Youngstown

Three-Year Sales History
Research of the applicable public records, private data services and an interview of the current owner and/or broker revealed that the subject property has not transferred during the past three years of the effective date of value stated in this report.

Subject Sale Status
The subject properties were under contract to sell for $8,000,000 (dated July 18, 2022 to close December 27, 2022). The property was not formally listed. The listing broker advised the listing price was set at $8,000,000 however, he contacted his own buyers before the property reached the market. A buyer was interested and offered full asking price. The seller accepted the offer. The contract provided to the appraiser contains no atypical terms or conditions. There are no reported seller concessions. This appears to be an arm’s-length transaction. Our current conclusion is above the current purchase price however is based on current market data supporting the value conclusion. Additionally, our As Is valuation takes into consideration the Buyers projected renovation costs at $1,000,000. It was reported by the client that the Buyer has background in construction and the renovation costs are reasonable.

Definitions of Value
Given the scope and intended use of this assignment, the following definition of value is applicable:

Market Value
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

1. Buyer and seller are typically motivated;

2. Both parties are well informed or well advised, and acting in what they consider their own best interests;

3. A reasonable time is allowed for exposure in the open market;

4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and

5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

Property Rights Appraised
The property rights appraised constitute the fee simple interest.

Value Scenarios 
The valuation scenarios developed in this appraisal report include the As-Is Market Value of the subject property’s fee simple interest. We have also provided at the request of the client, Hypothetical Market Values at Completion and at Stabilization which are subject to Hypothetical Conditions. Allocated Values of the individual properties was also provided.