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<br />Ti�e total indicated net rental is $51,658 per year. It is the opinion
<br />of this appraiser that, with mnsideration of the actual age of su�ject
<br />and available om�etitive sPac�e, a capitalization rate of 12�5 is
<br />aPP�Priate• Capitalizirc7 $51,658 at 12� ($51,648 divided by i29n), we
<br />have an indicated value e:' subject property fzrsn the Incrnie Approach
<br />tp Value, �n fee si�le interest, as of Ffay 2, 1986, of:
<br />FI�UR HG!v'DR.0 TiiTRTl 1I'IOUSF�ID Fp[JR HUNDRED DpyT,AF2$
<br />(Sa30, 400)
<br />DIARFCET DATA APPROACH TU VALUE
<br />�st�ting the value of real property by the Market Data A�proach tp
<br />Value requi.res searchinq all sources of real estate sales data for sales
<br />of properties crnqxir�le to ti�e subject property. Follaving arn the
<br />�ales censidered in this reza�_-t;
<br />(1) Tax r3929-00�-013 and ;;3929-00�-019 is located at
<br />6°21 F,ue::creen t9ay and is the AA Re�tal Business.
<br />It has a<<,000 squaze foot site with a one story,
<br />concrete block building of 8,000 square geet a�Q a
<br />809 squaze foot metal buildinq, mhe builciing was
<br />built in 1969. It has an ass�ssed value of $168,000
<br />for the land and $135,800 for the i�rcNe�n�, y�i}h
<br />a total of $303,800.
<br />This property soid Octaber 31, 1986 for $94S,Qnp, �,tiir_h
<br />is 196� of its assessed value. 90% financing by thE
<br />seller.
<br />(2) Tax f��802-002-002 is located at 922p �ergreen play,
<br />It is an auto parts store. The 15,625 square foot
<br />site is .urarrn,ed ��ith a one story, frartie builcling
<br />built in 1956 with 2,976 square feet. It^, assessed
<br />value is $81,800 for the land and $2�,600 for the
<br />i�mve�nents, with a total of $105,700.
<br />This property sold March 23, 1987 for $150,000, which
<br />is 192�s of its assessed value. $93,557 financed by
<br />the seller.
<br />(3) Tax #3932-002-011, ;3932-002-012, N3932-002-013-01,
<br />and $3932-002-022 is la;ated at 5707 �+exx;reen Way.
<br />It is rxw� Bayside Auto Square. Its 35,990 square
<br />foot site is i�rove3 with y q,900 squaz� poot, 14
<br />story, frartie builcling built in 1997. Its assessed
<br />value is $231,800 for the land and $102,100 for the
<br />ir�ruvenents, orith a total of $333,900.
<br />^�s P�I�rty sold Octp}�r 8,
<br />is 106� of its assessed valu
<br />$65,000 secrond frcro seller.
<br />and trodernized.
<br />Si�
<br />1987 for $355, 000, c•ihich
<br />e. $300,000 bank loan and
<br />�1��n4 � �n ie�mdeled
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