8/20/2007
Building Sale Summary
11702-11734 Enterprise Drive, Auburn, CA
37,038 Gross Square Foot Concrete Tilt-up and Glass Office - Flex Building
Operating Summary
Scheduled Income		$    682,195
Operating Expenses		$    188,388
Property Taxes		$     67,566
Property Insurance		$       3,444
Net Operating Income		$    422,797
Less Vacancy Factor
	5.00%	$    (21,140)
Adjusted Net Operating Income
		$    401,657
Purchase Price
Alternative 1 - Assumption of WFGO loan				Alternative 2 - New Financing
Sales price	7.05%	$ 5,700,000		Sales price	$ 5,700,000
Financing				Alternative Financing
	Cash or			Cash or
	Trade	$ 3,599,864		Trade	$ 2,400,000
	Loan	$ 2,392,697		Loan	$ 3,325,000
	5.63 % interest			6.5 % interest
	Assumption			Loan
	Costs	$     40,000		Costs	$     25,000
	Other			Other
	Fees	$     10,000		Fees	TBD
	Required			Required
	Reserve			Reserve
	Account	$    242,561		Account	TBD
Annual Cash Flow
	NOI	$    401,657		NOI	$    401,657
	Loan	$    169,339	(Assumption)	Loan	$    252,195	(30 year, 6.5%)
	Reserves	$     45,453		Reserves	$     45,453
	Net Cash	$    186,865		Net Cash	$    104,009
	Return			Return
	on Cash	5.19%		on Cash	4.33%