5s
1200 Wealthy Street Southeast, Grand Rapids, Michigan 49506, United States•PURSUING•v1•Saved 4/28/2026

Deal Thesis

25-unit mixed-use over 2,287 SF ground retail, podium I-A, on a 0.26-acre midblock parcel in Eastown. Zoning TN-TBA (Traditional Neighborhood – Transit Business Area) supports ~28,585 SF buildable at FAR 3.0. Default podium parking at 0.85/unit. Rents and costs from industry baselines; AI augmentation pending.

Why this scenarioDefault Balanced scenario from deterministic pipeline. DSCR 1.20, IRR 4.1%, EM 1.49x. AI augmentation pending — current rents and costs are industry baselines.

Cost basis vs. implied value over time

Stab. yr1 $1.7M → Yr11 $9.8M
$0$2.6M$5.3M$7.9M$10.6MY0Y2Y4Y6Y8Y10Y11breakeven Y9
Cost basis (acquisition + dev)Implied value (NOI ÷ exit cap)Underwater band

Equity cash flow + cumulative recovery

Breakeven Y11 · End cumulative $2.3M
$-5.1M$-2.2M$635K$3.5M$6.4MY0Y2Y4Y6Y8Y10Y11breakeven
Equity drawn (construction)Distributions to equityCumulative

Site

APN
41-14-32-201-001
Acreage
0.26 ac
Lot SF
11,251.2 SF
Frontage
0 LF

Zoning

District
TN-TBA
Overlays
HISTORIC
Confidence
MEDIUM
Flags
Historic
1200 Wealthy Street Southeast, Grand Rapids, Michigan 49506, United States parcel map

Concept / Program

Total Units
25
Residential SF
20,650
Retail SF
2,287
Parking
21 (podium)
Buildable SF
28,585
Programmed SF
23,440
Efficiency
82%
Parking Ratio
0.85 / unit

Rent Roll (AI-estimated)

Unit TypeAvg SFCountRent (Low / Base / High)StatusNote
1 BR65011$1650 / / $2100AI
2 BR90011$2200 / / $2800AI
3 BR12003$2900 / / $3550AI
Retail2287—$22 / / $34AI60LF frontage · visibility 3/5

Total Development Cost — $9,252,706

Line itemTotal% of TDC
Hard Costs (CSI)$7,690,56183.1%
▸ 1General Requirements — General Requirements$538,3395.8%
Quantity × Rate
23,440 SF_GBA × $22.97 = $538,339
source: baseline
▸ 3Concrete — Concrete / Foundations$615,2456.6%
Quantity × Rate
23,440 SF_GBA × $26.25 = $615,245
source: baseline
▸ 4Masonry — Masonry$307,6223.3%
Quantity × Rate
23,440 SF_GBA × $13.12 = $307,622
source: baseline
▸ 5Metals — Structural Steel / Framing$692,1507.5%
Quantity × Rate
23,440 SF_GBA × $29.53 = $692,150
source: baseline
▸ 6Wood, Plastics, and Composites — Rough & Finish Carpentry$615,2456.6%
Quantity × Rate
23,440 SF_GBA × $26.25 = $615,245
source: baseline
▸ 7Thermal and Moisture Protection — Thermal & Moisture Protection$307,6223.3%
Quantity × Rate
23,440 SF_GBA × $13.12 = $307,622
source: baseline
▸ 8Openings — Doors, Windows, Storefront$384,5284.2%
Quantity × Rate
23,440 SF_GBA × $16.40 = $384,528
source: baseline
▸ 9Finishes — Finishes (drywall, flooring, paint)$769,0568.3%
Quantity × Rate
23,440 SF_GBA × $32.81 = $769,056
source: baseline
▸ 10Specialties — Specialties$153,8111.7%
Quantity × Rate
23,440 SF_GBA × $6.56 = $153,811
source: baseline
▸ 12Furnishings — Furnishings / Appliances$230,7172.5%
Quantity × Rate
23,440 SF_GBA × $9.84 = $230,717
source: baseline
▸ 14Conveying Equipment — Elevators / Conveying$230,7172.5%
Quantity × Rate
23,440 SF_GBA × $9.84 = $230,717
source: baseline
▸ 21Fire Suppression — Fire Suppression$153,8111.7%
Quantity × Rate
23,440 SF_GBA × $6.56 = $153,811
source: baseline
▸ 22Plumbing — Plumbing$615,2456.6%
Quantity × Rate
23,440 SF_GBA × $26.25 = $615,245
source: baseline
▸ 23Heating, Ventilating, and Air Conditioning (HVAC) — HVAC$769,0568.3%
Quantity × Rate
23,440 SF_GBA × $32.81 = $769,056
source: baseline
▸ 26Electrical — Electrical$692,1507.5%
Quantity × Rate
23,440 SF_GBA × $29.53 = $692,150
source: baseline
▸ 27Communications — Communications / Data$38,4530.4%
Quantity × Rate
23,440 SF_GBA × $1.64 = $38,453
source: baseline
▸ 28Electronic Safety and Security — Security / Access Control$38,4530.4%
Quantity × Rate
23,440 SF_GBA × $1.64 = $38,453
source: baseline
▸ 31Earthwork — Earthwork$153,8111.7%
Quantity × Rate
23,440 SF_GBA × $6.56 = $153,811
source: baseline
▸ 32Exterior Improvements — Exterior Improvements$230,7172.5%
Quantity × Rate
23,440 SF_GBA × $9.84 = $230,717
source: baseline
▸ 33Utilities — Site Utilities$153,8111.7%
Quantity × Rate
23,440 SF_GBA × $6.56 = $153,811
source: baseline
Total Development Cost$9,252,706100%

Sources & Uses

SourcesAmount
Construction / Permanent Loan (debt)$4,916,410
Sponsor / LP Equity (equity)$4,336,296
Total Sources$9,252,706
UsesAmount
Hard Costs$7,690,561
Soft Costs$307,622
Contingency$461,434
GC Fee$422,981
Developer Fee$370,108
Total Uses$9,252,706

Land Value (Residual) Solver

Holds the concept, rents, hard cost, and debt assumptions constant. Solves for the maximum acquisition cost that still meets the targets you set, accounting for the soft-cost ripple (loan amount, construction interest, reserves all re-resolve as land moves).

x — leave blank to ignore

% — leave blank to ignore

exit at year N

Debt Sizing

Loan Amount
$4,916,410
Annual Debt Service
$382,653
DSCR (actual)
1.200x
LTC (actual)
53.13%
LTV (actual)
64.24%
Debt Yield
9.34%
Binding
DSCR
Equity Required
$4,336,296

Assumptions

Construction rate
7.00%
Permanent rate
6.75%
Amortization
30 yr
IO period
24 mo
Target LTC
83%
Min DSCR
1.20x

DSCR Sensitivity (rent × cost)

Computed from current scenario inputs by re-running the engine for each cell.

Cost ↓ / Rent →-10%BASE+10%
+10%1.081.201.32
BASE1.081.201.32
-10%1.081.201.32

Stabilized Pro Forma

Gross Potential Rent$755,236
Vacancy Loss (5%)$-37,762
Effective Gross Income$717,474
Operating Expenses (36% of EGI)$-258,291
NOI$459,183
÷ Exit Cap (6.00%)$7,653,058

Cash Flow (12 years)

YrPhaseRevenueOpExNOIDebt ServiceCash FlowEquity Flow
0CONSTRUCTION$0$0$0$0$0$-2,890,864
1CONSTRUCTION$0$0$0$0$0$-1,445,432
2LEASE_UP$358,737$258,291$100,446$382,653$-282,207$-282,207
3STABILIZED$735,411$263,457$471,955$382,653$89,302$89,302
4STABILIZED$753,796$268,726$485,071$382,653$102,418$102,418
5STABILIZED$772,641$274,100$498,541$382,653$115,888$115,888
6STABILIZED$791,957$279,582$512,375$382,653$129,722$129,722
7STABILIZED$811,756$285,174$526,582$382,653$143,929$143,929
8STABILIZED$832,050$290,877$541,173$382,653$158,520$158,520
9STABILIZED$852,851$296,695$556,157$382,653$173,504$173,504
10STABILIZED$874,173$302,629$571,544$382,653$188,891$188,891
11SALE$896,027$308,681$587,346$382,653$204,693$5,773,272

Incentive Stack

Default stab AV (50% of stabilized value): $3,826,529
AI defaults
$0 total · max annual $0
AI defaults
$0 total · max annual $0
AI defaults
$0 total · max annual $0
AI defaults
$0 total · max annual $0
PILOT requires a qualifying affordability commitment.
AI defaults
$0 total · max annual $0
coming soon
coming soon
coming soon
coming soon
Combined Stack Value
$0 (TDC reduction $0, cash-flow savings $0 over 0y)

AI Assumptions

8 total · 0 accepted · 0 overridden · 8 pending
FieldValueSourceConfidenceStateNote
concept.totalUnits25deterministic-defaultMEDIUMPendingInferred from zoning envelope and average unit SF.
concept.parkingTypePODIUMdeterministic-defaultMEDIUMPendingPicked by FAR density heuristic.
concept.parkingSpaces21deterministic-defaultMEDIUMPendingDefault parking ratio applied to unit count.
concept.totalRetailSf2287deterministic-defaultLOWPending8% of envelope reserved for ground-floor retail in mixed-use districts; zero otherwise.
concept.unitTypes[1br].rentBase1850industry-default-rentLOWPendingIndustry-default Grand Rapids 2026 rent for 1BR. AI augmentation pending.
concept.unitTypes[2br].rentBase2500industry-default-rentLOWPendingIndustry-default Grand Rapids 2026 rent for 2BR. AI augmentation pending.
concept.unitTypes[3br].rentBase3250industry-default-rentLOWPendingIndustry-default Grand Rapids 2026 rent for 3BR. AI augmentation pending.
retail.rentBase28industry-default-rentLOWPendingIndustry-default neighborhood retail NNN. AI augmentation pending.
5story.dev · v1 · cmoi26qs