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^ SCENARIO 1 - INCOME VALUATION ^ <br />Potential Gross Income-- 12,000 SF x $1.35 /SF/MO =$194,400 <br />Less Vacancy and Credit Loss 5.0% _ ($9,72~~ <br />Effective Gross Income = $184,680 <br />Less Expenses-- <br />Management 3.0% $5,540 <br />Reserves for Replacement 2.0% $3,694 <br />Total <br />Net Operating Income (NOI) <br />NOI per SF <br />Valuation of Income <br />_ ($9,234) <br />_ $175,446 <br />_ $14.62 <br />NOI Divided By OAR = Value <br />$175,446 Divided By <br />Estimated Market Value (Rounded) <br />9.50% _ $1,846,800 <br />_ $1,850,000 <br />P99239 PALMER, GROm & PiErxn, INC. 25 <br />