Burger King Retail Project

Acquisition Cost
Development Cost
Soft Costs
Reserves
Total Cost
Rent Roll NNN @
YEAR
Rent
Taxes
Insurance
Net Operating Income
Debt Service
DSCR
Net Cash Flow
Reserves

Assuming a 6 year hold

$700,000.00
Space
$288,000.00 90 per sf
Building
$57,600.00 20% of hard
Parking
$50,000.00
$1,095,600.00
$55.00 LEASE UP
3%
1
2
3
0
$176,000.00
$181,280.00
($30,000.00)
($30,000.00)
($30,000.00)
($15,000.00)
($15,000.00)
($15,000.00)
($45,000.00)
$131,000.00
$136,280.00
($57,695.40)
($72,073.08)
($78,161.28)
1.82
1.74
$58,926.92
$58,118.72
($100,000.00)

ACQUISITION
Loan @ 65% LTV@6%

($245,000.00)
$455,000.00

CONSTRUCTION
Loan @ 65% LTC (i/o)6%
$120,960.00

($120,960.00)
$224,640.00 Refinance
$1,541,176.40
$1,001,764.66
($13,478.40)
(455,000.00)
$533,286.26

14,400 sq ft
3,200 sq ft
11,200 sq ft

escalation
4
$186,718.40
($30,000.00)
($15,000.00)
$141,718.40
($78,161.28)
1.81
$63,557.12

5
$192,319.95
($30,000.00)
($15,000.00)
$147,319.95
($78,161.28)
1.88
$69,158.67

8.5% cap of yr 2
$6,006.09
i/o payoff
1st payoff
cash out

Total Cash Flows

($568,655.40)

$592,213.18

$58,118.72

$63,557.12

$69,158.67

IRR
58%

Cash on Cash

2
104.14%

3
10.22%

4
11.18%

5
12.16%

Acquisition Sources
Equity
1st Mortgage

6
$198,089.55
($30,000.00)
($15,000.00)
$153,089.55
($78,161.28)
1.96
$74,928.27

SALE

Development Sources
($568,655.40)
$526,944.60

7
$204,032.24
($30,000.00)
($15,000.00)
$159,032.24
($78,161.28)
2.03
$80,870.96

7% cap
$2,271,889.10
($930,708.27) payoff
$1,341,180.83 net sale

Proceeds
$1,341,180.83
$74,928.27
$1,416,109.10

6
249.03%

8
$210,153.20
($30,000.00)
($15,000.00)
$165,153.20
($78,161.28)
2.11
$86,991.92

9
$216,457.80
($30,000.00)
($15,000.00)
$171,457.80
($78,161.28)
2.19
$93,296.52

10
$222,951.53
($30,000.00)
($15,000.00)
$177,951.53
($78,161.28)
2.28
$99,790.25