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DIRECT CAPITALIZATION ANALYSIS <br />Office Building <br />1027 N. Bristol Street <br />Santa Ana, California <br />INCOME: <br />UVIIIr.01:IIfiMIUM3 <br />Rental Income Annual <br />Market Rental Monthly Rental <br />Income Income $1.80 PSF x 12 Months $28,318 <br />Total Leaseable Area 1,311 SF <br />Total Potential Gross <br />Income $28,318 <br />Vacancy 3% <br />Effective Gross <br />Income <br />$27,468 <br />REIMBURSABLE EXPENSES: <br />$/SF <br />Management 2.0% <br />($0.42) ($549) <br />Reserves <br />0.10 131 <br />Total Reimbursable Expenses <br />($0.52) ($680) $680 <br />Net Operating Income <br />Capitalization Rate <br />Indicated Value at Market Rent <br />ROUNDED <br />"Difference may be due to rounding. <br />Income Approach Conclusion <br />$26,788 <br />4.75% <br />$563,950 <br />$564,000 <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 />December 2, 2016, is as follows: <br />INDICATED VALUE - INCOME APPROACH <br />$564,000 <br />75G-15 <br />