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DI RECT CAR TALI ZATI ON ANALYSI S <br />Office Building <br />1023 N. Bristol Street <br />Santa Ana, California <br />c ONTL <br />• �771�1►�t3 <br />Rental Income <br />Annual <br />Market Fbntal Income Monthly Fbntal Income $1.80 <br />PAF x <br />12 Months <br />$33,372 <br />Total Leaseable Area 1,545 T <br />Total Potential Gross Income <br />$33,372 <br />Vacancy 3% <br />($1,001 <br />Effective Gross Income <br />$32,371 <br />REIMBURSABLE EXPENSES <br />$/SF <br />Management 2.0% <br />($0.42) <br />($647) <br />Reserves <br />10.101 <br />`; 1 <br />a= <br />Total Reimbursable Expenses <br />($0.52) <br />($802) <br />$802 <br />Net Operating Income <br />$31,569 <br />Capitalization Rate <br />4.750/c <br />Indicated Valueat Market Fbnt <br />$664,609 <br />ROUNDED <br />$664,600 <br />*Difference may be due to rounding. <br />Income Approach Conclusion <br />The direct capitalization analysis and resulting indication of market value via the <br />income approach is shown on the following page. The indicated fair market value, as of <br />January 24, 2017, is as follows: <br />INDICATED VALUE - INCOME APPROACH <br />$664,600 <br />75E-16 <br />