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^ SCENARIO 2 - ASSUMPTIONS ^ <br />Building Construction: Two story, steel frame, average to good quality construction, built <br />over one basement level of parking. Parking level will be <br />concrete. <br />Building Size: 29,904 square feet of Gross Building Area (GBA) <br />28,000 square feet of Net Rentable Area (NRA) <br />Building Use: 12,000 square feet of office space on the first floor and 16,000 <br />square feet of office space on the second floor. <br />Parking: 56 - Based on two spaces per 1,000 square feet of NRA. <br />Income Analysis: Renf is estimated at $1.20/SF on a triple net basis. Expenses to the <br />landlord include only management at 3~ of effective gross <br />income and structural repairs at 2~ of effective gross income. Net <br />operating income is capitalized at 9.50~. <br />Cost Analysis: Base cost per square foot of $95.00 based on local cost <br />comparable and the Marshal Valuation Service. Improvement <br />costs excludes infrastructure, foundation, and landscaping costs. <br />Absorption cost includes 5% leasing commissions ($100,000) and <br />rent loss ($100,000). <br />P99239 PALMER, GROni & PiEncn, INC. 27 <br />