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Mid-Continent Resources <br /> July 15, 1986 <br /> Page - 5 - <br /> REVISED INCOME APPROACH SUMMARY (7/15/86) <br /> Gross Income <br /> Buildings 14239 sf x $2.75 psf = $39, 157 <br /> Fenced Storage 234179 sf x $0.30 psf $70,254 <br /> Total Income $109,411 <br /> Vacancy & Credit Loss -5% -5,471 <br /> EFFECTIVE GROSS INCOME 100% $103,940 <br /> Operating Expenses <br /> Property Taxes $8,460 <br /> Property Insurance $1 ,500 <br /> Property Maintenance $0.25 pfs $3,560 <br /> Property Management 5% $5, 197 <br /> Total Operating Expenses - 18.0% -18,717 <br /> NET OPERATING INCOME $85,223 <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 /> $85,223 Divided By 0. 10827 = 787137. 54 <br /> TOTAL INCOME APPROACH INDICATION $7879 138 <br /> Applegate & Co. Real Estate Appraisers <br />