% Change
ASSUMPTIONS			ANNUAL INCOME & EXPENSES		Base Year	Year 2	Year 3	Year 4	Year 5
Land
Building	$6,286,544		Operating Expense Increase Schedule:
General Contractors Fee	(included)		Payment in Lieu of Property taxes		120,014	0%	3%	3%	3%
Construction Eng'g Fee	$188,596		Gas and Electric		25,000	3%	3%	3%	3%
Architectural Fee	$377,193		Water/sewer		0	3%	3%	3%	3%
Developer Fee	$628,654		Insurance		10,000	3%	3%	3%	3%
Closing Costs	$519,924		Maintenance-snow, garden, etc		25,000	4%	4%	4%	4%
Total Cost	$8,000,911		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		120,014	120,014	123,614	127,322	131,142
Total Cost/Sq Ft	$80.01		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	8,000,911
Interest Rate	6.00%		Total Operating Expenses		190,014	192,364	198,395	204,617	211,037
Amortization Period	20
Annual Payment	$697,556		Debt Service		697,556	697,556	697,556	697,556	697,556
Equity	$0
			Total Annual Expense		887,570	889,920	895,950	902,173	908,592
CLOSING COST ESTIMATES			Annual Cost per Square Foot		8.88	8.90	8.96	9.02	9.09
Loan Fee - 2%	125,731		Annual Revenue per Square Foot		9.24	9.70	10.19	10.70	11.23
Appraisal	5,000		Annual Gain/(Loss) per Square Foot		0.36	0.80	1.23	1.67	2.15
Survey	5,000
Improvements	0		Annual Cost per Parking Spot		2,219	2,225	2,240	2,255	2,271
Title	5,000		Annual Revenue per Parking Spot		2,310	2,426	2,547	2,674	2,808
Recording Fee	2,000		Annual Gain/(Loss) per Parking Spot		91.08	200.70	306.90	418.68	536.34
Prepaid Interest	377,193
			Annual Gain/(Loss) Total		36,430	80,280	122,760	167,473	214,535
Total Closing	519,924
											Blue numbers are variables
											Red numbers are results