Fort Walton Beach Council agenda — 03-23-2010 Special-Soundside Develp. Project — reading text

2/ 2 1, 190 1, 045 Difference 245 75 Total Difference 75 SF Adjustment 0. 31 Chez Elan 1/ 1 665 810 1/ 1 860 900 Difference 195 90 Total Difference 90 SF Adjustment 0. 46 Conclusion 0. 35 NumberNumber ofof BedroomsBedrooms AA bedroombedroom adjustmentadjustment isis mademade ifif thethe number number ofof bedroomsbedrooms inin thethe subjectsubject isis differentdifferent thanthan thethe rentrent comparables.comparables. TheThe subjectsubject willwill offeroffer bothboth threethree andand fourfour bedroombedroom units.units. ThereThere areare aa limitedlimited numbernumber ofof comparablecomparable propertiesproperties thatthat offeroffer thethe aforementionedaforementioned unitunit types.types. AsAs such,such, anan adjustmentadjustment waswas mademade forfor threethree andand fourfour bedroombedroom units.units. TheThe adjustmentsadjustments werewere calculatedcalculated asas follows:follows: BEDROOMBEDROOM ADJUSTMENTADJUSTMENT - - TWOTWO TOTO THREETHREE BEDROOM BEDROOM Property Unit Type SF RentRent LegacyLegacy onon thethe BayBay 2/2/ 22 1,1, 228228 1, 195 3/ 2 1, 328 1, 295 Difference 100 100. 00 SF Adjustment 40. 00) Bedroom Adjustment 60.60. 0000 Conclusion, full bathroom 60 BEDROOM ADJUSTMENT - THREE TO FOUR BEDROOM Property Unit Type SF Rent Legacy on the Bay 3/ 2 1, 328 1, 295 4/ 2 1, 456 1, 395 Difference 128 100. 00 SF Adjustment 51. 20) BedroomBedroom AdjustmentAdjustment 48. 80 Conclusion 50 BEDROOM ADJUSTMENT - TWO TO FOUR BEDROOM Pro e Unit Type SF Rent Legacy on the Bay 2/ 2 1, 228 1, 195 4/ 2 1, 456 1, 395 Difference 228 200. 00 SF Adjustment 91. 20) Bedroom Adjustment 108. 80 Conclusion 110 Page 60 Value Tech Realty Services, Inc. www.gotovalue.com 75-  Sound Side Apartments Market Supply and Demand Analysis Number of Baths The number of bathrooms did not vary with respect to any of the unit types. No adjustment was considered necessary for this category. Balcony /Terrace /Patio The subject and all comparable properties offered a balcony /patio; as such, no adjustment was required. Garage or Carport The subject does not include garages or carports in their rental rates. None of the rent comparables provided garages or carports in their basic rent. As such, no adjustments were made for garages or carports. Equipment The subject provides a. modern array of equipment within the apartments. This includes oven /stove, central A /C, refrigerator, and window covering. The complex features a community building, a pool, and other common area amenities. Adjustments to the rent: comparables were made if they provided equipment or complex amenities that were superior or inferior to the subject. For the most part, all of the complexes offered similar unit amenities. Adjustments of $2 were made if necessary to the rent comparables for any differences in equipment. Chez Elan, Cayo Grande - Fort Walton Beach, Alexan Henderson Beach, and Madison Parc include washer and dryer appliances in the units. Interviews with different leasing agents concluded to a $ 50 adjustment for a washer and dryer in the market. This is provided below: WASHER/ DRYER ADJUSTMENT Legacy on the Bay $ 50 Conclusion $ 50 Services The subject will provide electric appliances. All of the comparables provide similar utilities. Thus, no adjustments were required. Storage Units The subject does not provide storage. Storage may be provided by some of the comparables; however, the service is not included in the base rents. No adjustment for storage was required. Project Location The subject' s overall location is good. All of the comparables provide similar locations. Therefore, no adjustments were required. Limited Access Gate The subject will not provide a secure access gate for residents. Only Legacy on the Bay features an access gate. As such, a $ 2. 00 adjustment was applied to account for differences in this category. Value Tech Realty Services, Inc. www.gotovalue. com Page 61 76-  Sound Side Apartments Market Supply and Demand Analysis Utilities in Rent The subject will include trash removal and pest control in rental rates. Utilizing the Utility Allowance Worksheet obtained from the Fort Walton Beach Housing Authority, adjustments were applied to the comparables based upon the types of utilities provided and specific to the number of bedrooms. The Utility Allowance Worksheet was secured in January 2010 and reflects the most current information available. evefop eM Altowance for ut'r-' e. of P: Wkv 4 sue- 40us Tenant Furnished Utllitlos and Other Services TYNE 7 Walton 49 . sit Wtal Gas t 1tCli iC E14 € C18 34 L? THEIR FUOT'RIC 5 S3 WATER HtATRiG A:TER. blfdct flr1 S3 abj& ( A41;.) sit 13 Fay wown awdi et 32 23 OLV-wb City (AVQ') St Sig RA I C EA TION (FM) ttgbf? 9 925: 4 After OTM .:: N;att tx Rmt Rule Utility adjustments were applied as follows: UTILITY ADJUSTMENTS One Bed TwoTwo BedBed ThreeThree BedBed FourFour BedBed utility TrashTrash CollectionCollection 16.16. 0000 16.16. 0000 16. 00 16.16. 0000 Source:Source: FortFort WaltonWalton BeachBeach HousingHousing Authority,Authority, 07/07/ 2009.2009. Rental Rate Conclusion The concluded market rents for the proposed project are as follows: