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RECONCILIATION <br />Value Type <br />With Sewer <br />Without Sewer <br />Indicated Value by Cost Approach <br />Not Applied <br />Not Applied <br />Indicated Value by Sales Comparison Approach <br />$685,000 <br />$635,000 <br />Indicated Value by Income Approach <br />$620,000 <br />$570,000 <br />The Cost Approach to value was considered less reliable due to subjective depreciation adjustments <br />and was therefore not applied. <br />The Direct Sales Comparison Approach to value analyzed recent sales of buildings as compared with <br />the characteristics of the subject property. Adjustments were made to the comparables to make them as <br />similar to the subject as possible. This results in an indication of market value at which a typical buyer <br />would be willing to pay for the subject property. <br />The Income Approach is typically preferred for income -producing properties. The reliability of this <br />approach is a function of accuracy of rent and expense data and the capitalization rate. <br />Conclusion: The subject is a single -user highway commercial building. Buyers typically give more <br />weight to the Sales Comparison Approach as these property types are generally owner occupied. <br />Final Value Opinion — Fee Simple (with sewer) <br />$665,000 <br />Final Value Opinion — Fee Simple (without sewer) <br />$615,000 <br />NOTE: Typically, unstable, distressed, properties with unusual conditions and/or motivated sellers tend <br />to sell below market value. Based on market observations and discussions with various market experts, <br />discounts can range from 10%-50%+. <br />EXPOSURE TIME / MARKETING TIME <br />Reasonable Exposure Time: Typically 12 months before <br />Marketing Time Opinion: 6 to <br />effective date of the appraisal. <br />18 months or less after <br />the <br />the effective date of the appraisal. <br />Nagel) Appraisal Incorporated 1952.544.8966 <br />