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DI RECT CAN TAU ZATI ON ANALYSI S <br />Office Building <br />2231 S. Bristol Street <br />Santa Ana, California <br />INCOME: <br />Rental I ncome <br />$26,481 <br />Capitalization Rate <br />Annual <br />Market Fbntal Income Monthlyflantal Income $1.80 <br />PT x <br />12 Months <br />$27,994 <br />Total Leaseable Area 1,296 S= <br />Total Potential Gross Income <br />$27,994 <br />Vacancy 3% <br />$840 <br />Effective Crass Income <br />$27,154 <br />REI MBURSABLE EXPENSES: <br />$ISP <br />Management 2.0% <br />($0.42) <br />($543) <br />lbserves <br />0.101 <br />/R1301 <br />Total FUmbursable Expenses <br />($0.52) <br />($673) <br />673 <br />Net Operating Income <br />$26,481 <br />Capitalization Rate <br />4.750 <br />Indicated Value at Market Fsnt <br />$557,497 <br />ROUNDED <br />$558,000 <br />"Difference maybe due to round! ng. <br />Income Approach Conclusion <br />The direct capitalization analysis and resulting indication of market value via the income <br />approach is shown on the following page. The indicated fair market value, as of December 5, <br />2016, is as follows: <br />INDICATED VALUE - INCOME APPROACH <br />$558,000 <br />75Q-22 <br />