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Value Indicated via Sales Comparison Approach — "AS-COMPLETED" BASIS <br /> The previous value conclusion was of the "as-stabilized" condition. To arrive at the "as- <br /> complete" condition, we will deduct the appropriate lease up costs that the most probable buyer <br /> would anticipate. Our lease up analysis, which is supported by our market analysis and market <br /> participant interviews, is as follows: <br /> LEASE-UP COSTS <br /> Assumptions <br /> Average Lease-Up Period (years) 0.25 <br /> Vacant Space (SF) 8,998 <br /> Market Rent ($/SF) $12.00 <br /> Leasing Commissions ($or%) 6.50% <br /> Tenant Improvements $10.00 <br /> Free Rent (months) 0 <br /> Entrepreneureal Profit (%of lease-up) 10.00% <br /> Lease-Up Costs Value <br /> Rent Loss $26,994 <br /> Expense Carry $16,025 <br /> Leasing Commissions $35,092 <br /> Free Rent $0 <br /> Tenant Improvements $89,980 <br /> Total Lease-Up Costs $168,091 <br /> Plus Entrepreneurial Profit $16,809 <br /> Total Lease-Up Costs (With Profit) $184,900 <br /> Total Lease-Up Costs(With Profit, Rounded) $180,000 <br /> Deducting the lease up costs, plus profit, from the "as-stabilized" value indication results in the <br /> following conclusion for the "as-complete" scenario: <br /> Ma ket Value"As-Stabilized" $1,034,770 <br /> LESS:Lease-Up Costs ($180,000) <br /> Market Value"As-Completed" - •. 000 $850,000 <br /> 881 Page <br />