123 Building Space528357528357528357 Occupancy95%95.50%96.00% Rent/Square foot$28.07$28.91$29.78$30.67 Rental Income$14,512,115$15,026,149$15,557,965
Garage Income$824,000$848,720$874,182 Reimbursement revenue$353,735$364,347$375,277 Credit Loss$362,803$375,654$388,949 Total Revenues$15,327,047$15,863,563$16,418,475 Expenses
Real Estate Taxes$2,879,334$2,994,508$3,114,288 Ground Rent$1,500,000$1,500,000$1,500,000 Other expenses$3,537,350$3,643,471$3,752,775 Management fee$309,000$318,270$327,818 Total Expenses$8,225,684$8,456,248$8,694,881 Operating income before depreciation$7,101,363$7,407,314$7,723,594
Depreciation$2,000,000$2,000,000$2,000,000 Operating income$5,101,363$5,407,314$5,723,594
Taxes$1,938,518$2,054,779$2,174,966 Operating income after taxes$3,162,845$3,352,535$3,548,628 + Depreciation$2,000,000$2,000,000$2,000,000
$1,545,000$1,591,350$1,639,091 Cash flow to firm$3,617,845$3,761,185$3,909,538 Terminal value
Present value$101,480,449$3,397,275$3,316,547$3,237,186 Cost of equity10.19%10.19%10.19%10.19% Cost of debt 6.50% 6.50% 6.50% 6.50% Debt ratio60%60.00%60.00%60.00% Cost of capital 6.49% 6.49% 6.49% 6.49%
45Terminal year 528357528357
96.50%97%
$31.59$32.54
$16,108,166$16,677,377$17,177,698 $900,407$927,419$955,242 $386,536$398,132$410,076 $402,704$416,934$429,442 $16,992,404$17,585,993$18,113,573 $3,238,860$3,368,414$3,469,466 $1,500,000$1,500,000$1,545,000 $3,865,358$3,981,319$4,100,758 $337,653$347,782$358,216 $8,941,870$9,197,515$9,473,440
$8,050,534$8,388,478$8,640,133 $2,000,000$2,000,000$2,060,000 $6,050,534$6,388,478$6,580,133 $2,299,203$2,427,622$2,500,450 $3,751,331$3,960,857$4,079,682 $2,000,000$2,000,000$2,060,000 $1,688,263$1,738,911$2,060,000 $4,063,068$4,221,946$4,079,682
$116,810,659
$3,159,199$88,370,242
10.19%10.19%10.19%
6.50% 6.50% 6.50%
6.49% 6.49% 6.49%
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