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SUMMARY APPRAISAL OF MANDELA APARTMENTS
ROXBURY, MASSACHUSETTS
Prepared for:
Mr. Alphonse Mourad
127 West Street
Hyde Park, MA 02136
File #97-033
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BLAKE APPRAISALS
Joseph J. Blake and Associates, Inc.
Real Estate Appraisials & Consultants
10 Eadt 40th St., 26th Fl
New York, NY, 10016
212-779-0566
April 7, 1997
Mr. James Dawson
Multi-Loan Mortgage Company
707 Westchester Avenue, Suite 203
White Plains. NY 10604
RE: Mandela Apartments
Roxbury, Massachusetts
Dear Mr. Dawson:
As requested, we have made a limited appraisal of the above-referenced real property. Briefly described, the subject consists oF ten mullt-story apartment buildings containing 276 residential units and two commercial units with parking for approximately 275 cars The subjects tenants are currently assisted under a HUD program known as Section 8, which expires in November 1997. The appraisers have estimated market value based upon a market scenario Free of the program and have applied market rates to ihe subject units
The purpose of the appraisal is to estimate the market value of the fee simple interest In th^ subject property In accordance with prior agreement between the client and the appraiser, ihi? report is the result of a limited appraisal process in that certain allowable departures from specific guidelines of the Uniform Standards of Professional Appraisal Practice were invoked Hie intended user of this report is warned that the reliability of the value conclusion-provided may bf impacted to the degree there is departure from specific guidelines of USPAP.
The results of our investigation and analyses are reported in a summary format, which complies wilh ihe reporting requiremenis set forth under Slandards Rule 2-2 (b) of USPAP. As such, it presenis only summary discussions of the data, reasoning^ and analyses that were used in llic appraisal process to develop The opinion of value. Supporting documentation concerning Ihc dala, reasoning, and analyses is retained in the appraiser's EHes. The depth of discussion conliuinid in this report is spednc 1o Lhe needs oflne client and for the intended use staled herein
Attached is our appraisal report. which describes our investigation and analyses, together with
Certification, Basic Assumptions and Limiting Conditions, upon which we have concluded that the market value of the fee simple estate, as of March 24,1997, was:
SEVEN MILLION THREE HUNDRED THOUSAND DOLLARS ($7,300,00)
Sincerely, JOSEPH J. BLAKE & ASSOCIATES, INC.
Ronald J. Sabatlni
Associate
Kevin Leprohon MAI
Vice President/Principal