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390213 Ave S Macv's Inc
<br />01-6570-00180-000 & 01-6570-00200-000
<br />The following table recaps competing comparable properties located in Fargo. The competing
<br />properties bracket the Macy's property in building area and, on average, are valued similarly.
<br />
<br />
<br />Parcel No
<br />
<br />Se ID Land Address Competing Properties
<br />Property Type Full Impr Full Land
<br />Code Value Value
<br />Year
<br />Total Value Butlt
<br />BuIlding
<br />Size
<br />
<br />Total / of
<br />Bldij Value
<br />/sf
<br />01-7060-00105-000 1 40045 STS Retail $ 4,190,000 $ 523,000 $ 4,713,000 2002 85,029 $ 55.43 $ 49.26
<br />01-6570-00190-000 1 3960 13 AVE S Retail $ 8,925,400 $ 548,000 $ 9,473,400 1972 138,850 $ 68.23 $ 64.26
<br />O1-6570A0170-000 1 3940 I3 Ave S / Httbttgers Retail $ 6,191,800 $ 637,000 $ 6,828,800 1972 104,834 $ 65.14 $ 59.06
<br />OI-7060-00201-000 1 20045 STS Retail $ 7,367,400 $ 786,000 $ 6,153,400 1990 135,235 $ 60.29 $ 54.48
<br />O1-6570.00] 80.000 13930 13 AVE S Retail S 7,000,800 S 805,000 S 7,805,800 1972 114,394 $ 68.61 S 61.27
<br />O1-6570-00200-000 13932 13 AVE S Parking Lot S 8,000 S 35,000 $ 43,000 1972 N/A N/A N/A
<br />O1-0277-00010-000 14427 13 AVE S Rerail $ 4,083,500 $ 844,000 $ 4,927,500 2000 95,096 $ 51.82 $ 42.94
<br />O1-2332-02650-010 14444 13 AVE S UNIT B Retail $ 4,907,900 $ 923,000 $ 5,830,900 1980 100,712 $ 57.90 $ 48.73
<br />O1-7340-00100-000 12121 43 STS Retail $ 3,955,200 $ 1,390,000 $ 5,345,200 1990 66,880 $ 79.92 $ 59.14
<br />01-6570-00150-000 1 3910 13 Ave S /Sears Retail $ 6,303,000 $ 1,510,000 $ 7,813,000 1972 99,426 $ 78.58 $ 63.39
<br />01-1390-01327-010 1 140133 STS Re[ail $ 4,343,400 $ 1,693,000 $ 6,036,400 1995 105,397 $ 57.27 $ 41.21
<br />OI-7360-00200-000 1 4831 13 AVE S Retail $ 5,798,000 $ 1,711,000 $ 7,509,000 2004 137,554 $ 54.59 $ 42.15
<br />01-7360-00200-000 14831 13 Ave S / Sams Retail $ 5,798,000 $ 1,711,000 $ 7,509,000 1990 137,554 $ 54.59 $ 42.15
<br />01-3802-00050-000 14202 13 AVE S Retail $ 6,661,200 $ 1,790,000 $ 8,451,200 1973 131,063 $ 64.48 $ 50.82
<br />Ot-3600-00243-000 14201 13 Ave S /Target Retail $ 6,661,200 $ 1,790,000 $ 8,451,200 1977 131,063 $ 64.48 $ 50.82
<br />O1-6180-00110-000 14700 17 AVE S Retail $ 4,642,800 $ 2,516,000 $ 7,158,800 1972 118,193 $ 60.57 $ 39.28
<br />OIfi180.00110.000 1 4700 17 Ave S /Home Depot Retail $ 4,642,800 $ 2,516,000 $ 7,158,800 2002 116,193 $ 60.57 $ 39.28
<br />O1-6690-00100.000 2 4901 13 AVE S l1MT B Retail $ 6,135,600 $ 2,895,000 $ 9,030,800 1972 141,474 $ 63.83 $ 43.37
<br />OIfi690-00100-000 2 490! 13 Ave S / Lowes Retail $ 6,135,800 $ 2,895,000 $ 9,030,800 2002 141,474 $ 63.83 $ 43.37
<br />01-7370-00100-000 1 4731 13 Ave S / Wal-Mart Retail $ 10,159,300 $ 3,117,000 $ 13,276,300 1990 218,579 $ 60.74 $ 46,48
<br />OI-7640-00100.000 1 1551 45 St S / Scheels Retail & Once $ 17,300,000 $ 2,602,000 $ 19,902,000 2005 163,195 $ 121.95 $ 106.01
<br />O1-3600-00210-000 1 900 42 STS Retail & Otlices $ 9,194,300 $ 714,000 $ 9,908,300 1930 156,859 $ 63.17 $ 56.62
<br />O1-7880-00100.000 2 4601 23 AVE S Retail & OtTices $ 5,557,700 $ 1,387,000 $ 6,944,700 2005 120,419 $ 57.67 $ 46.15
<br />O1-7640-00100.000 1 1551 45 STS Retail & Offices $ 17,300,000 $ 2,602,000 $ 19,902,000 1998 163,195 $ 121.95 $ 106.01
<br />01-7370-00100-000 1 4731 13 AVE S Retail & OtTices $ 10,159,300 $ 3,117,000 $ 13,276,300 2005 218,579 $ 60.74 $ 46.48
<br />OI-6570-00170-000 1 390213 AYES Shopping Center $ 6,191,800 $ 637,000 $ 6,826,800 2000 104,834 $ 65.14 $ 59.06
<br />01-6570-00150-000 1 3902 13 AVE S Shopping Crnter $ 6,303,000 $ 1,510,000 $ 7,813,000 1997 99,426 $ 78.58 $ 63.39
<br />01-2580-0001 O-000 1 3202 13 AVE S Strip (Center) Mall $ 5,155,400 $ 1,136,000 $ 6,291,400 1974 80,160 $ 78.49 $ 64.31
<br />O1-8100-00040.000 3 4265 45 STS S[rip (Center) Mall $ 3,426,000 $ 1,240,000 $ 4,666,000 2005 63,672 $ 73.28 $ 53.81
<br />O1-2650-00101-000 14325 17 AVE S Strip (Center) Mall $ 11,612,600 $ 1,511,000 $ 13,123,600 1956 146,131 $ 69.81 $ 79.47
<br />O1-2332-00262-010 1 4340 13 AVE S Strip (Crnttt) Mall $ 5,590,000 $ 2,341,000 $ 7,931,000 1977 100,627 $ 78.82 $ 55.55
<br />O1-2332-00262-010 1 + 4340 13 Ave S / T] Center Strip (Center) Mall $ 7,330,100 $ 2,341,000 $ 9,671,100 1987 137,043 $ 70.57 $ 53.49
<br />O1-3700-00900.000 1 4510 13 AVE S Strip (Center) Mall $ 19,378,000 $ 2,845,000 $ 22,223,000 1963 230,272 $ 96.51 S 84.15
<br />Minimum 33 Retail Properties 1930 63,672 $ 51.82 $ 39.28
<br />Maximum 2005 230,272 $ 121.95 $ 110.44
<br />Mean 1985 128,623 $ 71.13 $ 56.03
<br />Median 1990 120,419 $ 64.48 $ 54.14
<br />The final analysis focuses on the income producing potential of the real property. In this
<br />endeavor, current asking rents less operating expenses (if applicable) results in the net operating
<br />income available to the property. The resulting net operating income is the numerator and the
<br />overall capitalization rate is the denominator in the equation to develop an indication of value by
<br />the income approach to value.
<br />The rents recapped in the first table on the following page indicate a mean and median net
<br />operating income of $8.45 and $8.50 respectively. These properties are of retail use, are
<br />generally smaller then the Macy's property (with the exception of the Home Depot property in
<br />Bismarck), and in general, provide an upper limit of net operating income. The net operating
<br />income considered appropriate for the Macy's property, based on the compiled lease data is
<br />$6.00 per square foot per year. In addition, the overall capitalization rate considered appropriate
<br />for the Macy's property, based on survey data and aband-of-investment analysis is 8.7%.
<br />Recapped in the second table on the following page is the indication of value of $7,900,000
<br />(rounded).
<br />Page 2 of 3
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