158
TO BE COMPLETED BY LENDER
APPRAISAL REPORT RESIDENTIAL INCOME PROPERTY PROPERTY IDENTIFICATION File No. 2 Borrower/Client 5 Map Reference 3 Property Address 6 Census Tract No. 4 City 7 County 8 State 9 Zip Code 10 Legal Description 11 12 13 14 15 16 17 Current Sale Price (if applicable) $ Date of Sale Loan Requested $ Terms of Sale 18 19 Property Rights Appraised 1 Fee 20 2 Leasehold (attach completed Lease Analysis FHLMC/FNMA Form 461) Lender 21 Lender's Address 22 Instructions to Appraiser: The purpose of this Appraisal is to estimate the current Market Value of the Subject Property. The Definition of Market Value is the highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in cash or its equivalent; (5) financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale; (6) the price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transaction. ("Real Estate Appraisal Terminology," published 1975) Note: FHLMC/FNMA do not consider the racial composition of a neighborhood to be a relevant factor and it must not be considered in the appraisal.
Other Information: 23 Appraisal Requested From 24
Date 25
, 1638 26
By: 27
ATTACHMENTS If this Appraisal is made for FHLMC, attach items 1, 2, 5, 6, and 7. Attach additional sheets and check box if considered appropriate for this Appraisal. 1. 28 2 Descriptive photographs of subject property 8. 37 3 Map(s) 38 2. 29 2 Descriptive photographs of street scene 9. 39 3 Plot plan or survey 3. 30 3 Photographs of 31 10. 40 4 Qualifications of Appraiser 32 Aerial Photograph 4. 3 11. 41 4 Lease Analysis FHLMC/FNMA Form 461 (required if leasehold interest appraised) 5. 33 3 Sketch or floor plan of typical units Summary of reciprocal agreements with other owners for use of parking, 6. 34 3 Owner's current certified rent roll if existing or, 12. 42 4 driveways, recreational facilities, private streets (required if applicable) pro forma if proposed or incomplete 13. 43 4 44 36 or 7. 35 3 Owner's income and expense statement 1639 14. 45 4 46 pro forma income and expense statement 15. 47 4 48
SUMMARY OF SALIENT FEATURES TOTAL NUMBER OF APARTMENT UNITS 505 Existing Property, Approximate Year Built1640 52 51 CONSTRUCTION: 5 Proposed Construction 535 Under Construction DATE OF APPRAISED VALUE ESTIMATED MARKET VALUE (Unfurnished) (SEE PAGE 8 FOR CONDITIONS AND REQUIREMENTS) Value: Per Unit $ 56.00 Per Room $ 57.00 Per Sq. Ft. of Building Area $ 58.00 GROSS ANNUAL INCOME MULTIPLIER OVERALL CAPITALIZATION RATE FORECASTED GROSS ANNUAL ECONOMIC INCOME 63 VACANCIES: Actual No. Vacant 62 Percentage of Total Units % Projected Percentage of Forecasted Gross Annual Economic Income 64 % FORECASTED ANNUAL EXPENSE AND REPLACEMENT RESERVES ( 66 % of Forecasted Gross Annual Economic Income) FORECASTED NET ANNUAL INCOME FROM REAL PROPERTY PARKING RATIO
49 54 55
$
59.00 60.00 61.00
$ $ $ $ 69
%
65.00 67.00 68.00 spaces/units
SUMMARY OF NEIGHBORHOOD AND PROPERTY NEIGHBORHOOD Employment Stability of Immediate Location Convenience to Employment Centers Protection from Detrimental Conditions Adequacy of Shopping Facilities Adequacy of Public Transportation Adequacy of Utilities Police and Fire Protection Recreational Facilities Property Compatibility General Appearance of Properties Appeal to Market
FHLMC Form 71A Rev. 8/77 [Y2K]
GOOD
AVG.
FAIR
POOR
70 7
71 7
72 7
73 7
74 7
75 7
76 7
77 7
78 7
79 7
80 8
81 8
82 8
83 8
84 8
85 8
86 8
87 8
88 8
89 8
90 9
91 9
92 9
94 9
94 9
95 9
96 9
97 9
98 9
99 9
100 1
101 1
102 1
103 1
104 1
105 1
106 1
107 1
108 1
100 1
110 1
111 1
112 1
113 1
PROPERTY Architectural Attractiveness Landscaping Quality of Construction (Materials & Finish) Condition of Exterior Condition of Interior Room Size and Layout Closets and Storage Light and Ventilation Overall Livability Compatibility to Neighborhood Overall Appeal and Marketability
Page 1 of 8 1
GOOD
AVG.
FAIR
POOR
114 1
115 1
116 1
117 1
118 1
119 1
120 1
121 1
122 1
123 1
124 1
125 1
126 1
127 1
128 1
129 1
130 1
131 1
132 1
133 1
134 1
135 1
136 1
130 1
138 1
139 1
140 1
141 1
142 1
143 1
144 1
145 1
146 1
147 1
148 1
149 1
150 1
151 1
152 1
153 1
154 1
155 1
156 1
150 1
FNMA Form 1050 12/83
AREA DATA The City County Area population is approximately 163 167 Population: 164 1 Increasing 165.00 % per year 166 1 Stable 1 Decreasing 168.00 % per year 169 Describe the economic base which contributes a major influence on the stability of real estate 170 171 Discuss employment stability 172 173 174 Rent Control: 175 1 Yes 176 1 No Comment 177 178 Are local Government Agencies discouraging apartment development? 1 Yes 179 1 No Comment 180 181 General comments, if applicable 182 183 184 160 1
161 1
162 1
NEIGHBORHOOD AND MARKETING AREA
Type: 185 1 Urban Present Land Use:
187 189 Suburban 1 Rural Property values: 188 1 Increasing 1 Stable 190 1 Declining Built up 191 % Single Family 192 % Condominiums 193 % Apartments 194 % Commercial 195 % Industrial 196 % 197% 198 Change in Present Land Use: 1 Not Likely 199 1 Likely or 200 2 Taking Place From 201 to 202 Comment, if applicable 203 204 205 Describe overall property appeal and maintenance level 206 207 Describe any incompatible land uses (if none, so state) 208 209 210 211 212 213 Single Family: Price range $ to $ Predominant $ Age 214 yrs. to 215 yrs. Predominant 216 yrs. Apartments: Predominant Range in Immediate Area (excluding extremes) WALK-UP ELEVATOR Number of Units in Each Building 217 Units 218 Units Age 219 Years 220 Years Height (number of stories) 221 Stories 222 Stories 223 224 Condition Rental Range by Unit Type: Unit Types: 225 $ 226 $ 227 228 $ 229 $ 230 231 $ 232 $ 233 234 $ 235 $ 236 237 Comment on any unusual aspects of the above ranges 238 239 Est. neighborhood apartment vacancy rate 240 % 241 2 Decreasing 242 2 Stable 243 2 Increasing. Rent Levels are 244 2 Increasing 245 2 Stable 246 2 Decreasing Describe the unit type(s) by number of bedrooms and rental range that are in the greatest tenant demand 247 248 249 Describe the unit type(s) by number of bedrooms and rental range that are in oversupply250 251 252 Describe the potential for additional units in area considering land availability, zoning, utilities, etc.253 254 255 256 Describe the unsatisfied demand for additional units in area by type and rental257 258 259 Is population of relevant market area of insufficient size, diversity and financial ability to support subject property and its amenities? 260 If yes, specify. 261 262 263 264 ACCESS or CONVENIENCE ITEM DISTANCE FROM SUBJECT PROPERTY GOOD AVG. FAIR POOR 266 267 268 269 265 Public Transportation 2 2 2 2 271 272 273 274 270 Employment Centers 2 2 2 2 276 277 278 279 Shopping Facilities 275 2 2 2 2 281 282 283 284 Grammar Schools 280 2 2 2 2 286 287 288 289 Freeway Access 285 2 2 2 2 Describe any probable changes in the economic base of neighborhood which would either favorably or adversely affect apartment rentals (e.g. employment centers, zoning) 290 291 292 293 General comments including either favorable or unfavorable elements not mentioned (e.g. public parks, view, noise, parking congestion) 294 295 296 297 298 299 FHLMC Form Rev. 8/77 [Y2K] Page 2 of 8 FNMA Form 1050 12/83 159 186 1
SITE Dimensions 301 Area 302 Sq. Ft. or Acres Zoning (classification, uses, and densities permitted) 303 304 305 Present improvements 306 3 do 307 3 do not conform to zoning regulations. 308 309 310 Highest and Best Use: 3 Present use 3 Other (specify) 311 312 313 314 316 317 Site improvements: 3 Public Water 3 Private Well 3 Public Sewer 315 3 Septic Tank 3 Storm Sewer 3 Sidewalk 318 319 320 321 322 323 3 Curbs 3 Gutters 3 Alley 3 Street Lights 3 Electricity 3 Gas 324 325 3 Underground Electricity and Telephone 3 326 327 328 Access By: 3 Public Street 3 Private Road Street Surface: 329 330 331 Maintained By: 3 Municipality 3 Private Association (attach summary of Association documents) Ingress and Egress (adequacy and safety) 332 Lot sketch showing lot dimensions, distance to nearest corner, 333 and the location of any nearby detrimental conditions. 334 N Topography, View Amenity, Lot Drainage, Flood Condition, Slopes, etc.335 336 337 Easements or Encroachments On Site and Off Site (if any)338 339 340 341 Area ? Is the property located within a HUD Identified Special Flood Hazard Favorable or unfavorable conditions not mentioned above including any nonconforming use(s) of present improvements. 342 343 344 345 346 ITEM
DESCRIPTION
DESCRIPTION OF IMPROVEMENTS
Existing Approx. Year Built 377 378 379 347 3 Proposed 3 Under Construction 381 382 348 Type Project: 380 3 Walk-Up 3 Elevator 3 Row or Townhouse 381 349 3 Other (Specify) 384 350 No. of Bldgs. 385 No. of Stories 386 No. of Units 387 351 Gross Bldg. Area 388 Sq. Ft. Density 389 Units Per Acre 352 Finished Floor to Finished Ceiling is353 Ft. OVERALL IMPROVEMENT RATING GOOD AVG. FAIR POOR 390 391 392 394 354 Architectural Attractiveness 3 3 3 3 394 395 396 397 355 Quality of Construction 3 3 3 3 398 399 400 401 356 Condition of Exterior 3 3 4 4 Soundproofing 402 403 404 405 357 Condition of Interior 4 4 4 4 Heating System, Central 406 407 408 409 358 Rooms Size and Unit Layout 4 4 4 4 or Individual and Fuel 410 417 412 413 359 Kitchen Facilities 4 4 4 4 Air Conditioning 414 415 416 417 360 Closets and Storage 4 4 4 4 System, Central or 418 419 420 421 Individual and Fuel 361 Soundproofing Adequacy 4 4 4 4 422 423 424 425 Hot Water Heater(s) 362 Insulation Adequacy 4 4 4 4 426 427 429 428 363 Built-In Kitchen Electrical Service Adequacy 4 4 4 4 364 Appliances Comment on items rated fair or poor and items not covered above. Elevator (No. 365 ) 366 430 Plumbing Fixtures 367 431 368 432 Security Features 369 433 370 371 434 372 373 435 374 375 Effective Age 436 Years. Est. Remaining Economic Life 437 Yrs. PARKING: Total Spaces 438 In Buildings 439 In Garage (separate) 440 In Carport 441 Open (on-site) 442 Parking Ratio 443 Space(s) / Unit. Discuss parking adequacy and convenience to apartment units 444 445 446 Driveways, curbing, sidewalks, lighting (adequacy and condition) 447 448 449 Describe recreational facilities 450 451 452 453 Describe basement, lobby, garage, laundry, and other building items not described above 454 455 Comment if any of the above items or other building items are inadequate or are in below average condition 456 457 458 Recommended observable repairs: (List repairs, painting, termite treatment, etc., you recommend be made to the improvements to make the property readily marketable; if none, so state). 459 460 461 General comments if applicable:462 463 464 465 466 FHLMC Form 71A Rev. 8/77 [Y2K] Page 3 of 8 FNMA Form 1050 12/83 300 Foundation Basic Structural System Exterior Walls Roof Covering Interior Walls Floor Covering Ceiling Heights or Units Bath Floor and Walls Insulation
Construction:
376 3
COST APPROACH LAND VALUE ESTIMATE: (Include comparable land data if available and appropriate for this appraisal) ITEM COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 469 496 520 Address or Location 470 497 521 Proximity to Subject 471 498 522 Zoning 472 499 523 Dimensions or Size 473 500 524 474 501 525 Shape 475 502 526 Topography Utilities 476 503 527 Location 477 504 528 478 479 505 529 480 481 506 530 482 483 507 531 484 508 532 Price Sale--Listing--Offer 485 509 533 Date of Sale 486 510 534 Price Per Sq. Ft. or Unit 487 511 535 488 512 536 489 513 537 490 514 538 Comparison to Subject 491 515 539 492 516 540 493 517 541 Indicated Per Sq. Ft. or Per 494 518 542 495 519 543 Unit Value of Subject Comments and Reconciliation: 544 545 546 547 548 549 550 551 552 ESTIMATED LAND VALUE: $ per or $ IMPROVEMENTS--ESTIMATED REPRODUCTION COST NEW Source of Cost Data: (Optional) 579 Sq. Ft. @ $ 580.00 $ 553 582 Sq. Ft. @ $ 583.00 $ 554 585 Sq. Ft. @ $ 586.00 $ 555 588 Sq. Ft. @ $ 589.00 $ 556 591 Sq. Ft. @ $ 592.00 $ 557 Carports 594 Sq. Ft. @ $ 595.00 $ 558 Garage 597 Sq. Ft. @ $ 598.00 $ 559 Porches, Patios, Balconies, Stairs, Etc. 600 $ 560 Fences, Walls 602 $ 561 Paving, Walks and Lighting 604 $ 562 Landscaping 606 $ 563 Recreational Facilities 608 $ 564 610 $ 565 612 $ 566 614 $ 567 616 $ 568 618 $ 569 620 $ 570 622 $ 571 624 $ 572 626 $ 573 628 Total Estimated Reproduction Cost New of Improvements $ 574 Less Total Depreciation 630 $ 575 Depreciated Value of the Improvements 632 $ 576 Add Estimated Land Value 634 $ 577 INDICATED VALUE BY THE COST APPROACH (IN FEE SIMPLE)* $ 578 Rounded to $ Comments, including explanation of depreciation: 638 639 640 641 642 643 644 * If property involves leased land, show calculations for fee interest. 645 646 647 648 649 650 651 652 Deduct Value of Fee Interest 653 $ 654 INDICATED VALUE OF LEASEHOLD INTEREST BY THE COST APPROACH $ 655 FHLMC Form 71A Rev. 8/77 [Y2K] Page 4 of 8 FNMA Form 1050 468
581 584 587 590 593 596 599 601 603 605 607 609 611 613 615 617 619 621 623 625 627 629 631 633 635 636 600
12/83
COMPARABLE RENTAL DATA Comparables selected are the most recent rentals, similar and proximate, known to the undersigned, that a tenant of subject property would have given consideration to renting. ITEM COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 657 729 801 Address 658 730 802 731 803 Proximity to Subject 659 Map Code 660 732 804 Date of Rental Survey 661 733 805 Brief No. Units: 662 No. Vac.: 663 Yr. Blt.: 664 No. Units: 734 No. Vac.: 735 Yr. Blt.: 736 No. Units: 806 No. Vac.: 807 Yr. Blt.: 808 Description 665 737 809 666 738 810 of Property 667 739 811 Improvements Quality & Condition Quality 668 Condition 669 Quality 740 Condition 741 Quality 812 Condition 813 Unit Rm. Count Size Monthly Rent Unit Rm. Count Size Monthly Rent Unit Rm. Count Size Monthly Rent Tot. BR B Sq. Ft. $ per sq. ft. Tot. BR B Sq. Ft. $ per sq. ft. Tot. BR B Sq. Ft. $ per sq. ft. 675 c 743 744 819 c | 742 743 | 814 815 816 | 747 c 670 671 672 673 674 675.00 745 746 747.00 817 818 819.00 681 749 753 825 c | c | c | 676 677 678 679 680 681.00 748 749 750 751 752 753.00 820 821 822 823 824 825.00 Individual | c | c c| 687 755 759 831 682 683 684 685 686 687.00 754 755 756 757 758 759.00 826 827 828 829 830 831.00 Unit 765 c 837 c 675 c 761 762 | 760 761 | 832 833 834 | Breakdown 688 689 690 691 692 693.00 763 764 765.00 835 836 837.00 843 c 699 c 767 768 771 c | 766 767 | 838 839 840 | 694 695 696 697 698 699.00 769 770 771.00 841 842 843.00 777 c 849 c | 772 773 | 844 845 846 | 705 c 773 774 700 701 702 703 704 705.00 775 776 777.00 847 848 849.00 855 c 711 c 779 780 783 c | 778 779 | 850 851 852 | 706 707 708 709 710 711.00 781 782 783.00 853 854 855.00 717 c 785 786 789 c 861 c | 784 785 | 856 857 858 | 712 713 714 715 716 717.00 787 788 789.00 859 860 861.00 718 790 862 Utilities, Furniture 719 791 863 and Amenities 720 792 864 Included in Rent 721 793 865 722 794 866 723 795 867 724 796 868 Comparison 725 797 869 to Subject 726 798 870 727 799 871 728 800 872 General comments (including any rental concessions) if applicable: 873 874 875
MONTHLY RENT SCHEDULE--SUBJECT PROPERTY Rental schedule is shown by type of units. Scheduled rents are actual rentals for an existing property, or projected rents for a proposed or incomplete building. Economic rents are forecasted rents to indicate the fair market rental the subject units would command if available for rent on the open market. No. Unit Rm. Count Total of Tot. BR B Rooms Units 876 877 877878 878 879 876 880 892893 893 894 891 892 891 895 906 907 907908 908 909 906 910 921 922 922923 923 924 921 925 936 937 937938 938 939 936 940 951 952 952953 953 954 951 955 966 967 967968 968 969 966 970 981 982 982983 983 984 981 985 996 997 997998 998 999 996 1000 1011 1012 1013 1014 1011 1012 1013 1015 1026 1027 1028 1029 1026 1027 1028 1030 1041 1042 1043 1044 1041 1042 1043 1045 1056 1056 TOTAL 1057 OTHER MONTHLY INCOME Parking Laundry Income Commercial Space 1067 1070 Total Gross Monthly Income Total Gross Annual Income
Sq. Ft. Area Per Unit 881 896 911 926 941 956 971 986 1,001 1,016 1,031 1,046
No. SCHEDULED RENTS Units Per Unit Vacant Unfurnished Furnished $ 884 $ 882 $ 883 897 898 899 912 913 914 927 928 929 942 943 944 957 958 959 972 973 974 987 988 989 1002 1,003 1,004 1017 1,018 1,019 1032 1,033 1,034 1047 1,048 1,049 1058 $
ECONOMIC RENTS Total Per Unit Total Per Rents Unfurnished Furnished Rents Sq. Ft. or Room 889 $ 887 $ c| $ 885 $ 886 888 889.00 890 904 900 901 902 903 904.00 905 919 915 916 917 918 919.00 920 934 930 931 932 933 934.00 935 949 945 946 947 948 949.00 950 964 960 961 962 963 964.00 965 979 975 976 977 978 979.00 980 994 990 991 992 993 994.00 995 1009 1,005 1,006 1,007 1,0081009.00 1010 1024 1,020 1,021 1,022 1,0231024.00 1025 1039 1,035 1,036 1,037 1,0381039.00 1040 1054 1,050 1,051 1,052 1,0531054.00 1055 1,059 $ 1,060
1,061 1,063 1,065 1,068 1,071 1,073 1,075
$ $ $ $ $ $ $
$ $ $ $ $ $ $
1,062 1,064 1,066 1,069 1,072 1,074 1,076
1078 1081 Utilities Included in Scheduled (actual) Rents: 1077 1 Water 1 Gas 1079 1 Heat 1080 1 Electric 1 Air Conditioning 1082 1 1083 1084 1085 1086 1087 1088 Utilities Included in Economic Rents: 1 Water 1 Gas 1 Heat 1 Electric 1 Air Conditioning 1089 1 1090 If proposed project or project under construction, the rent up time necessary, after completion, to lease 80% of the units at the projected economic rents is estimated to be 1091 months. 1092 Comments (including any rental concessions in scheduled rents, or anticipated in economic rents; if none, so state). 1093 1094 1095 1096 1097 1098 1099 FHLMC Form 71A Rev. 8/77 [Y2K] FNMA Form 1050 12/83 Page 5 of 8
656
MARKET APPROACH The market data selected are the most recent sales of properties, similar and proximate to subject, known to the appraiser, that a buyer of subject property would have given consideration to purchasing. In the absence of actual sales, listings of comparable properties may be used but an explanation must be included in the "Comments" section below. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 1101 1172 1247 1322 Address 1102 1173 1248 1323 1174 1249 1324 Proximity to Subject Map Code 1103 1175 1250 1325 Lot Size 1104 1176 1251 1326 No. Units: 1105 No. Vac.: 1106 No. Units: 1177No. Vac.: 1178 No. Units: 1252 No. Vac.: 1253 No. Units: 1327 No. Vac.: 1328 Brief Description Year Built: 16411107 Year Built: 16421179 Year Built: 16431254 Year Built: 16441329 1108 1180 1255 1330 of Building 1109 1181 1256 1331 Improvements 1110 1182 1257 1332 Quality 1111 1183 1258 1333 Condition 1112 1184 1259 1334 1113 1185 1260 1335 Recreational Facilities 1114 1186 1261 1336 1115 1187 1262 1337 Pool Parking 1116 1188 1263 1338 Tenant Appeal 1117 1189 1264 1339 1118 1119 1190 1265 1340 1120 1121 1191 1266 1341 1122 1123 1192 1267 1342 No. of UNIT ROOM COUNT No. of UNIT ROOM COUNT No. of UNIT ROOM COUNT No. of UNIT ROOM COUNT Units Total BR Bath Units Total BR Bath Units Total BR Bath Units Total BR Bath 1126 1195 1270 1345 1124 1125 1126 1127 1193 1194 11951196 1268 1269 1270 1271 1343 1344 1345 1346 1130 1199 1274 1349 Unit 1128 1129 1130 1131 1197 1198 11991200 1272 1273 1274 1275 1347 1348 1349 1350 1134 1203 1353 1278 Breakdown 1132 1133 1134 1135 1201 1202 12031204 1276 1277 1278 1279 1351 1352 1353 1354 1138 1207 1282 1357 1136 1137 1138 1139 1205 1206 12071208 1280 1281 1282 1283 1355 1356 1357 1358 1142 1211 1286 1361 1140 1141 1142 1143 1209 1210 12111212 1284 1285 1286 1287 1359 1360 1361 1362 Utilities Paid by Owner 1144 1213 1288 1363 Data Source 1145 1214 1289 1364 1147 1291 1366 Price $ 1,146 1 Unf. 1148 1 F $ 1,215 1216 1 Unf. 1217 1 F $ 1,290 1 Unf.1292 1 F $ 1,365 1 Unf. 1367 1 F Sale--Listing--Offer 1149 1218 1293 1368 1150 1219 1294 1369 Date of Sale 1151 1220 1295 1370 Terms 1152 1221 1296 1371 (Including conditions 1153 1222 1297 1372 of sale and 1154 1223 1298 1373 financing terms) 1155 1224 1299 1374 1156 1225 1300 1375 Complete as many of the following as possible using data effective at the time of sale
Gross Annual Income $ 1,157 Gross Ann. Inc. Mult. (1) 1158.00 Net Annual Income $ 1,159 Expense Percentage (2) 1160.00 % Overall Cap. Rate (3) 1161.00 % Price Per Unit $ 1,162 Price Per Room $ 1,163 Price Gross Bldg. Area $ 1,164 /sq. ft. bldg. area 1165 1166 1167 COMMENTS 1168 1169 1170 1171
$ 1,226 $ 1,301 $ 1,376 1227.00 1302.00 1377.00 $ 1,228 $ 1,303 $ 1,378 1229.00 % 1304.00 % 1379.00 % 1230.00 1305.00 1380.00 % % % $ 1,231 $ 1,306 $ 1,381 $ 1,232 $ 1,307 $ 1,382 $ 1,233 /sq. ft. bldg. area $ 1,308 /sq. ft. bldg. area $ 1,383 /sq. ft. bldg. area 1234 1309 1384 1235 1310 1385 1236 1311 1386 1237 1312 1387 1238 1313 1388 1239 1314 1389 1240 1315 1390 1241 1316 1391 COMPARISON 1242 1317 1392 TO SUBJECT 1243 1318 1393 1244 1319 1394 1245 1320 1395 1246 1321 1396 VALUE Indicated Gross Income Multiplier 1397.00 X Gross Annual Economic Income $ 1,398 $ 1,399 INDICATORS 1401 1,402 Indicated Value Per Unit $ 1,400.00 X Units $ FOR THE 1404 1,405 Indicated Value Per Room $ 1,403.00 X Rooms $ SUBJECT Indicated Value Per Sq. Ft. of Gross Bldg. Area $ 1,406 X 1,407 Sq. Ft. Bldg. Area $ 1,408 PROPERTY Indicated Overall Capitalization Rate 1,409 % (1) Sale Price / Gross Annual Income (2) Total Annual Expenses / Total Gross Annual Income (3) Net Annual Income / Price RECONCILIATION: 1410 1411 1412 1413 1414 1415 $ 1,416 INDICATED VALUE BY MARKET APPROACH 1,417 Rounded to $ FHLMC Form 71A Rev. 8/77 [Y2K] FNMA Form 1050 12/83 Page 6 of 8 1100
ANNUAL EXPENSE ANALYSIS 1420 1 ACTUAL 1645 1420 1 PROPOSED
APPRAISER'S FORECAST
1419
ITEM
1421
APPRAISER'S CALCULATIONS OR COMMENTS
FIXED EXPENSES:
1 Actual
$
1,427 1,430 1,433 1,436 1,439
$
1,428 1,431 1,434 1,437 1,440
1423 1 Est. Total Assessed Value $ 1425 % of Value Tax Rate Per $100 $ 1429 1432 1435 1438 1441
$
1,442 1,445 1,448 1,451 1,454 1,457 1,460 1,463 1,466 1,469 1,472 1,475 1,478 1,481 1,484 1,488 1,491 1,495 1,498 1,502 1,506 1,510 1,514 1,518 1,521 1,524 1,527 1,530 1,533 1,537 1,541
$
1,443 1,446 1,449 1,452 1,455 1,458 1,461 1,464 1,467 1,470 1,473 1,476 1,479 1,482 1,485 1,489 1,492 1,496 1,499 1,503 1,507 1,511 1,515 1,519 1,522 1,525 1,528 1,531 1,534 1,538 1,542
1444 1447 1450 1453 1456 1459 1462 1465 1468 1471 1474 1477 1480 1483 1486 1490 1493 1497 1500 1504 1508 1512 1516 1520 1523 1526 1529 1532 1535 1539 1543
$
1,544 1,547 1,550 1,553 1,557 1,561 1,564
$
1,545 1,548 1,551 1,554 1,558 1,562 1,565
1546 1549 1552 1555 1559 1563 1566
1422
1. Real Estate Taxes 2. Other Taxes or Assessments 3. Insurance 4. Licenses 5. Unsubordinated Ground Rent OPERATIONAL EXPENSES: 6. Fuel 7. Gas 8. Electricity 9. Water & Sewer 10. Trash Removal 11. Pest Control 12. Building Maintenance & Repairs 13. Interior & Exterior Decorating 14. Cleaning Expenses 15. Supplies 16. Elevator Maintenance 17. Pool Maintenance 18. Parking Area Maint. & Snow Removal 19. Gardening 20. Nonresident Management 21. Resident Manager's Salary (No. 1487 ) 22. Resident Manager's Apt. Allowance 23. Custodian's Salary (No. 1494 ) 24. Custodian's Apt. Allowance 25. Engineer's Salary (No. 1501 ) 26. Elevator Operator's Salary (No. 1505 ) 27. Telephone Operator's Salary (No. 1509 ) 28. Security Personnel's Salary (No. 1513 ) 29. Other Salaries (No. 1517 ) 30. Payroll Taxes 31. Advertising 32. Telephone 33. Legal & Audit 34. Leased Furniture 35. 1536 36. 1540 REPLACEMENT RESERVES: 37. Carpeting & Drapes 38. Ranges & Refrigerators 39. Dishwashers & Disposals 40. Individual Heating & AC Units 41. 1556 42. 1560 TOTAL EXPENSES & REPLACEMENT RESERVES Comments (identify items by number): 1567 1568 1569 1570 1571 1572 1573
$
$
1,424 1,426
INCOME APPROACH
Total Gross Annual Economic Income (See Rent Schedule) Less Forecasted Vacancy and Collection Loss
( 1575 % )
Effective Gross Annual Income Less Forecasted Annual Expenses and Replacement Reserves ( 1578 % of Total Gross Annual Economic Income) Net Annual Income from Total Property Less Return on and Recapture of Depreciated Value of Furnishings ( $ 1581 @ 1582 %) Net Annual Income from Real Property Detail clearly method and mathematics of capitalizing Net Annual Income from Real Property 1585
$ $( $ $( $ $( $
1,574 1,576 ) 1,577 1,579 ) 1,580 1,583 ) 1,584
1586 1587 1588 1589 1590 1591 1592 $ $
INDICATED VALUE BY INCOME APPROACH
Rounded to FHLMC Form 71A Rev. 8/77 [Y2K]
Page 7 of 8 1418
1,593 1,594 FNMA Form 1050 12/83
RECONCILIATION AND VALUE CONCLUSION Indicated Value by the Cost Approach
$ 1,598
Indicated Value by the Market Approach
$ 1,599
Indicated Value by the Income Approach
$ 1,600
FINAL RECONCILIATION 1601 1602 1603 1604 1605 1606 1607 1608 1609 1610 1611 1612 1613 CONDITIONS AND REQUIREMENTS OF APPRAISAL (include required repairs, replacements, painting, termite inspections, etc.) 1614 1615 1616 1617 1618 1619 1620 1621 VALUATION: This Appraisal is based upon the definition of Market Value, the Certification, the Contingent and Limiting Conditions, and the requirements that are stated in this report. As a result of my investigation and analysis, my estimate of Market Value of the subject property as of
$
1622
1623 is , 1646 1623
1,624
Date 1625
Appraiser 1626 If Applicable, complete the following
Date 1627
Date 1629
Appraiser 1628
1 Supervising or
1623
1632 1 Review Appraiser 1 Did 1623 1 Did not physically inspect property. 1631
1633
CERTIFICATION: The Appraiser certifies and agrees that 1. The Appraiser has no present or contemplated future interest in the property appraised and neither the employment to make this Appraisal, nor the compensation for it, is contingent upon the appraised value of the property. 2. The Appraiser has no personal interest in or bias with respect to the subject matter of the appraisal report or the participants to the sale. The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color, or national origin of the prospective owners or occupants of the property appraised, or upon the race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. 3. The Appraiser has personally inspected the property, both inside and out, and has made an exterior inspection of all comparable sales listed herein. To the best of the Appraiser's knowledge and belief, all statements and information in this report are true and correct, and the Appraiser has not knowingly withheld any significant information. 4. All contingent and limiting conditions are contained herein (imposed by the terms of the assignment or by the undersigned affecting the analyses, opinions, and conclusions contained in this report). 5. This Appraisal Report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the appraisal organizations with which the Appraiser is affiliated. 6. All conclusions and opinions concerning the real estate that are set forth in the Appraisal Report were prepared by the Appraiser whose signature appears above on this Appraisal Report, unless indicated as "Review Appraiser." No changes of any item of the Appraisal Report shall be made by anyone other than the Appraiser, and the Appraiser shall have no responsibility for any such unauthorized change. CONTINGENT AND LIMITING CONDITIONS: The certification of the Appraiser appearing in the Appraisal Report is subject to the following conditions and to such other specific and limiting conditions as are set forth by the Appraiser in the report. 1. The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title thereto, nor does the Appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. 2. Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. The Appraiser has made no survey of the property. 3. The Appraiser is not required to give testimony or appear in court because of having made this Appraisal with reference to the property in question, unless arrangements have been previously made therefor. 4. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other Appraisal and are invalid if so used. 5. The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions or for engineering which might be required to discover such factors. 6. Information, estimates, and opinions furnished to the Appraiser, and contained in this report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished the Appraiser can be assumed by the Appraiser. 7. Disclosure of the contents of this Appraisal Report is governed by the By-laws and Regulations of the professional appraiser organizations with which the Appraiser is affiliated. 8. Neither all nor any part of the contents of this report, or copy thereof (including conclusions as to property value, the identity of the Appraiser, professional designations, reference to any professional appraisal organizations, or the firm with which the Appraiser is connected) shall be used for any purposes by anyone but the client shown on Page 1 of this report, the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any state or federally approved financial institution, any department agency, or instrumentality of the United States or of any State or of the District of Columbia, without the previous written consent of the Appraiser; nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent and approval of the Appraiser. 9. On all Appraisals involving proposed construction, the Appraisal Report and value conclusion are contingent upon completion of the proposed improvements in accordance with the plans and specifications prepared by 1635 1636 with a last revision date of 1637 which have been initialed and dated by the Appraiser.
FHLMC Form 71A Rev. 8/77 [Y2K]
FNMA Form 1050 12/83
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