Revised Financial Analysis

Enclosed office space		400	square feet
Enclosed boat storage - 30 spaces at $110.00/mo		10,000	square feet
Covered rv parking (45') - 14 spaces at $120.00/mo		8,190	square feet
Covered rv parking (35') - 18 spaces at $100.00/mo		8,190	square feet
Open rv and boat parking - 31 spaces at $50.00/mo
Potential Gross Income (PGI)		$     99,960.00
Vacancy and Collection Loss % of PGI		10.00%
Vacancy and Collection Loss (VCL)		$       9,996.00
Effective Gross Income (EGI)		$     89,964.00
Total Operating Expenses as % of EGI		25.00%
Total Operating Expenses		$     22,491.00
Net Operating Income (NOI)		$     67,473.00
Minimum DSC Ratio		1.50
Annual Debt Service		$     44,982.00
Before Tax Cash Flow (BTCF)		$     22,491.00
Project Financing Details
Maximum LTV Ratio		70.00%
Loan Term in Months		180
Loan Interest Rate		8.50%
Debt (Loan Amount)		$380,659.03
Equity Required		$   163,139.58
Total Development Costs		$543,798.61
Land Acquisition Costs		$   146,000.00
= Maximum Allowable Construction Costs		$397,798.61
BTCF/EQUITY INVESTED (BTROE)		13.79%
Actual Construction Costs
Enclosed boat storage (includes office and site development costs)*		$18-$25 per sq. ft.
RV covered parking**		~$3 per sq. ft.
Total:		$277,940

Actual construction costs are projected to be much lower than the maximum allowable costs.

*Costs for development of the enclosed boat parking and office would be similar to a self-storage facility, which is $18-$25 per sq.ft., including site development costs. And, a project like this could have gravel drives instead of the traditional concrete paving at self-storage sites, which would lower this cost.
**For the two sizes of RV covered parking being proposed here, the costs are about $3 per sq. ft. for each size needed.

Sources: Trachte Building Systems ; Inside Self-Storage ; G.P.B., Inc.