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Home My WebLink About33 The Guthrie Renovation vs New Build Comparison 2024.01.26The 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 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Ͳ7)ŶĐůƵĚĞƐ7ƚŝůĞ7Ăƚ7ŶĞǁ7ƚƵďƐ7ĂŶĚ7ƐŚŽǁĞƌƐ Ͳ7)ŶĐůƵĚĞƐ7ŶĞǁ7ĐĂƌƉĞƚ7ŝŶ7ƚŚĞ7ĐŽƌƌŝĚŽƌƐ7ĂŶĚ7Dsd7ŝŶ7ƚŚĞ7ƵŶŝƚƐ7ĂŶĚ7ƌƵďďĞƌ7ďĂƐĞ7ƚŚƌŽƵŐŚŽƵƚ Ͳ7)ŶĐůƵĚĞƐ7ŶĞǁ7ĐĂďŝŶĞƚƐ͕7ĐŽƵŶƚĞƌƚŽƉƐ͕7ĂŶĚ7ŬŝƚĐŚĞŶĞƚƚĞ7ĂƉƉůŝĂŶĐĞƐ7ŝŶ7ĞĂĐŚ7ƵŶŝƚ DPW3WeĂŶĚeEƵŝůĚŝŶŐe^ǇƐƚĞŵƐ Ͳ7)ŶĐůƵĚĞƐ7ĂĚĚŝƚŝŽŶ7ŽĨ7ŽŶĞ7;ϭͿ7ϯϱϬϬ7ůď͘7ĞůĞǀĂƚŽƌeĂƚ7ϯϱϬ7ĨƉŵ Ͳ7)ŶĐůƵĚĞƐ7ŶĞǁ7ĨŝƌĞ7ƉƌŽƚĞĐƚŝŽŶ7ƐǇƐƚĞŵ7ĂŶĚ7ĂƐƐŽĐŝĂƚĞĚ7ƐƚĂŶĚƉŝƉĞƐeĂŶĚ7ƐĞŝƐŵŝĐ7ďƌĂĐŝŶŐ Ͳ7)ŶĐůƵĚĞƐ7ŝŶƐƚĂůůĂƚŝŽŶ7ŽĨ7ŶĞǁ7ďŽŝůĞƌƐ͕7ĚŝƐƚƌŝďƵƚŝŽŶ7ƉŝƉŝŶŐ͕7ĂŶĚ7ǁĂƐƚĞͬǀĞŶƚ7ƉŝƉŝŶŐ Ͳ7)ŶĐůƵĚĞƐ7ŶĞǁ7ƉůƵŵďŝŶŐ7ƚƌŝŵ͕7ƚƵďƐ͕7ƐŚŽǁĞƌƐ͕7ƐŝŶŬƐ͕7ĂŶĚ7ǁĂƚĞƌ7ĐůŽƐĞƚƐ Ͳ7)ŶĐůƵĚĞƐ7ĂĚĚŝƚŝŽŶ7ŽĨ7ĞǆŚĂƵƐƚ7Ăƚ7ƵŶŝƚ7ďĂƚŚƌŽŽŵƐ7ĂŶĚ7ďĂƐĞďŽĂƌĚ7ŚĞĂƚĞƌƐ7ǁŝƚŚŝŶ7ƵŶŝƚƐĂƐ7ƐŚŽǁŶ7ŽŶ7ƚŚĞ7jĞǁ74ŽŶƐƚƌƵĐƚŝŽŶ7BƌĂǁŝŶŐƐ 777Ͳ7)ŶĐůƵĚĞƐ7ƵƉŐƌĂĚĞ7ƚŽ7sZy7rZs7ƐǇƐƚĞŵ7ĨŽƌ7ďƵŝůĚŝŶŐ Ͳ7)ŶĐůƵĚĞƐ7ŶĞǁ7ƉƌŝŵĂƌǇ7ĞůĞĐƚƌŝĐ7ƐĞƌǀŝĐĞ7ƚŽ7ƚŚĞ7ďƵŝůĚŝŶŐ7ĂŶĚ7ĂƐƐŽĐŝĂƚĞĚ7ƉĂŶĞůƐ7ƚŚƌŽƵŐŚŽƵƚ Ͳ7)ŶĐůƵĚĞƐ7ƌĞƉůĂĐĞŵĞŶƚ7ĂŶĚ7ƌĞůŽĐĂƚŝŽŶ7ŽĨ7Ăůů7ƌĞĐĞƉƚĂĐůĞƐ͕7ƐǁŝƚĐŚĞƐ͕7ĂŶĚ7ůŝŐŚƚŝŶŐ Ͳ7)ŶĐůƵĚĞƐ7ŝŶƐƚĂůů7ŽĨ7ĐŽĚĞͲĐŽŵƉůŝĂŶƚ7ĨŝƌĞ7ĂůĂƌŵ7ƐǇƐƚĞŵ ^ĐŽƉĞeŽĨetŽƌŬ jŽƚ7)ŶĐůƵĚĞĚ )ŶĐůƵĚĞĚ )ŶĐůƵĚĞĚ jŽƚ7)ŶĐůƵĚĞĚ jŽƚ7)ŶĐůƵĚĞĚ jŽƚ7)ŶĐůƵĚĞĚ jŽƚ7)ŶĐůƵĚĞĚ jŽƚ7)ŶĐůƵĚĞĚ 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)$ The Guthrie - New Build 321 N. Fifth Avenue Bozeman, MT 59715 111 Units Development Budget Cost Per Unit Land Cost 2,400,000.00$ 21,621.62$ Phase One Environmental Abatement 377,200.00$ 3,398.20$ Hard GC Cost (includes Demo of Existing Structure) - Arco Murray 17,720,399.00$ 159,643.23$ Art Program - Exterior Wall & Exterior Signage 150,000.00$ 1,351.35$ Permits & Fees 1,050,000.00$ 9,459.46$ Northwestern Energy, Communications & Utilities 50,000.00$ 450.45$ Design & Engineering 1,600,000.00$ 14,414.41$ Testing and Inspections 75,000.00$ 675.68$ Sales & Marketing 75,000.00$ 675.68$ Overhead and Supervision 650,000.00$ 5,855.86$ Development Fee 900,000.00$ 8,108.11$ Real Estate Taxes & Insurance (GL & BR)400,000.00$ 3,603.60$ FF&E - Laundry Equipment, Public Spaces, Bike Room 250,000.00$ 2,252.25$ FF&E for 35 Furnished Units 175,000.00$ 5,000.00$ Interest Reserve & Loan Fee 810,000.00$ 7,297.30$ Contingency 1,000,000.00$ 9,009.01$ Misc - Accounting, Legal, Title. Signage 200,000.00$ 1,801.80$ Total Cost 27,882,599.00$ 251,194.59$ Financing Assumptions Loan-to-Cost 65% Construction Loan 18,123,689$ Interest Rate - 3 year CMT + 300 bp 7.12% Interest Only 3 Years Annual Interest 1,290,406.68$ Amortization Upon Stabilization 30 year Debt Service on Stabilization $1,478,168.37 Loan Fee 1%181,236.89$ The Guthrie Architect: SCB 18,356,399$ $280.46 /GSF $376.28 /NSF $165,373 /Unit $165,373 /Bed 294,000$ 458,000$ 203,000$ 31,000$ 66,000$ 40,000$ 60,000$ 40,000$ 90,000$ N/A INC. as PREV ALT INC. as PREV ALT INC. as PREV ALT 1,282,000$ Target reduction in canopy (147,000)$ Revise sliding partition cost to $1,500 per each (323,000)$ Remove façade at mural location (66,000)$ Delete rooftop equipment screening (60,000)$ Revise demising wall assembly to match Truman (3 layers)(40,000)$ Lobby Finish Allowance 124,000$ Unit Closet Furniture Allowance 133,200$ Unit Kitchen Allowance (cabinets, appliances, countertops) - A/B Units 540,000$ Unit Kitchen Allowance (cabinets, appliances, countertops) - C Units 84,000$ Unit Glass Sliding Partition Allowance 405,000$ Winter Conditions Allowance 100,000$ Dewatering Allowance 50,000$ Trash Enclosure Allowance NOT INCLUDED Roof Equipment Screening Allowance 52,800$ Site Furnishings Allowance 30,000$ Landscaping Allowance 150,000$ Monument Sign Allowance NOT INCLUDED Low Voltage Allowance 50,000$ Dog Run Allowance 20,000$ STRUCTURAL AREA ANALYSIS Structure Type Shear Type SOG GSS G.E.A. Exterior Slab Balcony Patio/Terrace Roof Level 1 Wood Wood Shear Walls 12,184 12,184 Level 2 Wood Wood Shear Walls 13,317 13,317 Level 3 Wood Wood Shear Walls 13,317 13,317 Level 4 Wood Wood Shear Walls 13,317 13,317 Level 5 Wood Wood Shear Walls 13,317 13,317 Roof Wood Wood Shear Walls 13,317 13,317 TOTALS 12,184 66,585 65,452 - - - 13,317 FLOOR Retail Lobby/Amenity Circulation (vert) Parking BOH Circulation (hor.) Residential Office/Staff Comm. Kitchen Level 1 1,550 653 2,586 1,191 6,204 Level 2 589 452 1,631 10,645 Level 3 589 452 1,631 10,645 Level 4 589 452 1,631 10,645 Level 5 589 452 1,631 10,645 TOTALS - 1,550 3,009 - 4,394 7,715 48,784 - - 0.0% 2.4% 4.6% 0.0% 6.7% 11.8% 74.5% 0.0% 0.0% KDQS3 Bed4-PlexFLEXFLEX 1 Bed(s) 1 Bed(s) 1 Bed(s) 3 Bed(s) 3 Bed(s) 2 Bed(s) 4 Bed(s) 1 Bath(s) 1.0 Bath(s) 1.0 Bath(s) 3 Bath(s) 2.5 Bath(s) 1 Bath(s) 3 Bath(s) Level 1 015 410 1 Level 2 24 10 9 5 Level 3 24 10 9 5 Level 4 24 10 9 5 Level 5 24 10 9 5 TOTALS - 111 44 46 21 - - - - 39.6% 41.4% 18.9% 0.0% 0.0% 0.0% 0.0% INDOOR / OUTDOORSTRUCTURE ENCLOSED AREA ANALYSIS PARKING/UNIT COUNT ANALYSIS FLOOR Included at $6,000 per unit (installed) including all surrounding millwork - Added "Unit Glass Sliding Partition Allowance" to Type A and Type B units (approximate $400K premium over previous) - Increases scope of kitchen millwork (previously included Summit package at $4,000 per unit; approximately $180K premium over previous) - Increases average first floor height to 12'-9 to accommodate grade change (previously assumed 10'-9" consistent) - Added overhang at west elevation - Added rooftop equipment screening (previously excluded; approximately $55,000 premium over previous) - Includes four layers of drywall at demising walls (approximately $40K premium over previous) - Added showers at 80% of unit mix (previously all tubs; approximately $90K premium over previous) Value of Scope Adds Since Previous Estimate - Add façade at previous mural area ANTICIPATED REVISIONS Location: Bozeman, MT Drawing Issuance: September 22, 2023 Date: November 1, 2023 Gross Area = 65,452 S.F. COST METRICS BASELINE ESTIMATE Critical Allowances (Included Above) - Added earthwork to accommodate site topography PROJECT PARAMETERS Budget Changes Since Previous Estimate FLOOR Parking - Added sitework scope - Added patios at Level 1 - Added second elevator with rear entrance at Level 1 (previous estimate carried second elevator as an alternate) Included at $4,000 per unit (installed) including all surrounding millwork - Added canopy at "Porch" (includes structural steel, wood beams, fireproofing, ceiling cladding, ceiling lighting) Units Operating Projection The Guthrie - New Build SF SF by Level Floors 5 1 12,184 Land 36,721 2 13,317 Zoning R5 3 13,317 Parking Spaces 38 4 13,317 5 13,317 65,452 Assumptions Residential Units 111 Average Unit Size (SF)590 Average Gross Monthly Rental Rate 1,813.83$ Annual Vacancy (Stabilized)5% Year One Vacancy 8% Rent Growth 5% Expense Growth 3% Unit Type Unit Count Market Mo. Rent as Unfurnished AMI Mo. Rent as Unfurnished Units at AMI Rate Total Market Mo. Rent by Unit Type Total AMI Mo. Rent Total Mo. Rent by Unit Type (unfurnished) Total Possible Annual Rent UnFurnishedStudios (Deluxe)21 1,650.00$ 1,650.00$ 21 -$ 34,650.00$ 34,650.00$ 415,800.00$ Double Queens (1 bed plus)46 1,795.00$ 1,684.00$ 35 19,745.00$ 58,940.00$ 78,685.00$ 944,220.00$ Kings (1 Bed)44 2,000.00$ -$ 0 88,000.00$ -$ 88,000.00$ 1,056,000.00$ Total 111 1,813.83$ -$ 56 107,745.00$ 93,590.00$ 201,335.00$ 2,416,020.00$ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7IncomeRental Income - unfurnished units 2,416,020.00$ 2,536,821.00$ 2,663,662.05$ 2,796,845.15$ 2,936,687.41$ 3,083,521.78$ 3,237,697.87$ Rental Income - Furnishings (Assumes 30% of units rent furnishings)119,880.00$ 125,874.00$ 132,167.70$ 138,776.09$ 145,714.89$ 153,000.63$ 160,650.67$ Coin Op Laundry Income Rev Share (40%)35,000.00$ 36,050.00$ 37,131.50$ 38,245.45$ 39,392.81$ 40,574.59$ 41,791.83$ Internet/Cable Income/Utility Agreement $125/mo/unit 166,500.00$ 171,495.00$ 176,639.85$ 181,939.05$ 187,397.22$ 193,019.13$ 198,809.71$ Parking - 28 spaces 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)$50/mo/unit 66,600.00$ 69,930.00$ 73,426.50$ 77,097.83$ 80,952.72$ 85,000.35$ 89,250.37$ Total Income 2,820,800.00$ 2,957,810.00$ 3,100,667.60$ 3,250,543.55$ 3,407,785.04$ 3,572,756.49$ 3,745,840.44$ Less Vacancy & Credit Loss (225,664.00)$ (147,890.50)$ (155,033.38)$ (162,527.18)$ (170,389.25)$ (178,637.82)$ (187,292.02)$ Rental Revenue 2,595,136.00$ 2,809,919.50$ 2,945,634.22$ 3,088,016.38$ 3,237,395.79$ 3,394,118.67$ 3,558,548.42$ ExpensesUtilities - Gas/Electric 36,000.00$ 37,080.00$ 38,192.40$ 39,338.17$ 40,518.32$ 41,733.87$ 42,985.88$ 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 21,000.00$ 21,630.00$ 22,278.90$ 22,947.27$ 23,635.69$ 24,344.76$ 25,075.10$ Management Fee 5.50%142,732.48$ 147,014.45$ 151,424.89$ 155,967.63$ 160,646.66$ 165,466.06$ 170,430.05$ Real Estate Taxes (Guestimate)139,413.00$ 143,595.38$ 147,903.25$ 152,340.34$ 156,910.55$ 161,617.87$ 166,466.41$ 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 5,000.00$ 5,150.00$ 5,304.50$ 5,463.64$ 5,627.54$ 5,796.37$ 5,970.26$ Janitorial 36,000.00$ 37,080.00$ 38,192.40$ 39,338.17$ 40,518.32$ 41,733.87$ 42,985.88$ 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/Internet for Building 60,000.00$ 61,800.00$ 63,654.00$ 65,563.62$ 67,530.53$ 69,556.44$ 71,643.14$ 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) - 5%129,756.80$ 140,495.98$ 147,281.71$ 154,400.82$ 161,869.79$ 169,705.93$ 177,927.42$ Total Expenses 25%655,602.28$ 682,116.81$ 705,151.18$ 729,006.37$ 753,713.50$ 779,304.96$ 805,814.42$ Net Operating Income 1,939,533.73$ 2,127,802.69$ 2,240,483.04$ 2,359,010.01$ 2,483,682.28$ 2,614,813.71$ 2,752,734.00$ Debt Service $1,478,168.37 $1,478,168.37 $1,478,168.37 $1,478,168.37 $1,478,168.37 $1,478,168.37 $1,478,168.37 Net Cash Flow 461,365.35$ 649,634.31$ 762,314.67$ 880,841.64$ 1,005,513.91$ 1,136,645.34$ 1,274,565.63$