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

Income and Expense Analysis Square Feet Area An adjustment is made for differences in size. An analysis was conducted of similar unit types within the same complex to determine a size adjustment. The size adjustment was estimated as follows: SF ADJUSTMENT Pro erty Unit Type SF Rent Cayo Grande F W B 2/ 2 945 970 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 numbernumber 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 number number ofof comparable comparable 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 ADJUSTMENT ADJUSTMENT - - TWOTWO TOTO THREETHREE BEDROOMBEDROOM 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 35. 00) Bedroom Adjustment 60.60. 0000 Conclusion, full bathroom 60 BEDROOM ADJUSTMENT - THREE TO FOUR BEDROOM Pro a 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 44. 80) BedroomBedroom AdjustmentAdjustment 48. 80 Conclusion 50 BEDROOM ADJUSTMENT - TWO TO FOUR BEDROOM Property 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 79. 80) Bedroom Adjustment 108. 80 Conclusion 110 Value Tech Realty Services, Inc. www.gotovalue. com Page 29 112-  Sound Side Apartments Income and Expense 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/ DRVER 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. Stora e 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 30 113-  Sound Side Apartments Income and Expense 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. US, Deva #tit am 04 li"r ITS-of +C'i U 3€ Allowance for 0r' v P* eP% c €,' * iouA Tenant -Furnished W1€fle and Other Services T 7 Nrai Gas i1i1 9 512 5147 A C;ONDITIOMtm 13 5 f CigM 1I G lice to 1 10 29 31 _ » Sig TRIER ICAT" WATER HEATWO Nibuyal Gat 49 322 b, VkKift S1 - 0 .... .. i7 24 377 WATER 3t 1 17 ff' an Wa0cC1 Beach 53........ C Asic