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Value Indicated via Sales Comparison Approach — "AS-IS" BASIS <br /> The previous value conclusion was of the "as-complete" condition. To arrive at the "as-is" <br /> condition, we will deduct the appropriate construction costs that the most probable buyer would <br /> anticipate in order to remove the canopy and tanks, and to demise the interior of the <br /> convenience store and to convert the car wash space into usable, rentable space. Our lease up <br /> analysis, which is supported by our market analysis and market participant interviews, is as <br /> follows: <br /> CONSTRUCTION COSTS <br /> Assumptions <br /> Canopy Removal $25,000 <br /> Tanks Removal $25,000 <br /> Interior and Car Wash Demising Construction ($15/SF) $135,000 <br /> Total Construction Costs $185,000 <br /> Plus Entrepreneurial Profit 10% $18,500 <br /> Total Construction Costs (With Profit) $203,500 <br /> Total Construction Costs(With Profit) $200,000 <br /> Deducting the lease up costs, plus profit, from the "as-complete" value indication results in the <br /> following conclusion for the "as-is" scenario: <br /> Market Value"As-Stabilized" $1,034,770 <br /> LESS: Lease-Up Costs ($180,000) <br /> LESS:Construction Costs and Profit ($200,000) <br /> Market Value"As-is" - Rounded to Nearest: $10,000 $650,000 <br /> 89 <br />