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• demographics <br />•income and expense data <br />•comparable data <br />Type and Extent of Analysis Applied <br />Scope of Work <br />CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal <br />methodology to arrive at a probable value indication via each applicable approach to value. The <br />steps required to complete each approach are discussed in the methodology section. <br />Data Resources Utilized in the Analysis <br />Item: <br />Site Data <br />Size <br />Improved Data <br />Building Area <br />No. Bldgs. <br />Parking Spaces <br />Year Built/Developed <br />Economic Data <br />Deferred Maintenance: <br />Building Costs: <br />Income Data: <br />Expense Data: <br />Compiled by CBRE <br />APPRAISAL METHODOLOGY <br />DATA SOURCES <br />Source(s): <br />City of Fargo <br />ALTA Survey <br />Inspection <br />ALTA Survey <br />City of Fargo <br />N/A <br />N/A <br />Leases, Market-Derived <br />P&L, Market-Derived <br />In appraisal practice, an approach to value is included or omitted based on its applicability to the <br />property type being valued and the quality and quantity of information available. <br />Cost Approach <br />The cost approach is based on the proposition that the informed purchaser would pay no more <br />for the subject than the cost to produce a substitute property with equivalent utility. This approach <br />is particularly applicable when the property being appraised involves relatively new improvements <br />that represent the highest and best use of the land, or when it is improved with relatively unique <br />or specialized improvements for which there exist few sales or leases of comparable properties. <br />Sales Comparison Approach <br />The sales comparison approach utilizes sales of comparable properties, adjusted for differences, <br />to indicate a value for the subject. Valuation is typically accomplished using physical units of <br />comparison such as price per square foot, price per unit, price per floor, etc., or economic units <br />of comparison such as gross rent multiplier. Adjustments are applied to the physical units of <br />comparison derived from the comparable sale. The unit of comparison chosen for the subject is <br />then used to yield a total value. Economic units of comparison are not adjusted, but rather <br />3 Hobby Lobby Center, Fargo, North Dakota CBRE <br />Page 53