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,111� <br />Option 11 <br />For the purpose of anticipated cost and the objective of creating full occupancy of the <br />1305 portion of the building in the future it will be necessary to completely renovate the <br />two apartments on the second floor which are currently vacant and in a deteriorated condi- <br />tion. To return the two dwelling units to a habitable condition would require the follow- <br />ing improvements: <br />o Remove existing furnishings and debris <br />o In tall new electrical service, wiring, outlets, switches and fixtures to code. <br />o R pair all walls, ceilings, install drywall in rooms impacted by fire damage, paint <br />all walls, ceilings and trim. <br />o Rt place all interior doors, install new hardware. <br />o Install new kitchens and baths including all fixtures, vanities, base and wall <br />cabinets, tub walls, flooring, counter tops, sinks. <br />o E. tend heating systems to both units, provide separate zone heat, thermostats. <br />o Install new floor covering in all rooms and hallway <br />o Install combination storms screens on second floor windows <br />Estimated cost for the improvements is $36,000 or approximately $23.00 per square foot. <br />Summar, of entire building <br />By using the estimated costs for the improvements indicated in.Options I and II we can <br />determine the probable costs of renovation for the entire 3- storefront building as indicated <br />in the table below. <br />Estimated Cost <br />Total 3 -Unit <br />1305 Unitl 1303 Unit 1301 Unit Building, <br />Exterior $21,250 $17,0503 $17,050 $55,350 <br />Interior 17,330 17,330 17,330 51,990 <br />Second Fl. (Apts) 36.000 40.0004 36.000 11 2.000 <br />Total $74,580 $74,380 $70,380 $219,340 <br />1 Used surveyed unit for sample costs. <br />�) I terior work for first floor (storefront) space only. <br />3) Excluding cost of west wall improvements required on 1305 unit. <br />4) Higher cost reflecting extensive fire damage in 1303 unit. <br />New Construction Replacement Cost Comparison <br />Small urban stores @ S45.00 /SF x 4500 $202,500 <br />One and two - bedroom apartments on upper floor @ $51.00 /SF 229.500 <br />Total cot to replace 3 -unit building $432,000 <br />F1 <br />