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Mid-Continent Resources <br /> July 15, 1986 <br /> Page - 2 - <br /> REVISED COST APPROACH (7/15/86) <br /> Ten sales and four properties listed for sale analyzed for both revised land <br /> alue indications and revised overall market value changes. These sales took <br /> place from May 1983 to April 1986. Gross land areas ranged from 9,583 sq ft <br /> to 226, 512 sq ft. Sales and ask prices ranged from $75,000 to $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 revised land value remains at $2.00 per square foot. Building costs on <br /> the structures were increased based on building cost and building cost trend <br /> indications developed by the Marshall and Swift Valuation Cost Service. <br /> The depreciation estimate was increased to 24 percent. <br /> REVISED COST APPROACH SUMMARY (7/15/86) <br /> LAND 266,587 sf x $2.00 psf = $533, 174 <br /> BUILDINGS <br /> Building 7,320 sf x $25.50 psf = $186,660 <br /> Building 6, 161 sf x $12.25 psf = $ 75,472 <br /> Shed 288 sf x $12.75 psf = $ 3,672 <br /> Mobile 470 sf X $25.00 psf = $ 11 ,750 <br /> Fencing 2,200 If X $12.75 plf = $28,050 <br /> TOTAL BUILDINGS $305,604 <br /> Less Accrued Depreciation <br /> Effective age vs Economic life <br /> 10/50 -0.24 -73,345 <br /> Total Buildings $232,259 <br /> SITE IMPROVEMENTS <br /> 266,587 sf -14,239 sf <br /> 252,348 sf x $0.20 psf $50,470 <br /> IMPROVEMENTS CONTRIBUTION ESTIMATE $282,729 <br /> COST APPROACH INDICATION $815,903 <br /> Applegate & Co. Real Estate Appraisers <br />