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APPRAISAL SERVICES Real Estate Valuations

107 Park Ave 478-922-7800 (V) Warner Robins, GA 31093 478-922-7279 (F)

A COMPLETE APPRAISAL - SUMMARY REPORT

Proposed Convenience Store at:

1601 Houston Lake Road, Kathleen, Georgia

Borrower: Hitesh Jani

Effective Date of Appraisal --- December 15, 2009

Prepared for:

Citizens Bank & Trust Company 1041 Highway 96

Warner Robins, Georgia 31088

Prepared by:

S. Gary Garrard

Georgia Certified General # 1408

Appraisal Services 107 Park Avenue

Warner Robins, Georgia 31088

APPRAISAL SERVICES Real Estate Valuations

107 Park Ave 478-922-7800 (V) Warner Robins, GA 31093 478-922-7279 (F)

December 17, 2009

Mr. MacDonald Hardin

Citizens Bank & Trust Company 1041 Highway 96 Warner Robins, Georgia 31088

Reference: Proposed Convenience Store at: 1601 Houston Lake Road, Kathleen, Houston County, Georgia

Borrower: Hitesh Jani Dear Mr. Hardin:

As per your request, I have made an inspection and appraisal of the land, existing and proposed improvements comprising the above referenced property. This is a Summary

Appraisal Report which is intended to comply with the reporting requirements set forth under the Uniform Standards of Professional Appraisal Practice for a summary Appraisal Report.

As such, it presents only the summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser’s opinion of value.

Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser’s file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated below. The appraiser is not

responsible for unauthorized use of this report. As a result of the inspections, investigations and analysis of available data as outlined in

the accompanying report, it is my opinion that the Market Value “as is” of the fee simple title of the subject property as of December 15, 2009 is:

ONE HUNDRED AND EIGHTY THOUSAND DOLLARS ($180,000.00)

Transmittal Letter to Mr. Hardin December 17, 2009

Page 2 As a result of the inspections, investigations and analysis of available data as outlined in

the accompanying report, it is my opinion that the Prospective Market Value “as proposed” of the fee simple estate of the subject site and proposed improvements as of the projected date of completion of April 01, 2010 is:

SEVEN HUNDRED AND TWENTY THOUSAND DOLLARS

($720,000.00)

To develop the opinion of value, the appraiser performed a summary appraisal process, as defined by the Uniform Standards of Professional Appraisal Practice. All applicable

approaches to value have been utilized in this analysis.

Enclosed with this letter is my report which describes the methods of approach, and the analysis underlying the conclusion. The reader is directed to the Certification,

Assumptions and Limiting Conditions contained in the Addendum. This report is intended for the use only by Citizens Bank & Trust Company. The

appraiser does not intend use of this report by others. The intended use is to determine the market value of the subject for possible mortgage financing. This report is not intended for any other use. The appraisal may be used only by the intended user and

for the intended use stated above.

Thank you for the privilege of serving you. Sincerely,

APPRAISAL SERVICES

S. Gary Garrard

Staff Appraiser Georgia CGPRA License #001408

PHOTOS

Front View

Rear View

Street View South Along Houston Lake Road

Street View North Along Houston Lake Road

TABLE OF CONTENTS LETTER OF TRANSMITTAL . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . i PHOTOGRAPHS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii SUMMARY OF SALIENT FACTS AND CONCLUSIONS . . . . . . . . . . . . . 1 PURPOSE OF THE APPRAISAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 INTENDED USE OF THE REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 PROPERTY RIGHTS APPRAISED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 DATE OF VALUE/REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 SCOPE OF THE APPRAISAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 EXPOSURE/MARKETING TIME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 DESCRIPTION OF THE REAL ESTATE.. . . . . . . . . . . . . . . . . . . . . . . . . . 4-8 HIGHEST & BEST USE . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 SUMMARY OF ANALYSIS AND VALUATION. . . . . . . . . . . . . . . . . . . . . . 10 SALES COMPARISON APPROACH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-14 INCOME APPROACH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15-20 RECONCILIATION/FINAL VALUE ESTIMATE. . . . . . . . . . . . . . . . . . . . . . 21 ASSUMPTIONS & LIMITING CONDITIONS . . . . . . . . . . . . . . . . . . . . . . . .22-23 CERTIFICATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23-24 PLAT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 LOCATION MAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 FLOOD MAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 SKETCH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 COMPARABLE SALES & RENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29-50 ADDENDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..

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SUMMARY OF SALIENT FACTS AND CONCLUSIONS

CLIENT AND INTENDED USERS: Citizens Bank & Trust Company

INTENDED USE OF THE APPRAISAL: Estimate Market Value DATE OF REPORT AND EFFECTIVE DATE OF APPRAISAL: December 15, 2009;

Prospective Market Value estimated of the projected date of completion of improvements on April 01, 2010

OWNER: Hitesh Jani BORROWER: Hitesh Jani.

PROPERTY RIGHTS APPRAISED: Leased Simple

ZONING: C-2 General Commercial District LAND SIZE: .70 Acres

IMPROVEMENTS: Proposed to be improved with a 3,900 square foot building consisting of a 2,600 square foot convenience store and 1,300 square foot retail store.

The site will also be improved with asphalt and concrete paving for parking and a fuel canopy. All fuel equipment will be provided by the fuel distributor and is not a part of this analysis.

HIGHEST AND BEST USE, AS VACANT: Secondary commercial use.

HIGHEST AND BEST USE, AS IMPROVED: Convenience store as improved. CURRENT USE: Vacant land.

VALUE CONCLUSIONS: ESTIMATED MARKET VALUE OF SITE: $ 180,000.00

SALES COMPARISON APPROACH: $ 728,000.00

COST APPROACH: $ N/A INCOME APPROACH: $ 707,000.00

FINAL ESTIMATED MARKET VALUE: $ 720,000.00

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PURPOSE OF THE APPRAISAL:

The purpose of the appraisal is to estimate the Prospective Market Value of the unencumbered fee simple title of the land and proposed improvements comprising the subject property as of December 15, 2009 and projected as of the estimated date of

completion of April 01, 2010. According to the Uniform Standards of Professional Appraisal Practice (USPAP),

Market Value is defined as follows: “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, knowledgeable 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:

a. Buyer and seller are typically motivated;

b. Both parties are well informed or well advised, and each acting in what he considers his own best interests.

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

d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements

comparable thereto; and e. 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.”1

1 The Uniform Standards of Professional Appraisal Practice is Published in United

States of America Copyright 2006 by the Appraisal Foundation.

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INTENDED USE OF REPORT: This appraisal is intended to assist the client, Mr.

MacDonald Hardin of Citizens Bank & Trust in the underwriting of a mortgage loan on

the subject property.

INTEREST VALUED: Fee Simple.

EFFECTIVE DATE OF VALUE: December 15, 2009

DATE OF REPORT: December 17, 2009.

APPRAISAL DEVELOPMENT AND REPORTING PROCESS: In preparing this

appraisal, the appraiser

- inspected the subject site and the plans for the construction of the

building to be constructed on the site;

- gathered and confirmed information on comparable sales and income

and expense data;

- applied the sales comparison and income approaches to estimate the

value of the subject property.

- Marketing time is estimated at 9-18 months. Exposure time is estimated

at 9-18 months.

Per prior agreement with the client, this report is the result of a summary appraisal. The

client has requested an appraisal of the subject using all applicable approaches to

value. The cost approach is not considered relevant and is therefore omitted.

This summary Appraisal Report is a brief recapitulation of the appraiser’s data,

analyzes, and conclusions. Supporting documentation is retained in the appraiser’s file.

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DESCRIPTION OF THE REAL ESTATE APPRAISED:

Location Description. Estimated population of Warner Robins is 55,000; Houston

County -130,000. Warner Robins and Houston County have experienced a steady

growth pattern over the past few years. The growth in economic areas has and will

continue to reinforce a stable base for employment. Major employment industries

include Robins Air Force Base, Georgia’s largest industry; Frito-Lay; and the Georgia

Agricultural Exposition.

The subject property is located in east Houston County on Houston Lake Road in the

unincorporated area of Kathleen, Georgia. It is situated on the west side of Houston

Lake Road at it’s southwest intersection with Hunt Road. The general area is

approximately 60% built up mostly residential of various age, size and prices. There is

some secondary commercial development spotted along Houston Lake Road which is

growing with the expansion of the road to five lanes. Houston Lake Road provides

access to Highway 96 and the city of Warner Robins to the north and the city of Perry to

the south. Highway 96 provides access to Highway 247 and Robins Air Force Base to

the east and Interstate 75 to the west. The neighborhood has convenient access to all

support services including employment, shopping, schools, and major thoroughfares.

Property Description. The subject site is basically rectangular in shape fronting 200

feet on the south side of Houston Lake Road and 200 feet on the south side of Hunt

Road. Total area of the site is 30,492 square feet or .70 acre. The tract is level to

gently rolling and level with road grade. The tract is open and is not located in a FEMA-

identified flood hazard area according to FEMA panel 13153C0095E, dated September

28, 2007. The property is currently zoned C-2 General Commercial District and the

existing improvements conform with this zoning. Utilities available to the site include

water, electricity, and telephone.

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Property Description-Site Data

DIMENSIONS: 210.0 x 177.0 SHAPE: Rectangular

AREA: .70 Acres

FRONTAGE: 200.0 feet on the west side of Houston Lake Road and 200.0 feet on the south side of Hunt Road.

TOPOGRAPHY: Topography is gently rolling and open. Drainage appears adequate and no soil problems are anticipated.

EASEMENTS: Typical drainage & utility easements. IMPROVEMENTS: Currently unimproved. Proposed to be improved with a 3,900

square foot convenience store and retail space. UTILITIES: Public utilities available include telephone, and electricity. Public

sewer is not available. ACCESS: Access is from the west side of Highway Houston Lake Road and

the south side of Hunt Road. Ingress/egress is adequate. CURRENT USE: Vacant; Proposed Convenience Store

FLOOD ZONE: The subject is not located in a designated flood hazard area. FEMA flood map: 13153C0095E, dated 09/28/07.

OTHER: There are no known adverse soil conditions and this appraisal

assumes that none exist.

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Improvements

The proposed subject improvements will consist of a 3,900 square foot building that will

contain 2,600 square foot convenience store space and 1,300 square foot retail space.

Basic finishes will be as follows.

Basic Construction Features

Roof: Metal panels. .

Gutters/Down spouts: Metal Exterior Walls: Masonry with glass store front

Windows: Fixed glass on front;

Footings: Reinforced concrete and concrete block. Foundation: Concrete slab.

Floors: Concrete slab .

Interior Walls: Drywall Ceilings: Acoustical tile drop ceilings;

Floor coverings: Asphalt tile and carpet over concrete

slab.

Restrooms: Typical trade fixtures

HVAC: CH&AC Water Heater: Adequate

Electrical: Adequate to accommodate requirements;

Insulation: Ceilings and walls Parking/Driveways: Asphalt.

Landscaping: Average

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Style: Neighborhood convenience store;

Condition: New

Actual Age: New-Proposed. Effective Age: New

Remaining Economic Life: 40 Year

Inspection Date: December 15, 2009 (Site) Other: The subject property will be improved with a one story metal and block

convenience store/food mart building. It will contain 2,600 square feet of convenience store/food mart space and 1,300 square feet of retail space. The convenience store will have a walk in cooler and fuel tanks. The site will also be improved with asphalt paving

for parking. The fuel canopy and MPD’s will be provided by another party and is not part of this analysis.

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Ownership History

According to public records, title to the subject property is in the name of the Hitesh Jani

who purchased the vacant site from L. Wendell Bearden on November 16, 2009. The

sales price was $180,000 and the transaction is recorded in Deed Book 5093, Page

318, and Plat Book 15, Page 298, Houston Clerk of Superior Court. No other contracts,

listings, or agreements were discovered in the course of this analysis.

Legal Description

The property is legally described as:

Real Property Taxes:

The Houston County Tax Assessors identify the property as Tax Map 79, Parcel 46.

The property is currently assessed for $213,400 as vacant land. Upon completion of

construction, the assessed value is estimated at $650,000. Real property is taxed at

40% of it’s assessed value and the millage rate applicable to the subject in 2008 was

23.35 mills. Real property taxes are estimated at $6,071.00 upon completion of

construction.

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HIGHEST AND BEST USE:

Highest and best use as though vacant. The subject tract is physically suitable for

development. Topography is level to gently rolling and open with no known adverse soil

conditions. The legal use of the site is virtually dictated by the county’s zoning

ordinance. It includes all uses permitted in an C-2 zoning classification. Various

commercial uses are permitted in this district. The area is an outlying area on Houston

Lake Road that is mostly residential with some spot commercial which is increasing with

the expansion of five lanes. Economic feasibility aspects of the highest and best use

are discussed in the neighborhood analysis. The general area along this section of the

county is located with convenient access to city’s and employment centers and is the

path of growth. It is a well traveled thoroughfare suitable for some secondary

commercial uses. Property values in the area should remain stable. While some

investors/developers seek to maximize their returns, most seem to operate on the belief

that the available information is too imperfect to permit optimization or maximization. It

appears that the typical investor is satisfied if his investment can be expected to return a

yield that will meet his standards. Thus, it is possible for more than one single use to be

feasible for a site if the uses meet an investment criteria of the typical

investor/developer for a property. Based on all of the foregoing, the established

development trends in the immediate area, and the development pattern demonstrated

in the area in general, the highest and best use of the subject, as if vacant, is consider

to be for a secondary commercial use in keeping with other properties in the area and

under the current zoning.

Highest and best use as improved. The subject property is proposed to be

improved with a convenience store and retail unit which is a proper improvement to the

site. The proposed improvements and use are an allowable use in the property’s

zoning district and is conforming with area properties and it is estimated that the

improvements contribute value in excess of the vacant land. Therefore, based on these

factors, as well as the points previously mentioned, the highest best use of the subject

property “as improved” is for it’s proposed use, a neighborhood convenience/retail store.

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SUMMARY OF ANALYSIS AND VALUATION:

In estimating the market value of the improved real estate, three approaches to value

are generally considered. These three approaches consider factors relative to the cost

of construction, income received from the potential rent of the property, and comparison

with other similar properties which have sold.

Sales Comparison Approach

This is an appraisal procedure in which the market value estimate is predicted on prices

paid in actual market transactions. It is a process of analyzing sales of similar recently

sold properties in order to derive the most probably sales price of the property being

appraised. Some units of comparison are the sales price per square foot and the gross

income multiplier. This approach to value is also be utilized to estimate the market

value of the subject site as if vacant.

Cost Approach

This method considers replacement cost new of a similar property having equal utility,

but built with modern materials, current construction standards, design, and layout. The

replacement cost method eliminates all functional obsolescence, and the only

depreciation is from physical deterioration and economic obsolescence, if any.

Income Approach

The market or economic rent of the subject property is estimated by comparison to rent

received of similar properties. Expenses based upon typical, competent operating

standards, as well as a reasonable long-term allowance for vacancy, are subtracted

from the gross potential rent. The net income is capitalized to a value indication. This

value indication is what an investor might pay, or would be justified in paying for the

right to receive the future annual income.

The client has requested a summary appraisal using the most applicable approaches to

value. The sales comparison and income approaches are used to estimate the value of

the subject due to readily available data.

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Sales Comparison Approach:

The Direct Sales Comparison Approach is defined as...:

An approach through which an appraiser derives a value indication by comparing the property being appraised to similar properties that have been sold recently, applying appropriate units of comparison and making adjustments, based on the elements of comparison, to the sale prices of the comparables.**

Commercial buildings vary substantially in size, shape, and architectural styling. As

a result, it is often difficult to obtain adequate information to provide an opportunity for a

direct comparison of building to building. Of the three approaches, the Direst Sales

Comparison Approach is probably the most easily understood by the general public.

This is due to the fact that purchasers familiarize themselves with the market place

when they look for properties to purchase, and make comparisons of relative value and

amenities

**The Dictionary of Real Estate Appraisal, American Institute of Real Estate Appraisers, Chicago, Illinois,

1989, page 265.

The sales comparison approach will be used to estimate the market value of the subject

property as improved. The subject is divided into two types of finishes, a convenience

store and retail space which will be treated separately. First, the convenience store

portion of the property is analyzed. The following sales were used in this analysis.

IMPROVED SALES SUMMARY TABLE

No. Location Sale Date

Price Building Size (SF)

Price/ SF

1. Highway 96 @ Houston Lake Road 04/06 $1,495,000 4,871 $306.92

2. 2129 Elberta Road 02/02 $550,000 2,400 $229.17

3. 700 Dunbar Road 01/06 $260,000 2,000 $130.00

4. 1111 Clinton Road 01/06 $400,000 2,400 $166.67

5. 4224 Bloomfield Road 04/06 $550,000 2,602 $211.38

Improved Sale No. 1 is the sale of a convenience store and restaurant on the

southwest corner of Highway 96 and Houston Lake Road in Warner Robins. At the time

12

of sale, the tenants were in the seventh year of a fifteen year lease. The total rent

averaged $24.20 per square foot. CVS has purchased this site and razed the

improvements to construct a drug store. Still, the property was reportedly purchased at

market value.

Improved Sale No. 2 is the sale of a 2,400 square foot convenience store on Elberta

Road in north Warner Robins. The location is somewhat secondary commercial.

Additional improvements include a 1,200 square foot canopy over three raised concrete

islands on which three gas dispensing units are installed. There are 6 hoses serving 3

products per hose; all have electronic card reading equipment. This property was

involved in a bankruptcy situation and the price paid was reportedly by the broker to be

slightly less than market value.

Improved Sale No. 3 is the sale of an older convenience store located in north

Houston County on Dunbar Road. The building was constructed in 1980 and was in

average condition. The purchaser states that the sales price was $260,000 and that he

allocated $60,000 to the fuel equipment. The price did not include any inventory. Fuel

equipment consists of a single island with three pumps and canopy.

Improved Sale No. 4 is the sale of an older convenience gas food store that is

located in east Macon at the corner of Clinton Road and Lexington Street. The fuel

package includes USTs, fuel dispensers and a metal fuel canopy.

Improved Sale No. 5 is the sale of a convenience store located one block south of

Eisenhower Parkway in south Macon. The property is located in the forks of Bloomfield

Drive and Bloomfield Road. Fuel package includes USTs, fuel dispensers and a metal

canopy.

13

The subject will consist of a 2,600 square foot convenience store with the remainder of

the building being retail store space offered for rent. Therefore, the building will be

divided into two portions for valuation.

Sales 1-5 are convenience stores in the Middle Georgia area. They range in price from

$130.00 to $306.92 per square foot with a mean of $208.83. All five are somewhat

similar to the subject. They provide a wide but reasonable range of indicated values.

All five sales are given weight in this analysis but the subject is estimated to be towards

the middle of the indicated range.

The convenience store portion of the subject property will contain 2,600 square feet

upon completion of construction. The subject location is outlying but well traveled

location in the past of growth. Considering these factors and based on the above sales,

a rate of $220.00 per square foot is estimated.

The remainder of the building will contain 1,300 square feet and will be retail finish.

Sales 6-8 are used in estimating the value of this component of the subject. These

sales are considered the most similar to the subject though they represent various types

of buildings in various locations.

IMPROVED SALES SUMMARY TABLE

No. Location Sale Date

Price Building Size (SF)

Price/ SF

6. 107 Independence Drive 01/07 $290,000 3,200 $90.63

7. 623 S. Houston Lake Road 11/07 $369,000 2,460 $150.00

8. 351 Highway 247 10/07 $505,000 4,651 $108.58

Improved Sale No. 6 is the sale of a 3,200 square foot metal retail building at the

corner of Independence Drive and Constitution Drive. It was constructed in 1996. The

building is two tenant with one side finished as a beauty salon.

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Improved Sale No. 7 is the sale of a newly constructed retail building on Houston

Lake Road just north of Russell Parkway. It is a free-standing retail building that is

located in a 3 building retail strip center. This parcel was subdivided and sold

separately from the remainder of the plaza. It has good visibilty at the front of the

center. The property was finished as high grade retail space for a jewelry store.

Improved Sale No. 8 is the sale of a 3 unit retail building on Highway 247 just south of

Sandy Run Road. It contains 4,651 square feet divided into three units of 2,559, 1,046

& 1,046 square feet. Each unit has typical retail interior finishes and one restroom. The

larger unit is finished as a package store and has a walk in cooler with 11 doors

Based on these sales and considering the subject’s location, finishes and age/condition,

a rate of $110.00 per square foot is estimated. Therefore:

2,600 Square Feet X $225.00 Per Square Foot = $ 585,000.00

1,300 Square Feet X $110.00 Per Square Foot = 143,000.00

Total $ 728,000.00

Estimated Market Value Via the Sales Comparison Approach $728,000.00

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Income Approach:

The Income Approach is defined as...: An approach through which an appraiser derives a value indication for income-producing property by converting anticipated benefits, i. e., cash flows and reversions, into property value.**

In the Income Approach, net income is translated into a value indication through

capitalization. The net income that the property is capable of producing is divided by

the appropriate capitalization rate applicable to market conditions. This approach to

value is created by the expectation of benefits to be derived in the future, namely, net

income. The quantity, quality, and durability of the income stream must be considered

in estimating the economic rent of an income-producing property. Quantity is indicated

by rental comparables which are gathered from similar properties to provide an

indication of current market supply and demand. Quality is a measure of the strength of

the tenant that can be expected to occupy the subject. Durability is reflected in the

economic life of the area, the project, and the tenants. This income stream is influenced

by the many internal and external forces playing on it. These include the social,

political, and economic factors at work in the community; and growth, its intensity,

direction, degree of balance, and order. Rental rates for buildings such as the subject

are typically quoted on a net basis, which means the tenant can expect to pay a base

rent and additional charges determined by escalations above a pre-set level of ad

valorem taxes, all operating costs, and the consumer price index. Value is estimated

by deducting an appropriate vacancy and collection allowance and all appl icable

expenses from anticipated gross income to arrive at a projected net operating income,

which is then capitalized at an interest rate, or investment yield, commensurate with the

risk inherent in the ownership of the property. Such a conversion of projected income

considers competitive returns offered by alternative investments.

**The Dictionary of Real Estate Appraisal, American Institute of Real Estate Appraisers, Chicago, Illinois,

1989, page 156.

16

The first step in the Income Approach is to estimate the market rent for the subject property. The following rents of similar buildings were used in this analysis.

RENTALS SUMMARY TABLE

No. Location Lease Type Building Size Rent/SF

1. 2403 Moody Road Modified Gross 1,920 $20.94

2. 599-A Houston Lake Road Net 1,984 $21.17

3. 5631 Houston Road Net 3,617 $18.25

4. 1236 Watson Boulevard Net 2,028 $19.23

5. Corner of Russell Parkway & Kimberly Road

Net 1,824 $26.32

6. Southwest corner of US 129 and Georgia 15

Net 2,934 $25.56

Rental No. 1 is a average quality convenience store constructed in 1985 and located

in a somewhat secondary location in south Warner Robins. Building has approximately

8,000 s.f. of asphalt paving, 1,300 s.f. canopy and walk in cooler. The fuel equipment is

owned by the lesee and not included in the lease. Modified gross lease with lessor

paying taxes and insurance. Lessee pays utilities and maintenance.

Rental No. 2 is the lease of a convenience store building on the corner of Houston

Lake Road and Leverette Road. The lease was renegotiated beginning July 25, 2001

for five years. This is a net lease with the lessee paying taxes, insurance and

maintenance. The lease is for the building only as the tenant owns the fuel tanks and

pumping equipment.

Rental No. 3 This the lease of a 3,617 square foot convenience store which was

constructed in 1996. The gasoline island includes a canopy, 3 pump islands with MPD

type pumps. The lease does not include the gasoline equipment.

Rental No. 4 is the lease of Freedom Fuel Convenience Store on Watson Boulevard

in Warner Robins, Georgia. This is a net lease with the tenant paying all expenses.

17

Rental No. 5 is the lease of a convenience store at the corner of Russell Parkway and

Kimberly Road in Warner Robins, Georgia. It is a net lease with the tenant paying

expenses. Lease started at $4000 per month and went to $5000 per month on January

2006, then $5750 per month on January 2007 until December 21, 2012. The tenant

also pays 1/2 of gasoline sales to landlord with averages $2500 per month.

Rental No. 6 is the lease of a Golden Pantry C-store. Rent will escalate 5% after 15

years. No furniture, fixtures or equipment is included in the rental rate. Located in an

area of mixed land uses. Facility includes canopy, eight pump islands and six

dispensers each; also one diesel dispenser.

Again, the convenience store space and retail space will be treated separately.

Rents 1-6 are convenience stores in Warner Robins and nearby Macon. These rents

range from $18.25 to $26.32 per square foot with a mean of $21.91. They are all net or

near net leases. The subject is located in a secondary, outlying area on Houston Lake

Road between Warner Robins and Perry. Still, there is good residential support in the

area and this is a well traveled road. Based on the above rents and considering the

subject’s location, size, finishes and age/condition, a rate of $22.00 per square foot on a

net basis is estimated.

Now, the market rent of the remaining retail space will be estimated. Rents 6, 7 & 8 are

used in estimating the market rent of the remaining 1,300 square feet in the subject

building.

RENTALS SUMMARY TABLE

No. Location Lease Type Building Size Rent/SF

1. 590 Carl Vinson Suite 800 Gross 1,500 $13.40

2. 2214 Watson Boulevard Net 4,000 $11.25

3. 1275 S. Houston Lake Road Gross 4,400 $14.18

18

Rental No. 1 is the lease of a 1500 square foot unit in the 17,000 square foot retail

strip center at 590 Carl Vinson Parkway. The plaza is situated just south of Watson

Boulevard. The lease is gross with lessor paying all expenses. It is leased to a hair

salon.

Rental No. 2 is the lease of a 4,000 square foot retail building at the corner of Watson

Boulevard and Knodishall Drive that has been a package store for many years. It is a

net lease with options for three five year renewals.

Rental No. 3 is the lease of a 4,400 square foot unit in a newly constructed retail

building on Houston Lake Road, just north of Highway 96. The tenant is leasing a

vanilla shell with basic finishes and finished the remainder of the building.

These rents range from $11.25 to $14.18 per square foot and were selected as they

provide a good indication of retail rents in the area. Considering these rents and the

subject’s location, size and finishes a rate of $12.00 per square foot is estimated for the

1,300 square foot retail space on a net basis.

Gross potential income is:

$22.00/s.f. X 2,600 s.f. = $57,200.00

$12.00/s.f. X 1,300 s.f. = 15,600.00

Total $72,800.00

The subject will be 67% owner occupied with the remainder offered for lease upon

construction. The developer states he has interest in this remaining space for a liquor

store. Vacancy rates for similar space in the Middle Georgia generally run between 5

and 15%. Based on an overview of the market, a vacancy rate of 5% is considered

adequate.

Real property taxes are responsibility of the tenant in a net lease.

Fire and casualty insurance is responsibility of the tenant in a net lease.

19

The subject property could be owner managed as is often the case. However, an

allowance for management should be made in the income analysis. A rate of 8%of

effective gross income is considered reasonable and acceptable in the market.

Maintenance and repairs are responsibility of the tenant in a net lease.

Three of the eight sales the sales comparison approach indicate the following overall

rates of capitalization.

Sale # OAR

1 6.91

2 N/A

3 8.07

4 N/A

5 N/A

6 9.38

7 8.94

8 9.30

Mean 8.52

A slightly higher rate of 9.0% is considered to be appropriate based on alternative rates

available embodying the same amount of risk.

The following proforma income statement for the subject reflects its value.

20

PRO-FORMA OPERATING STATEMENT

Potential Gross Income $ 72,800.00 Less Allowance for Vacancy & Rent Loss $ 3,640.00

Effective Gross Income $ 69,160.00 Less Expenses:

Fixed: Taxes $ 0.00 Insurance 0.00

Total Fixed Expenses $ 0.00 0.00 Operating:

Management (8%) $ 5,532.80 Maintenance 0.00 Total Operating Expenses $ 5,532.80 $ 5,532.80

Total Expenses $ 5,532.80 $ 5,532.80 Net Income $ 63,627.20

Based on a net income of $63,627.20 and a capitalization rate of 9.00%, the estimated

value of the subject property develops as follows:

$63,627.20 - .090 = $706,968.89

Market Value via Income Approach $707,000.00

21

Reconciliation - Final Value Estimate

The client has requested a summary appraisal using all applicable approaches to value

and the sales comparison and income approaches have been utilized and provide the

following value indications.

Sales Comparison Approach …………………………... $ 728,000.00

Income Approach………………………………………... $ 707,000.00

Cost Approach …………………………………………….$ N/A

Only the sales comparison and income approaches to value have been employed in this

analysis as the cost approach is not considered relevant. Both of these approaches are

given consideration and given equal weight.

As a result of the inspections, investigations and analysis of available data as outlined in

the accompanying report, it is my opinion that the Prospective Market Value “as

proposed” of the fee simple title of the subject property and proposed improvements as

of the projected date of completion of April 01, 2010 is:

SEVEN HUNDRED AND TWENTY THOUSAND DOLLARS ($720,000.00)

In accordance with USPAP, an estimated market value of the subject property “as is”

should also be reported. In arriving at this value, a previous appraisal of the site is used

in which the site is valued at $180,000. This appraisal is retained in my office files and

available upon request.

22

ASSUMPTIONS AND LIMITING CONDITIONS:

This appraisal is made subject to the following:

1. This appraisal covers the property as described in this report, and the areas and

dimensions as shown herein are assumed to be correct.

2. The Appraiser has made no survey of the property, and assumes no

responsibility in connection with such matters. Any sketch or identified survey of

the property included in this report is only for the purpose of assisting the reader

to visualize the property.

3. Responsible ownership and competent management are assumed.

4. No responsibility is assumed for matters involving legal or title consideration.

5. Any information in this report indicated as being furnished by others is believed to

be reliable, however no responsibility for its accuracy is assumed.

6. The Appraiser is not required to give testimony or attendance in court by reason

of this appraisal, unless arrangements have previously been made therefore.

7. The allocation of total value to land or buildings, as shown in this report, is invalid

if used separately in conjunction with any other appraisal.

8. The Appraiser assumes no liability for structural features not visible on ordinary

careful inspection, nor does he assume any responsibility for sub-surface

conditions.

9. Disclosure of the contents of this appraisal report is governed by the by-laws and

regulations of the American Appraisal Institute of Real Estate Appraisers of the

National Association of Real Estate Boards. Neither all nor any part of the

content of this report (especially any conclusions as to value, the identity of the

Appraiser, or the firm with which he is connected, or any reference to the

Appraisal Institute) shall be disseminated to the public through advertising media,

public relations media, news media, sales media, or any other public means of

communication without the prior written consent or approval of the undersigned.

23

10. Unless otherwise stated in this report, the existence of hazardous material, which

may or may not be present on the property, was not observed by the appraiser.

The appraiser has no knowledge of the existence of such materials on or in the

property. The appraiser, however, is not qualified to detect such substances.

The presence of substances such as asbestos, urea-formaldehyde foam

insulation, or other potentially hazardous material may affect the value of the

property. The value estimated is predicated on the assumption that there is no

such material on or in the property that would cause a loss in value. No

responsibility is assumed for any such conditions, or for any expertise or

engineering knowledge required to discover them. The client is urged to retain

an expert in the field, if desired.

11. The Americans with Disabilities Act (ADA) became effective January 26, 1992. I

have not made a specific compliance survey and analysis of the proposed

improvements to determine weather or not it is in conformity with the various

detailed requirement of the ADA. It is possible that a compliance survey of the

property together with a detailed analysis of the requirements of the ADA could

reveal that the property is not in compliance with one or more of the requirements

of the act. If so, this fact could have a negative effect

upon the value of the property. Since I have no direct evidence relating to this

issue, I did not consider possible noncompliance with the requirements of ADA

in estimating the value of the property.

CERTIFICATION: The Appraiser does hereby certify as follows:

1. I have inspected the property.

2. I have no present or contemplated future interest in the real estate that is the

subject of this appraisal report.

3. I have no personal interest or bias with respect to the subject matter of this

appraisal report or the parties involved.

4. To the best of my knowledge and belief, the statements of fact contained in this

appraisal report, upon which the analysis, opinions, and conclusions expressed

herein are based, are true and correct.

24

5. This appraisal report sets forth all the limiting conditions affecting the analysis,

opinions, and conclusions contained within this report.

6. I certify that, to the best of my knowledge and belief, the reported analyses,

opinions and conclusions were developed, and this report has been prepared, in

conformity with the requirements of the Code of Professional Ethics and the

Standards of Professional Appraisal Practice of the Appraisal Institute. I further

certify that the use of this report is subject to the requirements of the Appraisal

Institute relating to review by its duly authorized representatives.

7. My compensation is not contingent upon the reporting of a predetermined value

or direction in value that favors the cause of the client, the amount of the value

estimate, the attainment of a stipulated result, or the occurrence of a subsequent

event. This appraisal assignment was not based on a requested minimum

valuation, a specific valuation, or the approval of a loan.

8. No one other than the undersigned prepared the analysis, conclusions, and

opinions concerning real estate that are set forth in this appraisal report.

9. My analysis, opinions and conclusions were developed, and this report was

prepared, in conformity with the Uniform Standards of Professional Appraisal

Practice (“USPAP”), adopted by the Appraisal Standards Board of the Appraisal

Foundation, except that the Departure Provisions of the USPAP have been

invoked. This appraisal is a limited summary report as defined by USPAP.

________________________

S. Gary Garrard

Staff Appraiser

Georgia CGRPA License #001408

25

PLAT

26

LOCATION MAP

27

FLOOD MAP

28

SKETCH

29

IMPROVED SALE NO. 1

Property Identification

Record ID 543

Property Type Convenience Store

Property Name Always Open

Address SR 96 @ Houston Lake Road, Warner Robins, Houston County,

Georgia

Sale Data

Grantor DDR Georgia 96, LLC

Grantee CVS 1374 Georgia, LLC

Sale Date Apr 26, 2006

Conditions of Sale Arm's length

Financing Cash to seller

Verification Billy Ramsbottom

Sale Price $1,495,000

Land Data

Land Size 1.582 Acres or 68,912 SF

Zoning C-2 General Commercial

Topography Basically level

Utilities All public

Shape Rectangular

General Physical Data

Building Type Single tenant

Gross SF 4,871

Area Breakdown Always Open 2,982

Waffle King 1,889

Construction Type Steel/Dryvit

Roof Type Metal

HVAC CH&AC

Year Built 1998

Condition Average

Income Analysis

Potential Gross Income $118,120

Vacancy $5,906 5% forecast

Effective Gross Income $112,214

Expenses $8,977 8% forecast

Net Operating Income $103,237

Indicators

Sale Price/Gross SF $306.92

Gross Income Multiplier 12.66

Eff. Gross Income Multiplier 13.32

Expenses/Sq. Ft. $1.84

30

IMPROVED SALE NO. 1 (Cont.)

Indicators (Cont.)

Overall or Cap Rate 6.91%

Net Operating Income/Sq. Ft. $21.19

Remarks

This is the sale of a convenience store and restaurant on the southwest corner of Highway 96 and Houston Lake Road in Warner Robins. At the time of sale, the tenants were in the seventh year of a fifteen year

lease. The total rent averaged $24.20 per square foot. CVS has purchased this site and razed the

improvements to construct a drug store. Still, the property was reportedly purchased at market value.

31

IMPROVED SALE NO. 2


Record ID 443

Property Type Commercial, Convenience Store

Property Name Exxon Convenience Store

Address 2129 Elberta Road, Warner Robins, Houston County, Georgia 31093

Sale Data

Grantor C-USA, 1, LLC

Grantee Amrut G. Patel

Sale Date February 1, 2002

Property Rights Fee simple



Verification Terry Love; Confirmed by Database Administrator

Sale Price $550,000

Land Data


Front Footage 200 ft Elberta Road; 240 ft Bateman Road

Zoning Commercial

Topography Level



Building Name Exxon


Gross SF 2,400

Construction Type Stucco over concrete block

HVAC CHA&C

Year Built 1987 Remodeled 1998-99

Condition Average

Indicators


Remarks

This is the sale of a 2,400 square foot convenience store on Elberta Road in north Warner Robins. The

location is somewhat secondary commercial. Additional improvements include a 1,200 square foot canopy

over three raised concrete islands on which three gas dispensing units are installed. There are 6 hoses serving 3 products per hose; all have electronic card reading equipment. This property was involved in a

bankruptcy situation and the price paid was reportedly by the broker to be slightly less than market value.

32

IMPROVED SALE NO. 3


Record ID 435


Property Name Mini Giant Foods

Address 700 Dunbar Road, Warner Robins, Houston County, Georgia 31093

Tax ID W74-107

Sale Data

Grantor Carlton H. Slocum

Grantee Kanu Dodia & Nirmala Dodia

Sale Date January 1, 2006

Deed Book/Page 3699/309

Recorded Plat 20/250

Property Rights Fee Simple


Financing Seller financed$200,000 DB 3699/310

Verification Kanu Dodia, purchaser; Confirmed by Gary Garrard

Sale Price $260,000

Land Data



Topography Level


Shape Rectangular


Building Name Mini Giant Foods


Gross SF 2,000

Construction Type Masonry

Roof Type Metal

Foundation Concrete slab

Electrical Adequate

HVAC CH&AC

Stories 1

Year Built 1980

Condition Average

Income Analysis


Vacancy $1,200


Expenses $1,824


33


Indicators







Remarks

This is the sale of an older convenience store located in north Houston County on Dunbar Road. The

building was constructed in 1980 and was in average condition. The purchaser states that the sales price

was $260,000 and that he allocated $60,000 to the fuel equipment. The price did not include any inventory.

Fuel equipment consists of a single island with three pumps and canopy.

34

IMPROVED SALE NO. 4


Record ID 659


Address 1111 Clinton Road, Macon, Bibb County, Georgia

Tax ID Map: R6-4; Parcel: 43-B2

Sale Data

Grantor Saahir, Inc.

Grantee MPV, Inc.

Sale Date January 24, 2006



Financing DSD in favor of Security Bank for $403,000

Sale Price $400,000

Land Data


Zoning C-1 Neighborhood Service District

Topography Gently sloping


Shape Rectangular



Gross SF 2,400

Construction Type Common Brick

Roof Type Shingles


HVAC CH&AC

Stories 1

Year Built 1967

Condition Average

Indicators


Remarks

This is the sale of an older convenience gas food store that is located in east Macon at the corner of Clinton Road and Lexington Street. The fuel package includes USTs, fuel dispensers and a metal fuel canopy.

35

IMPROVED SALE NO. 5


Record ID 660


Address 4224 Bloomfield Road, Macon, Bibb County, Georgia

Tax ID Map M9-2; Parcel 208-A1

Sale Data

Grantor Flash Foods, Inc.

Grantee Dolly Properties, LLC

Sale Date April 19, 2006


Property Rights Leased Fee

Financing DSD in favor of Prime South Bank for $1,306,875

Sale Price $550,000

Land Data


Zoning C-1 Neighborhood Service District

Topography Level


Shape Triangular



Gross SF 2,602

Construction Type Concrete block

Roof Type Flat


HVAC CH&AC

Year Built 1972

Condition Average

Indicators


Remarks

This is the sale of a convenience store located one block south of Eisenhower Parkway in south Macon.

The property is located in the forks of Bloomfield Drive and Bloomfield Road. Fuel package includes USTs, fuel dispensers and a metal canopy.

36

IMPROVED SALE NO. 6


Record ID 677

Property Type Retail

Address 107 Independence Drive, Warner Robins, Houston County, Georgia

Tax ID W78N-13

Sale Data

Grantor Deborah Ann Gordon-Rood

Grantee Patrick A. Filholm

Sale Date Jan 4, 2007


Recorded Plat 48/14




Sale Price $290,000

Land Data


Front Footage 139 ft Independence; 105 ft Constitution

Topography Level


Shape Irregular



Gross SF 3,200

Construction Type Metal

Roof Type Metal


HVAC CH&AC

Year Built 1996

Condition Average

Income Analysis

Potential Gross Income $35,200 Forecast @$11 PSF

Vacancy $1,760


Expenses $6,251


Indicators





37


Indicators (Cont.)



Remarks

This is the sale of a 3,200 square foot metal retail building at the corner of Independence Drive and Constitution Drive. It was constructed in 1996. The building is two tenant with one side finished as a

beauty salon.

38

IMPROVED SALE NO. 7


Record ID 602


Property Name Satterfield & Dempsey Jewelers

Address 623 S. Houston Lake Road, Warner Robins, Houston County, Georgia

Sale Data

Grantor Tomsworth, LLC

Grantee Satterfield & Dempsey, LLC

Sale Date Nov 2, 2007


Recorded Plat 69/149




Verification Jason Tomlinson, Tomsworth, LLC; Confirmed by Gary Garrard

Sale Price $369,000

Land Data


Front Footage 154 ft Houston Lake Road


Topography Gently rolling


Shape Square



Gross SF 2,460

Construction Type Stucco/Metal

Roof Type Metal

Foundation Concrete

HVAC CH&AC

Stories 1

Year Built 2007

Condition New

Income Analysis


Vacancy $1,968


Expenses $4,415


Indicators




39


Indicators (Cont.)




Remarks This is the sale of a newly constructed retail building on Houston Lake Road just north of Russell Parkway.

It is a free-standing retail building that is located in a 3 building retail strip center. This parcel was

subdivided and sold separately from the remainder of the plaza. It has good visibilty at the front of the

center. The property was finished as high grade retail space for a jewelry store.

40

IMPROVED SALE NO. 8


Record ID 748

Property Type Retail, Package Store

Address 351 Highway 247, Bonaire, Houston County, Georgia

Tax ID 123-11

Sale Data

Grantor Nirmala K. & Kanua L. Dodia

Grantee Minaxi Bipinchandra Patel, et al

Sale Date Oct 2, 2007


Recorded Plat 34/3




Verification Kanu Dodia, grantor; Confirmed by Gary Garrard

Sale Price $505,000

Land Data


Front Footage 200 ft Highway 247


Topography Gently rolling

Utilities Electricity, water, telephone

Shape Slightly irregular



Gross SF 4,651

Construction Type Metal/brick

Roof Type Metal


HVAC CH&AC

Year Built 2007

Condition Good

Income Analysis


Vacancy $3,090


Expenses $11,742


Indicators





41


Indicators (Cont.)



Remarks

This is the sale of a 3 unit retail building on Highway 247 just south of Sandy Run Road. It contains 4,651 square feet divided into three units of 2,559, 1,046 & 1,046 square feet. Each unit has typical retail interior

finishes and one restroom. The larger unit is finished as a package store and has a walk in cooler with 11

doors

42

RENTAL NO. 1


Record ID 127


Property Name Circle K Store

Address 2403 Moody Road, Warner Robins, Houston County, Georgia 31088

Physical Data

Gross SF 1,920

Construction Type Concrete block with brick front

Roof Type Metal


Electrical Adequate

HVAC CH&AC

Stories 1

Year Built 1985

Condition Average

General Lease Data

Tenant Circle K Foods

Typical Lease Term 5 years renewed June 01, 2002

Lease Type Modified Gross

General Tenant Summary Owner Ernest W. Livingston, Jr.

Management Co. Livingston Properties

Verification Bill Livingston, lessor; Confirmed by Database Administrator

Retail Area 1,920

Percent Finished 100%

Rent Analysis

Actual Rent $20.94/SF Average

Remarks

This is a average quality convenience store constructed in 1985 and located in a somewhat secondary

location in south Warner Robins. Building has approximately 8,000 s.f. of asphalt paving, 1,300 s.f.

canopy and walk in cooler. The fuel equipment is owned by the lesee and not included in the lease.

Modified gross lease with lessor paying taxes and insurance. Lessee pays utilities and maintenance.

43

RENTAL NO. 2


Record ID 159


Property Name Circle K

Address 599-A Houston Lake Road, Warner Robins, Houston County, Georgia 31088

Location N/W corner of Houston Lake and Leverette Road

Tax ID 77-45

Physical Data

Gross SF 1,984

Construction Type Stucco

Roof Type Flat


Electrical Adequate

HVAC CH&AC

Stories 1

Floor Height 10

Year Built 1986

Condition Average

General Lease Data

Tenant Circle K Stores, Inc. & Mr. B's Oil Company, Inc.

Typical Lease Term 5 years beginning July 25, 2001

Lease Type Triple Net

General Tenant Summary

Owner Leroy H. Carter, et al

Management Co. Owners

Verification Jackie at Carter Insurance Agency, 478-953-5524, Feb 5, 2002;

Confirmed by Gary Garrard

Rent Analysis


Remarks

This is the lease of a convenience store building on the corner of Houston Lake Road and Leverette Road.

The lease was renegotiated beginning July 25, 2001 for five years. This is a net lease with the lessee

paying taxes, insurance and maintenance. The lease is for the building only as the tenant owns the fuel tanks and pumping equipment.

44

RENTAL NO. 3


Record ID 299


Property Name Walthall Oil

Address 5631 Houston Road, Macon, Bibb County, Georgia

Physical Data

Gross SF 3,617

Construction Type Pre-engineered

Roof Type Flat


Electrical Adequate

HVAC CH&AC

Stories 1

Year Built 1996

Condition Good

General Lease Data

Typical Lease Term 10 years


General Tenant Summary Owner Walthall Oil

Verification Neil Leggett; Confirmed by Database Administrator

Rent Analysis


Remarks

This is the lease of a 3,617 square foot convenience store which was constructed in 1996. The gasoline

island includes a canopy, 3 pump islands with MPD type pumps. The lease does not include the gasoline

equipment.

45

RENTAL NO. 4


Record ID 342


Property Name Freedom Fuel

Address 1236 Watson Boulevard, Warner Robins, Houston County, Georgia

Physical Data

Gross SF 2,028

Construction Type Concrete block, steel

Roof Type Metal

HVAC CH&AC

Stories 1

Year Built 1965

Condition Average

General Lease Data

Tenant Dasharath P. Patel & Sunil R. Patel




Owner Thakor Patel & Mahesh Patel

Verification Tommy Thompson; Other sources: Lease agreement

Rent Analysis


Remarks

This is the lease of Freedom Fuel Convenience Store on Watson Boulevard in Warner Robins, Georgia.

This is a net lease with the tenant paying all expenses.

46

RENTAL NO. 5


Record ID 343


Property Name Spectrum Store

Address Corner of Russell Parkway & Kimberly Road, Warner Robins, Houston County, Georgia

Physical Data

Gross SF 1,824

Construction Type Concrete block/metal

Roof Type Metal

HVAC CH&AC

Year Built 1983

Condition Average

General Lease Data

Tenant Dhanpati, Inc.




Owner Spectrum Stores, Inc.

Verification Tommy Thompson

Rent Analysis


Remarks

This is the lease of a convenience store at the corner of Russell Parkway and Kimberly Road in Warner

Robins, Georgia. It is a net lease with the tenant paying expenses. Lease started at $4000 per month and

went to $5000 per month on January 2006, then $5750 per month on January 2007 until December 21,

2012. The tenant also pays 1/2 of gasoline sales to landlord with averages $2500 per month.

47

RENTAL NO. 6


Record ID 344


Property Name Golden Pantry

Address Southwest corner of US 129 and Georgia 15, Watkinsville, Oconee County, Georgia

Physical Data

Gross SF 2,934


HVAC CH&AC

Year Built 1999

Condition Good

General Lease Data

Tenant Golden Pantry

Typical Lease Term 15 years with six 5 year options



Verification Tim Ledford, appraiser

Rent Analysis


Remarks

This is the lease of a Golden Pantry C-store. Rent will escalate 5% after 15 years. No furniture, fixtures or

equipment is included in the rental rate. Located in an area of mixed land uses. Facility includes canopy,

eight pump islands and six dispensers each; also one diesel dispenser.

48

RENTAL NO. 7


Record ID 424

Property Type Retail, Neighborhood center

Property Name Kolours Hair Salon

Address 590 Carl Vinson Suite 800, Warner Robins, Houston County, Georgia

Tax ID W79C-33

Physical Data

Gross SF 1,500

Construction Type Masonry/metal

Roof Type Metal


Electrical Adequate

HVAC CH&AC

Stories 1

Year Built 2003

Condition Average/good

General Lease Data

Tenant Kolours Hair Salon

Lease Type Gross

General Tenant Summary Owner Kqazi Enterprises, Inc.

Management Co. Jack Uphaw Realty

Verification Jack Upshaw, realtor; Confirmed by Gary Garrard

Rent Analysis


Remarks

This is the lease of a 1500 square foot unit in the 17,000 square foot retail strip center at 590 Carl Vinson

Parkway. The plaza is situated just south of Watson Boulevard. The lease is gross with lessor paying all

expenses. It is leased to a hair salon.

49

RENTAL NO. 8


Record ID 410

Property Type Retail, Package Store

Property Name Bennett's Liquor Store

Address 2214 Watson Boulevard, Warner Robins, Houston County, Georgia

Physical Data


Gross SF 4,000


Roof Type Flat


HVAC CH&AC

Year Built 1979

Condition Average

General Lease Data

Tenant Shivmeghna, Inc.

Typical Lease Term 5 years beginning 05/01/08

Lease Type Net

General Tenant Summary Owner Bennetts Liquors, Inc.

Management Co. Owner

Verification Tony Bennett; Other sources: Copy of lease; Confirmed by Gary

Garrard

Renewals 5 year renewals at $4200/$4700/$5200

Rent Analysis


Remarks

This is the lease of a 4,000 square foot retail building at the corner of Watson Boulevard and Knodishall

Drive that has been a package store for many years. It is a net lease with options for three five year

renewals.

50

RENTAL NO. 9


Record ID 377


Property Name The Mattress Rx

Address 1275 S. Houston Lake Road, Warner Robins, Houston County, Georgia

Tax ID W102-28

Physical Data

Gross SF 4,400

Construction Type Masonry/steel

Roof Type Metal

Foundation Slab

HVAC CH&AC

Year Built 2007

Condition Good

General Lease Data

Tenant The Mattress Rx


Lease Type Gross

General Tenant Summary Owner North Houston Investments, LLC

Verification Tony Bennette, owner; Confirmed by Gary Garrard

Rent Analysis


Remarks

This is the lease of a 4,400 square foot unit in a newly constructed retail building on Houston Lake Road,

just north of Highway 96. The tenant is leasing a vanilla shell with basic finishes and finished the

remainder of the building.

52

QUALIFICATIONS OF S. GARY GARRARD

APPRAISAL SERVICES Post Office Box 6167

107 Park Avenue Warner Robins, Georgia 31095

(478) 922-7800 (478) 922-7279 (Fax)

______________________________________________________________________________ Education Graduate of Mercer University, Macon, Georgia; B.B.A. with major in Accounting - 1984 Graduate of Warner Robins Highway School, Warner Robins, Georgia - 1979 Employment Experience Co-Owner of Appraisal Services, Warner Robins, Georgia: October 1985 - Present Staff Appraiser with Leggett & Associates, Macon, Georgia: June 1984 - October 1985 Appraisal Courses Completed SREA Course 101 (Appraisal Institute) - An Introduction to Appraising Real Property SREA Course 102 (Appraisal Institute) - Applied Residential Property Valuation SREA Course 201 (Appraisal Institute) - Principals of Income Property Appraising Appraisal Institute Course 420 - Standards of Professional Practice Professional Affiliations and Activities Certified General Real Property Appraiser - License #1408 Appointed member - Houston County Zoning and Appeals Board Approved compliance inspector for the Veterans Administration Board of Directors - Warner Robins Industry Now Group (WRING) Member - Home Builders Association Cross Section of Clientele Financial Institutions

CB&T Bank of Middle Georgia, Security Bank of Houston County, BB&T Bank, SunTrust Bank, Columbus Bank & Trust, Columbus, Georgia, Wachovia Bank, SunMark Community Bank, Colony Bank of Georgia, Colonial Bank of Georgia, Park Avenue Bank of Valdosta, Ga, Bank of America, Atlantic Southern Bank, First Union Bank.

Governmental Organizations

Houston County Board of Commissioners, Georgia Department of Natural Resources, City of Warner Robins, Georgia, Houston County Development Authority, Peach County Development Authority, Georgia Department of Economic Development.

References Liz Davis, Synovus Financial, Columbus, Georgia 1-706-649-2465 Gary McLure, SunMark Community Bank 478-988-0117 Hughes Pinson, Regions Bank 478-471-4440

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