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METHODOL06Y <br />COST APPROACH <br />The cost approach utilizes the appraiser's estimate of the cost of the <br />improvements 'as is" 'depreciation already taken into account), and adds <br />the estimate of the Value of the site(land). The cost fiqures used were <br />derived from the Marshall and S+etift Valuation Guide. These figure, have <br />been adjusted per the Marshall and Swift Time and Region Adjustment <br />Factor, as well as the appraiser's experience. <br />Calculations <br />1) main building-upstairs and downstairs <br />approx. 56,483 sq.ft. X $7.50/sq.ft.= $438,623.00 <br />2) metal warehouses <br />approx. 15,075 sq.ft. X $5/sq.ft.= $ 75,375.00 <br />3 & 4) concrete brick warehouses <br />approx. 23,880 sq.f t X $10/sq.f t.= $238,800.00 <br />5) metal warehouse <br />approx. 1,098 sq.ft. X $6/sq.ft.= $ 6,588.00 <br />6) old frame house $ 1,000.00 <br />7) other (roads, parking, utility sheds-seepage?) $ 7 <br />500.00 <br />, <br />'AS IS" IMPROVEMENTS ...............................................$787,886.00 <br />add land value (see Market Approach) <br />approx. 7.75 acres (3737 ,590 sq.ft.) csi? $1.50/sq.f t.......SAY $506,385-00 <br />(this 7.75 acres is the portion with improvements and frontage on Uhland, Mill, <br />and railroad) <br />approx 4.508 acres x:196,368 sq.ft.1 « $1 /sq.ft ..............SAY $196.365.00 <br />(this acreage is the unused land referred to earlier) $702,753.00 <br />TOTAL <br />$1,490,637.00 <br />Say $ 1,490,000.00 <br />The appraiser also performed a cost approach using only Marshall and 'swift Valuation figures. This <br />cost approach method tended to confirm the appraiser's original calculations (see addenda for these <br />calculations). <br />61