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Mr . Robert Delaney <br /> Page 2 <br /> December 3, 1982 <br /> In revising my December 28 , 1979 , appraisal , I have reviewed each of <br /> the approaches to value that were applied . The following paragraphs <br /> summarize the changes that have been made. <br /> REVISED COST APPROACH (12/3/82) <br /> The land value has been increased from $2.00 to $2.50 per square foot <br /> utilizing the same land area. Building reproduction cost has been <br /> increased from $25 . 00 to $28.75 per square foot, 15%. The latter was <br /> based on and is slightly less than an indicated building cost <br /> escalation as reported by the Marshall & Swift Valuation Cost Service. <br /> Land <br /> 12.45 Acres at $108,900 ($2.50 PSF) $1 ,355,805 <br /> Buildings <br /> Mine Services Building 16,350 SF <br /> Truck Terminal Building 19 780 SF <br /> 3b, 130 SF <br /> 36, 130 SF x $28.75 $1 ,038,737 <br /> Paving (includes parking and service roads) <br /> 151 ,850 SF x $1 .00 PSF $ 151 , 850 <br /> Miscellaneous Site Improvements $ 30,000 <br /> Construction Cost Indication $1 ,220p587 <br /> Accrued Depreciation <br /> 6 year age - 50 year life = 12% $ -146 L470 <br /> Improvements Contribution Estimate $11074, 117 $19 074, 117 <br /> Cost Approach Indication $2,429,922 <br /> REVISED MARKET DATA APPROACH ( 12/3/82) <br /> The Market Data Approach remains with limited usefulness because of <br /> the lack of highly comparable sales. A calculation was made employing <br /> the gross rent multiple. The revised gross rent estimate was extended <br /> against a gross rent multiple of 7.0. <br />