Executive Summary

Catoctin - Output Version 3 - Jan 20 2026 50 Catoctin Circle
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Net Operating Income $-75,000
Direct Cap Value $-1,363,636 @ 5.50% Cap
DCF Value $-1,250,000 @ 6.00% Exit Cap
Unlevered IRR 0.00%
Equity Multiple 0.00x

Operating Statement

Catoctin - Output Version 3 - Jan 20 2026

Income

Gross Potential Rent $0
Less: Vacancy (5.0%) ($0)
Less: Credit Loss (1.0%) ($0)
Plus: Other Income $0
Effective Gross Income $0

Operating Expenses

Insurance $40,000
Real Estate Taxes $35,000
Repairs & Maintenance (3.0% of EGI) $0
Utilities (2.0% of EGI) $0
Management Fee (3.0%) $0
Total Expenses $75,000

Net Operating Income

Effective Gross Income $0
Less: Total Operating Expenses ($75,000)
Net Operating Income (NOI) $-75,000

Capital Costs

No capital costs entered.

Valuation Analysis

Catoctin - Output Version 3 - Jan 20 2026

Direct Capitalization Approach

Year 1 NOI $-75,000
Going-In Cap Rate 5.50%
Indicated Value $-1,363,636

Discounted Cash Flow Approach

Hold Period 3 years
Exit Year NOI $-79,591
Exit Cap Rate 6.00%
Reversion Value $-1,326,510
Less: Sales Costs (2.0%) ($-26,530)
Net Sale Proceeds $-1,299,980
DCF Implied Value $-1,250,000

Investment Returns

Initial Investment (Based on DCF Value) $-1,250,000
Unlevered IRR 0.00%
Unlevered Equity Multiple 0.00x

Debt Analysis

Catoctin - Output Version 3 - Jan 20 2026

No debt financing included in this analysis.

Assumptions

Catoctin - Output Version 3 - Jan 20 2026

Property Information

Property Name Catoctin
Address 50 Catoctin Circle
Asset Type office
Gross Area 50,000 SF
Year Built 1996

Operating Assumptions

Vacancy Rate 5.0%
Credit Loss 1.0%
Management Fee 3.0%

Valuation Assumptions

Going-In Cap Rate 5.50%
Exit Cap Rate 6.00%
Sales Costs 2.0%
Hold Period 3 years
Discount Rate 8.0%
NOI Growth Rate 2.0%

Cash Flow Projection

Catoctin - Output Version 3 - Jan 20 2026

Annual Cash Flows

Year NOI Capital Costs Debt Service Cash Flow (Before Debt) Cash Flow (After Debt)
1 $-75,000 ($0) $0 $-75,000 $-75,000
2 $-76,500 ($0) $0 $-76,500 $-76,500
3 $-78,030 ($0) $0 $-78,030 $-78,030

Monthly Cash Flows

Period NOI Capital Costs Debt Service Cash Flow (Before Debt) Cash Flow (After Debt)
Y1 M1 $-6,250 ($0) $0 $-6,250 $-6,250
Y1 M2 $-6,250 ($0) $0 $-6,250 $-6,250
Y1 M3 $-6,250 ($0) $0 $-6,250 $-6,250
Y1 M4 $-6,250 ($0) $0 $-6,250 $-6,250
Y1 M5 $-6,250 ($0) $0 $-6,250 $-6,250
Y1 M6 $-6,250 ($0) $0 $-6,250 $-6,250
Y1 M7 $-6,250 ($0) $0 $-6,250 $-6,250
Y1 M8 $-6,250 ($0) $0 $-6,250 $-6,250
Y1 M9 $-6,250 ($0) $0 $-6,250 $-6,250
Y1 M10 $-6,250 ($0) $0 $-6,250 $-6,250
Y1 M11 $-6,250 ($0) $0 $-6,250 $-6,250
Y1 M12 $-6,250 ($0) $0 $-6,250 $-6,250
Y2 M1 $-6,375 ($0) $0 $-6,375 $-6,375
Y2 M2 $-6,375 ($0) $0 $-6,375 $-6,375
Y2 M3 $-6,375 ($0) $0 $-6,375 $-6,375
Y2 M4 $-6,375 ($0) $0 $-6,375 $-6,375
Y2 M5 $-6,375 ($0) $0 $-6,375 $-6,375
Y2 M6 $-6,375 ($0) $0 $-6,375 $-6,375
Y2 M7 $-6,375 ($0) $0 $-6,375 $-6,375
Y2 M8 $-6,375 ($0) $0 $-6,375 $-6,375
Y2 M9 $-6,375 ($0) $0 $-6,375 $-6,375
Y2 M10 $-6,375 ($0) $0 $-6,375 $-6,375
Y2 M11 $-6,375 ($0) $0 $-6,375 $-6,375
Y2 M12 $-6,375 ($0) $0 $-6,375 $-6,375
Y3 M1 $-6,502 ($0) $0 $-6,502 $-6,502
Y3 M2 $-6,502 ($0) $0 $-6,502 $-6,502
Y3 M3 $-6,502 ($0) $0 $-6,502 $-6,502
Y3 M4 $-6,502 ($0) $0 $-6,502 $-6,502
Y3 M5 $-6,502 ($0) $0 $-6,502 $-6,502
Y3 M6 $-6,502 ($0) $0 $-6,502 $-6,502
Y3 M7 $-6,502 ($0) $0 $-6,502 $-6,502
Y3 M8 $-6,502 ($0) $0 $-6,502 $-6,502
Y3 M9 $-6,502 ($0) $0 $-6,502 $-6,502
Y3 M10 $-6,502 ($0) $0 $-6,502 $-6,502
Y3 M11 $-6,502 ($0) $0 $-6,502 $-6,502
Y3 M12 $-6,502 ($0) $0 $-6,502 $-6,502

Rent Roll

Catoctin - Output Version 3 - Jan 20 2026

Tenant Schedule

Tenant Area (SF) Rent/SF Annual Rent Lease End
BIG Tenant 45,000 $0.00 $0 2030-10-02
Total 45,000 — $0

This analysis is for informational purposes only and does not constitute a certified appraisal or investment advice.