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Following is the income and expense schedule considered applicable to the subject property. <br />Main building <br />3,255 SF @ $2.20 = <br />$7,161. <br />Total gross annual income: <br />$7,161 x 12 = <br />$85,932. <br />Vacancy and credit loss (3.0%): <br />- 2.578. <br />Effective gross annual income: <br />$83,354. <br />Annual expenses: <br />$/SF <br />%EGI <br />Real estate taxes (by tenant): <br />$0.00 <br />0.0% <br />$ 00. <br />Insurance (by tenant): <br />0.00 <br />0.0% <br />00. <br />Management (3%): <br />0.77 <br />3.0% <br />2,500. <br />Legal and accounting: <br />0.14 <br />0.6% <br />450. <br />Maintenance/repairs: <br />0.77 <br />3A°° <br />2,500. <br />$1.68 <br />6.5% <br />Total annual expenses: <br />- <br />5,450. <br />Net annual operating income: <br />$77,904. <br />Capitalization of net income: <br />$77,904 capitalized at 5,25% _ <br />Reconciliation.- <br />Value <br />econciliation:Value indicated by Sales Comparison Approach: <br />Value indicated by Cost -Summation Approach: <br />Value indicated by Income Capitalization Approach: <br />Final Estimate of Marlret Valne: <br />$1,483,886. <br />Adjusted: $1,485,000. <br />$1,515,000, <br />Not applicable. <br />$1,485,000, <br />Based on the foregoing, as well as the valuation analysis set forth in the appr'aiser's file, the market value <br />of the unencumbered fee simple interest in the subject property, exclusive of non -realty <br />fixtures/equipment, as of the date of value employed herein, and adjusting toward the upper range of <br />value, is estimated at $1,500,000. <br />75K-26 <br />