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ecc 1.3 84 1 <br />PIN 9652-43-4709-00 ROBERT H. SMITH JR <br />The parcel is Byrd's Shopping Center, consisting of 60,167 square <br />feet of building and 9.38 acres of land. After researching the market, <br />I found no comparable properties that have sold. However, I was able to <br />obtain the income and expense information on 3 shopping centers, one of <br />which is across Horner Blvd from the subject property. It is my opinion <br />that the best indication of value is from the income approach to value. <br />BYRD'S <br />22648 <br />@ <br />6.00 <br />135,888 <br />VARIETY STORE <br />14362 <br />@ <br />4.00 <br />57,448 <br />ECKERDS <br />8232 <br />@ <br />6.50 <br />53,508 <br />CHINESE REST. <br />3360 <br />@ <br />8.00 <br />26,880 <br />DINOS <br />2080 <br />@ <br />8.00 <br />16,640 <br />MODERN OPTICAL <br />2385 <br />@ <br />7.00 <br />16,695 <br />CAR WASH <br />2100 <br />@ <br />7.00 <br />14,700 <br />OFFICES <br />5000 <br />@ <br />6.00 <br />30,000 <br />POTENTIAL GROSS INCOME <br />$351,759 <br />VACANCY AND CREDIT LOSS (5%) <br />- 17,588 <br />EFFECTIVE GROSS INCOME <br />334,171 <br />EXPENSES (25%) <br />NET OPERATING INCOME <br />CAPITALIZATION RATE <br />75% MORTGAGE @ 12% _ .090 <br />25% EQUITY @ 11% RETURN = .0275 <br />EFFECTIVE TAX RATE .0125 <br />INDICATED VALUE BY INCOME <br />- 83,543 <br />250,628 <br />.13 <br />$1,927,900 <br />RESULT <br />CURRENT VALUE OWNER REQUEST RECOMMEND <br />$2,214,000 $1,250,000 $1,927,900 <br />