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Option II <br />For the purpose of anticipated cost and the objective of creating full occupancy of the 1305 portion of <br />the building in the future it will be necessary to completely renovate the two apartments on the second <br />floor which are currently vacant and in a deteriorated condition. To return the two dwelling units to a <br />habitable condition would require the following improvements: <br /> <br />o Remove existing furnishings and debris <br />0 Install new electrical service, wiring, outlets, switches and fixtures to code. <br />o Repair all walls, ceilings, install drywall in rooms impacted by fire damage, paint all walls, <br />ceilings and trim. <br />o Replace all interior doors, install new hardware. <br />o Install new kitchens and baths including all fixtures, vanities, base and wall cabinets, tub <br />walls, flooring, counter tops, sinks. <br />o Extend 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 536,000 or approximately $23.00 per square foot. <br />Summary of entire building <br />By using the estimated costs for the improvements indicated in Options I and II we can determine the <br />probable costs of renovation for the entire 3-storefront building as indicated in the table below. <br />Estimated Cost <br />1305 Unit, ~ 1303 Unit 1301 Unit <br />• <br />Exterior $21,250 $17,050; $17,050 <br />[nteriorZ 17,330 17,330 17,330 <br />Second Fl. (Apts) 36.000 40.000' 36.000 <br />Total $74,580 $74,380 $70,380 <br />1) Used surveyed unit for sample costs. <br />2) Interior 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 <br />One and two-bedroom apartments on upper floor @ $51.00/SF <br />Total cost to replace 3-unit building <br />Total 3-Unit <br />Building <br />$55,350 <br />51,990 <br />1 12,000 <br />$219,340 <br />$202,500 <br />229,500 <br />$432,000 <br />a <br />