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<br />,<..::".,'.. .,. .,.,.... ...,.. <br />. ..,.;,:::::ki'Di':,<,:f;;;;;., . ;,;W INCOME APPROACH <br /> <br />..,., .. <br /> <br />. .;. '.... .,.';, ,'... <br /> <br />D CASH RENTAL <br /> <br />EJ SHARE RENTAL <br /> <br />119 OWNER OPERATOR <br /> <br />...., <br />......... <br /> <br />INCOME <br /> <br />".~"( <br /> <br />LL SHARE LANDLORD <br />% INCOME $ <br />100.00 2&4,500 <br /> <br /> <br />ENTERPRISE <br />FIsh Product. Sales <br /> <br />NUMBER YIELD UNIT <br />115,000 1 1 <br /> <br />PRICE! <br />UNIT$ <br />2.30 <br /> <br />GROSS <br />$ <br />264,500 <br /> <br />COMMENTS <br /> <br />pounds of fISh sold per year. <br />Actually aU sizes of fish are sold <br /> <br />Elk <br /> <br />1 <br /> <br />1 <br /> <br />3,000.00 3,000 <br /> <br />100.00 <br /> <br />3.... <br /> <br />TOTAL ACRES <br /> <br />.6 <br /> <br />TOTAL LANDLORD INCOME ~1,~1J$0~.:':f::, <br /> <br />U.NDLbRD,6PEi'iATilllli'tlo~ts:illidt\iidtJ~I"E~rleiise.iteriis.Aie+bhii$)Al:iie~ <br /> <br />ENTERPRISE NUMBER FERTILIZER LL % CHEMICAL LL % lL % LL % TOTAL $ <br /> <br />TOTAL ACRES 36 <br /> <br />TOTAL EXPENSES ~ <br /> <br />;.~::.':;d~,':~9Si~;Qi~,~jhl@ \f~~fhf~ <br /> <br />....".,gj,p, .~:rE;\}lMixm~jj7f <br /> <br />REAL ESTATE TAXES <br /> <br />2,175 <br /> <br />SALE # <br /> <br />CAP. RATE <br /> <br />INSURANCE <br /> <br />12,139 <br /> <br />313 <br /> <br />15.90 <br /> <br />UPKEEP/MAINT. <br /> <br />S.OO4 <br /> <br />312 <br /> <br />6.22 <br /> <br />MGT L % LL Income) <br /> <br />314 <br /> <br />14.22 <br /> <br />Labor 37,700 <br /> <br />Other 120,000 <br />TOTAL OVERHEAD COST -$}ix7.jAi!Kftt:~;;i~ <br /> <br />NET LL INCOME <br /> <br />CAPITAUZATION RATE SELECTED 15.00 % <br /> <br />V (value of land) = NET INCOME <br />RATE <br /> <br />COMMENTS <br />comnarable#313 is felt to be the most relibl~ indicator of can rate. Sales <br /> <br />indicate ad]usted GIMs of 1.4 for sale #313, 2.5 for #314 and 3.5 for #312. <br /> <br />Recommended GIM for subject is 2.25 = $602,000 (higher due to time & location <br /> <br />~ <br />~.* <br /> <br />, <br /> <br /><' <br /> <br />..~ <<$1 :603,200::" <br /> <br />~....t:::..l <br /> <br />000025 <br /> <br />Form 1601 R07-91 <br /> <br />12 <br /> <br />Pil9,S!)f' <br />