75N - PH - RESO NECESSITY 2120-2130 S BRISTOL

Home Browse Search

SUMMARY OF THE BASIS FOR JUST COMPENSATION (Continued) Value of Parent Property, Before Acquisition: (Continued) Income Capitalization Approach: (Continued) Subject building: Unit 2130 A: 2,625 SF @ $2,85 = $ 7,481. Unit 2130 B: 1,900 SF @ $2.85 = 5,415, Unit 2130 C: 950 SF @ $2.85 = 2,708. Total gross monthly income: $15,604, Total gross annual income: $15,604 x 12 = $187,248 Vacancy and credit loss (3.0%): - 5,617. Effective gross annual income: $181,631. Annual expenses: $/SF %EGI Real estate taxes (by tenant): $0.00 0.0% $ 00. Insurance (by tenant): 0.00 0.0% 00. Management (5%): 1.66 5.0% 9,080, Legal and accounting : 0.16 0.5% 850. Maintenance/repairs: 0.46 1.4% 2,500. $2.28 6.9% Total annual expenses: - 12,430. Net annual operating income: $169,201, Capitalization of net income: -- ---- - - - - - - $169,201 capitalized at 5.25% _ $3,222,876. Based on the foregoing analysis, the market value of the fee simple interest in the subject building and appurtenant on-site improvements, as indicated by the Income Capitalization Approach, and as the date of value set forth herein, is estimated at $3,222,876. Value of Part Acquired as Part of Whole, Before Acquisition: In summary, the project as it relates specifically to the parent ownership, involves a fee simple acquisition of 258 feet for the purpose of widening Bristol Street to its ultimate right-of-way width. As previously stated, the Sales Comparison Approach has been employed herein to estimate the underlying land value of the larger parent property. The acquisition area has been considered and analyzed as par( of the larger parent ownership. The fee simple land value applicable to the parent property was estimated at $50.00 per square foot of land area. 75N-22