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FINAL RECONCILIATION <br /> Cost Approach (Includes Site Value) $150,000 <br /> Site Value $106,000 <br /> Sales Comparison Approach $151,000 <br /> Reconciled Value $150,000 <br /> Two approaches to value are developed in this report. They are the cost approach and the sales <br /> comparison approach. The strengths and weaknesses of each approach are detailed in the <br /> following analysis. <br /> Cost Approach <br /> This approach was developed using Marshall Valuation Service for replacement cost and sales <br /> com parison for land value. Depreciation for the individual components is estimated using <br /> age/life method. The life of the building is supported using a multiple year study of building <br /> demolitions in the region. <br /> The site value and replacement costs are well supported in this approach. Further,the <br /> depreciation technique used in this report allows the approach to account for the varying <br /> age/condition of the individual components of the building. This approach produces credible <br /> results. The value by this approach is $150,000. <br /> Sales Comparison Approach <br /> Four sales are identified in this report. The sales do a reasonable job of bracketing the subjects <br /> probable value. The approach produces credible results. The value by this approach is <br /> $151,000. <br /> The two approaches are given equal weight. <br /> The reconciled value is $150,000 <br /> My opinion of market value of the fee simple interest of the subject,as of July 10,2015 is <br /> $150,000. <br /> DATE OF REPORT: July 14, 2015 <br /> s c W . SZ- <br /> Steven W.Sante, MAI, SRA <br /> CG40901229 <br /> 37 <br />