2013-33 Marrett Rd Prop Appraisal-March STM

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Karen Mullins Page 3 February 19, 2013 New Estimate of Value: In the original appraisal, the value conclusion was based the Capitalization of Income Approach to Value using the Cost of Development Method. As can be seen in the revised schedules showing the new lot using the same value as used for the similar lot valued in the original report, the average lot value increases in the first year with the sale of this lot during this period. Frontage on Marrett Road allows the lot to be sold in the initial period. The only other changes to the Discounted Cash Flow analysis include a slight increase in the engineering costs due to the extra lot. The presence of the extra lot increases the value by the Income Approach from $7,670,000 to $8,200,000. Thus, there is a change in value of the market value of the subject property as a result of the change in the number of potential residential lots from 8 to 9 despite the small change in area of the institutional lot. Therefore,the value as amended in this supplemental appraisal as of October 2, 2012 is as follows: EIGHT MILLION TWO HUNDRED THOUSAND DOLLARS - $8,200,000 This opinion is subject to the assumptions, contingencies and limitations as set forth in the J p following report. Very truly yours, FOSTER APPRAISAL& CONSULTING CO., INC. Kenneth J. Croft III, Esq., Vice President Massachusetts Certified General Appraiser 43579 Real Estate Appraisal and Consulting The o C F ster ompany