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MARKET VALUE APPRAISAL
MANDELA APARTMENTS
Roxbury, MASSACHCTSSTTS
PREPARED FOR:
V &. M MANAGEMENT COMPANY, INC
MR. ALPHONSE MOURAD
DATE OF VALUE ESTIMATE
FEBRUARY 15, 1996
FDPietroski & Company
Appraisers and Consultants in Real Estate
175 Derby Street, Unit #21
Hingham,MA 02043
February 16, 1996
Mr. Alphonse Mourad
V & M Management: Company, Inc
10 Hammond Street
Roxbury, MA 02120
RE: Mandela Apartments
Dear Sir,
Pursuant to your request, I have made a personal inspection of the abova referenced property for the pursose of estimating its market value as of February 15,1996.
The subject property consists of 276 residential apartments and two commercial areas, situated on two separate parcels of Land with an aggregate land area of 244,060 square feet.
0n two recent occasions, the appraiser visited the property and inspected 25 units on a randomly selected basis at which time found the property to be in good overall condition.
A review o£ the rent roll found 16 vacancies. The units were not rented due to lack of adequate funds to refurbish same.
The appraiser has examined the expense history of the property and after- analysis of the various categories, the appraiser prepared a stabilized income and expense statement for the purpose of estimating the properties net operating income potential under normal circumstances; i.e. out of bankruptcy and operating in market scenario free of HUD Section 8 contract expiring in late
1996.
Under the highest and Best Use Analysis, it is the appraiser's opinion that the property's greatest value comes under a tenant cooperative groLip ownership plan. Since finaneing is currently available for this type of plan, it is feasible.
One major assumption in. this report is that the courts will throw out the Chapter 121A fees AS a for-n o£ double tax at least going forward and that the property's only taxes are based on a market value consistent with other apartment buildings in the City of Boston. The "as refurbished" value as discussed in tha following report is estimated to be $12,000,000. as of the date of appraisal.
(TWELVE MILLION DOLLARS)
Respectfully submitted, FDPietroski & Company
Frank D. Pieiroski, MAI
MA Certified General Real Estate
Appraiser License #260
Massachusetts Bankruptcy Court - Docket Report
160 Pages
U.S. Bankruptcy Court
Evidentiary Hearing Re: [202-1] Application For Compensation by FD
Pietroski& Company cntd For 10:30 2/4/97 at Courtroom 4, (mem) 11/25/96 [96-10123]
Assigned To: Bankruptcy Judge Carol J. Kenner
Ch. 11, voluntary, asset