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^ SCENARIO 5 - INCOME VALUATION ^ <br />Potential 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 <br />14,700 SF x <br />$1.30 /SF/MO <br />$0.95 /SF/MO <br />_ $187,200 <br />_ $167,580 <br />_ $354,780 <br />_ ($17,739) <br />_ $337,041 <br />5.0% <br />5.0% $8,892 <br />30.0% $47,760 <br />Valuation of Income <br />NOI Divided By <br />$280,389 Divided By <br />Estimated Market Value (Rounded) <br />_ ($56,652) <br />_ $280,389 <br />_ $23.37 <br />OAR = Value <br />9.00% _ $3,115,430 <br />_ $3,120,000 <br />P992gg PALMER, GROTH ~ PIETKA, INC. 37 <br />