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SUMMARY OF THE BASIS FOR JUST COMPENSATION (Continued) <br />Value of Remainder, Cured, After Acquisition: (Continued) <br />The estimated annual operating expenses total $12,270, which reflects $2.25 per square foot of leasable <br />building area, and approximately 6.9% of the effective gross annual income. Said expense factors <br />reflect ratios generally similar to those employed in the "before" analysis. <br />Following is a summation of the Income Capitalization Approach applicable to the subject parent <br />properly in the "af1'er" condition. <br />.Income Capitalization. Approach. <br />Subject building: <br />Unit 2130 A: <br />2,625 SF @ $2.80 = <br />$ <br />7,350. <br />Unit 2130 B: <br />1,900 SF @ $2.80 = <br />5,320. <br />Unit 2130 C: <br />950 SF @ $2.80 = <br />2,660. <br />Total gross monthly income: <br />$15,330. <br />Total gross annual income: <br />$15,330 x 12 = <br />$183,960 <br />Vacancy and credit loss (3.0%): <br />- 5,519. <br />Effective gross annual income: <br />$178,441. <br />Annual expenses: <br />/SF <br />% EGI <br />Real estate taxes (by tenant): <br />$0.00 <br />0.0% <br />$ 00. <br />Insurance (by tenant): <br />0.00 <br />0.00/. <br />00. <br />Management (5%): <br />1.63 <br />5.001. <br />8,920. <br />Legal and accounting: <br />0.16 <br />0.5% <br />850. <br />Maintenance/repairs: <br />0_46 <br />1.40/ <br />2,500. <br />$2.25 <br />6.9% <br />Total annual expenses: <br />- 12,270. <br />Net annual operating income: <br />$166,171. <br />Capitalization of net income: <br />$166,171 capitalized at 5.25% _ $3,165,162. <br />Permanent Severance Damages: <br />Monetary compensation applicable to permanent severance damages reflects the difference between the <br />value of the remainder as part of the whole and the value of the remainder after acquisition, before <br />consideration of benefits, as follows: <br />75N-25 <br />