HomeMy WebLinkAbout20091938.tiffft�1*1
Wilk
COLORADO
September 1, 2009
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4226
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
FIRSTBANK OF LONGMONT
12345 W COLFAX AVE
LAKEWOOD, CO 80215
RE: THE BOARD OF EQUALIZATION, 2009, WELD COUNTY, COLORADO - STIPULATE
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
DESCRIPTION OF PROPERTY: ACCOUNT #: R2718304 PARCEL #: 131107218003 - FIR HPM
L3 HIGH PLAINS MARKETPLACE SITUS: 6080 FIRESTONE BLVD FIRESTONE 80504
Dear Petitioner:
On July 28, July 30, and August 5, 2009, the Board of County Commissioners of Weld
County, Colorado, convened, and acting as the Board of Equalization, pursuant to Section 39-8-101,
C.R.S., et.seq., considered the Stipulation on your petition of appeal of the County Assessor's
valuation of your property described above, for the year 2009.
The Stipulation was entered into between the Assessor and said petitioner(s), and accepted
by the Board of Equalization, agreeing that the assessment and valuation of the Weld County
Assessor be Stipulated as follows:
ACTUAL VALUE AS
DETERMINED BY
ASSESSOR
ACTUAL VALUE AS
STIPULATED
$1,306,200 $1,088,500
2009-1938
AS0073
FIRSTBANK OF LONGMONT - R2718304
Page 2
If you have questions or need additional information, please do not hesitate to contact me at
(970) 336-7215, Extension 4226.
Very truly yours,
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
TAX PROFILE SERVICES INC
1380 SOUTH SANTA FE DRIVE STE 200
DENVER, CO 80223
2009-1938
AS0073
From:
07/29/2009 08:13 #654 P.002/003
07/20/2009 14:07 FAX 9703046433
WELDCOUNTYASSESSOR l 002/003
2009
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
ASSESSOR'S ACCOUNT NUMBER R2718304
STIPULATION (As To Tax Year 2009 Actual Value)
RE PETITION OF:
NAME: FIRSTBANK OF LONGMONT
12345 W COLFAX AVE
LAKEWOOD CO 80215
Petitioner(s), FIRSTBANK OF LONGMONT and the Weld County Assessor, hereby enter into this
Stipulation regarding the tax year 2009 valuation of the subject property, and jointly move that the
Board of Equalization to enter its order based on this Stipulation.
Petitioner(s) and the Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
FIR HPM L3 HIGH PLAINS MARKETPLACE SITUS: 6080 FIRESTONE BLVD
FIRESTONE 805040000
2. The subject property is classified as Commercial property
3. The County Assessor originally assigned the following actual value to the subject property
for 2009.
LAND: $557.568
IMPROVEMENTS: $748.632
TOTAL: $1,306.200
4. After further review and negotiation, the petiioner(s) and Weld County Assessor
agree to the following actual value for the subject property.
LAND: $557.568
IMPROVEMENTS: $530.93Z
TOTAL: $1.086.500
2009-1938
From:
07/29/2009 08:13 #654 P.003/003
07/20/2009 I4:07 FAX 9703046433
WELDCOUNTYASSESSOR 11003/003
5. The valuations, as established above, shall be binding only with respect to tax year 2009.
6. Brief narrative as to why the reduction was made:
Value was adjusted based upon the general market prices per sq. ft. that were in place in
the base period, additionally the income was considered as backup for the market.
7. A hearing has not yet been scheduled before the Board of Equalization.
DATED this 20 day of July, 2009.
fitf. kl putt/` -
r Attorney Arced- Petitioner(s) or Attorney
Address:
1 3,70 6 . Z ,r -.
A.us. CS go2-it3
Telephone: ;O 3- V 7 7- V6 -O 5 f
County Assessor.
ADDRESS:
1400 N.17th Avenue
Greeley, CO 80831
(970) 353-3845 ext. 3656
Address:
Telephone:
From:
07/20/2009 14:07 FAX 9703046433 NELDCOUNTYASSESSOR
07/29/2009 08:12 #654 P.001/003
Q 001/003
1400 N, 17" Ave
Greeley, CO 60631
970-383-3845 ext 3672
970-304-8433
wmelle1Ooo.weid.eo.ue
Weld County
Assessor Office
Jeff Monroe Prom: Wade Melles
Pais: 303-477-4597
Pagear 3
Phone: 303-4774504 OaNr 20 -Jul -09
Re: Stipulation
col
❑ Urgent ❑ For Review C PIN., Comment )(Please Reply O Please Recycle
• Commenter
Sign and return
Thank you.
Wade
9?D- "3-
3 z
COMMERCIAL
1,306,200
REAL AND PERSONAL PROPERTY
NOTICE OF DETERMINATION
Christopher M. Woodruff
WELD Assessor
1400 N 17th Ave
GREELEY, CO 80631
Date of Notice: 6/24/2009
Telephone: (970) 353-3845
Fax: (970) 304-6433
Office Hours: 8:00 AM - 5:00 PM
SCHEDULE/ACCOUNT NO,
2009
TAX AREA
AL DESCRIPTION/
SICAL LOCATION
R2718304
3133
FIRSTBANK OF LONGMONT
12345 W COLFAX AVE
LAKEWOOD, CO 80215
FIR HPM L3 HIGH PLAINS MARKETPLACE
SITUS: 6080 FIRESTONE BLVD FIRESTONE
805040000
6080 FIRESTONE BLVD
FIRESTONE, CO 805040000
ASSESSOR'S VALUATION
ACTUAL VALUE AFTER
1,306,200
TOTAL
$1,306,200
$1,306,200
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is
based on the following:
LHO2 - No change has been made to the valuation of this property. Colorado law requires us to send
this notice of denial for all properties on which we do not adjust the value.
If you disagree with the Assessor's decision, you have the right to appeal to the
County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
The deadline for filing real property appeals is July 15.
The deadline for filing personal property appeals is July 20.
The Assessor establishes property values. The local taxing authorities (county, school
district, city, fire protection, and other special districts) set mill levies. The mill levy
requested by each taxing authority is based on a projected budget and the property tax
revenue required to adequately fund the services it provides to its taxpayers. The local
taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we
recommend that you attend these budget hearings. Please refer to last year's tax bill or ask
your Assessor for a listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
TAX PROFILE SERVICES INC
1380 SOUTH SANTA FE DRIVE
SUITE 200
DENVER CO 80223
1s -Dr -AR
PR 207-0B/08
NOD #:3160
County Board of Equalization Hearings will be held from
July 1 through August 5 at
915 10th Street, Greeley, CO
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail or deliver a copy of both sides of this form to:
WELD COUNTY BOARD OF EQUALIZATION
915 10TH Street. P.O. Box 758
Greeley, Colorado 80632
Telephone (970) 356-4000 Ext, 4225
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property and on or before July 20 for
personal property — after such date, your right to appeal is lost. You may be required to prove that
you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of
mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C.R.S. if you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 11.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 97' Avenue and 9"' Street, P.O. Box C
Denver, CO 80203 Greeley, Colorado 80632
(303) 866-5880 Telephone (970) 356-4000 Ext. 4520
www.dola.colorado.govlbaa
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County Board
of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on
the next business day, ,c 39-1-120(3), C.R.S.
L PETITION TO COUNTrBOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2008? (Your opinion of value in
terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
What is the basis for your estimate of value or your reason for requesting a review? (Please
attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent
roll, original installed cost, appraisal, etc.)
ATTESTATION
I, the undersigned owner or agent' of the property identified above, affirm that the statements
contained herein and on any attachments hereto are true and complete.
Signature
Telephone Number Date
1 Attach letter of authorization signed by property owner.
15•DPT•AR
PR 207-08,08
NOD k 3160
COUNTY OF WELD
STATE OF COLORADO
2009 PETITION FOR APPEAL
Real Property
TO THE HONORABLE WELD COUNTY BOARD OF EQUALIZATION:
Petitioner, FIRSTBANK HOLDING COMPANY, by and through its undersigned agent,
TAX PROFILE SERVICES, INC. (TPS), hereby appeals the County Assessor's Notice of
Determination (copy attached) for the property described below for assessment year 2009. A
notarized Statement of Agency is also attached.
PETITIONER / PROPERTY OWNER: FirstBank Holding Co.
MAILING ADDRESS:
PROPERTY DESCRIPTION:
PROPERTY ADDRESS:
SCHEDULE NUMBER(s):
APPEAL IS ON:
DESCRIPTIVE COMMENTS OF APPEAL:
Valuation provided by Assessor does not comport with our income
analysis.
The property value CANNOT exceed $859,000.
c/o Tax
1380 S.
Denver,
Profile Services, Inc.
Santa Fe Drive, Suite 200
Colorado 80223
FirstBank of Longmont #537
6080 Firestone
Firestone, Colorado
R2718304
Land & Improvements
TAX PROFILE SERVICES, INC., Agent for Petitioner
By:
N
PHO:
FAX:
EMAIL:
DATE:
ey M. Monroe
3) 477-4504
(303) 477-4597
monroe@golftax.com
July 15, 2009
STATEMENT OF AGENCY
FIRSTBANK HOLDING COMPANY
12345 W. Colfax Avenue
Lakewood, Colorado 80215
Telephone: 303.235.1311
(hereinafter "Taxpayer")
hereby appoints
TAX PROFILE SERVICES, INC.
1380 S. Santa Fe Drive, Suite 200
Denver, Colorado 80223-3260
Telephone: 303.477.4504
(hereinafter "TPS")
as its representative and agent in connection with the valuations for assessment of Taxpayer's real and personal property
located in the state of COLORADO (hereinafter "the Property") for assessment years 2009 and 2010.
TPS shall have full authority to:
I . Review all applicable records relating to the valuation for assessment for the Property;
2. Discuss the valuation for assessment of the Property with the County Assessor, or any of his or her
representatives, as to the amount of valuation which TPS deems appropriate in the circumstances;
3. Accept on behalf of the Taxpayer any valuation for assessment; and
4. Pursue any statutory remedies which Taxpayer may possess, before the County Assessor, County Board
of Equalization, State Board of Assessment Appeals, District Court, Appellate Courts, the Supreme
Court, or in binding arbitration, in the Taxpayer's name and on Taxpayer's behalf with regard to the
Property.
This appointment of agency shall remain in effect until revoked in writing by the parties.
FIRSTBANK HOLDING COMPANY
STATE OF COLORADO
ss.
COUNTY OF JEFFERSON
By:
3�/i/o y
ri O. Medbery Da e
Sr. Vice President - Accounting
SUBSCRIBED AND SWORN TO before me this 1 day of
Medbery as Sr. Vice President of FirstBank Holding Company.
/ -a5 -ao/a
[SE
Notary Public
,2009,by Lori O.
FirstBank #537
6080 Firestone Blvd
Firestone, Colorado
INCOME APPROACH TO VALUE
BANK
Net Rentable Square Footage
Rental Rate/SF*
Total Rental Rate / SF
Potential Gross Income
Less Vacancy/Collection Allowance*
Effective Gross Income
Less Management Fee
Less Assets for Reserve Replacement
NET OPERATING INCOME
Capitalization Rate*"
Total Tax Rate
Capitalized Value (NOI/cap rate)
INCOME APPROACH TO VALUE
4,049
$ 20.43
$ 20.43
$ 82,721.07
5.00% $ 4,136.05
$ 78,585.02
3.0% $ 2,481.63
4.0% $ 3,308.84
$ 72,794.54
8.47%
8.47%
$ 859,439.69
$ 859,000.00
* BOMA, US Private Sector, City Analyses 2007, Denver, CO
** "Vacancy rates for commercial property in 2008", The Denver Post, Feb 1, 2009
*** RealtyRates.com, 2nd Quarter 2008
Prepared by TPS 5/27/2009
CITY ANALYSES 2007
Denver, CO
SUBURBAN 50,000-99,999 SQ. FT.
INCOME OFFICE AREA e
RETAIL AREA
OTHER AREA 8 23.41 20.99 19.60
TOTAL RENT.95
GROSS PARKING INC 2
TENANT SERVICES 4 .12 13 .06
TO TOTAL COMES 8 23.57 21.47 19.62
EXPENSE
CLEANING
REPAIR/MAINT
UTILITIES
ROADS/GROUNDS
SECURITY
ADMINISTRATIVE
TOTAL OPER EXP
FIXED EXPENSE
TOTAL OPER+FIX
DIR LEASING EXP
AMORT LEASING EXP
PARKING EXP
DOLLARS/SO. FT
AVG
EDIA
MID RANGE' -
LO
DETAIL'
OFFICE RENT 16.37
BASE RENT
PASS-THROUGHS 5.67
OPER COST ESCAL 4.67
BASE RENT ESCAL
LEASE CANCEL
RENT ABATEMENT
CLEANING
PAYROLL
ROUTNE CONTRACT
SPEC ICONTACT
SUP/MAT/MISC
TRASH REMOVAL
RPEPPAIRR/MAINT OLL .40 3
Income calculation based on office rentable sq.
"low = 25th percentile', high = 75th percentile
AVERAGE
BIDS
.96
1.25
1.70
.41
.13
72
6.10
3.60
9.71
1.48
.97
1.24
1.73
.49
.04
29
6.22
3.18
9.75
.30
DETAIL'
ELEVATOR
HVAC
ELECTRICAL
STRUC/ROOF
PLUMBING
FIRE/LIFE SAFETY
GEN EXTERIOR
GEN INTERIOR
CONTRACT
.79
.05
.09
.05
6
2
6
6
5
6
.09
1.04
1.67
.19
.02
1.16
5.60
2.40
8.37
.20
AVERAGE
08
32
.05
.02
.02
.07
.27
.20
.35
UTIU TIES 1.49
ELECTRICITY GAS 49
FUEL OIL
STEAM
CH WTR
WATER/SEWER .14
28.48
.20
28.61
BLDS
TOTAL OFFICE RENTABLE AREA
626,325 SO. FT
DOLLARS/SO. FT.
AVG
EDIA
MID RANGE -
LO
HIG
1.17
1.53
1.82
.65
.27
2.54
6.37
4.66
10.38
.83
23.31 20 43 19.19 28.48
.97
1.26
1.73
.42
.13
1.74
6.18
3.65
9.83
1.50
97
1.24
1.73
.49
.04
1.29
626
318
975
0
.89
1.06
1.72
19
.02
1.16
5.96
2.40
8.37
.20
1.17
1.53
1.82
.65
.27
2.70
6.37
4.66
10.38
.83
DETAIL'
RDS/GOS
RDS/GDS LANDSCAPE .16
RDS/GDS GARAGE 04
RDS/GDS SNOW .25
RDS/GDS OTHER .05
SEC
SEC PAYROLL
SEC CONTRACT .13 6
SEC OTHERTENT Oi 2
SEC
ADMINISTRATIVEPAYL .68 6
ALLOC ADMIN 85 7
MGMT FEES .15
PROF FEES
AVERAGE
BLDS
Expense calculation based on total bldg
Denver, CO
SUBURBAN 100,000-299,999 SQ. FT.
INCOME
OFFICE AREA
RETAIL AREA
THER AREA
TTOTAL RENT 1
GROSS PARKING INC
TENANT SERVICES
MISCELLANEOUS
TOTAL INCOME 1
EXPENSE
CLEANING 1
REPAIR/MAINT UTILITIES I
ROADS/GROUNDS
SECURITY
ADMINISTRATIVE 1
TOTAL OPER EXP I
FIXED EXPENSE
TOTAL OPER+FIX 1
DIR LEASING EXP
AMORT LEASING EXP
PARKING EXP
BL05
11
DETAIL'
OFFICE RENT 17 59
BASE RENT
PASS-THROUGHS .73
OPER COST ESCAL 3.17
BASE
ESCAL
CANCEL
LEASE
RENT ABATEMENT
CLEANING
PAYROLL
ROUTINE CONTRACT .02
SPEC CONTRACT .06
SUP/MAT/MISC .15
TRASH REMOVAL .04
AVERAGE
DOLLARS/SO. Fr.
EDIA
MID RANGE"
LO
GM
rentable sq. tt.
5
4
5
3
DETAIL'
GEN OFC EXP .11
EMP EXP
OTHER ADM EXP .32 3
FIXED EXPENSES
REAL ESTATE TAX 3.35 8
BLDG
INSURANCE 8
.23
PERS
OTHER TAX
LICENSE FEE
LEASING EXPENSES
PAYROLL
ADV/PROMOTION 04 3
TRAVEL
DIR-COMMISSIONS .17 3
DIR-BUY OUT
PROF FEES
U.S. PRIVATE SECTOR
OCCUPANCY INFO.
SOFT/OFFICE TENANT 2939.04
SOFT/RETAIL TENANT
SOFT/OFFICE WORKER 234.14
SOFT/MAINTENANCE STAFF 56122.78
OFFICE OCCUPANCY (%) 94.59
RETAIL OCCUPANCY Oi
YR-END RENT ($) 20'43 5
OSS PARKING INC/STALL ($)
PARKING RATIO (STALLS/1000SF) 3.63
RENTABLE/GROSS SOFT .98
RENTABLE/USABLE SOFT 1.02
TOTAL BTUs (000's/rsq
CAPITALIZATION THRESHOLD (5)
BUILDING HOURS
I_ttFJHd BLDS
95.75
5
2
4
2
5
4
AVERAGE
BLDS
DETAIL'
DIR-TENANT IMP 2.71
.11
AMORT-COMMISSION
AMORT-TENANT IMP
AMORT-BUY-OUTS
AMORT-OTHER
PARKING
IN HOUSE
CONTRACT
SNOW
SHUTTLE
TELECOMMUNICATIONS
WIRE ACCESS
ROOF TOP
TOTAL INCOME
TOTAL EXPENSES
TOTAL OFFICE RENTABLE AREA
1.642.445 SO, Fr.
DOLLARS/SO. Fr.
AVG
MID RANGE"
LO
19.65 20.81.61 .46 .62
19.90 22.
04
.10 .10
44
.10 .41 .24 .62
34
2034 21.64 20.07 22.56
1.06 1.08 .86 1.13
1.52 1.26 97 1.88
1.69 1.57
1.51 1.74
.40 .49
AA
.18 .14 .05 .22
1.17 .96 .83 1.34
5.97 5.26 5.07 6.56
3.32 3.25 2.56 341
9.20 9.02 8.10 10.02
4.25 3.04 1.92 3.86
BLDS DETAIL'
AVERAGE
ELEVATOR .11
11 HVAC .35
6 ELECTRICAL .05
4 STRUC/ROOF .01
PLUMBING p4
FIRE/LIFE SAFETY .06
GEN EXTERIOR.14 9 SEC PAYROLL
GEN INTERIOR 1.13 6
CONTRACT
9 UTILITIES
g ELECTRICITY 1.44
9
GAS
9 FUEL OIL
STEAM
REPAIWMAINT CH WTR
.59 9 WATEWSEWER .10 8
PAYROLL Expense calculation based on total bldg. rentable sq
'Income calculation based high = 75th perceoffice ntile e sq. It.;
—low = 25th percentile;
BLDS
18.77 19.74 17.98 22.04
1.06
1.52
1.69
44
.18
1.18
5.99
3.33
9.24
4.25
08
26
1.57
.45
.14
.97
5.26
3.25
9.02
3.04
86
.97
1.51
.40
.05
.83
5.09
2.57
8.10
1.92
1.13
1.88
1.77
.49
.22
1.38
6.56
3.41
10.02
3.86
DETAIL'
RDS/GDS
RDS/GDS LANDSCAPE .23
RDS/GDS GARAGE 11
RDS/GDS SNOW 16
RDS/GDS OTHER .07
SEC
SEC CONTRACT 17 7
SEC EQUIPMENT .03 3
SEC OTHER
ADMINISTRATIVE
PAYROLL
ALLOC ADMIN
MGMT FEES
PROF FEES
AVERAGE
9
9
9
7
6
9
BLDS
9
7
6
6
.54 10
.54 12
.06 4
4
AVERAGE
C 2008 BOMA Expenance Exchange
OCCUPANCY INFO.
SOFT/OFFICE TENANT 9$11`
SOFT/RETAIL TENANT
SOFT/OFFICE WORKER 32
SOFT/MAINTENANCE STAFF 75257.
OFFICE OCCUPANCY (%) 86.
RETAIL OCCUPANCY (%)
YR-END RENT ($) 22
GROSS PARKING INC/STALL (5) 143
PARKING RATIO (STALLS/1000SF)
RENTABLE/GROSS SOFT
RENTABLENSABLE SOFT
TOTAL BTUs (000's/rsI
CAPITALIZATION THRESHOLD (51
BUILDING HOURS
AVERAGE'(' m.
DETAIL' AVERAGE BLDS _
GEN OFC EXP .16 9 DIR-TENANT IMP
EMP EXP DIRCTHER
OTHER ADM EXP 08 5 AMORT-COMMISS?'.�
AMORT-TENANT IMP
FIXED EXPENSES S AM0RT-BUYOUTS
REAL ESTATE TAX 3.09 12 AMORT-OTHER
KING
BLDG INSURANCE .26 11
PERS PROP TAX 01 6 PNRHOUSE
OTHER TAX CONTRACT
LICENSE FEE SNOW
LEASING EXPENSES SHUTTLE _p
PAYROLL 8 TELECOMMUNICA.. `.
ADV/PROMOTION .03 4 WIRE ACCESS TRAVEL ROOF TOP
DIN -COMMISSIONS .99 5 L INCOME
DIR-BUY OUT .02 2 TOTAL EXPENSES
PROF FEES
C 2008 BOMA Experience ExS;•
M
AVERA('
DETAIL'
C
C
•
Zooa. bea ;nante ciAM"ell!
RealtyRates.com INVESTOR SURVEY - 2nd Quarter 2008'
OFFICE -SUBURBAN
Item
Minimum
Spread Over 10 -Year Treasury
Debt Coverage Ratio Interest Rate
Amortization
Mortgage Constant
Loan -to -Value Ratio
Equity Dividend Rate ---
' Maldine.
Spread Over 10 -Year Treasury
Debt Coverage Ratio
Interest Rate
Amortization
Mortgage Constant
Loan -to -Value Ratio
Equity Dividend Rate
Spread Over 10 -Year Treasury
Debt Coverage Ratio
Interest Rate
Amortization
Mortgage Constant
Loan -to -Value Ratio
Equity Dividend Rate
0.36%
0.90
4.10%
30
0.057984
85%
7.79%
4.41%
1.65
8.15'/.
15
0.115720
60%
14.23%
DCR Technique 0.90', 0.057984 0.85
Band of Investment Technique
Mortgage 85%', 0.057984 0.049286
Equity 157.! 0.0779001 0.011685
OAR
Surveyed Rates
DCR Technique I 1.65 0.115720 0.60
Band of Investment Technique
Mortgage 60%1 0115720 0.069432
Equity 401 0.142300 0.656920
OAR I
Surveyed Rates
2.39% OCR Technique 1281 0.081988 0.73
1.28 Band of Investment Technique
6.13%. Mortgage
23 Equity
0.081988 OAR
73% Surveyed Rates
73%! 0.081988 0.059441
28%i i 0.106880: 0.029392
10.69%
'fat Barter 2000 Daa
4.44
6.10
5.79
11.46
12.64
12-00
7-58
8.88
Copyright 2006 RealtyRter.con ^'
Rem
Re arty Rates.com INVESTOR SURVEY - 2nd Quarter 7008'
OFFICE - MEDICAL
u
Spread Over 10 -Year Treasury
Debt Coverage Ratio
Interest Rate
Amortization
Mortgage Constant
Loan -to -Value Ratio
Equity Dividend Rate
Input
1.60% OCR Technique 1.45 0.066935k 0.70
1.45 Band of Investment Technique
5.34% Mortgage 70%, 0.066935 0.046854
30 Equity _ 30%i 0.078900; 0.023670
0.066935 OAR i I,
70% Surveyed Rates
7.89%
Spread Over 10 -Year Treasury 4.99%
Debt Coverage Ratio 1.60
Interest Rate 8.73%.
Amortization 15
Mortgage Constant 0.119757
Loan -to -Value Ratio 50%
Equity Dividend Rate 14.83%.
IY
Spread Over I0 -Yea Treasury 3.29%
Debt Coverage Ratio 1.53
Interest Rate 703%
Amortization 23
Mortgage Constant 0.088621
ra
DCR Technique 1.60 0.119757 0.50
Band of Investment Technique
Mortgage 50%I 0.119757 0.059878
Equity ', 50%! 0.148300 I, 0.074150
OAR I j
Surveyed Rates
OAR
6.79
7.05
6.70
9.58
OCR Technique
Band of Investment Technique
Mortgage ',I 60%
1
Equity 40%
OAR ;
1.53, 0.0886211 0.60
0.088621 I 0.053172
0.110130i 0.044052
13A0
12.73
8.11
9.72
Loan -to -Value Ratio
Equity Dividend Rate
60%
11.01%
Survey
8.60
1st Quirt er 2008 mu
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