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SUMMARY OF THE BASIS FOR JUST COMPENSATION (Continued) <br />Value of Parent Property, Before Taking: (Continued) <br />Income Capitalization Approach: (Continued) <br />Effective gross annual income: <br />(brought forward) <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 />1.65 <br />3.0% <br />4,140. <br />Legal and accounting: <br />0.24 <br />0.4% <br />Maintenance /repairs: <br />0_40 <br />0.7% <br />1,000. <br />$2.29 <br />4.1% <br />Total annual expenses: <br />Net operating income: <br />Capitalization of net income: <br />$132,223 capitalized at 4.75% _ <br />Reconciliation: <br />Value indicated by Sales Comparison Approach: <br />Value indicated by Cost - Summation Approach: <br />Value indicated by Income Capitalization Approach: <br />Final Estimate of Market Value (Before Condition): <br />$137,963 <br />.11 <br />- 5,740 <br />$132,223 <br />$2,783,642 <br />Adjusted: $2,785,000 <br />$2,700,000 <br />Not applicable <br />$2,785,000 <br />Based on the foregoing, the market value of the unencumbered fee simple interest in the subject <br />property, in as -is condition, exclusive of non - realty fixture /equipment items, is estimated at <br />$2,750,000. <br />Value of Part Taken as Part of Whole, Before Taking: <br />The subject parent property is presently improved with a fast food restaurant facility containing <br />2,510 gross square feet of building area, originally constructed in 1988±. Other appurtenant <br />on -site improvements located within the boundaries of the subject parent property include a <br />trash enclosure, asphalt paving, concrete paving, concrete block walls, wrought iron fencing, <br />concrete curbing, business signage, parking lot signage, metal frame light standards, metal <br />bollards (auto stops), concrete auto stops, marked automobile parking spaces, in- ground <br />irrigation system, and ornamental landscaping. <br />75A -17 <br />