32-D33-D34","v":6052317.4285714272},null,"xTotal Hard and Soft Costs",null,{"$f":"D33+D34","v":5056254},null,"NOI",null,{"$f":"D26","v":777600},null,"÷Required Cash-on-Cash",null,{"$f":"P8","v":0.1}]
[null,"   (includes Building Developer's Profit)",null,null,null,"=Required Building Income",null,{"$f":"H34*H35","v":429781.59},null,"÷DSCR",null,{"$f":"L10","v":1.25},null,"=Value of the Equity",null,{"$f":"P34/P35","v":3357146.3999999994}]
[{"$nulls":9},"=Maximum ADS",null,{"$f":"L35/L36","v":622080}]
[null,"Calculation of Equity Multiple",null,null,null,"Net Operating Income",null,{"$f":"D26","v":777600},{"$nulls":5},"Mortgage -Equity Analysis"]
[null,"Potential Development Profit",null,{"$f":"L26","v":3217761.4285714272},null,"-Required Building Income",null,{"$f":"H36","v":429781.59},null,"Maximum Loan Amount",null,{"$f":"L35/L36/L33","v":8886857.1428571418},null,"Value of the Mortgage",null,{"$f":"L41","v":6312648}]
[null,"÷Cash Required from Developer",null,{"$f":"H24-L32","v":1578162},null,"=Residual Land Income",null,{"$f":"H38-H39","v":347818.41},{"$nulls":5},"+Value of the Equity",null,{"$f":"P36","v":3357146.3999999994}]
[null,"=Equity Multiple",null,{"$f":"D39/D40","v":2.0389297350787987},null,"÷Required Return on Costs",null,{"$f":"H34","v":8.5000000000000006E-2},null,"LTC Loan Amount",null,{"$f":"MIN(L32,L39)","v":6312648},null,"=Overall Property Value",null,{"$f":"P39+P40","v":9669794.3999999985}]
[{"$nulls":5},"=Developer's Justified Land Price",null,{"$f":"H40/H41","v":4091981.2941176463},null,"Annual Debt Service",null,{"$f":"L41*L33","v":441885.36000000004},null,"% OccupancyBreak-Even",null,{"$f":"(D25+L42)/D19","v":0.64096092592592602}]
[]
[]
[null,"DISCLAIMER: Any information important to you or another party should be independently"]
[null,"confirmed within an applicable due diligence period."]
[]
[null,"©2025 Ernie Anaya, Bull Realty, Inc."]

{"sheet":"Entitlement","index":1,"n_rows":25,"n_cols":6,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
["Fee/Permit Item","Governing Authority","Fee Calculation Basis","Unit Cost","Quantity","Total Estimated Cost"]
[]
["Due Diligence & Design"]
["Geotechnical Survey","Private Consultant","Project Scope",3500,1,3500]
["Phase I ESA","Private Consultant","Project Scope",3000,1,3000]
["Boundary & Topo Survey","Private Consultant","Per Lot",300,41,12300]
["Civil Engineering & Design","Private Consultant","% of Hard Costs",0.05,1,73279]
[]
["Planning & Zoning Fees"]
["Preliminary Plat Application","ACC Planning Dept.","Base + Per Lot","$100 + $10/lot",1,510]
["Final Plat Application","ACC Planning Dept.","Base + Per Lot (Capped)","$150 + $30/lot",1,500]
["Construction Plan Review","ACC Public Works","Per Project",520,1,520]
["Zoning Permits","ACC Planning Dept.","Per Lot",80,41,3280]
[]
["Land Disturbance Fees"]
["Land Disturbance Permit (Initial)","ACC Public Works","Per Disturbed Acre",410,7,2870]
["Land Disturbance Permit (Monthly)","ACC Public Works","Per Acre Per Month",35,"42 (7ac x 6mo)",1470]
["E&SC / NPDES Review","ACC Public Works","Per Disturbed Acre",45,7,315]
["Stormwater Plan Review","ACC Public Works","Per Project",476,1,476]
["Flood Plain Construction Permit","ACC Public Works","Per Project",65,1,65]
[]
["Building & Lot Fees"]
["Building Permits","ACC Building Inspections","Per Lot (Valuation-Based)",140,41,5740]
["Driveway Permits","ACC Public Works","Per Lot",85,41,3485]
["Subtotal",{"$nulls":4},{"$f":"SUM(F4:F24)","v":111310}]

{"sheet":"Utility","index":2,"n_rows":17,"n_cols":5,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
["Category","Item","Cost Per Unit","Quantity","Total Estimated Cost"]
[]
["Water (ACC PUD)","Development Application & Review","$100 + $160 + $130","1 Project",390]
[null,"Water Main Inspection","$2.88 / LF","2,000 LF",5760]
[null,"Meter Charge (3/4\")","$345 / Lot","41 Lots",14145]
[null,"Connection Fee (3/4\")","$1,193 / Lot","41 Lots",48913]
[]
["Sewer (ACC PUD)","Sewer System Evaluation",150,"1 Project",150]
[null,"Sewer Line Inspection","$1.24 / LF","2,000 LF",2480]
[null,"Stub Charge (Short Side)","$850 / Lot","41 Lots",34850]
[null,"Private Treatment Plant"," "," ",600000]
[]
["Electric (Walton EMC)","Membership & Account Fees","$5 + $30/Lot","1 + 41 Lots",1235]
[null,"Underground System Contribution","$3,000  / Lot","41 Lots",123000]
[]
["Other Utilities","Gas & Comms Conduit (Dig-Once)","$15 - $25 / LF","2,000 LF",30000]
["Subtotal",null,null,null,{"$f":"SUM(E3:E16)","v":860923}]

{"sheet":"Hard Costs","index":3,"n_rows":18,"n_cols":3,"rows_kept":18,"cut":false,"hidden":false,"merged":[]}
["Category","Cost Item"," Estimate"]
[]
["I. Soft Costs","Due Diligence & Surveying"]
[null,"Civil Engineering & Design"]
[null,"Municipal Permits & Fees"]
[]
["II. Utility Infrastructure","Water System (ACC PUD)"]
[null,"Sewer System (ACC PUD)"]
[null,"Private Sewer Plant"]
[null,"Electrical System (Walton EMC)"]
[null,"Other Utilities (Gas/Comms)"]
[]
["III. Hard Costs","Land Clearing & Earthwork"]
[null,"Stormwater Management System"]
[null,"Manufactured Home Pads (41)"]
[null,"Roads & Paver Grid System"]
["Contingency (10%)"]
["Total Estimated Land Development Cost",null,973635]