Sacramento City Council
December 9, 2025

Appendix A Table 5U
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review

Living Area
Lot Size
Average Number of Bedrooms
Density
Revenue
Market Rate Units
100%
Low@70% AMI 0%
Mod@90% AMI 0%
Mod@100% AMI 0%
Average Gross Sales Price
<Less> Sales, Closing

3.25% sales
Revenue Net of Sales Expense
Land and Lot Development
Site cost (pad)
Site / Intract Improvements
Subtotal Lot Cost
House Construction
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $15/SF
Marketing

1.5% sales
Warranty 1% sales
Other Indirects 9% directs
Builder Overhead/G&A 5% sales
Financing
Subtotal Home Construction
Total Development Cost
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
8% sales
Surplus / (Gap)
Suplus / (Gap) %Total Dev Cost
Feasibility Finding
Appendix A Table 13
Housing Fee @ $15/SF

2,300 sf 1,700 sf
4,100 sf 1,600 sf

3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
Per SF Per Unit Per SF Per Unit
$443 $1,020,000 $471 $800,000
$100 $230,200 $132 $223,800
$164 $377,750 $215 $365,700
$186
$426,950 $243 $413,000
$443 $1,020,000 $471 $800,000
($14) ($33,200) ($15) ($26,000)
$429 $986,800 $455 $774,000
$83 $191,000 $45 $76,000
$52
$120,000 $56 $96,000
$135 $311,000 $101 $172,000
$145 $334,000 $175 $298,000
$27 $62,100 $32 $54,100
$15 $34,500 $15 $25,500
$7 $15,300 $7 $12,000
$4 $10,200 $5 $8,000
$13 $30,100 $16 $26,800
$22 $51,000 $24 $40,000
$23
$52,600 $23 $39,000
$256 $589,800 $296 $503,400
$392 $900,800 $397 $675,400
$429 $986,800 $455 $774,000
($392) ($900,800) ($397) ($675,400)
($35) ($81,600) ($38) ($64,000)
$2 $4,400 $20 $34,600
0% 5%
Feasible Feasible
Single Family Detached Small Lot Detached
Inner South and East Neighborhoods
Prepared by Keyser Marston Associates, Inc.

Sac City Feas 7-31-25

Appendix A Table 5V
For-Sale Pro Forma
Feasibility Analysis Housing Fee @ $20/SF
Sacramento MIHO Review Page 1 of 3 DRAFT

Living Area 1,850 sf 1,750 sf 1,450 sf
Lot Size 1,300 sf 3,000 sf 1,800 sf
Average Number of Bedrooms 2.8 bedrooms 3.25 bedrooms 3.0 bedrooms Density 26 du/acre 11 du/acre 18 du/acre
Revenue Per SF Per Unit Per SF Per Unit Per SF Per Unit Market Rate Units 100% $454 $840,000 $309 $540,000 $324 $470,000 Low@70% AMI 0% $119 $219,700 $130 $227,000 $154 $223,800 Mod@90% AMI 0% $194 $358,720 $212 $371,725 $252 $365,700 Mod@100% AMI 0% $219 $405,080 $240 $419,975 $285 $413,000 Average Gross Sales Price $454 $840,000 $309 $540,000 $324 $470,000 <Less> Sales, Closing 3.25% sales ($15) ($27,300) ($10) ($17,600) ($11) ($15,300) Revenue Net of Sales Expense $439 $812,700 $299 $522,400 $314 $454,700 Land and Lot Development
Site cost (pad) $86 $159,000 $39 $67,500 $32 $45,900
Site / Intract Improvements $55 $101,000 $34 $59,000 $39 $56,000 Subtotal Lot Cost $141 $260,000 $72 $126,500 $70 $101,900 House Construction
Direct House Costs $190 $352,000 $120 $210,000 $130 $189,000 Fees & Permits, excl. hsg $31 $58,200 $33 $57,400 $34 $49,400 Housing Fee @ $20/SF $20 $37,000 $20 $35,000 $20 $29,000 Marketing

1.5% sales $7 $12,600 $5 $8,100 $5 $7,100
Warranty 1% sales $5 $8,400 $3 $5,400 $3 $4,700
Other Indirects 9% directs $17 $31,700 $11 $18,900 $12 $17,000 Builder Overhead/G&A 5% sales $23 $42,000 $15 $27,000 $16 $23,500 Financing $27 $49,500 $16 $27,700 $17 $24,000
Subtotal Home Construction $319 $591,400 $223 $389,500 $237 $343,700 Total Development Cost $460 $851,400 $295 $516,000 $307 $445,600 Net Sales Revenue $439 $812,700 $299 $522,400 $314 $454,700 <Less> Development Costs ($460) ($851,400) ($295) ($516,000) ($307) ($445,600) <Less> Net Builder Profit 8% sales ($36) ($67,200) ($25) ($43,200) ($26) ($37,600) Surplus / (Gap) ($57) ($105,900) ($21) ($36,800) ($20) ($28,500) Suplus / (Gap) %Total Dev Cost -12% -7% -6%
Feasibility Finding
Appendix A Table 13
Attached Townhomes Sin gle Family Detached Small Lot Detached Infeasible / Challenged Infeasible / Challenged Marginal Feasibility Central City Southern Neighborhoods
Prepared by Keyser Marston Associates, Inc.

Sac City Feas 7-31-25

Appendix A Table 5V
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review

Living Area
Lot Size
Average Number of Bedrooms
Density
Revenue
Market Rate Units
100%
Low@70% AMI 0%
Mod@90% AMI 0%
Mod@100% AMI 0%
Average Gross Sales Price
<Less> Sales, Closing

3.25% sales
Revenue Net of Sales Expense
Land and Lot Development
Site cost (pad)
Site / Intract Improvements
Subtotal Lot Cost
House Construction
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $20/SF
Marketing

1.5% sales
Warranty 1% sales
Other Indirects 9% directs
Builder Overhead/G&A 5% sales
Financing
Subtotal Home Construction
Total Development Cost
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
8% sales
Surplus / (Gap)
Suplus / (Gap) %Total Dev Cost
Feasibility Finding
Appendix A Table 13
Housing Fee @ $20/SF

1,900 sf 1,500 sf 2,100 sf 1,600 sf
3,600 sf 1,800 sf 3,600 sf 1,800 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
Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit $289 $550,000 $333 $500,000 $319 $670,000 $359 $575,000 $122 $231,480 $152 $227,640 $110 $231,480 $142 $227,640 $200 $380,160 $249 $372,930 $181 $380,160 $233 $372,930 $226
$429,740 $281 $421,370 $205 $429,740 $263 $421,370
$289 $550,000 $333 $500,000 $319 $670,000 $359 $575,000 ($9) ($17,900) ($11) ($16,300) ($10) ($21,800) ($12) ($18,700) $280 $532,100 $322 $483,700 $309 $648,200 $348 $556,300 $43 $82,100 $31 $45,900 $44 $92,100 $32 $50,900
$38
$73,000 $37 $56,000 $35 $73,000 $35 $56,000
$82 $155,100 $68 $101,900 $79 $165,100 $67 $106,900
$110 $209,000 $128 $192,000 $110 $231,000 $125 $200,000 $29 $55,200 $33 $49,600 $39 $82,200 $45 $71,600
$20 $38,000 $20 $30,000 $20 $42,000 $20 $32,000
$4 $8,300 $5 $7,500 $5 $10,100 $5 $8,600
$3 $5,500 $3 $5,000 $3 $6,700 $4 $5,800
$10 $18,800 $12 $17,300 $10 $20,800 $11 $18,000
$14 $27,500 $17 $25,000 $16 $33,500 $18 $28,800
$16
$29,700 $16 $24,400 $16 $32,700 $16 $25,800
$206 $392,000 $234 $350,800 $219 $459,000 $244 $390,600 $288 $547,100 $302 $452,700 $297 $624,100 $311 $497,500 $280 $532,100 $322 $483,700 $309 $648,200 $348 $556,300 ($288) ($547,100) ($302) ($452,700) ($297) ($624,100) ($311) ($497,500) ($23) ($44,000) ($27) ($40,000) ($26) ($53,600) ($29) ($46,000) ($31) ($59,000) ($6) ($9,000) ($14) ($29,500) $8 $12,800 -11% -2% -5% 3%
Marginal Feasibility Feasible
Single Family Detached Small Lot Detached Single Family Detached Small Lot Detached Infeasible / Challenged Feasible
North Sacramento and South Natomas North Natomas
Prepared by Keyser Marston Associates, Inc.

Sac City Feas 7-31-25

Appendix A Table 5V
For-Sale Pro Forma
Feasibility Analysis
Sacramento MIHO Review

Living Area
Lot Size
Average Number of Bedrooms
Density
Revenue
Market Rate Units
100%
Low@70% AMI 0%
Mod@90% AMI 0%
Mod@100% AMI 0%
Average Gross Sales Price
<Less> Sales, Closing

3.25% sales
Revenue Net of Sales Expense
Land and Lot Development
Site cost (pad)
Site / Intract Improvements
Subtotal Lot Cost
House Construction
Direct House Costs
Fees & Permits, excl. hsg
Housing Fee @ $20/SF
Marketing

1.5% sales
Warranty 1% sales
Other Indirects 9% directs
Builder Overhead/G&A 5% sales
Financing
Subtotal Home Construction
Total Development Cost
Net Sales Revenue
<Less> Development Costs
<Less> Net Builder Profit
8% sales
Surplus / (Gap)
Suplus / (Gap) %Total Dev Cost
Feasibility Finding
Appendix A Table 13
Housing Fee @ $20/SF

2,300 sf 1,700 sf
4,100 sf 1,600 sf

3.5 bedrooms 3.0 bedrooms
8 du/acre 20 du/acre
Per SF Per Unit Per SF Per Unit
$443 $1,020,000 $471 $800,000
$100 $230,200 $132 $223,800
$164 $377,750 $215 $365,700
$186
$426,950 $243 $413,000
$443 $1,020,000 $471 $800,000
($14) ($33,200) ($15) ($26,000)
$429 $986,800 $455 $774,000
$83 $191,000 $45 $76,000
$52
$120,000 $56 $96,000
$135 $311,000 $101 $172,000
$145 $334,000 $175 $298,000
$27 $62,100 $32 $54,100
$20 $46,000 $20 $34,000
$7 $15,300 $7 $12,000
$4 $10,200 $5 $8,000
$13 $30,100 $16 $26,800
$22 $51,000 $24 $40,000
$23
$52,600 $23 $39,000
$261 $601,300 $301 $511,900
$397 $912,300 $402 $683,900
$429 $986,800 $455 $774,000
($397) ($912,300) ($402) ($683,900)
($35) ($81,600) ($38) ($64,000)
($3) ($7,100) $15 $26,100
-1% 4%
Feasible Feasible
Single Family Detached Small Lot Detached
Inner South and East Neighborhoods
Prepared by Keyser Marston Associates, Inc.

Sac City Feas 7-31-25

APPENDIX A - PART C

RENTAL PRO FORMA TABLES

Appendix A Table 6A
Rental Pro Forma
Feasibility Analysis Existing HIF Requirement
Sacramento MIHO Review

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 $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,040 $38 90% $28,080 $41 87% $27,480 $31 93% Other/Pkg Income $3,300 $4 10% $4,100 $6 13% $2,100 $2 7% (Less) Vacancy/Bad Debt ($1,617) ($2) -5% ($1,609) ($2) -5% ($1,479) ($2) -5% Effective Gross Income $30,723 $40 95% $30,571 $44 95% $28,101 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -14% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -25% ($8,100) ($12) -25% ($7,700) ($9) -26% Total NOI $17,923 $23 55% $17,871 $26 56% $16,401 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $265,500 $345 $264,800 $384 $243,000 $270 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $28,400 $37 11% $28,200 $41 8% $26,600 $30 11% Housing Impact Fee (current) $0 $0 0% $0 $0 0% $1,400 $2 1% A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $417,400 $542 161% $515,900 $748 150% $370,100 $411 154% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($151,900) ($197) -36% ($251,100) ($364) -49% ($127,100) ($141) -34% Yield on Cost 4.29% 3.46% 4.43%
Feasibility Finding
5 stories wood / slab on grade 8 stories, wood over podium 3-4 story wood frame Southern NeighborhoodsCentral City
Medium Density Rental Higher Density Rental Lower Density Rental Surface / tuck under Structured parking Surface / tuck under Surplus / (Gap)
Infeasible / Challenged Infeasible / Challenged Infeasible / Challenged Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee (current)
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
Existing HIF Requirement

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 $2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,720 $31 93% $30,960 $34 94% $27,840 $36 93%
$2,100 $2 7% $2,100 $2 6% $2,100 $3 7%
($1,491) ($2) -5% ($1,653) ($2) -5% ($1,497) ($2) -5%
$28,329 $31 95% $31,407 $35 95% $28,443 $37 95%
($4,000) ($4) -13% ($4,000) ($4) -12% ($3,700) ($5) -12% ($7,700)
($9) -26% ($7,700) ($9) -23% ($7,500) ($10) -25%
$16,629 $18 56% $19,707 $22 60% $17,243 $22 58%

6.75% 6.75% 6.75%
$246,400 $274 $292,000 $324 $255,500 $332
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,900 $28 10% $37,700 $42 16% $25,900 $34 11%
$1,400 $2 1% $3,200 $4 1% $2,700 $4 1%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$368,400 $409 154% $383,000 $426 160% $370,500 $481 164% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($122,000) ($136) -33% ($91,000) ($101) -24% ($115,000) ($149) -31%

4.51% 5.15% 4.65%
3-4 story wood frame3-4 story wood frame 3-4 story wood frame Surface / tuck under Surface / tuck under Surface / tuck under North Sacramento and South
Natomas North Natomas
Inner South and East
Neighborhoods
Lower Density RentalLower Density Rental Lower Density Rental Infeasible / ChallengedInfeasible / Challenged Infeasible / Challenged Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R1

Appendix A Table 6B
Rental Pro Forma
Feasibility Analysis 5% of Units at 80% AMI
Sacramento MIHO Review

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 $2,420 $3.14 95% $2,340 $3.39 95% $2,290 $2.54 95% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 5% $1,906 $2.76 5% $2,072 $2.30 5% Weighted Average $2,400 $3.12 100% $2,320 $3.36 100% $2,280 $2.53 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $28,800 $37 90% $27,840 $40 88% $27,360 $30 93% Other/Pkg Income $3,100 $4 10% $3,800 $6 12% $2,000 $2 7% (Less) Vacancy/Bad Debt ($1,595) ($2) -5% ($1,582) ($2) -5% ($1,468) ($2) -5% Effective Gross Income $30,305 $39 95% $30,058 $44 95% $27,892 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -15% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -25% ($8,100) ($12) -26% ($7,700) ($9) -26% Total NOI $17,505 $23 55% $17,358 $25 55% $16,192 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $259,300 $337 $257,200 $373 $239,900 $267 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $27,700 $36 11% $27,600 $40 8% $26,300 $29 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $416,700 $541 160% $515,300 $747 150% $368,400 $409 154% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($157,400) ($204) -38% ($258,100) ($374) -50% ($128,500) ($143) -35% Yield on Cost 4.20% 3.37% 4.40%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
5% of Units at 80% AMI

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 $2,310 $2.57 95% $2,580 $2.87 95% $2,320 $3.01 95%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 5% $2,072 $2.30 5% $1,978 $2.57 5%
$2,300 $2.56 100% $2,550 $2.83 100% $2,300 $2.99 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,600 $31 93% $30,600 $34 94% $27,600 $36 93%
$2,000 $2 7% $2,000 $2 6% $2,000 $3 7%
($1,480) ($2) -5% ($1,630) ($2) -5% ($1,480) ($2) -5%
$28,120 $31 95% $30,970 $34 95% $28,120 $37 95%
($4,000) ($4) -14% ($4,000) ($4) -12% ($3,700) ($5) -13% ($7,700)
($9) -26% ($7,700) ($9) -24% ($7,500) ($10) -25%
$16,420 $18 55% $19,270 $21 59% $16,920 $22 57%

6.75% 6.75% 6.75%
$243,300 $270 $285,500 $317 $250,700 $326
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,500 $27 10% $36,900 $41 15% $25,300 $33 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$366,600 $407 153% $379,000 $421 158% $367,200 $477 162% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($123,300) ($137) -34% ($93,500) ($104) -25% ($116,500) ($151) -32%

4.48% 5.08% 4.61%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R2

Appendix A Table 6C
Rental Pro Forma
Feasibility Analysis 5% of Units at 70% AMI
Sacramento MIHO Review

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 $2,420 $3.14 95% $2,340 $3.39 95% $2,290 $2.54 95% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 5% $1,655 $2.40 5% $1,798 $2.00 5% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,380 $3.09 100% $2,310 $3.35 100% $2,270 $2.52 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $28,560 $37 90% $27,720 $40 88% $27,240 $30 93% Other/Pkg Income $3,100 $4 10% $3,800 $6 12% $2,000 $2 7% (Less) Vacancy/Bad Debt ($1,583) ($2) -5% ($1,576) ($2) -5% ($1,462) ($2) -5% Effective Gross Income $30,077 $39 95% $29,944 $43 95% $27,778 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -15% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -26% ($8,100) ($12) -26% ($7,700) ($9) -26% Total NOI $17,277 $22 55% $17,244 $25 55% $16,078 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $256,000 $332 $255,500 $370 $238,200 $265 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $27,700 $36 11% $27,600 $40 8% $26,300 $29 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $416,700 $541 160% $515,300 $747 150% $368,400 $409 154% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($160,700) ($209) -39% ($259,800) ($377) -50% ($130,200) ($145) -35% Yield on Cost 4.15% 3.35% 4.36%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surplus / (Gap)
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 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
5% of Units at 70% AMI

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 $2,310 $2.57 95% $2,580 $2.87 95% $2,320 $3.01 95%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 5% $1,798 $2.00 5% $1,717 $2.23 5%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,280 $2.53 100% $2,540 $2.82 100% $2,290 $2.97 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,360 $30 93% $30,480 $34 94% $27,480 $36 93%
$2,000 $2 7% $2,000 $2 6% $2,000 $3 7%
($1,468) ($2) -5% ($1,624) ($2) -5% ($1,474) ($2) -5%
$27,892 $31 95% $30,856 $34 95% $28,006 $36 95%
($4,000) ($4) -14% ($4,000) ($4) -12% ($3,700) ($5) -13% ($7,700)
($9) -26% ($7,700) ($9) -24% ($7,500) ($10) -25%
$16,192 $18 55% $19,156 $21 59% $16,806 $22 57%

6.75% 6.75% 6.75%
$239,900 $267 $283,800 $315 $249,000 $323
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,500 $27 10% $36,900 $41 15% $25,300 $33 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$366,600 $407 153% $379,000 $421 158% $367,200 $477 162% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($126,700) ($141) -35% ($95,200) ($106) -25% ($118,200) ($154) -32%

4.42% 5.05% 4.58%
North Natomas
Inner South and East
Neighborhoods
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 7-31-25; R3

Appendix A Table 6D
Rental Pro Forma
Feasibility Analysis 5% of Units at 60% AMI
Sacramento MIHO Review

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 $2,420 $3.14 95% $2,340 $3.39 95% $2,290 $2.54 95% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 5% $1,404 $2.03 5% $1,525 $1.69 5% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,370 $3.08 100% $2,290 $3.32 100% $2,250 $2.50 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $28,440 $37 90% $27,480 $40 88% $27,000 $30 93% Other/Pkg Income $3,100 $4 10% $3,800 $6 12% $2,000 $2 7% (Less) Vacancy/Bad Debt ($1,577) ($2) -5% ($1,564) ($2) -5% ($1,450) ($2) -5% Effective Gross Income $29,963 $39 95% $29,716 $43 95% $27,550 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -15% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -26% ($8,100) ($12) -26% ($7,700) ($9) -27% Total NOI $17,163 $22 54% $17,016 $25 54% $15,850 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $254,300 $330 $252,100 $365 $234,800 $261 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $27,700 $36 11% $27,600 $40 8% $26,300 $29 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $416,700 $541 160% $515,300 $747 150% $368,400 $409 154% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($162,400) ($211) -39% ($263,200) ($381) -51% ($133,600) ($148) -36% Yield on Cost 4.12% 3.30% 4.30%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surplus / (Gap)
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 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
5% of Units at 60% AMI

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 $2,310 $2.57 95% $2,580 $2.87 95% $2,320 $3.01 95%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 5% $1,525 $1.69 5% $1,457 $1.89 5%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,270 $2.52 100% $2,530 $2.81 100% $2,280 $2.96 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,240 $30 93% $30,360 $34 94% $27,360 $36 93%
$2,000 $2 7% $2,000 $2 6% $2,000 $3 7%
($1,462) ($2) -5% ($1,618) ($2) -5% ($1,468) ($2) -5%
$27,778 $31 95% $30,742 $34 95% $27,892 $36 95%
($4,000) ($4) -14% ($4,000) ($4) -12% ($3,700) ($5) -13% ($7,700)
($9) -26% ($7,700) ($9) -24% ($7,500) ($10) -26%
$16,078 $18 55% $19,042 $21 59% $16,692 $22 57%

6.75% 6.75% 6.75%
$238,200 $265 $282,100 $313 $247,300 $321
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,500 $27 10% $36,900 $41 15% $25,300 $33 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$366,600 $407 153% $379,000 $421 158% $367,200 $477 162% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($128,400) ($143) -35% ($96,900) ($108) -26% ($119,900) ($156) -33%

4.39% 5.02% 4.55%
North Natomas
Inner South and East
Neighborhoods
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 7-31-25; R4

Appendix A Table 6E
Rental Pro Forma
Feasibility Analysis 5% of Units at 50% AMI
Sacramento MIHO Review

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 $2,420 $3.14 95% $2,340 $3.39 95% $2,290 $2.54 95% Very Low Inc. (50% AMI) $1,187 $1.54 5% $1,153 $1.67 5% $1,251 $1.39 5% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,360 $3.06 100% $2,280 $3.30 100% $2,240 $2.49 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $28,320 $37 90% $27,360 $40 88% $26,880 $30 93% Other/Pkg Income $3,100 $4 10% $3,800 $6 12% $2,000 $2 7% (Less) Vacancy/Bad Debt ($1,571) ($2) -5% ($1,558) ($2) -5% ($1,444) ($2) -5% Effective Gross Income $29,849 $39 95% $29,602 $43 95% $27,436 $30 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -15% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -26% ($8,100) ($12) -26% ($7,700) ($9) -27% Total NOI $17,049 $22 54% $16,902 $24 54% $15,736 $17 54% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $252,600 $328 $250,400 $363 $233,100 $259 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $27,700 $36 11% $27,600 $40 8% $26,300 $29 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $416,700 $541 160% $515,300 $747 150% $368,400 $409 154% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($164,100) ($213) -39% ($264,900) ($384) -51% ($135,300) ($150) -37% Yield on Cost 4.09% 3.28% 4.27%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surplus / (Gap)
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 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
5% of Units at 50% AMI

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 $2,310 $2.57 95% $2,580 $2.87 95% $2,320 $3.01 95%
$1,251 $1.39 5% $1,251 $1.39 5% $1,196 $1.55 5%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,260 $2.51 100% $2,510 $2.79 100% $2,260 $2.94 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,120 $30 93% $30,120 $33 94% $27,120 $35 93%
$2,000 $2 7% $2,000 $2 6% $2,000 $3 7%
($1,456) ($2) -5% ($1,606) ($2) -5% ($1,456) ($2) -5%
$27,664 $31 95% $30,514 $34 95% $27,664 $36 95%
($4,000) ($4) -14% ($4,000) ($4) -12% ($3,700) ($5) -13% ($7,700)
($9) -26% ($7,700) ($9) -24% ($7,500) ($10) -26%
$15,964 $18 55% $18,814 $21 59% $16,464 $21 57%

6.75% 6.75% 6.75%
$236,500 $263 $278,700 $310 $243,900 $317
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,500 $27 10% $36,900 $41 15% $25,300 $33 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$366,600 $407 153% $379,000 $421 158% $367,200 $477 162% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($130,100) ($145) -35% ($100,300) ($111) -26% ($123,300) ($160) -34%

4.35% 4.96% 4.48%
North Natomas
Inner South and East
Neighborhoods
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 7-31-25; R5

Appendix A Table 6F
Rental Pro Forma
Feasibility Analysis 7% of Units at 80% AMI
Sacramento MIHO Review

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 $2,420 $3.14 93% $2,340 $3.39 93% $2,290 $2.54 93% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 7% $1,906 $2.76 7% $2,072 $2.30 7% Weighted Average $2,390 $3.10 100% $2,310 $3.35 100% $2,270 $2.52 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $28,680 $37 90% $27,720 $40 88% $27,240 $30 93% Other/Pkg Income $3,100 $4 10% $3,800 $6 12% $2,000 $2 7% (Less) Vacancy/Bad Debt ($1,589) ($2) -5% ($1,576) ($2) -5% ($1,462) ($2) -5% Effective Gross Income $30,191 $39 95% $29,944 $43 95% $27,778 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -15% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -25% ($8,100) ($12) -26% ($7,700) ($9) -26% Total NOI $17,391 $23 55% $17,244 $25 55% $16,078 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $257,600 $335 $255,500 $370 $238,200 $265 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $27,500 $36 11% $27,300 $40 8% $26,100 $29 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $416,500 $541 160% $515,000 $746 150% $368,200 $409 153% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($158,900) ($206) -38% ($259,500) ($376) -50% ($130,000) ($144) -35% Yield on Cost 4.18% 3.35% 4.37%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
7% of Units at 80% AMI

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 $2,310 $2.57 93% $2,580 $2.87 93% $2,320 $3.01 93%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 7% $2,072 $2.30 7% $1,978 $2.57 7%
$2,290 $2.54 100% $2,540 $2.82 100% $2,300 $2.99 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,480 $31 93% $30,480 $34 94% $27,600 $36 93%
$2,000 $2 7% $2,000 $2 6% $2,000 $3 7%
($1,474) ($2) -5% ($1,624) ($2) -5% ($1,480) ($2) -5%
$28,006 $31 95% $30,856 $34 95% $28,120 $37 95%
($4,000) ($4) -14% ($4,000) ($4) -12% ($3,700) ($5) -13% ($7,700)
($9) -26% ($7,700) ($9) -24% ($7,500) ($10) -25%
$16,306 $18 55% $19,156 $21 59% $16,920 $22 57%

6.75% 6.75% 6.75%
$241,600 $268 $283,800 $315 $250,700 $326
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,300 $27 10% $36,500 $41 15% $25,100 $33 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$366,400 $407 153% $378,600 $421 158% $367,000 $477 162% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($124,800) ($139) -34% ($94,800) ($105) -25% ($116,300) ($151) -32%

4.45% 5.06% 4.61%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R6

Appendix A Table 6G
Rental Pro Forma
Feasibility Analysis 7% of Units at 70% AMI
Sacramento MIHO Review

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 $2,420 $3.14 93% $2,340 $3.39 93% $2,290 $2.54 93% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 7% $1,655 $2.40 7% $1,798 $2.00 7% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,370 $3.08 100% $2,290 $3.32 100% $2,260 $2.51 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $28,440 $37 90% $27,480 $40 88% $27,120 $30 93% Other/Pkg Income $3,100 $4 10% $3,800 $6 12% $2,000 $2 7% (Less) Vacancy/Bad Debt ($1,577) ($2) -5% ($1,564) ($2) -5% ($1,456) ($2) -5% Effective Gross Income $29,963 $39 95% $29,716 $43 95% $27,664 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -15% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -26% ($8,100) ($12) -26% ($7,700) ($9) -26% Total NOI $17,163 $22 54% $17,016 $25 54% $15,964 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $254,300 $330 $252,100 $365 $236,500 $263 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $27,500 $36 11% $27,300 $40 8% $26,100 $29 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $416,500 $541 160% $515,000 $746 150% $368,200 $409 153% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($162,200) ($211) -39% ($262,900) ($381) -51% ($131,700) ($146) -36% Yield on Cost 4.12% 3.30% 4.34%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
7% of Units at 70% AMI

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 $2,310 $2.57 93% $2,580 $2.87 93% $2,320 $3.01 93%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 7% $1,798 $2.00 7% $1,717 $2.23 7%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,270 $2.52 100% $2,530 $2.81 100% $2,280 $2.96 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,240 $30 93% $30,360 $34 94% $27,360 $36 93%
$2,000 $2 7% $2,000 $2 6% $2,000 $3 7%
($1,462) ($2) -5% ($1,618) ($2) -5% ($1,468) ($2) -5%
$27,778 $31 95% $30,742 $34 95% $27,892 $36 95%
($4,000) ($4) -14% ($4,000) ($4) -12% ($3,700) ($5) -13% ($7,700)
($9) -26% ($7,700) ($9) -24% ($7,500) ($10) -26%
$16,078 $18 55% $19,042 $21 59% $16,692 $22 57%

6.75% 6.75% 6.75%
$238,200 $265 $282,100 $313 $247,300 $321
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,300 $27 10% $36,500 $41 15% $25,100 $33 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$366,400 $407 153% $378,600 $421 158% $367,000 $477 162% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($128,200) ($142) -35% ($96,500) ($107) -25% ($119,700) ($155) -33%

4.39% 5.03% 4.55%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R7

Appendix A Table 6H
Rental Pro Forma
Feasibility Analysis 7% of Units at 60% AMI
Sacramento MIHO Review

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 $2,420 $3.14 93% $2,340 $3.39 93% $2,290 $2.54 93% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 7% $1,404 $2.03 7% $1,525 $1.69 7% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,350 $3.05 100% $2,270 $3.29 100% $2,240 $2.49 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $28,200 $37 90% $27,240 $39 88% $26,880 $30 93% Other/Pkg Income $3,100 $4 10% $3,800 $6 12% $2,000 $2 7% (Less) Vacancy/Bad Debt ($1,565) ($2) -5% ($1,552) ($2) -5% ($1,444) ($2) -5% Effective Gross Income $29,735 $39 95% $29,488 $43 95% $27,436 $30 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -15% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -26% ($8,100) ($12) -26% ($7,700) ($9) -27% Total NOI $16,935 $22 54% $16,788 $24 54% $15,736 $17 54% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $250,900 $326 $248,700 $360 $233,100 $259 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $27,500 $36 11% $27,300 $40 8% $26,100 $29 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $416,500 $541 160% $515,000 $746 150% $368,200 $409 153% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($165,600) ($215) -40% ($266,300) ($386) -52% ($135,100) ($150) -37% Yield on Cost 4.07% 3.26% 4.27%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
7% of Units at 60% AMI

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 $2,310 $2.57 93% $2,580 $2.87 93% $2,320 $3.01 93%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 7% $1,525 $1.69 7% $1,457 $1.89 7%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,260 $2.51 100% $2,510 $2.79 100% $2,260 $2.94 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,120 $30 93% $30,120 $33 94% $27,120 $35 93%
$2,000 $2 7% $2,000 $2 6% $2,000 $3 7%
($1,456) ($2) -5% ($1,606) ($2) -5% ($1,456) ($2) -5%
$27,664 $31 95% $30,514 $34 95% $27,664 $36 95%
($4,000) ($4) -14% ($4,000) ($4) -12% ($3,700) ($5) -13% ($7,700)
($9) -26% ($7,700) ($9) -24% ($7,500) ($10) -26%
$15,964 $18 55% $18,814 $21 59% $16,464 $21 57%

6.75% 6.75% 6.75%
$236,500 $263 $278,700 $310 $243,900 $317
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,300 $27 10% $36,500 $41 15% $25,100 $33 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$366,400 $407 153% $378,600 $421 158% $367,000 $477 162% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($129,900) ($144) -35% ($99,900) ($111) -26% ($123,100) ($160) -34%

4.36% 4.97% 4.49%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R8

Appendix A Table 6I
Rental Pro Forma
Feasibility Analysis 7% of Units at 50% AMI
Sacramento MIHO Review

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 $2,420 $3.14 93% $2,340 $3.39 93% $2,290 $2.54 93% Very Low Inc. (50% AMI) $1,187 $1.54 7% $1,153 $1.67 7% $1,251 $1.39 7% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,330 $3.03 100% $2,260 $3.28 100% $2,220 $2.47 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $27,960 $36 90% $27,120 $39 88% $26,640 $30 93% Other/Pkg Income $3,100 $4 10% $3,800 $6 12% $2,000 $2 7% (Less) Vacancy/Bad Debt ($1,553) ($2) -5% ($1,546) ($2) -5% ($1,432) ($2) -5% Effective Gross Income $29,507 $38 95% $29,374 $43 95% $27,208 $30 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -15% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -26% ($8,100) ($12) -26% ($7,700) ($9) -27% Total NOI $16,707 $22 54% $16,674 $24 54% $15,508 $17 54% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $247,500 $321 $247,000 $358 $229,700 $255 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $27,500 $36 11% $27,300 $40 8% $26,100 $29 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $416,500 $541 160% $515,000 $746 150% $368,200 $409 153% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($169,000) ($219) -41% ($268,000) ($388) -52% ($138,500) ($154) -38% Yield on Cost 4.01% 3.24% 4.21%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
7% of Units at 50% AMI

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 $2,310 $2.57 93% $2,580 $2.87 93% $2,320 $3.01 93%
$1,251 $1.39 7% $1,251 $1.39 7% $1,196 $1.55 7%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,240 $2.49 100% $2,490 $2.77 100% $2,240 $2.91 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $26,880 $30 93% $29,880 $33 94% $26,880 $35 93%
$2,000 $2 7% $2,000 $2 6% $2,000 $3 7%
($1,444) ($2) -5% ($1,594) ($2) -5% ($1,444) ($2) -5%
$27,436 $30 95% $30,286 $34 95% $27,436 $36 95%
($4,000) ($4) -14% ($4,000) ($4) -13% ($3,700) ($5) -13% ($7,700)
($9) -27% ($7,700) ($9) -24% ($7,500) ($10) -26%
$15,736 $17 54% $18,586 $21 58% $16,236 $21 56%

6.75% 6.75% 6.75%
$233,100 $259 $275,300 $306 $240,500 $312
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,300 $27 10% $36,500 $41 15% $25,100 $33 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$366,400 $407 153% $378,600 $421 158% $367,000 $477 162% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($133,300) ($148) -36% ($103,300) ($115) -27% ($126,500) ($164) -34%

4.29% 4.91% 4.42%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R9

Appendix A Table 6J
Rental Pro Forma
Feasibility Analysis 10% of Units at 80% AMI
Sacramento MIHO Review

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 $2,420 $3.14 90% $2,340 $3.39 90% $2,290 $2.54 90% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 10% $1,906 $2.76 10% $2,072 $2.30 10% Weighted Average $2,370 $3.08 100% $2,300 $3.33 100% $2,270 $2.52 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $28,440 $37 90% $27,600 $40 88% $27,240 $30 93% Other/Pkg Income $3,000 $4 10% $3,600 $5 12% $1,900 $2 7% (Less) Vacancy/Bad Debt ($1,572) ($2) -5% ($1,560) ($2) -5% ($1,457) ($2) -5% Effective Gross Income $29,868 $39 95% $29,640 $43 95% $27,683 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -15% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -26% ($8,100) ($12) -26% ($7,700) ($9) -26% Total NOI $17,068 $22 54% $16,940 $25 54% $15,983 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $252,900 $328 $251,000 $364 $236,800 $263 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $27,100 $35 10% $26,900 $39 8% $25,900 $29 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $416,100 $540 160% $514,600 $746 149% $368,000 $409 153% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($163,200) ($212) -39% ($263,600) ($382) -51% ($131,200) ($146) -36% Yield on Cost 4.10% 3.29% 4.34%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
10% of Units at 80% AMI

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 $2,310 $2.57 90% $2,580 $2.87 90% $2,320 $3.01 90%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 10% $2,072 $2.30 10% $1,978 $2.57 10%
$2,290 $2.54 100% $2,530 $2.81 100% $2,290 $2.97 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,480 $31 94% $30,360 $34 94% $27,480 $36 94%
$1,900 $2 6% $1,900 $2 6% $1,900 $2 6%
($1,469) ($2) -5% ($1,613) ($2) -5% ($1,469) ($2) -5%
$27,911 $31 95% $30,647 $34 95% $27,911 $36 95%
($4,000) ($4) -14% ($4,000) ($4) -12% ($3,700) ($5) -13% ($7,700)
($9) -26% ($7,700) ($9) -24% ($7,500) ($10) -26%
$16,211 $18 55% $18,947 $21 59% $16,711 $22 57%

6.75% 6.75% 6.75%
$240,200 $267 $280,700 $312 $247,600 $322
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,100 $27 10% $36,100 $40 15% $24,800 $32 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$366,200 $407 153% $378,200 $420 158% $366,700 $476 162% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($126,000) ($140) -34% ($97,500) ($108) -26% ($119,100) ($155) -32%

4.43% 5.01% 4.56%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R10

Appendix A Table 6K
Rental Pro Forma
Feasibility Analysis 10% of Units at 70% AMI
Sacramento MIHO Review

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 $2,420 $3.14 90% $2,340 $3.39 90% $2,290 $2.54 90% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 10% $1,655 $2.40 10% $1,798 $2.00 10% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,350 $3.05 100% $2,270 $3.29 100% $2,240 $2.49 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $28,200 $37 90% $27,240 $39 88% $26,880 $30 93% Other/Pkg Income $3,000 $4 10% $3,600 $5 12% $1,900 $2 7% (Less) Vacancy/Bad Debt ($1,560) ($2) -5% ($1,542) ($2) -5% ($1,439) ($2) -5% Effective Gross Income $29,640 $38 95% $29,298 $42 95% $27,341 $30 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -15% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -26% ($8,100) ($12) -26% ($7,700) ($9) -27% Total NOI $16,840 $22 54% $16,598 $24 54% $15,641 $17 54% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $249,500 $324 $245,900 $356 $231,700 $257 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $27,100 $35 10% $26,900 $39 8% $25,900 $29 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $416,100 $540 160% $514,600 $746 149% $368,000 $409 153% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($166,600) ($216) -40% ($268,700) ($389) -52% ($136,300) ($151) -37% Yield on Cost 4.05% 3.23% 4.25%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
10% of Units at 70% AMI

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 $2,310 $2.57 90% $2,580 $2.87 90% $2,320 $3.01 90%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 10% $1,798 $2.00 10% $1,717 $2.23 10%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,260 $2.51 100% $2,500 $2.78 100% $2,260 $2.94 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,120 $30 93% $30,000 $33 94% $27,120 $35 93%
$1,900 $2 7% $1,900 $2 6% $1,900 $2 7%
($1,451) ($2) -5% ($1,595) ($2) -5% ($1,451) ($2) -5%
$27,569 $31 95% $30,305 $34 95% $27,569 $36 95%
($4,000) ($4) -14% ($4,000) ($4) -13% ($3,700) ($5) -13% ($7,700)
($9) -27% ($7,700) ($9) -24% ($7,500) ($10) -26%
$15,869 $18 55% $18,605 $21 58% $16,369 $21 56%

6.75% 6.75% 6.75%
$235,100 $261 $275,600 $306 $242,500 $315
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,100 $27 10% $36,100 $40 15% $24,800 $32 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$366,200 $407 153% $378,200 $420 158% $366,700 $476 162% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($131,100) ($146) -36% ($102,600) ($114) -27% ($124,200) ($161) -34%

4.33% 4.92% 4.46%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R11

Appendix A Table 6L
Rental Pro Forma
Feasibility Analysis 10% of Units at 60% AMI
Sacramento MIHO Review

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 $2,420 $3.14 90% $2,340 $3.39 90% $2,290 $2.54 90% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 10% $1,404 $2.03 10% $1,525 $1.69 10% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,320 $3.01 100% $2,250 $3.26 100% $2,210 $2.46 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $27,840 $36 90% $27,000 $39 88% $26,520 $29 93% Other/Pkg Income $3,000 $4 10% $3,600 $5 12% $1,900 $2 7% (Less) Vacancy/Bad Debt ($1,542) ($2) -5% ($1,530) ($2) -5% ($1,421) ($2) -5% Effective Gross Income $29,298 $38 95% $29,070 $42 95% $26,999 $30 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -15% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -26% ($8,100) ($12) -26% ($7,700) ($9) -27% Total NOI $16,498 $21 53% $16,370 $24 53% $15,299 $17 54% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $244,400 $317 $242,500 $351 $226,700 $252 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $27,100 $35 10% $26,900 $39 8% $25,900 $29 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $416,100 $540 160% $514,600 $746 149% $368,000 $409 153% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($171,700) ($223) -41% ($272,100) ($394) -53% ($141,300) ($157) -38% Yield on Cost 3.96% 3.18% 4.16%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
10% of Units at 60% AMI

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 $2,310 $2.57 90% $2,580 $2.87 90% $2,320 $3.01 90%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 10% $1,525 $1.69 10% $1,457 $1.89 10%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,230 $2.48 100% $2,470 $2.74 100% $2,230 $2.90 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $26,760 $30 93% $29,640 $33 94% $26,760 $35 93%
$1,900 $2 7% $1,900 $2 6% $1,900 $2 7%
($1,433) ($2) -5% ($1,577) ($2) -5% ($1,433) ($2) -5%
$27,227 $30 95% $29,963 $33 95% $27,227 $35 95%
($4,000) ($4) -14% ($4,000) ($4) -13% ($3,700) ($5) -13% ($7,700)
($9) -27% ($7,700) ($9) -24% ($7,500) ($10) -26%
$15,527 $17 54% $18,263 $20 58% $16,027 $21 56%

6.75% 6.75% 6.75%
$230,000 $256 $270,600 $301 $237,400 $308
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,100 $27 10% $36,100 $40 15% $24,800 $32 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$366,200 $407 153% $378,200 $420 158% $366,700 $476 162% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($136,200) ($151) -37% ($107,600) ($120) -28% ($129,300) ($168) -35%

4.24% 4.83% 4.37%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R12

Appendix A Table 6M
Rental Pro Forma
Feasibility Analysis 10% of Units at 50% AMI
Sacramento MIHO Review

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 $2,420 $3.14 90% $2,340 $3.39 90% $2,290 $2.54 90% Very Low Inc. (50% AMI) $1,187 $1.54 10% $1,153 $1.67 10% $1,251 $1.39 10% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,300 $2.99 100% $2,220 $3.22 100% $2,190 $2.43 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $27,600 $36 90% $26,640 $39 88% $26,280 $29 93% Other/Pkg Income $3,000 $4 10% $3,600 $5 12% $1,900 $2 7% (Less) Vacancy/Bad Debt ($1,530) ($2) -5% ($1,512) ($2) -5% ($1,409) ($2) -5% Effective Gross Income $29,070 $38 95% $28,728 $42 95% $26,771 $30 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -15% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -26% ($8,100) ($12) -27% ($7,700) ($9) -27% Total NOI $16,270 $21 53% $16,028 $23 53% $15,071 $17 53% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $241,000 $313 $237,500 $344 $223,300 $248 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $27,100 $35 10% $26,900 $39 8% $25,900 $29 11% Housing Impact Fee $0 $0 0% $0 $0 0% $0 $0 0%
A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $416,100 $540 160% $514,600 $746 149% $368,000 $409 153% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($175,100) ($227) -42% ($277,100) ($402) -54% ($144,700) ($161) -39% Yield on Cost 3.91% 3.11% 4.10%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
10% of Units at 50% AMI

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 $2,310 $2.57 90% $2,580 $2.87 90% $2,320 $3.01 90%
$1,251 $1.39 10% $1,251 $1.39 10% $1,196 $1.55 10%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,200 $2.44 100% $2,450 $2.72 100% $2,210 $2.87 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $26,400 $29 93% $29,400 $33 94% $26,520 $34 93%
$1,900 $2 7% $1,900 $2 6% $1,900 $2 7%
($1,415) ($2) -5% ($1,565) ($2) -5% ($1,421) ($2) -5%
$26,885 $30 95% $29,735 $33 95% $26,999 $35 95%
($4,000) ($4) -14% ($4,000) ($4) -13% ($3,700) ($5) -13% ($7,700)
($9) -27% ($7,700) ($9) -25% ($7,500) ($10) -26%
$15,185 $17 54% $18,035 $20 58% $15,799 $21 56%

6.75% 6.75% 6.75%
$225,000 $250 $267,200 $297 $234,100 $304
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,100 $27 10% $36,100 $40 15% $24,800 $32 11%
$0 $0 0% $0 $0 0% $0 $0 0%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$366,200 $407 153% $378,200 $420 158% $366,700 $476 162% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($141,200) ($157) -39% ($111,000) ($123) -29% ($132,600) ($172) -36%

4.15% 4.77% 4.31%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R13

Appendix A Table 6N
Rental Pro Forma
Feasibility Analysis Existing HIF Rate but Remove Exemptions and Incentives Sacramento MIHO Review

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 $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,040 $38 90% $28,080 $41 87% $27,480 $31 93% Other/Pkg Income $3,300 $4 10% $4,100 $6 13% $2,100 $2 7% (Less) Vacancy/Bad Debt ($1,617) ($2) -5% ($1,609) ($2) -5% ($1,479) ($2) -5% Effective Gross Income $30,723 $40 95% $30,571 $44 95% $28,101 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -14% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -25% ($8,100) ($12) -25% ($7,700) ($9) -26% Total NOI $17,923 $23 55% $17,871 $26 56% $16,401 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $265,500 $345 $264,800 $384 $243,000 $270 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $28,400 $37 11% $28,200 $41 8% $26,600 $30 11% Housing Impact Fee (current) $2,700 $4 1% $2,500 $4 1% $3,200 $4 1% A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $420,100 $546 162% $518,400 $751 151% $371,900 $413 155% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($154,600) ($201) -37% ($253,600) ($368) -49% ($128,900) ($143) -35% Yield on Cost 4.27% 3.45% 4.41%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Impact Fee (current)
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
Existing HIF Rate but Remove Exemptions and Incentives

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 $2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,720 $31 93% $30,960 $34 94% $27,840 $36 93%
$2,100 $2 7% $2,100 $2 6% $2,100 $3 7%
($1,491) ($2) -5% ($1,653) ($2) -5% ($1,497) ($2) -5%
$28,329 $31 95% $31,407 $35 95% $28,443 $37 95%
($4,000) ($4) -13% ($4,000) ($4) -12% ($3,700) ($5) -12% ($7,700)
($9) -26% ($7,700) ($9) -23% ($7,500) ($10) -25%
$16,629 $18 56% $19,707 $22 60% $17,243 $22 58%

6.75% 6.75% 6.75%
$246,400 $274 $292,000 $324 $255,500 $332
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,900 $28 10% $37,700 $42 16% $25,900 $34 11%
$3,200 $4 1% $3,200 $4 1% $2,700 $4 1%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$370,200 $411 154% $383,000 $426 160% $370,500 $481 164% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($123,800) ($138) -33% ($91,000) ($101) -24% ($115,000) ($149) -31%

4.49% 5.15% 4.65%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R14

Appendix A Table 6O
Rental Pro Forma
Feasibility Analysis Housing Fee @ $5/NSF
Sacramento MIHO Review

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 $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,040 $38 90% $28,080 $41 87% $27,480 $31 93% Other/Pkg Income $3,300 $4 10% $4,100 $6 13% $2,100 $2 7% (Less) Vacancy/Bad Debt ($1,617) ($2) -5% ($1,609) ($2) -5% ($1,479) ($2) -5% Effective Gross Income $30,723 $40 95% $30,571 $44 95% $28,101 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -14% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -25% ($8,100) ($12) -25% ($7,700) ($9) -26% Total NOI $17,923 $23 55% $17,871 $26 56% $16,401 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $265,500 $345 $264,800 $384 $243,000 $270 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $28,400 $37 11% $28,200 $41 8% $26,600 $30 11% Housing Fee @ $5/NSF $3,850 $5 1% $3,450 $5 1% $4,500 $5 2% A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $421,250 $547 162% $519,350 $753 151% $373,200 $415 156% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($155,750) ($202) -37% ($254,550) ($369) -49% ($130,200) ($145) -35% Yield on Cost 4.25% 3.44% 4.39%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Fee @ $5/NSF
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
Housing Fee @ $5/NSF

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 $2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,720 $31 93% $30,960 $34 94% $27,840 $36 93%
$2,100 $2 7% $2,100 $2 6% $2,100 $3 7%
($1,491) ($2) -5% ($1,653) ($2) -5% ($1,497) ($2) -5%
$28,329 $31 95% $31,407 $35 95% $28,443 $37 95%
($4,000) ($4) -13% ($4,000) ($4) -12% ($3,700) ($5) -12% ($7,700)
($9) -26% ($7,700) ($9) -23% ($7,500) ($10) -25%
$16,629 $18 56% $19,707 $22 60% $17,243 $22 58%

6.75% 6.75% 6.75%
$246,400 $274 $292,000 $324 $255,500 $332
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,900 $28 10% $37,700 $42 16% $25,900 $34 11%
$4,500 $5 2% $4,500 $5 2% $3,850 $5 2%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$371,500 $413 155% $384,300 $427 160% $371,650 $483 164% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($125,100) ($139) -34% ($92,300) ($103) -24% ($116,150) ($151) -31%

4.48% 5.13% 4.64%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R15

Appendix A Table 6P
Rental Pro Forma
Feasibility Analysis Housing Fee @ $7.5/NSF
Sacramento MIHO Review

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 $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,040 $38 90% $28,080 $41 87% $27,480 $31 93% Other/Pkg Income $3,300 $4 10% $4,100 $6 13% $2,100 $2 7% (Less) Vacancy/Bad Debt ($1,617) ($2) -5% ($1,609) ($2) -5% ($1,479) ($2) -5% Effective Gross Income $30,723 $40 95% $30,571 $44 95% $28,101 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -14% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -25% ($8,100) ($12) -25% ($7,700) ($9) -26% Total NOI $17,923 $23 55% $17,871 $26 56% $16,401 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $265,500 $345 $264,800 $384 $243,000 $270 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $28,400 $37 11% $28,200 $41 8% $26,600 $30 11% Housing Fee @ $7.5/NSF $5,775 $8 2% $5,175 $8 2% $6,750 $8 3% A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $423,175 $550 163% $521,075 $755 151% $375,450 $417 156% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($157,675) ($205) -37% ($256,275) ($371) -49% ($132,450) ($147) -35% Yield on Cost 4.24% 3.43% 4.37%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Fee @ $7.5/NSF
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
Housing Fee @ $7.5/NSF

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 $2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,720 $31 93% $30,960 $34 94% $27,840 $36 93%
$2,100 $2 7% $2,100 $2 6% $2,100 $3 7%
($1,491) ($2) -5% ($1,653) ($2) -5% ($1,497) ($2) -5%
$28,329 $31 95% $31,407 $35 95% $28,443 $37 95%
($4,000) ($4) -13% ($4,000) ($4) -12% ($3,700) ($5) -12% ($7,700)
($9) -26% ($7,700) ($9) -23% ($7,500) ($10) -25%
$16,629 $18 56% $19,707 $22 60% $17,243 $22 58%

6.75% 6.75% 6.75%
$246,400 $274 $292,000 $324 $255,500 $332
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,900 $28 10% $37,700 $42 16% $25,900 $34 11%
$6,750 $8 3% $6,750 $8 3% $5,775 $8 3%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$373,750 $415 156% $386,550 $430 161% $373,575 $485 165% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($127,350) ($142) -34% ($94,550) ($105) -24% ($118,075) ($153) -32%

4.45% 5.10% 4.62%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R16

Appendix A Table 6Q
Rental Pro Forma
Feasibility Analysis Housing Fee @ $10/NSF
Sacramento MIHO Review

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 $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,040 $38 90% $28,080 $41 87% $27,480 $31 93% Other/Pkg Income $3,300 $4 10% $4,100 $6 13% $2,100 $2 7% (Less) Vacancy/Bad Debt ($1,617) ($2) -5% ($1,609) ($2) -5% ($1,479) ($2) -5% Effective Gross Income $30,723 $40 95% $30,571 $44 95% $28,101 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -14% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -25% ($8,100) ($12) -25% ($7,700) ($9) -26% Total NOI $17,923 $23 55% $17,871 $26 56% $16,401 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $265,500 $345 $264,800 $384 $243,000 $270 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $28,400 $37 11% $28,200 $41 8% $26,600 $30 11% Housing Fee @ $10/NSF $7,700 $10 3% $6,900 $10 2% $9,000 $10 4% A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $425,100 $552 164% $522,800 $758 152% $377,700 $420 157% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($159,600) ($207) -38% ($258,000) ($374) -49% ($134,700) ($150) -36% Yield on Cost 4.22% 3.42% 4.34%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Fee @ $10/NSF
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
Housing Fee @ $10/NSF

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 $2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,720 $31 93% $30,960 $34 94% $27,840 $36 93%
$2,100 $2 7% $2,100 $2 6% $2,100 $3 7%
($1,491) ($2) -5% ($1,653) ($2) -5% ($1,497) ($2) -5%
$28,329 $31 95% $31,407 $35 95% $28,443 $37 95%
($4,000) ($4) -13% ($4,000) ($4) -12% ($3,700) ($5) -12% ($7,700)
($9) -26% ($7,700) ($9) -23% ($7,500) ($10) -25%
$16,629 $18 56% $19,707 $22 60% $17,243 $22 58%

6.75% 6.75% 6.75%
$246,400 $274 $292,000 $324 $255,500 $332
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,900 $28 10% $37,700 $42 16% $25,900 $34 11%
$9,000 $10 4% $9,000 $10 4% $7,700 $10 3%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$376,000 $418 157% $388,800 $432 162% $375,500 $488 166% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($129,600) ($144) -34% ($96,800) ($108) -25% ($120,000) ($156) -32%

4.42% 5.07% 4.59%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R17

Appendix A Table 6R
Rental Pro Forma
Feasibility Analysis Housing Fee @ $15/NSF
Sacramento MIHO Review

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 $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,040 $38 90% $28,080 $41 87% $27,480 $31 93% Other/Pkg Income $3,300 $4 10% $4,100 $6 13% $2,100 $2 7% (Less) Vacancy/Bad Debt ($1,617) ($2) -5% ($1,609) ($2) -5% ($1,479) ($2) -5% Effective Gross Income $30,723 $40 95% $30,571 $44 95% $28,101 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -14% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -25% ($8,100) ($12) -25% ($7,700) ($9) -26% Total NOI $17,923 $23 55% $17,871 $26 56% $16,401 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $265,500 $345 $264,800 $384 $243,000 $270 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $28,400 $37 11% $28,200 $41 8% $26,600 $30 11% Housing Fee @ $15/NSF $11,550 $15 4% $10,350 $15 3% $13,500 $15 6% A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $428,950 $557 165% $526,250 $763 153% $382,200 $425 159% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($163,450) ($212) -38% ($261,450) ($379) -50% ($139,200) ($155) -36% Yield on Cost 4.18% 3.40% 4.29%
Feasibility Finding
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 Higher Density Rental Lower Density Rental
Surplus / (Gap)
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Fee @ $15/NSF
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
Housing Fee @ $15/NSF

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 $2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,720 $31 93% $30,960 $34 94% $27,840 $36 93%
$2,100 $2 7% $2,100 $2 6% $2,100 $3 7%
($1,491) ($2) -5% ($1,653) ($2) -5% ($1,497) ($2) -5%
$28,329 $31 95% $31,407 $35 95% $28,443 $37 95%
($4,000) ($4) -13% ($4,000) ($4) -12% ($3,700) ($5) -12% ($7,700)
($9) -26% ($7,700) ($9) -23% ($7,500) ($10) -25%
$16,629 $18 56% $19,707 $22 60% $17,243 $22 58%

6.75% 6.75% 6.75%
$246,400 $274 $292,000 $324 $255,500 $332
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,900 $28 10% $37,700 $42 16% $25,900 $34 11%
$13,500 $15 6% $13,500 $15 6% $11,550 $15 5%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$380,500 $423 159% $393,300 $437 164% $379,350 $493 167% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($134,100) ($149) -35% ($101,300) ($113) -26% ($123,850) ($161) -33%

4.37% 5.01% 4.55%
Surface / tuck under
Infeasible / Challenged
3-4 story wood frame 3-4 story wood frame 3-4 story wood frame Infeasible / Challenged Infeasible / Challenged
Lower Density Rental Lower Density Rental
Surface / tuck under Surface / tuck under
North Natomas
Inner South and East
Neighborhoods
North Sacramento and South
Natomas
Lower Density Rental
Prepared by: Keyser Marston Associates
Filename:Sac City Feas 7-31-25; R18

Appendix A Table 6S
Rental Pro Forma
Feasibility Analysis Housing Fee @ $20/NSF
Sacramento MIHO Review

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 $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Very Low Inc. (50% AMI) $1,187 $1.54 0% $1,153 $1.67 0% $1,251 $1.39 0% Low Income (60% AMI) $1,446 $1.88 0% $1,404 $2.03 0% $1,525 $1.69 0% Low Income (70% AMI) $1,705 $2.21 0% $1,655 $2.40 0% $1,798 $2.00 0% Low Income (80% AMI) $1,964 $2.55 0% $1,906 $2.76 0% $2,072 $2.30 0% Weighted Average $2,420 $3.14 100% $2,340 $3.39 100% $2,290 $2.54 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $29,040 $38 90% $28,080 $41 87% $27,480 $31 93% Other/Pkg Income $3,300 $4 10% $4,100 $6 13% $2,100 $2 7% (Less) Vacancy/Bad Debt ($1,617) ($2) -5% ($1,609) ($2) -5% ($1,479) ($2) -5% Effective Gross Income $30,723 $40 95% $30,571 $44 95% $28,101 $31 95% (Less) Property Tax ($4,700) ($6) -15% ($4,600) ($7) -14% ($4,000) ($4) -14% (Less) OPEX ($8,100) ($11) -25% ($8,100) ($12) -25% ($7,700) ($9) -26% Total NOI $17,923 $23 55% $17,871 $26 56% $16,401 $18 55% Threshold Return on Cost 6.75% 6.75% 6.75%
Supported Investment $265,500 $345 $264,800 $384 $243,000 $270 Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition Cost $44,000 $57 17% $33,000 $48 10% $25,000 $28 10% Directs (incl. sitework) $259,900 $338 100% $344,300 $499 100% $240,000 $267 100% Contingency $13,000 $17 5% $17,200 $25 5% $12,000 $13 5% Fees & Permits, excl. housing $28,400 $37 11% $28,200 $41 8% $26,600 $30 11% Housing Fee @ $20/NSF $15,400 $20 6% $13,800 $20 4% $18,000 $20 8% A&E/Taxes/Ins./other indirects $28,600 $37 11% $37,900 $55 11% $26,400 $29 11% Overhead/Admin $10,400 $14 4% $13,800 $20 4% $9,600 $11 4% Financing $33,100
$43 13% $41,500 $60 12% $29,100 $32 12%
Total Costs $432,800 $562 167% $529,700 $768 154% $386,700 $430 161% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($167,300) ($217) -39% ($264,900) ($384) -50% ($143,700) ($160) -37% Yield on Cost 4.14% 3.37% 4.24%
Feasibility Finding
Structured parking Surface / tuck under
Central City Southern Neighborhoods
Medium Density Rental Higher Density Rental Lower Density Rental Surplus / (Gap)
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 7-31-25; 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 (70% AMI)
Low Income (80% AMI)
Weighted Average
Operating Income
Gross Rent
Other/Pkg Income
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) Property Tax
(Less) OPEX
Total NOI
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition Cost
Directs (incl. sitework)
Contingenc
y
Fees & Permits, excl. housing
Housing Fee @ $20/NSF
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Yield on Cost
Feasibility Finding
Surplus / (Gap)
Housing Fee @ $20/NSF

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 $2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$1,251 $1.39 0% $1,251 $1.39 0% $1,196 $1.55 0%
$1,525 $1.69 0% $1,525 $1.69 0% $1,457 $1.89 0%
$1,798 $2.00 0% $1,798 $2.00 0% $1,717 $2.23 0%
$2,072
$2.30 0% $2,072 $2.30 0% $1,978 $2.57 0%
$2,310 $2.57 100% $2,580 $2.87 100% $2,320 $3.01 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $27,720 $31 93% $30,960 $34 94% $27,840 $36 93%
$2,100 $2 7% $2,100 $2 6% $2,100 $3 7%
($1,491) ($2) -5% ($1,653) ($2) -5% ($1,497) ($2) -5%
$28,329 $31 95% $31,407 $35 95% $28,443 $37 95%
($4,000) ($4) -13% ($4,000) ($4) -12% ($3,700) ($5) -12% ($7,700)
($9) -26% ($7,700) ($9) -23% ($7,500) ($10) -25%
$16,629 $18 56% $19,707 $22 60% $17,243 $22 58%

6.75% 6.75% 6.75%
$246,400 $274 $292,000 $324 $255,500 $332
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $25,000 $28 10% $25,000 $28 10% $41,000 $53 18%
$240,000 $267 100% $240,000 $267 100% $226,500 $294 100% $12,000 $13 5% $12,000 $13 5% $11,300 $15 5%
$24,900 $28 10% $37,700 $42 16% $25,900 $34 11%
$18,000 $20 8% $18,000 $20 8% $15,400 $20 7%
$26,400 $29 11% $26,400 $29 11% $24,900 $32 11%
$9,600 $11 4% $9,600 $11 4% $9,100 $12 4%
$29,100
$32 12% $29,100 $32 12% $29,100 $38 13%
$385,000 $428 160% $397,800 $442 166% $383,200 $498 169% $/Unit $/NSF %TDC $/Unit $/NSF %TDC $/Unit $/NSF %TDC
($138,600) ($154) -36% ($105,800) ($118) -27% ($127,700) ($166) -33%

4.32% 4.95% 4.50%
North Natomas
Inner South and East
Neighborhoods
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 7-31-25; R19

APPENDIX A - PART D

SUPPORTING DATA AND ANALYSES

Appendix A Table 7
Multifamily Residential Property Transactions
Feasibility Analysis
Sacramento MIHO Review DRAFT
Source: Costar
Residential Property Location Year Built Year Sold Sale Price Units Price / Unit Cap Rate Floors Avg 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 Eviva Midtown Apartments Central City 2016 2024 $40,125,000 118 $340,000 6 827 sf 2308 F Street Central City 2015 2024 $1,405,000 3 $468,300 2 The Southsider Apartments Central City 2021 2024 $7,350,000 21 $350,000 5.28% 4 700 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 The Strand West Sacramento 2022 2025 $126,000,000 408 $308,800 882 sf Prepared by: Keyser Marston Associates
Filename:\\SF-FS2\wp\12\12851\007\Sac City Feas 7-31-25; ResiProp

Appendix A Table 8
Residential Land Sales
Feasibilit
y Analysis
Sacramento MIHO Review DRAFT
Address Location
likely
use
Land
Acres Land SF
Est.

Units
Est.

Du/Ac
Price
'($M)
Sale
Year
$/SF
Land $/Unit Notes

High Density Apartment Sites, Central City
700 16th Street Central Apt 1.18 51,200 190 162 $7.5 2019 $146 $39,000 1500-1522 S Street Central Apt 0.73 32,000 123 167 $5.2 2019 $161 $42,000 1330 N St Central Apt 0.44 19,272 92 208 $2.0 2019 $104 $22,000 pre-entitlemnt 1330 N St Central Apt 0.44 19,254 92 208 $2.4 2022 $125 $26,000 post-entitlemnt 1020 21st Central Apt 0.73 32,000 296 403 $5.6 2025 $175 $19,000 entitled listing 330 12th Street Central Apt 0.15 6,400 24 163 $1.0 2025 $156 $42,000 entitled listing 301 Capital Mall Central Apt 2.39 104,108 n/a n/a $17.0 2024 $163 n/a unknown dev plans 1208-1220 O Street Central Apt 0.52 22,500 51 99 $3.0 2020 $133 $59,000 2700 V St Central Apt 0.50 21,780 60 120 $1.8 2020 $83 $30,000 1705-1715 I St Central Apt 0.59 25,600 206 351 $5.0 2022 $195 $24,000 2101 J Street Central Apt 0.29 12,800 40 136 $2.6 2022 $199 $64,000 925 16th St Central Apt 0.42 18,400 73 173 $3.7 2022 $201 $51,000 assembly
Low: $83 $19,000
High: $201 $64,000
Weighted Average: $155 $32,000
High Density Apartment Sites, Other Locations
Maven on Broadway Inner SE Apt 6.29 274,080 408 65 $20.5 2019 $75 $50,000 6661 Folsom Blvd Inner SE Apt (aff) 1.44 62,726 130 90 $4.8 2022 $76 $37,000 6670 Elvas Ave Inner S&E apt 1.33 57,935 143 108 $4.8 2022 $82 $33,000 1901 Broadway Inner SE Apt (aff) 1.27 55,321 140 110 $5.6 2020 $101 $40,000 2570 3rd Inner S&E Apt 7.07 307,969 444 63 $20.5 2019 $67 $46,000 3206 Broadwa
y S. Sac Apt 0.22 9,583 21 95 $0.6 2021 $62 $28,000
Low: $62 $28,000
High: $101 $50,000
Weighted Average: $74 $44,000
Lower Density Apartment Sites
2450 Natomas Park Dr N Sac/ S Nat. Apt 9.06 394,654 190 21 $5.2 2021 $13.0 $27,000 5240 Rio Linda N Sac/ S Nat. Apt 1.38 60,113 42 30 $1.3 2025 $21.4 $31,000 listing, completed plans Venture Oaks Way N Sac/ S Nat. Apt 14.58 635,061 470 32 $13.5 2022 $21.3 $29,000 unconfirmed 3801 Gateway Park BlvdNorth Natomas 10.59 461,300 303 29 $8.3 2022 $18 $27,000 Del Paso / El Centro North Natomas Aff apt 4.35 189,486 120 28 $3.0 2022 $15.8 $25,000 Terracina / Truxel Rd North Natomas Apt 8.46 368,518 200 24 $4.4 2022 $11.9 $22,000 Truxel Rd North Natomas senior 9.01 392,476 240 27 $3.1 2019 $7.9 $13,000 2549 Arena Blvd North Natomas Apt 10.10 439,956 282 28 $5.7 2025 $13 $20,000 entitled (listing)
3701 E Commerce WayNorth Natomas apt 9.36 407,722 268 29 $5.7 2021 $14.0 $21,000 50 Regency Park Cir North Natomas for sale 1.60 69,696 44 28 $1.4 2020 $20.1 $32,000 7699 Klotz Ranch S. Sac Apt 10.20 444,312 266 26 $5.7 2021 $12.7 $21,000 8373 Bruceville Road S. Sac Apt 8.76 381,586 351 40 $6.3 2022 $16.4 $18,000 7273 Luthe
r S. Sac Apt (snr) 0.79 34,412 24 30 $0.9 2025 $24.7 $35,000 entitled (listing) Delta shores S. Sac Apt 23 1,014,948 576 25 $19.5 2022 $19.2 $34,000 8373 Bruceville Rd South Apt 8. 67 377,665 351 40 $6.3 2022 $17 $18,000 7800 W Stockton Blvd S. Sac Apt (aff) 2.69 117,176 92 34 $2.2 2021 $18.3 $23,000 Low: $7.9 $13,000
High: $24.7 $35,000
Weighted Average: $15.9 $24,000
Prepared by: Keyser Marston Associates
Filename:\\SF-FS2\wp\12\12851\007\Sac City Feas 7-31-25; land sales

Appendix A Table 8
Residential Land Sales
Feasibilit
y Analysis
Sacramento MIHO Review DRAFT
Address Location
likely
use
Land
Acres Land SF
Est.

Units
Est.

Du/Ac
Price
'($M)
Sale
Year
$/SF
Land $/Unit Notes

Single Family and Duplex
Parkbridge Village Lot Sales
3819 Terraview St N Sac/ S Nat. SFR 19.57 852,469 151 8 $15.8 2019 $18.5 $104,000 finished lots Fong Ranch Rd N Sac/ S Nat. SFR 6.31 275,000 54 9 $5.7 2020 $20.6 $105,000 finished lots 1 Fong Ranch Rd N Sac/ S Nat. SFR 11.32 493,099 108 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 13.43 585,011 114 8 $24.1 2022 $41.2 $211,000 5627 Drifton Way North Natomas SFR 13.43 585,010 114 8 $18.1 2021 $31.0 $159,000 4106 Eventide Ave North Natomas SFR 21.58 940,025 166 8 $28.0 2021 $29.8 $169,000 W Elkhorn Blvd North Natomas SFR 20.40 888,624 173 8 $18.7 2021 $21.0 $108,000 W Elkhorn Blvd North Natomas SFR 15.77 686,941 79 5 $11.6 2021 $16.8 $146,000 W Elkhorn Blvd North Natomas SFR 34.80 1,515,888 145 4 $17.2 2020 $11.3 $118,000 Elk Horn Blvd North Natomas SFR 30.00 1,306,800 324 11 $27.7 2022 $21.2 $86,000
weighted average $24 $130,000 finished lots
Delta shores lot sales
Delta shore Parcel 8 S. Sac att ached n/a n/a 101 n/a $4.5 2024 n/a $44,550 partial improvements Delta shores lot sale S. Sac SFR n/a n/a 96 n/a $5.0 2024 n/a $52,290 partial improvements Delta shore LDR-2 S. Sac SFR n/a n/a 77 n/a $20.0 2024 n/a $260,000 finished lots (6,827 avg sf) Delta shores lot sale S. Sac SFR n/a n/a 192 n/a $12.5 2022 n/a $65,000 partial improvements Delta shores lot sale S. Sac SFR n/a n/a 76 n/a $3.8 2022 n/a $50,000 partial improvements 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 50,530 22 19 $1.9 2020 $38 $86,000 6207 Riverside Blvd Inner S&E n/a 0.83 36,155 11 13 $0.5 2020 $14 $45,000 4371 Silver Cedar Ln North Natomas SFR 5.04 219,542 84 17 $5.4 2019 $24.4 $64,000 26 Crumpet Ct S. Sac SFR 1.39 60,548 21 15 $1.3 2020 $20.8 $60,000 6207 Riverside Blvd S. Sac SFR 0.83 36,155 11 13 $0.5 2020 $13.8 $45,000 Low: $11.3 $44,550
High: $41.2 $341,000
Weighted Average: $31.5 $116,000
Townhomes
Bridgecross Dr N Natomas 3.45 150,282 48 14 $1.1 2023 $7 $23,000 next gen capital Prepared by: Keyser Marston Associates
Filename:\\SF-FS2\wp\12\12851\007\Sac City Feas 7-31-25; land sales

Appendix A Table 8
Residential Land Sales
Feasibilit
y Analysis
Sacramento MIHO Review DRAFT
Address Location
likely
use
Land
Acres Land SF
Est.

Units
Est.

Du/Ac
Price
'($M)
Sale
Year
$/SF
Land $/Unit Notes

Raw or Partially Improved Residential Land
4217 Winters St North SFR 4.57 199,069 n/a n/a $1.5 2025 $7 n/a Riverland Homes 0 Del Paso Rd North SFR 73.00 3,179,880 n/a n/a $16.5 2024 $5 n/a Meritage Homes 5330 Rio Linda Blvd North SFR 19.34 842,450 177 9 $1.2 2022 $1 $7,000 4101 Taylor Street North SFR 6.48 282,268 n/a n/a $1.2 2022 $4 n/a 2591 Edgewater Rd North SFR 8.07 351,529 65 8 $1.1 2022 $3 $17,000 0 Elkhorn Blvd North Natomas SFR 41.00 1,785,960 n/a n/a $14.9 2024 $8 n/a Lennar 5701 Sorento Rd North Natomas SFR 65.32 2,845,339 n/a n/a $9.7 2023 $3 n/a Meritage Homes 2591 Edgewater Rd North Natomas SFR 8.1 351,529 65 8 $1.1 2022 $3.1 $17,000 Jessie Ave & Dry CreekNorth Natomas SFR 7.5 327,693 81 11 $2.0 2021 $6.2 $25,000 217 Silver Eagle Rd North Natomas SFR 12.7 551,034 85 7 $0.3 2019 $0.6 $4,000 3387 Mas Amilos Way North Natomas SFR 10.9 473,692 120 11 $0.5 2019 $1.0 $4,000 4101 Taylor Street North Natomas SFR 6.5 282,268 70 11 $1.2 2022 $4.3 $17,000 7850 24th St S. Sac SFR 289.05 12,591,027 n/a n/a $21.9 2025 $2 n/a DR Horton
Delta Shore / KB Hms S. Sac SFR 86.7 3,777,087 348 4 $12.5 2022 $3.3 $36,000 6031 Pomegranate Av
e south/outside citySFR 9.01 392,476 43 5 $2.0 n/a $5 $47,000 in contract 7617 Bracer Way south/outside citySFR 50.00 2,178,000 n/a n/a $16.6 2024 $8 n/a Taylor Morrison 9770 Oxform Ln south/outside cit ySFR 17.14 746,618 n/a n/a $5.1 2024 $7 n/a 7311 Elk Grove Florin Rsouth/outside citySFR 190.40 8,293,824 n/a n/a $52.5 2023 $6 n/a Lennar Low: $0.6
High: $8.3
Weighted Average: $4.1
Commercial/Industrial Land Sales (Inner S&E)
707 Commons Dr Inner S&E 1.43 62,291 n/a n/a $2.1 2022 $33 n/a res planned 5617 Elvas Ave Inner S&E 0.32 13,939 n/a n/a $0.4 2020 $29 n/a 401 1st Ave Inner S&E 0.65 28,183 n/a n/a $0.8 2021 $27 n/a res planned 2212 15th Ave Inner S&E 0.16 6,970 n/a n/a $0.2 2022 $24 n/a 2380 16th Ave Inner S&E 0.49 21,327 n/a n/a $0.3 2022 $13 n/a 2832 34th St Inner S&E 0.27 11,761 n/a n/a $0.6 2022 $53 n/a 2000 Broadway Inner S&E 0.36 15,730 n/a n/a $1.5 2021 $95 n/a 3206 Broadway Inner S&E 0.22 9,409 n/a n/a $0.6 2021 $63 n/a 4024 Miller Way I nner S&E 1.33 57,934 n/a n/a $1.0 2020 $17 n/a 4690-4800 Riverside BlvInner S&E 0.32 14,000 n/a n/a $0.2 2022 $17 n/a 26th Ave Inner S&E 0.17 7,405 n/a n/a $0.1 2024 $15 n/a 5140 Franklin Blvd Inner S&E 0.27 11,761 n/a n/a $0.1 2024 $12 n/a Low: $12.5 n/a
High: $95.4 n/a
Weighted Average: $30.3 n/a
Sources: CoStar, BBG Appraisal prepared for Railyards CFD No. 2018-1, Dated Aug 2022; Smith and Associates Appraisasl reports prepared for Greenbriar CFD 2018-03 and Delta Shores Greenbriar CFD 2019-01 dated January, 2021 and November 2024. Sacramento Business Journal.

Prepared by: Keyser Marston Associates
Filename:\\SF-FS2\wp\12\12851\007\Sac City Feas 7-31-25; land sales

Appendix A Table 9
Infrastructure Costs Comps, Master Plan Developments
Feasibility Analysis
Sacramento MIHO Review DRAFT
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 Phase
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 $58,120,000 $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
Northlake Project, Improvement Area 2
Source: Official Statement for the Improvement Area No. 2, Special Tax Bonds, 2024, sourced to the developer of the project Number of Units 1,177 Market Rate Units in Improvement Area 1 (not incl affordable site) Acres 261 Residential, not including open space, lake, community center parcels Density 4.5 Units/ Gross Acre
Total Cost Cost Per Acre Cost Per Unit Inclusive of actual spend through date of the estimate Backbone $103,985,062 $518,000 $91,000
Amenities $4,538,591 $23,000 $4,000
Other $4,663,939 $23,000 $4,000
Intracts $71,625,416 $357,000 $63,000
Gross Total $184,813,008 $920,000 $163,000
Less: CFD Proceeds ($30,812,353) ($153,000) ($27,000) 2024 bond proceeds reimburse portion of infrastructure costs Net Finished Lot Cost $154,000,655 $767,000 $135,000 not including land acquisition Gross Total Per Square Foot of Land $21
Net Total Per Square Foot of Land $18
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 7-31-25; infra costs

Appendix A Table 10
Estimated Cost, Provision of Units in Stand Alone LIHTC Project Feasibility Analysis
Sacramento MIHO Review DRAFT
Market Rate Developer Contributions to Affordable Projects within Larger Master Plan Railyards, Wong
Center North Lake
Delta Shores (land
dedication) 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
Escalation and Contigency $20,000
Estimated Market Rate Developer Contribution Per Affordable Unit, LIHTC Project $50,000 Equivalent Amount Per Market Rate Unit in the Project $ per Mkt Unit With 10% Affordable $5,556
With 15% Affordable $8,824
With 20% Affordable $12,500
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 7-31-25; Affordable Site

Appendix A Table 11
Affordable Rents
Feasibility Analysis
Sacramento MIHO Review DRAFT
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 Income Limits, 2025 (1)
Very Low $45,050 $51,450 $57,900 $64,300
Low @60% $54,060 $61,740 $69,480 $77,160
Low @70% $63,040 $72,060 $81,070 $90,040
Low @80% $72,050 $82,350 $92,650 $102,900
Mod @90% $76,100 $86,990 $97,830 $108,720
Mod @100% $84,550 $96,650 $108,700 $120,800
Mod @110% $93,010 $106,320 $119,570 $132,880
Gross Rents (2)
Very Low 50% $1,126 $1,286 $1,448 $1,608
Low @60% 60% $1,352 $1,544 $1,737 $1,929
Low @70% 70% $1,576 $1,802 $2,027 $2,251
Low @80% 80% $1,801 $2,059 $2,316 $2,573
Mod @90% 90% $1,903 $2,175 $2,446 $2,718
Mod @100% 100% $2,114 $2,416 $2,718 $3,020
Mod @110% 110% $2,325 $2,658 $2,989 $3,322
Rents after Utility Allowance
Very Low 50% $1,037 $1,184 $1,320 $1,453
Low @60% 60% $1,263 $1,442 $1,609 $1,774
Low @70% 70% $1,487 $1,700 $1,899 $2,096
Low @80% 80% $1,712 $1,957 $2,188 $2,418
Mod @90% 90% $1,814 $2,073 $2,318 $2,563
Mod @100% 100% $2,025 $2,314 $2,590 $2,865
Mod @110% 110% $2,236 $2,556 $2,861 $3,167
- Utilities (per month, all electric)
(3) $89 $102 $128 $155
Notes:
(1) California Department of Housing and Community Development 2025 Income Limits for Sacramento County. (2) Calculated from 2025 income limits consistent with SHRA methodology. (3) Calculated using SHRA utility allowance calculator effective August 2024. _________________________________________________________ Prepared by: Keyser Marston Associates
Filename: Sac City Feas 7-31-25; Aff Rents

Appendix A Table 12
Affordable Home Price Calculation
Feasibility Analysis
Sacramento MIHO Review DRAFT
Unit Size 2-Bedroom 3-Bedroom 4-Bedroom 2-Bedroom 3-Bedroom 4-Bedroom 2-Bedroom 3-Bedroom 4-Bedroom 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, 2025 $108,700 $120,800 $130,450 $108,700 $120,800 $130,450 $108,700 $120,800 $130,450 Percent of AMI for Pricing 70% 70% 70% 90% 90% 90% 100% 100% 100% Annual Income $76,090 $84,560 $91,315 $97,830 $108,720 $117,405 $108,700 $120,800 $130,450 % Available for Housing Costs 30% 30% 30% 35% 35% 35% 35% 35% 35% Income Available for Housing Costs $22,827 $25,368 $27,395 $34,241 $38,052 $41,092 $38,045 $42,280 $45,658 (Less) Property Taxes & Assessments ($3,151) ($3,470) ($3,670) ($5,129) ($5,668) ($6,045) ($5,789) ($6,402) ($6,836) (Less) HOA ($1,200) ($1,380) ($1,500) ($1,200) ($1,380) ($1,500) ($1,200) ($1,380) ($1,500) (Less) Utilities (3) ($1,848) ($2,268) ($2,724) ($1,848) ($2,268) ($2,724) ($1,848) ($2,268) ($2,724) (Less) Insurance ($1,600) ($1,700) ($2,000) ($1,600) ($1,700) ($2,000) ($1,600) ($1,700) ($2,000) Income Available for Mortgage $15,028 $16,550 $17,500 $24,464 $27,036 $28,823 $27,608 $30,531 $32,598 Mortgage Amount $193,100 $212,600 $224,800 $314,300 $347,400 $370,300 $354,700 $392,300 $418,800 Down Payment (homebuyer cash) $10,200 $11,200 $11,800 $16,500 $18,300 $19,500 $18,700 $20,700 $22,100 Affordable Home Price Estimate $203,300 $223,800 $236,600 $330,800 $365,700 $389,800 $373,400 $413,000 $440,900 Assumptions
- Mortgage Interest Rate (1) 6.75%
- Down Payment 5.0%
- Property Taxes (% of sales price) (2) 1.55%
- Mortgage Insurance (% loan Amt)(4) n/a
2BR 3BR 4BR
- HOA (per month) $100 $115 $125
- Utilities (per month, all electric) (3) $154 $189 $227 Notes:
(1) Based on average of Freddie Mac Primary Mortgage Market Survey weekly 30-year fixed rate mortgage rates over the one-year period ending May 15, 2025. (2) Based on average effective property tax rates for recent new home sales. (3) Calculated using SHRA utility allowance calculator effective August 2024. (4) Assumes affordability restriction structured as a silent second note t hat enables a loan to value ratio <= 80% for the first mortgage and eliminates the need for mortgage insurance.

Low Priced at 70% AMI Moderate Priced at 90% AMI Moderate Priced at 100% AMI _________________________________________________________ Prepared by: Keyser Marston Associates
Filename: Sac City Feas 7-31-25; Aff Prices no MIP

Appendix A Table 13
Estimated Fees and Permit Cost Detail
Feasibility Analysis
Sacramento MIHO Review DRAFT
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 (net) 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 GSF per unit 1,850 sf 963 sf 863 sf 1,750 sf 1,450 sf 1,000 sf 1,900 sf 1,500 sf 1,000 sf 2,100 sf 1,600 sf 1,000 sf 2,300 sf 1,700 sf 906 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
Permit, Plan Check, Inspections $7,100 $2,400 $2,400 $6,000 $7,100 $1,900 $6,000 $7,100 $1,900 $6,000 $7,100 $1,900 $6,000 $7,100 $1,900 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 $4,070 $1,694 $1,634 $6,073 $5,032 $3,123 $4,180 $3,300 $1,980 $6,947 $5,552 $3,123 $6,947 $5,899 $2,672 STA Mitigation Fee & admin $1,631 $1,031 $1,031 $1,631 $1,631 $1,265 $1,631 $1,631 $1,265 $1,631 $1,631 $1,265 $1,631 $1,631 $1,031 Citywide TDIF $1,680 $880 $880 $1,680 $1,680 $965 $1,680 $1,680 $965 $586 $586 $337 $2,800 $2,800 $1,608 School District $9,491 $4,938 $4,425 $8,978 $7,439 $5,130 $9,823 $7,755 $5,170 $10,857 $8,272 $5,170 $11,799 $8,721 $4,647 City Business Operations Tax $133 $104 $138 $87 $78 $96 $87 $77 $96 $99 $87 $96 $126 $114 $82 Construction Excise Tax $2,664 $2,079 $2,754 $1,736 $1,566 $1,920 $1,748 $1,548 $1,920 $1,982 $1,741 $1,920 $2,521 $2,285 $1,643 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 $3,033 $3,033 $2,795 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 $16,021 $16,021 $9,886 n/a n/a n/a North Natomas Habitat Cons n/a n/a n/a n/a n/a n/a $3,100 $1,500 $900 $6,100 $3,100 $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 SASD Fee n/a n/a n/a $6,479 $2,462 $2,462 n/a n/a n/a $6,479 $4,859 $2,462 n/a n/a n/a Water Meter Fee $723 n/a n/a $723 $723 n/a $723 $723 n/a $723 $723 n/a $723 $723 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 Water Development Fee $12,910 $3,356 $3,356 $12,910 $12,910 $3,356 $12,910 $12,910 $3,356 $12,910 $12,910 $3,356 $12,910 $12,910 $3,356 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 Drainage Fee - separated area n/a n/a n/a $356 $247 $174 $436 $247 $174 $436 $247 $174 n/a n/a n/a Total Market Units, Except HIF $58,200 $28,400 $28,200 $57,400 $49,400 $26,600 $55,200 $49,600 $24,900 $82,200 $71,600 $37,700 $62,100 $54,100 $25,900 Total Affordable Units (1) $30,600 $15,300 $15,400 $38,100 $31,200 $19,900 $34,100 $29,600 $17,000 $45,900 $36,900 $21,200 $34,600 $30,300 $14,800 (1) Without fees eligible for $0 rate: area fees, Park DIF, Utility Fees.

Note: Water development, separated sewer, combined sewer and drainage fees shown at full phase in.

Inner South and East
NeighborhoodsCentral City
Southern Neighborhoods
North Sacramento and South
Natomas North Natomas
Prepared by Keyser Marston Associates, Inc.

File Name: Sac City Feas 8-6-25; 8/6/2025; dd

Appendix A Table 14
Effective Rents, Apartments Built Since 2017
Feasibility Analysis
Sacramento MIHO Review DRAFT
Year No.

Name Built Stories Studio 1BR 2BR 3BR Total Studio 1BR 2BR 3BR Total Studio 1BR 2BR 3BR Avg Studio 1BR 2BR 3BR Avg Central City 2-5 stories
1616 21st St 2024 2 0 12 0 0 12 408 408 $1,543 $1,543 $3.49 $3.49 The Hayley 2024 3 48 204 104 16 372 574 694 1,235 1,500 864 $1,777 $1,859 $2,576 $3,290 $2,110 $3.10 $2.68 $2.08 $2.19 $2.44 Luella Lofts 2024 3 9 33 9 0 51 479 711 752 677 $1,800 $2,531 $2,679 $2,428 $3.75 $3.56 $3.56 $3.59 The Richmond 2024 4 3 27 17 0 47 495 736 989 811 $1,833 $2,460 $3,134 $2,664 $3.70 $3.34 $3.17 $3.28 Studio30 2024 4 20 10 0 0 30 400 500 433 $1,391 $1,780 $1,521 $3.48 $3.56 $3.51 The Bernice 2024 5 51 85 50 0 186 473 649 924 674 $1,899 $2,162 $3,310 $2,398 $4.02 $3.33 $3.58 $3.56 20th Place Sacramento 2024 5 6 34 10 0 50 475 607 936 656 $2,001 $2,360 $3,173 $2,480 $4.21 $3.89 $3.39 $3.77 The Mod at Midtown 2023 4 78 43 8 0 129 359 594 684 457 $1,596 $2,061 $2,501 $1,808 $4.44 $3.47 $3.66 $3.95 Mansion Apartments 2022 5 30 93 55 8 186 502 670 1,029 1,531 786 $1,862 $2,384 $3,179 $4,749 $2,637 $3.71 $3.56 $3.09 $3.10 $3.35 Eleanor Apartments 2021 5 47 34 14 0 95 549 636 1,026 650 $1,601 $1,846 $2,717 $1,853 $2.92 $2.90 $2.65 $2.85 The Carlaw 2020 3 12 10 4 0 26 565 879 1,338 804 $2,092 $3,033 $3,695 $2,700 $3.70 $3.45 $2.76 $3.36 Onyx Midtown Apartments 2020 3 1 33 7 0 41 706 609 1,042 685 $1,690 $1,682 $2,218 $1,773 $2.39 $2.76 $2.13 $2.59 The Didion 2020 4 4 8 0 0 12 923 926 925 $2,815 $2,709 $2,745 $3.05 $2.93 $2.97 H16 Apartments 2020 5 40 39 16 0 95 532 639 1,021 658 $1,612 $1,921 $2,720 $1,926 $3.03 $3.01 $2.66 $2.92 The Press 2020 5 89 137 44 7 277 529 698 929 1,326 696 $1,812 $2,119 $2,961 $3,899 $2,200 $3.42 $3.04 $3.19 $2.94 $3.16 Q19 Apartments @ Midtown 2018 4 33
26 9 0 68 526 664 1,064 649 $1,556 $2,070 $2,899 $1,930 $2.96 $3.12 $2.73 $2.97 Total / Avg 471 828 347 31 1,677 497 669 1,047 1,469 713 $1,729 $2,088 $2,898 $3,804 $2,187 $3.48 $3.12 $2.77 $2.59 $3.06 28% 49% 21% 2%
Central City 6+stories
Maker 2024 7 42 59 36 0 137 648 732 1,121 808 $1,930 $2,509 $3,085 $2,483 $2.98 $3.43 $2.75 $3.07 Envoy 2023 7 29 98 26 0 153 507 758 1,100 768 $1,844 $2,516 $3,221 $2,508 $3.64 $3.32 $2.93 $3.27 Capitol Towers Mid-Rise 2022 7 101 238 97 0 436 500 700 995 719 $1,851 $2,341 $3,095 $2,395 $3.70 $3.34 $3.11 $3.33 17 Central 2022 8 61 50 0 0 111 441 657 538 $1,829 $2,402 $2,087 $4.14 $3.65 $3.87 The Frederic 2021 8 24 78 60 0 162 560 694 993 784 $1,977 $2,248 $3,244 $2,577 $3.53 $3.24 $3.27 $3.28 Trinity House 2022 6 40 22 0 0 62 409 521 448 $1,419 $1,738 $1,532 $3.47 $3.33 $3.41 1430 Q 2020 8 1 35 35 4 75 516 886 1,477 1,905 1,211 $1,940 $2,671 $4,651 $5,577 $3,740 $3.76 $3.01 $3.15 $2.93 $3.09 19J Apartments 2019 11 129 46 0 0 175 404 710 484 $1,721 $2,724 $1,984 $4.25 $3.84 $4.09 Ice House Apartments 2018 6 50 78 14 0 142 432 618 864 576 $1,736 $2,169 $2,660 $2,065 $4.02 $3.51 $3.08 $3.58 Total / Avg 477 704 268 4 1,453 468 702 1,078 1,905 698 $1,778 $2,377 $3,320 $5,577 $2,363 $3.80 $3.38 $3.08 $2.93 $3.39 33% 48% 18% 0%
Effective Rents per Square Ft.No. Units Effective Rents Avg Unit Size (Sq.Ft.) Prepared by Keyser Marston Associates, Inc.

File Name: Sac City Feas 7-31-25; 7/31/2025; hgr

Appendix A Table 14
Effective Rents, Apartments Built Since 2017
Feasibility Analysis
Sacramento MIHO Review DRAFT
Year No.

Name Built Stories Studio 1BR 2BR 3BR Total Studio 1BR 2BR 3BR Total Studio 1BR 2BR 3BR Avg Studio 1BR 2BR 3BR Avg Effective Rents per Square Ft.No. Units Effective Rents Avg Unit Size (Sq.Ft.) Inner South and East Neighborhoods
Maven on Broadway 2022 3 0 319 89 0 408 666 887 714 $1,802 $2,230 $1,895 $2.70 $2.51 $2.65 Sutter Triangle 2021 3 0 6 5 0 11 976 741 869 $2,961 $2,257 $2,641 $3.03 $3.05 $3.04 The Flats at The Mill at Broadwa 2020 4 0 0 12 0 12 1,243 1,243 $2,936 $2,936 $2.36 $2.36 Gio Apartments 2019 5 22 128 60 3 213 597 698 1,059 1,394 798 $1,856 $2,248 $2,892 $3,358 $2,404 $3.11 $3.22 $2.73 $2.41 $3.01 The Angelino Luxury Apartments 2019 1 0 17 3 0 20 787 1,001 819 $2,382 $2,982 $2,472 $3.03 $2.98 $3.02 The Market Club at the Mill 2024 1 15 6 0 0 21 466 685 528 $1,741 $2,064 $1,833 $3.73 $3.01 $3.47 Total / Avg 37 476 169 3 685 544 683 971 1,394 749 $1,809 $1,961 $2,529 $3,358 $2,098 $3.33 $2.87 $2.60 $2.41 $2.80 5% 69% 25% 0%
North Natomas
Zeta Luxury Apartments 2023 4 20 149 101 0 270 482 693 1,139 844 $2,136 $2,271 $2,984 $2,528 $4.43 $3.28 $2.62 $2.99 Tanzanite 2023 2 0 76 65 70 211 726 1,009 1,501 1,070 $2,436 $2,971 $3,466 $2,942 $3.36 $2.94 $2.31 $2.75 The Offset Apartments 2022 3 27 158 162 21 368 546 701 1,011 1,228 856 $2,014 $2,311 $2,786 $3,198 $2,549 $3.69 $3.29 $2.75 $2.60 $2.98 The Core Natomas 2020 3 0 165 120 15 300 748 1,122 1,396 929 $2,182 $2,687 $3,003 $2,425 $2.92 $2.40 $2.15 $2.61 Alira 2020 4 20 133 120 20 293 572 687 1,067 1,338 879 $1,815 $2,361 $2,653 $2,993 $2,486 $3.17 $3.44 $2.49 $2.24 $2.83 Total / Avg 67 681 568 126 1,442 535 711 1,069 1,417 905 $1,991 $2,295 $2,793 $3,291 $2,564 $3.72 $3.23 $2.61 $2.32 $2.83 5% 47% 39% 9%
North Sacramento & South Natomas
Sutter Green 2.0 Apartments 2024 3 0 115 54 21 190 708 997 1,263 851 $2,002 $2,364 $2,778 $2,190 $2.83 $2.37 $2.20 $2.57 The Eames 2024 3 16 153 131 31 331 553 748 1,059 1,459 928 $1,949 $2,160 $2,568 $2,954 $2,385 $3.52 $2.89 $2.42 $2.02 $2.57 The Eisley 2021 4 21 199 159 26 405 553 741 1,055 1,530 905 $1,662 $1,975 $2,449 $3,091 $2,216 $3.01 $2.66 $2.32 $2.02 $2.45 Sutter Green 2018 3 0 106 137 5 248 775 987 1,271 901 $2,256 $2,442 $3,116 $2,376 $2.91 $2.48 $2.45 $2.63 Total / Avg 37 573 481 83 1,174 553 743 1,030 1,420 902 $1,786 $2,082 $2,470 $2,962 $2,293 $3.23 $2.80 $2.40 $2.09 $2.54 3% 49% 41% 7%
Southern Neighborhoods
Solasta Luxury Apartments 2023 4 0 128 120 18 266 609 895 1,258 782 $2,169 $2,605 $3,370 $2,447 $3.56 $2.91 $2.68 $3.13 The Landing at College Square 2017 3 0 126 120 24 270 758 1,059 1,214 932 $1,850 $2,142 $2,648 $2,051 $2.44 $2.02 $2.18 $2.20 Total / Avg 0 254 240 42 536 683 977 1,233 858 $2,011 $2,374 $2,957 $2,248 $2.94 $2.43 $2.40 $2.62 0% 47% 45% 8%
Source: CoStar May 2025
Prepared by Keyser Marston Associates, Inc.

File Name: Sac City Feas 7-31-25; 7/31/2025; hgr

Appendix A Table 15
New Homes for Sale May 2025
MIHO Feasibility Analysis
Sacramento, CA DRAFT
Square Feet
Lot Size Sales Price Price / SF
Central City No homes currently marketing
Inner South and East Neighborhoods No homes currently marketing Southern Neighborhoods
Catalina Detached. Small lot. Signature Homes
Delta Shores
Three Bedroom 1,940 $617,826 $318
Four Bedroom 2,143 $637,654 $298
Four Bedroom 2,367 $673,145 $284
Four Bedroom 2,521 $668,323 $265
Weighted Average 2,242 3,000 $664,237 $296
net of $15,000
incentives
Coronado Detached.

Delta Shores
Five Bedroom 2,500 $703,077 $281
Four Bedroom 2,685 $723,731 $270
Four Bedroom 2,871 $716,688 $250
Weighted Average 2,685 4,250 $729,499 $272
net of $15,000
incentives
Park Place Detached. Small lot. Century Communities 2,400 Adjacent to southern City Limits
Three Bedroom 1,518 $478,990 $316
Three Bedroom 1,700 $494,990 $291
Three Bedroom 1,945 $504,990 $260
Weighted Average 1,721 2,400 $502,990 $292
net of 10,000
incentives
Edgewater Detached. KB Home
Delta Shores
Three Bedroom 1,685 $602,990 $358
Three Bedroom 2,188 $649,990 $297
Four Bedroom 2,391 $655,990 $274
Five Bedroom 2,693 $689,990 $256
Weighted Average 2,239 5,500 $654,740 $292
net of 5,000
incentives
Riva Detached. KB Home. Small Lot
Delta Shores
Four Bedroom 1,795 $524,990 $292
Four Bedroom 2,102 $564,990 $269
Five Bedroom 2,236 $573,990 $257
Weighted Average 2,044 2,450 $559,657 $274
net of 5,000
incentives
Prepared by Keyser Marston Associates, Inc.

File Name: Sac City Feas 7-31-25; 7/31/2025; hgr

Appendix A Table 15
New Homes for Sale May 2025
MIHO Feasibility Analysis
Sacramento, CA DRAFT
Square Feet
Lot Size Sales Price Price / SF
North Sacramento and South Natomas
Archer Estates Detached. KB Homes
Three Bedroom 1,429 $493,990 $346
Three Bedroom 1,672 $519,990 $311
Three Bedroom 2,148 $558,990 $260
Four Bedroom 2,388 $583,990 $245
Five Bedroom 2,686 $613,990 $229
Weighted Average 2,064 4,050 $559,190 $271
net of $5,000
incentives
North Natomas
Northlake Detached. Lennar list prices
Three Bedroom 1,724 $610,000 $354
Four Bedroom 2,397 $720,000 $300
Five Bedroom 2,966 $848,000 $286
2,376 $724,000 $305
Waters Edge Detached. Lennar list prices
Three Bedroom 1,527 $589,000 $386
Four Bedroom 1,907 $623,000 $327
1,654 $600,000 $363
Source: The Gregory Group. May 2025. List prices for Northlake and Waters Edge units accessed on 5/15/25.

Prepared by Keyser Marston Associates, Inc.

File Name: Sac City Feas 7-31-25; 7/31/2025; hgr

Appendix A Table 16
Published Cap Rate Surveys
Feasibility Analysis
Sacramento MIHO Review DRAFT
Cap Rate Type or Descriptor

5.30% Sacramento Market

5.00% Sacramento Market

5.31% Pacific Region
Published Cap Rate Surveys
Source:

CoStar overall, 2025 YTD
CoStar 4&5 star, 2025 YTD
Pwc, Q2 2025
IRR ViewPoint 2025 6.0% Sacramento Urban Multifamily

6.25% Sacramento Suburban Multifamily
_________________________________________________________ Prepared by: Keyser Marston Associates
Filename: Sac City Feas 7-31-25; Cap rate

APPENDIX B

PROTOTYPE PROJECTS

Appendix B Table 1
Prototype Projects
MIHO Feasibility Analysis
Sacramento, C

A DRAFT
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 Market Price / Rent Estimate $840,000 $2,420 $2,340
per square foot $454 $3.14 $3.39
Inclusive of Railyards, River District, and Central City Specific Plan boundaries Central City
Prepared by Keyser Marston Associates, Inc.

File Name: Sac City Feas 7-31-25; 7/31/2025; hgr

Appendix B Table 1
Prototype Projects
MIHO Feasibility Analysis
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
Market Price / Rent Estimate
per square foot
DRAFT
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
$540,000 $470,000 $2,290
$309 $324 $2.54
Bounded by I-5, Fruitridge, Broadway, 65th, US. 50, southern City limits Southern Neighborhoods
Prepared by Keyser Marston Associates, Inc.

File Name: Sac City Feas 7-31-25; 7/31/2025; hgr

Appendix B Table 1
Prototype Projects
MIHO Feasibility Analysis
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
Market Price / Rent Estimate
per square foot
DRAFT
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
$550,000 $500,000 $2,310
$289 $333 $2.57
North of the American River, Except North Natomas
North Sacramento and South Natomas
Prepared by Keyser Marston Associates, Inc.

File Name: Sac City Feas 7-31-25; 7/31/2025; hgr

Appendix B Table 1
Prototype Projects
MIHO Feasibility Analysis
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
Market Price / Rent Estimate
per square foot
DRAFT
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
$670,000 $575,000 $2,580
$319 $359 $2.87
North of I-80, West of Steelhead Creek
North Natomas
Prepared by Keyser Marston Associates, Inc.

File Name: Sac City Feas 7-31-25; 7/31/2025; hgr

Appendix B Table 1
Prototype Projects
MIHO Feasibility Analysis
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
Market Price / Rent Estimate
per square foot
DRAFT
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
$1,020,000 $800,000 $2,320
$443 $471 $3.01
South of American River to Fruitridge / Broadway / US-50, plus West of the I-5 Inner South and East Neighborhoods
Prepared by Keyser Marston Associates, Inc.

File Name: Sac City Feas 7-31-25; 7/31/2025; hgr

Appendix B Table 2A
Projects: Central City Area
As of 2022
MIHO Feasibility Analysis
Sacramento, CA
DRAFT
Unit Type Single Family Detached
Small Lot
Attached Duplex Units Mixed Use Apartments Mixed Use Apartments Mixed Use Apartments Mixed Use Apartments Project Name Albright Village 9th and Broadway
Duplex Buildings
17 Central Anthem 15S Cathedral Square Sacramento Commons Phase I
Location 1234 U Street 831 Broadway 1631 K Street 1500 - 1522 S Street 1018 - 1030 J Street 1585 5th Street Developer Reynen & Bardis Homes Indie Capital D&S Development Anthem S St. Holding LP Anthem Cathedral Square Holding LP
KW CapTowers, LLC
Site Size .59 acres 0.59 acres 0.297 acres 0.74 acres 0.67 acres 3.8 acres No. of Dwelling Units (du) 14 lots 17 du 111 du 137 du 153 du 436 du notes Net lot sizes: 1100 - 1960 sf incl. 24 live/work units Density (du/ac) 23.7 dua 28.8 dua 373.7 dua 185.1 dua 228.4 dua 114.7 dua Unit Size Range 3BR: 1742 sf and 1998 sf 1,925 - 2,014 sf Studios: 419 - 558 sf 1 BRs: 633 - 919 sf
2 BRs: 1,026 - 1188 sf
Studios: 490 - 639 sf
1 BR: 672 - 858 sf
2 BR: 1006 - 1156 sf
Studios: 447 - 535 sf
One BR: 590 - 813 sf
Two BR: 955 - 1008 sf
Studios: 565 sf
1BRs: 625 - 715 sf
2BRs: 1,070 sf
Live/work 1BRs: 1,390 sf
Average Unit Size 1,888 sf 589 sf 786 sf 694 sf (est) 778 sf Bedroom Mix
Studio 54% 31% 26% 26%
1-Bedrooms 44% 43% 57% 52%
2-Bedrooms 2% 26% 17% 22%
3-Bedrooms 100%
4-Bedrooms
5-Bedrooms
Avg No. Bedrooms 3.0 BRs 0.5 BRs 1.0 BRs 0.9 BRs 1.0 BRs Building Type 3-story detached units. Duplex dwellings in three 3 story buildings w/
community garden. Each
unit has a micro-studio on
ground floor and a 2 BR
unit on two upper floors.
8 story residential with
ground floor commercial.

Type III over Type I
podium
8 story Type IA and IIIA
bldg with two levels of
parking and six stories of
residential, ground floor
commercial.
7 story Type IA and IIIA
with ground floor
commercial. Two levels of
parking, incl one
underground.

Two identical 7 story
buildings (5 over 2 level
podium w/parking and one
level underground. 2-level
Live/work units in podium.

Parking 2 car attached garage. Attached 1 car garages. 17 spaces on ground floor. 96 spaces 101 spaces 524 spaces (452 req'd.) Each unit contains a micro-
studio unit and a 2
bedroom unit.

Note: reflects approved, proposed, and under construction projects as of 2022 when development pipeline information was reviewed for purposes of identifying prototype projects.

Prepared by Keyser Marston Associates, Inc.

File Name: Prototype Tables 8-6-25; 8/6/2025; hgr

Appendix B Table 2A
Projects: Central City Area
As of 2022
MIHO Feasibility Analysis
Sacramento, CA
Unit Type
Project Name
Location
Developer
Site Size
No. of Dwelling Units (du)
notes
Density (du/ac)
Unit Size Range
Average Unit Size
Bedroom Mix
Studio
1-Bedrooms
2-Bedrooms
3-Bedrooms
4-Bedrooms
5-Bedrooms
Avg No. Bedrooms
Building Type
Parking
DRAFT
Addition Adding
Apartment Units
Mixed Use Apartments Addition Adding
Apartment Units
Mixed Use Residential Mixed Use Apartments Convert Hotel to Apartments
Apartments / Hotel
16 Powerhouse
Addition
S3 Apartments (3rd &
S)
Kind Project The Fitzgerald The Richmond Hawthorne
Apartments
Capitol Hotel and
Apartments
1612 P Street 1900 3rd St. Sacramento 1901 8th St. 1827 Broadway 1629 S Street 321 Bercut Dr 831 L Street Demmon Partners The Michaels
Organization
Urban Elements Trondheim Properties Sutter Capital Group Bercut-Railyard LLC Hilton Hotels

0.15 acres 2.23 acres 0.60 acres 0.28 acres 0.73 acres 6.74 acres 0.62 acres 23 du 187 du 72 du 51 du 47 du 281 du 61 du
(addition)
153.3 dua 83.9 dua 120.0 dua 182.1 dua 64.4 dua 41.7 dua n/a Studios: 584 sf
1BRs: 796 sf
Studios: 510 sf
1BRs: 720 and 840 sf
2 BRs: 1065 sf
495 sf - 890 sf Studios: ~ 330 sf
One BR: ~ 640 - 780
sf
705 sf 625 sf
43% 79% 63% 13% 85% 46%
57% 11% 29% 51% 3% 54%
10% 8% 36% 12%

0.6 BRs 0.3 BRs 0.5 BRs 1.2 BRs 0.3 BRs 0.5 BRs
5 story addition with
ground floor parking
5 story mixed use with
ground floor retail with
surface parking.

Partially demolish
existing bldg, remodel a
small commercial
portion of it, and
construct a new 3 story
Type V addition.
5 story Type III-B cxn
with ground floor
commercial.
4 story Type V-A with
ground floor
commercial.
6 renovated 3 story
buildings with 1 story
commty bldg and
restaurant onsite.

Surface parking.
14 story bldg with
265 hotel rooms
w/one floor
underground pkg.
12 spaces structured
parking. 0 req'd.
94 spaces incl. 6
motorcycle & carshare
(surface)
Waiver of 42% req'd
spots. 15 sufrace
spaces provided.

No parking provided. 57 stalls. (0 req'd.)
Surface and tuck under
302 parking spaces,
including 50 covered
carports.
49 spaces
Prepared by Keyser Marston Associates, Inc.

File Name: Prototype Tables 8-6-25; 8/6/2025; hgr

Appendix B Table 2B
Projects: South Neighborhoods
As of 2022
MIHO Feasibility Analysis
Sacramento, CA
DRAFT
Unit Type Single Family
Detached
Single Family
Detached
Single Family Detached Small Lot Single Family Apartments Apartments Project Name Delta Shores MDR-5 Delta Shores MDR-8 Ventris Place The Reserve College Square Apartments
Klotz Ranch Apartments
Location North of Delta Shores
Circle
North of Delta Shores
Circle
6441,6481 Jacinto Ave Jacinto & Bruceville 8373 Bruceville Road 7699 Klotz Ranch Developer Signature Homes Signature Homes SKK Developments Next Generation Capital Majority Investments Cora Properties Site Size 10.2 acres 11.9 acres 3.9 acres 3.2 acres 8.8 acres 12.7 acres No. of Dwelling Units (du) 87 du 136 du 37 du 53 du 351 du 266 du Density (du/ac) 8.5 dua 11.4 dua 9.5 dua 16.8 dua 40.1 dua 20.9 dua notes (net acres) (net acres) 2,720 sf min lot Lots: 1,500 - 2,000 sf (gross) Unit Size Range 1400 - 2000 sf 3BR: 1,393 - 1,586 sf Studios: 465 - 640 sf 1 BR: 756 - 959 sf
2BR: 1028 - 1195 sf
One BR: 506 - 676 sf
Two BR: 746 - 971 sf
Three BR: 1,251 sf
Average Unit Size 750 sf (estimated)
Bedroom Mix
Studio 31%
1-Bedrooms 51% 48%
2-Bedrooms 18% 45%
3-Bedrooms 100% 7%
4-Bedrooms
Avg No. Bedrooms 3.0 BRs 0.9 BRs 1.6 BRs
Building Type 2 story single family
detached units.
2 story single family
detached units, most
w/alley-loaded garages.

Amenity areas. Units
appear attached.
11, 3-story Type V-A
buildings with amenities
and surface parking.
6, 4-story buildings with
amenities, tuck-under and
surface parking.

Parking 116 spaces, mix of
covered and on-street.
351 spaces 537 parking spaces (260
req'd)
Note: reflects approved, proposed, and under construction projects as of 2022 when development pipeline information was reviewed for purposes of identifying prototype projects.

Prepared by Keyser Marston Associates, Inc.

File Name: Prototype Tables 8-6-25; 8/6/2025; hgr

Appendix B Table 2C
Projects: North Sacramento and South Natomas
As of 2022
MIHO Feasibility Analysis
Sacramento, CA
DRAFT
Unit Type Single Family Detached Single Family Detached Apartments Mixed Use Apartments Project Name Morey Morrison
Subdivision
San Juan Road
Subdivision
Arden Gateway Sacramento Apartments
Location 51 Morey Avenue and 40
Morrison Avenue
920 San Juan Rd 1401 Arden Way 3201 Marysville Blvd
Developer CEC Homes SKK Developments Debartolo Development Heritage Vila Site Size 17.2 (gross) 8.34 acres 24.3 acres 1.4 acres
No. of Dwelling Units (du) 101 lots 77 du 731 du 108 du Density (du/ac) 5.9 dua 9.2 dua 30.1 dua 76.6 dua
notes Lots: 2480 - 5076 sf
Avg: 3,000 sf
Lots: 1,793 - 2,427 sf
Unit Size Range 3BR: 1,449 sf - 1,539 sf
4BR: 1,965 - 2,068 sf
3BR: 1,296 - 1,415 sf studio: 544 sf
1BR: 689, 798 sf
2BR: 998 - 1,196 sf
3BR: 1,297 sf
THs: 1,642 - 1,765 sf
1BR: 738 sf
2BR: 1,028 sf
Average Unit Size 894 sf 918 sf
Bedroom Mix
Studio 5%
1-Bedrooms 47% 38%
2-Bedrooms 40% 62%
3-Bedrooms 70% 100% 9%
4-Bedrooms 30%
Avg No. Bedrooms 3.3 BRs 3.0 BRs 1.5 BRs 1.6 BRs
Building Type 99 single family detached
units and two park lots.
2 story homes with
attached 2 car garages at
the rear. 12 common lots
including open space.
21, 3-story buildings, two
phases.
5-story building with
ground floor retail. Type
IIIA over Type IA podium.
3,290 sf retail/rest.

Parking Attached garages Attached garages in the
rear.
944 spaces provided (366
req) surface and garage
parking
111 spaces provided.

Note: reflects approved, proposed, and under construction projects as of 2022 when development pipeline information was reviewed for purposes of identifying prototype projects.

Prepared by Keyser Marston Associates, Inc.

File Name: Prototype Tables 8-6-25; 8/6/2025; hgr

Appendix B Table 2D
Projects: North Natomas
As of 2022
MIHO Feasibility Analysis
Sacramento, CA
DRAFT
Unit Type Single Family Single Family Attached
Units
Condominiums (Townhome
style)
Single Family Half-Plex and
SF Detached plus ADUs -

RENTALS
Apartments
No photo available
Project Name Greenbriar Phase 2: Single
Family Units
Northpointe Reserve Arena Brownstone Living Tanzanite Spanos Apartments at Natomas Crossing
Location Elkhorn Blvd & Hwy 99 Bridgecross & Honor Pkwy 2549 Arena Blvd. 3575 Airport Rd. 3949 Truxel Road Developer Integral Regency Park / Next
Generation Capital
Innovate Natomas, Brooks
Street
Alleghany Properties / New
Growth Living
Spanos Corporation
Site Size na 2.7 acres 8.0 acres 18.1 acres (gross) 10.3 acres No. of Dwelling Units (du) 1,038 du 48 du 282 du 138 du 293 du Density (du/ac) 9.2 dua average 17.8 dua 35.4 dua 28.4 dua notes Lot sizes 2,788 - 5,500 sf Lots: 1,449 - 4,094 sf. Avg:
1,778 sf
Lots: 2,502 - 4,174 sf
Unit Size Range "1500 - 4000 sf homes" 3BR: 1,393 - 1,411 sf 625 - 1100 sf SFD: 3BRs, 1,501 sf Half-Plexes: 2BR w/1,013 sf
and a 3BR with 1,572 sf and
an ADU above the garage.

Studios: 571 sf
1BR: 619 sf, 707 sf
2 BR: 798 - 1,148 sf
3 BR: 1,343 sf
Average Unit Size 1,400 sf (est) 1,305 sf 882 sf
Bedroom Mix
Studio 11% 7%
1-Bedrooms 53% 33%
2-Bedrooms 35% 47% 53%
3-Bedrooms 100% 53% 7%
4-Bedrooms
Avg No. Bedrooms 3.0 BRs 1.2 BRs 2.5 BRs 1.6 BRs
Building Type 8, 2story buildings with
attached units. Shared
amenities and open space.
12 buildings with 3 story
walkups. Shared open space
and courtyards.
130 single family half-plex (1
story attached to 2 story), 8, 2-
story SFDs, 73 ADUs,
clubhouse.
5, 4-story buildings with tuck-
under garage parking and
surface parking.

Parking 2 car garages for each unit.
12 additional spaces.

Attached and detached
garages.

Attached garages facing
private alleys. Units with
ADUs have three-car
garages.
551 total (440 req'd). 205
carport spaces, 89 garage,
257 spaces uncovered
Note: reflects approved, proposed, and under construction projects as of 2022 when development pipeline information was reviewed for purposes of identifying prototype projects.

Prepared by Keyser Marston Associates, Inc.

File Name: Prototype Tables 8-6-25; 8/6/2025; hgr

Appendix B Table 2D
Projects: North Natomas
As of 2022
MIHO Feasibility Analysis
Sacramento, CA
Unit Type
Project Name
Location
Developer
Site Size
No. of Dwelling Units (du)
Density (du/ac)
notes
Unit Size Range
Average Unit Size
Bedroom Mix
Studio
1-Bedrooms
2-Bedrooms
3-Bedrooms
4-Bedrooms
Avg No. Bedrooms
Building Type
Parking
DRAFT
Apartments Apartments Apartments Master Planned
Community - MIHO
Compliance
Planned Unit
Development - MIHO
Compliance
No photo available No photo available No photo available Greenbriar Phase 2:

Multi Family Units
The Core Natomas Medley Apartments Greenbriar Panhandle PUD Elkhorn Blvd & Hwy 99 2705 Orchard Lane 4170 East Commerce Way
Nor th Natomas North Natomas
Integral Sunrise Luxury Living Blue Mountain
Communities

9.2 acres 12.3 acres 6.4 acres 577.0 acres 465.5 acres
352 du 300 du 160 du 2,953 du

38.3 dua 24.4 dua 24.9 dua
"400 - 700 sf apartments" 1BR: 735 sf, 764 sf
2BR: 1,036 - 1,193 sf
3BR: 1,393 sf
1BR: 735 sf
2BR: 1,050 sf
3BR: 1,135 sf
929 sf 953 sf
53% 35%
42% 50%
5% 15%

1.5 BRs 1.8 BRs
13, 3-story buildings with
tuck-under and surface
parking, plus 2, 1-story
commty bldgs.
8, 3-story bldgs with tuck
under and surface parking
and a one-story clubhouse
501 total (451 req'd). 203
garage spaces, 102
carports, 196 uncovered.
274 spaces (240 req'd)
2,425 for-sale units, up to 528
rental units incl 189
affordable senior units.

Densities range from 6 dua to
36 dua. 28.6 net acres of
comml, 28.4 acres of parks,

40.9 acres of lakes, 9.9 acre
school site and 57.9 acres
open space. "Affordable by
design" residential. Senior
affordable units satisfy MIHO
for the for-sale units (2,425 *
2,050 sf/unit *$2.67 / $70,182
= 189 units). Market rate
rental units will have separate
MIHO compliance.
1,662 single family residential
"move-up housing" in the 3-8
dua range. School sites,
parks, open space. Lots sizes
will range from 3,000 -
14,500 sf (Village, Traditional
and Estate lots). Homes will
be 1200 sf - 3500 sf. In 2018,
sales prices estimated $350 -
$750k. MIHO compliance: 16
affordable units & $7.7 million
fee.

Prepared by Keyser Marston Associates, Inc.

File Name: Prototype Tables 8-6-25; 8/6/2025; hgr

Appendix B Table 2E
Projects: Inner South and East Neighborhoods
As of 2022
MIHO Feasibility Analysis
Sacramento, CA
DRAFT
Unit Type Single Family
Detached
Single Family
Detached
Single Family
Detached
Single Family
Detached
Apartments Mixed Use Apartments Student Housing
Project Name Fairgrounds
Subdivision
Homes at Potrero Sutter Park Crocker Village 29SC Maven C Apartments
Stockton Blvd - West
Parcel
The Wexler
Location 325 Fairgrounds Drive 1900 Potrero Way 5105 F Street Crocker Drive & Portola Way
2629 5th Street 4601 10th Ave 6620 Folsom Blvd.

Developer Western America Next Generation
Capital
Tim Lewis Communities Blackpine Communities 29th St Capital College Town International Symphony Development Site Size 6.7 net acres 1.9 acres 13.2 acres 6.8 acres 1.5 acres 2.82 acres No. of Dwelling Units (du) 68 du 14 du 88 du 117 du 252 du 130 du 223 du Density (du/ac) 10.1 dua 7.2 dua 7 dua 8.9 dua 37.3 dua 86.7 dua 79.1 dua notes Lots: 3800 - 6000 sf (net acres) (net acres) (net acres) Unit Size Range 3BRs: 1800 - 2700 sf 3BRs: 1,508 - 1,611 sf 1,500 - 3,100 sf 1,866 sf - 2,785 sf Studios: 500 - 550 1BRs: 675 - 930 sf
2BRs: 925 - 960 sf
Studios: 400, 475 sf
1 BR: 500 - 650 sf
2 BR: 875 - 1100
1 BR: 483 sf
2BRs: 668 - 943
3 BRs: 1222 - 1266 sf
4BRs: 1107 - 1414 sf
5 BRs: 1540 - 1644 sf
Average Unit Size 632 sf
Bedroom Mix
Studio 25% 33%
1-Bedrooms 3 and 4 BRs 46% 53% 9%
2-Bedrooms 3, 4 and 5 BRs option for 5 29% 14% 29%
3-Bedrooms 100% 100% 7%
4-Bedrooms 52%
Avg No. Bedrooms 3.0 BRs 3.0 BRs 1.0 BRs 0.8 BRs 3.1 BRs Building Type Single family detached
lots.

Single family homes
with 2 car attached
garages.
1 and 2 story single
family homes
1 and 2 story homes
with a mix of front
loaded and alley loaded
garages.
8, 3-story garden
apartments with 1 story
commty building.
3 to 5 story building with a
Type IA podium. Ground
floor retail (1,000 sf) and
parking.
3 buildings, 3, 5, and 6
stories, with 5 story
parking structure.

Parking Attached 2 car garages. Attached 2 car garages 273 spaces (0.75 sp/unit)
130 parking spaces 330 spaces (319
residential). 253 req'd
residential. Separate
parking structure
Note: reflects approved, proposed, and under construction projects as of 2022 when development pipeline information was reviewed for purposes of identifying prototype projects.

Prepared by Keyser Marston Associates, Inc.

File Name: Prototype Tables 8-6-25; 8/6/2025; hgr