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Agenda - City of Santa Monica

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APPENDIX A - TABLE 3<br />

ESTIMATED SUPPORTABLE LAND VALUE<br />

BASE ZONING ALTERNATIVE: TYPE V CONSTRUCTION<br />

22 MARKET RATE APARTMENT UNITS & 6,270 SF OF RETAIL SPACE<br />

1320 SECOND STREET<br />

SANTA MONICA, CALIFORNIA<br />

I. Estimated Project Value<br />

Net Operating Income $647,800<br />

Capitalization Rate 1 6.13%<br />

Total Project Value $10,566,000<br />

II.<br />

Supportable Land Value<br />

Total Project Value $10,566,000<br />

(Less) Total Construction Costs (7,418,000)<br />

III. Supportable Land Value $3,148,000<br />

1 Based on a weighted average <strong>of</strong> 5.50% for the residential component and 7.00% for the retail component.<br />

Prepared by: Keyser Marston Associates, Inc.<br />

Filename: 1320 2nd Street_4 23 13; PF - Base; trb

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