% Change
ASSUMPTIONS			ANNUAL INCOME & EXPENSES		Base Year	Year 2	Year 3	Year 4	Year 5
Land
Building	$5,657,890		Operating Expense Increase Schedule:
General Contractors Fee	(included)		Payment in Lieu of Property taxes		108,038	0%	3%	3%	3%
Construction Eng'g Fee	$169,737		Gas and Electric		25,000	3%	3%	3%	3%
Architectural Fee	$339,473		Water/sewer		0	3%	3%	3%	3%
Developer Fee	$565,789		Insurance		10,000	3%	3%	3%	3%
Closing Costs	$469,631		Maintenance-snow, garden, etc		25,000	4%	4%	4%	4%
Total Cost	$7,202,520		Janitorial		10,000	3%	3%	3%	3%
						0%	0%	0%	0%
Land Value	15%
			Less Operating Expenses:
Square Footage	100,000		Payment in Lieu of Property taxes		108,038	108,038	111,279	114,617	118,056
Total Cost/Sq Ft	$72.03		Gas and Electric		25,000	25,750	26,523	27,318	28,138
			Water/sewer		0	0	0	0	0
			Insurance		10,000	10,300	10,609	10,927	11,255
FINANCING			Maintenance-snow, garden, etc		25,000	26,000	27,040	28,122	29,246
Loan to Value	100%		Janitorial		10,000	10,300	10,609	10,927	11,255
Total Debt	7,202,520
Interest Rate	5.00%		Total Operating Expenses		178,038	180,388	186,059	191,912	197,950
Amortization Period	20
Annual Payment	$577,949		Debt Service		577,949	577,949	577,949	577,949	577,949
Equity	$0
			Total Annual Expense		755,987	758,337	764,008	769,860	775,899
CLOSING COST ESTIMATES			Annual Cost per Square Foot		7.56	7.58	7.64	7.70	7.76
Loan Fee - 2%	113,158		Annual Revenue per Square Foot		10.16	10.67	11.21	11.77	12.35
Appraisal	5,000		Annual Gain/(Loss) per Square Foot		2.60	3.09	3.57	4.07	4.60
Survey	5,000
Improvements	0		Annual Cost per Parking Spot		1,890	1,896	1,910	1,925	1,940
Title	5,000		Annual Revenue per Parking Spot		2,541	2,668	2,801	2,942	3,089
Recording Fee	2,000		Annual Gain/(Loss) per Parking Spot		651.03	772.21	891.43	1,016.87	1,148.85
Prepaid Interest	339,473
			Annual Gain/(Loss) Total		260,413	308,883	356,573	406,750	459,542
Total Closing	469,631
											Blue numbers are variables
											Red numbers are results