4. Tax Equalization Board reconvenes

3825 34 Ave S Parcel Number 01-5210-00050-000 Owner:Security Self Storage Market comparison This property was reappraised for the 2006. Our value went from $1,402,900 to $1,829,000. This amounts to $25.91 per square foot. Recent sales of mini storage properties are as follows: Address sale sale Mini strg. addi1ional $/sq. ft $/sq. ft. date amount sq. footage structures mini only all bldgs 3070 39 St S 1/3105 $ 615,000 22,500 1,200 $ 27.33 $ 25.95 61042StN 10/5/01 $ 625,000 29,000 $ 21.55 $ 21.55 Moorhead 20121 StS 10/1/03 $ 816,000 31,700 $ 25.74 $ 25.74 Other sale' $ 31.45 $ 31.45 . Other sale is an early 2005 sale on the south side with over 30,000 square feet of mini storage and no other buildings. Excess land involved in the sale has been factored out ofthe result listed. Subject sale 3825 34 Ave S 10/28/05 $ 2,200,000 70,600 1,350 $ 31.16 $ 30.58 Assessed $ 1,829,000 70,600 1,350 $ 25.91 $ 25.42 I Assessed 4025 40 Ave S $ 2,105,700 74,600 $ 28.23 $ 2823 I The information listed above for 402540 Ave S is included because a question of equal treatment was raised earlier by one of the interested parties. That person felt that the property at 4025 40 Ave S was larger and the value by comparison was less. Income The unit rent information was given by the manager of the property at 3825 34 Ave S in June of 2005. The manager at that time worked for the Tabert Partnership (the owners at that time). Unit Number Yearly Size Of Units Rent 5x10 50 19,200 10x10 75 40,500 10x15 76 51,984 10x20 150 127,800 10x30 44 50,688 11x25 22 23,232 417 313,404 Vacanc Ibad debt 10% 31,340 Expenses 35% 109,691 NOI 172,372 Cap Rate 9.75% $ 1,767,920 Gross Income Multiplier 6 $ 1,880,424 E'f.h b,+ ((G"