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DIRECT CAPITALIZATION ANALYSIS <br />Office Building <br />2209 S. Bristol Street <br />Santa Ana, California <br />INCOME: <br />Rental Income Annual <br />Market Rental Income Monthly Imetal Income $1.80 FG: x 12 Months $25,142 <br />Total Leaseable Area 1,164 FF <br />Total Potential Gross income $25,142 <br />Vacancy 3% <br />$23,784 <br />754 <br />Effective Gross Income <br />Indicated Value at Market fent <br />$24,388 <br />REIMBURSABLE EXPENSES: <br />$500,000 <br />$/SF <br />Management 2.0% <br />($0.42) <br />($468) <br />lem'Ves <br />1$0 101 <br />IQ116} <br />Total Reimbursable Expenses <br />($0.52) <br />($604) 604 <br />Net Operating Income <br />$23,784 <br />Capitalization Rate <br />4.75° <br />Indicated Value at Market fent <br />$500,715 <br />ROUNDED <br />$500,000 <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 />November 29, 2016, is as follows: <br />INDICATED VALUE - INCOME APPROACH <br />$500,000 <br />75J-24 <br />