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<br />Kmart Corporation <br />Income Approach to Value <br />(Stabilized) <br /> <br />Property: <br />Kmart Store #4057 <br />2301 S. University Dr. <br />Fargo, ND <br /> <br />Description <br />Discount Store <br />Local Retail <br />Fast Food Pad <br /> <br />Square Feet <br />92,800 <br />12,356 <br /> <br />Ram <br />$ 3.25 <br />$ 9.00 <br /> <br />$ <br /> <br />301,600 <br />111 ,204 <br />40,560 <br /> <br />105,156 $ 453,364 <br /> Multiplier X 1 <br />Potential Gross Income $ 453,364 <br />Vacancy and Credit Loss 8% Less 36,269 <br /> % of EGI $/SQFT <br />EFFECTIVE GROSS INCOME: $ 417,095 <br />LESS OPERATING EXPENSES: .65/SF $ 68,351 <br />NET OPERATING INCOME: 83.61 % $ 348,744 <br />CAPITALIZATION: <br />Overall Rate 11.00% <br />Effective Tax Rate <br />Capitalization Rate 11.00% <br />INDICATED VALUE: (NOli Cap Rate - Rounded to $100.) $ 3,170,400 <br /> <br />INDICATED TOTAL PROPERTY VALUE: <br /> <br />$ <br /> <br />30.15 ISF <br /> <br />$ <br /> <br />3,170,400 <br /> <br />JURISDICTION MARKET VALUE: <br /> <br />$ <br /> <br />33.99 /SF <br /> <br />$ <br /> <br />3,574,000 <br /> <br />COMMENTS: <br />ParceI01-2210-00040 Built in 1964 Owner expenses include liability insurance, management <br />fees, leasing fees. Utilized an expense ratio of $.65/SF. <br />See attached data relating to comparable sales and other midwest area market rents <br />