HomeMy WebLinkAbout27 The Guthrie Renovation vs New Build ComparisonThe Guthrie - Full Renovation of Existing Structure
321 N. Fifth Avenue
Bozeman, MT 59715
42 Units
Development Budget Cost Per Unit
Land Cost 2,400,000$ 57,142.86$
Phase I Environmental Abatement 382,700$ 9,111.90$
Hard GC Cost - Arco Murray 8,785,918$ 209,188.52$
Permits & Fees 385,000$ 9,166.67$
Design & Engineering (to include Testing and Inspections)370,000$ 8,809.52$
Testing and Inspections 30,000$ 714.29$
Sales & Marketing 20,000$ 476.19$
Overhead and Supervision 300,000$ 7,142.86$
Development Fee 425,000$ 10,119.05$
Real Estate Taxes & Insurance (GL & BR)160,000$ 3,809.52$
FF&E -Furnished Units, Public Spaces, Bike Racks 150,000$ 3,571.43$
Interest Reserve & Loan Fee 520,000$ 12,380.95$
Contingency 500,000$ 11,904.76$
Misc - Accounting, Legal, Title, Signage 150,000$ 3,571.43$
Total Cost 14,578,618$ 347,110$
Financing Assumptions
Loan-to-Cost 65%
Construction Loan 9,476,102$
Interest Rate - 3 year CMT + 300 bp 7.12%
Interest Only 3 Years
Annual Interest 674,698.44$
Amortization Upon Stabilization 30 year
Debt Service on Stabilization $772,870.99
Loan Fee 1%94,761.02$
(Low Number)
1431 Opus Place, Suite 110 Downers Grove, IL 60515 www.GoPrestigeGroup.com
Estimate of Work
Date 12/18/2023
Client Homebase Partners
Job Name The Standard
Plans Date 12/07/2022
Job Address Architect Project #
321 N 5th Ave, Bozeman, MT 59715 SMA 2023029
CONSTRUCTION PROJECT ESTIMATE
Unit Distribution and Specifications:
• Studio Units: 14
• 1-Bedroom / 1-Bath Units (Small): 16
• 1-Bedroom / 1-Bath Units (Large): 2
• 2-Bedroom / 1-Bath Units: 3
• 2-Bedroom / 2-Bath Units: 3
• 2-Bedroom / 2-Bath/Den Unit: 1
• 3-Bedroom / 1-Bath/Den Unit: 1
Financial Summary:
• Total Baseline Estimate: $9,591,625.77
• Cost per Bedroom: $233,638.90
• Cost per Unit: $239,470.75
• Cost per Gross Square Foot (GSF): $307.42/GSF
• Cost per Net Square Foot (NSF): $383.04/NSF
Detailed Cost Breakdown:
• Demolition: $491,654.94
• General Requirements: $352,406.95
• Structure: $851,558.25
• Enclosure: $612,409.86
• Finishes: $1,368,286.06
• MEPFP and Systems: $3,359,247.46
1431 Opus Place, Suite 110 Downers Grove, IL 60515 www.GoPrestigeGroup.com
Scope of Construction Work:
• Demolition: As detailed in the Demolition Drawings.
• Structure: Upgrades including elevator shaft, stair structure, and steel pan stairs.
• Enclosure: New storefront, glazing, and roofing.
• Finishes: Drywall, paint, ceiling, flooring, and finishes throughout.
• MEPFP and Building Systems: Complete mechanical, electrical, plumbing, and fire protection systems installation.
Standard Qualifications:
• Exclusions: Building permits, public way closure permits, and builder's risk insurance are not included in this estimate.
Jim Vani Prestige Group Construction Direct 312-561-7780
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5th & Villard Two-Story Development
Total Baseline Estimate 6,882,367$ $228.04 /GSF $172,059 /Unit
Estimate Breakdown
$301,732
$257,907
$1,595,631
$729,062
$1,029,422
$1,363,088
$64,480
$10,000
$105,000
$37,500
$1,388,545
Standard Qualifications
Escalation
Building Permits
Public Way Closure Permits
General Liability/Pollution Insurance
Builder's Risk Insurance
Performance and Payment Bond
FF&E
Fitness Equipment
Design Fees
Impact Fees
Utility Service Fees
Utility Usage Fees
Material Testing
Building Demolition
Contaminated Waste/Abatement Removal
Included (during construction)
Not Included
Included
Not Included
Not Included
Demolition
- Includes demolition scope as detailed on the Demolition Drawings
Structure
- Includes shallow foundations and slab-on-grade
- Includes wood-framed two-story structure with open-web trusses
Enclosure
- Includes fiber cement facade and associated trims
- Includes gypcrete topping at Level 2
- Includes insulation as required to meet current energy codes
- Includes storefront at Lobby Entry area
- Includes non-operable vinyl windows
Finishes
- Includes standard cabinetry package at unit kitchens and bathrooms
- Includes doors, frames and hardware at common and unit door openings
- Includes drywall and paint at all walls and ceilings
- Includes pre-fabricated surrounds at unit tubs and showers
- Includes small appliance package at each residential unit (excludes commercial laundry units)
MEPFP and Building Systems
- Includes new fire protection system and associated standpipes and seismic bracing
- Includes installation of new boilers, distribution piping, and waste/vent piping
- Includes plumbing trim, tubs, showers, sinks, and water closets
- Includes HVAC system at each residential unit as required to meet current energy codes
- Includes electric service to the building and associated panels throughout
- Includes all receptacles, switches, and lighting
- Includes install of code-compliant fire alarm system
Not Included
Not Included
Included
Included
Not Included
Not Included
Not Included
Not Included
Not Included
Not Included
Scope of Work
PROJECT SUMMARY
Lobby/Amenity Build-out Allowance
Low Voltage Allowance
Landscaping/Hardscaping Allowance
Winter Conditions Allowance
Contingency, General Conditions, Insurance, and OH&P
Allowances
Location: Bozeman, MT
Date: April 30, 2024
Gross Area = 30,181 S.F.
ESTIMATE SUMMARY
General Requirements
Demolition
Structure
Enclosure
Finishes
MEPFP and Building Systems
Operating ProjectionThe Guthrie Complete Renovation
SF
Land 36,721
Zoning R5Total Building SF 30,968
Assumptions
Residential Units 42
Average Unit Size (SF)501Average Gross Monthly Rental Rate 1,458.33$ Annual Vacancy (Stabilized)5%
Year One Vacancy 8%
Rent Growth 5%
Expense Growth 3%
Unit Count
Revised Full
Renovation
Aver. Mo. Rent by
Unit Type
Total Mo. Rent
by Unit Type Annual Rent
Studios 21 1,350.00$ 28,350.00$ 340,200.00$
1 Bedroom 15 1,500.00$ 22,500.00$ 270,000.00$
2 Bedroom 5 1,700.00$ 8,500.00$ 102,000.00$ 3 Bedroom 1 1,900.00$ 1,900.00$ 22,800.00$
Total 42 1,458.33$ 735,000.00$
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7Income
Rental Income 735,000.00$ 771,750.00$ 810,337.50$ 850,854.38$ 893,397.09$ 938,066.95$ 984,970.30$
Misc Income (late fees, pet fees)$50/mo/unit 25,200.00$ 26,460.00$ 27,783.00$ 29,172.15$ 30,630.76$ 32,162.30$ 33,770.41$
Total Income 760,200.00$ 798,210.00$ 838,120.50$ 880,026.53$ 924,027.85$ 970,229.24$ 1,018,740.71$
Less Vacancy & Credit Loss (60,816.00)$ (39,910.50)$ (41,906.03)$ (44,001.33)$ (46,201.39)$ (48,511.46)$ (50,937.04)$ Rental Revenue 699,384.00$ 758,299.50$ 796,214.48$ 836,025.20$ 877,826.46$ 921,717.78$ 967,803.67$
Expenses
Utilities - Gas/Electric 66,000.00$ 67,980.00$ 70,019.40$ 72,119.98$ 74,283.58$ 76,512.09$ 78,807.45$
Water/Sewer/Trash 12,000.00$ 12,360.00$ 12,730.80$ 13,112.72$ 13,506.11$ 13,911.29$ 14,328.63$ Management Fee 6.00%41,963.04$ 43,221.93$ 44,518.59$ 45,854.15$ 47,229.77$ 48,646.66$ 50,106.06$
Real Estate Taxes 33,989.48$ 35,009.16$ 36,059.44$ 37,141.22$ 38,255.46$ 39,403.12$ 40,585.22$
Insurance 28,000.00$ 28,840.00$ 29,705.20$ 30,596.36$ 31,514.25$ 32,459.67$ 33,433.46$
Snow Removal 15,000.00$ 15,450.00$ 15,913.50$ 16,390.91$ 16,882.63$ 17,389.11$ 17,910.78$
Landscaping 10,800.00$ 11,124.00$ 11,457.72$ 11,801.45$ 12,155.50$ 12,520.16$ 12,895.76$ Janitorial 30,000.00$ 30,900.00$ 31,827.00$ 32,781.81$ 33,765.26$ 34,778.22$ 35,821.57$
Repairs and Maintenance 18,000.00$ 18,540.00$ 19,096.20$ 19,669.09$ 20,259.16$ 20,866.93$ 21,492.94$
Extermination and Pest Control 1,500.00$ 1,545.00$ 1,591.35$ 1,639.09$ 1,688.26$ 1,738.91$ 1,791.08$
Roof Repairs and Drain Cleaning 2,000.00$ 2,060.00$ 2,121.80$ 2,185.45$ 2,251.02$ 2,318.55$ 2,388.10$
Operating Supplies 2,400.00$ 2,472.00$ 2,546.16$ 2,622.54$ 2,701.22$ 2,782.26$ 2,865.73$ Window Cleaning 4,000.00$ 4,120.00$ 4,243.60$ 4,370.91$ 4,502.04$ 4,637.10$ 4,776.21$
Telecom for Building 19,000.00$ 19,570.00$ 20,157.10$ 20,761.81$ 21,384.67$ 22,026.21$ 22,686.99$
Fire suppression/Monitoring 1,500.00$ 1,545.00$ 1,591.35$ 1,639.09$ 1,688.26$ 1,738.91$ 1,791.08$
Walk off mats 2,000.00$ 2,060.00$ 2,121.80$ 2,185.45$ 2,251.02$ 2,318.55$ 2,388.10$
Plumbing 5,000.00$ 5,150.00$ 5,304.50$ 5,463.64$ 5,627.54$ 5,796.37$ 5,970.26$ Operating Reseve (Cap Ex Reserve) - 5%34,969.20$ 37,914.98$ 39,810.72$ 41,801.26$ 43,891.32$ 46,085.89$ 48,390.18$
Total Expenses 47%328,121.72$ 339,862.07$ 350,816.23$ 362,136.93$ 373,837.07$ 385,930.01$ 398,429.62$
Net Operating Income 371,262.28$ 418,437.43$ 445,398.24$ 473,888.27$ 503,989.39$ 535,787.78$ 569,374.05$
Debt Service (772,870.99)$ (772,870.99)$ (772,870.99)$ (772,870.99)$ (772,870.99)$ (772,870.99)$ (772,870.99)$
Net Cash Flow (401,608.71)$ (354,433.57)$ (327,472.75)$ (298,982.73)$ (268,881.60)$ (237,083.22)$ (203,496.95)$
Bozeman, MT 59715
Unit Count 91
Development Budget Cost Per Unit
Land Cost 2,400,000.00$ 26,373.63$
Phase One Environmental Abatement 377,200.00$ 4,145.05$
Hard GC Cost (includes Demo of Existing Structure) - Arco Murray 15,000,000.00$ 164,835.16$
Art Program - Exterior Wall & Exterior Signage 100,000.00$ 1,098.90$
Permits & Fees 875,000.00$ 9,615.38$
Northwestern Energy, Communications & Utilities 50,000.00$ 549.45$
Design & Engineering 1,500,000.00$ 16,483.52$
Testing and Inspections 75,000.00$ 824.18$
Sales & Marketing 75,000.00$ 824.18$
Overhead and Supervision 700,000.00$ 7,692.31$
Development Fee 900,000.00$ 9,890.11$
Real Estate Taxes & Insurance (GL & BR)400,000.00$ 4,395.60$
FF&E - Laundry Equipment, Public Spaces, Bike Room, Benches 200,000.00$ 2,197.80$
FF&E for 35 Furnished Units and Benches on all units 220,000.00$ 5,000.00$
Interest Reserve & Loan Fee 800,000.00$ 8,791.21$
Contingency 650,000.00$ 7,142.86$
Misc - Accounting, Legal, Title. Signage 150,000.00$ 1,648.35$
Total Cost 24,472,200.00$ 268,925.27$
The Guthrie
Operating Projection
Assumptions
Residential Units 91
Average Unit Size (SF)440
Average Gross Monthly Rental Rate 1,769.49$
Annual Vacancy (Stabilized)5%
Year One Vacancy 10%
Rent Growth 5%
Expense Growth 3%
Unit Type Unit Count
Market Mo. Rent as
Unfurnished
80% AMI Mo.
Rent as
Unfurnished
Units at 80% AMI
Rate
Total Market Mo.
Rent by Unit
Type
Total AMI Mo. Rent
(80%)
Total Mo. Rent by
Unit Type
(unfurnished)
Total Possible
Annual Rent
Unfurnished
Unit Type A - Studios 20 1,526.00$ 1,526.00$ 10 15,260.00$ 15,260.00$ 30,520.00$ 366,240.00$
Unit Type B - 1 Bed 58 1,852.00$ 1,745.00$ 29 53,708.00$ 50,605.00$ 104,313.00$ 1,251,756.00$
Unit Type C - 2 Bed 13 2,075.00$ 1,963.00$ 7 12,450.00$ 13,741.00$ 26,191.00$ 314,292.00$
Total 91 1,769.49$ 1,730.57$ 46 81,418.00$ 79,606.00$ 161,024.00$ 1,932,288.00$
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Income
Rental Income - unfurnished units 1,932,288.00$ 2,231,792.64$ 2,343,382.27$ 2,460,551.39$ 2,583,578.95$ 2,712,757.90$ 2,848,395.80$
Rental Income - Furnishings (Assumes 40% of units rent furnishings)109,200.00$ 114,660.00$ 120,393.00$ 126,412.65$ 132,733.28$ 139,369.95$ 146,338.44$
Coin Op Laundry Income Rev Share (40%)30,000.00$ 30,900.00$ 31,827.00$ 32,781.81$ 33,765.26$ 34,778.22$ 35,821.57$
Internet and Services Fee $130/mo/unit 141,960.00$ 146,218.80$ 150,605.36$ 155,123.52$ 159,777.23$ 164,570.55$ 169,507.66$
Parking 28 16,800.00$ 17,640.00$ 17,640.00$ 17,640.00$ 17,640.00$ 17,640.00$ 17,640.00$
Misc Income (late fees, pet fees)$50/mo/unit 54,600.00$ 57,330.00$ 60,196.50$ 63,206.33$ 66,366.64$ 69,684.97$ 73,169.22$
Total Income 2,284,848.00$ 2,598,541.44$ 2,724,044.14$ 2,855,715.70$ 2,993,861.37$ 3,138,801.59$ 3,290,872.70$
Less Vacancy & Credit Loss (228,484.80)$ (129,927.07)$ (136,202.21)$ (142,785.78)$ (149,693.07)$ (156,940.08)$ (164,543.63)$
Rental Revenue 2,056,363.20$ 2,468,614.37$ 2,587,841.93$ 2,712,929.91$ 2,844,168.30$ 2,981,861.51$ 3,126,329.06$
Expenses
Utilities - Gas/Electric 20,000.00$ 20,600.00$ 21,218.00$ 21,854.54$ 22,510.18$ 23,185.48$ 23,881.05$
General Admin (postage, Keys, Legal)300.00$ 309.00$ 318.27$ 327.82$ 337.65$ 347.78$ 358.22$
Advertising/Marketing 1,000.00$ 1,030.00$ 1,060.90$ 1,092.73$ 1,125.51$ 1,159.27$ 1,194.05$
Elevator Service/Contract 6,000.00$ 6,180.00$ 6,365.40$ 6,556.36$ 6,753.05$ 6,955.64$ 7,164.31$
Water/Sewer/Trash 16,000.00$ 16,480.00$ 16,974.40$ 17,483.63$ 18,008.14$ 18,548.39$ 19,104.84$
Management Fee 4.50%92,536.34$ 95,312.43$ 98,171.81$ 101,116.96$ 104,150.47$ 107,274.98$ 110,493.23$
Real Estate Taxes (Guestimate)130,000.00$ 133,900.00$ 137,917.00$ 142,054.51$ 146,316.15$ 150,705.63$ 155,226.80$
Insurance 36,000.00$ 37,080.00$ 38,192.40$ 39,338.17$ 40,518.32$ 41,733.87$ 42,985.88$
Snow Removal 15,000.00$ 15,450.00$ 15,913.50$ 16,390.91$ 16,882.63$ 17,389.11$ 17,910.78$
Landscaping 5,000.00$ 5,150.00$ 5,304.50$ 5,463.64$ 5,627.54$ 5,796.37$ 5,970.26$
Janitorial 20,000.00$ 20,600.00$ 21,218.00$ 21,854.54$ 22,510.18$ 23,185.48$ 23,881.05$
Repairs and Maintenance 15,000.00$ 15,450.00$ 15,913.50$ 16,390.91$ 16,882.63$ 17,389.11$ 17,910.78$
Extermination and Pest Control 1,500.00$ 1,545.00$ 1,591.35$ 1,639.09$ 1,688.26$ 1,738.91$ 1,791.08$
Roof Repairs and Drain Cleaning 2,000.00$ 2,060.00$ 2,121.80$ 2,185.45$ 2,251.02$ 2,318.55$ 2,388.10$
Operating Supplies 2,400.00$ 2,472.00$ 2,546.16$ 2,622.54$ 2,701.22$ 2,782.26$ 2,865.73$
Window Cleaning 3,500.00$ 3,605.00$ 3,713.15$ 3,824.54$ 3,939.28$ 4,057.46$ 4,179.18$
Telecom/Internet for Building 43,680.00$ 44,990.40$ 46,340.11$ 47,730.32$ 49,162.22$ 50,637.09$ 52,156.20$
Fire suppression/Monitoring 2,500.00$ 2,575.00$ 2,652.25$ 2,731.82$ 2,813.77$ 2,898.19$ 2,985.13$
Walk off mats 2,000.00$ 2,060.00$ 2,121.80$ 2,185.45$ 2,251.02$ 2,318.55$ 2,388.10$
Plumbing 3,000.00$ 3,090.00$ 3,182.70$ 3,278.18$ 3,376.53$ 3,477.82$ 3,582.16$
Operating Reseve (Cap Ex Reserve) 41,127.26$ 61,715.36$ 77,635.26$ 94,952.55$ 113,766.73$ 149,093.08$ 156,316.45$
Total Expenses 22%458,543.61$ 491,654.19$ 520,472.26$ 551,074.66$ 583,572.50$ 632,993.02$ 654,733.40$
Net Operating Income 1,597,819.59$ 1,976,960.17$ 2,067,369.67$ 2,161,855.25$ 2,260,595.80$ 2,348,868.49$ 2,471,595.66$