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^ SCENARIO 3 - INCOME VALUATION ^ <br />Potential Gross Income-- <br />Office 28,000 SF x <br />Retail 12,000 SF x <br />Total Potential Gross Income <br />Less Vacancy and Credit Loss 5.0% <br />Effective Gross Income <br />Less Expenses-- <br />Management 3.0% $16,621 <br />Reserves for Replacement 2.0% $11,081 <br />Total <br />Net Operating Income (NOI) <br />NOI per SF <br />Valuation of Income <br />NOI Divided By <br />$526,338 Divided By <br />Estimated Market Value (Rounded) <br />$1.20 /SF/MO <br />$1.25 /SF/MO <br />_ $403,200 <br />_ $180,000 <br />_ $583,200 <br />_ ($29,160) <br />_ $554,040 <br />_ ($27,702) <br />_ $526,338 <br />_ $18.80 <br />OAR = Value <br />9.50% _ $5,540,400 <br />_ $5,540,000 <br />P99239 PALMER, GROTH 8~ PIETKA, INC. 31 <br />