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^ SCENARIO 4 - INCOME VALUATION ^ <br />Potentiai Gross Income-- <br />Retail <br />Apartment <br />Total Potential Gross Income <br />Less Vacancy and Credit Loss <br />EfFective Gross Income <br />Less Expenses-- <br />Retail Expenses <br />Apartment Expneses <br />Total <br />Net Operating Income (NOI) <br />NOI per SF <br />12,000 SF x $1.30 /SF/MO = $187,200 <br />27,382 SF x $0.63 /SF/MO = $207,008 <br />_ $394,208 <br />5.0% <br />_ ($19,710) <br />_ $374,498 <br />5.0% $8,892 <br />30.0% $58,997 <br />_ ($67,889) <br />_ $306,608 <br />_ $25.55 <br />Valuation of Income <br />NOI Divided By <br />$306,608 Divided By <br />Estimated Market Value (Rounded) <br />OAR = Value <br />9.00% _ $3,406,759 <br />_ $3,410,000 <br />P99239 PALMER, GROm & Pi~xa, INC. ~ <br />