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(Land Residual procP-s - straigbt capitalizati— <br />depreciation). <br />uraight line <br />PreliminLry <br />GARVCO INC. APPRAISAL ;*'PORT <br />for <br />Harlow E. Scribner <br />San Leandro, Calif. <br />July 11, 1956. <br />Building: (Minimum 5 financially responsible tenants). <br />7, 525 sq. ft. at$6.00 per sq_. ft. $45,150.00 <br />(431 x 1751) <br />Gross Income: (Annual) <br />7,525 sq. ft. ® .16� per sq_. ft. per month - $lp204.00 <br />81,204.00 x 12 - Gross Annual Income <br />14,448.00 per year 14,448.Q0 <br />Operating Expenses; (Annual) <br />Taxes $1,806.00 <br />Insurance 300.00 <br />Llaintenance 1,000.00 <br />Reserve for reUlace- <br />ments - (Including <br />new, store front each <br />10 years). 1,200.00 <br />Vacancy factor - 5,% 723.35 <br />TOTAL OPERATING EXPENSES - - - - - - --- - - - - - - $5,229.35 <br />Net income (annual) before allowance building depreciation <br />CAPITALIZATION; Building -- $45,150.00 <br />8% Interest <br />Depreciation (25 yr economic life) <br />$45,150.00 x .12 equals $5,418.00 - Net to Building <br />$9,218.85 minus $5,418.00 - �31800.85 - Net to Land <br />VALUATION: <br />Capitalization Rate 6 0 <br />$3,800.85 capitalized at 6% - <br />$9,218.85 <br />$ 63, 347.50 <br />INDICATED MARKET VALUE OF LAND - - - - - - - - - - .- - <br />--$63,347.50 <br />ROUNDED TO * * * * * * * * * * * * * * * * * * * * * * * * $63, 500.00 <br />Jo n L. Cromie, _ ; ra.. s e r <br />