1986-07-15_GENERAL DOCUMENTS - C1981017

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COST APPROACH SUMMARY Land 6.12 Acres @ $87,120 (2.00 PSF) $533,174 Buildings Building 7,320 SF x 25.00 PSF = $183,000 Building 6,161 SF x 12.00 PSF = 73,932 Shed 288 SF x 12.50 PSF = 3,600 Mobile Hcme 470 SF x 25.00 PSF = 11,750 Fencing 27200 L.F. x 12.50 L.F. = 27,500 Site Improvanents $0.25 PSF x 252,348 S.F. = 63 087 Accrued Depreciation 10 Year Effective Age-50 Year Life = 20% - 72_,574 Improvements Contribution Estimate $290,295 COST APPROACH INDICATION $823,469 MARKET DATA APPROACH As previously defined , the Market Data Approach compares and relates the improved property being appraised to other similarly improved properties that have sold in the general area in recent years. In this valuation study, the Market Data Approach has somewhat limited application. This is because of the absence of a sufficient number of highly comparable sales on which to base a conclusion of value. The subject property has a very high ratio of land value to whole property value. For this reason the previously analyzed land sales have a significant contribution to make to an overall improved property value analysis, when allowances for the contribution of the subject improvements are made . To aid in this type of analysis, a search for additional improved property sales was made and none were found , however several properties listed for sale were discovered . An additional five listings were analyzed . These maybe found in the addenda on the list headed Property Listings . Of the five listings three were improved with some type of building improvements. These listed properties were listed for sale at rates between $73 ,099 per acre and $145 , 926 per acre. The land under these listings are all considerably smaller than subject ranging in size from .79 acres to 2.28 acres. -12-