2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$409 $940,000 $429 $729,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$409 $940,000 $429 $729,000
($13) ($30,600) ($14) ($23,700)
$395 $909,400 $415 $705,300
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$18 $40,500 $21 $36,100
$3 $8,000 $0 $0
$7 $16,500 $8 $12,800
$6 $14,100 $6 $10,900
$12 $28,400 $15 $25,700
$12 $28,200 $13 $21,900
$22 $49,600 $21 $35,200
$218 $500,300 $252 $428,600
$395 $909,400 $415 $705,300
($218) ($500,300) ($252) ($428,600)
($94,000) ($72,900)
$315,100 $203,800
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$57 $2.5 $94 $4.1
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Marginal Feasibility Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5C More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma Existing HIF Requirement
Feasibility Analysis Existing Water/Sewer/Drainage Fees Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 100% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $465 $860,000 $294 $515,000 $310 $450,000 <Less> Closing Costs 3.25% sales ($15) ($28,000) ($10) ($16,700) ($10) ($14,600) Revenue Net of Sales Expense $450 $832,000 $285 $498,300 $300 $435,400 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $20 $37,400 $25 $43,900 $25 $36,700 Housing Impact Fee $4 $6,500 $1 $2,600 $2 $2,200
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $29,100 $10 $18,300 $11 $15,500
Total House Costs $265 $489,800 $191 $333,500 $204 $296,200 Finished Lot Residual
Net Sales Revenue $450 $832,000 $285 $498,300 $300 $435,400 <Less> Development Costs ($265) ($489,800) ($191) ($333,500) ($204) ($296,200) <Less> Net Builder Profit 10% sales ($86,000) ($51,500) ($45,000) Lot Value (Finished Lot) $256,200 $113,300 $94,200
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $154 $6.7 $28 $1.2 $39 $1.7
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Feasible Feasible Feasible
Central City Southern Neighborhoods
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5C
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Existing HIF Requirement
Existing Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 ($9) ($16,700) ($10) ($14,300) ($10) ($21,100) ($11) ($17,100) $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $21 $40,400 $24 $35,400 $32 $66,600 $35 $56,600
$2 $2,900 $2 $2,300 $3 $7,300 $4 $5,600
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$10 $19,200 $10 $15,400 $11 $22,300 $11 $17,800
$175 $333,400 $195 $292,100 $194 $407,200 $219 $350,500 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 ($175) ($333,400) ($195) ($292,100) ($194) ($407,200) ($219) ($350,500) ($51,500) ($44,000) ($65,000) ($52,500)
$113,400 $89,600 $156,700 $104,900
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $23 $1.0 $37 $1.6 $32 $1.4 $44 $1.9
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
Feasible Feasible
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
North Sacramento and South Natomas North Natomas
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5C
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
Existing HIF Requirement
Existing HIF Requirement
Existing Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$435 $1,000,000 $456 $775,000
($14) ($32,500) ($15) ($25,200)
$421 $967,500 $441 $749,800
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$18 $40,500 $21 $36,100
$3 $8,000 $0 $0
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$15 $35,400 $15 $25,100
$213 $489,800 $248 $421,400
$421 $967,500 $441 $749,800
($213) ($489,800) ($248) ($421,400)
($100,000) ($77,500)
$377,700 $250,900
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$69 $3.0 $115 $5.0
$65 $2.8 $80 $3.5
Feasible Feasible
Single Family Detached Small Lot Detached
Inner South & East and West of I-5
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5D More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma 5% Moderate @110% AMI Units
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 95% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 5% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $451 $835,183 $290 $508,126 $308 $446,030 <Less> Closing Costs 3.25% sales ($15) ($27,100) ($9) ($16,500) ($10) ($14,500) Revenue Net of Sales Expense $437 $808,083 $281 $491,626 $298 $431,530 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $29 $53,300 $30 $53,300 $32 $46,100 Housing Impact Fee $0 $0 $0 $0 $0 $0
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $29,500 $11 $18,600 $11 $15,800
Total House Costs $270 $499,600 $195 $340,600 $209 $303,700 Finished Lot Residual
Net Sales Revenue $437 $808,083 $281 $491,626 $298 $431,530 <Less> Development Costs ($270) ($499,600) ($195) ($340,600) ($209) ($303,700) <Less> Net Builder Profit 10% sales ($83,518) ($50,813) ($44,603) Lot Value (Finished Lot) $225,000 $100,200 $83,200
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $135 $5.9 $25 $1.1 $34 $1.5
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Feasible Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5D
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
95%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 5%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 5% Moderate @110% AMI Units
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $268 $508,611 $291 $436,946 $303 $636,861 $324 $517,696 ($9) ($16,500) ($9) ($14,200) ($10) ($20,700) ($11) ($16,800) $259 $492,111 $282 $422,746 $293 $616,161 $313 $500,896 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $28 $53,200 $32 $48,000 $36 $75,400 $41 $65,300
$0 $0 $0 $0 $0 $0 $0 $0
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$10 $19,600 $11 $15,800 $11 $22,400 $11 $18,000
$181 $343,700 $202 $302,800 $195 $408,800 $221 $353,800 $259 $492,111 $282 $422,746 $293 $616,161 $313 $500,896 ($181) ($343,700) ($202) ($302,800) ($195) ($408,800) ($221) ($353,800) ($50,861) ($43,695) ($63,686) ($51,770)
$97,500 $76,300 $143,700 $95,300
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $21 $0.9 $32 $1.4 $30 $1.3 $39 $1.7
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Marginal Feasibility Feasible
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5D
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
95%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 5%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 5% Moderate @110% AMI Units
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$421 $969,223 $444 $754,780
($14) ($31,500) ($14) ($24,500)
$408 $937,723 $430 $730,280
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$25 $56,400 $29 $49,600
$0 $0 $0 $0
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $35,700 $15 $25,700
$217 $498,000 $256 $435,500
$408 $937,723 $430 $730,280
($217) ($498,000) ($256) ($435,500)
($96,922) ($75,478)
$342,800 $219,300
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$62 $2.7 $101 $4.4
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5E More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma 5% Moderate @90% AMI Units
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 95% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 5% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $449 $831,445 $288 $504,235 $305 $442,215 <Less> Closing Costs 3.25% sales ($15) ($27,000) ($9) ($16,400) ($10) ($14,400) Revenue Net of Sales Expense $435 $804,445 $279 $487,835 $295 $427,815 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $29 $53,300 $30 $53,300 $32 $46,100 Housing Impact Fee $0 $0 $0 $0 $0 $0
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $29,500 $11 $18,600 $11 $15,800
Total House Costs $270 $499,600 $195 $340,600 $209 $303,700 Finished Lot Residual
Net Sales Revenue $435 $804,445 $279 $487,835 $295 $427,815 <Less> Development Costs ($270) ($499,600) ($195) ($340,600) ($209) ($303,700) <Less> Net Builder Profit 10% sales ($83,145) ($50,424) ($44,222) Lot Value (Finished Lot) $221,700 $96,800 $79,900
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $133 $5.8 $25 $1.1 $32 $1.4
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Feasible Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5E
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
95%
Low 0%
Mod@90% AMI 5%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 5% Moderate @90% AMI Units
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $266 $504,613 $289 $433,039 $301 $632,863 $321 $513,789 ($9) ($16,400) ($9) ($14,100) ($10) ($20,600) ($10) ($16,700) $257 $488,213 $279 $418,939 $292 $612,263 $311 $497,089 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $28 $53,200 $32 $48,000 $36 $75,400 $41 $65,300
$0 $0 $0 $0 $0 $0 $0 $0
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$10 $19,600 $11 $15,800 $11 $22,400 $11 $18,000
$181 $343,700 $202 $302,800 $195 $408,800 $221 $353,800 $257 $488,213 $279 $418,939 $292 $612,263 $311 $497,089 ($181) ($343,700) ($202) ($302,800) ($195) ($408,800) ($221) ($353,800) ($50,461) ($43,304) ($63,286) ($51,379)
$94,100 $72,800 $140,200 $91,900
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $18 $0.8 $30 $1.3 $30 $1.3 $39 $1.7
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Marginal Feasibility Feasible
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5E
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
95%
Low 0%
Mod@90% AMI 5%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 5% Moderate @90% AMI Units
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$420 $965,255 $442 $750,965
($14) ($31,400) ($14) ($24,400)
$406 $933,855 $427 $726,565
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$25 $56,400 $29 $49,600
$0 $0 $0 $0
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $35,700 $15 $25,700
$217 $498,000 $256 $435,500
$406 $933,855 $427 $726,565
($217) ($498,000) ($256) ($435,500)
($96,526) ($75,097)
$339,300 $216,000
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$62 $2.7 $99 $4.3
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5F More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma 5% Low Units
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 95% $465 $860,000 $294 $515,000 $310 $450,000 Low 5% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $446 $825,794 $285 $498,354 $301 $436,450 <Less> Closing Costs 3.25% sales ($14) ($26,800) ($9) ($16,200) ($10) ($14,200) Revenue Net of Sales Expense $432 $798,994 $276 $482,154 $291 $422,250 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $29 $53,300 $30 $53,300 $32 $46,100 Housing Impact Fee $0 $0 $0 $0 $0 $0
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $29,500 $11 $18,600 $11 $15,800
Total House Costs $270 $499,600 $195 $340,600 $209 $303,700 Finished Lot Residual
Net Sales Revenue $432 $798,994 $276 $482,154 $291 $422,250 <Less> Development Costs ($270) ($499,600) ($195) ($340,600) ($209) ($303,700) <Less> Net Builder Profit 10% sales ($82,579) ($49,835) ($43,645) Lot Value (Finished Lot) $216,800 $91,700 $74,900
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $129 $5.6 $23 $1.0 $30 $1.3
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Feasible Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5F
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
95%
Low 5%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 5% Low Units
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $262 $498,569 $285 $427,135 $298 $626,819 $317 $507,885 ($9) ($16,200) ($9) ($13,900) ($10) ($20,400) ($10) ($16,500) $254 $482,369 $275 $413,235 $289 $606,419 $307 $491,385 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $28 $53,200 $32 $48,000 $36 $75,400 $41 $65,300
$0 $0 $0 $0 $0 $0 $0 $0
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$10 $19,600 $11 $15,800 $11 $22,400 $11 $18,000
$181 $343,700 $202 $302,800 $195 $408,800 $221 $353,800 $254 $482,369 $275 $413,235 $289 $606,419 $307 $491,385 ($181) ($343,700) ($202) ($302,800) ($195) ($408,800) ($221) ($353,800) ($49,857) ($42,713) ($62,682) ($50,788)
$88,800 $67,700 $134,900 $86,800
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $18 $0.8 $28 $1.2 $28 $1.2 $37 $1.6
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Marginal Feasibility Feasible
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5F
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
95%
Low 5%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 5% Low Units
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$417 $959,258 $438 $745,200
($14) ($31,200) ($14) ($24,200)
$404 $928,058 $424 $721,000
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$25 $56,400 $29 $49,600
$0 $0 $0 $0
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $35,700 $15 $25,700
$217 $498,000 $256 $435,500
$404 $928,058 $424 $721,000
($217) ($498,000) ($256) ($435,500)
($95,926) ($74,520)
$334,100 $211,000
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$62 $2.7 $96 $4.2
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5G More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma 10% Moderate @110% AMI Units
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 90% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 10% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $438 $810,366 $286 $501,253 $305 $442,060 <Less> Closing Costs 3.25% sales ($14) ($26,300) ($9) ($16,300) ($10) ($14,400) Revenue Net of Sales Expense $424 $784,066 $277 $484,953 $295 $427,660 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $28 $51,900 $30 $52,300 $31 $45,100 Housing Impact Fee $0 $0 $0 $0 $0 $0
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $29,400 $11 $18,500 $11 $15,800
Total House Costs $269 $498,100 $194 $339,500 $209 $302,700 Finished Lot Residual
Net Sales Revenue $424 $784,066 $277 $484,953 $295 $427,660 <Less> Development Costs ($269) ($498,100) ($194) ($339,500) ($209) ($302,700) <Less> Net Builder Profit 10% sales ($81,037) ($50,125) ($44,206) Lot Value (Finished Lot) $204,900 $95,300 $80,800
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $122 $5.3 $23 $1.0 $34 $1.5
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Feasible Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5G
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
90%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 10%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 10% Moderate @110% AMI Units
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $264 $502,222 $289 $433,891 $297 $623,722 $319 $510,391 ($9) ($16,300) ($9) ($14,100) ($10) ($20,300) ($10) ($16,600) $256 $485,922 $280 $419,791 $287 $603,422 $309 $493,791 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $27 $52,100 $31 $46,900 $35 $73,700 $40 $63,700
$0 $0 $0 $0 $0 $0 $0 $0
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$10 $19,600 $11 $15,800 $11 $22,300 $11 $17,900
$180 $342,600 $201 $301,700 $194 $407,000 $220 $352,100 $256 $485,922 $280 $419,791 $287 $603,422 $309 $493,791 ($180) ($342,600) ($201) ($301,700) ($194) ($407,000) ($220) ($352,100) ($50,222) ($43,389) ($62,372) ($51,039)
$93,100 $74,700 $134,000 $90,700
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $18 $0.8 $30 $1.3 $28 $1.2 $37 $1.6
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Marginal Feasibility Feasible
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5G
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
90%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 10%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 10% Moderate @110% AMI Units
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$408 $938,445 $432 $734,560
($13) ($30,500) ($14) ($23,900)
$395 $907,945 $418 $710,660
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$24 $55,000 $28 $48,400
$0 $0 $0 $0
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $35,700 $15 $25,700
$216 $496,600 $255 $434,300
$395 $907,945 $418 $710,660
($216) ($496,600) ($255) ($434,300)
($93,845) ($73,456)
$317,500 $202,900
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$57 $2.5 $94 $4.1
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Marginal Feasibility Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5H More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma 10% Moderate @90% AMI Units
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 90% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 10% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $434 $802,890 $282 $493,470 $300 $434,430 <Less> Closing Costs 3.25% sales ($14) ($26,100) ($9) ($16,000) ($10) ($14,100) Revenue Net of Sales Expense $420 $776,790 $273 $477,470 $290 $420,330 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $28 $51,900 $30 $52,300 $31 $45,100 Housing Impact Fee $0 $0 $0 $0 $0 $0
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $29,400 $11 $18,500 $11 $15,800
Total House Costs $269 $498,100 $194 $339,500 $209 $302,700 Finished Lot Residual
Net Sales Revenue $420 $776,790 $273 $477,470 $290 $420,330 <Less> Development Costs ($269) ($498,100) ($194) ($339,500) ($209) ($302,700) <Less> Net Builder Profit 10% sales ($80,289) ($49,347) ($43,443) Lot Value (Finished Lot) $198,400 $88,600 $74,200
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $119 $5.2 $23 $1.0 $30 $1.3
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Feasible Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5H
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
90%
Low 0%
Mod@90% AMI 10%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 10% Moderate @90% AMI Units
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $260 $494,226 $284 $426,078 $293 $615,726 $314 $502,578 ($8) ($16,100) ($9) ($13,800) ($10) ($20,000) ($10) ($16,300) $252 $478,126 $275 $412,278 $284 $595,726 $304 $486,278 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $27 $52,100 $31 $46,900 $35 $73,700 $40 $63,700
$0 $0 $0 $0 $0 $0 $0 $0
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$10 $19,600 $11 $15,800 $11 $22,300 $11 $17,900
$180 $342,600 $201 $301,700 $194 $407,000 $220 $352,100 $252 $478,126 $275 $412,278 $284 $595,726 $304 $486,278 ($180) ($342,600) ($201) ($301,700) ($194) ($407,000) ($220) ($352,100) ($49,423) ($42,608) ($61,573) ($50,258)
$86,100 $68,000 $127,200 $83,900
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $18 $0.8 $28 $1.2 $25 $1.1 $34 $1.5
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Marginal Feasibility Feasible
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5H
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
90%
Low 0%
Mod@90% AMI 10%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 10% Moderate @90% AMI Units
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$405 $930,510 $428 $726,930
($13) ($30,200) ($14) ($23,600)
$391 $900,310 $414 $703,330
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$24 $55,000 $28 $48,400
$0 $0 $0 $0
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $35,700 $15 $25,700
$216 $496,600 $255 $434,300
$391 $900,310 $414 $703,330
($216) ($496,600) ($255) ($434,300)
($93,051) ($72,693)
$310,700 $196,300
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$57 $2.5 $90 $3.9
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Marginal Feasibility Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5I More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma 10% Low Units
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 90% $465 $860,000 $294 $515,000 $310 $450,000 Low 10% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $428 $791,588 $275 $481,708 $292 $422,900 <Less> Closing Costs 3.25% sales ($14) ($25,700) ($9) ($15,700) ($9) ($13,700) Revenue Net of Sales Expense $414 $765,888 $266 $466,008 $282 $409,200 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $28 $51,900 $30 $52,300 $31 $45,100 Housing Impact Fee $0 $0 $0 $0 $0 $0
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $29,400 $11 $18,500 $11 $15,800
Total House Costs $269 $498,100 $194 $339,500 $209 $302,700 Finished Lot Residual
Net Sales Revenue $414 $765,888 $266 $466,008 $282 $409,200 <Less> Development Costs ($269) ($498,100) ($194) ($339,500) ($209) ($302,700) <Less> Net Builder Profit 10% sales ($79,159) ($48,171) ($42,290) Lot Value (Finished Lot) $188,600 $78,300 $64,200
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $112 $4.9 $21 $0.9 $28 $1.2
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Marginal Feasibility Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5I
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
90%
Low 10%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 10% Low Units
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $254 $482,138 $276 $414,269 $287 $603,638 $307 $490,769 ($8) ($15,700) ($9) ($13,500) ($9) ($19,600) ($10) ($15,900) $245 $466,438 $267 $400,769 $278 $584,038 $297 $474,869 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $27 $52,100 $31 $46,900 $35 $73,700 $40 $63,700
$0 $0 $0 $0 $0 $0 $0 $0
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$10 $19,600 $11 $15,800 $11 $22,300 $11 $17,900
$180 $342,600 $201 $301,700 $194 $407,000 $220 $352,100 $245 $466,438 $267 $400,769 $278 $584,038 $297 $474,869 ($180) ($342,600) ($201) ($301,700) ($194) ($407,000) ($220) ($352,100) ($48,214) ($41,427) ($60,364) ($49,077)
$75,600 $57,600 $116,700 $73,700
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $16 $0.7 $23 $1.0 $25 $1.1 $30 $1.3
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Infeasible / Challenged Marginal Feasibility
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5I
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
90%
Low 10%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 10% Low Units
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$399 $918,515 $421 $715,400
($13) ($29,900) ($14) ($23,300)
$386 $888,615 $407 $692,100
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$24 $55,000 $28 $48,400
$0 $0 $0 $0
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $35,700 $15 $25,700
$216 $496,600 $255 $434,300
$386 $888,615 $407 $692,100
($216) ($496,600) ($255) ($434,300)
($91,852) ($71,540)
$300,200 $186,300
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$55 $2.4 $85 $3.7
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Marginal Feasibility Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5J More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma 15% Moderate @110% AMI Units
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 85% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 15% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $425 $785,549 $283 $494,379 $302 $438,090 <Less> Closing Costs 3.25% sales ($14) ($25,500) ($9) ($16,100) ($10) ($14,200) Revenue Net of Sales Expense $411 $760,049 $273 $478,279 $292 $423,890 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $27 $50,500 $29 $51,300 $30 $44,200 Housing Impact Fee $0 $0 $0 $0 $0 $0
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $29,400 $11 $18,500 $11 $15,800
Total House Costs $268 $496,700 $193 $338,500 $208 $301,800 Finished Lot Residual
Net Sales Revenue $411 $760,049 $273 $478,279 $292 $423,890 <Less> Development Costs ($268) ($496,700) ($193) ($338,500) ($208) ($301,800) <Less> Net Builder Profit 10% sales ($78,555) ($49,438) ($43,809) Lot Value (Finished Lot) $184,800 $90,300 $78,300
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $110 $4.8 $23 $1.0 $32 $1.4
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Feasible Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5J
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
85%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 15%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 15% Moderate @110% AMI Units
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $261 $495,833 $287 $430,837 $291 $610,583 $314 $503,087 ($8) ($16,100) ($9) ($14,000) ($9) ($19,800) ($10) ($16,400) $252 $479,733 $278 $416,837 $281 $590,783 $304 $486,687 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $27 $51,000 $31 $45,900 $34 $72,000 $39 $62,100
$0 $0 $0 $0 $0 $0 $0 $0
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$10 $19,500 $10 $15,700 $11 $22,200 $11 $17,800
$180 $341,400 $200 $300,600 $193 $405,200 $219 $350,400 $252 $479,733 $278 $416,837 $281 $590,783 $304 $486,687 ($180) ($341,400) ($200) ($300,600) ($193) ($405,200) ($219) ($350,400) ($49,583) ($43,084) ($61,058) ($50,309)
$88,700 $73,200 $124,500 $86,000
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $18 $0.8 $30 $1.3 $25 $1.1 $34 $1.5
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Marginal Feasibility Feasible
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5J
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
85%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 15%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 15% Moderate @110% AMI Units
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$395 $907,668 $420 $714,340
($13) ($29,500) ($14) ($23,200)
$382 $878,168 $407 $691,140
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$23 $53,600 $28 $47,200
$0 $0 $0 $0
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$15 $35,600 $15 $25,600
$215 $495,100 $255 $433,000
$382 $878,168 $407 $691,140
($215) ($495,100) ($255) ($433,000)
($90,767) ($71,434)
$292,300 $186,700
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$53 $2.3 $85 $3.7
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Marginal Feasibility Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5K More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma 15% Moderate @90% AMI Units
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 85% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 15% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $419 $774,335 $276 $482,705 $294 $426,645 <Less> Closing Costs 3.25% sales ($14) ($25,200) ($9) ($15,700) ($10) ($13,900) Revenue Net of Sales Expense $405 $749,135 $267 $467,005 $285 $412,745 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $27 $50,500 $29 $51,300 $30 $44,200 Housing Impact Fee $0 $0 $0 $0 $0 $0
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $29,400 $11 $18,500 $11 $15,800
Total House Costs $268 $496,700 $193 $338,500 $208 $301,800 Finished Lot Residual
Net Sales Revenue $405 $749,135 $267 $467,005 $285 $412,745 <Less> Development Costs ($268) ($496,700) ($193) ($338,500) ($208) ($301,800) <Less> Net Builder Profit 10% sales ($77,434) ($48,271) ($42,665) Lot Value (Finished Lot) $175,000 $80,200 $68,300
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $106 $4.6 $21 $0.9 $28 $1.2
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Marginal Feasibility Marginal Feasibility Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5K
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
85%
Low 0%
Mod@90% AMI 15%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 15% Moderate @90% AMI Units
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $255 $483,839 $279 $419,117 $285 $598,589 $307 $491,367 ($8) ($15,700) ($9) ($13,600) ($9) ($19,500) ($10) ($16,000) $246 $468,139 $270 $405,517 $276 $579,089 $297 $475,367 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $27 $51,000 $31 $45,900 $34 $72,000 $39 $62,100
$0 $0 $0 $0 $0 $0 $0 $0
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$10 $19,500 $10 $15,700 $11 $22,200 $11 $17,800
$180 $341,400 $200 $300,600 $193 $405,200 $219 $350,400 $246 $468,139 $270 $405,517 $276 $579,089 $297 $475,367 ($180) ($341,400) ($200) ($300,600) ($193) ($405,200) ($219) ($350,400) ($48,384) ($41,912) ($59,859) ($49,137)
$78,400 $63,000 $114,000 $75,800
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $16 $0.7 $25 $1.1 $23 $1.0 $32 $1.4
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Infeasible / Challenged Marginal Feasibility
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5K
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
85%
Low 0%
Mod@90% AMI 15%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 15% Moderate @90% AMI Units
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$389 $895,765 $413 $702,895
($13) ($29,100) ($13) ($22,800)
$377 $866,665 $400 $680,095
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$23 $53,600 $28 $47,200
$0 $0 $0 $0
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$15 $35,600 $15 $25,600
$215 $495,100 $255 $433,000
$377 $866,665 $400 $680,095
($215) ($495,100) ($255) ($433,000)
($89,577) ($70,290)
$282,000 $176,800
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$53 $2.3 $80 $3.5
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Marginal Feasibility Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5L More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma 15% Low Units
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 85% $465 $860,000 $294 $515,000 $310 $450,000 Low 15% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $409 $757,382 $266 $465,061 $282 $409,350 <Less> Closing Costs 3.25% sales ($13) ($24,600) ($9) ($15,100) ($9) ($13,300) Revenue Net of Sales Expense $396 $732,782 $257 $449,961 $273 $396,050 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $27 $50,500 $29 $51,300 $30 $44,200 Housing Impact Fee $0 $0 $0 $0 $0 $0
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $29,400 $11 $18,500 $11 $15,800
Total House Costs $268 $496,700 $193 $338,500 $208 $301,800 Finished Lot Residual
Net Sales Revenue $396 $732,782 $257 $449,961 $273 $396,050 <Less> Development Costs ($268) ($496,700) ($193) ($338,500) ($208) ($301,800) <Less> Net Builder Profit 10% sales ($75,738) ($46,506) ($40,935) Lot Value (Finished Lot) $160,300 $65,000 $53,300
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $96 $4.2 $16 $0.7 $23 $1.0
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Marginal Feasibility Infeasible / Challenged Marginal Feasibility Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5L
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
85%
Low 15%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 15% Low Units
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $245 $465,707 $268 $401,404 $276 $580,457 $296 $473,654 ($8) ($15,100) ($9) ($13,000) ($9) ($18,900) ($10) ($15,400) $237 $450,607 $259 $388,404 $267 $561,557 $286 $458,254 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $27 $51,000 $31 $45,900 $34 $72,000 $39 $62,100
$0 $0 $0 $0 $0 $0 $0 $0
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$10 $19,500 $10 $15,700 $11 $22,200 $11 $17,800
$180 $341,400 $200 $300,600 $193 $405,200 $219 $350,400 $237 $450,607 $259 $388,404 $267 $561,557 $286 $458,254 ($180) ($341,400) ($200) ($300,600) ($193) ($405,200) ($219) ($350,400) ($46,571) ($40,140) ($58,046) ($47,365)
$62,600 $47,700 $98,300 $60,500
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $14 $0.6 $21 $0.9 $21 $0.9 $25 $1.1
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Infeasible / Challenged Infeasible / Challenged
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Marginal Feasibility Marginal Feasibility
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5L
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
85%
Low 15%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) 15% Low Units
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$382 $877,773 $403 $685,600
($12) ($28,500) ($13) ($22,300)
$369 $849,273 $390 $663,300
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$23 $53,600 $28 $47,200
$0 $0 $0 $0
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$15 $35,600 $15 $25,600
$215 $495,100 $255 $433,000
$369 $849,273 $390 $663,300
($215) ($495,100) ($255) ($433,000)
($87,777) ($68,560)
$266,400 $161,700
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$48 $2.1 $73 $3.2
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Marginal Feasibility Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5M Favorable Recent Conditions (higher pricing/fewer incentives, lower interest ) More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma Include Standalone LIHTC Project Equiv to 10% of Units Include Standalone LIHTC Project Equiv to 10% of Units Feasibility Analysis New Water/Sewer/Drainage Fees New Water/Sewer/Drainage Fees Sacramento MIHO Review Working Draft - Subject to Substantial Change Working Draft - Subject to Substantial Change
Living Area Net SF 1,750 sf 1,450 sf 1,900 sf 1,500 sf 2,100 sf 1,600 sf Average Number of Bedrooms 3.25 bedrooms 3.0 bedrooms 3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms Density 11 du/acre 18 du/acre 9 du/acre 18 du/acre 9 du/acre 18 du/acre Stories/ Construction Type 1-2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage 2.0 garage 2.0 garage 2.0 garage Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 100% $294 $515,000 $310 $450,000 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 Low 0% $104 $182,075 $123 $179,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690 Mod@90% AMI 0% $171 $299,700 $203 $294,300 $162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 Mod@110% AMI 0% $216 $377,525 $256 $370,600 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 Average Gross Sales Price $294 $515,000 $310 $450,000 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 <Less> Closing Costs 3.25% sales ($10) ($16,700) ($10) ($14,600) ($9) ($16,700) ($10) ($14,300) ($10) ($21,100) ($11) ($17,100) Revenue Net of Sales Expense $285 $498,300 $300 $435,400 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $124 $217,000 $135 $196,000 $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 Fees & Permits, excl. hsg $31 $54,300 $32 $47,000 $29 $54,300 $33 $49,000 $37 $77,100 $42 $66,900 LIHTC Site/Cash Contrib. $2 $4,300 $3 $4,300 $2 $4,300 $3 $4,300 $2 $4,300 $3 $4,300 Marketing/Model Costs 1.75% sales $5 $9,000 $5 $7,900 $5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200 Warranty/Insurance 1.5% sales $4 $7,700 $5 $6,800 $4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900 Other Indirects 9% directs $11 $19,500 $12 $17,600 $10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600 Builder Overhead/G&A 3% sales $9 $15,500 $9 $13,500 $8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800 Financing $11 $18,800 $11 $16,100 $10 $19,900 $11 $16,000 $11 $22,600 $11 $18,200 Total House Costs $198 $346,100 $213 $309,200 $184 $349,400 $206 $308,300 $198 $415,000 $225 $359,900 Finished Lot Residual
Net Sales Revenue $285 $498,300 $300 $435,400 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 <Less> Development Costs ($198) ($346,100) ($213) ($309,200) ($184) ($349,400) ($206) ($308,300) ($198) ($415,000) ($225) ($359,900) <Less> Net Builder Profit 10% sales ($51,500) ($45,000) ($51,500) ($44,000) ($65,000) ($52,500) Lot Value (Finished Lot) $100,700 $81,200 $97,400 $73,400 $148,900 $95,500 $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $25 $1.1 $34 $1. 5 $21 $0.9 $30 $1.3 $30 $1. 3 $39 $1.7 Lot Cost Estimate $25 $1.1 $30 $1. 3 $25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3 Feasibility Finding
Southern Neighborhoods North Sacramento and South Natomas North Natomas Feasible Feasible Marginal Feasibility Feasible
Appendix A Table 10
Single Family Detached Small Lot Detached
Appendix A Table 13
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5N Favorable Recent Conditions (higher pricing/fewer incentives, lower interest ) More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma Include Standalone LIHTC Project Equiv to 15% of Units Include Standalone LIHTC Project Equiv to 15% of Units Feasibility Analysis New Water/Sewer/Drainage Fees New Water/Sewer/Drainage Fees Sacramento MIHO Review Working Draft - Subject to Substantial Change Working Draft - Subject to Substantial Change
Living Area Net SF 1,750 sf 1,450 sf 1,900 sf 1,500 sf 2,100 sf 1,600 sf Average Number of Bedrooms 3.25 bedrooms 3.0 bedrooms 3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms Density 11 du/acre 18 du/acre 9 du/acre 18 du/acre 9 du/acre 18 du/acre Stories/ Construction Type 1-2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage 2.0 garage 2.0 garage 2.0 garage Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 100% $294 $515,000 $310 $450,000 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 Low 0% $104 $182,075 $123 $179,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690 Mod@90% AMI 0% $171 $299,700 $203 $294,300 $162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 Mod@110% AMI 0% $216 $377,525 $256 $370,600 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 Average Gross Sales Price $294 $515,000 $310 $450,000 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 <Less> Closing Costs 3.25% sales ($10) ($16,700) ($10) ($14,600) ($9) ($16,700) ($10) ($14,300) ($10) ($21,100) ($11) ($17,100) Revenue Net of Sales Expense $285 $498,300 $300 $435,400 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $124 $217,000 $135 $196,000 $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 Fees & Permits, excl. hsg $31 $54,300 $32 $47,000 $29 $54,300 $33 $49,000 $37 $77,100 $42 $66,900 LIHTC Site/Cash Contrib. $4 $6,900 $5 $6,900 $4 $6,900 $5 $6,900 $3 $6,900 $4 $6,900 Marketing/Model Costs 1.75% sales $5 $9,000 $5 $7,900 $5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200 Warranty/Insurance 1.5% sales $4 $7,700 $5 $6,800 $4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900 Other Indirects 9% directs $11 $19,500 $12 $17,600 $10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600 Builder Overhead/G&A 3% sales $9 $15,500 $9 $13,500 $8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800 Financing $11 $18,900 $11 $16,200 $11 $20,000 $11 $16,200 $11 $22,800 $11 $18,300 Total House Costs $199 $348,800 $215 $311,900 $185 $352,100 $207 $311,100 $199 $417,800 $227 $362,600 Finished Lot Residual
Net Sales Revenue $285 $498,300 $300 $435,400 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 <Less> Development Costs ($199) ($348,800) ($215) ($311,900) ($185) ($352,100) ($207) ($311,100) ($199) ($417,800) ($227) ($362,600) <Less> Net Builder Profit 10% sales ($51,500) ($45,000) ($51,500) ($44,000) ($65,000) ($52,500) Lot Value (Finished Lot) $98,000 $78,500 $94,700 $70,600 $146,100 $92,800 $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $25 $1.1 $3 2 $1.4 $21 $0.9 $30 $1.3 $30 $1. 3 $39 $1.7 Lot Cost Estimate $25 $1.1 $30 $1. 3 $25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3 Feasibility Finding
Southern Neighborhoods North Sacramento and South Natomas North Natomas Feasible Feasible Marginal Feasibility Feasible
Appendix A Table 10
Single Family Detached Small Lot Detached
Appendix A Table 13
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5O Favorable Recent Conditions (higher pricing/fewer incentives, lower interest ) More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma Include Standalone LIHTC Project Equiv to 10% of Units Include Standalone LIHTC Project Equiv to 10% of Units Feasibility Analysis New Water/Sewer/Drainage Fees New Water/Sewer/Drainage Fees Sacramento MIHO Review Working Draft - Subject to Substantial Change Working Draft - Subject to Substantial Change
Living Area Net SF 1,750 sf 1,450 sf 1,900 sf 1,500 sf 2,100 sf 1,600 sf Average Number of Bedrooms 3.25 bedrooms 3.0 bedrooms 3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms Density 11 du/acre 18 du/acre 9 du/acre 18 du/acre 9 du/acre 18 du/acre Stories/ Construction Type 1-2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage 2.0 garage 2.0 garage 2.0 garage Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 100% $294 $515,000 $310 $450,000 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 Low 0% $104 $182,075 $123 $179,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690 Mod@90% AMI 0% $171 $299,700 $203 $294,300 $162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 Mod@110% AMI 0% $216 $377,525 $256 $370,600 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 Average Gross Sales Price $294 $515,000 $310 $450,000 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 <Less> Closing Costs 3.25% sales ($10) ($16,700) ($10) ($14,600) ($9) ($16,700) ($10) ($14,300) ($10) ($21,100) ($11) ($17,100) Revenue Net of Sales Expense $285 $498,300 $300 $435,400 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $124 $217,000 $135 $196,000 $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 Fees & Permits, excl. hsg $31 $54,300 $32 $47,000 $29 $54,300 $33 $49,000 $37 $77,100 $42 $66,900 LIHTC Site/Cash Contrib. $6 $9,800 $7 $9,800 $5 $9,800 $7 $9,800 $5 $9,800 $6 $9,800 Marketing/Model Costs 1.75% sales $5 $9,000 $5 $7,900 $5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200 Warranty/Insurance 1.5% sales $4 $7,700 $5 $6,800 $4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900 Other Indirects 9% directs $11 $19,500 $12 $17,600 $10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600 Builder Overhead/G&A 3% sales $9 $15,500 $9 $13,500 $8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800 Financing $11 $19,000 $11 $16,300 $11 $20,100 $11 $16,300 $11 $22,900 $12 $18,500 Total House Costs $201 $351,800 $217 $314,900 $187 $355,100 $209 $314,100 $200 $420,800 $229 $365,700 Finished Lot Residual
Net Sales Revenue $285 $498,300 $300 $435,400 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 <Less> Development Costs ($201) ($351,800) ($217) ($314,900) ($187) ($355,100) ($209) ($314,100) ($200) ($420,800) ($229) ($365,700) <Less> Net Builder Profit 10% sales ($51,500) ($45,000) ($51,500) ($44,000) ($65,000) ($52,500) Lot Value (Finished Lot) $95,000 $75,500 $91,700 $67,600 $143,100 $89,700 $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $23 $1.0 $3 2 $1.4 $18 $0.8 $28 $1.2 $30 $1. 3 $37 $1.6 Lot Cost Estimate $25 $1.1 $30 $1. 3 $25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3 Feasibility Finding
Southern Neighborhoods North Sacramento and South Natomas North Natomas Feasible Feasible Marginal Feasibility Feasible
Appendix A Table 10
Single Family Detached Small Lot Detached
Appendix A Table 13
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5P More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma Existing HIF Requirement
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 100% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $465 $860,000 $294 $515,000 $310 $450,000 <Less> Closing Costs 3.25% sales ($15) ($28,000) ($10) ($16,700) ($10) ($14,600) Revenue Net of Sales Expense $450 $832,000 $285 $498,300 $300 $435,400 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $30 $54,700 $31 $54,300 $32 $47,000 Housing Impact Fee $4 $6,500 $1 $2,600 $2 $2,200
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $29,800 $11 $18,700 $11 $16,000
Total House Costs $274 $507,800 $197 $344,300 $212 $307,000 Finished Lot Residual
Net Sales Revenue $450 $832,000 $285 $498,300 $300 $435,400 <Less> Development Costs ($274) ($507,800) ($197) ($344,300) ($212) ($307,000) <Less> Net Builder Profit 10% sales ($86,000) ($51,500) ($45,000) Lot Value (Finished Lot) $238,200 $102,500 $83,400
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $142 $6.2 $25 $1.1 $34 $1.5
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Feasible Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5P
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Existing HIF Requirement
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 ($9) ($16,700) ($10) ($14,300) ($10) ($21,100) ($11) ($17,100) $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $29 $54,300 $33 $49,000 $37 $77,100 $42 $66,900
$2 $2,900 $2 $2,300 $3 $7,300 $4 $5,600
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$10 $19,800 $11 $16,000 $11 $22,800 $11 $18,300
$183 $347,900 $204 $306,300 $199 $418,200 $226 $361,300 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 ($183) ($347,900) ($204) ($306,300) ($199) ($418,200) ($226) ($361,300) ($51,500) ($44,000) ($65,000) ($52,500)
$98,900 $75,400 $145,700 $94,100
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $21 $0.9 $32 $1.4 $30 $1.3 $39 $1.7
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Marginal Feasibility Feasible
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5P
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Impact Fee
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Existing HIF Requirement
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$435 $1,000,000 $456 $775,000
($14) ($32,500) ($15) ($25,200)
$421 $967,500 $441 $749,800
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$25 $57,800 $30 $50,800
$3 $8,000 $0 $0
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $36,200 $15 $25,800
$221 $507,900 $257 $436,800
$421 $967,500 $441 $749,800
($221) ($507,900) ($257) ($436,800)
($100,000) ($77,500)
$359,600 $235,500
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$67 $2.9 $108 $4.7
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5Q More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma HIF (existing rate, no incentives)
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 100% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $465 $860,000 $294 $515,000 $310 $450,000 <Less> Closing Costs 3.25% sales ($15) ($28,000) ($10) ($16,700) ($10) ($14,600) Revenue Net of Sales Expense $450 $832,000 $285 $498,300 $300 $435,400 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $30 $54,700 $31 $54,300 $32 $47,000 HIF (existing rate, no incentives) $4 $6,500 $3 $6,100 $4 $5,100 Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $29,800 $11 $18,900 $11 $16,100
Total House Costs $274 $507,800 $199 $348,000 $214 $310,000 Finished Lot Residual
Net Sales Revenue $450 $832,000 $285 $498,300 $300 $435,400 <Less> Development Costs ($274) ($507,800) ($199) ($348,000) ($214) ($310,000) <Less> Net Builder Profit 10% sales ($86,000) ($51,500) ($45,000) Lot Value (Finished Lot) $238,200 $98,800 $80,400
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $142 $6.2 $25 $1.1 $32 $1.4
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Feasible Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5Q
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
HIF (existing rate, no incentives)
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) HIF (existing rate, no incentives)
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 ($9) ($16,700) ($10) ($14,300) ($10) ($21,100) ($11) ($17,100) $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $29 $54,300 $33 $49,000 $37 $77,100 $42 $66,900
$3 $6,600 $3 $5,200 $3 $7,300 $4 $5,600
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$11 $20,000 $11 $16,100 $11 $22,800 $11 $18,300
$185 $351,800 $206 $309,300 $199 $418,200 $226 $361,300 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 ($185) ($351,800) ($206) ($309,300) ($199) ($418,200) ($226) ($361,300) ($51,500) ($44,000) ($65,000) ($52,500)
$95,000 $72,400 $145,700 $94,100
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $21 $0.9 $30 $1.3 $30 $1.3 $39 $1.7
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Marginal Feasibility Feasible
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5Q
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
HIF (existing rate, no incentives)
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) HIF (existing rate, no incentives)
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$435 $1,000,000 $456 $775,000
($14) ($32,500) ($15) ($25,200)
$421 $967,500 $441 $749,800
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$25 $57,800 $30 $50,800
$3 $8,000 $3 $5,900
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $36,200 $15 $26,000
$221 $507,900 $261 $442,900
$421 $967,500 $441 $749,800
($221) ($507,900) ($261) ($442,900)
($100,000) ($77,500)
$359,600 $229,400
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$67 $2.9 $106 $4.6
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5R More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma Housing Fee @ $5/SF
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 100% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $465 $860,000 $294 $515,000 $310 $450,000 <Less> Closing Costs 3.25% sales ($15) ($28,000) ($10) ($16,700) ($10) ($14,600) Revenue Net of Sales Expense $450 $832,000 $285 $498,300 $300 $435,400 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $30 $54,700 $31 $54,300 $32 $47,000 Housing Fee @ $5/SF $5 $9,300 $5 $8,800 $5 $7,300
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $30,000 $11 $19,000 $11 $16,200
Total House Costs $276 $510,800 $200 $350,800 $215 $312,300 Finished Lot Residual
Net Sales Revenue $450 $832,000 $285 $498,300 $300 $435,400 <Less> Development Costs ($276) ($510,800) ($200) ($350,800) ($215) ($312,300) <Less> Net Builder Profit 10% sales ($86,000) ($51,500) ($45,000) Lot Value (Finished Lot) $235,200 $96,000 $78,100
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $140 $6.1 $25 $1.1 $32 $1.4
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Feasible Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5R
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $5/SF
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Housing Fee @ $5/SF
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 ($9) ($16,700) ($10) ($14,300) ($10) ($21,100) ($11) ($17,100) $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $29 $54,300 $33 $49,000 $37 $77,100 $42 $66,900
$5 $9,500 $5 $7,500 $5 $10,500 $5 $8,000
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$11 $20,100 $11 $16,200 $11 $22,900 $12 $18,400
$187 $354,800 $208 $311,700 $201 $421,500 $227 $363,800 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 ($187) ($354,800) ($208) ($311,700) ($201) ($421,500) ($227) ($363,800) ($51,500) ($44,000) ($65,000) ($52,500)
$92,000 $70,000 $142,400 $91,600
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $18 $0.8 $30 $1.3 $30 $1.3 $37 $1.6
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Marginal Feasibility Feasible
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5R
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $5/SF
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Housing Fee @ $5/SF
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$435 $1,000,000 $456 $775,000
($14) ($32,500) ($15) ($25,200)
$421 $967,500 $441 $749,800
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$25 $57,800 $30 $50,800
$5 $11,500 $5 $8,500
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $36,300 $15 $26,200
$222 $511,500 $262 $445,700
$421 $967,500 $441 $749,800
($222) ($511,500) ($262) ($445,700)
($100,000) ($77,500)
$356,000 $226,600
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$64 $2.8 $103 $4.5
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5S More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma Housing Fee @ $7.5/SF
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 100% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $465 $860,000 $294 $515,000 $310 $450,000 <Less> Closing Costs 3.25% sales ($15) ($28,000) ($10) ($16,700) ($10) ($14,600) Revenue Net of Sales Expense $450 $832,000 $285 $498,300 $300 $435,400 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $30 $54,700 $31 $54,300 $32 $47,000 Housing Fee @ $7.5/SF $8 $13,900 $8 $13,100 $8 $10,900
Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $30,200 $11 $19,200 $11 $16,400
Total House Costs $279 $515,600 $203 $355,300 $218 $316,100 Finished Lot Residual
Net Sales Revenue $450 $832,000 $285 $498,300 $300 $435,400 <Less> Development Costs ($279) ($515,600) ($203) ($355,300) ($218) ($316,100) <Less> Net Builder Profit 10% sales ($86,000) ($51,500) ($45,000) Lot Value (Finished Lot) $230,400 $91,500 $74,300
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $138 $6.0 $23 $1.0 $30 $1.3
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Feasible Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5S
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $7.5/SF
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Housing Fee @ $7.5/SF
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 ($9) ($16,700) ($10) ($14,300) ($10) ($21,100) ($11) ($17,100) $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $29 $54,300 $33 $49,000 $37 $77,100 $42 $66,900
$8 $14,300 $8 $11,300 $8 $15,800 $8 $12,000
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$11 $20,300 $11 $16,300 $11 $23,100 $12 $18,600
$189 $359,800 $210 $315,600 $203 $427,000 $230 $368,000 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 ($189) ($359,800) ($210) ($315,600) ($203) ($427,000) ($230) ($368,000) ($51,500) ($44,000) ($65,000) ($52,500)
$87,000 $66,100 $136,900 $87,400
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $18 $0.8 $28 $1.2 $28 $1.2 $37 $1.6
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Marginal Feasibility Feasible
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5S
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $7.5/SF
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Housing Fee @ $7.5/SF
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$435 $1,000,000 $456 $775,000
($14) ($32,500) ($15) ($25,200)
$421 $967,500 $441 $749,800
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$25 $57,800 $30 $50,800
$8 $17,300 $8 $12,800
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $36,600 $15 $26,300
$225 $517,600 $265 $450,100
$421 $967,500 $441 $749,800
($225) ($517,600) ($265) ($450,100)
($100,000) ($77,500)
$349,900 $222,200
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$64 $2.8 $101 $4.4
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5T More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma Housing Fee @ $10/SF
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 100% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $465 $860,000 $294 $515,000 $310 $450,000 <Less> Closing Costs 3.25% sales ($15) ($28,000) ($10) ($16,700) ($10) ($14,600) Revenue Net of Sales Expense $450 $832,000 $285 $498,300 $300 $435,400 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $30 $54,700 $31 $54,300 $32 $47,000 Housing Fee @ $10/SF $10 $18,500 $10 $17,500 $10 $14,500 Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $16 $30,400 $11 $19,400 $11 $16,500
Total House Costs $281 $520,400 $206 $359,900 $221 $319,800 Finished Lot Residual
Net Sales Revenue $450 $832,000 $285 $498,300 $300 $435,400 <Less> Development Costs ($281) ($520,400) ($206) ($359,900) ($221) ($319,800) <Less> Net Builder Profit 10% sales ($86,000) ($51,500) ($45,000) Lot Value (Finished Lot) $225,600 $86,900 $70,600
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $135 $5.9 $23 $1.0 $30 $1.3
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Feasible Feasible
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5T
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $10/SF
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Housing Fee @ $10/SF
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 ($9) ($16,700) ($10) ($14,300) ($10) ($21,100) ($11) ($17,100) $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $29 $54,300 $33 $49,000 $37 $77,100 $42 $66,900
$10 $19,000 $10 $15,000 $10 $21,000 $10 $16,000
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$11 $20,500 $11 $16,500 $11 $23,400 $12 $18,700
$192 $364,700 $213 $319,500 $206 $432,500 $233 $372,100 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 ($192) ($364,700) ($213) ($319,500) ($206) ($432,500) ($233) ($372,100) ($51,500) ($44,000) ($65,000) ($52,500)
$82,100 $62,200 $131,400 $83,300
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $16 $0.7 $25 $1.1 $28 $1.2 $34 $1.5
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Infeasible / Challenged Marginal Feasibility
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5T
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $10/SF
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Housing Fee @ $10/SF
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$435 $1,000,000 $456 $775,000
($14) ($32,500) ($15) ($25,200)
$421 $967,500 $441 $749,800
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$25 $57,800 $30 $50,800
$10 $23,000 $10 $17,000
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $36,800 $16 $26,500
$228 $523,500 $267 $454,500
$421 $967,500 $441 $749,800
($228) ($523,500) ($267) ($454,500)
($100,000) ($77,500)
$344,000 $217,800
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$64 $2.8 $101 $4.4
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5U More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma Housing Fee @ $15/SF
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 100% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $465 $860,000 $294 $515,000 $310 $450,000 <Less> Closing Costs 3.25% sales ($15) ($28,000) ($10) ($16,700) ($10) ($14,600) Revenue Net of Sales Expense $450 $832,000 $285 $498,300 $300 $435,400 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $30 $54,700 $31 $54,300 $32 $47,000 Housing Fee @ $15/SF $15 $27,800 $15 $26,300 $15 $21,800 Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $17 $30,800 $11 $19,800 $12 $16,800
Total House Costs $287 $530,100 $211 $369,100 $226 $327,400 Finished Lot Residual
Net Sales Revenue $450 $832,000 $285 $498,300 $300 $435,400 <Less> Development Costs ($287) ($530,100) ($211) ($369,100) ($226) ($327,400) <Less> Net Builder Profit 10% sales ($86,000) ($51,500) ($45,000) Lot Value (Finished Lot) $215,900 $77,700 $63,000
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $129 $5.6 $21 $0.9 $25 $1.1
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Marginal Feasibility Marginal Feasibility
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5U
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $15/SF
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Housing Fee @ $15/SF
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 ($9) ($16,700) ($10) ($14,300) ($10) ($21,100) ($11) ($17,100) $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $29 $54,300 $33 $49,000 $37 $77,100 $42 $66,900
$15 $28,500 $15 $22,500 $15 $31,500 $15 $24,000
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$11 $20,900 $11 $16,800 $11 $23,800 $12 $19,100
$197 $374,600 $218 $327,300 $211 $443,400 $238 $380,500 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 ($197) ($374,600) ($218) ($327,300) ($211) ($443,400) ($238) ($380,500) ($51,500) ($44,000) ($65,000) ($52,500)
$72,200 $54,400 $120,500 $74,900
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $14 $0.6 $23 $1.0 $25 $1.1 $30 $1.3
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Infeasible / Challenged Marginal Feasibility
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5U
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $15/SF
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Housing Fee @ $15/SF
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$435 $1,000,000 $456 $775,000
($14) ($32,500) ($15) ($25,200)
$421 $967,500 $441 $749,800
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$25 $57,800 $30 $50,800
$15 $34,500 $15 $25,500
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $37,300 $16 $26,900
$233 $535,500 $273 $463,400
$421 $967,500 $441 $749,800
($233) ($535,500) ($273) ($463,400)
($100,000) ($77,500)
$332,000 $208,900
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$62 $2.7 $96 $4.2
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5V More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) For-Sale Pro Forma Housing Fee @ $20/SF
Feasibility Analysis New Water/Sewer/Drainage Fees
Sacramento MIHO Review Page 1 of 3 Working Draft - Subject to Substantial Change
Living Area Net SF 1,850 sf 1,750 sf 1,450 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Stories/ Construction Type 3 stories/ wood 1-2 stories/ wood 2 stories/ wood Parking Ratio/ Type 2.0 garage 2.0 garage 2.0 garage
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 100% $465 $860,000 $294 $515,000 $310 $450,000 Low 0% $95 $175,880 $104 $182,075 $123 $179,000
Mod@90% AMI 0% $156 $288,900 $171 $299,700 $203 $294,300 Mod@110% AMI 0% $197 $363,660 $216 $377,525 $256 $370,600 Average Gross Sales Price $465 $860,000 $294 $515,000 $310 $450,000 <Less> Closing Costs 3.25% sales ($15) ($28,000) ($10) ($16,700) ($10) ($14,600) Revenue Net of Sales Expense $450 $832,000 $285 $498,300 $300 $435,400 Development Costs Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Direct House Costs $180 $333,000 $124 $217,000 $135 $196,000 Fees & Permits, excl. hsg $30 $54,700 $31 $54,300 $32 $47,000 Housing Fee @ $20/SF $20 $37,000 $20 $35,000 $20 $29,000 Marketing/Model Costs 1.75% sales $8 $15,100 $5 $9,000 $5 $7,900 Warranty/Insurance 1.5% sales $7 $12,900 $4 $7,700 $5 $6,800 Other Indirects 9% directs $16 $30,000 $11 $19,500 $12 $17,600 Builder Overhead/G&A 3% sales $14 $25,800 $9 $15,500 $9 $13,500 Financing $17 $31,200 $12 $20,200 $12 $17,200
Total House Costs $292 $539,700 $216 $378,200 $231 $335,000 Finished Lot Residual
Net Sales Revenue $450 $832,000 $285 $498,300 $300 $435,400 <Less> Development Costs ($292) ($539,700) ($216) ($378,200) ($231) ($335,000) <Less> Net Builder Profit 10% sales ($86,000) ($51,500) ($45,000) Lot Value (Finished Lot) $206,300 $68,600 $55,400
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land Residual Lot Value $124 $5.4 $18 $0.8 $23 $1.0
Lot Cost Estimate $120 $5.2 $25 $1.1 $30 $1.3
Feasibility Finding
Central City Southern Neighborhoods
Feasible Marginal Feasibility Marginal Feasibility
Appendix A Table 13
Attached Townhomes Single Family Detached Small Lot Detached Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5V
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $20/SF
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Housing Fee @ $20/SF
New Water/Sewer/Drainage Fees
1,900 sf 1,500 sf 2,100 sf 1,600 sf
3.60 bedrooms 3.3 bedrooms 3.6 bedrooms 3.3 bedrooms
9 du/acre 18 du/acre 9 du/acre 18 du/acre
2 stories/ wood 2 stories/ wood 2 stories/ wood 2 stories/ wood
2.0 garage 2.0 garage 2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 $98 $186,380 $122 $182,690 $89 $186,380 $114 $182,690
$162 $307,260 $201 $300,780 $146 $307,260 $188 $300,780 $204 $387,220 $253 $378,910 $184 $387,220 $237 $378,910 $271 $515,000 $293 $440,000 $310 $650,000 $328 $525,000 ($9) ($16,700) ($10) ($14,300) ($10) ($21,100) ($11) ($17,100) $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit Per NSF Per Unit $115 $219,000 $129 $194,000 $118 $248,000 $136 $218,000 $29 $54,300 $33 $49,000 $37 $77,100 $42 $66,900
$20 $38,000 $20 $30,000 $20 $42,000 $20 $32,000
$5 $9,000 $5 $7,700 $5 $11,400 $6 $9,200
$4 $7,700 $4 $6,600 $5 $9,800 $5 $7,900
$10 $19,700 $12 $17,500 $11 $22,300 $12 $19,600
$8 $15,500 $9 $13,200 $9 $19,500 $10 $15,800
$11 $21,400 $11 $17,200 $12 $24,300 $12 $19,400
$202 $384,600 $223 $335,200 $216 $454,400 $243 $388,800 $262 $498,300 $284 $425,700 $299 $628,900 $317 $507,900 ($202) ($384,600) ($223) ($335,200) ($216) ($454,400) ($243) ($388,800) ($51,500) ($44,000) ($65,000) ($52,500)
$62,200 $46,500 $109,500 $66,600
$/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $/Land SF $M/Acre Land $14 $0.6 $18 $0.8 $23 $1.0 $28 $1.2
$25 $1.1 $30 $1.3 $25 $1.1 $30 $1.3
North Sacramento and South Natomas North Natomas
Infeasible / Challenged Infeasible / Challenged
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
Appendix A Table 5V
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Living Area Net SF
Average Number of Bedrooms
Density
Stories/ Construction Type
Parking Ratio/ Type
Revenue
Market Rate Units
100%
Low 0%
Mod@90% AMI 0%
Mod@110% AMI 0%
Average Gross Sales Price
<Less> Closing Costs
3.25% sales
Revenue Net of Sales Expense
Development Costs
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $20/SF
Marketing/Model Costs
1.75% sales
Warranty/Insurance 1.5% sales
Other Indirects 9% directs
Builder Overhead/G&A 3% sales
Financing
Total House Costs
Finished Lot Residual
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
10% sales
Lot Value (Finished Lot)
Residual Lot Value
Lot Cost Estimate
Feasibility Finding
Appendix A Table 13
More Favorable Recent Conditions (higher pricing/fewer incentives, lower interest) Housing Fee @ $20/SF
New Water/Sewer/Drainage Fees
2,300 sf 1,700 sf
3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
1-2 stories/ wood 3 stories/ wood
2.0 garage 2.0 garage
Per SF Per Unit Per SF Per Unit
$435 $1,000,000 $456 $775,000
$81 $185,150 $105 $179,000
$133 $305,100 $173 $294,300
$167 $384,450 $218 $370,600
$435 $1,000,000 $456 $775,000
($14) ($32,500) ($15) ($25,200)
$421 $967,500 $441 $749,800
Per NSF Per Unit Per NSF Per Unit
$137 $315,000 $168 $286,000
$25 $57,800 $30 $50,800
$20 $46,000 $20 $34,000
$8 $17,500 $8 $13,600
$7 $15,000 $7 $11,600
$12 $28,400 $15 $25,700
$13 $30,000 $14 $23,300
$16 $37,800 $16 $27,300
$238 $547,500 $278 $472,300
$421 $967,500 $441 $749,800
($238) ($547,500) ($278) ($472,300)
($100,000) ($77,500)
$320,000 $200,000
$/Land SF $M/Acre Land $/Land SF $M/Acre Land
$60 $2.6 $92 $4.0
$65 $2.8 $80 $3.5
Inner South & East and West of I-5
Single Family Detached Small Lot Detached
Feasible Feasible
Prepared by Keyser Marston Associates, Inc.
C:\Users\DDoezema\Desktop\Sac City\Sac City Feas 3-31-23
APPENDIX A - PART C
RENTAL PRO FORMA TABLES
Appendix A Table 6A Current Market Conditions
Rental Pro Forma Existing HIF Requirement
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,450 $3.18 100% $2,550 $3.70 100% $2,300 $2.56 100% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,450 $3.18 100% $2,550 $3.70 100% $2,300 $2.56 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,400 $38 90% $30,600 $44 88% $27,600 $31 94% Other/Pkg Income $3,300 $4 10% $4,100 $6 12% $1,800 $2 6% (Less) Vacancy/Bad Debt ($1,635) ($2) -5% ($1,735) ($3) -5% ($1,470) ($2) -5% Effective Gross Income $31,065 $40 95% $32,965 $48 95% $27,930 $31 95% (Less) OPEX ($9,700) ($13) -30% ($9,500) ($14) -27% ($9,700) ($11) -33% Total NOI $21,365 $28 65% $23,465 $34 68% $18,230 $20 62% Threshold Return on Cost 6.50% 6.50% 6.50%
Supported Investment $328,700 $427 $361,000 $523 $280,500 $312 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $227,400 $253 100% Contingency $11,800 $15 5% $12,700 $18 5% $11,400 $13 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $25,000 $28 11% Housing Impact Fee (current) $0 $0 0% $0 $0 0% $1,400 $2 1% Other Fees & Permits $31,200 $41 13% $30,700 $44 12% $29,800 $33 13% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $9,100 $10 4% Financing $21,400
$28 9% $23,500 $34 9% $18,200 $20 8%
Total Costs, before land $336,500 $437 142% $359,400 $521 141% $322,300 $358 142% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value ($7,800) ($18) -$0.8M $1,600 $7 $0.3M ($41,800) ($29) -$1.3M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $381,500 $495 116.1% $394,400 $572 109.3% $347,300 $386 123.8% Projected Return on Cost 5.60% 5.95% 5.25%
Feasibility Finding Infeasible / Challenged Infeasible / Challenged Infeasible / Challenged Surface / tuck under Structured parking Surface / tuck under Southern NeighborhoodsCentral City
Medium Density Rental Higher Density Rental Lower Density Rental 5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R1
Appendix A Table 6A
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee (current)
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
Current Market Conditions
Existing HIF Requirement
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,350 $2.61 100% $2,500 $2.78 100% $2,350 $3.05 100%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,350 $2.61 100% $2,500 $2.78 100% $2,350 $3.05 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $28,200 $31 94% $30,000 $33 94% $28,200 $37 94%
$1,800 $2 6% $1,800 $2 6% $1,800 $2 6%
($1,500) ($2) -5% ($1,590) ($2) -5% ($1,500) ($2) -5%
$28,500 $32 95% $30,210 $34 95% $28,500 $37 95%
($10,000) ($11) -33% ($10,000) ($11) -31% ($8,800) ($11) -29% $18,500 $21 62% $20,210 $22 64% $19,700 $26 66%
6.50% 6.50% 6.50%
$284,600 $316 $310,900 $345 $303,100 $394
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $248,800 $276 100% $248,800 $276 100% $222,700 $289 100% $12,400 $14 5% $12,400 $14 5% $11,100 $14 5%
$27,400 $30 11% $27,400 $30 11% $24,500 $32 11%
$1,400 $2 1% $3,100 $3 1% $2,700 $4 1%
$29,400 $33 12% $40,000 $44 16% $29,200 $38 13%
$10,000 $11 4% $10,000 $11 4% $8,900 $12 4%
$18,500
$21 7% $20,200 $22 8% $19,700 $26 9%
$347,900 $387 140% $361,900 $402 145% $318,800 $414 143% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre ($63,300) ($44) -$1.9M ($51,000) ($35) -$1.5M ($15,700) ($13) -$0.6M $25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $372,900 $414 131.0% $386,900 $430 124.4% $368,800 $479 121.7%
4.96% 5.22% 5.34%
Infeasible / ChallengedInfeasible / Challenged Infeasible / Challenged Surface / tuck under
North Sacramento and South
Natomas North Natomas Inner South & East and West of I-5 Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under
3-4 story wood frame3-4 story wood frame 3-4 story wood frame Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R1
Appendix A Table 6B Current Market Conditions
Rental Pro Forma Existing HIF Requirement
Feasibility Analysis Existing Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,450 $3.18 100% $2,550 $3.70 100% $2,300 $2.56 100% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,450 $3.18 100% $2,550 $3.70 100% $2,300 $2.56 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,400 $38 90% $30,600 $44 88% $27,600 $31 94% Other/Pkg Income $3,300 $4 10% $4,100 $6 12% $1,800 $2 6% (Less) Vacancy/Bad Debt ($1,635) ($2) -5% ($1,735) ($3) -5% ($1,470) ($2) -5% Effective Gross Income $31,065 $40 95% $32,965 $48 95% $27,930 $31 95% (Less) OPEX ($9,700) ($13) -30% ($9,500) ($14) -27% ($9,700) ($11) -33% Total NOI $21,365 $28 65% $23,465 $34 68% $18,230 $20 62% Threshold Return on Cost 6.50% 6.50% 6.50%
Supported Investment $328,700 $427 $361,000 $523 $280,500 $312 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $227,400 $253 100% Contingency $11,800 $15 5% $12,700 $18 5% $11,400 $13 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $25,000 $28 11% Housing Impact Fee (current) $0 $0 0% $0 $0 0% $1,400 $2 1% Other Fees & Permits $21,300 $28 9% $20,800 $30 8% $22,000 $24 10% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $9,100 $10 4% Financing $21,400
$28 9% $23,500 $34 9% $18,200 $20 8%
Total Costs, before land $326,600 $424 138% $349,500 $507 137% $314,500 $349 138% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $2,100 $5 $0.2M $11,500 $53 $2.3M ($34,000) ($23) -$1.0M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $371,600 $483 113.1% $384,500 $557 106.5% $339,500 $377 121.0% Projected Return on Cost 5.75% 6.10% 5.37%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Infeasible / Challenged Marginal Feasibility Infeasible / Challenged Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R2
Appendix A Table 6B
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee (current)
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
Current Market Conditions
Existing HIF Requirement
Existing Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,350 $2.61 100% $2,500 $2.78 100% $2,350 $3.05 100%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,350 $2.61 100% $2,500 $2.78 100% $2,350 $3.05 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $28,200 $31 94% $30,000 $33 94% $28,200 $37 94%
$1,800 $2 6% $1,800 $2 6% $1,800 $2 6%
($1,500) ($2) -5% ($1,590) ($2) -5% ($1,500) ($2) -5%
$28,500 $32 95% $30,210 $34 95% $28,500 $37 95%
($10,000) ($11) -33% ($10,000) ($11) -31% ($8,800) ($11) -29% $18,500 $21 62% $20,210 $22 64% $19,700 $26 66%
6.50% 6.50% 6.50%
$284,600 $316 $310,900 $345 $303,100 $394
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $248,800 $276 100% $248,800 $276 100% $222,700 $289 100% $12,400 $14 5% $12,400 $14 5% $11,100 $14 5%
$27,400 $30 11% $27,400 $30 11% $24,500 $32 11%
$1,400 $2 1% $3,100 $3 1% $2,700 $4 1%
$19,300 $21 8% $32,100 $36 13% $19,300 $25 9%
$10,000 $11 4% $10,000 $11 4% $8,900 $12 4%
$18,500
$21 7% $20,200 $22 8% $19,700 $26 9%
$337,800 $375 136% $354,000 $393 142% $308,900 $401 139% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre ($53,200) ($37) -$1.6M ($43,100) ($30) -$1.3M ($5,800) ($5) -$0.2M $25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $362,800 $403 127.5% $379,000 $421 121.9% $358,900 $466 118.4%
5.10% 5.33% 5.49%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R2
Appendix A Table 6C More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma Existing HIF Requirement
Feasibility Analysis Existing Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $31,200 $41 90% $32,400 $47 89% $27,600 $31 94% Other/Pkg Income $3,300 $4 10% $4,100 $6 11% $1,800 $2 6% (Less) Vacancy/Bad Debt ($1,725) ($2) -5% ($1,825) ($3) -5% ($1,470) ($2) -5% Effective Gross Income $32,775 $43 95% $34,675 $50 95% $27,930 $31 95% (Less) OPEX ($9,700) ($13) -28% ($9,500) ($14) -26% ($9,700) ($11) -33% Total NOI $23,075 $30 67% $25,175 $36 69% $18,230 $20 62% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $381,400 $495 $416,100 $603 $301,300 $335 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Impact Fee (current) $0 $0 0% $0 $0 0% $1,400 $2 1% Other Fees & Permits $21,300 $28 9% $20,800 $30 8% $22,000 $24 11% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $17,400
$23 7% $18,900 $27 7% $13,700 $15 7%
Total Costs, before land $322,600 $419 136% $344,900 $500 136% $274,600 $305 139% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $58,800 $135 $5.9M $71,200 $327 $14.2M $26,700 $18 $0.8M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $367,600 $477 96.4% $379,900 $551 91.3% $299,600 $333 99.4% Projected Return on Cost 6.28% 6.63% 6.08%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Feasible Feasible Feasible
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R3
Appendix A Table 6C
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee (current)
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Existing HIF Requirement
Existing Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $29,400 $33 94% $30,000 $33 94% $28,200 $37 94%
$1,800 $2 6% $1,800 $2 6% $1,800 $2 6%
($1,560) ($2) -5% ($1,590) ($2) -5% ($1,500) ($2) -5%
$29,640 $33 95% $30,210 $34 95% $28,500 $37 95%
($10,000) ($11) -32% ($10,000) ($11) -31% ($8,800) ($11) -29% $19,640 $22 63% $20,210 $22 64% $19,700 $26 66%
6.05% 6.05% 6.05%
$324,600 $361 $334,000 $371 $325,600 $423
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$1,400 $2 1% $3,100 $3 1% $2,700 $4 1%
$19,300 $21 9% $32,100 $36 15% $19,300 $25 10%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$14,800
$16 7% $15,200 $17 7% $14,800 $19 8%
$295,300 $328 136% $310,200 $345 143% $269,200 $350 139% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $29,300 $20 $0.9M $23,800 $16 $0.7M $56,400 $48 $2.1M
$25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $320,300 $356 98.7% $335,200 $372 100.4% $319,200 $415 98.0%
6.13% 6.03% 6.17%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Feasible
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Feasible Feasible
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R3
Appendix A Table 6D More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma 5% of Units at 80% AMI
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 95% $2,700 $3.91 95% $2,300 $2.56 95% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 5% $1,486 $2.15 5% $1,615 $1.79 5% Weighted Average $2,550 $3.31 100% $2,640 $3.83 100% $2,270 $2.52 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $30,600 $40 91% $31,680 $46 89% $27,240 $30 94% Other/Pkg Income $3,100 $4 9% $3,800 $6 11% $1,700 $2 6% (Less) Vacancy/Bad Debt ($1,685) ($2) -5% ($1,774) ($3) -5% ($1,447) ($2) -5% Effective Gross Income $32,015 $42 95% $33,706 $49 95% $27,493 $31 95% (Less) OPEX ($9,700) ($13) -29% ($9,500) ($14) -27% ($9,700) ($11) -34% Total NOI $22,315 $29 66% $24,206 $35 68% $17,793 $20 61% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $368,800 $479 $400,100 $580 $294,100 $327 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
Other Fees & Permits $30,300 $39 13% $29,800 $43 12% $29,200 $32 15% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $16,800
$22 7% $18,200 $26 7% $13,400 $15 7%
Total Costs, before land $331,000 $430 140% $353,200 $512 139% $280,100 $311 142% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $37,800 $87 $3.8M $46,900 $215 $9.4M $14,000 $10 $0.4M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $376,000 $488 102.0% $388,200 $563 97.0% $305,100 $339 103.7% Projected Return on Cost 5.93% 6.24% 5.83%
Feasibility Finding
Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Feasible Feasible Marginal Feasibility
Lower Density Rental
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R4
Appendix A Table 6D
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) 5% of Units at 80% AMI
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 95% $2,500 $2.78 95% $2,350 $3.05 95%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 5% $1,615 $1.79 5% $1,542 $2.00 5%
$2,410 $2.68 100% $2,460 $2.73 100% $2,310 $3.00 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $28,920 $32 94% $29,520 $33 95% $27,720 $36 94%
$1,700 $2 6% $1,700 $2 5% $1,700 $2 6%
($1,531) ($2) -5% ($1,561) ($2) -5% ($1,471) ($2) -5%
$29,089 $32 95% $29,659 $33 95% $27,949 $36 95%
($10,000) ($11) -33% ($10,000) ($11) -32% ($8,800) ($11) -30% $19,089 $21 62% $19,659 $22 63% $19,149 $25 65%
6.05% 6.05% 6.05%
$315,500 $351 $324,900 $361 $316,500 $411
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$28,700 $32 13% $39,000 $43 18% $28,400 $37 15%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$14,400
$16 7% $14,800 $16 7% $14,400 $19 7%
$302,900 $337 140% $313,600 $348 145% $275,200 $357 142% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $12,600 $9 $0.4M $11,300 $8 $0.3M $41,300 $35 $1.5M
$25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $327,900 $364 103.9% $338,600 $376 104.2% $325,200 $422 102.7%
5.82% 5.81% 5.89%
Surface / tuck under
Feasible
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Marginal Feasibility Marginal Feasibility
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R4
Appendix A Table 6E More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma 5% of Units at 60% AMI
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 95% $2,700 $3.91 95% $2,300 $2.56 95% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 5% $1,088 $1.58 5% $1,181 $1.31 5% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,530 $3.29 100% $2,620 $3.80 100% $2,240 $2.49 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $30,360 $39 91% $31,440 $46 89% $26,880 $30 94% Other/Pkg Income $3,100 $4 9% $3,800 $6 11% $1,700 $2 6% (Less) Vacancy/Bad Debt ($1,673) ($2) -5% ($1,762) ($3) -5% ($1,429) ($2) -5% Effective Gross Income $31,787 $41 95% $33,478 $49 95% $27,151 $30 95% (Less) OPEX ($9,700) ($13) -29% ($9,500) ($14) -27% ($9,700) ($11) -34% Total NOI $22,087 $29 66% $23,978 $35 68% $17,451 $19 61% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $365,100 $474 $396,300 $574 $288,400 $320 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
Other Fees & Permits $30,300 $39 13% $29,800 $43 12% $29,200 $32 15% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $16,600
$22 7% $18,000 $26 7% $13,100 $15 7%
Total Costs, before land $330,800 $430 140% $353,000 $512 139% $279,800 $311 141% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $34,300 $79 $3.4M $43,300 $199 $8.7M $8,600 $6 $0.3M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $375,800 $488 102.9% $388,000 $562 97.9% $304,800 $339 105.7% Projected Return on Cost 5.88% 6.18% 5.73%
Feasibility Finding
Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Feasible Feasible Marginal Feasibility
Lower Density Rental
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R5
Appendix A Table 6E
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) 5% of Units at 60% AMI
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 95% $2,500 $2.78 95% $2,350 $3.05 95%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 5% $1,181 $1.31 5% $1,128 $1.46 5%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,390 $2.66 100% $2,430 $2.70 100% $2,290 $2.97 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $28,680 $32 94% $29,160 $32 94% $27,480 $36 94%
$1,700 $2 6% $1,700 $2 6% $1,700 $2 6%
($1,519) ($2) -5% ($1,543) ($2) -5% ($1,459) ($2) -5%
$28,861 $32 95% $29,317 $33 95% $27,721 $36 95%
($10,000) ($11) -33% ($10,000) ($11) -32% ($8,800) ($11) -30% $18,861 $21 62% $19,317 $21 63% $18,921 $25 65%
6.05% 6.05% 6.05%
$311,800 $346 $319,300 $355 $312,700 $406
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$28,700 $32 13% $39,000 $43 18% $28,400 $37 15%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$14,200
$16 7% $14,500 $16 7% $14,200 $18 7%
$302,700 $336 140% $313,300 $348 145% $275,000 $357 142% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $9,100 $6 $0.3M $6,000 $4 $0.2M $37,700 $32 $1.4M
$25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $327,700 $364 105.1% $338,300 $376 106.0% $325,000 $422 103.9%
5.76% 5.71% 5.82%
Surface / tuck under
Marginal Feasibility
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Marginal Feasibility Marginal Feasibility
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R5
Appendix A Table 6F More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma 5% of Units at 50% AMI
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 95% $2,700 $3.91 95% $2,300 $2.56 95% Very Low Inc. (50% AMI) $915 $1.19 5% $888 $1.29 5% $964 $1.07 5% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,520 $3.27 100% $2,610 $3.78 100% $2,230 $2.48 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $30,240 $39 91% $31,320 $45 89% $26,760 $30 94% Other/Pkg Income $3,100 $4 9% $3,800 $6 11% $1,700 $2 6% (Less) Vacancy/Bad Debt ($1,667) ($2) -5% ($1,756) ($3) -5% ($1,423) ($2) -5% Effective Gross Income $31,673 $41 95% $33,364 $48 95% $27,037 $30 95% (Less) OPEX ($9,700) ($13) -29% ($9,500) ($14) -27% ($9,700) ($11) -34% Total NOI $21,973 $29 66% $23,864 $35 68% $17,337 $19 61% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $363,200 $472 $394,400 $572 $286,600 $318 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
Other Fees & Permits $30,300 $39 13% $29,800 $43 12% $29,200 $32 15% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $16,500
$21 7% $17,900 $26 7% $13,000 $14 7%
Total Costs, before land $330,700 $429 140% $352,900 $511 139% $279,700 $311 141% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $32,500 $75 $3.3M $41,500 $191 $8.3M $6,900 $5 $0.2M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $375,700 $488 103.4% $387,900 $562 98.4% $304,700 $339 106.3% Projected Return on Cost 5.85% 6.15% 5.69%
Feasibility Finding
Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Marginal Feasibility Feasible Marginal Feasibility
Lower Density Rental
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R6
Appendix A Table 6F
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) 5% of Units at 50% AMI
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 95% $2,500 $2.78 95% $2,350 $3.05 95%
$964 $1.07 5% $964 $1.07 5% $921 $1.20 5%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,380 $2.64 100% $2,420 $2.69 100% $2,280 $2.96 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $28,560 $32 94% $29,040 $32 94% $27,360 $36 94%
$1,700 $2 6% $1,700 $2 6% $1,700 $2 6%
($1,513) ($2) -5% ($1,537) ($2) -5% ($1,453) ($2) -5%
$28,747 $32 95% $29,203 $32 95% $27,607 $36 95%
($10,000) ($11) -33% ($10,000) ($11) -33% ($8,800) ($11) -30% $18,747 $21 62% $19,203 $21 62% $18,807 $24 65%
6.05% 6.05% 6.05%
$309,900 $344 $317,400 $353 $310,900 $404
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$28,700 $32 13% $39,000 $43 18% $28,400 $37 15%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$14,100
$16 7% $14,400 $16 7% $14,100 $18 7%
$302,600 $336 140% $313,200 $348 145% $274,900 $357 142% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $7,300 $5 $0.2M $4,200 $3 $0.1M $36,000 $31 $1.3M
$25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $327,600 $364 105.7% $338,200 $376 106.6% $324,900 $422 104.5%
5.72% 5.68% 5.79%
Surface / tuck under
Marginal Feasibility
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Marginal Feasibility Marginal Feasibility
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R6
Appendix A Table 6G More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma 10% of Units at 80% AMI
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 90% $2,700 $3.91 90% $2,300 $2.56 90% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 10% $1,486 $2.15 10% $1,615 $1.79 10% Weighted Average $2,490 $3.23 100% $2,580 $3.74 100% $2,230 $2.48 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,880 $39 91% $30,960 $45 90% $26,760 $30 94% Other/Pkg Income $3,000 $4 9% $3,600 $5 10% $1,600 $2 6% (Less) Vacancy/Bad Debt ($1,644) ($2) -5% ($1,728) ($3) -5% ($1,418) ($2) -5% Effective Gross Income $31,236 $41 95% $32,832 $48 95% $26,942 $30 95% (Less) OPEX ($9,700) ($13) -30% ($9,500) ($14) -27% ($9,700) ($11) -34% Total NOI $21,536 $28 65% $23,332 $34 68% $17,242 $19 61% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $356,000 $462 $385,700 $559 $285,000 $317 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
Other Fees & Permits $29,300 $38 12% $28,900 $42 11% $28,600 $32 14% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $16,200
$21 7% $17,500 $25 7% $13,000 $14 7%
Total Costs, before land $329,400 $428 139% $351,600 $510 138% $279,100 $310 141% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $26,600 $61 $2.7M $34,100 $157 $6.8M $5,900 $4 $0.2M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $374,400 $486 105.2% $386,600 $560 100.2% $304,100 $338 106.7% Projected Return on Cost 5.75% 6.04% 5.67%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Marginal Feasibility Feasible Marginal Feasibility
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R7
Appendix A Table 6G
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) 10% of Units at 80% AMI
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 90% $2,500 $2.78 90% $2,350 $3.05 90%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 10% $1,615 $1.79 10% $1,542 $2.00 10%
$2,370 $2.63 100% $2,410 $2.68 100% $2,270 $2.95 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $28,440 $32 95% $28,920 $32 95% $27,240 $35 94%
$1,600 $2 5% $1,600 $2 5% $1,600 $2 6%
($1,502) ($2) -5% ($1,526) ($2) -5% ($1,442) ($2) -5%
$28,538 $32 95% $28,994 $32 95% $27,398 $36 95%
($10,000) ($11) -33% ($10,000) ($11) -33% ($8,800) ($11) -31% $18,538 $21 62% $18,994 $21 62% $18,598 $24 64%
6.05% 6.05% 6.05%
$306,400 $340 $314,000 $349 $307,400 $399
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$28,000 $31 13% $38,000 $42 18% $27,600 $36 14%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$13,900
$15 6% $14,300 $16 7% $14,000 $18 7%
$301,700 $335 139% $312,100 $347 144% $274,000 $356 141% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $4,700 $3 $0.1M $1,900 $1 $0.1M $33,400 $28 $1.2M
$25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $326,700 $363 106.6% $337,100 $375 107.4% $324,000 $421 105.4%
5.67% 5.63% 5.74%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Marginal Feasibility
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Marginal Feasibility Infeasible / Challenged
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R7
Appendix A Table 6H More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma 10% of Units at 60% AMI
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 90% $2,700 $3.91 90% $2,300 $2.56 90% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 10% $1,088 $1.58 10% $1,181 $1.31 10% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,450 $3.18 100% $2,540 $3.68 100% $2,190 $2.43 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,400 $38 91% $30,480 $44 89% $26,280 $29 94% Other/Pkg Income $3,000 $4 9% $3,600 $5 11% $1,600 $2 6% (Less) Vacancy/Bad Debt ($1,620) ($2) -5% ($1,704) ($2) -5% ($1,394) ($2) -5% Effective Gross Income $30,780 $40 95% $32,376 $47 95% $26,486 $29 95% (Less) OPEX ($9,700) ($13) -30% ($9,500) ($14) -28% ($9,700) ($11) -35% Total NOI $21,080 $27 65% $22,876 $33 67% $16,786 $19 60% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $348,400 $452 $378,100 $548 $277,500 $308 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
Other Fees & Permits $29,300 $38 12% $28,900 $42 11% $28,600 $32 14% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $15,900
$21 7% $17,200 $25 7% $12,600 $14 6%
Total Costs, before land $329,100 $427 139% $351,300 $509 138% $278,700 $310 141% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $19,300 $44 $1.9M $26,800 $123 $5.4M ($1,200) ($1) $0.0M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $374,100 $486 107.4% $386,300 $560 102.2% $303,700 $337 109.4% Projected Return on Cost 5.63% 5.92% 5.53%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Infeasible / Challenged Feasible Infeasible / Challenged Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R8
Appendix A Table 6H
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) 10% of Units at 60% AMI
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 90% $2,500 $2.78 90% $2,350 $3.05 90%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 10% $1,181 $1.31 10% $1,128 $1.46 10%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,320 $2.58 100% $2,370 $2.63 100% $2,230 $2.90 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,840 $31 95% $28,440 $32 95% $26,760 $35 94%
$1,600 $2 5% $1,600 $2 5% $1,600 $2 6%
($1,472) ($2) -5% ($1,502) ($2) -5% ($1,418) ($2) -5%
$27,968 $31 95% $28,538 $32 95% $26,942 $35 95%
($10,000) ($11) -34% ($10,000) ($11) -33% ($8,800) ($11) -31% $17,968 $20 61% $18,538 $21 62% $18,142 $24 64%
6.05% 6.05% 6.05%
$297,000 $330 $306,400 $340 $299,900 $389
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$28,000 $31 13% $38,000 $42 18% $27,600 $36 14%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$13,500
$15 6% $13,900 $15 6% $13,600 $18 7%
$301,300 $335 139% $311,700 $346 144% $273,600 $355 141% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre ($4,300) ($3) -$0.1M ($5,300) ($4) -$0.2M $26,300 $22 $1.0M $25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $326,300 $363 109.9% $336,700 $374 109.9% $323,600 $420 107.9%
5.51% 5.51% 5.61%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R8
Appendix A Table 6I More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma 10% of Units at 50% AMI
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 90% $2,700 $3.91 90% $2,300 $2.56 90% Very Low Inc. (50% AMI) $915 $1.19 10% $888 $1.29 10% $964 $1.07 10% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,430 $3.16 100% $2,520 $3.65 100% $2,170 $2.41 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,160 $38 91% $30,240 $44 89% $26,040 $29 94% Other/Pkg Income $3,000 $4 9% $3,600 $5 11% $1,600 $2 6% (Less) Vacancy/Bad Debt ($1,608) ($2) -5% ($1,692) ($2) -5% ($1,382) ($2) -5% Effective Gross Income $30,552 $40 95% $32,148 $47 95% $26,258 $29 95% (Less) OPEX ($9,700) ($13) -30% ($9,500) ($14) -28% ($9,700) ($11) -35% Total NOI $20,852 $27 65% $22,648 $33 67% $16,558 $18 60% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $344,700 $448 $374,300 $542 $273,700 $304 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
Other Fees & Permits $29,300 $38 12% $28,900 $42 11% $28,600 $32 14% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $15,700
$20 7% $17,000 $25 7% $12,500 $14 6%
Total Costs, before land $328,900 $427 139% $351,100 $509 138% $278,600 $310 141% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $15,800 $36 $1.6M $23,200 $107 $4.6M ($4,900) ($3) -$0.1M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $373,900 $486 108.5% $386,100 $560 103.2% $303,600 $337 110.9% Projected Return on Cost 5.58% 5.87% 5.45%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Infeasible / Challenged Marginal Feasibility Infeasible / Challenged Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R9
Appendix A Table 6I
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) 10% of Units at 50% AMI
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 90% $2,500 $2.78 90% $2,350 $3.05 90%
$964 $1.07 10% $964 $1.07 10% $921 $1.20 10%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,300 $2.56 100% $2,350 $2.61 100% $2,210 $2.87 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,600 $31 95% $28,200 $31 95% $26,520 $34 94%
$1,600 $2 5% $1,600 $2 5% $1,600 $2 6%
($1,460) ($2) -5% ($1,490) ($2) -5% ($1,406) ($2) -5%
$27,740 $31 95% $28,310 $31 95% $26,714 $35 95%
($10,000) ($11) -34% ($10,000) ($11) -34% ($8,800) ($11) -31% $17,740 $20 61% $18,310 $20 61% $17,914 $23 64%
6.05% 6.05% 6.05%
$293,200 $326 $302,600 $336 $296,100 $385
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$28,000 $31 13% $38,000 $42 18% $27,600 $36 14%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$13,300
$15 6% $13,800 $15 6% $13,500 $18 7%
$301,100 $335 139% $311,600 $346 144% $273,500 $355 141% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre ($7,900) ($5) -$0.2M ($9,000) ($6) -$0.3M $22,600 $19 $0.8M $25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $326,100 $362 111.2% $336,600 $374 111.2% $323,500 $420 109.3%
5.44% 5.44% 5.54%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R9
Appendix A Table 6J More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma 15% of Units at 80% AMI
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 85% $2,700 $3.91 85% $2,300 $2.56 85% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 15% $1,486 $2.15 15% $1,615 $1.79 15% Weighted Average $2,440 $3.17 100% $2,520 $3.65 100% $2,200 $2.44 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,280 $38 91% $30,240 $44 90% $26,400 $29 95% Other/Pkg Income $2,800 $4 9% $3,400 $5 10% $1,500 $2 5% (Less) Vacancy/Bad Debt ($1,604) ($2) -5% ($1,682) ($2) -5% ($1,395) ($2) -5% Effective Gross Income $30,476 $40 95% $31,958 $46 95% $26,505 $29 95% (Less) OPEX ($9,700) ($13) -30% ($9,500) ($14) -28% ($9,700) ($11) -35% Total NOI $20,776 $27 65% $22,458 $33 67% $16,805 $19 60% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $343,400 $446 $371,200 $538 $277,800 $309 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
Other Fees & Permits $28,400 $37 12% $28,000 $41 11% $28,000 $31 14% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $15,600
$20 7% $16,900 $24 7% $12,600 $14 6%
Total Costs, before land $327,900 $426 139% $350,100 $507 138% $278,100 $309 141% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $15,500 $36 $1.6M $21,100 $97 $4.2M ($300) ($0) $0.0M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $372,900 $484 108.6% $385,100 $558 103.7% $303,100 $337 109.1% Projected Return on Cost 5.57% 5.83% 5.54%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Infeasible / Challenged Marginal Feasibility Infeasible / Challenged Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R10
Appendix A Table 6J
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) 15% of Units at 80% AMI
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 85% $2,500 $2.78 85% $2,350 $3.05 85%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 15% $1,615 $1.79 15% $1,542 $2.00 15%
$2,320 $2.58 100% $2,370 $2.63 100% $2,230 $2.90 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,840 $31 95% $28,440 $32 95% $26,760 $35 95%
$1,500 $2 5% $1,500 $2 5% $1,500 $2 5%
($1,467) ($2) -5% ($1,497) ($2) -5% ($1,413) ($2) -5%
$27,873 $31 95% $28,443 $32 95% $26,847 $35 95%
($10,000) ($11) -34% ($10,000) ($11) -33% ($8,800) ($11) -31% $17,873 $20 61% $18,443 $20 62% $18,047 $23 64%
6.05% 6.05% 6.05%
$295,400 $328 $304,800 $339 $298,300 $387
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$27,400 $30 13% $37,000 $41 17% $26,700 $35 14%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$13,400
$15 6% $13,900 $15 6% $13,600 $18 7%
$300,600 $334 139% $310,700 $345 144% $272,700 $354 141% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre ($5,200) ($4) -$0.2M ($5,900) ($4) -$0.2M $25,600 $22 $0.9M $25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $325,600 $362 110.2% $335,700 $373 110.1% $322,700 $419 108.2%
5.49% 5.49% 5.59%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R10
Appendix A Table 6K More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma 15% of Units at 60% AMI
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 85% $2,700 $3.91 85% $2,300 $2.56 85% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 15% $1,088 $1.58 15% $1,181 $1.31 15% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,380 $3.09 100% $2,460 $3.57 100% $2,130 $2.37 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $28,560 $37 91% $29,520 $43 90% $25,560 $28 94% Other/Pkg Income $2,800 $4 9% $3,400 $5 10% $1,500 $2 6% (Less) Vacancy/Bad Debt ($1,568) ($2) -5% ($1,646) ($2) -5% ($1,353) ($2) -5% Effective Gross Income $29,792 $39 95% $31,274 $45 95% $25,707 $29 95% (Less) OPEX ($9,700) ($13) -31% ($9,500) ($14) -29% ($9,700) ($11) -36% Total NOI $20,092 $26 64% $21,774 $32 66% $16,007 $18 59% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $332,100 $431 $359,900 $522 $264,600 $294 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
Other Fees & Permits $28,400 $37 12% $28,000 $41 11% $28,000 $31 14% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $15,100
$20 6% $16,400 $24 6% $12,000 $13 6%
Total Costs, before land $327,400 $425 138% $349,600 $507 137% $277,500 $308 140% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $4,700 $11 $0.5M $10,300 $47 $2.1M ($12,900) ($9) -$0.4M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $372,400 $484 112.1% $384,600 $557 106.9% $302,500 $336 114.3% Projected Return on Cost 5.40% 5.66% 5.29%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Infeasible / Challenged Marginal Feasibility Infeasible / Challenged Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R11
Appendix A Table 6K
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) 15% of Units at 60% AMI
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 85% $2,500 $2.78 85% $2,350 $3.05 85%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 15% $1,181 $1.31 15% $1,128 $1.46 15%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,260 $2.51 100% $2,300 $2.56 100% $2,170 $2.82 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,120 $30 95% $27,600 $31 95% $26,040 $34 95%
$1,500 $2 5% $1,500 $2 5% $1,500 $2 5%
($1,431) ($2) -5% ($1,455) ($2) -5% ($1,377) ($2) -5%
$27,189 $30 95% $27,645 $31 95% $26,163 $34 95%
($10,000) ($11) -35% ($10,000) ($11) -34% ($8,800) ($11) -32% $17,189 $19 60% $17,645 $20 61% $17,363 $23 63%
6.05% 6.05% 6.05%
$284,100 $316 $291,700 $324 $287,000 $373
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$27,400 $30 13% $37,000 $41 17% $26,700 $35 14%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$12,900
$14 6% $13,300 $15 6% $13,100 $17 7%
$300,100 $333 139% $310,100 $345 143% $272,200 $354 141% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre ($16,000) ($11) -$0.5M ($18,400) ($13) -$0.6M $14,800 $13 $0.5M $25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $325,100 $361 114.4% $335,100 $372 114.9% $322,200 $418 112.3%
5.29% 5.27% 5.39%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R11
Appendix A Table 6L More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma 15% of Units at 50% AMI
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 85% $2,700 $3.91 85% $2,300 $2.56 85% Very Low Inc. (50% AMI) $915 $1.19 15% $888 $1.29 15% $964 $1.07 15% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,350 $3.05 100% $2,430 $3.52 100% $2,100 $2.33 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $28,200 $37 91% $29,160 $42 90% $25,200 $28 94% Other/Pkg Income $2,800 $4 9% $3,400 $5 10% $1,500 $2 6% (Less) Vacancy/Bad Debt ($1,550) ($2) -5% ($1,628) ($2) -5% ($1,335) ($1) -5% Effective Gross Income $29,450 $38 95% $30,932 $45 95% $25,365 $28 95% (Less) OPEX ($9,700) ($13) -31% ($9,500) ($14) -29% ($9,700) ($11) -36% Total NOI $19,750 $26 64% $21,432 $31 66% $15,665 $17 59% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $326,400 $424 $354,200 $513 $258,900 $288 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
Other Fees & Permits $28,400 $37 12% $28,000 $41 11% $28,000 $31 14% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $14,900
$19 6% $16,100 $23 6% $11,800 $13 6%
Total Costs, before land $327,200 $425 138% $349,300 $506 137% $277,300 $308 140% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value ($800) ($2) -$0.1M $4,900 $22 $1.0M ($18,400) ($13) -$0.6M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $372,200 $483 114.0% $384,300 $557 108.5% $302,300 $336 116.8% Projected Return on Cost 5.31% 5.58% 5.18%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged Infeasible / Challenged Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R12
Appendix A Table 6L
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) 15% of Units at 50% AMI
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 85% $2,500 $2.78 85% $2,350 $3.05 85%
$964 $1.07 15% $964 $1.07 15% $921 $1.20 15%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,230 $2.48 100% $2,270 $2.52 100% $2,140 $2.78 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $26,760 $30 95% $27,240 $30 95% $25,680 $33 94%
$1,500 $2 5% $1,500 $2 5% $1,500 $2 6%
($1,413) ($2) -5% ($1,437) ($2) -5% ($1,359) ($2) -5%
$26,847 $30 95% $27,303 $30 95% $25,821 $34 95%
($10,000) ($11) -35% ($10,000) ($11) -35% ($8,800) ($11) -32% $16,847 $19 60% $17,303 $19 60% $17,021 $22 63%
6.05% 6.05% 6.05%
$278,500 $309 $286,000 $318 $281,300 $365
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$27,400 $30 13% $37,000 $41 17% $26,700 $35 14%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$12,700
$14 6% $13,000 $14 6% $12,800 $17 7%
$299,900 $333 139% $309,800 $344 143% $271,900 $353 140% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre ($21,400) ($15) -$0.6M ($23,800) ($16) -$0.7M $9,400 $8 $0.3M $25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $324,900 $361 116.7% $334,800 $372 117.1% $321,900 $418 114.4%
5.19% 5.17% 5.29%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R12
Appendix A Table 6M More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma Existing HIF
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $31,200 $41 90% $32,400 $47 89% $27,600 $31 94% Other/Pkg Income $3,300 $4 10% $4,100 $6 11% $1,800 $2 6% (Less) Vacancy/Bad Debt ($1,725) ($2) -5% ($1,825) ($3) -5% ($1,470) ($2) -5% Effective Gross Income $32,775 $43 95% $34,675 $50 95% $27,930 $31 95% (Less) OPEX ($9,700) ($13) -28% ($9,500) ($14) -26% ($9,700) ($11) -33% Total NOI $23,075 $30 67% $25,175 $36 69% $18,230 $20 62% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $381,400 $495 $416,100 $603 $301,300 $335 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Impact Fee (current) $0 $0 0% $0 $0 0% $1,400 $2 1% Other Fees & Permits $31,200 $41 13% $30,700 $44 12% $29,800 $33 15% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $17,400
$23 7% $18,900 $27 7% $13,700 $15 7%
Total Costs, before land $332,500 $432 141% $354,800 $514 140% $282,400 $314 143% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $48,900 $112 $4.9M $61,300 $281 $12.3M $18,900 $13 $0.6M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $377,500 $490 99.0% $389,800 $565 93.7% $307,400 $342 102.0% Projected Return on Cost 6.11% 6.46% 5.93%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Feasible Feasible Feasible
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R13
Appendix A Table 6M
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee (current)
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Existing HIF
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $29,400 $33 94% $30,000 $33 94% $28,200 $37 94%
$1,800 $2 6% $1,800 $2 6% $1,800 $2 6%
($1,560) ($2) -5% ($1,590) ($2) -5% ($1,500) ($2) -5%
$29,640 $33 95% $30,210 $34 95% $28,500 $37 95%
($10,000) ($11) -32% ($10,000) ($11) -31% ($8,800) ($11) -29% $19,640 $22 63% $20,210 $22 64% $19,700 $26 66%
6.05% 6.05% 6.05%
$324,600 $361 $334,000 $371 $325,600 $423
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$1,400 $2 1% $3,100 $3 1% $2,700 $4 1%
$29,400 $33 14% $40,000 $44 18% $29,200 $38 15%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$14,800
$16 7% $15,200 $17 7% $14,800 $19 8%
$305,400 $339 141% $318,100 $353 147% $279,100 $362 144% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $19,200 $13 $0.6M $15,900 $11 $0.5M $46,500 $39 $1.7M
$25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $330,400 $367 101.8% $343,100 $381 102.7% $329,100 $427 101.1%
5.94% 5.89% 5.99%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Feasible
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Feasible Feasible
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R13
Appendix A Table 6N More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma Housing Fee @ $5/NSF
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $31,200 $41 90% $32,400 $47 89% $27,600 $31 94% Other/Pkg Income $3,300 $4 10% $4,100 $6 11% $1,800 $2 6% (Less) Vacancy/Bad Debt ($1,725) ($2) -5% ($1,825) ($3) -5% ($1,470) ($2) -5% Effective Gross Income $32,775 $43 95% $34,675 $50 95% $27,930 $31 95% (Less) OPEX ($9,700) ($13) -28% ($9,500) ($14) -26% ($9,700) ($11) -33% Total NOI $23,075 $30 67% $25,175 $36 69% $18,230 $20 62% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $381,400 $495 $416,100 $603 $301,300 $335 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Fee @ $5/NSF $3,850 $5 2% $3,450 $5 1% $4,500 $5 2% Other Fees & Permits $31,200 $41 13% $30,700 $44 12% $29,800 $33 15% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $17,400
$23 7% $18,900 $27 7% $13,700 $15 7%
Total Costs, before land $336,350 $437 142% $358,250 $519 141% $285,500 $317 144% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $45,050 $103 $4.5M $57,850 $266 $11.6M $15,800 $11 $0.5M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $381,350 $495 100.0% $393,250 $570 94.5% $310,500 $345 103.1% Projected Return on Cost 6.05% 6.40% 5.87%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Feasible Feasible Marginal Feasibility
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R14
Appendix A Table 6N
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Fee @ $5/NSF
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Housing Fee @ $5/NSF
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $29,400 $33 94% $30,000 $33 94% $28,200 $37 94%
$1,800 $2 6% $1,800 $2 6% $1,800 $2 6%
($1,560) ($2) -5% ($1,590) ($2) -5% ($1,500) ($2) -5%
$29,640 $33 95% $30,210 $34 95% $28,500 $37 95%
($10,000) ($11) -32% ($10,000) ($11) -31% ($8,800) ($11) -29% $19,640 $22 63% $20,210 $22 64% $19,700 $26 66%
6.05% 6.05% 6.05%
$324,600 $361 $334,000 $371 $325,600 $423
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$4,500 $5 2% $4,500 $5 2% $3,850 $5 2%
$29,400 $33 14% $40,000 $44 18% $29,200 $38 15%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$14,800
$16 7% $15,200 $17 7% $14,800 $19 8%
$308,500 $343 142% $319,500 $355 148% $280,250 $364 145% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $16,100 $11 $0.5M $14,500 $10 $0.4M $45,350 $39 $1.7M
$25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $333,500 $371 102.7% $344,500 $383 103.1% $330,250 $429 101.4%
5.89% 5.87% 5.97%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Feasible
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Feasible Marginal Feasibility
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R14
Appendix A Table 6O More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma Housing Fee @ $7.5/NSF
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $31,200 $41 90% $32,400 $47 89% $27,600 $31 94% Other/Pkg Income $3,300 $4 10% $4,100 $6 11% $1,800 $2 6% (Less) Vacancy/Bad Debt ($1,725) ($2) -5% ($1,825) ($3) -5% ($1,470) ($2) -5% Effective Gross Income $32,775 $43 95% $34,675 $50 95% $27,930 $31 95% (Less) OPEX ($9,700) ($13) -28% ($9,500) ($14) -26% ($9,700) ($11) -33% Total NOI $23,075 $30 67% $25,175 $36 69% $18,230 $20 62% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $381,400 $495 $416,100 $603 $301,300 $335 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Fee @ $7.5/NSF $5,775 $8 2% $5,175 $8 2% $6,750 $8 3% Other Fees & Permits $31,200 $41 13% $30,700 $44 12% $29,800 $33 15% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $17,400
$23 7% $18,900 $27 7% $13,700 $15 7%
Total Costs, before land $338,275 $439 143% $359,975 $522 142% $287,750 $320 145% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $43,125 $99 $4.3M $56,125 $258 $11.2M $13,550 $9 $0.4M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $383,275 $498 100.5% $394,975 $572 94.9% $312,750 $348 103.8% Projected Return on Cost 6.02% 6.37% 5.83%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Feasible Feasible Marginal Feasibility
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R15
Appendix A Table 6O
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Fee @ $7.5/NSF
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Housing Fee @ $7.5/NSF
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $29,400 $33 94% $30,000 $33 94% $28,200 $37 94%
$1,800 $2 6% $1,800 $2 6% $1,800 $2 6%
($1,560) ($2) -5% ($1,590) ($2) -5% ($1,500) ($2) -5%
$29,640 $33 95% $30,210 $34 95% $28,500 $37 95%
($10,000) ($11) -32% ($10,000) ($11) -31% ($8,800) ($11) -29% $19,640 $22 63% $20,210 $22 64% $19,700 $26 66%
6.05% 6.05% 6.05%
$324,600 $361 $334,000 $371 $325,600 $423
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$6,750 $8 3% $6,750 $8 3% $5,775 $8 3%
$29,400 $33 14% $40,000 $44 18% $29,200 $38 15%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$14,800
$16 7% $15,200 $17 7% $14,800 $19 8%
$310,750 $345 144% $321,750 $358 149% $282,175 $366 146% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $13,850 $10 $0.4M $12,250 $8 $0.4M $43,425 $37 $1.6M
$25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $335,750 $373 103.4% $346,750 $385 103.8% $332,175 $431 102.0%
5.85% 5.83% 5.93%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Feasible
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Marginal Feasibility Marginal Feasibility
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R15
Appendix A Table 6P More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma Housing Fee @ $10/NSF
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $31,200 $41 90% $32,400 $47 89% $27,600 $31 94% Other/Pkg Income $3,300 $4 10% $4,100 $6 11% $1,800 $2 6% (Less) Vacancy/Bad Debt ($1,725) ($2) -5% ($1,825) ($3) -5% ($1,470) ($2) -5% Effective Gross Income $32,775 $43 95% $34,675 $50 95% $27,930 $31 95% (Less) OPEX ($9,700) ($13) -28% ($9,500) ($14) -26% ($9,700) ($11) -33% Total NOI $23,075 $30 67% $25,175 $36 69% $18,230 $20 62% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $381,400 $495 $416,100 $603 $301,300 $335 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Fee @ $10/NSF $7,700 $10 3% $6,900 $10 3% $9,000 $10 5% Other Fees & Permits $31,200 $41 13% $30,700 $44 12% $29,800 $33 15% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $17,400
$23 7% $18,900 $27 7% $13,700 $15 7%
Total Costs, before land $340,200 $442 144% $361,700 $524 142% $290,000 $322 147% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $41,200 $95 $4.1M $54,400 $250 $10.9M $11,300 $8 $0.3M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $385,200 $500 101.0% $396,700 $575 95.3% $315,000 $350 104.5% Projected Return on Cost 5.99% 6.35% 5.79%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Feasible Feasible Marginal Feasibility
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R16
Appendix A Table 6P
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Fee @ $10/NSF
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Housing Fee @ $10/NSF
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $29,400 $33 94% $30,000 $33 94% $28,200 $37 94%
$1,800 $2 6% $1,800 $2 6% $1,800 $2 6%
($1,560) ($2) -5% ($1,590) ($2) -5% ($1,500) ($2) -5%
$29,640 $33 95% $30,210 $34 95% $28,500 $37 95%
($10,000) ($11) -32% ($10,000) ($11) -31% ($8,800) ($11) -29% $19,640 $22 63% $20,210 $22 64% $19,700 $26 66%
6.05% 6.05% 6.05%
$324,600 $361 $334,000 $371 $325,600 $423
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$9,000 $10 4% $9,000 $10 4% $7,700 $10 4%
$29,400 $33 14% $40,000 $44 18% $29,200 $38 15%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$14,800
$16 7% $15,200 $17 7% $14,800 $19 8%
$313,000 $348 145% $324,000 $360 150% $284,100 $369 147% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $11,600 $8 $0.3M $10,000 $7 $0.3M $41,500 $35 $1.5M
$25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $338,000 $376 104.1% $349,000 $388 104.5% $334,100 $434 102.6%
5.81% 5.79% 5.90%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Feasible
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Marginal Feasibility Marginal Feasibility
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R16
Appendix A Table 6Q More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma Housing Fee @ $15/NSF
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $31,200 $41 90% $32,400 $47 89% $27,600 $31 94% Other/Pkg Income $3,300 $4 10% $4,100 $6 11% $1,800 $2 6% (Less) Vacancy/Bad Debt ($1,725) ($2) -5% ($1,825) ($3) -5% ($1,470) ($2) -5% Effective Gross Income $32,775 $43 95% $34,675 $50 95% $27,930 $31 95% (Less) OPEX ($9,700) ($13) -28% ($9,500) ($14) -26% ($9,700) ($11) -33% Total NOI $23,075 $30 67% $25,175 $36 69% $18,230 $20 62% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $381,400 $495 $416,100 $603 $301,300 $335 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Fee @ $15/NSF $11,550 $15 5% $10,350 $15 4% $13,500 $15 7% Other Fees & Permits $31,200 $41 13% $30,700 $44 12% $29,800 $33 15% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $17,400
$23 7% $18,900 $27 7% $13,700 $15 7%
Total Costs, before land $344,050 $447 145% $365,150 $529 144% $294,500 $327 149% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $37,350 $86 $3.7M $50,950 $234 $10.2M $6,800 $5 $0.2M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $389,050 $505 102.0% $400,150 $580 96.2% $319,500 $355 106.0% Projected Return on Cost 5.93% 6.29% 5.71%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Feasible Feasible Marginal Feasibility
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R17
Appendix A Table 6Q
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Fee @ $15/NSF
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Housing Fee @ $15/NSF
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $29,400 $33 94% $30,000 $33 94% $28,200 $37 94%
$1,800 $2 6% $1,800 $2 6% $1,800 $2 6%
($1,560) ($2) -5% ($1,590) ($2) -5% ($1,500) ($2) -5%
$29,640 $33 95% $30,210 $34 95% $28,500 $37 95%
($10,000) ($11) -32% ($10,000) ($11) -31% ($8,800) ($11) -29% $19,640 $22 63% $20,210 $22 64% $19,700 $26 66%
6.05% 6.05% 6.05%
$324,600 $361 $334,000 $371 $325,600 $423
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$13,500 $15 6% $13,500 $15 6% $11,550 $15 6%
$29,400 $33 14% $40,000 $44 18% $29,200 $38 15%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$14,800
$16 7% $15,200 $17 7% $14,800 $19 8%
$317,500 $353 147% $328,500 $365 152% $287,950 $374 149% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $7,100 $5 $0.2M $5,500 $4 $0.2M $37,650 $32 $1.4M
$25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $342,500 $381 105.5% $353,500 $393 105.8% $337,950 $439 103.8%
5.73% 5.72% 5.83%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Marginal Feasibility
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Marginal Feasibility Marginal Feasibility
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R17
Appendix A Table 6R More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma Housing Fee @ $20/NSF
Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $31,200 $41 90% $32,400 $47 89% $27,600 $31 94% Other/Pkg Income $3,300 $4 10% $4,100 $6 11% $1,800 $2 6% (Less) Vacancy/Bad Debt ($1,725) ($2) -5% ($1,825) ($3) -5% ($1,470) ($2) -5% Effective Gross Income $32,775 $43 95% $34,675 $50 95% $27,930 $31 95% (Less) OPEX ($9,700) ($13) -28% ($9,500) ($14) -26% ($9,700) ($11) -33% Total NOI $23,075 $30 67% $25,175 $36 69% $18,230 $20 62% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $381,400 $495 $416,100 $603 $301,300 $335 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Fee @ $20/NSF $15,400 $20 7% $13,800 $20 5% $18,000 $20 9% Other Fees & Permits $31,200 $41 13% $30,700 $44 12% $29,800 $33 15% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $17,400
$23 7% $18,900 $27 7% $13,700 $15 7%
Total Costs, before land $347,900 $452 147% $368,600 $534 145% $299,000 $332 151% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $33,500 $77 $3.4M $47,500 $218 $9.5M $2,300 $2 $0.1M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $392,900 $510 103.0% $403,600 $585 97.0% $324,000 $360 107.5% Projected Return on Cost 5.87% 6.24% 5.63%
Feasibility Finding
Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Marginal Feasibility Feasible Infeasible / Challenged
Lower Density Rental
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R18
Appendix A Table 6R
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Fee @ $20/NSF
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Housing Fee @ $20/NSF
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $29,400 $33 94% $30,000 $33 94% $28,200 $37 94%
$1,800 $2 6% $1,800 $2 6% $1,800 $2 6%
($1,560) ($2) -5% ($1,590) ($2) -5% ($1,500) ($2) -5%
$29,640 $33 95% $30,210 $34 95% $28,500 $37 95%
($10,000) ($11) -32% ($10,000) ($11) -31% ($8,800) ($11) -29% $19,640 $22 63% $20,210 $22 64% $19,700 $26 66%
6.05% 6.05% 6.05%
$324,600 $361 $334,000 $371 $325,600 $423
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$18,000 $20 8% $18,000 $20 8% $15,400 $20 8%
$29,400 $33 14% $40,000 $44 18% $29,200 $38 15%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$14,800
$16 7% $15,200 $17 7% $14,800 $19 8%
$322,000 $358 149% $333,000 $370 154% $291,800 $379 151% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $2,600 $2 $0.1M $1,000 $1 $0.0M $33,800 $29 $1.3M
$25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $347,000 $386 106.9% $358,000 $398 107.2% $341,800 $444 105.0%
5.66% 5.65% 5.76%
Surface / tuck under
Marginal Feasibility
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Marginal Feasibility Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R18
Appendix A Table 6S More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Rental Pro Forma Existing HIF Rate but Remove Exemptions and Incentives Feasibility Analysis New Water/Sewer/Drainage Fee
Sacramento MIHO Review Page 1 of 2 Working Draft - Subject to Substantial Change Average Unit Size 770 sf/unit 690 sf/unit 900 sf/unit
Average No. of Bedrooms 1.05 br/unit 0.80 br/unit 1.50 br/unit Residential Density 100 units/acre 200 units/acre 30 units/acre Parking Type
Parking Ratio 0.50 sp/unit 0.75 sp/unit 1.5 sp/unit
Building type
Rents
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Very Low Inc. (50% AMI) $915 $1.19 0% $888 $1.29 0% $964 $1.07 0% Low Income (60% AMI) $1,120 $1.45 0% $1,088 $1.58 0% $1,181 $1.31 0% Low Income (80% AMI) $1,532 $1.99 0% $1,486 $2.15 0% $1,615 $1.79 0% Weighted Average $2,600 $3.38 100% $2,700 $3.91 100% $2,300 $2.56 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $31,200 $41 90% $32,400 $47 89% $27,600 $31 94% Other/Pkg Income $3,300 $4 10% $4,100 $6 11% $1,800 $2 6% (Less) Vacancy/Bad Debt ($1,725) ($2) -5% ($1,825) ($3) -5% ($1,470) ($2) -5% Effective Gross Income $32,775 $43 95% $34,675 $50 95% $27,930 $31 95% (Less) OPEX ($9,700) ($13) -28% ($9,500) ($14) -26% ($9,700) ($11) -33% Total NOI $23,075 $30 67% $25,175 $36 69% $18,230 $20 62% Threshold Return on Cost 6.05% 6.05% 6.05%
Supported Investment $381,400 $495 $416,100 $603 $301,300 $335 Development Costs excl. Land $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Directs (incl. sitework) $236,600 $307 100% $254,300 $369 100% $197,900 $220 100% Contingency $11,800 $15 5% $12,700 $18 5% $9,900 $11 5% A&E/Taxes/Ins./other indirects $26,000 $34 11% $28,000 $41 11% $21,800 $24 11% Housing Impact Fee (current) $2,700 $4 1% $2,400 $3 1% $3,100 $3 2% Other Fees & Permits $31,200 $41 13% $30,700 $44 12% $29,800 $33 15% Overhead/Admin $9,500 $12 4% $10,200 $15 4% $7,900 $9 4% Financing $17,400
$23 7% $18,900 $27 7% $13,700 $15 7%
Total Costs, before land $335,200 $435 142% $357,200 $518 140% $284,100 $316 144% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre Residual Land Value $46,200 $106 $4.6M $58,900 $270 $11.8M $17,200 $12 $0.5M Land Cost Estimate $45,000 $103 $4.5M $35,000 $161 $7.0M $25,000 $17 $0.8M $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv.
Development Cost incl Land $380,200 $494 99.7% $392,200 $568 94.3% $309,100 $343 102.6% Projected Return on Cost 6.07% 6.42% 5.90%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Feasible Feasible Feasible
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R19
Appendix A Table 6S
Rental Pro Forma
Feasibility Analysis
Sacramento MIHO Review
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Parking Ratio
Building type
Rents
Market Rate
Very Low Inc. (50% AMI)
Low Income (60% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs excl. Land
Directs (incl. sitework)
Contingency
A&E/Taxes/Ins./other indirects
Housing Impact Fee (current)
Other Fees & Permits
Overhead/Admin
Financing
Total Costs, before land
Residual Land Value
Land Cost Estimate
Development Cost incl Land
Projected Return on Cost
Feasibility Finding
More Favorable Recent Conditions (higher rents, lower cap rate/ROC, lower interest, lower costs) Existing HIF Rate but Remove Exemptions and Incentives
New Water/Sewer/Drainage Fee
900 sf/unit 900 sf/unit 770 sf/unit
1.50 br/unit 1.50 br/unit 1.10 br/unit
30 units/acre 30 units/acre 37 units/acre
1.5 sp/unit 1.5 sp/unit 1.0 sp/unit
$/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$964 $1.07 0% $964 $1.07 0% $921 $1.20 0%
$1,181 $1.31 0% $1,181 $1.31 0% $1,128 $1.46 0%
$1,615 $1.79 0% $1,615 $1.79 0% $1,542 $2.00 0%
$2,450 $2.72 100% $2,500 $2.78 100% $2,350 $3.05 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $29,400 $33 94% $30,000 $33 94% $28,200 $37 94%
$1,800 $2 6% $1,800 $2 6% $1,800 $2 6%
($1,560) ($2) -5% ($1,590) ($2) -5% ($1,500) ($2) -5%
$29,640 $33 95% $30,210 $34 95% $28,500 $37 95%
($10,000) ($11) -32% ($10,000) ($11) -31% ($8,800) ($11) -29% $19,640 $22 63% $20,210 $22 64% $19,700 $26 66%
6.05% 6.05% 6.05%
$324,600 $361 $334,000 $371 $325,600 $423
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $216,500 $241 100% $216,500 $241 100% $193,700 $252 100% $10,800 $12 5% $10,800 $12 5% $9,700 $13 5%
$23,800 $26 11% $23,800 $26 11% $21,300 $28 11%
$3,100 $3 1% $3,100 $3 1% $2,700 $4 1%
$29,400 $33 14% $40,000 $44 18% $29,200 $38 15%
$8,700 $10 4% $8,700 $10 4% $7,700 $10 4%
$14,800
$16 7% $15,200 $17 7% $14,800 $19 8%
$307,100 $341 142% $318,100 $353 147% $279,100 $362 144% $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $/Unit $/Land SF $/Acre $17,500 $12 $0.5M $15,900 $11 $0.5M $46,500 $39 $1.7M
$25,000 $17 $0.8M $25,000 $17 $0.8M $50,000 $42 $1.9M
$/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $/Unit $/NSF %Sup Inv. $332,100 $369 102.3% $343,100 $381 102.7% $329,100 $427 101.1%
5.91% 5.89% 5.99%
North Natomas Inner South & East and West of I-5
North Sacramento and South
Natomas
Lower Density RentalLower Density Rental Lower Density Rental Surface / tuck under Surface / tuck under Surface / tuck under Feasible
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Feasible Feasible
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 3-31-23; R19
APPENDIX A - PART D
SUPPORTING DATA AND ANALYSES
Appendix A Table 7
Recent Multifamily Residential Property Transactions
Feasibility Analysis
Sacramento MIHO Review Working Draft - Subject to Substantial Change Source: Costar
Residential Property Location Year Built Year Sold Sale Price Units Price / Unit Cap Rate Floors Unit Size Eleanor and H16 Apartments Central City 2020 2022 $66,500,000 190 $350,000 5.0% 5 638 sf 1430 Q Central City 2020 2022 $57,100,000 75 $761,300 4.70% 8 1248 sf Onyx Midtown Apartments Central City 2020 2021 $13,975,000 41 $340,900 4.75% 3 677 sf The Press Central City 2020 2020 $118,500,000 277 $427,800 4.75% 5 696 sf The Didion Central City / Midtown 2022 $8,375,000 12 $697,917 4.62% 4 923 sf The Flats at The Mill Inner S&E 2020 2022 $7,200,000 12 $600,000 4 1246 sf The Core Natomas North Natomas 2020 2022 $147,250,000 300 $490,800 <4% 3 929 sf The Eisley North Sac / S Natomas 2021 2021 $112,896,500 405 $278,800 4 905 sf Landing at College Square South Sacramento 2017 2020 $64,740,000 270 $239,800 932 sf Prepared by: Keyser Marston Associates
Filename:\\SF‐FS2\wp\12\12851\007\Sac City Feas 3‐31‐23; ResiProp
Appendix A Table 8
Residential Land Sales
Feasibilit
y Analysis
Sacramento MIHO Review Working Draft - Subject to Substantial Change Land Est. Est. Price Sale $/SF
Address Location Use Acres Units Du/Ac ($M) Year Land $/Unit Notes
High Density Apartment Sites, Central City
700 16th Street Central Apt 1.18 190 162 $7.5 2019 $146 $39,000 1500-1522 S Street Central Apt 0.73 123 167 $5.2 2019 $161 $42,000 1330 N St Central Apt 0.44 92 208 $2.0 2019 $104 $22,000 pre-entitlemnt 1330 N St Central Apt 0.44 92 208 $2.4 2022 $125 $26,000 post-entitlemnt 1208-1220 O Street Central Apt 0.52 51 99 $3.0 2020 $133 $59,000 2700 V St Central Apt 0.50 60 120 $1.8 2020 $83 $30,000 1705-1715 I St Central Apt 0.59 206 351 $5.0 2022 $195 $24,000 2101 J Street Central Apt 0.29 40 136 $2.6 2022 $199 $64,000 925 16th St Central Apt 0.42 73 173 $3.7 2022 $201 $51,000 assembly
Low: $83 $22,000
High: $201 $64,000
Weighted Average: $149 $36,000
High Density Apartment Sites, Other Locations
Maven on Broadway Inner SE Apt 6.29 408 65 $20.5 2019 $74.8 $50,000 6661 Folsom Blvd Inner SE Apt (aff) 1.44 130 90 $4.8 2022 $76 $37,000 1901 Broadway Inner SE Apt (aff) 1.27 140 110 $5.6 2020 $101 $40,000 2570 3rd Inner S&E Apt 7.07 444 63 $20.5 2019 $67 $46,000 3206 Broadway S. Sac Apt 0.22 21 95 $0.6 2021 $62 $28,000 Low: $62 $22,000
High: $101 $50,000
Weighted Average: $73 $45,000
Lower Density Apartment Sites
2450 Natomas Park Dr N Sac/ S Nat. Apt 9.06 190 21 $5.2 2021 $13.0 $27,000 Venture Oaks Wa
y N Sac/ S Nat. Apt 14.58 470 32 $13.5 2022 $21.3 $29,000 in contract 3810 Gateway North Natomas Apt 10.50 303 29 $5.6 2021 $12.2 $18,000 Del Paso / El Centro North Natomas Aff apt 4.35 120 28 $3.0 2022 $15.8 $25,000 Terracina / Truxel Rd North Natomas Apt 8.46 200 24 $4.4 2022 $11.9 $22,000 Truxel Rd North Natomas senior 9.01 240 27 $3.1 2019 $7.9 $13,000 3701 E Commerce Wa
yNorth Natomas apt 9.36 268 29 $5.7 2021 $14.0 $21,000
50 Regency Park Cir North Natomas for sale 1.60 44 28 $1.4 2020 $20.1 $32,000 7699 Klotz Ranch S. Sac Apt 10.20 266 26 $5.7 2021 $12.7 $21,000 8373 Bruceville Road S. Sac Apt 8.76 351 40 $6.3 2022 $16.4 $18,000 Delta shores S. Sac Apt 15 435 29 $19.5 2022 $29.8 $45,000 est. units
7800 W Stockton Blvd S. Sac Apt (aff) 2.69 92 34 $2.2 2021 $18.3 $23,000 Low: $7.9 $13,000
High: $29.8 $45,000
Weighted Average: $16.7 $25,000
Prepared by: Keyser Marston Associates
Filename:\\SF‐FS2\wp\12\12851\007\Sac City Feas 3‐31‐23; land sales
Appendix A Table 8
Residential Land Sales
Feasibilit
y Analysis
Sacramento MIHO Review Working Draft - Subject to Substantial Change Land Est. Est. Price Sale $/SF
Address Location Use Acres Units Du/Ac ($M) Year Land $/Unit Notes
Single Family and Duplex
Parkbridge Village Lot Sales
3819 Terraview St N Sac/ S Nat. SFR 19.57 151 8 $15.8 2019 $18.5 $104,000 finished lots Fong Ranch Rd N Sac/ S Nat. SFR 6.31 54 9 $5.7 2020 $20.6 $105,000 finished lots 1 Fong Ranch Rd N Sac/ S Nat. SFR 11.32 108 10 $5.7 2019 $11.5 $53,000 Fong Ranch Rd N Sac/ S Nat. SFR na 116 na $12.3 2019 na $106,000 finished lots
Greenbriar Lot Sales (finished lots)
5627 Drifton Wa
y North Natomas SFR 13.43 114 8 $24.1 2022 $41.2 $211,000 5627 Drifton Way North Natomas SFR 13.43 114 8 $18.1 2021 $31.0 $159,000 4106 Eventide Ave North Natomas SFR 21.58 166 8 $28.0 2021 $29.8 $169,000 W Elkhorn Blvd North Natomas SFR 20.40 173 8 $18.7 2021 $21.0 $108,000 W Elkhorn Blvd North Natomas SFR 15.77 79 5 $11.6 2021 $16.8 $146,000 W Elkhorn Blvd North Natomas SFR 34.80 145 4 $17.2 2020 $11.3 $118,000 Elk Horn Blvd North Natomas SFR 30.00 324 11 $27.7 2022 $21.2 $86,000
weighted average $24 $130,000
Sutter Park/Tim Lewis Inner S&E SFR na 83 na $28.3 2019 na $341,000 res lots 2630 5th St Inner S&E n/a 1.16 22 19 $1.9 2020 $38 $86,000 6207 Riverside Blvd Inner S&E n/a 0.83 11 13 $0.5 2020 $14 $45,000 4371 Silver Cedar Ln North Natomas SFR 5.04 84 17 $5.4 2019 $24.4 $64,000 26 Crumpet Ct S. Sac SFR 1.39 21 15 $1.3 2020 $20.8 $60,000 6207 Riverside Blvd S. Sac SFR 0.83 11 13 $0.5 2020 $13.8 $45,000 Low: $11.3 $45,000
High: $41.2 $341,000
Weighted Average: $26.1 $125,000
Prepared by: Keyser Marston Associates
Filename:\\SF‐FS2\wp\12\12851\007\Sac City Feas 3‐31‐23; land sales
Appendix A Table 8
Residential Land Sales
Feasibilit
y Analysis
Sacramento MIHO Review Working Draft - Subject to Substantial Change Land Est. Est. Price Sale $/SF
Address Location Use Acres Units Du/Ac ($M) Year Land $/Unit Notes
Raw or Partially Improved Land for Single Family and Duplex 217 Silver Eagle Rd North Natomas SFR 12.7 85 7 $0.3 2019 $0.6 $4,000 Delta Shore / KB Hms S. Sac SFR 86.7 348 4 $12.5 2022 $3.3 $36,000 3387 Mas Amilos Wa
y North Natomas SFR 10.9 117 11 $0.5 2019 $1.0 $4,000
2591 Edgewater Rd North Natomas SFR 8.1 65 8 $1.1 2022 $3.1 $17,000 Jessie Ave & Dry Cree
k North Natomas SFR 7.5 81 11 $2.0 2021 $6.2 $25,000
4101 Taylor Street North Natomas SFR 6.5 70 11 $1.2 2022 $4.3 $17,000 Low: $0.6 $4,000
High: $6.2 $36,000
Weighted Average: $3.1 $23,000
Commercial/Industrial Land Sales, Inner S&E Neighborhoods 707 Commons Dr Inner S&E 1.43 n/a n/a $2.1 2022 $33 n/a res planned 5617 Elvas Ave Inner S&E 0.32 n/a n/a $0.4 2020 $29 n/a 401 1st Ave Inner S&E 0.65 n/a n/a $0.8 2021 $27 n/a res planned 2212 15th Ave Inner S&E 0.16 n/a n/a $0.2 2022 $24 n/a
2380 16th Ave Inner S&E 0.49 n/a n/a $0.3 2022 $13 n/a
2832 34th St Inner S&E 0.27 n/a n/a $0.6 2022 $53 n/a
2000 Broadway Inner S&E 0.36 n/a n/a $1.5 2021 $95 n/a
3206 Broadway Inner S&E 0.22 n/a n/a $0.6 2021 $63 n/a
4024 Miller Way Inner S&E 1.33 n/a n/a $1.0 2020 $17 n/a 4690-4800 Riverside BlvInner S&E 0.32 n/a n/a $0.2 2022 $17 n/a 4391 Stockton Blvd S. Sac 0.72 n/a n/a $0.5 2020 $15 n/a Low: $13.1 n/a
High: $95.4 n/a
Weighted Average: $29.8 n/a
Sources: CoStar, BBG Appraisal prepared for Railyards CFD No. 2018-1, Dated Aug 2022; Smith and Associates Appraisal prepared for Greenbriar CFD 2018-03, dated January, 2021. Sacramento Business Journal.
Prepared by: Keyser Marston Associates
Filename:\\SF‐FS2\wp\12\12851\007\Sac City Feas 3‐31‐23; land sales
Appendix A Table 9
Infrastructure Costs Comps, Master Plan Developments
Feasibility Analysis
Sacramento MIHO Review Working Draft - Subject to Substantial Change Delta Shores, MDR 5 to 8
Source: Official Statement for the Improvement Area No. 2, Special Tax Bonds, 2022, Sourced to Signature Homes Number of Units 421 For-Sale Units in Phas e
Acres 47.2 Acres in Phase
Density 8.9 Units/Acre
Total Cost
($2022 est) Cost Per Acre Cost Per Unit
Land Purchase from Master Developer $19,120,000 $405,000 $45,000 Captures value of improvements by Master Developer + Affordable Site Dedication by Master Developer
Major Infrastructure $21,800,000 $462,000 $52,000 Reflects share of costs paid by home builder In-Tract Infrastructure $17,200,000 $364,000 $41,000
Total $58,120,00 0 $1,231,000 $138,000
Less: remove allocable share of cost of
meeting affordable requirement
($900,000) ($19,000) ($2,000) Estimated value of 15.89 acre affordable site with approx. 8% of cost allocable to MDR 5 to 8 based on share of overall market rate units in Delta Shores.
$57,220,000 $1,212,000 $136,000 cost of affordable obligation excluded as it is separately evaluated Per Square Foot $28
Net Total Without Land Purchase $19
Northlake Project, Improvement Area 1
Source: Official Statement for the Improvement Area No. 1, Special Tax Bonds, 2021, sourced to the developer of the project Number of Units 1,137 Market Rate Units in Improvement Area 1 (not incl affordable site) Acres 201 Residential, not including open space, lake, community center parcels Density 5.7 Units/Acre
Total Cost (1) Cost Per Acre Cost Per Unit Inclusive of actual spend through date of the estimate Land Purchase $43,079,217 $214,000 $38,000 allocation of total land cost to Improvement Area 1 Backbone and entitlements $66,057,765 $329,000 $58,000
Amenities $10,374,639 $52,000 $9,000
Habitat Conservation $11,476,350 $57,000 $10,000
Other $6,401,795 $32,000 $6,000
Intracts $51,636,192 $257,000 $45,000
Gross Total $189,025,957 $941,000 $166,000
Less: CFD Proceeds ($42,262,000) ($210,000) ($37,000) 2021 bond proceeds reimburse portion of infrastructure costs Less: Affordable Site Value ($2,143,785) ($11,000) ($2,000) Net Finished Lot Cost, before $144,620,173 $720,000 $127,000 affordable housing costs
Gross Total Per Square Foot $22
Net Total Per Square Foot $17
Net Total Without Land Purchase $12
allocable share of affordable obligation cost excluded as it is separately evaluated
Finished Lot Cost Before Cost of
Affordable Housing Obligation
(1) Cost figures inflated to 2023 based on the ENR Construction Cost Index, except for land purchase. May not capture full cost inflation as a substantial share of costs had been expended by Dec. 2020.
Prepared by: Keyser Marston Associates
Filename:\\SF‐FS2\wp\12\12851\007\Sac City Feas 3‐31‐23; infra costs
Appendix A Table 10
Estimated Cost, Provision of Units in Stand Alone LIHTC Project Feasibility Analysis
Sacramento MIHO Review Working Draft - Subject to Substantial Change Market Rate Developer Contributions to Affordable Projects within Larger Master Plan Railyards, Wong
Center North Lake Delta Shores Average
2021 est 2020 est 2022 value est.
Market Developer Contributions to Affordable
Site Size (acre) 2.66 7.54 15.89 Value Per Square Foot $35 $17 $17
Land Value Estimate $4,000,000 $5,583,521 $11,766,863
Less: Affordable Developer Land Payment $0 ($500,000) $0 Cash Contribution $2,228,000 none none
Total Contribution $6,228,000 $5,083,521 $11,766,863
Affordable Units 149 189 429 $41,800 $26,900 $27,400 $30,000
Contingency of 30% $9,000
Estimated Market Rate Developer Contribution Per Affordable Unit, LIHTC Project $39,000 Equivalent Amount Per Market Rate Unit in the Project $ per Mkt Unit With 10% Affordable $4,333
With 15% Affordable $6,882
With 20% Affordable $9,750
Market Rate Developer Contribution Per
Affordable Unit
Wong Center reflects reported value while
Northlake and Delta Shores reflect land values
based on recent multi-family land sales
= per unit amount x % affordable / % market
rate
Prepared by: Keyser Marston Associates
Filename:\\SF‐FS2\wp\12\12851\007\Sac City Feas 3‐31‐23; Affordable Site
Appendix A Table 11
Affordable Rents
Feasibility Analysis
Sacramento MIHO Review Working Draft - Subject to Substantial Change Unit Size Studio 1-Bedroom Unit 2-Bedroom Unit 3-Bedroom Unit Household Size 1-person HH 2-person HH 3-person HH 4-person HH Median Income, 2022 (1) $71,550 $81,750 $92,000 $102,200 Gross Rents
Very Low 50% $894 $1,022 $1,150 $1,278
Low @60% 60% $1,073 $1,226 $1,380 $1,533
Low @80% 80% $1,431 $1,635 $1,840 $2,044
Rents after Utility Allowance
Very Low 50% $798 $913 $1,016 $1,118
Low @60% 60% $977 $1,117 $1,246 $1,373
Low @80% 80% $1,335 $1,526 $1,706 $1,884
- Utilities (per month, all electric) (2) $96 $109 $134 $160 Notes:
(1) California Department of Housing and Community Development 2022 Income Limits for Sacramento County. (2) Calculated using SHRA utility allowance calculator effective August 2022. _________________________________________________________ Prepared by: Keyser Marston Associates
Filename: Sac City Feas 3‐31‐23; Aff Rents
Appendix A Table 12
Affordable Home Price Calculation
Feasibility Analysis
Sacramento MIHO Review Working Draft - Subject to Substantial Change Unit Size 2-Bedroom Unit 3-Bedroom Unit 4-Bedroom Unit 2-Bedroom Unit 3-Bedroom Unit 4-Bedroom Unit 2-Bedroom Unit 3-Bedroom Unit 4-Bedroom Unit Household Size 3-person HH 4-person HH 5-person HH 3-person HH 4-person HH 5-person HH 3-person HH 4-person HH 5-person HH Median Income, 2022 $92,000 $102,200 $110,400 $92,000 $102,200 $110,400 $92,000 $102,200 $110,400 Percent of AMI for Pricing 70% 70% 70% 90% 90% 90% 110% 110% 110% Annual Income $64,400 $71,540 $77,280 $82,800 $91,980 $99,360 $101,200 $112,420 $121,440 % Available for Housing Costs 30% 30% 30% 35% 35% 35% 35% 35% 35% Income Available for Housing Costs $19,320 $21,462 $23,184 $28,980 $32,193 $34,776 $35,420 $39,347 $42,504 (Less) Property Taxes & Assessments ($2,534) ($2,776) ($2,965) ($4,118) ($4,537) ($4,867) ($5,210) ($5,747) ($6,175) (Less) HOA ($1,200) ($1,380) ($1,500) ($1,200) ($1,380) ($1,500) ($1,200) ($1,380) ($1,500) (Less) Utilities (3) ($1,776) ($2,184) ($2,592) ($1,776) ($2,184) ($2,592) ($1,776) ($2,184) ($2,592) (Less) Insurance ($1,100) ($1,200) ($1,250) ( $1,100) ($1,200) ($1,250) ($1,100) ($1,200) ($1,250) (Less) Mortgage Insurance ($1,243) ($1,361) ($1, 454) ($2,019) ($2,225) ($2,386) ($2,554) ($2,818) ($3,028) Income Available for Mortgage $11,467 $12,561 $13,423 $18,766 $20,668 $22,181 $23,580 $26,018 $27,959 Mortgage Amount $155,200 $170,000 $181,700 $254,000 $279,700 $300,200 $319,100 $352,100 $378,400 Down Payment (homebuyer cash) $8,200 $9,000 $9,600 $13,300 $14,600 $15,700 $16,800 $18,500 $19,900 Affordable Home Price Estimate $163, 400 $179,000 $191,300 $267,300 $294,300 $315,900 $335,900 $370,600 $398,300 Assumptions
- Mortgage Interest Rate (1) 6.25%
- Down Payment 5.0%
- Property Taxes (% of sales price)
(2) 1.55%
- Mortgage Insurance (% loan Amt)(4) 0.80%
2BR 3BR 4BR
- HOA (per month) $100 $115 $125
- Utilities (per month, all electric) (3) $148 $182 $216 Notes:
(1) Based on average of Freddie Mac Primary Mortgage Market Survey weekly 30-year fixed rate mortgage rates over the six month period ending February 3, 2022 . (2) Based on average effective property tax rates for recent new home sales. (3) Calculated using SHRA utility allowance calculator effective August 2022. (4) 2022 Mortgage Insurance Premium rates for FHA loans over 15 years and a 95% loan to value ratio.
Low Priced at 70% AMI Moderate Priced at 110% AMIModerate Priced at 90% AMI _________________________________________________________ Prepared by: Keyser Marston Associates
Filename: Sac City Feas 3‐31‐23; Aff Prices
Appendix A Table 13
Estimated Fees and Permit Cost Detail
Feasibility Analysis
Sacramento MIHO Review Working Draft - Subject to Substantial Change Attached
Townhomes
Medium
Density
Rental
Higher
Density
Rental
Single
Family
Detached
Small Lot
Detached
Lower
Density
Rental
Single
Family
Detached
Small Lot
Detached
Lower
Density
Rental
Single
Family
Detached
Small Lot
Detached
Lower
Density
Rental
Single
Family
Detached
Small Lot
Detached
Lower
Density
Rental
Density (dwelling units/acre) 26 dua 100 dua 200 dua 11 dua 18 dua 30 dua 9 dua 18 dua 30 dua 9 dua 18 dua 30 dua 8 dua 20 dua 37 dua Average Unit Size 1,850 sf 770 sf 690 sf 1,750 sf 1,450 sf 900 sf 1,900 sf 1,500 sf 900 sf 2,100 sf 1,600 sf 900 sf 2,300 sf 1,700 sf 770 sf Average No. of Bedrooms 2.8 BR 1.05 BR 0.8 BR 3.25 BR 3.0 BR 1.5 BR 3.6 BR 3.3 BR 1.5 BR 3.6 BR 3.3 BR 1.5 BR 3.5 BR 3.0 BR 1.1 BR Estimated Fees Per Unit, Except Water, Sewer, Drainage
Building Permit Processing $5,403 $2,172 $2,172 $4,428 $5,403 $1,575 $4,428 $5,403 $1,575 $4,428 $5,403 $1,575 $4,428 $5,403 $1,575 Plan check / processing $1,289 $96 $96 $1,199 $1,289 $185 $1,199 $1,289 $185 $1,199 $1,289 $185 $1,199 $1,289 $185 SASD Fee n/a n/a n/a $6,479 $2,701 $2,701 n/a n/a n/a $6,479 $4,859 $2,701 n/a n/a n/a Water Meter Fee $672 n/a n/a $672 $672 n/a $672 $672 n/a $672 $672 n/a $672 $672 n/a Construction Water Use $201 n/a n/a $201 $201 n/a $201 $201 n/a $201 $201 n/a $201 $201 n/a Regional Sanitation Fee $2,701 $2,701 $2,701 $6,479 $4,859 $4,859 $3,602 $2,701 $2,701 $6,479 $4,859 $4,859 $3,602 $2,701 $2,701 Park DIF $3,978 $1,656 $1,599 $5,933 $4,916 $3,051 $4,085 $3,225 $1,935 $6,797 $5,424 $3,051 $6,797 $5,763 $2,610 STA Mitigation Fee & admin $1,458 $1,020 $1,020 $1,458 $1,458 $1,020 $1,458 $1,458 $1,020 $1,458 $1,458 $1,020 $1,458 $1,458 $1,020 Citywide TDIF $1,644 $861 $861 $1,644 $1,644 $944 $1,644 $1,644 $944 $573 $573 $330 $2,740 $2,740 $1,574 School District $6,216 $2,587 $2,318 $5,880 $4,872 $3,024 $9,101 $7,185 $4,311 $9,198 $7,008 $3,942 $7,728 $5,712 $2,587 City Business Operations Tax $133 $95 $102 $87 $78 $91 $87 $77 $100 $99 $87 $100 $126 $114 $85 Construction Excise Tax $2,664 $1,893 $2,034 $1,736 $1,566 $1,819 $1,748 $1,548 $1,990 $1,982 $1,741 $1,990 $2,521 $2,285 $1,703 Residential Construction Tax $371 $253 $250 $385 $385 $283 $385 $385 $283 $385 $385 $283 $385 $385 $257 SAFCA DIF $3,885 $924 $828 $3,675 $3,045 $1,080 $3,990 $3,150 $1,080 $4,410 $3,360 $1,080 $4,830 $3,570 $924 Central City Impact Fee $2,968 $2,968 $2,732 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a North Natomas Dev Fee n/a n/a n/a n/a n/a n/a n/a n/a n/a $12,755 $12,755 $7,864 n/a n/a n/a North Natomas Habitat Cons n/a n/a n/a n/a n/a n/a $2,900 $1,500 $900 $5,900 $2,900 $1,800 n/a n/a n/a South Nat FBA (50% in area) n/a n/a n/a n/a n/a n/a $1,115 $1,115 $782 n/a n/a n/a n/a n/a n/a Subtotal, Except Utility Fees $33,582 $17,226 $16,715 $40,255 $33,088 $20,632 $36,615 $31,553 $17,805 $63,015 $52,973 $30,780 $36,687 $32,292 $15,221 and HIF
Water, Sewer, Drainage - Existing (to be replaced)
Water Development Fee $3,609 $1,328 $1,328 $3,609 $3,609 $1,328 $3,609 $3,609 $1,328 $3,609 $3,609 $1,328 $3,609 $3,609 $1,328 Combined Sewer Dev Fee $164 $2,708 $2,708 n/a n/a n/a n/a n/a n/a n/a n/a n/a $164 $164 $2,708 Sewer Dev fee n/a n/a n/a n/a n/a n/a $204.42 $204.42 $204.42 n/a n/a n/a n/a n/a n/a Subtotal Existing $3,774 $4,036 $4,036 $3,609 $3,609 $1,328 $3,814 $3,814 $1,532 $3,609 $3,609 $1,328 $3,774 $3,774 $4,036 Water, Sewer, Drainage - Proposed
Water System DIF $13,493 $8,905 $8,905 $13,493 $13,493 $8,905 $13,493 $13,493 $8,905 $13,493 $13,493 $8,905 $13,493 $13,493 $8,905 Separated Sewer n/a n/a n/a n/a n/a n/a $3,565 $3,565 $2,353 n/a n/a n/a n/a n/a n/a Combined Sewer $7,635 $5,039 $5,039 n/a n/a n/a n/a n/a n/a n/a n/a n/a $7,635 $5,039 $5,039 Drainage fee - CS area credited credited credited n/a n/a n/a n/a n/a n/a n/a n/a n/a credited credited credited Storm Drainage Fee n/a n/a n/a $520 $389 $297 $636 $389 $297 $636 $389 $297 n/a n/a n/a Subtotal Proposed $21,128 $13,944 $13,944 $14,013 $13,882 $9,202 $17,694 $17,447 $11,555 $14,129 $13,882 $9,202 $21,128 $18,532 $13,944 Total Fees & Permits, Market Rate Units (Except HIF), Rounded With Existing Utility Fees $37,400 $21,300 $20,800 $43,900 $36,700 $22,000 $40,400 $35,400 $19,300 $66,600 $56,600 $32,100 $40,500 $36,100 $19,300 With Proposed Utility Fees $54,700 $31,200 $30,700 $54,300 $47,000 $29,800 $54,300 $49,000 $29,400 $77,100 $66,900 $40,000 $57,800 $50,800 $29,200 Total Fees and Permits, Affordable Units, Rounded (without fees eligible for $0 rate: area fees, Park DIF, Utility Fees) With Existing Utility Fees $26,700 $12,600 $12,400 $34,400 $28,200 $17,600 $32,500 $28,400 $15,800 $43,400 $34,800 $19,900 $29,900 $26,600 $12,700 With Proposed Utility Fees $26,700 $12,600 $12,400 $34,400 $28,200 $17,600 $32,500 $28,400 $15,800 $43,400 $34,800 $19,900 $29,900 $26,600 $12,700 Inner South & East and West of I-5 Central City Southern Neighborhoods North Sacramento and South North Natomas Prepared by Keyser Marston Associates, Inc.
File Name: Sac City Feas 3‐31‐23; 3/31/2023; dd
APPENDIX B
MARKET SURVEY TABLES
Appendix B Table 1
Prototype Projects
Feasibility Analysis
MIHO Review
Sacramento, C
A Working Draft - Subject to Substantial Change
Attached Townhomes Medium Density Rental Higher Density Rental Example Projects Albright Village 16 Powerhouse Anthem 15S 9th and Broadway S3 Apartments Cathedral Square
Icon The Fitzgerald 17 Central
The Didion Sacramento Commons
The Richmond
Density (dwelling units/acre) 25 - 30 dua 130 dua 200 dua Number of Stories 3 story homes 4-5 stories 7-8 stories Average Unit Size 1,850 sf 770 sf 690 sf
Bedroom Mix 20% 2 BR
80% 3 BR
30% Studios
40% 1 BR
25% 2 BR
5% 3 BR
35% Studios
50% 1 BR
15% 2 BR
Average No. of Bedrooms 2.8 BR 1.05 BR 0.8 BR
Parking Type Attached garage Surface / tuck under Structured parking Average Parking Spaces 2 spaces per DU 0.5 spaces per DU 0.75 spaces per DU Current Market Estimate, Winter 2023
Sales Price/Rent $817,000 $2,450 $2,550
per square foot $442 $3.18 $3.70
%Change from prior est. -5% -6% -6%
Prior Estimate, Late Summer 2022
Sales Price/Rent $860,000 $2,600 $2,700
per square foot $465 $3.38 $3.91
Central City
Inclusive of Railyards, River District, and Central City Specific Plan boundaries Prepared by Keyser Marston Associates, Inc.
File Name: Sac City Feas 3‐31‐23; 3/31/2023; hgr
Appendix B Table 1
Prototype Projects
Feasibility Analysis
MIHO Review
Sacramento, C
A
Example Projects
Density (dwelling units/acre)
Number of Stories
Average Unit Size
Bedroom Mix
Average No. of Bedrooms
Parking Type
Average Parking Spaces
Current Market Estimate, Wi
n
Sales Price/Rent
per square foot
%Change from prior est.
Prior Estimate, Late Summe
r
Sales Price/Rent
per square foot
Working Draft - Subject to Substantial Change
Single Family Detached Small Lot Detached Lower Density Rental Delta Shores MDR-5 and MDR-8 The Reserve College Square Apartments Ventris Place Wickford Square Klotz Ranch Apts.
6 - 13 dua 18 - 20 dua 25 - 35 dua
1 and 2 story homes 2 story homes 3 to 4 stories
1,750 sf 1,450 sf 900 sf
3 and 4 BR 3 BR 5% Studios
45% 1 BR
45% 2 BR
5% 3 BR
3.25 BR 3.0 BR 1.5 BR
Attached garage Attached garage Surface / tuck under
2-car garage 2-car garage 1.5 spaces per DU
$484,000 $423,000 $2,300
$277 $292 $2.56
-6% -6% 0%
$515,000 $450,000 $2,300
$294 $310 $2.56
Southern Neighborhoods
Bounded by I-5, Fruitridge, Broadway, 65th, US. 50, southern City limits Prepared by Keyser Marston Associates, Inc.
File Name: Sac City Feas 3‐31‐23; 3/31/2023; hgr
Appendix B Table 1
Prototype Projects
Feasibility Analysis
MIHO Review
Sacramento, C
A
Example Projects
Density (dwelling units/acre)
Number of Stories
Average Unit Size
Bedroom Mix
Average No. of Bedrooms
Parking Type
Average Parking Spaces
Current Market Estimate, Wi
n
Sales Price/Rent
per square foot
%Change from prior est.
Prior Estimate, Late Summe
r
Sales Price/Rent
per square foot
Working Draft - Subject to Substantial Change
Single Family Detached Small Lot Detached Lower Density Rental Morey Morrison The Reserve Arden Gateway
San Juan Road Subdivision Wickford Square
6 - 10 dua 15 - 25 dua 25 - 35 dua
2 story homes 2 story homes 3 to 4 stories
1,900 sf 1,500 sf 900 sf
50% 3 BR
40% 4 BR
10% 5 BR
70% 3 BR
30% 4 BR
5% Studios
45% 1 BR
45% 2 BR
5% 3 BR
3.6 BR 3.3 BR 1.5 BR
Attached garage Attached garage Surface / tuck under
2-car garage 2-car garage 1.5 spaces per DU
$484,000 $414,000 $2,350
$255 $276 $2.61
-6% -6% -4%
$515,000 $440,000 $2,450
$271 $293 $2.72
North Sacramento and South Natomas
North of the American River, Except North Natomas
Prepared by Keyser Marston Associates, Inc.
File Name: Sac City Feas 3‐31‐23; 3/31/2023; hgr
Appendix B Table 1
Prototype Projects
Feasibility Analysis
MIHO Review
Sacramento, C
A
Example Projects
Density (dwelling units/acre)
Number of Stories
Average Unit Size
Bedroom Mix
Average No. of Bedrooms
Parking Type
Average Parking Spaces
Current Market Estimate, Wi
n
Sales Price/Rent
per square foot
%Change from prior est.
Prior Estimate, Late Summe
r
Sales Price/Rent
per square foot
Working Draft - Subject to Substantial Change
Single Family Detached Small Lot Detached Lower Density Rental Northlake The Reserve Spanos Apts @ Natomas Crossing
McKinley Village The Core Natomas
Greenbriar Ph 2: Multifamily
Medley Apartments
6 - 10 dua 15 - 25 dua 25 - 35 dua
2 story homes 2 story homes 3 to 4 stories
2,100 sf 1,600 sf 900 sf
50% 3 BR
40% 4 BR
10% 5 BR
70% 3 BR
30% 4 BR
5% Studios
45% 1 BR
45% 2 BR
5% 3 BR
3.6 BR 3.3 BR 1.5 BR
Attached garage Attached garage Surface / tuck under
2-car garage 2-car garage 1.5 spaces per DU
$611,000 $494,000 $2,500
$291 $309 $2.78
-6% -6% 0%
$650,000 $525,000 $2,500
$310 $328 $2.78
North Natomas
North of I-80, West of Steelhead Creek
Prepared by Keyser Marston Associates, Inc.
File Name: Sac City Feas 3‐31‐23; 3/31/2023; hgr
Appendix B Table 1
Prototype Projects
Feasibility Analysis
MIHO Review
Sacramento, C
A
Example Projects
Density (dwelling units/acre)
Number of Stories
Average Unit Size
Bedroom Mix
Average No. of Bedrooms
Parking Type
Average Parking Spaces
Current Market Estimate, Wi
n
Sales Price/Rent
per square foot
%Change from prior est.
Prior Estimate, Late Summe
r
Sales Price/Rent
per square foot
Working Draft - Subject to Substantial Change
Single Family Detached Small Lot Detached Lower Density Rental Homes at Potrero The Reserve 29SC Maven C
Crocker Village McKinley Village Stockton Blvd - West Parcel Sutter Park
6 - 10 dua 18 - 20 dua 35 - 40 dua
1 and 2 story homes 3 story homes 3 to 4 stories
2,300 sf 1,700 sf 770 sf
3 and 4 BR 3 BR 15%: Studio
60% 1 BR
25% 2 BR
3.5 BR 3.0 BR 1.1 BR
Attached garage Attached garage Surface / tuck under
2-car garage 2-car garage 1 space per DU
$940,000 $729,000 $2,350
$409 $429 $3.05
-6% -6% 0%
$1,000,000 $775,000 $2,350
$435 $456 $3.05
Inner South & East and West of I-5
South of American River to Fruitridge / Broadway / US-50, plus West of the I-5 Prepared by Keyser Marston Associates, Inc.
File Name: Sac City Feas 3‐31‐23; 3/31/2023; hgr
Appendix B Table 2
Geographic Area Definitions
Feasibility Analysis
Sacramento MIHO Review Working Draft - Subject to Substantial Change Geographic Area Definitions
A. North Natomas
North of I-80, West of Steelhead Creek
B. North Sacramento/South Natomas
North of American River Except North Natomas
C. Central City
Inclusive of Railyards, River District, and Central City Specific Plan boundaries
D. Inner South & East + West of I-5
South of American River to Fruitridge / Broadway / US-50, plus West of the I-5
E. Southern Neighborhoods
Bounded by I-5, Fruitridge, Broadway, 65th,
US. 50, southern City limits
Prepared by Keyser Marston Associates, Inc.
File Name: Sac City Feas 3‐31‐23; 3/31/2023; hgr
Appendix B Table 3
New Homes Marketing
MIHO Review
Sacramento, C
A Working Draft - Subject to Substantial Change
Source: The Gregory Group data as of Summer '22. See Appendix B Table 9 for underlying data.
South SFD
South Small Lot
S/E Inner SFD
S/E Inner Small Lot
N Natomas SFDN Natomas Small Lot
N Sac SFDN Sac Small Lot
Central Attached
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
500 1,000 1,500 2,000 2,500 3,000 3,500
Unit Size (square feet)
Central North Sac South Prototypes Winter '23 est
S/E Inner Prototypes Aug'22 Est. Log. (Central) Log. (North Sac) Log. (South) Log. (S/E Inner)
Appendix B Table 4
New Home Re-Sales by Geographic Area
MIHO Review
Sacramento, CA Working Draft - Subject to Substantial Change Source: Corelogic ListSource, 7/21/2022. See Appendix B Table 11 for underlying data.
South SFD
South Small Lot
S/E Inner SFD
S/E Inner Small Lot N Natomas SFD
N Natomas Small Lot
N Sac SFD
N Sac Small Lot
Central Attached
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
500 1,000 1,500 2,000 2,500 3,000 3,500
Unit Size (square feet)
Resales of Homes Built Since 2017 and Sold July 2021 to June 2022 Central N Sac South S/E Inner
N Natomas Prototypes 2 Prototypes Aug'22 Est. Log. (Central) Log. (N Sac) Log. (South) Log. (S/E Inner) Log. (N Natomas)