Net Operating Income Analysis
Property Name			Valuing 4-Plex Example
Property Address			1234 Something Street
Date		12/25/01
					Current				Projected
ANNUAL INCOME
	Potential Income
	Base Rents				27,120				28,740
	Other Income
	Other Income
	Total Potential Gross Income				27,120				28,740
	Allowance for Vacancy		5.0	%	(1,356)		5.0	%	(1,437)
	Effective Gross Rent				25,764				27,303
		Percentage Rents
		CAM Reimbursement
		Other Fixed Income
		Other Fixed Income
		TOTAL REVENUE			25,764				27,303
ANNUAL EXPENSE
	Property Tax				1,875				1,875
	Insurance				475				475
	House Water/Sewer				1,750				1,750
	House Electricity				485				485
	Trash				594				594
	Landscape Maintenance				900				900
	Security
	Advertising
	On-site Management
	Off-site Management
	Legal & Accounting
	Repairs & Maintenance				1,200				1,200
	License/Permit				50				50
	Miscellaneous				500				500
	Other
	Reserves				2,517				2,517
		TOTAL EXPENSE			10,346				10,346
	NET OPERATING INCOME				15,418				16,957
		Cap Rate			0.093				0.093
		Value			165,785				182,333