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DIRECT CAPITALIZATION ANALYSIS <br />Office Building <br />1607 N. Bristol Street <br />Santa Ana, California <br />INCOME: <br />Rental Income <br />Market rental Income Monthly Fbntal Income $1.80 P3F x <br />Total L.easeableArea 1,491 SF <br />Total Potential Gross Income <br />Vacancy 3% <br />Effective Goss Income <br />Management 2.0% <br />Raserves <br />Total Fbmbursable Expenses <br />Net Operating Income <br />Capitalization Rate <br />Value at Market lent <br />*Difference may be due to rounding. <br />Income Approach Conclusion <br />$ /SF <br />($0.42) <br />/.9',0.1()1 <br />($0.52) <br />Annual <br />12 Months $32,206 <br />$31,239 <br />($625) <br />(9 1491 <br />($774) ($774 <br />$30,466 <br />5.00° <br />$609,311 <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 />$610,000 <br />CONCLUSION OF VALUE <br />The approaches most often relied on by buyers of this type of property have <br />been developed. Thus, the sales comparison approach is developed as the primary <br />value indicator. The cost and income approaches are rarely considered by buyers in <br />75C -16 <br />