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TABLE 3 <br />VALUE OF AGENCY INVESTMENT <br />SAN LEANDRO CREEKSIDE CENTER <br />CORPORATION YARD SITE <br />SAN LEANDRO, CA <br />RETURN ON TOTAL INVESTMENT <br />1. NET OPERATING INCOME <br />II. RETURN ON INVESTMENT 11.0% RETURN <br />III. VALUE OF TOTAL INVESTMENT <br />TOTAL WARRANTED INVESTMENT <br />(LESS) DEVELOPMENT COSTS <br />$10,820,000 <br />$9,300,000 <br />$1,190,000 <br />$10,820,000 <br />IV. RESIDUAL LAND VALUE $1,520,000 <br />PER SF OF LAND AREA $5.00 NET LAND AREA <br />I. NET OPERATING INCOME <br />11. CAPITALIZED VALUE <br />III. RESIDUAL VALUE <br />CAPITALIZED VALUE <br />(LESS) DEVELOPMENT COSTS <br />(LESS) IMPUTED COST OF SALE <br />(LESS) DEVELOPER PROFIT <br />VALUE UPON COMPLETIO <br />9% CAP RATE <br />$13,220,000 <br />($9,300,000) <br />3% CAPITALIZED VALUE ($400,000) <br />12% CAPITALIZED VALUE ($1,590,000) <br />$1.190,000 <br />$13,220,000 <br />IV. RESIDUAL LAND VALUE $1,930,000 <br />PER SF OF LAND AREA $6.00 NET LAND AREA <br />Source: Creekside Center Associates,lnc. Profama Dated 7/14197, KMA <br />Prepared by Keyser Marston Associates, Inc. 1911 <br />r <br />iame: CAEXC11.CREEK.XLS; pro(orrna: 81"7, WCM. <br />