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Income Approach -- continued <br />Below is an estimated income statement where the subject is operating at a stabilized occupancy level. <br />Figures are based on the market. <br />Income Statement <br />Tenant <br />Rentable SF <br />per SF <br />Income/Expenses <br />Commercial <br />7,596 <br />SF <br />$8.00 <br />$60,768 <br />7,596 <br />SF Potential Gross Income <br />$60,768 <br />Vacancy <br />8.0% <br />($4,861) <br />Net Rental Income <br />$7.36 <br />$55,907 <br />Recoverable Expenses <br />$6.73 <br />$51,103 <br />Vacancy <br />Effective <br />Recoverable <br />& Credit Loss <br />8.0% <br />($4,088) <br />Gross Income <br />$102,921 <br />Expenses <br />%of NRI <br />RE Taxes <br />estimated <br />$3.16 <br />($24,000) <br />Insurance <br />estimated <br />$0.20 <br />($1,519) <br />Repairs, maintenance & supplies <br />estimated <br />$1.50 <br />($11,394) <br />Management <br />estimated <br />5.0% <br />$0.37 <br />($2,795) <br />Utilities <br />estimated <br />$1.50 <br />($1 1,394) <br />Total Recoverable Expenses <br />$6.73 <br />($51,103) <br />Non -Recoverable Expenses <br />%of NRI <br />Reserves for Replacement <br />estimated <br />$0.30 <br />($2,279) <br />Total Non -Recoverable Expenses <br />$0.30 <br />($2,279) <br />Total Expenses <br />Net Operating <br />Capitalization <br />Total <br />Value, rounded <br />Value per <br />(%of EGI) <br />51.87% <br />$7 <br />($53,381) <br />Income <br />$49,540 <br />Rate <br />8.00% <br />$619,244 <br />$620,000 <br />$81.62 <br />SF (GBA of 7,596 SF) <br />Slight deviations due to rounding. <br />Total Operating Expenses (recoverable + non recoverable): The subject ratio, 51.87% of effective gross income, is <br />within the market range, typically between 35%-65%. <br />Nagel) Appraisal Incorporated 1952.544.8966 <br />