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Tracy Anderson <br />April 20, 2021 <br />Page 2 <br /> <br /> <br /> <br /> <br /> <br /> <br />MARKET VALUE CONCLUSION <br />Appraisal Premise Interest Appraised Date of Value Value Conclusion Per Room <br />As Is Fee Simple Estate March 16, 2021 $900,000 $14,063 <br />As Stabilized Fee Simple Estate March 16, 2024 $1,390,000 $21,719 <br />Compiled by CBRE <br />The value allocation of the subject has been concluded as follows: <br />AS IS VALUE ALLOCATION <br />Interest Appraised - Allocation Value Conclusion <br />Fee Simple Estate <br />As Is Value $900,000 <br />Personal Property $210,000 <br />Business Enterprise Value $0 <br />Real Property Value - As Is $690,000 <br />Compiled by CBRE <br />AS STABILIZED VALUE ALLOCATION <br />Interest Appraised - Allocation Value Conclusion <br />Fee Simple Estate <br />As Stabilized Value $1,390,000 <br />Personal Property $10,000 <br />Business Enterprise Value $0 <br />Real Property Value - As Stabilized $1,380,000 <br />Compiled by CBRE <br /> <br />The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, <br />and inseparable from, this letter. <br />As of the date of value and the date of this report, the nation, region, and market area are <br />impacted by the COVID-19 pandemic. This could have a prolonged effect on macroeconomic <br />conditions, though at this time the length of duration is unknown. The perceived impact on real <br />estate varies on several factors including asset class, use, tenancy, and location. Our analysis <br />considers available information as of the effective date. <br />The following appraisal sets forth the most pertinent data gathered, the techniques employed, <br />and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were <br />developed based on, and this report has been prepared in conformance with, the guidelines and <br />recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), <br />and the requirements of the Code of Professional Ethics and Standards of Professional Appraisal <br />Practice of the Appraisal Institute. It also conforms to Title XI Regulations and the Financial <br />Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) updated in 1994 and further <br />updated by the Interagency Appraisal and Evaluation Guidelines promulgated in 2010. <br />The intended use and user of our report are specifically identified in our report as agreed upon in <br />our contract for services and/or reliance language found in the report. As a condition to being <br />granted the status of an intended user, any intended user who has not entered into a written