75K - PH - RESO NECESSITY 2105-2109 S BRISTOL

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The Relative Comparison Analysis is similar to paired data analysis without the use of arbitrary or unsupportable quantitative adjustments. This technique acknowledges the imperfect nature of the subject real estate market. The primary objective is to bracket the subject property between the comparable sales with respect to the similarity, superiority, and inferiority thereof. Superior elements of comparability of an individual sale property would reflect a downward adjustment to the value indication thereof. Conversely, inferior elements suggest an upward adjustment. Additionally, it is important to note that the above elements of comparability were not assigned equal weight in making the analysis of each property. The general location, immediate environmental influences, land size, building size and features, building age/condition, as well as site prominence/exposure were considered the most important factors in the subject case. Overall marketability of each sale property was also considered. Marketability is the practical aspect of selling a property in view of all the elements constituting value, and certain economic and financing conditions prevailing as of the date of sale. Allowance was made for these factors when considered applicable. Another important factor considered in analyzing the overall purchase price per square foot of building area is that of the land/builduig area ratio. The sale properties have ratios ranging between 2.63:1 and 6.20:], The subject property has a ratio of 3.50:1. All of the sale transactions employed herein were considered helpful in the valuation analysis of the subject property. Following is a summary relating the overall comparability of fire individual sale properties to the subject site: After considering the various elements of comparability, as well as economic and financial conditions prevailing during the consummation of the various sale properties, as compared to current market conditions, it is the appraiser's opinion that the value of the subject property is estimated as follows: Building: 3,255 SF @ $465.00 = $1,513,575. Inasmuch as the subject property is an improved property, and would be acquired for the utility and/or income producing capability of the building improvements, the value indication produced by the building factor has been assigned the most weight. The value of the subject property, as presently improved, and as indicated by the Sales Comparison Approach, is adjusted to $1,515,000. Income Capitalization Approach: The Income Capitalization Approach is based on the capitalization of net income generated, or capable of being generated, by the subject property. The net operating income is the product of the estimated gross rental income, less allowances for long tern vacancy/credit loss and various expense charges. The income/expense pro forma set forth herein is intended to reflect a typical stabilized holding period. 75K-25 Overall $ Per Data Cornnarability SF Bldg. 1 inferior $315.13 2 inferior $351.60 5 slightly inferior $445.95 3 similar $457.18 Subject - - - - $465.00 6 similar $472.12 4 superior $806.16 After considering the various elements of comparability, as well as economic and financial conditions prevailing during the consummation of the various sale properties, as compared to current market conditions, it is the appraiser's opinion that the value of the subject property is estimated as follows: Building: 3,255 SF @ $465.00 = $1,513,575. Inasmuch as the subject property is an improved property, and would be acquired for the utility and/or income producing capability of the building improvements, the value indication produced by the building factor has been assigned the most weight. The value of the subject property, as presently improved, and as indicated by the Sales Comparison Approach, is adjusted to $1,515,000. Income Capitalization Approach: The Income Capitalization Approach is based on the capitalization of net income generated, or capable of being generated, by the subject property. The net operating income is the product of the estimated gross rental income, less allowances for long tern vacancy/credit loss and various expense charges. The income/expense pro forma set forth herein is intended to reflect a typical stabilized holding period. 75K-25