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��� <br />� <br />C N <br />� HC N <br />y Z N <br />� H � <br />°m H ro <br />N H <br />n y �a <br />o N <br />z�o <br />H � C <br />7 H � <br />t'� M H <br />O y H <br />no:n <br />�c�ar <br />� <br />H O N <br />i <br />I M�' � ' <br />� ' <br />1 �� <br />This appraiser appraised subject ancl the property �'�lved ir; penciin9 <br />sale r3 for $1,650,000 as of August 29, 198G. In that report, the total <br />land area of 183,900 square feet �•ras estinated to have a value of <br />$1,379,000 or $7.50 per square foot. <br />Sale t'1 is considered to be a 40� ��le to subject. Sale n2 appears <br />to have been a very favorable p��hase for the purchase=- <br />gesed upon the foregoing, it is the opinion of this appraiser that the <br />_�clicated fair msrlcet value of subject sit`'s 27,000 squam�oof��te�= <br />in fee sL�le interest, as of May 2, 1986, is $8.00 per squ <br />5216,OD0. <br />DESCRIFnTOh OF 'IHE INPROVF.'�ST'S <br />Subject pzoperty is irtproved e�ith a 9,20: s�iare foot, bricY. veneer <br />building with height of 14 feet, built in 194U, arx3 which is to be mx7ernized <br />and remodeled into retails and/or oifice space. The wor!c �oill include <br />painting and xepairing the brick Pxterior and nainting sa*re. t9indows <br />and doors will be replaced and a neti•� roof will 1� installed. Interior <br />electric v�iring, fixtures, and heat to be nea• Plumb�n4 to ��lu and <br />interior ta be finished as tyoical retail and/or office space. <br />There have been several additions to the brick veneer building wer the <br />years. 'I'heir f.loor level is belau the brick building's level. ?'ney <br />are of frame construction with wncrnte floors. Tnese buildin3s have <br />a total area of 8, R16 sauare feet wit1� heights vazying fra*i 12 to 20 <br />feet. Tnese buildings aze to be rem�deled� m�dernized, and repaired <br />�•�ith ncxu roofs, nEw e�terior siding and neo-� �•�ir�g. They lend thc�nselves <br />to three warehouse areas rangregfeetS1ZThe�illOhave metalfroll-up2�doors• <br />sware feet and tn 4,350 squa Y <br />Viith the propos�d ingrove�ts arrg.�leted, the brick ves�eer buildi�g �vill <br />be an average quality, Class "C" retail building and the frar.ie building <br />area orill be average quality, Cl�s "D" «arehuuse space. Boti1 buildinas <br />should be in above average wndition. <br />Site imprwements to be reP�red and rntail building t� have neo� canopy. <br />msr n��tor�c� �o vt�.*,vJ' <br />I , The Cost Approach to Value consists of est.unatin4 the a=t: �� of all <br />��;w�t,s, deducting any obser✓ed c�epreciation or obsolescesce, and <br />�� _� then adding the value of the land. <br />'�l�e estimated cast of subject itrq�roveir�ents is basea upo� infoanation <br />provided in Mazshall Valuation Service, a natiomaide �st service �•iith <br />adjustrrents for tir� and location, and data fxcri other aq�raisals and <br />1�a1 contractors and sunpliers. <br />-d- <br />