BUSI 331 PROJECT 1 MARKING GUIDE

STUDENT NAME : SANJEET SINGH HOODA

STUDENT NUMBER : 100360828

Format of Pro Forma

Easy to read and follow. Ideally, formatted as a 1 page summary sheet with the assumptions listed and
then summarizing ATCF, NPV and IRR calculations.
Dynamic Structure of Pro Forma
All cell references are linked to the assumptions and parameters so that if one assumption or parameter
changes, all other items are calculated automatically.
NOI Calculation
Must include rent summary, vacancy, bad debt and operating expense calculations.
Mortgage Calculation
Usually on a separate worksheet linked to the main spreadsheet. The sample spreadsheet
Mortgage_example.xls from the Course Resources webpage may be adapted.
After-Tax Cash Flow Calculation
Properly linked to the main spreadsheet. Credit given for IF/THEN statements to account for low or
negative NOI (i.e.. CCA cannot create a loss).
Reversion Calculation

Sales price based on capitalization of proper NOI. Proper capital gain and recapture calculations.
Capitalization Rate Calculation and Interpretation
Calculation of the capitalization rate implied by the purchase price. Explanation why the subject
property's capitalization rate differs from the "market overall capitalization rate" stated in the "Case
Summary Sheet".
IRR and NPV Calculations
Proper calculation formula and made dynamic by having the initial equity tied to the assumption
section.
Executive Summary
Provide assumptions of the investment opportunity, the results of the analysis and the conclusions and
recommendations to the investors.
Presentation
Title page
Grammar, syntax, typos and spelling
Paragraph and sentence structure ('readability")
Headings and subheadings "(organization").
FINAL GRADE

Please note that the grading for this project follows the order of marking guidelines developed by the UBC Department o
Educational Studies (http://edst.educ.ubc.ca/current/policies-and-forms), and shown in the UBC Real Estate Division St
Handbook.

TEACHER'S COMMENTS: Additional comments may be found on your project submission.

TEACHER SIGNATURE :
DATE :
31 PROJECT 1 MARKING GUIDE

Mark Your
Value Mark
10

10

10

15

10

10

10

15

100

ws the order of marking guidelines developed by the UBC Department of

rent/policies-and-forms), and shown in the UBC Real Estate Division Student
 INVESTMENT ANALYSIS OF BROADWAY PLAZA

INVESTOR'S DATA

Purchase Price $8,800,000.00

Equity 40% $3,520,000.00
Debit (mortgage) 60% $5,280,000.00
CCA Rate 4.00%
Income Tax Rate 48.00%
Taxable Gain Portion 50.00%
Holding Period (Yearly) 5
Required Rate of Return 9.50%
Closing Costs 4.00%

MARKET ASSUMPTIONS

Market Rent (Corner unit) $32.00

Market Rent (Non-corner unit) $28.00

Inflation - Revenues 2.0%
Inflation - Expenses 2.5%
Overall Cap Rate 7.0%
added a risk
7.5% premium of 0.5%
Terminal Cap Rate
Vacancy allowance 3.0%
Tenant Inducements for new RENEW AFTER 5 YEAR OR MORE
tenants 5 mos
Tenant Inducements for renewing
tenants 2 mos
Leasing Commission (intial) 5.00%
Leasing Commission (balance
period) 3.00%

RESULTS
Year 1 Capitalization Rate 6.1%
NPV -$134,751.70
IRR 9%
DCR (YEAR 1) 1.4%

Rate YEAR 1 YEAR 2 YEAR 3

Base Rental Income $616,633.33 $765,800.00 $759,000.00

Recoveries + $188,206.61 $219,000.00 $225,150.00
Other income + $0.00 $0.00 $0.00

Gross Potential Income $804,839.94 $984,800.00 $984,150.00

Vacancy & Collection Loss - 3% $24,145.20 $29,544.00 $29,524.50
Effective Gross Income $780,694.75 $955,256.00 $954,625.50
Property Taxes - 2.5% $115,000.00 $117,875.00 $120,821.88
CAM - 2.5% $125,000.00 $128,125.00 $131,328.13
Total Expenses $240,000.00 $246,000.00 $252,150.00

Net Operating Income $540,694.75 $709,256.00 $702,475.50

Leasing commissions - $51,200.00 $0.00 $0.00
Structural Reserve - 2% $15,613.89 $19,105.12 $19,092.51
Mortgage Principal - $171,948.99 $179,334.47 $187,037.17
Mortgage Interest - $219,143.61 $211,758.13 $204,055.43
Before Tax Cash Flow (BCTF) $82,788.25 $299,058.28 $292,290.39
Income Tax Payable - $70,632.55 $122,892.42 $127,971.33
After Tax Cash Flow (ACTF) $12,155.71 $176,165.86 $164,319.06

NOI $540,694.75 $709,256.00 $702,475.50

Interest - $219,143.61 $211,758.13 $204,055.43
CCA (Linked to Actual CCA) - $123,200.00 $241,472.00 $231,813.12
Commissions & Tls - $51,200.00 $0.00 $0.00
Taxable Income = $147,151.14 $256,025.87 $266,606.95
Tax Rate X 48.00% 48.00% 48.00% 48.00%
Income Tax Payable = $70,632.55 $122,892.42 $127,971.33

Beginning UCC $6,160,000.00 $6,036,800.00 $5,795,328.00

CCA Rate 4% 2% 4% 4%
Max CCA Claimable = $123,200.00 $241,472.00 $231,813.12
Actual CCA * $123,200.00 $241,472.00 $231,813.12
Ending UCC $6,036,800.00 $5,795,328.00 $5,563,514.88

Outsanding Balance $5,108,051.01 $4,928,716.54 $4,741,679.37

Year 0 Year 1 Year 2 Year 3

Total Equity ATCFs -$3,520,000.00 $12,155.71 $176,165.86 $164,319.06

NPV -$134,751.70
IRR 9%

REVERSION CALCULATIONS

Estimated Sale Price $9,950,931.48

Closing Costs - $398,037.26 4%
Net Sale Price = $9,552,894.22
OSB loan - $4,343,159.37
Net Sale Price after financing = $5,209,734.84
Tax on Capital Gain - $180,694.61
Tax on Recapture - $393,132.34
After Tax Residual = $4,635,907.89

TAX ON RECAPTURE
Total CCA Taken $819,025.72

TAX ON GAINS
Net Sales Price $9,552,894.22
ACB - $6,160,000.00
Land at Cost - $2,640,000.00
Capital Gain = $752,894.22
Taxable portion 50% $376,447.11
Tax Rate on Taxable Gain= 48% $180,694.61
BROADWAY PLAZA
PROPERTY DATA

Building Portion 70% $6,160,000.00

Land Portion 30% $2,640,000.00
Property Taxes year 1 $115,000.00
CAM Expenses year 1 $125,000.00
Structural Repair Allowance 2.00%
Rents See Rent Roll

FINANCING ASSUMPTIONS

Loan Amount $ 5,280,000.00

Mortgage
Term(years) 5
Nom. Rate 4.250%
Rate Comp 2 Debt Coverage Ratio
Pmts/YR 12

DCR 1.4% Required DCR by Bank =

Amort. Period 20 Years 1.2%
Amort. Period 240 Months
Effective rate
4.29516%
Nominal Rate
4.21285%
Periodic Rate 0.351071%
Periodic Pmt
$32,591.05
Pmt rounded $32,592.00

YEAR 4 YEAR 5 YEAR 6

$787,800.00 $793,800.00 $804,800.00

$231,453.75 $237,915.09 $244,537.97
$0.00 $0.00 $0.00

$1,019,253.75 $1,031,715.09 $1,049,337.97

$30,577.61 $30,951.45 $31,480.14
$988,676.14 $1,000,763.64 $1,017,857.83
$123,842.42 $126,938.48 $130,111.94
$134,611.33 $137,976.61 $141,426.03
$258,453.75 $264,915.09 $271,537.97

$730,222.39 $735,848.55 $746,319.86

$0.00 $0.00 $0.00
$19,773.52 $20,015.27 $20,357.16
$195,070.70 $203,449.30
$196,021.90 $187,643.30
$319,356.26 $324,740.67
$149,596.75 $263,138.52
$169,759.51 $61,602.16

$730,222.39 $735,848.55
$196,021.90 $187,643.30
$222,540.60 $0.00
$0.00 $0.00
$311,659.90 $548,205.24
48.00% 48.00%
$149,596.75 $263,138.52

$5,563,514.88 $5,340,974.28
4% 0.00%
$222,540.60 $0.00
$222,540.60 $0.00
$5,340,974.28 $5,340,974.28

$4,546,608.67 $4,343,159.37

Year 4 Year 5
$169,759.51 $4,697,510.05
Required DCR by Bank =
1.2%
 Amortization Schedule
Given interest rate (i)
No. of compounding periods per year (m)
Frequency of annuity payments during year (f)
Effective interest rate( r)
No. of periods for full amortization (n)
Loan amount
Nominal rate (j12)
Interest rate per month (imo)

Instalment to amortize 0.0061725473

Mortgage constant (*12) 0.0740705682
Annual mtg payment $391,092.62
Debt Coverage Ratio 1.20
NOI = Mtg pymt * DCR $469,311.14

Revised amortization 240.000019

Amortization Schedule
Beginning
Month Balance Payment
1 $5,280,000.00 $32,591.05
2 $5,265,945.50 $32,591.05
3 $5,251,841.65 $32,591.05
4 $5,237,688.29 $32,591.05
5 $5,223,485.24 $32,591.05
6 $5,209,232.33 $32,591.05
7 $5,194,929.38 $32,591.05
8 $5,180,576.22 $32,591.05
9 $5,166,172.66 $32,591.05
10 $5,151,718.54 $32,591.05
11 $5,137,213.68 $32,591.05
12 $5,122,657.90 $32,591.05
13 $5,108,051.01 $32,591.05
14 $5,093,392.84 $32,591.05
15 $5,078,683.21 $32,591.05
16 $5,063,921.94 $32,591.05
17 $5,049,108.85 $32,591.05
18 $5,034,243.76 $32,591.05
19 $5,019,326.47 $32,591.05
20 $5,004,356.82 $32,591.05
21 $4,989,334.61 $32,591.05
22 $4,974,259.66 $32,591.05
23 $4,959,131.79 $32,591.05
24 $4,943,950.81 $32,591.05
25 $4,928,716.54 $32,591.05
26 $4,913,428.78 $32,591.05
27 $4,898,087.35 $32,591.05
28 $4,882,692.06 $32,591.05
29 $4,867,242.72 $32,591.05
30 $4,851,739.15 $32,591.05
31 $4,836,181.14 $32,591.05
32 $4,820,568.52 $32,591.05
33 $4,804,901.09 $32,591.05
34 $4,789,178.65 $32,591.05
35 $4,773,401.01 $32,591.05
36 $4,757,567.99 $32,591.05
37 $4,741,679.37 $32,591.05
38 $4,725,734.98 $32,591.05
39 $4,709,734.61 $32,591.05
40 $4,693,678.07 $32,591.05
41 $4,677,565.16 $32,591.05
42 $4,661,395.68 $32,591.05
43 $4,645,169.44 $32,591.05
44 $4,628,886.23 $32,591.05
45 $4,612,545.85 $32,591.05
46 $4,596,148.11 $32,591.05
47 $4,579,692.80 $32,591.05
48 $4,563,179.72 $32,591.05
49 $4,546,608.67 $32,591.05
50 $4,529,979.44 $32,591.05
51 $4,513,291.83 $32,591.05
52 $4,496,545.64 $32,591.05
53 $4,479,740.65 $32,591.05
54 $4,462,876.67 $32,591.05
55 $4,445,953.48 $32,591.05
56 $4,428,970.88 $32,591.05
57 $4,411,928.66 $32,591.05
58 $4,394,826.61 $32,591.05
59 $4,377,664.52 $32,591.05
60 $4,360,442.18 $32,591.05
61 $4,343,159.37 $32,591.05
62 $4,325,815.89 $32,591.05
63 $4,308,411.53 $32,591.05
64 $4,290,946.06 $32,591.05
65 $4,273,419.27 $32,591.05
66 $4,255,830.96 $32,591.05
67 $4,238,180.89 $32,591.05
68 $4,220,468.86 $32,591.05
69 $4,202,694.65 $32,591.05
70 $4,184,858.04 $32,591.05
71 $4,166,958.81 $32,591.05
72 $4,148,996.74 $32,591.05
73 $4,130,971.61 $32,591.05
74 $4,112,883.21 $32,591.05
75 $4,094,731.29 $32,591.05
76 $4,076,515.65 $32,591.05
77 $4,058,236.07 $32,591.05
78 $4,039,892.30 $32,591.05
79 $4,021,484.14 $32,591.05
80 $4,003,011.35 $32,591.05
81 $3,984,473.71 $32,591.05
82 $3,965,870.99 $32,591.05
83 $3,947,202.96 $32,591.05
84 $3,928,469.39 $32,591.05
85 $3,909,670.06 $32,591.05
86 $3,890,804.72 $32,591.05
87 $3,871,873.16 $32,591.05
88 $3,852,875.13 $32,591.05
89 $3,833,810.40 $32,591.05
90 $3,814,678.75 $32,591.05
91 $3,795,479.93 $32,591.05
92 $3,776,213.70 $32,591.05
93 $3,756,879.84 $32,591.05
94 $3,737,478.11 $32,591.05
95 $3,718,008.25 $32,591.05
96 $3,698,470.05 $32,591.05
97 $3,678,863.25 $32,591.05
98 $3,659,187.62 $32,591.05
99 $3,639,442.92 $32,591.05
100 $3,619,628.89 $32,591.05
101 $3,599,745.31 $32,591.05
102 $3,579,791.92 $32,591.05
103 $3,559,768.48 $32,591.05
104 $3,539,674.74 $32,591.05
105 $3,519,510.46 $32,591.05
106 $3,499,275.39 $32,591.05
107 $3,478,969.28 $32,591.05
108 $3,458,591.88 $32,591.05
109 $3,438,142.94 $32,591.05
110 $3,417,622.21 $32,591.05
111 $3,397,029.44 $32,591.05
112 $3,376,364.37 $32,591.05
113 $3,355,626.75 $32,591.05
114 $3,334,816.33 $32,591.05
115 $3,313,932.85 $32,591.05
116 $3,292,976.06 $32,591.05
117 $3,271,945.69 $32,591.05
118 $3,250,841.49 $32,591.05
119 $3,229,663.20 $32,591.05
120 $3,208,410.56 $32,591.05
121 $3,187,083.31 $32,591.05
122 $3,165,681.18 $32,591.05
123 $3,144,203.92 $32,591.05
124 $3,122,651.25 $32,591.05
125 $3,101,022.92 $32,591.05
126 $3,079,318.66 $32,591.05
127 $3,057,538.21 $32,591.05
128 $3,035,681.29 $32,591.05
129 $3,013,747.63 $32,591.05
130 $2,991,736.97 $32,591.05
131 $2,969,649.04 $32,591.05
132 $2,947,483.57 $32,591.05
133 $2,925,240.27 $32,591.05
134 $2,902,918.89 $32,591.05
135 $2,880,519.15 $32,591.05
136 $2,858,040.76 $32,591.05
137 $2,835,483.46 $32,591.05
138 $2,812,846.97 $32,591.05
139 $2,790,131.01 $32,591.05
140 $2,767,335.30 $32,591.05
141 $2,744,459.56 $32,591.05
142 $2,721,503.51 $32,591.05
143 $2,698,466.87 $32,591.05
144 $2,675,349.35 $32,591.05
145 $2,652,150.67 $32,591.05
146 $2,628,870.55 $32,591.05
147 $2,605,508.70 $32,591.05
148 $2,582,064.84 $32,591.05
149 $2,558,538.67 $32,591.05
150 $2,534,929.90 $32,591.05
151 $2,511,238.25 $32,591.05
152 $2,487,463.43 $32,591.05
153 $2,463,605.14 $32,591.05
154 $2,439,663.09 $32,591.05
155 $2,415,636.99 $32,591.05
156 $2,391,526.54 $32,591.05
157 $2,367,331.45 $32,591.05
158 $2,343,051.41 $32,591.05
159 $2,318,686.13 $32,591.05
160 $2,294,235.31 $32,591.05
161 $2,269,698.66 $32,591.05
162 $2,245,075.86 $32,591.05
163 $2,220,366.62 $32,591.05
164 $2,195,570.63 $32,591.05
165 $2,170,687.59 $32,591.05
166 $2,145,717.19 $32,591.05
167 $2,120,659.13 $32,591.05
168 $2,095,513.10 $32,591.05
169 $2,070,278.79 $32,591.05
170 $2,044,955.89 $32,591.05
171 $2,019,544.08 $32,591.05
172 $1,994,043.06 $32,591.05
173 $1,968,452.52 $32,591.05
174 $1,942,772.13 $32,591.05
175 $1,917,001.59 $32,591.05
176 $1,891,140.58 $32,591.05
177 $1,865,188.77 $32,591.05
178 $1,839,145.86 $32,591.05
179 $1,813,011.52 $32,591.05
180 $1,786,785.42 $32,591.05
181 $1,760,467.26 $32,591.05
182 $1,734,056.69 $32,591.05
183 $1,707,553.41 $32,591.05
184 $1,680,957.09 $32,591.05
185 $1,654,267.39 $32,591.05
186 $1,627,483.99 $32,591.05
187 $1,600,606.56 $32,591.05
188 $1,573,634.78 $32,591.05
189 $1,546,568.30 $32,591.05
190 $1,519,406.81 $32,591.05
191 $1,492,149.95 $32,591.05
192 $1,464,797.41 $32,591.05
193 $1,437,348.83 $32,591.05
194 $1,409,803.90 $32,591.05
195 $1,382,162.26 $32,591.05
196 $1,354,423.58 $32,591.05
197 $1,326,587.52 $32,591.05
198 $1,298,653.73 $32,591.05
199 $1,270,621.88 $32,591.05
200 $1,242,491.61 $32,591.05
201 $1,214,262.59 $32,591.05
202 $1,185,934.46 $32,591.05
203 $1,157,506.88 $32,591.05
204 $1,128,979.50 $32,591.05
205 $1,100,351.97 $32,591.05
206 $1,071,623.94 $32,591.05
207 $1,042,795.05 $32,591.05
208 $1,013,864.95 $32,591.05
209 $984,833.28 $32,591.05
210 $955,699.70 $32,591.05
211 $926,463.83 $32,591.05
212 $897,125.32 $32,591.05
213 $867,683.82 $32,591.05
214 $838,138.96 $32,591.05
215 $808,490.37 $32,591.05
216 $778,737.69 $32,591.05
217 $748,880.57 $32,591.05
218 $718,918.62 $32,591.05
219 $688,851.48 $32,591.05
220 $658,678.79 $32,591.05
221 $628,400.17 $32,591.05
222 $598,015.25 $32,591.05
223 $567,523.66 $32,591.05
224 $536,925.02 $32,591.05
225 $506,218.95 $32,591.05
226 $475,405.09 $32,591.05
227 $444,483.05 $32,591.05
228 $413,452.45 $32,591.05
229 $382,312.91 $32,591.05
230 $351,064.05 $32,591.05
231 $319,705.49 $32,591.05
232 $288,236.83 $32,591.05
233 $256,657.70 $32,591.05
234 $224,967.70 $32,591.05
235 $193,166.44 $32,591.05
236 $161,253.54 $32,591.05
237 $129,228.61 $32,591.05
238 $97,091.24 $32,591.05
239 $64,841.05 $32,591.05
240 $32,477.64 $32,591.05
n Schedule
4.25%
2
12
4.2952% Effective interest rate =
240 keff = (1+ i/m)(m/f) - 1
5,280,000
4.212851%
0.351071%

(based on exact payments made)

Ending
Interest Principal Balance
$18,536.55 $14,054.50 $5,265,945.50
$18,487.20 $14,103.85 $5,251,841.65
$18,437.69 $14,153.36 $5,237,688.29
$18,388.00 $14,203.05 $5,223,485.24
$18,338.14 $14,252.91 $5,209,232.33
$18,288.10 $14,302.95 $5,194,929.38
$18,237.89 $14,353.16 $5,180,576.22
$18,187.50 $14,403.55 $5,166,172.66
$18,136.93 $14,454.12 $5,151,718.54
$18,086.19 $14,504.86 $5,137,213.68 Year One
$18,035.26 $14,555.79 $5,122,657.90 Interest Principal For Formulas:
$17,984.16 $14,606.89 $5,108,051.01 $ (219,143.61) $(171,948.99) Type = The number indicating when
$17,932.88 $14,658.17 $5,093,392.84
$17,881.42 $14,709.63 $5,078,683.21
$17,829.78 $14,761.27 $5,063,921.94
$17,777.96 $14,813.09 $5,049,108.85
$17,725.95 $14,865.10 $5,034,243.76
$17,673.77 $14,917.28 $5,019,326.47
$17,621.40 $14,969.65 $5,004,356.82
$17,568.84 $15,022.21 $4,989,334.61
$17,516.10 $15,074.95 $4,974,259.66
$17,463.18 $15,127.87 $4,959,131.79 Year Two
$17,410.07 $15,180.98 $4,943,950.81 Interest Principal
$17,356.77 $15,234.28 $4,928,716.54 $ (211,758.13) ###
$17,303.29 $15,287.76 $4,913,428.78
$17,249.62 $15,341.43 $4,898,087.35
$17,195.76 $15,395.29 $4,882,692.06
$17,141.71 $15,449.34 $4,867,242.72
$17,087.47 $15,503.58 $4,851,739.15
$17,033.05 $15,558.00 $4,836,181.14
$16,978.43 $15,612.62 $4,820,568.52
$16,923.61 $15,667.44 $4,804,901.09
$16,868.61 $15,722.44 $4,789,178.65
$16,813.41 $15,777.64 $4,773,401.01 Year Three
$16,758.02 $15,833.03 $4,757,567.99 Interest Principal
$16,702.44 $15,888.61 $4,741,679.37 $ (204,055.43) ###
$16,646.66 $15,944.39 $4,725,734.98
$16,590.68 $16,000.37 $4,709,734.61
$16,534.51 $16,056.54 $4,693,678.07
$16,478.14 $16,112.91 $4,677,565.16
$16,421.57 $16,169.48 $4,661,395.68
$16,364.81 $16,226.24 $4,645,169.44
$16,307.84 $16,283.21 $4,628,886.23
$16,250.67 $16,340.38 $4,612,545.85
$16,193.31 $16,397.74 $4,596,148.11
$16,135.74 $16,455.31 $4,579,692.80 Year Four
$16,077.97 $16,513.08 $4,563,179.72 Interest Principal
$16,020.00 $16,571.05 $4,546,608.67 $ (196,021.90) $(195,070.70)
$15,961.82 $16,629.23 $4,529,979.44
$15,903.44 $16,687.61 $4,513,291.83
$15,844.86 $16,746.19 $4,496,545.64
$15,786.06 $16,804.99 $4,479,740.65
$15,727.07 $16,863.98 $4,462,876.67
$15,667.86 $16,923.19 $4,445,953.48
$15,608.45 $16,982.60 $4,428,970.88
$15,548.83 $17,042.22 $4,411,928.66
$15,489.00 $17,102.05 $4,394,826.61
$15,428.96 $17,162.09 $4,377,664.52 Year Five
$15,368.71 $17,222.34 $4,360,442.18 Interest Principal
$15,308.25 $17,282.80 $4,343,159.37 $ (187,643.30) $ (203,449.30)
$15,247.57 $17,343.48 $4,325,815.89
$15,186.68 $17,404.37 $4,308,411.53
$15,125.58 $17,465.47 $4,290,946.06
$15,064.26 $17,526.79 $4,273,419.27
$15,002.73 $17,588.32 $4,255,830.96
$14,940.99 $17,650.06 $4,238,180.89
$14,879.02 $17,712.03 $4,220,468.86
$14,816.84 $17,774.21 $4,202,694.65
$14,754.44 $17,836.61 $4,184,858.04
$14,691.82 $17,899.23 $4,166,958.81
$14,628.98 $17,962.07 $4,148,996.74
$14,565.92 $18,025.13 $4,130,971.61
$14,502.64 $18,088.41 $4,112,883.21
$14,439.14 $18,151.91 $4,094,731.29
$14,375.41 $18,215.64 $4,076,515.65
$14,311.46 $18,279.59 $4,058,236.07
$14,247.29 $18,343.76 $4,039,892.30
$14,182.89 $18,408.16 $4,021,484.14
$14,118.26 $18,472.79 $4,003,011.35
$14,053.41 $18,537.64 $3,984,473.71
$13,988.33 $18,602.72 $3,965,870.99
$13,923.02 $18,668.03 $3,947,202.96
$13,857.48 $18,733.57 $3,928,469.39
$13,791.71 $18,799.34 $3,909,670.06
$13,725.72 $18,865.33 $3,890,804.72
$13,659.48 $18,931.57 $3,871,873.16
$13,593.02 $18,998.03 $3,852,875.13
$13,526.32 $19,064.73 $3,833,810.40
$13,459.39 $19,131.66 $3,814,678.75
$13,392.23 $19,198.82 $3,795,479.93
$13,324.83 $19,266.22 $3,776,213.70
$13,257.19 $19,333.86 $3,756,879.84
$13,189.31 $19,401.74 $3,737,478.11
$13,121.20 $19,469.85 $3,718,008.25
$13,052.85 $19,538.20 $3,698,470.05
$12,984.25 $19,606.80 $3,678,863.25
$12,915.42 $19,675.63 $3,659,187.62
$12,846.34 $19,744.71 $3,639,442.92
$12,777.03 $19,814.02 $3,619,628.89
$12,707.47 $19,883.58 $3,599,745.31
$12,637.66 $19,953.39 $3,579,791.92
$12,567.61 $20,023.44 $3,559,768.48
$12,497.31 $20,093.74 $3,539,674.74
$12,426.77 $20,164.28 $3,519,510.46
$12,355.98 $20,235.07 $3,499,275.39
$12,284.94 $20,306.11 $3,478,969.28
$12,213.65 $20,377.40 $3,458,591.88
$12,142.11 $20,448.94 $3,438,142.94
$12,070.32 $20,520.73 $3,417,622.21
$11,998.28 $20,592.77 $3,397,029.44
$11,925.98 $20,665.07 $3,376,364.37
$11,853.43 $20,737.62 $3,355,626.75
$11,780.63 $20,810.42 $3,334,816.33
$11,707.57 $20,883.48 $3,313,932.85
$11,634.26 $20,956.79 $3,292,976.06
$11,560.68 $21,030.37 $3,271,945.69
$11,486.85 $21,104.20 $3,250,841.49
$11,412.76 $21,178.29 $3,229,663.20
$11,338.41 $21,252.64 $3,208,410.56
$11,263.80 $21,327.25 $3,187,083.31
$11,188.92 $21,402.13 $3,165,681.18
$11,113.79 $21,477.26 $3,144,203.92
$11,038.39 $21,552.66 $3,122,651.25
$10,962.72 $21,628.33 $3,101,022.92
$10,886.79 $21,704.26 $3,079,318.66
$10,810.59 $21,780.46 $3,057,538.21
$10,734.13 $21,856.92 $3,035,681.29
$10,657.39 $21,933.66 $3,013,747.63
$10,580.39 $22,010.66 $2,991,736.97
$10,503.12 $22,087.93 $2,969,649.04
$10,425.57 $22,165.48 $2,947,483.57
$10,347.76 $22,243.29 $2,925,240.27
$10,269.67 $22,321.38 $2,902,918.89
$10,191.30 $22,399.75 $2,880,519.15
$10,112.67 $22,478.38 $2,858,040.76
$10,033.75 $22,557.30 $2,835,483.46
$9,954.56 $22,636.49 $2,812,846.97
$9,875.09 $22,715.96 $2,790,131.01
$9,795.34 $22,795.71 $2,767,335.30
$9,715.31 $22,875.74 $2,744,459.56
$9,635.00 $22,956.05 $2,721,503.51
$9,554.41 $23,036.64 $2,698,466.87
$9,473.53 $23,117.52 $2,675,349.35
$9,392.37 $23,198.68 $2,652,150.67
$9,310.93 $23,280.12 $2,628,870.55
$9,229.20 $23,361.85 $2,605,508.70
$9,147.18 $23,443.87 $2,582,064.84
$9,064.88 $23,526.17 $2,558,538.67
$8,982.29 $23,608.76 $2,534,929.90
$8,899.40 $23,691.65 $2,511,238.25
$8,816.23 $23,774.82 $2,487,463.43
$8,732.76 $23,858.29 $2,463,605.14
$8,649.00 $23,942.05 $2,439,663.09
$8,564.95 $24,026.10 $2,415,636.99
$8,480.60 $24,110.45 $2,391,526.54
$8,395.95 $24,195.10 $2,367,331.45
$8,311.01 $24,280.04 $2,343,051.41
$8,225.77 $24,365.28 $2,318,686.13
$8,140.23 $24,450.82 $2,294,235.31
$8,054.39 $24,536.66 $2,269,698.66
$7,968.25 $24,622.80 $2,245,075.86
$7,881.81 $24,709.24 $2,220,366.62
$7,795.06 $24,795.99 $2,195,570.63
$7,708.01 $24,883.04 $2,170,687.59
$7,620.65 $24,970.40 $2,145,717.19
$7,532.99 $25,058.06 $2,120,659.13
$7,445.02 $25,146.03 $2,095,513.10
$7,356.74 $25,234.31 $2,070,278.79
$7,268.15 $25,322.90 $2,044,955.89
$7,179.25 $25,411.80 $2,019,544.08
$7,090.03 $25,501.02 $1,994,043.06
$7,000.51 $25,590.54 $1,968,452.52
$6,910.66 $25,680.39 $1,942,772.13
$6,820.51 $25,770.54 $1,917,001.59
$6,730.04 $25,861.01 $1,891,140.58
$6,639.24 $25,951.81 $1,865,188.77
$6,548.14 $26,042.91 $1,839,145.86
$6,456.71 $26,134.34 $1,813,011.52
$6,364.96 $26,226.09 $1,786,785.42
$6,272.88 $26,318.17 $1,760,467.26
$6,180.49 $26,410.56 $1,734,056.69
$6,087.77 $26,503.28 $1,707,553.41
$5,994.72 $26,596.33 $1,680,957.09
$5,901.35 $26,689.70 $1,654,267.39
$5,807.65 $26,783.40 $1,627,483.99
$5,713.62 $26,877.43 $1,600,606.56
$5,619.26 $26,971.79 $1,573,634.78
$5,524.57 $27,066.48 $1,546,568.30
$5,429.55 $27,161.50 $1,519,406.81
$5,334.20 $27,256.85 $1,492,149.95
$5,238.50 $27,352.55 $1,464,797.41
$5,142.48 $27,448.57 $1,437,348.83
$5,046.11 $27,544.94 $1,409,803.90
$4,949.41 $27,641.64 $1,382,162.26
$4,852.37 $27,738.68 $1,354,423.58
$4,754.99 $27,836.06 $1,326,587.52
$4,657.26 $27,933.79 $1,298,653.73
$4,559.20 $28,031.85 $1,270,621.88
$4,460.78 $28,130.27 $1,242,491.61
$4,362.03 $28,229.02 $1,214,262.59
$4,262.92 $28,328.13 $1,185,934.46
$4,163.47 $28,427.58 $1,157,506.88
$4,063.67 $28,527.38 $1,128,979.50
$3,963.52 $28,627.53 $1,100,351.97
$3,863.02 $28,728.03 $1,071,623.94
$3,762.16 $28,828.89 $1,042,795.05
$3,660.95 $28,930.10 $1,013,864.95
$3,559.39 $29,031.66 $984,833.28
$3,457.46 $29,133.59 $955,699.70
$3,355.18 $29,235.87 $926,463.83
$3,252.55 $29,338.50 $897,125.32
$3,149.55 $29,441.50 $867,683.82
$3,046.19 $29,544.86 $838,138.96
$2,942.46 $29,648.59 $808,490.37
$2,838.37 $29,752.68 $778,737.69
$2,733.92 $29,857.13 $748,880.57
$2,629.10 $29,961.95 $718,918.62
$2,523.91 $30,067.14 $688,851.48
$2,418.36 $30,172.69 $658,678.79
$2,312.43 $30,278.62 $628,400.17
$2,206.13 $30,384.92 $598,015.25
$2,099.46 $30,491.59 $567,523.66
$1,992.41 $30,598.64 $536,925.02
$1,884.99 $30,706.06 $506,218.95
$1,777.19 $30,813.86 $475,405.09
$1,669.01 $30,922.04 $444,483.05
$1,560.45 $31,030.60 $413,452.45
$1,451.51 $31,139.54 $382,312.91
$1,342.19 $31,248.86 $351,064.05
$1,232.48 $31,358.57 $319,705.49
$1,122.39 $31,468.66 $288,236.83
$1,011.92 $31,579.13 $256,657.70
$901.05 $31,690.00 $224,967.70
$789.80 $31,801.25 $193,166.44
$678.15 $31,912.90 $161,253.54
$566.11 $32,024.94 $129,228.61
$453.68 $32,137.37 $97,091.24
$340.86 $32,250.19 $64,841.05
$227.64 $32,363.41 $32,477.64
$114.02 $32,477.03 $0.61
he number indicating when the payments are due:
0 = the end of the period
1 = the start of the period
 TENANT ROSTER BRO

TENANT & AREA SQ. MARKET RENT RENT PER

UNIT YEAR
LEASE TYPE FT. PER SQ. FEET SQ. FEET

CREDIT UNION 2019 $32.00 $37.00

part-gross ($4.50 2020 $32.64 $37.00
per sq.ft. CAM
included in base; 2021 $33.29 $37.00
1 remainder pro- 6,000
2022 $33.96 $38.50
rata CAM charged
to tenant as 2023 $34.64 $38.50
recoveries) 2024 $35.33 $40.00

2019 $27.50 $27.50

2020 $28.05 $27.50
DENTIST 2021 $28.61 $29.00
2 (TRIPLE NET)
2,400
2022 $29.18 $29.00
2023 $29.77 $29.00
2024 $30.36 $29.00

2019 $29.00 $29.00

2020 $29.58 $29.00
INSURANCE 2021 $30.17 $25.00
3 AGENCY 2,600
2022 $30.78 $31.00
(TRIPLE NET)
2023 $31.39 $31.00
2024 $32.02 $31.00

2019 $27.00 $26.38

2020 $27.54 $27.00
HEARING CLINIC 2021 $28.09 $27.00
4 (TRIPLE NET) 4,000
2022 $28.65 $27.00
2023 $29.23 $28.50
2024 $29.81 $29.00

2019 $32.00 $2.67

2020 $32.64 $32.00
2021 $33.29 $32.00
5 CORNER UNIT 5,000
2022 $33.96 $32.00
2023 $34.64 $32.00
2024 $35.33 $32.00

2019 $32.00 $32.00

2020 $32.64 $32.00
RESTAURANT 2021 $33.29 $32.00
6 (TRIPLE NET)
4,200
2022 $33.96 $33.00
2023 $34.64 $33.00
2024 $35.33 $33.00
 COMMON AREA MAINTENANCE

YEAR CAM COST PER TOTAL NOTES

SQ. FT. ANNUAL CAM

2019 $5.17 $125,000.00

2020 $5.29 $128,125.00
2021 $5.43 $131,328.13 CAM Rate is increasing by 2.5%
2022 $5.56 $134,611.33 each year.
2023 $5.70 $137,976.61
2024 $5.84 $141,426.03

TENANT INDUCMENTS
TENANT 2019 2020 2021 2022 2023

CREDIT UNION
$0.00 $0.00 $0.00 $0.00 $0.00
DENTIST $0.00 $0.00 $0.00 $0.00 $0.00
INSURANCE
AGENCY $0.00 $0.00 $13,074.36 $0.00 $0.00
HEARING
CLINIC
$0.00 $0.00 $0.00 $0.00 $0.00

CORNER UNIT
$66,666.67 $0.00 $0.00 $0.00 $0.00
RESTAURANT $0.00 $0.00 $0.00 $0.00 $0.00
TOTAL $66,666.67 $0.00 $13,074.36 $0.00 $0.00

RECOVERY COMMISSION (NEW TENANTS ONLY)

YEAR AMOUNT INITIAL

RECOVERED TENANT YEAR 1 (5%)
CORNER UNIT
2019 $188,206.61 (2019-2029) $8,000.00
2020 $219,000.00
2021 $225,150.00
2022 $231,453.75
2023 $237,915.09
2024 $244,537.97
ENANT ROSTER BROADWAY PLAZA

ANNUAL BASE CAM PER TOTAL TAX PER SQ. TOTAL GROSS
RENT PER SQ.
FEET SQ. FEET CAM FEET ANNUAL TAX INCOME
$222,000.00 $0.67 $3,991.74 $4.75 $28,512.40 $254,504.13
$222,000.00 $0.79 $4,766.53 $4.87 $29,225.21 $255,991.74
$222,000.00 $0.93 $5,560.69 $4.99 $29,955.84 $257,516.53
$231,000.00 $1.06 $6,374.71 $5.12 $30,704.73 $268,079.44
$231,000.00 $1.20 $7,209.08 $5.25 $31,472.35 $269,681.43
$240,000.00 $1.34 $8,064.30 $5.38 $32,259.16 $280,323.46

$66,000.00 $5.17 $12,396.69 $4.75 $11,404.96 $89,801.65

$66,000.00 $5.29 $12,706.61 $4.87 $11,690.08 $90,396.69
$69,600.00 $5.43 $13,024.28 $4.99 $11,982.33 $94,606.61
$69,600.00 $5.56 $13,349.88 $5.12 $12,281.89 $95,231.78
$69,600.00 $5.70 $13,683.63 $5.25 $12,588.94 $95,872.57
$69,600.00 $5.84 $14,025.72 $5.38 $12,903.66 $96,529.39

$75,400.00 $5.17 $13,429.75 $4.75 $12,355.37 $101,185.12

$75,400.00 $5.29 $13,765.50 $4.87 $12,664.26 $101,829.75
$65,000.00 $5.43 $14,109.63 $4.99 $12,980.86 $92,090.50
$80,600.00 $5.56 $14,462.37 $5.12 $13,305.38 $108,367.76
$80,600.00 $5.70 $14,823.93 $5.25 $13,638.02 $109,061.95
$80,600.00 $5.84 $15,194.53 $5.38 $13,978.97 $109,773.50

$105,500.00 $5.17 $20,661.16 $4.75 $19,008.26 $145,169.42

$108,000.00 $5.29 $21,177.69 $4.87 $19,483.47 $148,661.16
$108,000.00 $5.43 $21,707.13 $4.99 $19,970.56 $149,677.69
$108,000.00 $5.56 $22,249.81 $5.12 $20,469.82 $150,719.63
$114,000.00 $5.70 $22,806.05 $5.25 $20,981.57 $157,787.62
$116,000.00 $5.84 $23,376.20 $5.38 $21,506.11 $160,882.31

$13,333.33 $5.17 $12,913.22 $4.75 $11,880.17 $38,126.72

$160,000.00 $5.29 $26,472.11 $4.87 $24,354.34 $210,826.45
$160,000.00 $5.43 $27,133.91 $4.99 $24,963.20 $212,097.11
$160,000.00 $5.56 $27,812.26 $5.12 $25,587.28 $213,399.54
$160,000.00 $5.70 $28,507.56 $5.25 $26,226.96 $214,734.52
$160,000.00 $5.84 $29,220.25 $5.38 $26,882.63 $216,102.89

$134,400.00 $5.17 $21,694.21 $4.75 $19,958.68 $176,052.89

$134,400.00 $5.29 $22,236.57 $4.87 $20,457.64 $177,094.21
$134,400.00 $5.43 $22,792.48 $4.99 $20,969.09 $178,161.57
$138,600.00 $5.56 $23,362.30 $5.12 $21,493.31 $183,455.61
$138,600.00 $5.70 $23,946.35 $5.25 $22,030.65 $184,577.00
$138,600.00 $5.84 $24,545.01 $5.38 $22,581.41 $185,726.42
 PROPERTY TAXES

YEAR TAX PER SQ. TOTAL NOTES

FT. ANNUAL TAX

2019 $4.75 $115,000.00

2020 $4.87 $117,875.00
2021 $4.99 $120,821.88 Property taxes are increasing by
2022 $5.12 $123,842.42 2.5% each year.
2023 $5.25 $126,938.48
2024 $5.38 $130,111.94

2024

$0.00

$0.00

$0.00

$0.00

$0.00
$0.00
$0.00

SSION (NEW TENANTS ONLY)

REMAINING TERM TOTAL
(9 years) COMMISSION
(3%) PAID

$43,200.00 $51,200.00
 NOTES

Free rent of 2 months because tenat renewed the lease term

Lease start date is july 1, 2019 and 5 months free rent is given as new tenants at beginning of lease