From: Richard Kahn To: "jeffrey E." <[email protected]> Subject: Fwd: Q2 2017 Reporting - American Yacht Harbor" Date: Tue, 22 Aug 2017 19:47:45 +0000 Attachments: AYH_Q2_2017_Lender_Report.pdf Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell Begin fon\ arded message: From: Richard Kahn <I Subject: Fwd: Q2 2017 Reporting - American Yacht Harbor"" Date: August 1, 2017 at 11:00:34 AM EDT To: "Jeffrey E." [email protected]> numbers look great - a few highlights as of june 30 2017 cash in bank 3,739,189 net cash flow for 6 months 573,796 capital improvements for 6 months 200,074 Net operating income for 6 months 1,459,030 RK estimate of valuation: annualize NOI 1,459,030 x 2 = 2,918,060 assume buyer wants 10-11% cap rate (due to deferred maintenance) then value of property is somewhere between 26,527,818 to 29,180,060 assume 27,000,000 sales price less bank debt 12,033,435 net value approx before balance sheet cleanup 14,966,565 cash / prepaids less liabilities is approx another 3,035,000 of value total value per RK 18,000,000 EFTA00669560