from SC 14D1
1 page
<page> Summary of Salient Facts and Conclusions Property Name: Highcrest Townhome Apartments Location of Property: 3514 West 83rd Street Woodridge, Dupage County, Illinois Houston, Harris County, Texas Purpose of the Appraisal: To Estimate the Market Value of the Subject. Property Rights Appraised: Fee Simple Estate Highest and Best Use: As Vacant - To Develop for Multi-Family Use. as Improved - Considered to Be That of the Existing Improvements. Site Data and Zoning: The Subject Parcel Is Irregular and Contains Approximately 9.91 Acres of Land Zoned A-2 Multifamily Development by the Village of Woodridge. Improvement Data: The Subject Consists of 176 Units Totaling 206,200 Square Feet of Net Rentable Area. the Structural Improvements Consist of 10 Residential Buildings. Exterior Finish Consists of Vinyl Siding and Brick Veneer, Pitched Roofs, and Concrete Slab Foundations. the Improvements Were Completed in 1968. Additional Amenities Include One Swimming Pool, Asphalt Parking Areas, Concrete Walkways and Landscaping. Tenant Data: The Highcrest Townhome Apartments Caters Primarily to Adults and Families Employed in the Surrounding Area. Leases Are Typically Signed for Six to 12-Month Terms. the Subject Was 95% Occupied as of the Date of Inspection. Date of Value Estimate: March 19, 1996 <page> Summary of Salient Facts and Conclusions (Continued) Summary of Stabilized Pro Forma: Totals Per Unit Potential Gross Income $1,769,715 $10,055 Vacancy & Credit Loss (88,486) (503) Employee Discounts (30,960) (176) Effective Gross Income $1,650,269 $9,377 Operating Expenses 825,443 4,690 Net Operating Income $ 824,826 $ 4,687 Value Conclusions the Sales Comparison Approach: $8,150,000 the Income Capitalization Approach: $8,250,000 Final Value Estimate: $8,250,000
