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<br />::-: "":"'::'::::,,':SUMMARY,OF-SALIENTFACl'S:AND,CONCLUSIONS,,:'::'':"":.
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<br />
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<br />
<br />Project:
<br />
<br />Happy Harbor Methodist Home
<br />
<br />Location:
<br />
<br />ll06 Bayshore Drive
<br />La Porte, TX
<br />
<br />Year or Con struetion:
<br />
<br />1%3/1972
<br />
<br />Effective Age:
<br />
<br />25Y~
<br />
<br />(60 Yrs Eeon. Life)
<br />
<br />Total Number of Li ccnsed Beds:
<br />
<br />138 Medicare & Medicaid Licensed
<br />
<br />Total Number of Rooms:
<br />
<br />69
<br />
<br />Gross Building Area:
<br />
<br />38,200 SQ IT
<br />
<br />Net Rentable Area:
<br />
<br />14,090 SQ FT
<br />
<br />Land Area:
<br />
<br />3.3333 Net Acres
<br />
<br />145,199 SQ FT
<br />
<br />Estimated Land Value (as ifvacant):
<br />
<br />$1,380,000
<br />
<br />59.50 ISQ FT
<br />
<br />POlCl'ltial Rental Income (Stabilized):
<br />
<br />$6,044,400
<br />
<br />Current ^ verage RcntlBcdlMonth (Markct Rent):
<br />
<br />$3.650.00 fBed
<br />
<br />Deferred Maintenance:
<br />
<br />so
<br />
<br />Estimated Total Expenses:
<br />
<br />S34,401/Unit
<br />
<br />Lease-up Discount:
<br />CUTTeflt Occupancy:
<br />Estimated Stabilized Occupancy
<br />
<br />($109,463)
<br />75.0%
<br />90.0%
<br />
<br />.. : . '. ';- '. -:. . .....: ~'," ", ; ", '.~' " ..' ~ ".
<br />'Val~es"~~I~Sta;bIl~~1f . ,
<br />
<br />Indicated Value By Cost Approaclt;
<br />
<br />"As Is'
<br />Real Estate Only
<br />$4,5 10,000
<br />
<br />!ndicated Valuc By Income Approach:
<br />Direct Capitalization:
<br />
<br />$4,600,000
<br />
<br />Indicated Value By Sales Comparison Approach:
<br />
<br />$4,540,000
<br />
<br />Final Value Estimate (As Is):
<br />
<br />$4,550,000
<br />
<br />Valuation Date
<br />Market Value As Is
<br />
<br />February 20, 2007
<br />FcbTllary 14,2007
<br />
<br />('J - A..umes m3rkcllcrm. of financing used in Band o(loves:nlclll technique. 311Plied ~o Final Value Estimate,
<br />
<br />Th~ Gerald A. Tee! CompallY, Inc.
<br />
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