Page 25 - REAL ESTATE - Broker Opinion & Marketing Proposal

COMPARABLE SALES VALUE

In order to study the market and determine a value based upon comparable sales, we have analyzed all sales occuring
in the subject market from January 2005 through the present. Each sale has been broken down into a price per
square foot basis to allow for comparison. Below is a breakdown of these sales.

ADDRESS DESCRIPTION SF P.P.S.F CAP RATE GRM

332 East 22nd Street 25' wide, 4 story, 5 unit walk-up, 4,600 $586.96 5.53% 13.39
apartment building
223 East 21st Street 22' wide, 5 story, 12 unit rent regulated, 6,962 $283.68 N/A N/A
walk-up building
140 East 16th Street 25' wide, 5 story, 33 unit, rent regulated, 8,875 $253.52 6.60% 9.95
walk-up apartment building

138 East 16th Street 25' wide, 10 unit, rent regulated 7,500 $261.67 2.13% 20.03
elevatored, apartment building
216 East 13th Street 16' wide, 4 story, 9 unit walk-up, 3,416 $343.97 N/A N/A
apartment building
127 East 10th Street 23' wide, 5 story, walk-up apartment 6,723 $282.61 N/A N/A
building
112 East 10th Street 18' wide, 5 story, newly renovated walk-up 4,990 $280.56 N/A N/A
apartment building
340 East 9th Street "25' wide, 5 story, 10 unit walk-up 6,875 $325.82 5.91% 11.79
apartment building"

515 East 5th Street 25' wide, 5 story, 20 unit walk-up 7,525 $372.10 5.73% 12.07
apartment building
39 East 1st Street 25' wide, 5 story, 14 unit walk-up 8,333 $288.03 5.74% 11.24
apartment building
AVERAGE: $327.89 5.27% 13.08

PRICE PER FOOT ANALYSIS

SUBJECT SF x AVERAGE P.P.S.F = VALUE

9,330 x $327.89 = $3,059,232
SAY $3,050,000
CAPITALIZATION RATE ANALYSIS

AVERAGE NET OPERATING INCOME / AVERAGE CAPITALIZATION RATE = CAPITALIZATION RATE VALUE

$147,131 / 5.27% = $2,790,096
SAY $2,800,000

GROSS RENT MULTIPLE ANALYSIS
GROSS INCOME x AVERAGE GROSS RENT MULTIPLE = GROSS RENT MULTIPLE VALUE

$192,924 x 13.08 = $2,523,216
SAY $2,550,000

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