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� � M <br />� <br />[ � M <br />7 H m <br />H ,�n x <br />yz� <br />K � <br />H CC <br />O R O <br />y H �q <br />N H <br />� H � <br />��o <br />c� • n <br />H <br />~2' H <br />� N y <br />G N <br />O N <br />(a'1 C N <br />M � tr4 <br />H O N <br />Cost Calculations <br />�; ��,gs: � qzD <br />Brick veneer building -�290�s.f. @ $35.00 p.s.f. <br />grame build�.ng - 8,816 s.f. @ 515.00 p.s.f. <br />Site sQrovemPrfs <br />'Ib[di <br />LESS: Dep�ciation <br />pepreciaied Value oE the I�rova�r�ents <br />PLUS: �d Va1ue <br />�btal t�'al��e <br />�' ��Z,,,,'D).�� <br />�g:;e�ao:-eo-- <br />132,200.00 <br />25,0OO.OU <br />$309,2D0.00 <br />-74,200.00 <br />$230,000.00 <br />+?:.6,000.00 <br />$446,000.00 <br />Based �:pon the foregoing, it is the opinion of this appraiser that the <br />inciicate3 value of sv.5ject property, oiith pml�.osed irq�rova�nents ca^q�leted, <br />fmm the Cost Anproach to Value, in fee sirnt�le interest, as of A1ay 2, <br />1988, is: <br />r'OUR HUr���RFS '_Z7:tTY-SIX 'IY.O'J.SF�aJ DG_?.�ZS <br />($996,000� <br />INC.'CDL�' APPROACi' '� VAI,U�' <br />The Inccme ApProach to Valve requires an analysis of the subject's incane <br />and er.penses in order to esti�zte pzobable net inar�e fmn the real estate <br />aanership. 'Phe net �ica�s ia caoitalized at an approariate rate to <br />indicate the price an inves*..or *night be a�cpected tn pay for the property. <br />'�he first step in the Incane Approach is to estimate the current econanic <br />rent the pronerty is capable of producing. This is aa,��lished by <br />carq�aring the subiect with similaz properties in the same markat or <br />ca�eting markets. <br />Restal data fzrr,i new developments of retail space indicate trinle net <br />rentals of $10.00 to $12.50 per squaze .fa�t and more but they aze not <br />considered by this anpraiser as good crn�rables to subject. Based upon <br />data developed in aPPraisals of auner-occupied buildinys and xemodeled <br />older buildings, it is the opinion of the appraiser that the e��onanic <br />rent of subject's retail :�ace on a triple net basis is $6.00 �er squaze <br />foot or $25,200 per year. <br />Rental data fzun w�rehouse a�mers and realtors indicate that subject's <br />8,816 square £eet of warehouse soace, with irtq�rwerwnts mtq�leted, <br />should be renta.�*le at $3.00 per square foot on a triple net basis. Zfiis <br />is $26,498 per year. <br />�.� <br />