School, Church, Office, Medical Sale/Lease

Zoning Summary: Administrative, executive, and professional offices, provided that the professional offices are limited to those professions listed in Section 5.24.160: accountant, appraiser, architect, assayer, attorney, auditor, bacteriologist, certified public accountant, chemist or laboratory specialist or operator, chiropodist, chiropractor, civil engineer, dental laboratory specialist or operator, dentist, electrical engineer, geologist, hydraulic engineer, medical laboratory specialist or operator, oculist, optician, optometrist, osteopath, physician, structural engineer, surgeon, surveyor, and veterinarian (check for kennel). Retail of goods and services, Restaurants, Health and recreation, Schools and day care, Financial and business offices, Research laboratories (experimental and testing). Warehousing, storage, and distribution. Residential, R3 multi-family. Special Uses: clubs, hotels, religious, kennel, community center, public and private schools. Zoning for schools, live/work, multi-family development, medical office, lab. Projection for 100% vacant building. Revenues and expenses subject to change. Pre-Sale Rent (Tenant Perspective): ($3.80/sf NNN + $0.48/sf CAMs) x 3,456 sf = $14,791.68 Gross Rent Per Month + $1,411.66 Per Month Tenant-Paid Utilities $16,203.34 Total Per Month For Tenant Pre-Sale Gross Revenue (Investor Perspective: Base Rent $3.80/sf NNN x 3,456 sf = $13,132.80 base rent with 3% typical annual increases x 12 = Base Rent $157,593.60 / yr* CAM $0.48 CAMs x 3,456 sf = $1,658.88 CAMs per month x 12 = $19,906.56 / yr $14,791.68 Gross Revenue per Month x 12 months = $177,500.16 / yr *No credit risk is added to base rent, but some analysts use a 5% credit/vacancy factor to reduce the rent revenue. Current NNN Expenses: Current Property Tax = $14,146 / yr Property Insurance = $3,262 / yr Landlord-Paid, Tenant-Reimbursed Utilities and Maintenance = $2,400 / yr o landscape: $2,400 Current Total NNN Expenses = $14,146 + $3,262 + $2,400 = $19,808 / yr Current NNN Expenses / sf = ($19,788 / 12 / 3,456 sf = $0.48/sf/month current CAMs). Tenant-paid Utilities and Maintenance = $16,940 / yr o cleaning expense: $7,800 /yr o water/sewer: $1,000 /yr o trash: $1,200 /yr o gas & electric: $6,300 /yr o security (alarm): $640 /yr $1,411.66 / mo Post Sale NNN Expenses Post-Sale Property Tax = 1.1201% x $1,999,999 = $22,401.99 + $1,445.76 = $26,087.96 / yr Post-Sale Total Expenses = $22,401.99 (Property Tax) + $3,262 (Property Insurance) + $2,400 (Property Maintenance) = $29,509.75 / yr ($29,509.75 / 12 / 3,456 sf = $0.71/sf/month current CAMs). Current NOI = $157,593.60 / yr Post-Sale NOI =$157,593.60/ yr Asking Price = $1,999,999 Current & Post-Sale Cap = 7.88%968 sf to 3,456 sf.