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Mid—Continent Resources <br /> July 14, 1986 <br /> Page — 5 — <br /> REVISED INCOME APPROACH SUMMARY (7/14/86) <br /> (DIRECT CAPITALIZATION) <br /> Gross Income <br /> Mine Services 16350 sf X $4.75 psf = $77,663 <br /> Terminal 19780 sf X $4.75 psf = $93,955 <br /> Truck Park 91908 sf X $0.30 psf = $27,572 <br /> Fenced Storage 176000 sf X $0.30 psf = $52,800 <br /> Truck Wash $Z0,000 <br /> Total Income $271 ,990 <br /> Vacancy & Credit Loss —5% —13,599 <br /> EFFECTIVE GROSS INCOME 100% $258,390 <br /> Operating Expenses <br /> Property Taxes $30,082 <br /> Property Insurance $4,000 <br /> Property Maintenance $0.30 pfs $1 1 , 167 <br /> Property Management 5% $12,920 <br /> Total Operating Expenses —22.5% —58, 169 <br /> NET OPERATING INCOME $200,222 <br /> CAPITALIZATION <br /> Mortgage Position 75% x 0. 1 1436 = 0.08577 <br /> Equity Position 25% x 0.09 = 0.0225 <br /> 100% 0. 10827 <br /> VALUATION <br /> $200,222 Divided By 0. 10827 = $1 ,849,283 <br /> Surplus Land $392,040 <br /> TOTAL INCOME APPROACH INDICATION $2,241 ,323 <br /> Applegate & Co. Real Estate Appraisers <br />