Data Source Hard Cost Sources Property Attributes Loan Metrics Occupancy Class Construction Period 18 months Construction Class Avg. Outstanding Balance 50% Construction Quality Average Interest Rate 4.50% No. of Stories 1 + Mezzanine Loan-to-Total Dev. Cost 65% Gross Building Area (SF) 58,000 Loan Fees 2% Finished Office Area (SF) 7,200 Building Footprint (SF) 54,000 Age/Life for Depreciation Site Area (SF) 130,000 Effective Age 5 Yard Area (SF) 76,000 Total Economic Life 60 Land/Site Value Formula $ Amount $/Building SF Site Value $65.00 per land SF 8,450,000 $145.69 Direct Cost Building Shell Cost $90.00 per footprint SF $ 4,860,000 $83.79 Office Area/Tenant Improvements $50.00 per office SF 360,000 $6.21 On-Site Improvements $11.00 per yard SF 836,000 $14.41 Building Permits $3.00 per building SF 174,000 $3.00 Subtotal - Improvements & Permits 6,230,000 $107.41 General Requirements 5% of subtotal - improvements & permits 311,500 $5.37 nsurance/Bonds 1% of subtotal - improvements & permits 62,300 $1.07 Contractor Overhead & Profit 5% of subtotal - improvements & permits 311,500 $5.37 Direct Cost Contingency 3% of subtotal - improvements & permits 186,900 $3.22 Subtotal - Other Direct Costs 872,200 $15.04 Total Direct Cost S 7,102,200 $122.45Total Direct Cost 5 7,102,200 $122.45 Indirect Cost Property Taxes During Construction 5 152,100 $2.62 Construction Loan Fees 236,977 $4.09 Construction Loan Interest 399,899 $6.89 Consultants | $3.45 1 Leasing Commissions 58,000 $1.00 Total Indirect Cost 5 1,046,976 518.05 Entrepreneurial Incentive 5 1,529,335 528-10 Total Development Cost (10:) $ 13,229,011 $314.29 Depreciation Physical Deterioration $ (814,918) ($14.05) Functional Obsolescence - $0.00 Total Depreciation $ (814,918) ($14.05) Summary and Conclusion Total Development Cost $ 18,229,011 $314.29 Total Depreciation (814,918) ($14.05) Market Value 5 17,414,094 $300.24