Control panel
Assumptions
Every model input lives here — change a value and every view recalculates. Update yellow-flag defaults as real numbers arrive: GC bids for hard costs, broker comps for rent, assessor for taxes, term sheets for financing.
Program exceeds buildable area
Total building SF (108,000) exceeds buildable area (95,765 SF). Light-industrial FAR typically allows 40–60% of site area. Shrink building sizes or disable buildings to fit the lot under evaluation.
LTC 85% is above the conventional 65–75% range
This assumes the SBA manufacturing loan path (up to ~90% LTC). If HLV does not qualify, conventional lenders will cap near 70% — equity required roughly doubles. Confirm qualification before investor conversations.
Verified against real sources
0 / 5Every unchecked line means part of this model is a market default, not a fact. The verdict is only as real as the weakest input.
Site & land
The lot is not final — use these to evaluate candidate sites. If a smaller lot wins, shrink buildings or exclude them below.
Zoning/FAR-constrained; program must fit inside this
Title, survey, environmental, legal
Project totals are identical — this changes which phase absorbs the land.
Hard costs
The largest and least certain line. Get 3 GC bids before trusting any $/SF here.
Broker-verified $1–3/SF for basic flex shells
Paving, utilities, landscaping share
Applied to phases that start later — Phase 3 builds at future prices
Soft costs, fee & contingency
A/E, permits, legal, marketing
5–10% standard; lean to 10% on a first deal
Construction financing
85% LTC assumes the SBA manufacturing loan path (~90% possible). Conventional fallback is 70% — equity roughly doubles.
Drives the interest reserve
Revenue
Verify with 2–3 broker comps from the last 12 months
Expenses rarely grow at rent's pace — model separately
Operating expenses
NNN: tenants reimburse taxes/insurance/CAM; management and reserves stay with the owner.
McHenry County runs high — confirm with the assessor
Vacancy haircut on NNN recoveries
Roof, HVAC, parking over time
Permanent financing
The loan is sized by the LEAST of the three constraints — the Returns page shows which one binds.
Valuation & exit
Suburban Chicago flex: 7.5–8.5%
Standard practice: entry + 25–75bps
Buildings & phases
Allocate each building to a phase. Excluded buildings drop out of every calculation — use this to fit a smaller lot.
Building A
9,000 SF / unit
2 leased
Owner units carry 0% vacancy
Building B
1,800 SF / unit
0 leased
Owner units carry 0% vacancy
Building C
3,600 SF / unit
5 leased
Owner units carry 0% vacancy
Building D
1,800 SF / unit
10 leased
Owner units carry 0% vacancy
Building E
3,600 SF / unit
5 leased
Owner units carry 0% vacancy
Building F
1,800 SF / unit
10 leased
Owner units carry 0% vacancy
Phase timing
Each phase is financed as its own event; its months drive that phase's interest reserve.
Phase 1
Phase 2
Phase 3