5Story Underwriting

916 Benjamin Avenue Northeast, Grand Rapids, Michigan 49503, United States•PURSUING•v3•Saved 4/28/2026

Deal Thesis

19-unit residential, wood V-A, on a 1.40-acre deep multi-frontage parcel in Northeast. Zoning TN-LDR (Traditional Neighborhood — Low-Density Residential) supports ~21,509 SF buildable at FAR 1.0. Default tuck-under parking at 1.10/unit. Rents and costs from industry baselines; AI augmentation pending.

Why this scenarioRe-applied with user overrides 2026-04-28: constructionRate, acquisitionCost.

Cost basis vs. implied value over time

Stab. yr1 $1.2M → Yr11 $7.1M

Cost basis (acquisition + dev)Implied value (NOI ÷ exit cap)Underwater band

Equity cash flow + cumulative recovery

Breakeven Y11 · End cumulative $2.9M

Equity drawn (construction)Distributions to equityCumulative

Site

APN: 41-14-20-254-021
Acreage: 1.40 ac
Lot SF: 60,839.34 SF
Frontage: 0 LF

Zoning

District: TN-LDR
Overlays: none
Confidence: MEDIUM

916 Benjamin Avenue Northeast, Grand Rapids, Michigan 49503, United States parcel map

Concept / Program

Total Units

Residential SF

17,300

Retail SF

Parking

21 (tuck-under)

Buildable SF

21,509

Programmed SF

17,637

Efficiency

82%

Parking Ratio

1.10 / unit

Rent Roll (AI-estimated)

Unit Type	Avg SF	Count	Rent (Low / Base / High)	Status
1 BR	700	6	$1650 / / $2100	AI
2 BR	950	10	$2200 / / $2800	AI
3 BR	1200	3	$2900 / / $3550	AI

Total Development Cost — $5,504,516

	Total	% of TDC
Acquisition	$895,000	16.3%
▸▾Land acquisition$895,00016.3% Formula User override Inputs Lot SF60,839.34ArcGIS parcel $/SF$9industry default for residential-low Computed$895K source: baseline
Hard Costs (CSI)	$4,095,341	74.4%
▸▾ 1General Requirements — General Requirements$286,6745.2% Quantity × Rate 17,637 SF_GBA × $16.25 = $286,674 source: baseline
▸▾ 3Concrete — Concrete / Foundations$327,6276.0% Quantity × Rate 17,637 SF_GBA × $18.58 = $327,627 source: baseline
▸▾ 4Masonry — Masonry$163,8143.0% Quantity × Rate 17,637 SF_GBA × $9.29 = $163,814 source: baseline
▸▾ 5Metals — Structural Steel / Framing$368,5816.7% Quantity × Rate 17,637 SF_GBA × $20.90 = $368,581 source: baseline
▸▾ 6Wood, Plastics, and Composites — Rough & Finish Carpentry$327,6276.0% Quantity × Rate 17,637 SF_GBA × $18.58 = $327,627 source: baseline
▸▾ 7Thermal and Moisture Protection — Thermal & Moisture Protection$163,8143.0% Quantity × Rate 17,637 SF_GBA × $9.29 = $163,814 source: baseline
▸▾ 8Openings — Doors, Windows, Storefront$204,7673.7% Quantity × Rate 17,637 SF_GBA × $11.61 = $204,767 source: baseline
▸▾ 9Finishes — Finishes (drywall, flooring, paint)$409,5347.4% Quantity × Rate 17,637 SF_GBA × $23.22 = $409,534 source: baseline
▸▾ 10Specialties — Specialties$81,9071.5% Quantity × Rate 17,637 SF_GBA × $4.64 = $81,907 source: baseline
▸▾ 12Furnishings — Furnishings / Appliances$122,8602.2% Quantity × Rate 17,637 SF_GBA × $6.97 = $122,860 source: baseline
▸▾ 14Conveying Equipment — Elevators / Conveying$122,8602.2% Quantity × Rate 17,637 SF_GBA × $6.97 = $122,860 source: baseline
▸▾ 21Fire Suppression — Fire Suppression$81,9071.5% Quantity × Rate 17,637 SF_GBA × $4.64 = $81,907 source: baseline
▸▾ 22Plumbing — Plumbing$327,6276.0% Quantity × Rate 17,637 SF_GBA × $18.58 = $327,627 source: baseline
▸▾ 23Heating, Ventilating, and Air Conditioning (HVAC) — HVAC$409,5347.4% Quantity × Rate 17,637 SF_GBA × $23.22 = $409,534 source: baseline
▸▾ 26Electrical — Electrical$368,5816.7% Quantity × Rate 17,637 SF_GBA × $20.90 = $368,581 source: baseline
▸▾ 27Communications — Communications / Data$20,4770.4% Quantity × Rate 17,637 SF_GBA × $1.16 = $20,477 source: baseline
▸▾ 28Electronic Safety and Security — Security / Access Control$20,4770.4% Quantity × Rate 17,637 SF_GBA × $1.16 = $20,477 source: baseline
▸▾ 31Earthwork — Earthwork$81,9071.5% Quantity × Rate 17,637 SF_GBA × $4.64 = $81,907 source: baseline
▸▾ 32Exterior Improvements — Exterior Improvements$122,8602.2% Quantity × Rate 17,637 SF_GBA × $6.97 = $122,860 source: baseline
▸▾ 33Utilities — Site Utilities$81,9071.5% Quantity × Rate 17,637 SF_GBA × $4.64 = $81,907 source: baseline
Soft Costs	$53,700	1.0%
▸▾Construction-period property taxes$53,7001.0% Formula land value × land millage × construction years Inputs Land value$895KAcquisition above Land millage (GR)40 mills Years1.50 Computed$54K source: baseline
Financing	$221,660	4.0%
▸▾Lender fees / origination$37,7290.7% Formula loan amount × lender fee bps Inputs Loan amount$3.77MDebt sizing Lender fees100 bps (1.00%)Debt assumptions Computed$38K source: baseline
▸▾Construction loan interest$183,9313.3% Formula 0.50 (avg outstanding) × loan amount × construction rate × construction years Inputs Loan amount$3.77MDebt sizing Construction rate6.50%Debt assumptions Construction term18 mo (1.50 yr)Schedule Avg outstanding50%industry default Computed$184K source: baseline
Insurance	$20,477	0.4%
▸▾Builder's risk insurance$20,4770.4% Formula 0.50% × hard cost Inputs Hard cost$4.10MCost estimator Rate0.50% Computed$20K source: baseline
Reserves	$172,488	3.1%
▸▾Operating reserve (6 months OpEx)$94,0841.7% Formula 6 months × monthly stabilized OpEx Inputs Months6 Monthly OpEx$16KPro forma Computed$94K source: baseline
▸▾Lease-up operating reserve$78,4041.4% Formula lease-up months × monthly stabilized OpEx × 50% (avg occupancy shortfall) Inputs Lease-up months10 moSchedule Monthly OpEx$16KPro forma Shortfall factor50% Computed$78K source: baseline
Marketing + Leasing	$45,850	0.8%
▸▾Marketing + leasing commissions (initial lease-up)$45,8500.8% Formula 1 month × gross potential rent (one-time) Inputs Monthly GPR$46KPro forma Months1.0 Computed$46K source: baseline
Total Development Cost	$5,504,516	100%

Sources & Uses

Sources	Amount
Construction / Permanent Loan (debt)	$3,772,944
Sponsor / LP Equity (equity)	$1,731,571
Total Sources	$5,504,516

Uses	Amount
Total Development Cost	$5,504,516
Total Uses	$5,504,516

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).

Target equity multiple

x — leave blank to ignore

Target IRR (levered)

% — leave blank to ignore

Hold years

exit at year N

Debt Sizing

Loan Amount: $3,772,944
Annual Debt Service: $278,768
DSCR (actual): 1.200x
LTC (actual): 68.54%
LTV (actual): 67.67%
Debt Yield: 8.87%
Binding: DSCR
Equity Required: $1,731,571

Assumptions

Construction rate: 6.50%
Permanent rate: 6.25%
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%	1.08	1.20	1.32
BASE	1.08	1.20	1.32
-10%	1.08	1.20	1.32

Stabilized Pro Forma

Gross Potential Rent	$550,200
Vacancy Loss (5%)	$-27,510
Effective Gross Income	$522,690
Operating Expenses (36% of EGI)	$-188,168
NOI	$334,522
÷ Exit Cap (6.00%)	$5,575,360

Cash Flow (12 years)

Yr	Phase	Revenue	OpEx	NOI	Debt Service	Cash Flow	Equity Flow
0	CONSTRUCTION	$0	$0	$0	$0	$0	$-1,154,381
1	CONSTRUCTION	$0	$0	$0	$0	$0	$-577,190
2	LEASE_UP	$261,345	$188,168	$73,177	$278,768	$-205,591	$-205,591
3	STABILIZED	$535,757	$191,932	$343,825	$278,768	$65,057	$65,057
4	STABILIZED	$549,151	$195,770	$353,381	$278,768	$74,613	$74,613
5	STABILIZED	$562,880	$199,686	$363,194	$278,768	$84,426	$84,426
6	STABILIZED	$576,952	$203,680	$373,272	$278,768	$94,504	$94,504
7	STABILIZED	$591,376	$207,753	$383,623	$278,768	$104,855	$104,855
8	STABILIZED	$606,160	$211,908	$394,252	$278,768	$115,484	$115,484
9	STABILIZED	$621,314	$216,146	$405,168	$278,768	$126,400	$126,400
10	STABILIZED	$636,847	$220,469	$416,378	$278,768	$137,610	$137,610
11	SALE	$652,768	$224,879	$427,890	$278,768	$149,122	$4,075,349

Incentive Stack

Default stab AV (50% of stabilized value): $2,787,680

Brownfield Act 381 / PA 90 Housing TIFAI defaults

$0 total · max annual $0

Neighborhood Enterprise Zone (PA 147)AI defaults

$0 total · max annual $0

Obsolete Property Rehab Act (PA 146)AI defaults

$0 total · max annual $0

PILOT (Section 7d / 15a)AI defaults

$0 total · max annual $0

PILOT requires a qualifying affordability commitment.

MCRP (MEDC Community Revitalization)AI defaults

$0 total · max annual $0

LIHTC 4% + Private Activity Bondscoming soon

LIHTC 9% (Competitive)coming soon

Federal Historic Tax Credit (20%)coming soon

Michigan State Historic Tax Credit (25%)coming soon

Combined Stack Value

$0 (TDC reduction $0, cash-flow savings $0 over 0y)

AI Assumptions

7 total · 0 accepted · 0 overridden · 7 pending

Field	Value	Source	Confidence	State	Note
concept.totalUnits	19	deterministic-default	MEDIUM	Pending	Inferred from zoning envelope and average unit SF.
concept.parkingType	TUCK_UNDER	deterministic-default	MEDIUM	Pending	Picked by FAR density heuristic.
concept.parkingSpaces	21	deterministic-default	MEDIUM	Pending	Default parking ratio applied to unit count.
concept.totalRetailSf	0	deterministic-default	LOW	Pending	8% of envelope reserved for ground-floor retail in mixed-use districts; zero otherwise.
concept.unitTypes[1br].rentBase	1850	industry-default-rent	LOW	Pending	Industry-default Grand Rapids 2026 rent for 1BR. AI augmentation pending.
concept.unitTypes[2br].rentBase	2500	industry-default-rent	LOW	Pending	Industry-default Grand Rapids 2026 rent for 2BR. AI augmentation pending.
concept.unitTypes[3br].rentBase	3250	industry-default-rent	LOW	Pending	Industry-default Grand Rapids 2026 rent for 3BR. AI augmentation pending.

5story.dev · v3 · cmoiw4kx