Year 1 Year 2 Year 3 Year 4

Sales $ 1,500,000.00 $ 1,650,000.00 $ 1,815,000.00 $ 1,996,500.00

COGS $ 750,000.00 $ 787,500.00 $ 826,875.00 $ 868,218.75
Gross Income $ 750,000.00 $ 862,500.00 $ 988,125.00 $ 1,128,281.25
Business operating expenses $ 200,000.00 $ 216,000.00 $ 233,280.00 $ 251,942.40
Building operating expenses $ 90,000.00 $ 91,800.00 $ 93,636.00 $ 95,508.72
Interest $ 136,900.00 $ 130,055.00 $ 123,552.25 $ 117,374.64
Depreciation $ 50,000.00 $ 50,000.00 $ 50,000.00 $ 50,000.00
Taxable income $ 273,100.00 $ 374,645.00 $ 487,656.75 $ 613,455.49
Tax $ 81,930.00 $ 112,393.50 $ 146,297.03 $ 184,036.65
Income after tax $ 191,170.00 $ 262,251.50 $ 341,359.73 $ 429,418.84
Add Depreciation $ 50,000.00 $ 50,000.00 $ 50,000.00 $ 50,000.00
CF $ 241,170.00 $ 312,251.50 $ 391,359.73 $ 479,418.84

Year 0 Year 1 Year 2 Year 3

Initial Investment $ (1,731,000.00)
CF $ 241,170.00 $ 312,251.50 $ 391,359.73
Equity Reversion
Total CFs $ (1,731,000.00) $ 241,170.00 $ 312,251.50 $ 391,359.73

NPV (@7%) $ 609,833.81

Year 5
$ 2,196,150.00
$ 911,629.69
$ 1,284,520.31
$ 272,097.79
$ 97,418.89
$ 111,505.91
$ 50,000.00
$ 753,497.72
$ 226,049.32
$ 527,448.40
$ 50,000.00
$ 577,448.40

Year 4 Year 5

$ 479,418.84 $ 577,448.40
$ 1,046,000.00
$ 479,418.84 $ 1,623,448.40
 PURCHASE ROI FOR WELCH CENTER
ROI w/5 year loan
NOI after 10 years $ 448878
Exit Cap 7.50%
Sale Value $ 5985035
Closing Costs $ 119700.7
Net Profit $ 5865335
Total Cash Outlay $ 5502362
Return on investment 6.60%

BUILT TO SUIT ROI FOR WELCH CENTER

ROI w/5 year loan
NOI after 10 years $ 495161
Exit Cap 7.50%
Sale Value $ 6602152
Closing Costs $ 132043.1
Net Profit $ 6470109
Total Cash Outlay $ 5615316
Return on investment 15.22%
 CASHFLOW PURCHASE FOR WELCH CENTER

Equity($) Operating Financing OCC Sale Total

Year 0 1012075 -80966 1093041
Year 1 -118125.7 -136630 -202415 -457170.7
Year 2 -121669 -136630 -202415 -460714
Year 3 -125320 -136630 -202415 -464365
Year 4 -129079 -136630 -202415 -468124
Year 5 -543824 -136630 -202415 -882869
Year 6 -136940 -679252 -202415 -1018607
Year 7 -141048 -679252 -202415 -1022715
Year 8 -145280 -679252 -202415 -1026947
Year 9 -149638.1 -679252 -202415 -1031305
Year 10 -273828 -679252 -202415 5985035 5103368

TOTAL CASHFLOWS 2822494

NPV 3123957
 Year 1 Year 2 Year 3
Sales $ 1,500,000.00 $ 1,650,000.00 $ 1,815,000.00
COGS $ 750,000.00 $ 787,500.00 $ 826,875.00
Gross income $ 750,000.00 $ 862,500.00 $ 988,125.00
Business Operating Expenses $ 200,000.00 $ 216,000.00 $ 233,280.00
Real Estate Operating Expenses $ 90,000.00 $ 91,800.00 $ 93,636.00
Lease Payments $ 180,000.00 $ 183,600.00 $ 187,272.00
Taxable Income $ 280,000.00 $ 371,100.00 $ 473,937.00
Tax $ 84,000.00 $ 111,330.00 $ 142,181.10
After-Tax CF $ 196,000.00 $ 259,770.00 $ 331,755.90

NPV (@7%) $1,355,285.88

Year 4 Year 5
$ 1,996,500.00 $ 2,196,150.00
$ 868,218.75 $ 911,629.69
$ 1,128,281.25 $ 1,284,520.31
$ 251,942.40 $ 272,097.79
$ 95,508.72 $ 97,418.89
$ 191,017.44 $ 194,837.79
$ 589,812.69 $ 720,165.84
$ 176,943.81 $ 216,049.75
$ 412,868.88 $ 504,116.09
 Equity Operating Financing OCC Sale
year 0 1116200
year 1 -126500 -150687 -223240
year 2 -130295 -150687 -223240
year 3 -134204 -150687 -223240
year 4 -138230 -150687 -223240
year 5 -142377 -150687 -223240
year 6 -146648 -749136 -223240
year 7 -151048 -749136 -223240
year 8 -155579 -749136 -223240
year 9 -160246 -749136 -223240
year 10 -297097 -749136 -223240 6470109

Totoal cashflow

NPV
 1116200
-500427
-504222
-508131
-512157
-516304
-1119024
-1123424
-1127955
-1132623
5497733

2662734

3045849