5s
400 Leonard St NE, Grand Rapids, MI 49503•LOI•v1•Saved 4/28/2026

Deal Thesis

3-story wood V-A walkup, no retail (concept omits ground-floor commercial along this stretch of Leonard). Tuck-under parking at grade (15 spaces = 1.25/unit). User overrode AI unit mix to 4×1BR + 6×2BR + 2×3BR to maximize door count — the 1BR block captures Creston's young-professional demand.

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

Cost basis vs. implied value over time

Stab. yr1 $641K → Yr11 $3.6M
$0$1.2M$2.4M$3.6M$4.8MY0Y2Y4Y6Y8Y10Y11
Cost basis (acquisition + dev)Implied value (NOI ÷ exit cap)Underwater band

Equity cash flow + cumulative recovery

Never breaks even · End cumulative $-273K
$-3.0M$-1.7M$-370K$966K$2.3MY0Y2Y4Y6Y8Y10Y11
Equity drawn (construction)Distributions to equityCumulative

Site

APN
41-13-24-101-008
Acreage
0.25 ac
Lot SF
10,890 SF
Frontage
75 LF

Zoning

District
TN-TBA
Overlays
none
Confidence
HIGH
400 Leonard St NE, Grand Rapids, MI 49503 parcel map

Concept / Program

Total Units
12
Residential SF
10,200
Retail SF
0
Parking
15 (tuck-under)
Buildable SF
13,200
Programmed SF
12,750
Efficiency
80%
Parking Ratio
1.25 / unit

Rent Roll (AI-estimated)

Unit TypeAvg SFCountRent (Low / Base / High)StatusNote
1 BR6504$1400 / / $1650Accepted
2 BR9006$1800 / / $2050AI
3 BR11002$2300 / / $2550AI

Total Development Cost — $4,448,679

Line itemTotal% of TDC
Acquisition$653,40014.7%
▸Land acquisition$653,40014.7%
Formula
lot SF × $/SF heuristic by zoning category
Inputs
  • Lot SF10,890ArcGIS parcel
  • $/SF$60industry default for mixed
  • Computed$653K
source: baseline
Hard Costs (CSI)$2,960,56466.5%
▸ 1General Requirements — General Requirements$207,2404.7%
Quantity × Rate
12,750 SF_GBA × $16.25 = $207,240
source: baseline
▸ 3Concrete — Concrete / Foundations$236,8455.3%
Quantity × Rate
12,750 SF_GBA × $18.58 = $236,845
source: baseline
▸ 4Masonry — Masonry$118,4232.7%
Quantity × Rate
12,750 SF_GBA × $9.29 = $118,423
source: baseline
▸ 5Metals — Structural Steel / Framing$266,4516.0%
Quantity × Rate
12,750 SF_GBA × $20.90 = $266,451
source: baseline
▸ 6Wood, Plastics, and Composites — Rough & Finish Carpentry$236,8455.3%
Quantity × Rate
12,750 SF_GBA × $18.58 = $236,845
source: baseline
▸ 7Thermal and Moisture Protection — Thermal & Moisture Protection$118,4232.7%
Quantity × Rate
12,750 SF_GBA × $9.29 = $118,423
source: baseline
▸ 8Openings — Doors, Windows, Storefront$148,0283.3%
Quantity × Rate
12,750 SF_GBA × $11.61 = $148,028
source: baseline
▸ 9Finishes — Finishes (drywall, flooring, paint)$296,0566.7%
Quantity × Rate
12,750 SF_GBA × $23.22 = $296,056
source: baseline
▸ 10Specialties — Specialties$59,2111.3%
Quantity × Rate
12,750 SF_GBA × $4.64 = $59,211
source: baseline
▸ 12Furnishings — Furnishings / Appliances$88,8172.0%
Quantity × Rate
12,750 SF_GBA × $6.97 = $88,817
source: baseline
▸ 14Conveying Equipment — Elevators / Conveying$88,8172.0%
Quantity × Rate
12,750 SF_GBA × $6.97 = $88,817
source: baseline
▸ 21Fire Suppression — Fire Suppression$59,2111.3%
Quantity × Rate
12,750 SF_GBA × $4.64 = $59,211
source: baseline
▸ 22Plumbing — Plumbing$236,8455.3%
Quantity × Rate
12,750 SF_GBA × $18.58 = $236,845
source: baseline
▸ 23Heating, Ventilating, and Air Conditioning (HVAC) — HVAC$296,0566.7%
Quantity × Rate
12,750 SF_GBA × $23.22 = $296,056
source: baseline
▸ 26Electrical — Electrical$266,4516.0%
Quantity × Rate
12,750 SF_GBA × $20.90 = $266,451
source: baseline
▸ 27Communications — Communications / Data$14,8030.3%
Quantity × Rate
12,750 SF_GBA × $1.16 = $14,803
source: baseline
▸ 28Electronic Safety and Security — Security / Access Control$14,8030.3%
Quantity × Rate
12,750 SF_GBA × $1.16 = $14,803
source: baseline
▸ 31Earthwork — Earthwork$59,2111.3%
Quantity × Rate
12,750 SF_GBA × $4.64 = $59,211
source: baseline
▸ 32Exterior Improvements — Exterior Improvements$88,8172.0%
Quantity × Rate
12,750 SF_GBA × $6.97 = $88,817
source: baseline
▸ 33Utilities — Site Utilities$59,2111.3%
Quantity × Rate
12,750 SF_GBA × $4.64 = $59,211
source: baseline
Soft Costs$30,4920.7%
▸Construction-period property taxes$30,4920.7%
Formula
land value × land millage × construction years
Inputs
  • Land value$653KAcquisition above
  • Land millage (GR)40 mills
  • Years1.17
  • Computed$30K
source: baseline
Financing$90,7432.0%
▸Lender fees / origination$17,8510.4%
Formula
loan amount × lender fee bps
Inputs
  • Loan amount$1.79MDebt sizing
  • Lender fees100 bps (1.00%)Debt assumptions
  • Computed$18K
source: baseline
▸Construction loan interest$72,8921.6%
Formula
0.50 (avg outstanding) × loan amount × construction rate × construction years
Inputs
  • Loan amount$1.79MDebt sizing
  • Construction rate7.00%Debt assumptions
  • Construction term14 mo (1.17 yr)Schedule
  • Avg outstanding50%industry default
  • Computed$73K
source: baseline
Insurance$14,8030.3%
▸Builder's risk insurance$14,8030.3%
Formula
0.50% × hard cost
Inputs
  • Hard cost$2.96MCost estimator
  • Rate0.50%
  • Computed$15K
source: baseline
Reserves$74,8131.7%
▸Operating reserve (6 months OpEx)$44,8881.0%
Formula
6 months × monthly stabilized OpEx
Inputs
  • Months6
  • Monthly OpEx$7KPro forma
  • Computed$45K
source: baseline
▸Lease-up operating reserve$29,9250.7%
Formula
lease-up months × monthly stabilized OpEx × 50% (avg occupancy shortfall)
Inputs
  • Lease-up months8 moSchedule
  • Monthly OpEx$7KPro forma
  • Shortfall factor50%
  • Computed$30K
source: baseline
Marketing + Leasing$22,5000.5%
▸Marketing + leasing commissions (initial lease-up)$22,5000.5%
Formula
1 month × gross potential rent (one-time)
Inputs
  • Monthly GPR$23KPro forma
  • Months1.0
  • Computed$23K
source: baseline
Total Development Cost$4,448,679100%

Sources & Uses

SourcesAmount
Construction / Permanent Loan (debt)$1,785,100
Sponsor / LP Equity (equity)$2,663,579
Total Sources$4,448,679
UsesAmount
Hard Costs$2,960,564
Soft Costs$148,915
Contingency$177,634
GC Fee$162,831
Developer Fee$142,477
Other / Reconciliation$856,258
Total Uses$4,448,679

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
$1,785,100
Annual Debt Service
$138,938
DSCR (actual)
1.200x
LTC (actual)
40.13%
LTV (actual)
64.24%
Debt Yield
9.34%
Binding
DSCR
Equity Required
$2,663,579

Assumptions

Construction rate
7.00%
Permanent rate
6.75%
Amortization
30 yr
IO period
24 mo
Target LTC
78%
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$270,000
Vacancy Loss (5%)$-13,500
Effective Gross Income$256,500
Operating Expenses (35% of EGI)$-89,775
NOI$166,725
÷ Exit Cap (6.00%)$2,778,750

Cash Flow (12 years)

YrPhaseRevenueOpExNOIDebt ServiceCash FlowEquity Flow
0CONSTRUCTION$0$0$0$0$0$-2,283,067
1CONSTRUCTION$0$0$0$0$0$-380,511
2LEASE_UP$128,250$89,775$38,475$138,938$-100,462$-100,462
3STABILIZED$262,913$91,571$171,342$138,938$32,405$32,405
4STABILIZED$269,485$93,402$176,083$138,938$37,146$37,146
5STABILIZED$276,222$95,270$180,953$138,938$42,015$42,015
6STABILIZED$283,128$97,175$185,953$138,938$47,015$47,015
7STABILIZED$290,206$99,119$191,087$138,938$52,150$52,150
8STABILIZED$297,461$101,101$196,360$138,938$57,423$57,423
9STABILIZED$304,898$103,123$201,775$138,938$62,837$62,837
10STABILIZED$312,520$105,186$207,335$138,938$68,397$68,397
11SALE$320,333$107,289$213,044$138,938$74,106$2,092,004

Incentive Stack

Default stab AV (50% of stabilized value): $1,389,375
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 · 4 accepted · 1 overridden · 3 pending
FieldValueSourceConfidenceStateNote
concept.unitMix{"mix":[{"count":8,"bedrooms":2},{"count":4,"bedrooms":3}]}unit-mix-v1LOWOverriddenPer-unit lot-area minimums + small floorplate call for smaller units to maximize door count; 1BR demand strong in Creston
zoning.envelope.maxFarnullzoning-interpret-v1HIGHAcceptedBase district TN-TBA permits FAR n/a (density-per-acre controls).
costs.adjustmentPct0.03cost-adjustment-v1MEDIUMAcceptedGrand Rapids hard-cost premium ~3% above raw industry baseline due to labor tightness.
concept.unitTypes[2].rentBase2425rent-estimate-v1LOWPending3BR estimated at $2425/mo per comps within 1mi (CoStar Q1-2026, Rentometer, Zillow); sfAvg 1100sf.
concept.unitTypes[1].rentBase1925rent-estimate-v1MEDIUMPending2BR estimated at $1925/mo per comps within 1mi (CoStar Q1-2026, Rentometer, Zillow); sfAvg 900sf.
concept.unitTypes[0].rentBase1525rent-estimate-v1MEDIUMAccepted1BR estimated at $1525/mo per comps within 1mi (CoStar Q1-2026, Rentometer, Zillow); sfAvg 650sf.
concept.parkingSpaces15concept-v1HIGHPending15 spaces satisfies the TN-TBA ratio of 1.5/unit (and retail minimums where applicable).
concept.totalUnits12concept-v1HIGHAcceptedAI sized the program at 12 units based on the buildable envelope and TN-TBA form-based standards.

Override Log

FieldOld → NewNoteWhen
concept.unitMix{"mix":[{"count":8,"bedrooms":2},{"count":4,"bedrooms":3}]} → {"mix":[{"count":4,"bedrooms":1},{"count":6,"bedrooms":2},{"count":2,"bedrooms":3}]}Per-unit lot-area minimums + small floorplate call for smaller units to maximize door count; 1BR demand strong in Creston4/28/2026
5story.dev · v1 · cmoiun2m