Developing a financial pro-forma for 113 West Main Street allows you to show potential investors a clear path to profitability. This historic three-story building (c. 1925) in Orange, VA, has a strong “value-add” profile due to its mixed-use nature and media/broadcast anchor.
Below is a preliminary Financial Pro-Forma Outline based on current 2025 market data for Orange, VA.
1. Estimated Annual Revenue (Gross Income)
Based on 2025 local market rates: Residential (~$1,200–$1,500/mo), Office/Retail (~$15–$18/SF).
| Floor / Unit | Use Case | Estimated Monthly Rent | Annual Total |
|---|---|---|---|
| 1st Floor | City Press Club Bistro & G1NBC Station | $3,500 (approx. $18/SF) | $42,000 |
| 2nd Floor | 6 Office Suites + Boardroom | $3,000 ($500/suite avg.) | $36,000 |
| 3rd Floor | 1 x 2BR Apartment | $1,500 | $18,000 |
| 3rd Floor | 2 x 1BR Apartments | $2,400 ($1,200 each) | $28,800 |
| Basement | Urban Farm (Internal Lease/Cost Offset) | $500 (Lease back to Bistro) | $6,000 |
| Other | Existing ATM Lease Income | $250 | $3,000 |
| TOTAL | Gross Operating Income | $11,150 | $133,800 |
2. Estimated Renovation & Setup Costs
For historic mixed-use buildings, renovation costs typically range from $100–$175/SF for mid-to-high-level finishes.
- Exterior/Structural: $150,000 (Facade, roof, windows)
- Systems (HVAC/Electric/Plumbing): $200,000 (Upgrading a 1925 building to modern residential/TV studio standards)
- First Floor Build-out (Bistro/Studio): $175,000
- Basement Farm Install: $50,000 (Hydroponic systems & LED lighting)
- Total Est. Project Budget: $575,000 – $750,000 (plus acquisition cost)
3. The Crowdfunding Opportunity (Investor Returns)
Using the Virginia ICE or Reg CF path, you could structure the deal to be highly attractive:
- Preferred Return: Offer investors a 7%–9% annual “preferred return” paid out from the monthly rent.
- Equity Upside: Investors get a percentage of the profit if the building is sold in 5–10 years.
- The “Tax Credit” Play: Mention that you will apply for Virginia Historic Tax Credits (25%) and Federal Historic Tax Credits (20%). This can effectively “repay” nearly half of your renovation costs, which is a massive safety net for your investors.
4. Immediate Questions for Your Financial Planning
- Operating Expenses: Have you factored in the higher electricity costs for the G1NBC station and the basement urban farm lights?
- Vacancy Reserve: We typically suggest a 5% vacancy factor ($6,690/year) in your pro-forma to stay conservative.
- Debt Service: With 2025 commercial rates around 6%–6.5%, how much of the project will be bank-financed versus crowdfunded?
Would you like me to create a “One-Page Pitch Deck” summary that combines this financial outline with your floor-by-floor vision?