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W.P.F. In~. PropartyAddress 2323 Concord Lake Road City Concord County Cabarrus State NC Zip Code 28025 Building Name Economic Development Co~p. & Equifa.x Census Tract 40'7.00 }whet/Occupant C~nt~er DE C<.--..erce Properties APN 5622 (14) Cb~er of C~a=aerce Properties Map Reference 5622-33-3518 Owner/User [] Investor [] [] Lying and being in n,--~er four (4) township, Cabarrus County, North Carolina on the Typical Buyer: Legal Description Ease side of Lake Concord Road (S.R. # 136) adjoining the property of Scott Heirs (now or formally), being .%37 Acres. Property Rights Appraised Fee S~m~le Function of Report To establish the Fair ~,rket Value Scope of Appraisal The appraiser will utilize the three approaches to value, those being the cost apgroach, m~ket approach, and the income approach. The COST APPROACH, land value is est~ted based on vacant land sales s~m{lar to the subject ~ibe. These sales and the subject land are all considered vacant and available £or highest and mt use. Building costs are determ{ned from local contracts and national cost data services. MARKET APPROACH is an appraisal procedure in which the -~ket value est4~,~te is predicated prices paid in actual ~ket transactions. It is a process of analyzing these sales to derive at the most probable sales price of the subject property. INCOM~ APPROACH involves estimating from the w~ket an economic rent for the subject and then exloenses to arrive at a net income. Net income is then formulated into value by ~licable which outlined in the income of Inspection Jun. e 12, 199.T. .......................................... Effective Date of Valuation 06/12/97 - Site Value (Leasehold Value) ........................................................ $ 64 t 700 Cost Approach ................................................................. $ 346,100 Income Approach ................................................................ $ 345 ~ 000 Direct Sales Comparison Approach ................................................... $ 340t 000 Market Value of Personal Property ................................................................. $ N/A -- iMarket Value of Other Non-Realty Interests ................................. : . $ '~ N/A iTo~al Market Value of Non-Realty Interests ........................................................... $ N/A Value Estimate - Real Estate (As Repaired) ........................................................... $ 345~ 000 __ Cost of Repairs or Additions .................................................................... $ N/A Market Value 'As Is' - Real Estate ~ $ :Final 345,000 -- ConditionsofAppraisal:The appraisal is made in the ''as is'' condition. A survey was not available to !the appraiser, therefore the lot size and the location of the structure were estimated . Site Data Building 0ata Income Data Appraisal Ratios Site Size 19r027.60 S[;' Gross Area 5r364SF GPI ......... $ 33r 750 EGIM ...... 8.1~5 Excess Land None Net Area 3 ~ 505.64 SF Vacancy (Projected) .104 Overall Rate .10 Zoning B-_~3 . Net/Gross 8..6 % Vacancy (Actual) ~ __% SF Net [] SF Gross [] Parking: Year Built ........ 1985 Other In ...... $ PricelSF .. 951.27 21_~. . Spaces Effective Age ..... 8¥r EGI ......... $' ~ RentlSF... $5.3---.~-(~ -- 3._~92 Spaces IO001SFBA Remaining Econ. Life 32Yrs Operating Exp. $ 3~000 Expense/SF $~ -- H & BU Professional. H & BU Professional NOI ........ $ 27r 380 Expense Ratio - __-- -~10~ Office Office Number of Tenants ~ Floor Area Ratio __ .__~00.% Neighborhood: Ex Gd Av Fr Pr Property: Ex Gd Av Fr Pr Maintenance/Condition ............... [] [] [] [] [] Floor Plan/Design .................. [] [] [] [] [] Properw Compatibility ............... p ~ [] [] [] Construction Quality ................ [] [] [] [] [] ApPeal/Appearance ................. U ~ [] [] [] Exterior Condition ................. [] [] [] [] [] DSVelopment Potential ............... 8 [~] B Fi~ 8 Interior Condition .................. [] ~ 0 0 0 Rental Demand .................... Appearance/Appeal ................ [] [] [] [] [] MCS, a Division o! ACI O~elol~ten; (aoo) 697.7783 MCS Form U04 $ APPROVED FORM - MAY NOT BE ALTERED