Marcus & Millichap Capital Corporation

Office Loan Sizer

100% Gross Potential Income(1)		$
Less Vacancy and Uncollectables(2)		$
	Effective Gross Income	$

Less Expenses(3)
	Taxes	$
	Insurance	$
	Utilities	$
	Janitorial	$
	Management(4)	$
	Trash	$
	Maintenance & Repairs	$
	Administrative	$
	Miscellaneous	$
	Total Operating Expenses	$ % of TOI

Net Operating Income		$
Less
	Total Sq Ft	Sq.Ft.
	Capital Reserves(5)	$
	Tenant Improvement Reserves(6)	$
	Leasing Commission Reserves(7)	$
	Total Below Line Expense	$
Cash Flow Available to Service Debt		$

Definitions

Sum of all actual income assuming 100% occupancy.
Input actual vacancy and uncollectables. If input is less than 5% of Gross Potential Income, model will automatically defaut to greater number.
Input actual expenses with necessary adjustments for Taxes and Insurance. Use Miscellaneous as a catch all.
Input actual management expenses. If input is less than 5% of Effective Potential Income, model will automatically defaut to greater number.
Use greater of $.15/sq. ft. or actual.
Use greater of $.60/sq. ft. or actual.
Use greater of $.40/sq. ft. or actual.
Defaults to 1.2 times.