NVI Technical College Information

I NCOME C APITALIZATION A PPROACH 65

MARKET DERIVED CAPITALIZATION RATE SUMMARY (SECONDARY)

Date of Sale

Year Built

Capitalization Rate

Occup.

No.

Property / Location 1012 Delaum Rd 1012 Delaum Road Saint Marys, PA

1

05/10/2023 1980 100% 7.27%

Birtley Industrial Equipment Corporation Training Facility 2333 Innovation Drive Lexington, KY

2

11/18/2022 2012 100% 8.00%

90 Discovery Drive 90 Discovery Drive Olyphant, PA

3

10/31/2022 2000 100% 6.83%

650 Mansfield Ave 650 Mansfield Avenue Pittsburgh, PA

4

09/22/2022 1965 100% 8.26%

Schreiber Industrial Park 300-450 Halstead Boulevard Zelienople, PA 100 N Conahan Dr. 100 North Conahan Drive Hazleton, PA

5

05/20/2022 1950

85%

8.50%

6

04/09/2022 1970 100% 7.70%

Achievement First 85 Garfield Avenue Cranston, RI

7

04/01/2022 2003 100% 6.13%

Low High

6.13% 8.50% 7.70% 7.53%

Median Average

Appraiser's Concluded Range

6.15% - 8.50%

The sales above indicate a wide range of capitalization rates from 6.13% to 8.50% with an average of 7.53%, including replacement reserves. Given the outlying location and special use of the subject, a rate at the upper end of the range would be appropriate.

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