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I <br /> <br />1 <br /> <br />x.\i!liam [~. Ferriss. SRA, CAE <br /> <br />W. P. E Inc, <br /> <br />Real Estate AFgraiser & Tax Co~t~mltant <br /> <br />(704) 782-6:]55 <br /> <br />Fax (704) 782-62:1.9 <br /> <br />June 12, 1997 <br /> <br />Mr. Kenneth L. Propst, Past Chair~*n Of The Board <br />Cabar=us Ch~er Of Co-~erce <br />23 ~nion Street, North <br />Post Office Box 1029 <br />Concord, North Carolina 28026-1029 <br /> <br />REF: Appraisal of Professional Office Building at 2323 Lake Concord Road. <br /> <br />Dear Mr. Propst: <br /> <br />As requested, I am s~bmittingmy appraisal of the above referenced property. The subject <br />property is located on a tract of land containing 19,166 square feet or .%37 acres, <br />fronting 170.08 feet on the Bast Side of Lake Concord Road in the city l~m{ts of Concord, <br />North Carolina. <br /> <br />The subject property being appraised is a two story professional office building with <br />5,364 square feet of gross area including the 2,210 Sq. Feet on the second floor. <br />In~rovements include 11,777 square feet of paving and 350 square feet of sidewalk. Twenty <br />five feet of the asphalt paving and side walk is not owned by the subject, but they ha~e <br />the right to use the improvements u~der a per~nent easement with the adjoining property <br />owner. <br /> <br />Based upon the analysis of data which follows in this report, it is my opinion that the <br />prospective value of the subject real property being appraised in this report, as <br />described as of June 12, 1997, is = <br /> <br />THREE HUNDRED FORTY FIVE THOUSAND DOr.r-~RS <br /> <br /> $345,000.00 <br /> <br />Based upon my analysis of current m~_rket conditions and the subject property as described <br />in this report, a reasonable -~keting period for the subject property if exposed on the <br />the open marketplace for sale would be six months to one year. <br /> <br />()ne Buffalo Avenue NE * Suite 3:307 * Concord. North Carolina 28025-448(1 <br /> <br /> <br />