2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Gross Incomehide
100 Pharmacy (5000 sf)	$52,083	$125,000	$125,000	$125,000	$129,948	$138,017	$140,777	$143,593	$146,464	$149,394
101 Lab Tech (2500 sf)	$26,042	$62,500	$62,500	$62,500	$64,974	$69,008	$70,389	$71,796	$73,232	$74,697
102 Dentist (2500 sf)	$31,250	$75,000	$75,000	$75,000	$75,000	$75,000	$75,000	$80,111	$87,878	$89,636
201 Medical (5000 sf)	$52,430	$127,658	$130,052	$132,653	$135,306	$138,012	$140,772	$143,588	$150,059	$152,977
202 Medical (2500 sf)	$28,125	$69,128	$70,230	$71,635	$73,068	$74,529	$74,418	$73,519	$74,989	$76,489
203 Medical (2500 sf)	$28,125	$68,704	$70,257	$71,633	$73,065	$74,527	$76,017	$77,537	$79,088	$80,670
Base Rental Revenue	$218,055	$527,990	$533,039	$538,421	$551,361	$569,093	$577,373	$590,144	$611,712	$623,863
Reimbursement Detailhide
Reimb Taxes	$2,656	$6,630	$6,890	$7,155	$7,032	$7,308	$7,589	$7,659	$7,933	$7,693
Reimb Insurance	$354	$935	$1,024	$1,118	$1,079	$1,182	$1,291	$1,325	$1,438	$1,349
Reimb Common Area Maintenance	$885	$2,160	$2,246	$2,334	$2,325	$2,416	$2,509	$2,542	$2,633	$2,555
Reimb Managment Fee	$6,250	$15,375	$16,286	$17,225	$17,148	$18,144	$19,170	$19,559	$20,587	$19,749
Total Reimbursements	$10,146	$25,100	$26,447	$27,832	$27,584	$29,050	$30,559	$31,086	$32,590	$31,347
Total Gross Income	$228,201	$553,090	$559,486	$566,252	$578,946	$598,143	$607,932	$621,230	$644,301	$655,209
Less: Vacancy & Credit Loss	$118,826	$130,180	$6,300	$0	$0	$0	$13,345	$7,275	$27,505	$0
Effective Income	$109,375	$422,910	$553,185	$566,252	$578,946	$598,143	$594,588	$613,955	$616,797	$655,209
Less: Expenseshide
Taxes	$12,750	$13,005	$13,265	$13,530	$13,801	$14,077	$14,359	$14,646	$14,939	$15,237
Insurance	$1,700	$1,785	$1,874	$1,968	$2,066	$2,170	$2,278	$2,392	$2,512	$2,637
Common Area Maintenance	$1,771	$4,285	$4,371	$4,459	$4,548	$4,639	$4,731	$4,826	$4,923	$5,021
Managment Fee	$12,500	$30,375	$31,286	$32,225	$33,192	$34,187	$35,213	$36,269	$37,357	$38,478
Reserve	$2,000	$2,040	$2,081	$2,122	$2,165	$2,208	$2,252	$2,297	$2,343	$2,390
Total Operating Expenses	$30,721	$51,490	$52,878	$54,304	$55,772	$57,281	$58,833	$60,431	$62,074	$63,764
Net Operating Income	$78,654	$371,420	$500,308	$511,948	$523,174	$540,862	$535,754	$553,525	$554,723	$591,445
Less: Debt Servicehide
Permanent	$109,953	$329,858	$329,858	$329,858	$329,858	$329,858	$329,858	$329,858	$329,858	$329,858
Total Debt Service	$109,953	$329,858	$329,858	$329,858	$329,858	$329,858	$329,858	$329,858	$329,858	$329,858
Less: Debt Servicehide
Construction Draw	($50,063)	$0	$0	$0	$0	$0	$0	$0	$0	$0
Permanent	$3,545,491	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Debt Draw & Repay	$3,495,427	$0	$0	$0	$0	$0	$0	$0	$0	$0
Net Operating Cash Flow	($31,298)	$41,562	$170,450	$182,090	$193,316	$211,004	$205,896	$223,667	$224,865	$261,587
Less: Capital Spendinghide
Land Purchase	$2,000,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Construction Spending	$1,200,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Hard Cost Contigency	$35,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
General Conditions	$40,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Trash Enclosures	$9,500	$0	$0	$0	$0	$0	$0	$0	$0	$0
Clearing & Grading	$23,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Storm Drainage	$35,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Site Concrete	$23,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Sub Base paving	$30,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Building Pad stabalization	$10,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Site Utilities	$25,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Site Electric-Lighting	$40,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Signage	$25,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Landscape & Irrigation	$20,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Contg.	$30,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Sewer Capacity	$5,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Water Fee's	$2,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Electricial Fee's	$5,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Permits-Zoning-Review Fee's	$3,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Plan Copies	$500	$0	$0	$0	$0	$0	$0	$0	$0	$0
Developers Liability Insurance	$12,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Architects	$65,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Civil Engineering	$22,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Landscape Design	$2,500	$0	$0	$0	$0	$0	$0	$0	$0	$0
Reimbursable Architects	$4,500	$0	$0	$0	$0	$0	$0	$0	$0	$0
Legal	$45,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Travel to site	$800	$0	$0	$0	$0	$0	$0	$0	$0	$0
Construction Management Fee	$7,500	$0	$0	$0	$0	$0	$0	$0	$0	$0
Appraisal	$4,500	$0	$0	$0	$0	$0	$0	$0	$0	$0
Survey	$3,500	$0	$0	$0	$0	$0	$0	$0	$0	$0
Title Insurance	$3,500	$0	$0	$0	$0	$0	$0	$0	$0	$0
General Contigency	$30,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
TI for First Floor	$500,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Commisions for First Floor	$120,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Market TI's	$0	$205,099	$78,159	$0	$0	$0	$4,286	$5,820	$8,831	$0
Market Commissions	$0	$65,595	$30,188	$0	$0	$0	$4,523	$3,245	$9,318	$0
Total Capital Spending	$4,381,800	$270,694	$108,346	$0	$0	$0	$8,809	$9,065	$18,149	$0
Cash Flow Before Tax	($917,671)	($229,132)	$62,103	$182,090	$193,316	$211,004	$197,088	$214,602	$206,716	$261,587
Taxable Income and Taxes
(Losses Carried Forward)
Taxable Revenues	$109,375	$422,910	$553,185	$566,252	$578,946	$598,143	$594,588	$613,955	$616,797	$655,209
Less: Deducted Expenses	$30,721	$51,490	$52,878	$54,304	$55,772	$57,281	$58,833	$60,431	$62,074	$63,764
Less: Interest Expensehide
Permanent	$82,489	$243,527	$237,286	$230,594	$223,418	$215,724	$207,473	$198,626	$189,139	$178,966
Total Interest Expense	$82,489	$243,527	$237,286	$230,594	$223,418	$215,724	$207,473	$198,626	$189,139	$178,966
Less: Capital Spendinghide
Construction Spending	$11,781	$31,416	$31,416	$31,416	$31,416	$31,416	$31,416	$31,416	$31,416	$30,107
Hard Cost Contigency	$344	$916	$916	$916	$916	$916	$916	$916	$916	$878
General Conditions	$393	$1,047	$1,047	$1,047	$1,047	$1,047	$1,047	$1,047	$1,047	$1,004
Trash Enclosures	$93	$249	$249	$249	$249	$249	$249	$249	$249	$238
Clearing & Grading	$226	$602	$602	$602	$602	$602	$602	$602	$602	$577
Storm Drainage	$344	$916	$916	$916	$916	$916	$916	$916	$916	$878
Site Concrete	$226	$602	$602	$602	$602	$602	$602	$602	$602	$577
Sub Base paving	$295	$785	$785	$785	$785	$785	$785	$785	$785	$753
Building Pad stabalization	$98	$262	$262	$262	$262	$262	$262	$262	$262	$251
Site Utilities	$245	$654	$654	$654	$654	$654	$654	$654	$654	$627
Site Electric-Lighting	$393	$1,047	$1,047	$1,047	$1,047	$1,047	$1,047	$1,047	$1,047	$1,004
Signage	$245	$654	$654	$654	$654	$654	$654	$654	$654	$627
Landscape & Irrigation	$196	$524	$524	$524	$524	$524	$524	$524	$524	$502
Contg.	$295	$785	$785	$785	$785	$785	$785	$785	$785	$753
Sewer Capacity	$49	$131	$131	$131	$131	$131	$131	$131	$131	$125
Water Fee's	$20	$52	$52	$52	$52	$52	$52	$52	$52	$50
Electricial Fee's	$49	$131	$131	$131	$131	$131	$131	$131	$131	$125
Permits-Zoning-Review Fee's	$29	$79	$79	$79	$79	$79	$79	$79	$79	$75
Plan Copies	$5	$13	$13	$13	$13	$13	$13	$13	$13	$13
Developers Liability Insurance	$118	$314	$314	$314	$314	$314	$314	$314	$314	$301
Architects	$638	$1,702	$1,702	$1,702	$1,702	$1,702	$1,702	$1,702	$1,702	$1,631
Civil Engineering	$216	$576	$576	$576	$576	$576	$576	$576	$576	$552
Landscape Design	$25	$65	$65	$65	$65	$65	$65	$65	$65	$63
Reimbursable Architects	$44	$118	$118	$118	$118	$118	$118	$118	$118	$113
Legal	$442	$1,178	$1,178	$1,178	$1,178	$1,178	$1,178	$1,178	$1,178	$1,129
Travel to site	$8	$21	$21	$21	$21	$21	$21	$21	$21	$20
Construction Management Fee	$74	$196	$196	$196	$196	$196	$196	$196	$196	$188
Appraisal	$44	$118	$118	$118	$118	$118	$118	$118	$118	$113
Survey	$34	$92	$92	$92	$92	$92	$92	$92	$92	$88
Title Insurance	$34	$92	$92	$92	$92	$92	$92	$92	$92	$88
General Contigency	$295	$785	$785	$785	$785	$785	$785	$785	$785	$753
TI for First Floor	$4,909	$13,090	$13,090	$13,090	$13,090	$13,090	$13,090	$13,090	$13,090	$12,545
Commisions for First Floor	$1,178	$3,142	$3,142	$3,142	$3,142	$3,142	$3,142	$3,142	$3,142	$3,011
Market TI's	$0	$6,837	$16,279	$18,884	$18,884	$18,884	$18,920	$19,364	$19,852	$10,180
Market Commissions	$0	$5,203	$12,293	$14,180	$14,180	$14,180	$12,509	$12,010	$10,109	$4,365
Total Depreciation	$23,383	$74,395	$90,927	$95,419	$95,419	$95,419	$93,784	$93,729	$92,316	$74,303
Ordinary Income	($27,218)	$53,498	$172,095	$185,935	$204,337	$229,719	$234,497	$261,169	$273,268	$338,176
Taxable Income	$3,378	$22,902	$172,095	$185,935	$204,337	$229,719	$234,497	$261,169	$273,268	$338,176
(Cum Suspended Losses)	$30,596	$0	$0	$0	$0	$0	$0	$0	$0	$0
Taxes Due (- = Savings)	$1,182	$8,016	$60,233	$65,077	$71,518	$80,402	$82,074	$91,409	$95,644	$118,362
Cash Flow After Tax	($918,853)	($237,148)	$1,870	$117,013	$121,799	$130,603	$115,013	$123,193	$111,072	$143,226
Sale Proceeds:
Sale Value	$4,952,267	$6,670,771	$6,825,975	$6,975,658	$7,211,498	$7,143,391	$7,380,329	$7,396,310	$7,885,936	$7,617,592
Sale Value	$4,952,267	$6,670,771	$6,825,975	$6,975,658	$7,211,498	$7,143,391	$7,380,329	$7,396,310	$7,885,936	$7,617,592
Less: Sale Costs (4%)	$198,091	$266,831	$273,039	$279,026	$288,460	$285,736	$295,213	$295,852	$315,437	$304,704
Less: Loan Repayment	$3,518,027	$3,431,696	$3,339,124	$3,239,861	$3,133,421	$3,019,287	$2,896,902	$2,765,670	$2,624,951	$2,474,060
Sale Proceeds Before Tax	$1,236,149	$2,972,244	$3,213,812	$3,456,771	$3,789,617	$3,838,369	$4,188,214	$4,334,788	$4,945,548	$4,838,829
Less: Taxes due to Sale	$46,564	$279,002	$304,822	$349,108	$406,924	$420,971	$477,933	$501,997	$593,578	$577,168
Sale Proceeds After Tax	$1,189,586	$2,693,242	$2,908,990	$3,107,663	$3,382,694	$3,417,398	$3,710,281	$3,832,790	$4,351,969	$4,261,661
Ratio Analysis:
Profitability Ratios
Adj. Capitalization Rate		8.48%	10.75%	10.75%	10.99%	11.36%	11.25%	11.61%	11.61%	12.33%
Adj. Cash on Cash Before Tax		4.69%	14.73%	14.39%	15.28%	16.67%	16.27%	17.55%	17.52%	20.10%
Adj. Cash on Cash After Tax		-26.75%	0.16%	9.25%	9.63%	10.32%	9.09%	9.67%	8.66%	11.01%
Risk Ratios
Debt Coverage Ratio	0.715	1.126	1.517	1.552	1.586	1.64	1.624	1.678	1.682	1.793
Breakeven Occupancy	61.60%	68.90%	68.40%	67.80%	66.60%	64.70%	63.90%	62.80%	60.80%	60.10%
Loan Balance/Property Value	71.00%	51.40%	48.90%	46.40%	43.50%	42.30%	39.30%	37.40%	33.30%	32.50%
Assumption Ratios
NOI/Property Value	1.59%	5.57%	7.33%	7.34%	7.25%	7.57%	7.26%	7.48%	7.03%	7.76%
Gross Income Multiple	21.7	12.06	12.2	12.32	12.46	11.94	12.14	11.91	12.24	11.63
Operating Expense Ratio	13.50%	9.30%	9.50%	9.60%	9.60%	9.60%	9.70%	9.70%	9.60%	9.70%
Analysis Measures:
IRR Before Debt	15.5%	27.6%	20.4%	17.8%	16.6%	15.2%	14.8%	14.1%	14.2%	13.5%
IRR Before Tax	25.4%	59.6%	41.1%	34.0%	30.4%	26.7%	25.2%	23.4%	23.1%	21.5%
IRR After Tax	21.4%	51.6%	35.2%	28.9%	25.8%	22.3%	21.0%	19.3%	19.1%	17.5%
NPV Before Debt @8.00%	$199,709	$1,373,110	$1,405,333	$1,516,761	$1,676,227	$1,640,261	$1,772,686	$1,780,539	$2,009,970	$1,894,843
NPV Before Tax @10.00%	$174,965	$1,303,249	$1,307,070	$1,383,974	$1,501,793	$1,440,317	$1,529,215	$1,507,275	$1,673,841	$1,547,792
NPV After Tax @8.00%	$155,666	$1,148,158	$1,143,773	$1,207,264	$1,311,713	$1,248,935	$1,331,188	$1,306,270	$1,470,746	$1,339,255