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15 Limited/Restricted Appraisal Report Page Two This appraisal is based upon a value estimate in terms of cash,terms equivalent to.cash, or other precisely defined terms. The estimated value considers outstanding real estate.taxes,mortgage. liens, and encumbrances, if any,paid by the seller prior to transfer of title. PROPERTY DESCRIPTION: According to a site survey prepared by Hakanson Anderson Assoc., Inc., the subject site contains a total of 39,711 square feet or 0.91 acres of land area. The subject site has 168.70 lineal feet of frontage along Kenzie Terrace. The subject site is generally level with street grade although it slopes downward approximately one to two feet to the east (rear of site). The subject site is accessible to Kenzie Terrace via two curb cuts. The southern curb cut allows right in right out access only. The northern curb cut is a full access curb cut shared with the Phillips 66 gas station to the north. The subject site is zoned C-Commercial.. All of the property south of Kenzie Terrace and north of County Road 88 is zoned commercial with the exception of the apartment complex located southwest of the subject property. The commercial district allows for a wide variety of retail and commercial uses. The subject site appears to conform with current district requirements including a 15,000 square minimum lot area and 100 foot minimum lot width. The building appears to conform with the district requirements with the exception of the minimum front yard setback and size yard setback. The building has only a 3.O Toot front yard setback in the requirement is 35 feet. The building has been constructed.to the north lot line and the requirement is a minimum 10 foot side yard setback. Therefore,it appears that the subject property is legal, nonconforming with regard to setbacks. Building improvements consist of a 1-story masonry structure constructed in 1957. The building was originally designed as a bowling alley and operated as such until 1993. The building was non-operational from about April of 1993 until it was purchased by Custom Liquidators in September of 1995. The sale price of the building and parcel A was $290,000. Custom Liquidators was also required to purchase an adjacent land parcel (parcel B)from the adjoining shopping center. This sale took place in September of 1995 for$30,000. The buyer has made a substantial number of improvements to the property since purchase including installation of a loading dock, new lighting in the store area,rebuilt furnaces and air conditioning units, major roof repairs,removal of bowling lanes and other debris left in building, etc. The owner estimates -that the cost to complete these repairs and improvements would be in the range of$100,000 - $150,000. The building has a full basement. The building contains 11,595 square feet above grade with approximately the same square footage below grade. The main level has a concrete floor, painted concrete block walls and acoustical tile ceiling with fluorescent lights. There is a small office area on the main level with a glass block window. The main level is used for office and furniture showroom. There is a concrete stairway leading the basement. The basement has similar construction with the exception of a spancrete ceiling. There are two restrooms on the - . main level. The building exterior includes painted concrete block walls with a brick veneer on the front of the building. Site improvements include bituminous paving, directional sign, concrete walk, and a keystone retaining wall near the new loading dock in the rear of the building.