Page 2 - Turbo Tires Package

Estimated Construction Cost

Total
Land SF 7.590 Acres 330,724
Turbo Tire - San Fernando Valley Project
Building SF 165,990
Coverage LSF NRSF 50.20%
Land Acquisition Price $55.00 $109.58 18,189,820 $ 109.58

CLOSING COSTS
Included in Land - $ -
Developer Acquistion Fee $ -
Legal/Due Diligence $ 50,000 $ 0.30
Civil/ALTA $ 50,000 $ 0.30
Subtotal Closing Costs 100,000 $ 0.60

CONSTRUCTION SOFT COSTS
Agency/Utility Fees 829,950 $ 5.00
Developer Fees 279,543 $ 1.68
Design Costs - A&E, Landscape & Structural 165,990 $ 1.00
Studies/Tech Studies/Traffic 20,000 $ 0.12
Civil/Structural 20,000 $ 0.12
Soils Testing/Construction Inspection 20,000 $ 0.12
Misc Consultants & Reimbursables 20,000 $ 0.12
Legal 25,000 $ 0.15
Developer Liability Insurance 35,000 $ 0.22
Builders Risk Insurance 35,000 $ 0.22
Contingency 3.0% 43,514 $ 0.26
Subtotal Construction Soft Costs 1,493,997 $ 9.01
HARD COSTS
Offisites - Estimate (Including Grading/Import) Land PSF 100,000 $ 0.60
Core/Shell/Site 6,639,600 $ 40.00
Demo/Retaining Walls
Tenant Improvements 248,985 $ 1.50
Subtotal Hard Costs 6,988,585 $ 42.10

LEASING / SALE & OTHER COSTS
Sales Commissions 1,146,626 $ 6.90
Signage/Marketing 15,000 $ 0.09
Legal for PSA 15,000 $ 0.09
Financing 716,641 $ 4.31
Subtotal Other Costs 1,893,267 $ 11.41

Total Development Costs After Financing $ 28,665,669 $ 172.70