Laserfiche WebLink
Mid-Continent Resources <br /> July 14, 1986 <br /> Page - 2 - <br /> REVISED COST APPROACH (7/14/86) <br /> Ten sales and four properties listed for sale were analyzed for both revised <br /> land value indications and revised market approach indications. These sales <br /> took place from May 1983 to April 1986. Gross land areas ranged from 9,583 <br /> sq ft to 226,512 sq ft. Sales and ask prices ranged from $75,000 to <br /> $700,000. <br /> Seven of the sales and two listings had building improvements. Sales price <br /> per sq ft of land ranged from $1 .67 per sq ft to $19.43 per sq ft of land. It <br /> should be noted that the high number came from a property that included <br /> extensive improvements. Excluding those sales that included improvements, <br /> the range was from $1 .70 per sq ft to $3.00 per sq ft. <br /> The indicated revised land value remains the same at $2.00 per square foot. <br /> Building costs on the original structures were increased by thirty percent <br /> from $25 per square foot to $32.50 per square foot. The latter was based on <br /> building cost and building cost trend indications developed by the Marshall and <br /> Swift Valuation Cost Service. As previously discussed, the truck wash <br /> building and equipment were added at the reported current cost. <br /> Depreciation was increased from six percent to twenty percent reflecting the <br /> additional age of the primary structures. <br /> The total improvement contribution estimate is up twenty-six percent from the <br /> previous report. Of this amount fourteen percent is attributable to the new <br /> construction. The remaining twelve percent is attributable to the cumulative <br /> effect of inflation over the intervenina time. N c� �' n <br /> REVISED COST APPROACH SUMMARY (7/14/86) U f <br /> LAND 542322 sf x $2.00 psf = $1 ,084,644 NC <br /> 51 <br /> BUILDINGS <br /> Mine Services 16350 sf x $32.50 psf $531 ,375 <br /> Terminal 19780 sf x $32.50 psf f $642,850 <br /> Paving 151850 sf x $1 .25 psf ti�s, s $189,813 <br /> Truck Wash Building & Equipment <br /> Truck Heaters & Misc. Site Improvements $30,000 <br /> TOTAL $1 , 534,038 <br /> Less Accrued Depreciation <br /> Effective age vs Economic life <br /> 10/50 -20% ($306,808) <br /> IMPROVEMENTS CONTRIBUTION ESTIMATE $ 1 ,227,230 <br /> COST APPROACH INDICATION $2,31 1 ,874 <br /> Applegate & CO_ Real Estate Appraisers <br />