NVI Technical College Information

S UMMARY OF S ALIENT F ACTS 5

RISK SUMMARY

Advantages

- The subject property has recently been renovated and competes well with newer product in the submarket. - The subject is located in a secondary market. - Rising interest rates are a concern for real estate investors as it may compress returns and impact financing alternatives. - Inflation remains a chief concern among investors and lenders. Should inflation not come in line with Federal Reserve targets quickly, the risk of additional prime interest rate hikes will remain elevated. - Subject improvements, as a technical school, have a limited pool of potential users -either as tenants or owners.

Challenges

VALUE INDICATIONS

1) As Is as of November 6, 2023 Sales Comparison Approach Income Capitalization Approach Direct Capitalization

$21,160,000

$75.00

Per Square Foot (GBA)

$21,750,000

$77.09

Per Square Foot (GBA)

Yield Capitalization

Not Developed Sales Comparison

Approach Reliance

Value Conclusion - As Is Insurable Replacement Cost Exposure Time (Months) Marketing Time (Months)

$21,160,000 $17,060,000

$75.00

Per Square Foot (GBA)

12 12

EXTRAORDINARY ASSUMPTION(S) AND HYPOTHETICAL CONDITION(S) The values presented within this appraisal report are subject to the extraordinary assumptions and hypothetical conditions listed below. Pursuant to the requirement within Uniform Standards of Professional Appraisal Practice Standards, it is stated here that the use of any extraordinary assumptions and/or hypothetical conditions might have affected the assignment results.

Extraordinary Assumption(s) Hypothetical Condition(s)

This appraisal employs no extraordinary assumptions. This appraisal employs no hypothetical conditions.

F OUR B UILDING I NDUSTRIAL C OMPLEX A PPRAISAL

Copyright © 2023 BBG, Inc. All rights reserved .