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S.L. MAC WILLIAMS COMPANY <br />Valuation <br />Theslardard appraisal pmaugenerallycongdersu9ig NreeapprzwrhestoesYma[e vaM1re: (t)[MSalesfnmpadvm <br />Approach, (2) the fast Apprterh, and (3) Me Income Pppreacb. <br />The premise of one Sales Comparison Approach is MM recent sales of similar or campa2bM prapeRres provide an <br />indicate" or estimate of mine for the pronely heir appraise. Reamed ch requires that Use propertes MIN used <br />be of similar ere, quality, add kadon In comparison win ale sagect;:prwided that modest atljustmerds. may be <br />made W resolve dissimilarltle. Bald upon ale amount and quality ranter data avalable, add considering has <br />name of this assgnal we have noted an me sales Comparison Androacb. W determine the value mdauelon for <br />Me suhf ect property, rtes as vacam. <br />Irle application of the c [ Appeal is reianveiy straighffean . me first shop in the cost Approach is estimate <br />the value m the site as vaant Arta the sde value is esrabranea me replacement lusts for Be building and she <br />IrrlpmvemeMs are estimates. An appropriate amount ofdepreciation man physical and miasmic carters is assorted <br />glum the east near be solvent a deprecated valueafthelmpwemenh. no site value is then added W the deprerlatetl <br />value afore Inumvsmenhs In order W anive at a value Caroluton. The apparent properties are savant commissariat <br />rtes add chef t Approach 0 not apgimhle. <br />The Nmlre Agprcach to value Isa set of pmredures dlmugh venial appraisers derives a value hadicabon for an income <br />producrg property by converting its anikipated heneflte (cash flavor and invented) into ampaty valm.. This <br />conversion an he accompl¢netl in hwo ways. One tamed treads evpectsncy ran he apgaoze i at market deri <br />mplialtamon rate orafa capitalization rate that reflects a sessAnd Income phone, return an Investment, and serge <br />in the prance dale Investment Theappraised properties are vacant commercial sites arch the income Appoach Is net <br />applicable. <br />alea and Jamie Tuitional X l a a g e <br />