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Attachment 3 Cont'd <br />Direct Capitalization Analysis <br />SF <br />Annual <br />$/SF Bldg. <br />Income <br />Base Rent <br />Potential Gross Rent 10,454 <br />Vacancy & Collection Loss 5.00% <br />$109,140 <br />-$5,457 <br />$10.44 <br />-$0.52 <br />Effective Gross Income <br />Expenses <br />Real Estate Taxes <br />Insurance <br />Structural Repairs/Maintenance <br />Management 5.00% <br />$103,683 <br />$17,645 <br />$2,614 <br />$1,045 <br />$5,184 <br />$9.92 <br />$1.69 <br />$0.25 <br />$0.10 <br />$0.50 <br />Total Expenses <br />$26,488 <br />$2.53 <br />Net Operating Income <br />Capitalization Rate <br />$77,195 <br />5.25% <br />$7.38 <br />Indicated Value <br />$1,470,383 <br />$140.65 <br />Summary of Value Indications <br />Cost Approach <br />Sales Comparison Approach <br />Income Capitalization Approach <br />Not Used <br />$1,568,100 <br />$1,470,383 <br />Reconciled <br />$1,568,100 <br />Overall Larger Parcel Valuation (Priorto Environmental Mitigation) <br />Parcel APN Description <br />Indicated Value <br />007-100-05 Improved Parcel <br />007-100-04 Excess Land <br />$1,568,100 <br />$1,355,574 <br />Overall Larger Parcel <br />$2.923.674 <br />Larger Parcel Value <br />Larger Parcel Value Prior to Consideration of Mitigation Costs <br />Mitigation Costs for Environmental Remediation <br />$2,923,674 <br />-$684,268 <br />Indicated Larger Parcel Value <br />Indicated Larger Parcel Value <br />$2,239,406 <br />$2,239,000 <br />Value Conclusion <br />Appraisal Premise Interest Appraised <br />Date of Value <br />Value Conclusion <br />Fair Market Value Larger Parcel Fee Simple Interest <br />August 29, 2016 <br />$2,239,000 <br />75D-28 <br />