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William R Ferris~ SRA, CAE <br /> <br />W. P. E Ine. <br /> <br />~t 15, 1995 <br /> <br /> Appraisal of M ?eclat Mla4,~_.~e at 70-82 <br />appro~'4,,,.-tely .45 acres oz' :158 feet...X _X25 feet, <br /> <br />8,~ceet, 8(~t,b(~ · io~w'J.'ch <br /> <br />Dear Mr. WiChers~c~n: <br /> <br />As requested, I am s,,~!ttingmy appraisal of ~he above referenced proper~f. The <br />property is located on a tract of land containing approwd~tely 19,955 s~uaxe feet or <br />.45 acres, fronting 158.85 feet on U~/on S~reet South and 125 feet o~BarbrickAvenue <br />wi~hA, the city 14mdts of Concord, N.C.. The appraiser ~dnot have a lecjal ~urvey <br /> <br />area° <br /> <br />The subject property being appraised has tvo, ~ story Bu/l~4~gs cont-4-4-g 20,026 <br />square feet of gross area incluchtng 10,052 square feet On the second floor. <br />The subject property is in poor condition and would rec~xire extensive renovation before <br />the spaces could be leased for retail end oEfice use. The cost to renovate w~uld be more <br />than the market rent could support and thereEore created a negative lend value. <br /> <br />Based upon the analysis of data which follows in thee report, it is my opin{on t~t the <br />prospective value of the subject real property being appraise~ in ~/~Ls report, as <br />described as of August 15, 199S= ONE HIHqDP~D T~OU~AND DO~/M%R~ <br /> <br />$100,000.00 <br /> <br />Based upon my analysis of current -~wket conditions and the subject property as described <br />in Chis report, a reasonable marketing period for the subject property if exposed on the <br />the open-~ketplace for sale would be six months to one year. <br /> <br />One Buffalo Avenue NE · Suite 3307 · Concord, North Carolina 28025-4480 <br /> <br /> <br />