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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 />Annual <br />Market Rental Income Monthly <br />F2ntal Income $1.80 FEF x <br />12 Months <br />$32,206 <br />Total Leaseable Area 1,491 <br />SF <br />Total Potential Grosslncome <br />$32,206 <br />Vacancy <br />3% <br />966 <br />Effective Gross Income <br />$31,239 <br />REIMBURSABLE EXPENSES: <br />$ /SF <br />Management <br />2.0% ($0.42) <br />($625) <br />Fbserves <br />(R0�101 <br />($1491 <br />Total FeimbursableExpenses <br />($0.52) <br />($774) <br />774 <br />Net Operating Income <br />$30,466 <br />Capitalization Rate <br />5.000 <br />Indicated Value at Market Fent <br />$609,311 <br />ROUNDED <br />$610000 <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 />$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 />75A -16 <br />