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^ SCENARIO 2 - INCOME VALUATION ^ <br />Potential Gross Income-- <br />Less Vacancy and Credit Loss <br />Effective Gross Income <br />Less Expenses-- <br />Management <br />Reserves for Replacement <br />Total <br />Net Operating income (NOI) <br />NOI per SF <br />NOI <br />28,000 SF x $1.20 /SF/MO = $403,200 <br />5.Ou~o = ($20,160) <br />_ $383,040 <br />3.0% $11,491 <br />2.0% $7,661 <br />_ ($19,152) <br />_ $363,888 <br />_ $13.00 <br />Valuation of Income <br />Divided By <br />$363,888 Divided By <br />Estimated Market Value (Rounded) <br />OAR = Value <br />9.50% _ $3,830,400 <br />_ $3,830,000 <br />P99239 PALMER, GROn~ & PiEncn, INC. 28 <br />