| Income - Expense Per Appraisal Comps | Income - Expense Plus Inflation | Income - Expense Based Upon Highest Unit | |||||||||||||||
| Rentable Area | Rentable Area | Rentable Area | |||||||||||||||
| 95,850 | Income by | 95,850 | Income by | 95,850 | Income by | ||||||||||||
| Absorption | Absorption | Absorption | |||||||||||||||
| Income | Year One | Income | Year One | Income | Year One | ||||||||||||
| Leased Units | $ 1,282,167.00 | 13.60% | Leased Units | $ 1,550,223.00 | 13.60% | Leased Units | $ 1,813,383.00 | 13.60% | |||||||||
| Sales | $ 150,000.00 | $ 206,334.71 | Sales | $ 150,000.00 | $ 242,790.33 | Sales | $ 150,000.00 | $ 278,580.09 | |||||||||
| Rentals | $ 75,000.00 | Year Two | Rentals | $ 75,000.00 | Year Two | Rentals | $ 75,000.00 | Year Two | |||||||||
| Misc. | $ 10,000.00 | 40.90% | Misc. | $ 10,000.00 | 40.90% | Misc. | $ 10,000.00 | 40.90% | |||||||||
| Total | $ 1,517,167.00 | $ 620,521.30 | Total | $ 1,785,223.00 | $ 730,156.21 | Total | $ 2,048,383.00 | $ 837,788.65 | |||||||||
| Year Three | Year Three | Year Three | |||||||||||||||
| Expense | 68% | Expense | 68% | Expense | 68% | ||||||||||||
| 2006 Per Appraisal | $ 1,031,673.56 | 2006 Per Appraisal | $ 1,213,951.64 | 2006 Per Appraisal | $ 1,392,900.44 | ||||||||||||
| $/SF of RA $4.10 | $ 392,985.00 | $/SF of RA $4.10 | $ 392,985.00 | $/SF of RA $4.10 | $ 392,985.00 | ||||||||||||
| 15% Increase to | 15% Increase to | 15% Increase to | |||||||||||||||
| year 2009 | $ 451,932.75 | year 2009 | $ 451,932.75 | year 2009 | $ 451,932.75 | ||||||||||||
| On Site | On Site | On Site | |||||||||||||||
| Manager | $ 45,000.00 | Manager | $ 45,000.00 | Manager | $ 45,000.00 | ||||||||||||
| Total | $ 496,932.75 | Total | $ 496,932.75 | Total | $ 496,932.75 | ||||||||||||
| NOI | $ 1,020,234.25 | NOI | $ 1,288,290.25 | NOI | $ 1,551,450.25 | ||||||||||||
| Debt Service | Debt Service | Debt Service | |||||||||||||||
| $ 616,986.00 | $ 6,800,000.00 | $ 616,986.00 | $ 6,800,000.00 | $ 616,986.00 | $ 6,800,000.00 | ||||||||||||
| 6.75% | 6.75% | 6.75% | |||||||||||||||
| 20 years | 20 years | 20 years | |||||||||||||||
| $ 403,248.25 | $ 671,304.25 | $ 934,464.25 | |||||||||||||||
| 6% | 6.50% | 7% | 6% | 6.50% | 7% | 6% | 6.50% | 7% | |||||||||
| $17,003,904.17 | $15,695,911.54 | $14,574,775.00 | $21,471,504.17 | $19,819,850.00 | $18,404,146.43 | ######## | $23,868,465.38 | $22,163,575.00 | |||||||||