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<br />m1992 -American Society of Farm Managers and Rural Appraisers, Inc.
<br />RnnartH_ Randle ADOraisal ReooR # 0194T
<br /> Income Approach :... .. .
<br /> Basta of Income Estlmate: Cash ~ Share X Owner/Operator
<br />G. Production Unit Stabilized owl Production a are Aerator nCOme
<br />r Income Sourc Acres Measure Yleld Stabilized S Un Gross Incom Share Landlord Income $
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<br />8 ~. Alfalfa 552.00 ACRE 4.50 55.00 S 136,620 50 S 66,310
<br />~ ~ ~ Corn 184.50 ACRE 95.00 2.50 S 43,619 33 S 14,460
<br />n. 0.00 ACRE 0.00 0.00 S 0 0 s 0
<br />.C . 0.00 0.00 0.00 S 0 0 S 0
<br />~ 0.00 0.00 0.00 S 0 0 S 0
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<br />®. o.oo o.oo o.oo s o o s o
<br /> o.oo o.oo o.oo s o o s o
<br />E. o.oo o.oo o.oo s o o s o
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<br />Buildings
<br />~Bldgs. Incl. in Ground Rent
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<br />Comments: (Typical area rental terms & conditions) Stabilized Gross Income Estimate = s ez,no
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<br />t Typical yields and prices were obtained from the Colorado Agricultural Statistics Guide published by The
<br />e ~ Colorado Dept. of Agriculture, real estate brokers, and farmers. An avcrege was used to balance the highs
<br />~~ and lows of the market.
<br /> Expense ummary Allocation
<br />E . Expense Items: Expenses (F,V,P) Operating Expenses Property Expenses
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<br /> Fixed Variable
<br />e Est. Act $ 0 $ 0 $ 1s,o95
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<br />n. Real Estate Tax: X i 8,14a : P o.0 96 0.o y{, 100.0%
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<br />e Insurance:
<br />s o P
<br />Expense Comments:
<br /> Maintenance: rexes are from the courthouse and management is
<br />A Management: X S 6,947 P tOX of the landlords share.
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<br />. Total Ex ease s 1s,oss 1e.z D~ Stabilized Gross Expense Estimate = $ - 15 , 095
<br /> le Date Ixe rose Income . Retlo Nat Income EV Pr ee ate
<br />R PI0188 6 88 235.0 29,714 25.62 % ,042 115,150 19.14 %
<br />o . P10288 10 88 192.0 16,883 20.66 % 13,395 96,000 13.95 %
<br />~t PI0388 11 88 569.0 43,706 30.89 % 30,205 300,000 10.07 %
<br />e PI0193 4 92 109.5 14,175 26.93 % 10,356 104,000 9.96 %
<br />s P10593 6 92 235,0 29,714 25.62 % 22,042 176,250 12.51 %
<br /> PI0693 10 93 744.9 14,078 16.22% 11,795 85,000 13.68 %
<br /> Anatysls/Comments:
<br />C ~ ALl of the comparables are closed sales with irrigation water being furnished from a canal company.
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<br /> roes ntwme: ,77 = / or Net Income /Cap Rate =Value Estimate
<br />~~ C Expenses; S 15,095 =S 20.5 /ACRE or 18.24 %
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<br />E S 67,675 / 12.00 % S 563,960
<br />a CR
<br />or 81.
<br />6 %
<br />Nel Income: S 67,675 =S 91.8 / ,
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<br />~ Mcome Approach Estlmate S 564,000
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<br />' Thia btm must be compfetad by a pmfsaelarel appmiaer, vmo shoultl detalmine Ns auilabllity br apKek epDliratlon. The panwna who hm wMdbNad to the devalopmsM or publlahing of Ihla
<br />lone end the ASFMRA mesa no rapreaentellona or wenNriin es to Its wIIADlllly Or uaa; Ihey shell rpl be Ileble for erry anon or mlareprteemmlona or for Incitlenllal, WnaerfuentlN, a any ocher
<br />tlamage rnWing hom the Nmlahing, complellon, or uN of thle loan. Ths ASFMRA recommends 1hM tha tga2 Unaonn Agllcueurd AppralaN Repod (IIAAFi) Gultlebook be uaatl for complallon W
<br />It,la brm npod. Chengaa to thls fomr may he made by the ASFMPA d any tlms, WlfhoN notlp. The'Se1Nnf FM Page', wun vaM ea a tlma summary eeperelsy from tha UAAn pecluga, la not
<br />In be WnsiNatl u N epPrebel.
<br />Page 8 of 12
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