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DI RECT CAPI TAU ZATI ON ANALYST S <br />Office Building <br />1417 N. Bristol Street <br />Santa Ana, California <br />INCOME: <br />Rental Income Annual <br />Market Pental Income Monthly Rental Income $1.80 P3F x 12 Months $28,210 <br />Total Leaseable Area 1,306 SIF <br />Total Potential Grosslncome $28,210 <br />Vacancy 3% $846 <br />Effective Gross Income $27,363 <br />REIMBURSABLE EXPENSES: <br />$ /SF <br />Management 2.0% ($0.42) ($547) <br />Puserves (Pa= 01311 <br />Total Fb mbursable Expenses ($0.52) ($678) <br />Net Operating Income $26,685 <br />Capitalization Rate 5.00 ° / <br />Indicated Value at Market Pent $533,709 <br />"Difference may be due to rounding. <br />Income Approach Conclusion <br />The direct capitalization analysis and resulting indication of market value via <br />the income approach is shown on the following page. The indicated fair market value, <br />as of October 30, 2015, is as follows: <br />INDICATED VALUE - INCOME APPROACH <br />$534,000 <br />75B -16 <br />