5s
1200 Wealthy St SE, Grand Rapids, MI 49506•PASSED•v2•Saved 4/28/2026

Deal Thesis

3-story wood V-A walkup on Wealthy St corridor: 2,400 sf neighborhood retail (coffee/boutique scale) at grade, tuck-under parking behind (20 spaces), 24 units on floors 2-3. TN-TBA form-based standards; deal is tight on basis given corridor land costs.

Why this scenarioDefault MAX_RETURN scenario using engine-computed numbers for dashboard display.

Cost basis vs. implied value over time

Stab. yr1 $1.2M → Yr11 $7.9M
$0$2.2M$4.4M$6.6M$8.8MY0Y2Y4Y6Y8Y10Y11
Cost basis (acquisition + dev)Implied value (NOI ÷ exit cap)Underwater band

Equity cash flow + cumulative recovery

Breakeven Y11 · End cumulative $1.2M
$-4.9M$-2.4M$144K$2.7M$5.2MY0Y2Y4Y6Y8Y10Y11breakeven
Equity drawn (construction)Distributions to equityCumulative

Site

APN
41-14-34-451-012
Acreage
0.18 ac
Lot SF
7,841 SF
Frontage
60 LF

Zoning

District
TN-TBA
Overlays
none
Confidence
HIGH
1200 Wealthy St SE, Grand Rapids, MI 49506 parcel map

Concept / Program

Total Units
24
Residential SF
20,140
Retail SF
2,400
Parking
20 (tuck-under)
Buildable SF
28,000
Programmed SF
25,200
Efficiency
80%
Parking Ratio
0.83 / unit

Rent Roll (AI-estimated)

Unit TypeAvg SFCountRent (Low / Base / High)StatusNote
1 BR68010$1600 / / $1900Accepted
2 BR92012$2000 / / $2350Accepted
3 BR11502$2600 / / $2950Accepted
Retail2400—$24 / / $30Overridden60LF frontage · visibility 4/5

Total Development Cost — $8,132,755

Line itemTotal% of TDC
Acquisition$470,4605.8%
▸Land acquisition$470,4605.8%
Formula
lot SF × $/SF heuristic by zoning category
Inputs
  • Lot SF7,841ArcGIS parcel
  • $/SF$60industry default for mixed
  • Computed$470K
source: baseline
Hard Costs (CSI)$5,851,46871.9%
▸ 1General Requirements — General Requirements$409,6035.0%
Quantity × Rate
25,200 SF_GBA × $16.25 = $409,603
source: baseline
▸ 3Concrete — Concrete / Foundations$468,1175.8%
Quantity × Rate
25,200 SF_GBA × $18.58 = $468,117
source: baseline
▸ 4Masonry — Masonry$234,0592.9%
Quantity × Rate
25,200 SF_GBA × $9.29 = $234,059
source: baseline
▸ 5Metals — Structural Steel / Framing$526,6326.5%
Quantity × Rate
25,200 SF_GBA × $20.90 = $526,632
source: baseline
▸ 6Wood, Plastics, and Composites — Rough & Finish Carpentry$468,1175.8%
Quantity × Rate
25,200 SF_GBA × $18.58 = $468,117
source: baseline
▸ 7Thermal and Moisture Protection — Thermal & Moisture Protection$234,0592.9%
Quantity × Rate
25,200 SF_GBA × $9.29 = $234,059
source: baseline
▸ 8Openings — Doors, Windows, Storefront$292,5733.6%
Quantity × Rate
25,200 SF_GBA × $11.61 = $292,573
source: baseline
▸ 9Finishes — Finishes (drywall, flooring, paint)$585,1477.2%
Quantity × Rate
25,200 SF_GBA × $23.22 = $585,147
source: baseline
▸ 10Specialties — Specialties$117,0291.4%
Quantity × Rate
25,200 SF_GBA × $4.64 = $117,029
source: baseline
▸ 12Furnishings — Furnishings / Appliances$175,5442.2%
Quantity × Rate
25,200 SF_GBA × $6.97 = $175,544
source: baseline
▸ 14Conveying Equipment — Elevators / Conveying$175,5442.2%
Quantity × Rate
25,200 SF_GBA × $6.97 = $175,544
source: baseline
▸ 21Fire Suppression — Fire Suppression$117,0291.4%
Quantity × Rate
25,200 SF_GBA × $4.64 = $117,029
source: baseline
▸ 22Plumbing — Plumbing$468,1175.8%
Quantity × Rate
25,200 SF_GBA × $18.58 = $468,117
source: baseline
▸ 23Heating, Ventilating, and Air Conditioning (HVAC) — HVAC$585,1477.2%
Quantity × Rate
25,200 SF_GBA × $23.22 = $585,147
source: baseline
▸ 26Electrical — Electrical$526,6326.5%
Quantity × Rate
25,200 SF_GBA × $20.90 = $526,632
source: baseline
▸ 27Communications — Communications / Data$29,2570.4%
Quantity × Rate
25,200 SF_GBA × $1.16 = $29,257
source: baseline
▸ 28Electronic Safety and Security — Security / Access Control$29,2570.4%
Quantity × Rate
25,200 SF_GBA × $1.16 = $29,257
source: baseline
▸ 31Earthwork — Earthwork$117,0291.4%
Quantity × Rate
25,200 SF_GBA × $4.64 = $117,029
source: baseline
▸ 32Exterior Improvements — Exterior Improvements$175,5442.2%
Quantity × Rate
25,200 SF_GBA × $6.97 = $175,544
source: baseline
▸ 33Utilities — Site Utilities$117,0291.4%
Quantity × Rate
25,200 SF_GBA × $4.64 = $117,029
source: baseline
Soft Costs$31,3640.4%
▸Construction-period property taxes$31,3640.4%
Formula
land value × land millage × construction years
Inputs
  • Land value$470KAcquisition above
  • Land millage (GR)40 mills
  • Years1.67
  • Computed$31K
source: baseline
Financing$269,4333.3%
▸Lender fees / origination$39,4290.5%
Formula
loan amount × lender fee bps
Inputs
  • Loan amount$3.94MDebt sizing
  • Lender fees100 bps (1.00%)Debt assumptions
  • Computed$39K
source: baseline
▸Construction loan interest$230,0042.8%
Formula
0.50 (avg outstanding) × loan amount × construction rate × construction years
Inputs
  • Loan amount$3.94MDebt sizing
  • Construction rate7.00%Debt assumptions
  • Construction term20 mo (1.67 yr)Schedule
  • Avg outstanding50%industry default
  • Computed$230K
source: baseline
Insurance$29,2570.4%
▸Builder's risk insurance$29,2570.4%
Formula
0.50% × hard cost
Inputs
  • Hard cost$5.85MCost estimator
  • Rate0.50%
  • Computed$29K
source: baseline
Reserves$237,3942.9%
▸Operating reserve (6 months OpEx)$118,6971.5%
Formula
6 months × monthly stabilized OpEx
Inputs
  • Months6
  • Monthly OpEx$20KPro forma
  • Computed$119K
source: baseline
▸Lease-up operating reserve$118,6971.5%
Formula
lease-up months × monthly stabilized OpEx × 50% (avg occupancy shortfall)
Inputs
  • Lease-up months12 moSchedule
  • Monthly OpEx$20KPro forma
  • Shortfall factor50%
  • Computed$119K
source: baseline
Marketing + Leasing$54,8000.7%
▸Marketing + leasing commissions (initial lease-up)$54,8000.7%
Formula
1 month × gross potential rent (one-time)
Inputs
  • Monthly GPR$55KPro forma
  • Months1.0
  • Computed$55K
source: baseline
Total Development Cost$8,132,755100%

Sources & Uses

SourcesAmount
Construction / Permanent Loan (debt)$3,942,920
Sponsor / LP Equity (equity)$4,189,835
Total Sources$8,132,755
UsesAmount
Hard Costs$5,851,468
Soft Costs$265,423
Contingency$351,088
GC Fee$321,831
Developer Fee$281,602
Other / Reconciliation$1,061,344
Total Uses$8,132,755

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
$3,942,920
Annual Debt Service
$322,772
DSCR (actual)
1.200x
LTC (actual)
48.48%
LTV (actual)
63.62%
Debt Yield
9.82%
Binding
DSCR
Equity Required
$4,189,835

Assumptions

Construction rate
7.00%
Permanent rate
7.25%
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$657,600
Vacancy Loss (5%)$-32,880
Effective Gross Income$624,720
Operating Expenses (38% of EGI)$-237,394
NOI$387,326
÷ Exit Cap (6.25%)$6,197,222

Cash Flow (12 years)

YrPhaseRevenueOpExNOIDebt ServiceCash FlowEquity Flow
0CONSTRUCTION$0$0$0$0$0$-2,513,901
1CONSTRUCTION$0$0$0$0$0$-1,675,934
2LEASE_UP$312,360$237,394$74,966$322,772$-247,806$-247,806
3STABILIZED$640,338$242,141$398,197$322,772$75,425$75,425
4STABILIZED$656,346$246,984$409,362$322,772$86,590$86,590
5STABILIZED$672,755$251,924$420,831$322,772$98,059$98,059
6STABILIZED$689,574$256,962$432,612$322,772$109,840$109,840
7STABILIZED$706,813$262,102$444,712$322,772$121,940$121,940
8STABILIZED$724,484$267,344$457,140$322,772$134,368$134,368
9STABILIZED$742,596$272,691$469,905$322,772$147,133$147,133
10STABILIZED$761,161$278,144$483,016$322,772$160,244$160,244
11SALE$780,190$283,707$496,482$322,772$173,710$4,699,129

Incentive Stack

Default stab AV (50% of stabilized value): $3,098,611
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

10 total · 9 accepted · 1 overridden · 0 pending
FieldValueSourceConfidenceStateNote
concept.unitMix{"mix":[{"count":10,"bedrooms":1},{"count":12,"bedrooms":2},{"count":2,"bedrooms":3}]}unit-mix-v1HIGHAcceptedMix accepted as proposed; matches buildable envelope and submarket demand.
zoning.envelope.maxFar2zoning-interpret-v1HIGHAcceptedBase district TN-TBA permits FAR 2.
costs.adjustmentPct0.03cost-adjustment-v1MEDIUMAcceptedGrand Rapids hard-cost premium ~3% above raw industry baseline due to labor tightness.
concept.retail.visibilityScore4concept-v1MEDIUMAcceptedVisibility score (1-5) from frontage length and corridor traffic heuristics.
concept.retail.rentBase22rent-estimate-v1MEDIUMOverriddenWealthy St corridor asking $26-30, AI is using submarket avg not corridor-specific
concept.unitTypes[2].rentBase2800rent-estimate-v1MEDIUMAccepted3BR estimated at $2800/mo per comps within 1mi (CoStar Q1-2026, Rentometer, Zillow); sfAvg 1150sf.
concept.unitTypes[1].rentBase2175rent-estimate-v1HIGHAccepted2BR estimated at $2175/mo per comps within 1mi (CoStar Q1-2026, Rentometer, Zillow); sfAvg 920sf.
concept.unitTypes[0].rentBase1750rent-estimate-v1HIGHAccepted1BR estimated at $1750/mo per comps within 1mi (CoStar Q1-2026, Rentometer, Zillow); sfAvg 680sf.
concept.parkingSpaces20concept-v1HIGHAccepted20 spaces satisfies the TN-TBA ratio of 1/unit (and retail minimums where applicable).
concept.totalUnits24concept-v1HIGHAcceptedAI sized the program at 24 units based on the buildable envelope and TN-TBA form-based standards.

Override Log

FieldOld → NewNoteWhen
concept.retail.rentBase22 → 28Wealthy St corridor asking $26-30, AI is using submarket avg not corridor-specific4/28/2026
5story.dev · v2 · cmoiumzb