Gerald Alock Company LLC.pdf

761 Jenness St LLC Petitioner Vs. City Of Ypsilanti Respondent · 26-002276-TT

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RECEIVED 

APR 0 1 2026 

Michigan Tax Tribunal 

- Petition (Form 618 Style) 

Petitioner: 761 Jenness St, LLC 

Address: 43422 W. Oaks Drive, Unit 256, Novi, MI 48377 

CL - 

MICHIGAN 

Contact: James Wildman 

Phone: 734-637-7043 

Email: jwildman@fosdatacenters.com 

Respondent: City of Ypsilanti, Washtenaw County 

Property Address: 761 Jenness Street, Ypsilanti, MI 48197 

Parcel ID: 11-11-04-340-003 

Property Type: Commercial Real Property 

Tax Year: 2025 

Assessed Value (SEV): $275,800 

Taxable Value: $275,800 

True Cash Value (TCV): $551,600 

Claimed True Cash Value: $160,000 

Claimed Assessed Value: $80,000 

Claimed Taxable Value: $80,000 

Basis for Appeal: 

Property is significantly over-assessed. 

MAI appraisal supports $160,000 value. 

Property under renovation and not stabilized. 

Recent purchase supports lower valuation. 

Signature: 

Name: James 

Wildman 

Date: 

0y37 / XOX @)

761 Jenness St, LLC 

43422 W. Oaks Drive, Unit 256 

Novi, MI 48377 

Phone: 734-637-7043 

Email: jwildman@fosdatacenters.com 

Date: 03/23/2026 

Michigan Tax Tribunal 

P.O. Box 30232 

Lansing, MI 48909 

Re: Petition for Property Tax Appeal — 761 Jenness Street, Ypsilanti, Ml 

Parcel ID: 11-11-04-340-003 

To Whom It May Concern, 

Please find enclosed a Petition to the Michigan Tax Tribunal regarding the above-referenced commercial 

property for the 2025 tax year. 

The subject property is currently assessed at a true cash value of approximately $551,600. However, an 

independent MAI-certified appraisal has determined a retrospective “as-is” true cash value of $160,000 as of 

December 31, 2025. This substantial discrepancy forms the basis of this appeal. 

The property is presently in a state of incomplete renovation and is not stabilized for typical commercial use. 

Additionally, site improvements remain unfinished, and the property’s current condition materially impacts its 

market value. The recent purchase of the property for $219,000 further supports a valuation significantly 

below the current assessment. 

Enclosed with this petition are the following materials for your review: 

o 

Completed Petition Form 

o 

Full MAI Appraisal Report 

o 

Supporting documentation (as applicable) 

We respectfully request that the Michigan Tax Tribunal review the enclosed materials and adjust the assessed 

and taxable values to reflect the property’s true cash value. 

Please feel free to contact me directly if any additional information is required.

APPRAISAL OF 

761 Jenness Street, 

Ypsilanti, Washtenaw County, 

Michigan 48197 

As of December 31, 2025 

For 761 Jenness St, LLC

Principals 

Julie M. Simpson 

Marcel H. Vidovic, MAI 

Michael T. Williams, MAI 

Lorie D. Alcock 

Stephen J. Simpson 

Glee R. Loman 

David A. Williams, PGA 

Joanne M. Stockman 

Alexander J. Groves, MA! 

Robert F. Elder, PGA 

Craig M. Coleman 

Gerald V. Alcock, MAI 

Founder, 1977 

316 East Eisenhower 

Parkway, Suite 5 

Ann Arbor, Michigan 

48108 

Telephone: 

(734) 

994-0554 

Facsimile: 

(734) 939-1000 

email: 

manager@geraldalcock.com 

Web: 

GERALD ALcOoCcK COMPANY, L.L.C. 

Real Estate Counseling and Appraising 

February 28, 2026 

761 Jenness St, LLC 

James Wildman 

43422 W. Oaks Drive, Unit 256 

Novi, MI 48377 

Re: 

Appraisal of 761 Jenness Street, City of Ypsilanti, Washtenaw County, 

Michigan 48197 

Dear Mr. Wildman: 

As detailed by engagement document, held in the appraisers’ file, an appraisal of 

the above-referenced property has been completed, the findings 

of which are 

submitted in this report. The purpose of this appraisal is to express an opinion of 

the retrospective “As-Is” true cash value of the fee simple interest 

in the above- 

referenced property. 

This appraisal cannot be completely understood without reading the "General 

Assumptions 

and 

Limitations 

of Appraisal" 

and 

"Extraordinary 

Assumptions" 

sections of this report. 

Any reader of this report is advised to thoroughly read and 

understand 

said 

sections 

before 

relying 

on 

any 

information, 

analyses 

or 

conclusions presented therein. 

The appraisers prepared this report and the value estimate herein in compliance 

with the requirements of the Uniform Standards of Professional Appraisal Practice 

(USPAP). 

This is an Appraisal Report. 

The “Required Statements” section of this 

report offers descriptions of these terms. 

It is the appraisers’ opinion that the retrospective “As-Is” true cash value of the 

appraisal property, pertaining to fee simple title interest, as of December 31, 2025, 

was: 

One Hundred Sixty Thousand ($160,000) Dollars 

This value estimate is made subject to the “General Assumptions and Limitations 

of Appraisal,” and the following “Extraordinary Assumptions” to this report. 

There

February 28, 2026 

761 Jenness St, LLC 

James Wildman 

Page Two 

1. 

Valuation is predicated upon the assumption that the appraisal property is free and clear of 

any environmental hazards which would materially affect value; 

if not, the value conclusion 

could be impacted; and 

2. 

Gross 

building 

and 

site 

areas 

are calculated from 

a 

survey, 

prepared 

by American 

Landmark Survey, PLC, dated March, 2025, corroborated by spot building measurement. 

Valuation 

is predicated upon the assumption that varying gross and/or net site building 

areas generally conform to actual conditions. 

If such is not the case, the value conclusion 

could be impacted; and 

3. 

The instant valuation is predicated upon the assumption that there have been no material 

changes to the property from the retrospective date 

of value to the date 

of property 

inspection. 

If such is not the case, the value conclusion could be impacted; and 

4. 

The appraisers have relied upon the property owner's representation of estimated cost to 

complete site improvements to assist 

in the analysis. 

If such estimate 

is significantly 

incorrect, the value conclusion could be impacted. 

The use of this appraisal is to serve as an estimate of the true cash value of the property under 

valuation for the purpose of assisting the client with a tax appeal. 

This appraisal has been prepared for our client, 761 Jenness St, LLC, its legal counsel, the City 

of Ypsilanti and the Michigan Tax Tribunal, the intended users of the report. 

The appraisers have not identified any other intended user of this appraisal. Receipt of a copy 

of this appraisal by such a party or any other third party does not mean that the party is an 

intended user of this appraisal. Such parties are advised 

to obtain an appraisal from an 

appraiser of their own choosing if they require an appraisal for their own use. 

The attached report, comprising ten sections and one exhibit, is an explanation of the method 

of valuation. 

This letter and report must not be separated because together they provide the 

necessary detail, analysis and explanation in support of the value opinion expressed herein. 

Respectfully submitted, 

Gerald Alcock Company, LLC

Gerald Alcock Company, L.L.C. 

761 Jenness Street, Ypsilanti, MI 

CONTENTS 

Executive Summary. 

Photographs 

Identification Of Property. 

Real Property ........ 

Legal Description... 

Leases and Title Interest Appraised. 

Client wipes 

Property Owner. 

Occupancy and Use .... 

Purpose, Definition Of Market Value, Intended Use And User, And Scope Of Worl 

Description Of Property 

Regional and Local Data... 

Location and Neighborhood 

Site, Yard Improvements and Uti 

Assessed Valuation and Taxes .. 

Flood Hazard . 

Zoning .... 

Easements. 

Environmental 

Hazards 

Analysis Of Value...........cou... 

Current Market Conditions and Trends 

Methods and Date of Valuation ........ 

Retrospective Condition: Sales Comparison Approach 

Sales History Analysis 

Estimated Marketing Period, Exposure Period 

Assumptions And Limitations Of Appraisal 

. 

Appraisers’ Certifications...........ccoeiiiene 

Required Statements....... 

Professional Qualifications 

EXHIBITS 

[\V/[Wa1Toi 

0 =I 

To oN 

alc a) = PPS A

Gerald Alcock Company. L.L.C. 

Executive Summary 1 

Location: 

Address: 

Tax Identification: 

Assessor’s Valuations: 

Property Owner: 

Occupancy and Use: 

Type of Report: 

Improvements: 

Executive Summary 

The appraisal property is located at the southwest corner of St. 

Johns and Jenness Streets, 

in the city of Ypsilanti, Washtenaw 

County, Michigan. 

The property has an address assignment of 761 Jenness Street, 

Ypsilanti, Michigan 48197. 

11-11-04-340-003 

2025 Taxable Value 

$275,800 

2025 Assessed Value 

$275,800 

2025 True Cash Value 

$551,600 

Municipal records indicate that the appraisal property is owned by 

761 Jenness St, LLC, which entity acquired the property from the 

University 

of Michigan 

Credit Union 

on 

February 

7, 

2024 

for 

consideration of $219,000. 

The property was historically in use as Eastern Michigan University 

Credit Union and 

is 

in process 

of a remodel project. 

As the 

appraisers understand it, the credit union use was not operated by 

the University 

of Michigan Credit Union owner 

in recent years, 

which entity sometimes used the property for storage purposes. 

This is an Appraisal Report. 

The appraisal property is improved with a one-story, masonry and 

frame single-tenant structure, 

over slab foundation comprising, 

2,271 gross square feet of building area. 

Originally designed and 

constructed for industrial use in 1957, the building was converted/ 

remodeled to credit union use 

in 2006 and 2013. The present 

property owner is in process of a remodel project for office use. 

Demolition of part of the interior began in June 2024, while site 

improvement demolition occurred during the third quarter 2025, 

with a reported $115,000 expended as of the retrospective date of 

value. The property owner's remodel project has stagnated from

Gerald Alcock Company, L.L.C. 

Executive Summary 2 

Site: 

Utilities: 

Zoning: 

Highest & Best Use: 

Interest Appraised: 

Est’d Market Value 

of Property: 

Retrospective: 

Exposure Time: 

According 

to 

municipal 

record, 

as 

well 

as 

cited 

survey, 

the 

rectangularly-shaped 

property comprises 0.165 gross and 

net 

acre, with 60 feet of frontage on the west side of Jenness Street 

and 120 feet of frontage on the south side of one-way, westbound 

St. Johns Street. 

St. Johns Strest culminates in a dead-end one 

block east of the subject property. 

The property has one curb cut 

on each artery. Topography is level and at street grade. Coverage 

consists 

of 

the 

building 

with 

earthen 

surround, 

as 

site 

improvements 

were 

demolished 

in 

the 

third 

quarter 

of 

2025, 

excepting signage, nominal neglected grassed area and concrete 

retaining wall. The gross land-to-building ratio is 3.17 to one. The 

property 

owner 

estimates 

a 

cost 

of 

$60,000 

remaining 

to 

complete 

proposed 

site 

improvements, 

which 

would 

restore 

functionality of the property, to consist of installation of conduit for 

electrical and fiber optic, 

drain 

tile for down spouts, 

bollards, 

concrete, 

parking 

striping, 

irrigation 

system, 

landscape, 

anticipating overages. 

Municipal and commercial 

utilities servicing 

or available 

to the 

building 

on 

site include telephone, 

electricity, 

natural gas, fiber 

optics and water and sewerage. 

The property is zoned GC, General Corridor District. 

Highest and best use of the property 

is deemed to be general 

office use or any other office or commercial use permitted under 

the GC zoning designation and proven to be financially feasible. 

Highest and best use in the retrospective condition necessitates 

completion of a project for useful occupancy. 

Fee Simple Estate 

Valuation 

Valuation 

Value 

Condition 

Date 

Estimate 

As ls 

12/31/2025 

$160,000 

12 months

Gerald Alcock Company. L.L.C. 

Executive Summary 3 

would materially affect value; 

if not, the value conclusion could be 

impacted; and 

Gross 

building 

and 

site 

areas 

are 

calculated 

from 

a 

survey, 

prepared 

by American Landmark 

Survey, 

PLC, 

dated 

March, 

2025, corroborated by spot building measurement. Valuation 

is 

predicated upon the assumption that varying gross and/or net site 

building areas generally conform to actual conditions. 

If such 

is 

not the case, the value conclusion could be impacted; and 

The instant valuation is predicated upon the assumption that there 

have 

been 

no 

material 

changes 

to 

the 

property 

from 

the 

retrospective date of value to the date of property inspection. 

If 

such is not the case, the value conclusion could be impacted; and 

The 

appraisers 

have 

relied 

upon 

the 

property 

owner's 

representation of estimated cost to complete site improvements to 

assist in the analysis. 

If such estimate is significantly incorrect, the 

value conclusion could be impacted.

Gerald Alcock Company. L.L.C. 

Photographs 4 

IF HUMOR Riva 

Neighborhood:Aerial Map 

Soh 

A 

\Muslc 

Building, 

§ 

Sponborg WN 

Wy 

J 

|

Gerald Alcock Company. L.L.C. 

Photographs 5 

View West of Westbound 

One-Way St. Johns Street 

View South of Jenness Street 

View North of Jenness Street, Toward 

Intersection of St. John’s Street

Gerald Alcock Company. L.L.C. 

Photographs 6 

Oblique View of North and West 

Elevations 

Oblique View of North and East 

Elevations 

East Elevation

Gerald Alcock Company. L.L.C. 

Photographs 7 

Interior Remodel in Process 

Interior Remodel in Process 

Interior Remodel in Process

Gerald Alcock Company. L.L.C. 

Photographs 8 

Office 

Office 

Remodel in Process

Gerald Alcock Company, L.L.C. 

Photographs 9 

Office 

Hall 

Hall

Gerald Alcock Company. L.L.C. 

Photographs 10 

Kitchenette 

Remodel in Process 

Server Room

Gerald Alcock Company, L.L.C. 

Photographs 11 

Mini Splits 

Ceiling/ Mini Split 

Lavatory

Gerald Alcock Company. L.L.C. 

Photographs 12 

Lavatory 

Office 

Former Drive through

Gerald Alcock Company. L.L.C. 

Identification of Property 13 

Identification of Property 

Real Property 

Address 

The appraisal property is located at the southwest corner of St. Johns and Jenness 

Streets, in the city of Ypsilanti, Washtenaw County, Michigan. 

Tax Identification Number 

11-11-04-340-003 

Legal Description 

The legal description derived from survey, prepared by American Landmark Survey, 

PLC, dated March 5, 2025, upon which the appraisers have relied, is excerpted below. 

The survey description provides more detail, but appears to be in concert with that in 

municipal documentation, put forth at exhibit A herein. 

LEGAL DESCRIPTION: 

LOT 47 SCOVILL AND TUTTLE SUBDIVISION OF JARVIS ORIGINAL ADDITION, LOCATED IN THE CITY 

OF YPSILANTI, WASHTENAW COUNTY, MICHIGAN, AS RECORDED IN WASHTENAW COUNTY 

RECORDS. 

Leases and Title Interest Appraised 

The property in not subject to lease and the fee simple estate interest is analyzed. 

Furniture, Fixtures and Equipment 

The valuation of personal property and trade fixtures 

is beyond the scope of this appraisal, 

which is limited to real property alone. 

In estimating the market value of appraisal property, the 

appraisers specifically exclude from valuation any and 

all items which are considered to be 

chattel possessions of the property owner or occupants.

Gerald Alcock Company. L.L.C. 

Identification of Property 14 

Property 

Owner 

Municipal records indicate that the appraisal property is owned by 761 Jenness St, LLC, which 

entity acquired the property from the University of Michigan Credit Union on February 7, 2024 

for consideration of $219,000. 

Occupancy and Use 

The property was historically 

in use as Eastern Michigan University Credit Union and 

is 

in 

process of a remodel project. 

As the appraisers understand 

it, the credit union use was not 

operated 

by the University 

of Michigan 

Credit Union owner 

in 

recent years, which 

entity 

sometimes used the property for storage purposes.

Gerald Alcock Company, L.L.C. 

Purpose. Definition of Value. Intended Use and User, and Scope of Work 15 

Purpose, Definition of Market Value, Intended Use and User, and 

Scope of Work 

Purpose 

The purpose of this appraisal is to estimate retrospective “As-Is” true cash value, pertaining to 

fee simple 

title 

interest, 

identified 

in 

the foregoing 

section 

of this 

report, 

subject 

to the 

conditions and limitations stated in this report. 

Fee simple title. 

Absolute ownership unencumbered 

by any other 

interest 

or 

estate, 

subject 

only 

to 

the 

limitations 

imposed 

by 

the 

governmental powers of taxation, eminent domain, police power, 

and escheat.’ 

Definition Of Market Value 

The State of Michigan's General Property Tax Act, P.A. 206 of 1893 (as amended) MCL 211.27, 

defines true cash value as follows: 

Sec 27. (1) as used 

in this act, “true cash value” means the usual selling price at the 

place where the property to which the term is applied is at the time of the assessment, 

being the price which could be obtained for the property at private sale, and not at 

auction sale except as otherwise provided in this section, or at a forced sale. The usual 

selling price may include sales at auction held by a nongovernmental agency or person 

when those sales have become a common method of acquisition in the jurisdiction for 

the class of property being valued. 

The usual selling price shall not include sales at 

public auction where the 

sale 

is 

part 

of 

a 

liquidation 

of the 

seller's assets 

in 

a 

bankruptcy proceeding 

or where 

the 

seller 

is unable 

to 

use common 

marketing 

techniques to obtain the usual selling price for the property. 

A sale or other disposition 

by the state of an agency or political subdivision 

of the state of land acquired for 

delinquent taxes or an appraisal made in connection with the sale or other disposition 

of the value attributed to the property of regulated public utilities by a governmental 

regulatory agency 

for 

rate 

making 

purposes 

shall 

not 

be 

considered 

controlling 

evidence of true cash value for assessment purposes... 

Michigan Courts regard the definition of “true cash value” to reflect a market valuation.

Intended Use and User 

The use of this appraisal is to serve as an estimate of the true cash value of the property under 

valuation for the purpose of assisting the client with a tax appeal. 

This appraisal has been prepared for our client, 761 Jenness St, LLC, its legal counsel, the City 

of Ypsilanti and the Michigan Tax Tribunal, the intended users of the report. 

The appraisers have not identified any other intended user of this appraisal. Receipt of a copy 

of this appraisal by such a party or any other third party does not mean that the party is an 

intended user of this appraisal. Such parties are advised 

to obtain an appraisal rom an 

appraiser of their own choosing if they require an appraisal for their own use. 

Appraisal Development and Report Process (Scope) 

The scope of this appraisal encompasses the necessary research and analysis to prepare a 

report in accordance with its intended uses as set forth in the above subsection and with the 

Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. 

In the 

appraisal of the subject property, the appraisers employed the following data sources: 

Physical Data 

The property was inspected on the date noted at the “Narrated Dates” subsection of 

this report. 

The property owner and client, James Wildman, was interviewed regarding 

various 

aspects 

of 

the 

property. 

In 

addition, 

the 

appraisers 

secured 

current 

assessment, special assessment, and zoning data pertinent to the subject property. 

The following are additional sources were used to provide information pertaining to the 

subject property. 

Washtenaw County Municipal and GIS Website 

City of Ypsilanti Municipal Website 

Area and Neighborhood Data 

The appraisers conducted a physical inspection of the area within which the subject is 

located to obtain area and neighborhood data. 

Additionally, governmental sources 

were contacted in order to obtain information pertaining to such things as adequacy of 

infrastructure; 

availability of utilities; 

employment statistics; 

zoning; 

flood hazards;

Lali 

0. 

inition 

of Vall 

I¢ 

and 

IA 

C 

f Work 

17. 

Market Data Sources 

Physical data for individual comparable are detailed at within the “Analysis of Value,” 

subsection of this report. The sources of this data are cited at this section. 

Real estate 

brokers conducting business 

in the area of the subject were interviewed regarding 

recent real estate activity in the area. Sources of additional general market data are 

listed as follows: 

Data files from the Gerald Alcock Company 

Multiple Listing Service 

Costar Comps 

Swisher Commercial 

Colliers International 

The steps the appraisers used to develop the value estimate stated herein proceed 

from 

the 

Highest and 

Best 

Use analysis 

set 

forth 

within 

the 

"Analysis 

of Value" 

subsection of this report. The General Underlying Assumptions and Limiting Conditions 

to which this report and 

its value conclusion are subject are set forth 

in the section 

bearing that title and must be thoroughly read and understood by anyone using this 

report.

DESCRIPTION OF PROPERTY 

Regional and Local Data 

As shown below, the appraisal property is found in the city of Ypsilanti in Washtenaw County, 

Southeastern Michigan. 

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Gerald Alcock Company, L.L.C, 

Description of Property 19 

The Ann Arbor MSA encompasses areas only within the boundaries of Washtenaw County and 

thus has the same statistical data as the County. 

Owing to its central location, as well as 

cultural and educational advantages, the city of Ann Arbor, about ten miles west of the subject, 

is the metropolitan center to large portions of surrounding townships and neighboring towns. 

A summary of recent trends compiled by ESRI 

in population and households—for Ypsilanti 

Township, the city of Ypsilanti, Washtenaw County, and the State of Michigan—is set forth in 

the following table. 

Population and Households 

A summation of the area population and households is presented below. 

Population & Household Trends 

Compound Annual Change 

Population 

2020 

2025 

2030 

2020-2025 

2025-2030 

Ypsilanti Township 

55,670 

54,967 

53,857 

-0.3% 

-0.4% 

City of Ypsilanti 

20,648 

19,703 

19,232 

-0.9% 

-0.5% 

Washtenaw County 

372,258 

368,553 

367,709 

-0.2% 

-0.0% 

State of Michigan 

10,077,331 

10,042,188 

10,019,164 

-0.1% 

-0.0% 

Households 

Ypsilanti Township 

23,272 

23,520 

23,426 

0.2% 

-0.1% 

City of Ypsilanti 

8,600 

8,584 

8,495 

-0.0% 

-0.2% 

Washtenaw County 

147,847 

151,497 

163,601 

0.5% 

0.3% 

State of Michigan 

4,041,760 

4,133,206 

4,188,623 

0.4% 

0.3% 

Source: ESRI 

Population in the city of Ypsilanti underperforms current and projected compound annual rates 

in 

population 

and 

households, 

relative 

to 

other presented jurisdictions. 

While household 

population 

is expected to decline 

in the Township and City, the number of households 

is 

projected 

to 

rise 

at the County and 

State 

levels, 

reflecting smaller household 

sizes and 

supporting continued demand for housing and related commercial services. 

Median Household Income

The reader should note that the figures cited in the following table are expressed 

in current 

dollars. 

Median Household Income 

Compound Annual 

Change 

2025 

2030 

2025-2030 

Ypsilanti Township 

$72,253 

$83,261 

2.9% 

City of Ypsilanti 

$47,438 

$53,256 

2.3% 

Washtenaw County 

$90,792 

$105,006 

3.0% 

State of Michigan 

$72,645 

$80,812 

22% 

Source: ESRI 

The city of Ypsilanti's median household income 

is lower than other presented jurisdictions. 

From 2025 to 2030, incomes are projected to rise across all areas, with annual growth of 2.9% 

in the Township and 3.0% in the County, compared to 2.3% in the City and 2.2% statewide. 

Employment 

Important factors 

influencing current and future commercial and 

industrial growth 

include 

overall employment levels and the diversity of industries present in the area. A broad mix of 

industry sectors contributes to greater economic stability by reducing reliance on any single 

employer or sector. 

In Washtenaw County, this diversity is reflected in the presence of major 

employers across various industries as outlined in the table that follows. 

Top Employers in Washtenaw County 

7/1/2024 

Employer 

Nature of Activity 

Employment 

1 

University of Michigan 

EducatiorvHealth System 

37,430 

2 

Trinity Health Michigan 

Healthcare 

7,602 

3 

US Government 

Government 

4,031 

4 

Ann Arbor Public Schools 

Education 

2,704 

5 

Trinity Health Michigan 

Healthcare 

1,981 

6 

Washtenaw County 

Government 

1,436 

7 

State of Michigan 

Government 

1,376 

8 

Eastern Michigan University 

Education 

1,326 

9 

Domino's Pizza 

Restaurant franchisor 

1,200 

10 

Forvia North America 

Automotive Supplier 

989 

11 

Cily of Ann Arbor 

Government 

782 

12 

Realtruck 

Automotive Supplier 

780 

18 

Ford Motor Co 

Auternotive Manufacturer 

756 

14 

Ypsilanti Public School 

Public School 

631 

$5 

Washtenaw Community College 

Higher Education 

530

Gerald Alcock Company. L.L.C. 

Description of Property 

21 

The largest employers in Washtenaw County reflect a strong presence in education, healthcare, 

and government. 

The 

University 

of Michigan 

leads 

by 

a wide margin 

with 

over 37,000 

employees, followed by Trinity Health Michigan with over 7,600. Other significant public sector 

employers include the U.S. Government, Ann Arbor Public Schools, Washtenaw County, the 

State of Michigan, and the City of Ann Arbor. Educational institutions such as Eastern Michigan 

University 

and 

Washtenaw 

Community 

College 

also 

contribute 

substantially 

to 

local 

employment. 

Private-sector 

employers 

like 

Domino's 

Pizza 

Inc., 

several 

automotive 

manufacturers and suppliers (e.g., 

Forvia, Truck Hero, 

Ford, Stellantis), and food producer 

Chelsea Milling Company round 

out the top 

20, collectively accounting 

for approximately 

65,408 jobs. 

Unemployment 

Annual 

unemployment 

rates 

and 

employment 

growth 

rates 

for 

the 

subject's 

area 

are 

summarized in the table set forth on the following page. Information for the city of Ypsilanti is 

not available. 

Unemployment Trends 

2019 

2020 

2021 

2022 

2023 

2024 

2025 

Annual 

Annual 

Annual 

Annual 

Annual 

Annual 

July 

Average 

Average 

Average 

Average 

Average 

Average 

Ypsilanti Township 

Labor Force 

29,020 

28,744 

27,861 

28,559 

28,559 

32,437 

32,664 

Employment 

27,754 

25,895 

26,074 

27,008 

27,008 

30,590 

30,062 

Unemployment 

1,266 

2,849 

1,787 

1,651 

1,661 

1,847 

2,602 

Rate 

4.4% 

9.9% 

6.4% 

5.4% 

5.4% 

5.7% 

8.0% 

Washtenaw County 

Labor Force 

198,916 

193,121 

189,611 

194,931 

200,967 

208,818 

208,559 

Employment 

193,127 

180,109 

181,350 

187,847 

194,354 

200,958 

197,487 

Unemployment 

5,788 

13,012 

8,161 

7,084 

6,613 

7,860 

11,072 

Rate 

2.9% 

6.7% 

4.3% 

3.6% 

3.3% 

3.8% 

5.3% 

State of Michigan 

Labor Force 

4,976,000 

4,863,000 

4,780,000 

4,836,000 

5,008,000 

5,052,000 

5,077,000 

Employment 

4,774,000 

4,379,000 

4,502,000 

4,633,000 

4,812,000 

4,817,000 

4,806,000 

Unemployment 

202,000 

484,000 

278,000 

203,000 

196,000 

235,000 

271,000 

Rate 

4.1% 

10.0% 

5.8% 

4.2% 

3.9% 

4.7% 

5.3% 

Source: Michigan Department of Technology, Management & Budgst 

The most recent July 2025 unemployment rate was 8.0% for Ypsilanti Township, 5.3% for

Gerald Alcock Company. L.L.C. 

Description of Property 22 

As shown 

in the adjacent map graphic, the appraisal property 

is located at the southwest 

corner of St. Johns and Jenness Streets, in the city of Ypsilanti, Washtenaw County, Michigan. 

The property has an Ypsilanti mailing address and is serviced by the Ypsilanti school system. 

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The property lies one block west of Eastern Michigan University campus and is part of a spot 

commercial use, surrounding by multiple-family student housing and well as industrial uses. 

The Huron River lies to the east and north. 

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An 1-94 interchange with Huron Street is approximately one and one half miles south, while an 

1-94 interchange with US-12 (Michigan Avenue) 

is approximately two miles southwest of the 

subject and an 1-94 and US-23 interchange is about seven miles southeast. 

US-23 bisects 

1-94 providing a nexus to M-14 to the north. 

In turn, M-14 provides access to Plymouth and 

the surrounding communities 

of 

the northwestern 

Detroit 

Metropolitan 

area. 

The 

1-94 

expressway connects the southeastern Michigan 

cities 

of Port Huron, 

Detroit, Ann Arbor, 

Jackson, and Kalamazoo. 

US-23 connects the Ann Arbor-Ypsilanti area with Toledo, Ohio to 

the south 

and 

Brighton and 

Flint 

to 

the 

north. 

A US-12/Interstate-275 interchange 

is 

approximately ten miles northeast of the subject. 

North/south 1-275 segues into Interstate-96, 

accessing numerous suburbs of Detroit. 

The Eastern Michigan University Central Campus emanates westward from the subject with

Gerald Alcock Company, L.L.C. 

Description of Property 23 

Town, 

a 

satellite 

commercial 

district 

improved 

with 

several 

restaurants, 

commercial 

establishments, a nightclub, and some lounges which serve both food and liquor. 

Many of the 

storefronts in Depot Town have been completely renovated in recent years to retail businesses 

and personal service uses. 

Michigan Avenue, several blocks south of the subject, defines Ypsilanti’s Downtown Central 

Business District. The CBD 

is improved with older commercial buildings. 

The north- and 

southbound penetrator streets radiating from Michigan Avenue are also improved with older, 

two- to three-story commercial buildings, often dedicated to office or retail uses at grade level 

with office or apartment uses on upper levels. 

Washtenaw Avenue comprises five lanes and is a major thoroughfare linking the communities 

of Ann Arbor and Ypsilanti. 

It 

is Washtenaw County's most densely developed commercial 

corridor and 

is characterized primarily by strip shopping centers, motels, hotels, fast food 

restaurants, service stations, and general office and medical office buildings as well as multiple- 

family apartment projects. 

The subject area and the overall region 

of Washtenaw County comprise 

a relatively stable 

market, with adequate access to all commercial, educational, health, and employment facilities 

as well as local highways and expressways. 

Site, Yard Improvements and Utilities 

According 

to municipal record, 

as well as cited survey, 

the rectangularly-shaped property 

comprises 0.165 gross and net acre, with 60 feet of frontage on the west side of Jenness 

Street and 120 feet of frontage on the south side of one-way, westbound St. Johns Street. 

St. 

Johns Street culminates in a dead-end one block east of the subject property. 

The property 

has one curb cut on each artery. 

Topography is level and at street grade. 

Coverage consists 

of the building with earthen surround, 

as site improvements were demolished 

in the third 

quarter of 2025, excepting signage, nominal neglected grassed area and concrete retaining 

wall. 

The gross land-to-building ratio is 3.17 to one. 

The property owner estimates a cost of 

$60,000 remaining to complete proposed site improvements, which would restore functionality 

of the property, to consist of installation of conduit for electrical and fiber optic, drain tile for 

down spouts, bollards, concrete, parking striping, 

irrigation system, landscape, anticipating 

overages. 

Municipal 

and 

commercial 

utilities 

servicing 

or 

available 

to 

the 

building 

on 

site 

include 

telephone, electricity, natural gas, fiber optics and water and sewerage.

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Gerald Alcock Company, L.L.C. 

Description of Property 25 

Survey Excerpt 

American Landmark Survey, PLC, dated 3/5/2025 

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Gerald Alcock Company. L.L.C. 

Description of Property 26 

Building Improvements 

The 

appraisal 

property 

is 

improved 

with 

a 

one-story, 

masonry and 

frame 

single-tenant 

structure, over slab foundation comprising, 

2,271 

gross square feet 

of building area. The 

appraisers refer the reader to the foregoing survey excerpts for building detail and dimensions. 

Further specifications follow. 

Foundation: 

Framing: 

Exterior Walls: 

Fenestration/ Doors: 

Roof: 

Floor Coverings: 

Interior Wall 

Finish: 

Ceilings: 

Lighting: 

Electrical: 

Concrete 

Masonry and Frame (Presumed Steel Joists) 

Exterior walls consist of stucco. 

Fenestration consists 

of fixed 

vinyl-clad replacement windows, 

with 

built-in blinds, which may date to the 2013 remodel. The building interior 

has glass block half-wall partitioning 

in the communal area. 

A former 

ATM drive-through window has fixed glass block 

in place. 

Exterior 

doors 

consist 

of commercial-grade 

glass/metal 

and 

steel 

insulated 

types. 

Interior doors are six-panel solid-core wood. 

The age 

of the 

flat roof, presumably supported 

by metal joists with 

rubber membrane cover, is unknown. 

Floor coverings 

consist 

of ceramic, 

vinyl 

and carpet 

with 

areas 

in 

process of remodel exposed to sub flooring. 

Interior 

wall 

finishes 

is 

generally 

drywall, 

sometimes 

without 

finish 

owning to remodel in process. 

Ceiling 

finishes 

consist 

of 

drywall 

and 

acoustical 

tile, 

sometimes 

dismantled owing to remodel project in process. 

Lighting consists 

of incandescent and fluorescent types, sometimes 

removed for the remodel project. 

Electrical service consists of circuit breaker type, presumed adequate 

for past uses.

Gerald Alcock Company. L.L.C. 

Description of Property 27 

generator on site. 

The property owner installed mini split systems as of 

the retrospective date of value. 

Layout: 

The building is dedicated to entrance vestibule, communal lobby/office, 

two 

private 

offices 

with 

interior window-view 

of 

communal 

area, 

kitchenette, conference room, two-piece lavatory, IT room, mechanical 

room, janitor closet with sink. 

Condition: 

Originally designed 

and constructed 

for 

industrial use 

in 

1957, 

the 

building was converted/remodeled 

to 

credit union use 

in 2006 and 

2013. The present property owner is in process of a remodel project for 

office use. Demolition of part of the interior began in June 2024, while 

site improvement demolition occurred during the third quarter 2025, 

with 

a reported $115,000 expended as 

of the retrospective date of 

value. The property owner's remodel project has stagnated from the 

second half of 2024 through 2025 (extending to the inspection date) 

owing to various zoning or municipal approval issues. Interior restoration 

as of the retrospective date of value is assumed to equate to routine 

tenant improvement allowance, consisting 

of clean 

up, some 

paint, 

carpet, and ceiling work, to restore operational use to the structure for 

office or commercial purposes. 

Assessed Valuation and Taxes 

In the state of Michigan real estate taxes are estimated based on 50% of the true cash value, 

or market value, known as assessed value. 

However, two values are calculated in the State of 

Michigan, assessed value and taxable value. 

In the first year of ownership, the assessed 

equals the taxable value. 

However, according to Proposal A, passed November 24, 1994, the 

taxable value 

is 

a capped value, limited to increase at 5% per year or the current rate of 

inflation, which ever is less. 

The capped value, however, readjusts to the assessed value when 

there is a change of ownership. 

Furthermore, the estimate of market value in an appraisal is a 

value based upon a potential sale. 

Therefore, 

in this valuation, the taxes based upon the 

assessed value are considered the real estate tax burden in this appraisal. 

The real property parcel is identified on the city of Ypsilanti tax rolls for 2025 in the following 

table. The 2026 values are not yet available.

Gerald Alcock Company, L.L.C. 

Description of Property 28 

el) 

Lj) 

Thus, using the combined millage rate for the City and the subject's projected taxable values, 

the projected real estate taxes for the subject are estimated on the following page. 

Real Estate Tax Projections 

Real Tax Identification Number: 

~~ 11-11-04-340-003 

Square Footage 

2,271 

Assessed Value 

Taxable Value 

Values 

$275,800 

$275,800 

Value per Square Foot 

$121.44 

$121.44 

Total Assessed Value 

Millage Rate 

0.0812948 

0.0812948 

Estimated Taxes 

$22,421 

$22,421 

Plus 1% Admin Fee 

$224 

$224 

$22,645 

$22,645 

Per Square Foot 

$9.97 

$9.97 

The assessed true cash value is above the retrospective"As-Is” true cash value estimate in the 

fee simple condition. Therefore, a tax appeal investigation is warranted. 

An 

official 

in 

the 

city 

of 

Ypsilanti 

Treasury 

Department 

advises 

there 

were 

no 

special 

assessments 

levied against the appraisal property 

as 

of the retrospective date 

of value. 

Washtenaw County Treasury documentation indicates there are no delinquent taxes owing 

against the appraisal property for 2024 or prior, as a 2024 delinquent liability was paid on 

December 29, 2025. 

City Treasury documents indicate that 2025 taxes have been paid. 

Flood Hazard 

According to the Federal Emergency Management Agency (FEMA) map panel 26161C0288E, 

date April 3, 2012, the appraisal property lies in a Zone X designation, determined to be an 

area of minimal flooding.

Gerald Alcock Company, L.L.C. 

Description of Property 29 

Zoning 

As indicated in the following graphics the the subject property is zoned “GC, General Corridor 

District and compatibly master-planned for central neighborhood uses. 

According to the city 

zoning ordinance, corridor districts, of which there are three, are intended for “mixed-use and 

commercial area located along arteries of the City." 

The ordinance states that multiple-family 

residential building types and uses are appropriate in the GC district.

Gerald Alcock Company, L.L.C. 

Description of Property 30 

Principal permitted uses 

in the GC 

district include 

a variety 

of single- and multiple-family 

residential uses; recreational and municipal uses; business and commercial uses—including 

professional offices and financial services, including banks, 

less than 15,000 square feet,; 

commercial uses, including restaurants; limited production uses, such as microbrewery; among 

other uses. 

Special uses include parking and auto-related uses and some specified special 

purpose uses, among other uses. 

The City Planner historically advised that minimum building 

sites and width requirements are tied to form-based buildings. 

The subject site predates 

current zoning parameters and would be legal-non-conforming 

if not 

in conformance. 

The 

property owner advises that the demolished site improvements were discovered to be non- 

conforming and thus, new site improvements are largely limited to duplication of what was 

formerly extant. 

Although stoppage in the project has occurred, the project is anticipated to 

come to fruition. 

Easements 

The appraisers have been provided with historical 

title work incorporated into a settlement 

statement for the appraisal property, prepared by ATA Absolute Title Agency, National Title 

Group, dated February 7, 2024. 

The document does not cite other restrictions that would be 

considered atypical. 

The appraisers express no opinion as to the existence of easements or 

restrictions to the property that would adversely affect subject market value or in any way 

create an exception to clear title. 

For the purposes of this appraisal, 

it is presumed that any 

easements or restrictions to clear title consist only of typical utility, drainage and/or road right- 

of-way easements that do not preclude normal development of the appraisal property and 

have no influence on market value of the site. 

Environmental Hazards 

The appraisers did not detect the presence of obvious signs of contamination on the site as a 

result of our physical inspection. Notwithstanding the foregoing statement, the appraisers 

specifically note that the recognition, detection or measurement of contamination is outside the 

scope of this appraisal assignment and their professional expertise. 

Consequently, the value 

opinion expressed 

herein 

is predicated 

on 

the absence 

of toxic 

or otherwise hazardous 

substances or materials from the property. 

If contaminants now affect the appraisal site, or will 

do so in the future, their presence may adversely affect the marketability and/or value of the 

property as expressed herein.

Gerald Alcock Company, L.L.C. 

Analysis of Value 31 

ANALYSIS OF VALUE 

Current Market Conditions and Trends 

National 

According 

to 

the 

University 

of 

Michigan's 

Research 

Seminar 

in 

Quantitative Economics 

executive summary, dated November 2025, “With the data blackout thanks to the longest 

federal government shutdown, assessing 

an already complicated economy feels more 

like 

reading tea leaves this time. We have had to lean heavily on alternative data sources and 

nowcasts of the official data. 

Data released in late September, however, point to stronger consumption expenditure growth 

in 2025Q2. The annualized pace of real final sales to domestic private purchasers was revised 

up by 1.7 percentage points. With solid consumption expenditure readings in July and August, 

headline growth likely ends the third quarter on a firm note. As we write, the Atlanta Fed's 

GDPNow pegs real GDP growth pace at 4.0 percent for the third quarter of 2025. 

Although the federal government shutdown has ended, delayed federal economic statistics will 

take time to be released. 

It remains unclear how missed fieldwork for key indicators, such as 

the unemployment rate, will be handled. 

September-October readings from private data do not suggest a break from the controlled 

softening 

in the labor market. New unemployment insurance claims aggregated across the 

states have held steady through October. The WARN Act notices, which track the number of 

affected employees 60 days before layoffs, have retreated to a modest level in recent months 

after a spike in May-July. 

As 

separations 

under the 

deferred 

resignation 

program come 

due, 

federal government 

employment 

is poised to shrink by more than 150,000 jobs 

in 2025Q4. A negative monthly 

print for non-farm 

payroll job gains 

is highly 

likely 

if and when the October statistics are 

released. 

The Chicago Fed's nowcast of the unemployment rate predicts a moderate uptick from 4.3 

percent 

in August, though 

its October estimate 

of 4.4 percent was constrained 

to non- 

government data. The federal government shutdown likely added at least 0.1 percentage point

Gerald Alcock Company. L.L.C, 

Analysis of Value 32 

More highlights within the November 2025 released RSQE executive summary forecast are 

reported as, “Progress toward inflation normalization appears to be stalling, as goods inflation 

reaccelerated while services inflation continued to run hot. Without quality alternative data on 

real-time inflation, we will have to wait for official releases to assess whether inflation has 

peaked or continues to accelerate in the aftermath of the tariffs. 

The longest federal government shutdown finally ended on November 12, with 

a continued 

resolution through January 30 and three appropriation bills for Agriculture, the Military, and the 

Legislative Branch. Given the length of the shutdown, the reduction in services provided by 

furloughed workers will be visible in the 2025Q4 NIPA data. Therefore, we expect a meaningful 

drag on real GDP growth from the federal government in 2025Q4, followed by an offsetting 

rebound in 2026Q1. 

Having ballooned 

in fiscal 2025 thanks to rising tariff revenue, the pace of nominal revenue 

growth likely moderates as tax cuts take effect and inflation decelerates. Even so, revenue 

growth still modestly outpaces expenditure growth over fiscal 2026-27, as transfer payments 

slow with cuts to safety net programs and non-defense spending remains anemic. As a result, 

the federal deficit dips to just below 6.0 percent of GDP. 

The band of uncertainty associated with trade policy has narrowed. Although we await the 

Supreme Court's ruling on a subset of tariffs, the one-year truce with China brought back some 

predictability. Actual tariff costs borne by businesses appear to track below headline policy 

rates as firms rely on bonded warehouses and other tactics to minimize duties due. We expect 

effective rates paid by firms to settle near 10 percent. Tariffs should keep modest, temporary 

pressure on core goods inflation. 

The FOMC cut the federal funds rate range at each of its two most recent meetings by a 

combined 50 bps, with the October decision coming with two opposing dissents. The Fed will 

likely enter its December meeting without sufficient data to resolve any October disagreements. 

Given recent employment data and a somewhat better than expected October CPI report, we 

believe that the FOMC 

will prioritize risks to the labor market and cut by 25 bps again 

in 

December. The Fed plans to halt the current balance sheet runoff in December after stress in 

money markets emerged in October. 

Somewhat lower mortgage rates have given the housing market some respite: home prices 

were largely flat amid soft demand, but affordability started to improve. While existing home 

sales remained soft, new home sales offered a glimpse of recovery. The sub- index for sales 

expectations in the NAHB/Wells Fargo Housing Market Index rose above the contractionary 

zone for the first time in eight months.”3

Gerald Alcock Company, L.L.C. 

Analysis of Value 33 

RSQE: The 2026-2027 Outlook 

“We expect the annualized pace of real GDP growth in 2025Q3 to come in around 3.1 percent 

thanks to robust consumption and business fixed investment expenditures. The pace of growth 

roughly halves 

in 2025Q4 as a rising share of tariff costs accrues to consumers, the labor 

market softens further, and the federal government shutdown adds drag. Moderate tax cuts, 

less restrictive monetary policy, and the end of the shutdown will set the economy on a steadier 

growth path by early next year. The jagged pattern of quarterly growth rates results in calendar 

year 2026 growth averaging 

2.4 

percent. 

In calendar 2027, growth 

settles down 

to 

2.0 

percent. 

The unemployment rate edges up from 4.3 percent in 2025Q83 to 4.5 percent in 2025Q4, then 

flatlines through the end of 2027. Monthly payroll job gains bottom 

in 2025Q4 before slowly 

recovering to just over 100,000 per month by 2027Q2, driven by solid economic growth. 

The annualized quarterly pace of core CPI inflation peaks in 2025Q4-2026Q1 at 3.4 percent as 

tariffs filter through the economy, before gradually easing over the rest of the forecast horizon. 

Year-over-year PCE 

inflation stays 

in 

the 2.5-2.7 percent range through 2027Q2, 

before 

decelerating to 2.3 percent by 2027Q4. 

With plenty of supply for sale, new single-family home starts flatline for a couple of quarters 

before picking up gradually to 996,000 units by 2027Q4. Multi-family starts hold steady as solid 

economic growth sustains rental demand, averaging 400,000 units in 2026-27. 

The 16.3-million-unit light vehicle sales pace through August likely benefitted from pull-forward 

sales due to tariff front-running and the EV credit expiration. The sales pace dipped to 156.3 

million in October. With higher prices and lower manufacturer incentives, sales are expected to 

average 15.6 million units in 2025Q4. Light vehicle sales hover around 15.7-15.8 million units 

in 

2026-27 

as automakers 

pass 

through 

a 

meaningful 

share 

of 

tariff-related 

costs 

to 

consumers."4 

Michigan 

According 

to 

the 

University 

of 

Michigan's 

Research 

Seminar 

in 

Quantitative 

Economics 

executive summary, dated November 2025, “Gauging the health of Michigan's economy was 

difficult even before the federal government shutdown interfered with key data releases. The 

two key measures of employment, from the payroll and household surveys, have generally 

trended 

in 

opposite 

directions 

this 

year. 

Furthermore, 

preliminary data suggests 

a 

large

Gerald Alcock Company. L.L.C. 

Analysis of Value 34 

jobs next year before adding 4,500 the following year with a boost from a looser regulatory 

environment. Job growth in the government sector slows down but remains positive in each of 

the next two years. 

Michigan's unemployment rate edges up from an estimated 5.3 percent in the fourth quarter of 

this year to 5.6 percent by the second quarter of 2026 before ticking back down to 5.5 percent 

in 2027. 

Personal income per capita grew at a healthy annual pace in the first half of 2025, and we 

expect it to finish the year with a respectable performance of 3.9 percent growth. That pace 

slows to 3.0 percent next year and 3.2 percent in 2027 amid tepid employment growth. 

We expect Detroit CPI inflation to slow to 2.0 percent this year, its slowest pace since 2020. 

Local inflation picks back up to the 2.9-3.0 percent range over the next two years as tariffs 

continue to work their way into consumer prices. 

The combination of slower inflation and healthy nominal income growth boosts real disposable 

in- come per capita with 1.6 percent growth this year, well above the recent average. Real 

disposable income growth slows over the next two years as inflation picks up and job growth 

slows, but federal tax cuts help to offset some of that drag. We project growth of 0.2-0.3 

percent per year over the next two years. Our forecast brings Michigan's personal income per 

capita to $70,300 in 2027, when real disposable income per capita stands 7.3 percent above 

its 2019 level.5 

Subject’s Market Position 

The following table, derived from CoStar Comps, summarizes office trend statistics within a 

one-mile radius of the subject for buildings less than 10,000 square feet. 

As shown, the 

retrospective office market vacancy rate 

is estimated to be 1.10 percent with an average 

asking lease rate as of $15.95 per square foot, full service gross. 

The COVID crisis initially caused an artificial pause in the economy, which has resolved. 

After 

an 

initial spike, the forecast vacancy rate for office properties less than 10,000 square feet 

within a one-mile radius of the subject is expected to increase to above historical levels, as a 

result of the COVID pandemic and economic disruption. 

This takes into account both current 

vacancies and those properties marketed as available.

Gerald Alcock Company, L.L.C. 

Analysis of Value 35 

Market Summary (On 

Office 

Buildings < 10,000 sf 

27 

Rentable Building Area 

122,311 

Vacancy 

4Q 2026 

1.10% 

4Q 2024 

1.10% 

4Q 2023 

0.00% 

4Q2022 

0.00% 

Net Absorption 

Sq.Ft. 

4Q2025 

1,300 

4Q2024 

-1,400 

4Q2023 

6,318 

4Q 2022 

0 

Typical Asking Rent 

FS Gross 

4Q2025 

$15.95 

4Q2024 

NA 

4Q 2023 

$22.37 

4Q2022 

N/A 

Source: CoStar 

One-Mile:Office:Radius:<:10,000:sf 

ancy & Market Asking Rent Per SF 

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Gerald Alcock Company. L.L.C. 

Analysis of Value 36 

The foregoing CoStar study indicates an office vacancy rate for buildings less than 100,000 

square feet of 1.063 percent for Fourth Quarter 2025 decreased from 1.1455 percent in the 

Fourth Quarter 2024. 

The Fourth Quarter 2026 is forecast for 1.098 percent, to increase to 

1.141 percent by the Fourth Quarter 2030, five years hence. 

The market rent is reported to be 

$18.33 per square foot for Fourth Quarter 2025, increased from market rent of $17.78 per 

square foot in the Fourth Quarter 2024; forecast for $18.33 for the Fourth Quarter 2026; and 

$19.60 per square foot by Fourth Quarter 2030. 

The appraisers note that the market rent 

forecast pertains to properties that are not specific to the appraisal property. 

The Fourth Quarter 2025 RERC Real Estate Report cites Second Tier Midwest Suburban Office 

capitalization rates in a range from 7.80 to 10.0, averaging 8.80 percent; and Third Tier rates 

range from 7.80 to 11.80, averaging 9.50 percent. 

After a spike in 2023 and 2024, vacancy rates declined in the second half of 2025 and Costar 

projects rates to remain stable with rents trending upward a moderate pace over the next 

several years, generally in line with inflation. 

Highest and Best Use of Property 

As defined by the Appraisal Institute, the highest and best use is 

The reasonably probable and 

legal use 

of vacant 

land 

or an improved 

property, which 

is physically possible, appropriately supported, financially 

feasible, and that results in the highest value. 

The use to which land can be put and the intensity to which 

it can be developed have a direct 

bearing on its value. The purpose of the highest and best use analysis, therefore, is to identify 

the most probable and profitable use 

of the property so that 

a value may be estimated 

predicated on that use. 

This definition reflects the importance of determining the subject property's most productive 

use as 

it relates to value. Certain criteria—legally permissible, physically possible, financially 

feasible, and maximally productive—are considered in order to determine its highest and best 

use. 

The property is first analyzed “As Though Vacant” and “As Improved” 

in consideration of a

Gerald Alcock Company. L.L.C. 

Analysis of Value 37 

As Though Vacant: 

Legally Permissible 

To the best of the appraisers’ knowledge, information, and belief, there 

are no legal restrictions that would interfere with normal development of 

the site for any use permitted under the GC, General Corridor zoning 

designation, constructed in compliance with code requirements. 

Physically Possible 

The subject contains 0.165 

gross 

acre. 

Topography 

is 

level and 

coverage is clear. The soils are assumed suitable for development. The 

existence of buildings on nearby lots further affirms this possibility. 

All 

municipal utilities are available to the site. 

The site has represented an 

isolated commercial use, 

featuring adequate frontage and exposure 

characteristics on two tertiary arteries, one of which 

is a one-way and 

dead-ends just east of the subject. The location of the site is suitable to 

serve the commercial or office needs of EMU's student body. 

Based on 

the 

above 

physical 

characteristics, 

the 

subject 

site 

is 

suited 

for 

development 

to many 

of the 

uses 

permitted 

by 

the 

GC, 

General 

Corridor District. 

The site is physically suitable for a use similar to the 

historical 

credit union 

or an 

office 

use, 

as proposed 

by the current 

owner. 

Financially Feasible 

Of the permitted uses to the site all would produce income greater than 

that needed to satisfy operating expenses. 

However, 

it 

is difficult to 

determine with certainty, lacking benefit of plans, specifications, or costs 

of a proposed project. The subject's size, shape, and location, indicates 

the best use of the site is for mixed-commercial, office and or residential 

use as allowed by code, servicing the area's population. 

Maximally Productive 

Given 

the 

subject's 

location, 

a mixed-use commercial development 

appears 

to produce the highest value and 

is considered 

to be the 

maximally productive and highest and best use for the subject site, time 

and circumstances warranting.

Gerald Alcock Company, L.L.C. 

Analysis of Value 38 

include commercial business service uses and 

the intended 

use 

is 

presumed permissible. 

Physically Possible 

The design, location, and zoning of the subject property, along with the 

presence 

of 

an 

existing 

structure, 

support 

the 

conclusion 

that 

the 

anticipated use 

is physically possible. The presence 

of buildings on 

nearby parcels further reinforces this conclusion. The building's size, 

configuration, 

and 

features 

are 

generally 

well-suited 

to 

a 

range 

of 

commercial office users within the local market. 

Financially Feasible 

Financial feasibility 

is based on whether a proposed use can generate 

an income or return sufficient to cover operating expenses and provide 

a reasonable return on investment. The overall occupancy rate in the 

area remains stable, and the regional market has shown consistent 

activity, as evidenced by numerous improved property sales over the 

past 

five years. Current market indicators support positive property 

values. 

Accordingly, 

the improvements 

on 

the subject 

property 

are 

considered financially feasible as planned for completion. 

Maximally Productive 

Among the financially feasible uses, the one that produces the highest 

value represents the highest and 

best 

use. The subject property 

is 

currently improved with a building that effectively utilizes the site. 

The 

property owner 

is 

in process 

of redeveloping 

the property and 

site 

improvements, 

revealing 

a 

non-conformance 

of 

older 

site 

improvements, now demolished, presumed to have had 

a legal non- 

conforming status. 

Although such circumstance has caused stoppages 

to the project, the remodel plan is anticipated by the property owner to 

come to fruition. 

The property owner's planned site improvements are 

required 

to replicate the former improvements, presumed through 

a 

variance instrument, associated with the existing zoning regulations. No 

other use would create a higher value than the use proposed, given the 

status of the project in process as of the retrospective date of value.

Gerald Alcock Company. L.L.C. 

Analysis of Value 39 

Methods and Date of Valuation 

There are three generally recognized approaches to valuing real property: 

The cost approach, 

the sales comparison approach, and the income approach. 

Each of the three approaches has 

inherent strengths. 

In selection of the procedures and techniques to be used in a valuation, the 

appraisers must consider the appropriateness of the valuation approaches relative to the nature 

of the property under valuation to determine which approaches 

will produce supportable 

estimates 

of market value. 

Each method and 

its applicability 

in the instant analysis are 

discussed below. 

Each method and its applicability in the instant appraisal are discussed below. 

Discussion of the Cost Approach and Its Appropriateness in this Analysis 

In the cost approach, the cost of replacement or reproduction of the buildings and all 

other improvements to the land are estimated. Depreciation, 

if any, from all causes is 

then estimated and deducted from reproduction 

or replacement cost 

to give net 

depreciated reproduction or replacement cost of improvements. To this is added land 

value to give an indication of total property value by the cost approach. This approach 

is most useful for valuing property with new or proposed improvements that utilizes a 

site to 

its most intense use. 

In valuing income-producing properties, this approach 

generally sets an upper limit to value. This is based on the tenet known in appraising as 

the principle of substitution which, 

“ 

. 

. 

. states that a prudent purchaser would pay no 

more for real property than the cost of acquiring or developing an equally desirable 

substitute. 

. 

. 

“ 

Valuation by the cost approach is not considered appropriate for the subject because, 

as properties age, depreciation becomes increasingly difficult to accurately measure, 

making the value indication by the cost approach rather subjective. 

It is our opinion 

that properties such as this—which 

is to say, 

buildings older than 

five years—are 

purchased on market-driven 

as opposed to cost-driven considerations. 

The cost 

approach is not applied. 

Discussion of the Income Approach and Its Appropriateness in this Analysis 

The income capitalization approach assumes that the value of the property arises from 

its potential 

for producing income to an investor. 

First, gross income, operating

Gerald Alcock Company, L.L.C. 

Analysis of Value 40 

Generally, 

market 

participants 

of 

income 

producing 

properties 

consider 

income 

potential when establishing selling prices. 

The income approach is not applied to the 

valuation of the property in the retrospective condition, as the property is not suitable 

for occupancy in its current condition and 

is more likely to be owner-occupied upon 

completion in the future. 

Discussion of the Sales Comparison Approach and Its Appropriateness in this Analysis 

The sales comparison approach, 

is defined as "[an] appraisal technique in which the 

market value estimate is predicated upon prices paid in actual market transactions (...) 

It is a process of correlation’s and analysis of similar recently sold properties. 

. ." 

The sales comparison approach 

is typically used in valuing similar properties such as 

the 

subject, when 

there 

is adequate and 

reliable 

sale information 

of comparable 

properties. 

The sales comparison approach will be employed 

in the analysis of the 

property as improved in retrospective condition. 

Sales of such facilities provide viable 

market indicators from which value may be deduced. 

Summary 

The sales comparison approach 

will be applied to valuation of the property 

in the 

retrospective condition. 

Because the property is currently 

in an partial incomplete 

stage, with remodel/conversion project partially accomplished, the retrospective value is 

discounted for projected cost to complete a repurposed project and entrepreneurial 

profit, necessary to entice a market participant to take on such a project. 

Effective Dates 

The effective date of the retrospective valuation 

is December 31, 2025. The property was 

inspected on February 19, 2026.

Gerald Alcock Company. L.L.C. 

Analysis of Value 41 

Retrospective Condition: Sales Comparison Approach 

The retrospective valuation is made as of December 31, 2025. 

The property owner's remodel 

project has stagnated from the second half of 2024 through 2025 (extending to the inspection 

date) owing 

to various zoning 

or municipal approval issues. 

Interior restoration 

as 

of the 

retrospective date of value 

is assumed to equate to routine tenant improvement allowance, 

consisting of clean up, some paint, carpet, and ceiling work, to restore operational use to the 

structure for office or commercial purposes. 

The property owner estimates a cost of $60,000 

remaining to complete proposed site improvements, which would restore functionality of the 

property, to consist of installation of conduit for electrical and fiber optic, drain tile for down 

spouts, bollards, concrete, parking striping, irrigation system, landscape, anticipating overages. 

The sales comparison approach is based on the principle of substitution. 

This approach has 

greatest value in appraisal situations involving land or improved properties within a particular 

area, having common elements and similar amenities. 

In the absence of sales with sufficient 

similarity 

to 

allow 

direct 

comparison, 

other 

reasonably 

similar 

improved 

properties 

are 

considered, because they provide a range of unit prices within which the current real estate 

market is operating and within which the appraisal property would be expected to sell. 

Several units of comparison can be used depending upon the type of property under valuation. 

A typical unit of comparison most recognized by the market for similar facilities is the price per 

gross square foot of building area, fully above grade. 

This is the unit of comparison used in the 

instant analysis. The significant items of comparisons are the transaction and physical items 

shown as follows: 

Transaction Items 

Physical items 

e Buyer Expenditures 

e 

| ocation 

e Property Rights 

eo 

Building Size 

e Financing Terms 

e 

| and-to-Building Ratio 

e Conditions Of Sale 

e Age and Condition/ Interior 

o Market Conditions 

e 

Site Improvements 

e Quality and Appeal 

e Dedication 

e Ancillary Space 

e Amenity Level 

° Zoning 

The sales considered to best represent the subject market are provided 

in detail and are

Gerald Alcock Company, L.L.C. 

Analysis of Value 42 

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Gerald Alcock Company. L.L.C. 

Location: 

Sale Date: 

Sale Price: 

Purchaser: 

Seller: 

Site: 

Improvements: 

Zoning: 

Utilities: 

Tax Code: 

Exposure Time: 

Occupancy: 

Comments: 

Source: 

Indicator: 

Comparable 1 

MARKET DATA 

Commercial Sale 

Photograph Date: 9/25/23 

213 Pearl Street, Ypsilanti, Washtenaw County, MI 

December 2023 

$114,900 Cash to mortgage 

Amy Kaye Grettum 

Christ Temple Apostolic Church 

The site is rectangular in shape and contains 0.061% acres, or 2,640+ square feet. There is 40 feet 

of frontage along the south side of Pearl Street and a depth of 66 feet, The topography is generally 

level 

and 

at 

road 

grade. Additional features 

include 

dirt and 

gravel 

parking 

along 

the 

west 

elevation, The site benefits from city curb, lighting, and road improvements, In addition, the site 

has access to public parking 

at 

its rear elevation. The land-to-building ratio is 1.52 to 

1. The site 

improvements are considered to be in average to below average condition. 

Originally built 

in 1945 with 

a reported remodel 

in 1964, the subject 

is a one-story commercial 

building containing 1,739+ square feet 

built over 

a slab foundation with 

a primarily unfinished 

interior in a white box state. Construction is block with a combination of concrete block, textured 

brick, wood siding, and metal panel exterior, The roof is flat with 

a presumable rubber membrane 

cover. Per Assessor Records, the average ceiling height 

is estimated at eight feet. The overall 

condition of the appraisal property in its present state is below average for its age and use. 

C, Center District 

All Municipal 

11-11-40-484-003 

21 months 

Vacant 

The property was most recently listed for sale for $114,900 on May 8, 2023. In the last three years 

the property was also listed for sale on December 16, 2021 for $149,000, or $86 per square foot, 

and again on May 9, 2022 for $129,900, or $75 per square foot. Currently, the subject is under a 

Purchase Agreement for $114,900, or about $66 per square foot, Update: the property sold on 

12/21/23 for $114,900, 

GAC File; Mary Hargrow, Dynasty Real Estate Group, (734) 730-0863 

$66.07 per square foot 

Analysis of Value 43

Gerald Alcock Company. L.L.C. 

Analysis of Value 44 

Comparable 2 

MARKET DATA 

Photograph Date: 

Location: 127 N Washington St, Ypsilanti, Washtenaw County, MI 

Sale Date: September 2023 

Sale Price: $160,000 Cash to mortgage 

Purchaser: Wise Mind Properties LLC 

Seller: Hedger C Breed 

Site: The 

primarily 

rectangular 

site 

has about 

25 

feet 

of frontage along 

the west 

side 

of North 

Washington Street with a depth of 66 feet, 

Total site size is about 1,650 square feet, or 0.038 

acres. The land-to-building 

ratio 

is 1.04-to-one. 

The site 

is downtown within the city’s Center 

District and has access to public parking. 

Improvements: The 1-story, zero lot line building dates to 1958 and contains 1,586 square feet built over a slab 

foundation. The building abuts the building to the south, and 

is dedicated 

to office and/or retail 

use. 

It contains a central hallway which gives access to four individual offices, and includes two half 

bathrooms, utility room, and kitchenette. The overall condition 

is considered good by the listing 

broker. 

Zoning: 

C, Center District 

Utilitie: 

Il Municipal 

Tax Code: 

11-11-40-483-012 

Occupancy: Owner Occupied 

Comments: 

Per the listing broker, the building was not listed on the market, and sold to the current tenant at 

an 8,5% discount based upon an appraised value, The listed sale price is confirmed by the broker, 

The property last sold for $70,000 in 2018. 

Source: Hedger C. Breed, 734-216-4666 

Indicator: $101 per gross square foot 

© 23 Gerald Aleck Company

Gerald Alcock Company. L.L.C. 

Analysis of Value 45 

Comparable 3 

MARKET DATA 

Commercial Sale 

Photograph Date: 

Common Name: Former Mila’s Market 

Location: 979 Ecorse, Ypsilanti Township, Washtenaw County, MI 

Sale Date: December 2024 

Sale Price: $190,000 Cash or Equivalent 

Purchaser: 979 Ecorse, LLC 

Seller: A2A] Properties, LLC 

Site: The nearly square-shaped site contains 0.417 

gross and net acres with 147 feet of frontage along 

the north side of Ecorse and roughly 130 along the west side of Oaklawn, The gross and net and- 

to-building ratio is 6.1-to-one, 

Improvements: Improvements consist of two buildings that total 2,980 square feet, 48% retail / 52% storage. The 

front market / convenience store building contains 1,540 square feet built 

in 1961, remodeled 

in 

1985. 

Construction 

is 

block. 

The 

rear storage 

building 

contains 

1,440 

square 

feet, 

frame 

construction, plumbing (restroom) and heat, and was constructed in 1990, 

The front building 

is in 

below average condition and 

in need 

of mechanical updating. 

The rear building 

is 

in average 

condition, 

Zoning: NC, Neighborhood Corridor District (ERFB, Ecorse Road Form Based) 

Utilities: 

All Municipal 

Tax Code: K-11-10-380-025 

Exposure Time: 

3.5 months 

Occupancy: Owner Occupied 

Comments: The property was listed 1/15/2020 @ $209,000 and lowered 6/4/2020.The assessor's record 

indicates 1/19/2023 foreclosure to University Bank for zero consideration and arm’s-length sale on 

March 28, 2023 for consideration of $170,000, The 12/27/2024 cited sale was listed for 

consideration of $200,000 and sold at a 5% discount after exposure to the market for 105 days. 

Source: Assessment Record/ Benjamin Margolis, Max Broock Realtors, (734) 985-5091 

Indicator: $63.76 per square foot

Gerald Alcock Company. L.L.C. 

Analysis of Value 46 

Comparable 4 

MARKET DATA 

Commercial Sale 

Common Name: Former Salvation Army 

Location: 

9 South Park, Ypsilanti, Washtenaw County, MI 

Sale Daté: May 2024 

Sale Price: $395,000 Cash 

Purchaser: Hart Investment Properties, LLC 

Seller: 

9 Park, LLC 

Site: The rectangular site contains 0.305 acres with 100 feet of frontage on the east side of South Park 

Street and 132.76 feet of frontage on the north side of Parsons Street. 

There is no onsite parking. 

Land-to-building ratio is 1.71-to-one. 

Improvements: The one- and two-story masonry and block structure, over concrete slab, was constructed in 1943 

and 1975. 

It contains 

7,757 square feet, inclusive of 25% below grade lower level. 

The building 

is dedicated to 34 percent office and 66 percent flex spaces. 

Building features include large open 

activity room with stage and two offices on the upper level and 

a meeting room, two lavatories, 

small storage, office and mechanical rooms on the lower level. The one-story addition was partially 

remodeled in 2011 and features a gymnasium/cafeteria with 16.67-foot ceiling height, commercial 

kitchen, waiting room, storage rooms and two offices. 

Overall condition is average, 

Zoning: GC, General Corridor District 

Utilities: All Municipal 

Tax Code: 11-11-09-190-010 

Occupancy: 55% Occupied 

Comments: 

Since 2020, the owner added an overhead door and chain link fencing with gate and updated 

concrete work, interior paint, some flooring. 

Costar indicates one tenant occupies the flex space, 

The owner contact advises that the cited transaction represents sale to a tenant at a beneficial 

price to the purchaser because of the relationship. 

Source: Assessor/ Historic Appraiser’s file/ Hunter Pizzo, Beal Capital, (517) 438-6289 

Indicator: $50.92 per square foot

Gerald Alcock Company. L. L.C. 

Analysis of Value 47 

Location: 

Sale Date: 

Sale Price: 

Purchaser: 

Seller: 

Site: 

Improvements: 

Zoning: 

Utilities: 

Tax Code: 

Exposure Time: 

Occupancy: 

Comments: 

Source: 

Indicator: 

Comparable 5 

MARKET DATA 

Automobile Service/Garage Listing 

Photograph Date: 

59 Ecorse Road, Ypsilanti, Washtenaw County, MI 

January 2025 

$850,000 Cash or Equivalent 

Active 

Archway Enterprises, LLC 

The irregularly-shaped site comprises 0.359 gross and net acre, with 131 feet of frontage on the 

north side of Ecorse Road and 114 feet of frontage on the west side of Emerick Street. Topography 

is level and coverage is clear. The gross and net land-to-building ratio is 2.76 to one. 

The frame and concrete building, dating to 1955 with 2021 remodel, comprises 5,656 square feet, 

dedicated to service garage, with 

a complement of offices, in above average condition. 

The roof is 

is 

Durolast 

with 

55% 

replacement 

of 

metal 

deck. 

Other 

updates 

include 

tuckpointing, 

interior/exterior paint, 

efficient light fixtures, expoxy-coated 

flooring 

in 

the garage areas. 

The 

office component feature a foyer, reception and two offices, estimated to comprise about 15% of 

the structure. 

The building has six bays on two sides of the building and three-phase electrical 

service. 

The building 

is marketed as suitable for for auto service, manufacturing retail and storage 

uses. 

GC, General Corridor 

All Municipal 

11-11-10-268-007 

9.13 months 

Owner Occupied 

The property has been exposed to the market for 274 days without price reduction. The owner- 

occupant has built a new facility and is reportedly almost moved out, The listing broker advises 

that the listing has generated interest from non-profit and auto-related groups and is confident that 

the property will sell close to the listing price, 

Assessor/ 

C. Hedger Breed, Greater Metropolitan Assoc. of Realtors, (734) 216-4666 

1 $150 per square foot

‘Rotrospective Condition: 

A: 

ing Now Sito Improvomonts in Place: Improved Salos Grid™ 

Sale 1 

Sale2 

Title Interest Transferred 

Foo Simple 

Foe Simple 

Sales Price 

$114,000) 

$160,000 

Gross Bulking Area (SF) 

1.739 

1586 

Price per Square Foot 

s66| 

$101 

Date of Sale 

D 

23 

23 

‘Buyer Expenditures 

El 

E) 

| 

Property Rights 

os 

0% 

0% 

Financing Terms 

0% 

0% 

0% 

Conditions of Sale 

0% 

0% 

0% 

Market Conditions 

6.00% 

675% 

2.00% 

475% 

$69) 

$108 

$66 

$53 

$120 

Location 

Jenness, St. Johns 

Pear 

N. Washington 

Ecorss| 

s. Park, Parsons 

Ecorse 

Chy/TwpVillage 

Yosianti 

Ypsilanti 

Yosiant 

Yosilanti Twp) 

Ypsilanti 

Ypsilanti 

Adjustment 

5% 

5% 

0% 

0% 

o% 

Gross Bulking Area 

2271 

1.739) 

1.586 

2,980 

7.757 

5,656 

Adjustment 

0% 

0% 

0% 

10% 

5% 

Land-to-Building Ratio 

3.17 10 one, net 

1.52 

to one, net 

1.04 %0 ono, net| 

6.1010 one, net 

7.0010 one 

27610 one, net 

Adjustment 

5% 

5% 

5% 

5% 

0% 

‘Age and Condition Interior 

1957/ 2006, 2013 Remodel 

1945, '64/ Avg- 

1956/Good| 

1961, 1990/ Avg to Avg- 

1943, '75/ Avg Updates, 

1955/2021 Remodel 

2025 Partial Interior Domo/ Project in Process 

Adjustment 

50% Lacks Interior Finish _Assumed Comparable to Typical Tis 

15% 

-10% 

5% 

0% 

10% 

Site Improvements 

‘Assume New Site Improvements 

Older Site Improvements 

Older Site 

Impr 

Otder Site Impr 

Older Site 

Impr 

‘Older Site 

impr 

ts 

Adjustment 

15% 

15% 

15% 

15% 

15% 

Qualky and Appeal 

Avg+! Grade 

Avg/ Grade 

Avg+/ Grade 

Avg/ Grade 

Avg+/ Mut, Part BG 

Avg+/ Grade 

Adjustment 

10% 

0% 

10% 

20% 

0% 

Dedication 

100% Office/Retall 

100% White Box 

100% Office Retail 

52% Retall. 

Office, Flex. Kitchen 

15% Office est. 

Project In Process Utity Compromised 

48% Warehouse 

85% Flew Shop 

Adjustment 

0% 

0% 

20% 

0% 

0% 

‘Ancillary Space 

None| 

None! 

None 

200 st Storage/ Cooler, 

None 

None 

Adjustment 

0% 

0% 

0% 

0% 

0% 

Amenity Level 

Average 

#verage 

Average 

Average| 

10H, Some High Cellings 

6 OH, 3-Phase Elec. 

Adjustment 

9% 

0% 

0% 

5% 

10% 

Zoning 

GC) 

c| 

c 

NG 

[=] 

3 

Adjustment 

o% 

0% 

0% 

0% 

0% 

50% 

5% 

55% 

55% 

40% 

40% 

5% 

45% 

35% 

0% 

Final Adjusted Price 

597, 

$113. 

$95 

s12 

$120 

Sauare Foot 

Index of Comparable Sales 

1. 213 Pear! Street. Ypsiant! 

High 

$120 

2. 127 North Washington Stree, Ypsitant! 

Mean 

$100 

3. 979 Ecorse Road, Ypsilanti Township 

Median 

so7 

4. 9 Park Street, Ypsilanti 

Low 

s12 

5. 59 Ecorse Road, Ypsilanti 

TT AUBAIOD) S000] Deion) 

SF OTTER JO STAT

Gerald Alcock Company. L.L.C. 

Analysis of Value 49 

Adjustments 

Buyer Expenditures 

Buyer expenditures include the costs incurred or anticipated by buyers immediately following 

the purchase of a property. These costs may include demolition, renovation, environmental 

costs, or legal and zoning costs. 

Additional buyer expenditures were not reported for the 

presented data; therefore no adjustment is warranted. 

Property Rights 

The fee simple title to the subject property is under analysis. 

The comparable sales conveyed 

or are offered in the fee simple title interest, and adjustments for property rights are not applied. 

Financing 

All 

of the comparables sales were purchased with cash 

to the seller 

or presumed cash 

equivalent terms. Therefore, no adjustments are warranted. 

Conditions of Sale 

The presented data are reported to be arm’s-length transactions; therefore, no adjustments are 

applied. 

Market Conditions 

The consummated sales have occurred within the past 27 months of the retrospective date of 

valuation. 

Adjustments are predicated upon improvement 

at 

a rate 

of three percent per 

annum, or 0.25 percent per month, from the date of sale through the retrospective date of 

valuation. 

Downward 

adjustment 

is 

applied 

to Comparable 

Five, 

an 

active 

listing 

in 

consideration of negotiation inherent to real estate transactions. 

Location 

Location adjustments are made 

in consideration of visibility characteristics, 

traffic patterns, 

accessibility, local economies, demographic trends, and neighborhood real estate values. 

The 

subject represents a spot commercial use, located at the corner of two tertiary arteries, amidst 

student housing, just east of the Eastern Michigan University campus. 

Downward adjustment 

is applied to Comparables One and Two, located in 

the CBD or commercial campus districts. 

No adjustment 

is applied to the remaining presented data, variably located, with similar or 

offsetting characteristics on an overall basis to that of the subject. 

Building Size 

The subject contains 2,271 square feet of gross building area. 

The comparable data have 

building sizes in a range from 1,686 to 7,757 square feet. 

A tenet in the real estate industry

Gerald Alcock Company. L.L.C. 

Analysis of Value 50 

Land to Building Ratio 

These adjustments are intended to account for those sales that include some excess or 

expansion land or have significantly different land-to-building ratios relative to the subject. 

The 

subject property has a net land-to-building ratio of 3.17 to one. Upward adjustment is applied 

to Comparables One and Two, with a smaller ratios. 

Downward adjustment 

is applied to 

Comparable Four with a larger ratio. 

No adjustment is applied to the remaining presented 

data, with similar utility. 

Age and Condition/ Interior 

The subject improvement dates to 1957 with 2006 and 2013 historic remodel and 2025 partial 

interior demolition of the building interior associated with a remodel project in process. 

Interior 

restoration 

as 

of the retrospective date 

of value 

is assumed 

to equate to routine tenant 

improvement allowance, consisting 

of clean 

up, some paint, carpet, and 

ceiling work, 

to 

restore operational use to the structure for office or commercial purposes. Variable upward 

adjustment 

is applied 

to Comparables One and Three, with 

inferior updates or condition 

ratings. 

No adjustment 

is applied 

to Comparable 

Four, 

after consideration 

of 

its 

overall 

condition. Downward adjustment 

is applied to the remaining presented data, with superior 

overall condition ratings. 

Site Improvements 

The analysis assumes the subject has new site improvements for analysis purposes, in order to 

restore viable utility to the property. 

The property owner estimates a $60,000 cost to complete 

demolished 

site improvements, 

which appears reasonable. 

After consideration 

that the 

presented data have older, but functional site improvements in place, coupled with the tenet 

that remodel improvement costs are rarely fully 

recaptured in the market, yet the new subject 

improvements are substantially superior to the presented data, the appraisers apply upward 

adjustment to the presented data. 

Quality and Appeal 

In the retrospective condition, the subject building has above average quality characteristics at 

grade, given the quality of historical remodel efforts. After consideration of partially offsetting 

quality, 

considering 

interior 

differentials, 

and/or 

appeal 

characteristics, 

the 

following 

adjustments are applied. 

The appraisers note that exterior differentials are considered 

in the 

foregoing “Site Improvements” category. 

Upward adjustment to Comparables One and Three 

with average overall quality characteristics at grade; greater upward adjustment to Comparable 

Four, 

with 

similar overall quality characteristics 

in 

a multiple-level configuration with 

partial 

below-grade area; and no adjustment to the remaining presented data, with similar overall 

quality characteristics at grade.

Gerald Alcock Company. L.L.C. 

Analysis of Value 51 

with varying levels of finish coupled with flex, shop or open space, which simulate the subject 

dedication level in the retrospective condition. 

Ancillary Space 

The subject does not feature an ancillary space amenity. 

No adjustment 

is applied to the 

presented data, either lacking, or with ancillary benefit, not deemed to impact value. 

Amenity Level 

The subject features an average amenity level for its intended use, similar to Comparables One 

through Three, for which no adjustment is applied. Variable downward adjustment is applied to 

applied to the remaining presented data, with superior amenity level, relative to use. 

Zoning 

The subject and presented data are commercially zoned and no adjustment is warranted. 

Summary 

After all adjustments, the comparable building sale prices range from $72 to $120, with a mean 

of $100 and a median indicator of $97 per square foot. Comparables Four and Five adjust out 

of pattern at the low and high ends of the adjusted spectrum, respectively. Comparable Four is 

reported to have sold favorably to a tenant, while Comparable Five represents an active listing 

with a long market time. 

If they are discarded, the remaining presented data adjust to an 

average of about $102 per square foot. 

The appraisers resolve to a rate of $100 per square 

foot, as an appropriate indicator of subject value in the analysis at hand, before consideration 

of discount for cost to restore site improvement utility. Thus, 

2,271 sq. ft. @ $100/sq. ft. = $226,000 (rd.) 

The retrospective valuation is made as of December 31, 2025. 

The property owner's remodel 

project has stagnated from the second half of 2024 through 2025 (extending to the inspection 

date) owing 

to various zoning 

or municipal approval issues. 

Interior restoration 

as 

of the 

retrospective date of value 

is assumed to equate to routine tenant improvement allowance, 

consisting of clean up, some paint, carpet, and ceiling work, to restore operational use to the 

structure for office or commercial purposes. 

The property owner estimates a cost of $60,000 

remaining to complete proposed site improvements, which would restore functionality of the 

property, to consist of installation of conduit for electrical and fiber optic, drain tile for down 

spouts, bollards, concrete, parking striping, irrigation system, landscape, anticipating overages. 

As noted in the “Methods of Valuation” subsection of this report, because the property is in a 

partial incomplete stage, with remodel project partially accomplished, the foregoing conclusion

Gerald Alcock Company, L.L.C. 

Analysis of Value 52 

roughly 4,200 square feet. 

Marshall Swift Cost Manual, a national index, estimates a cost of 

$8.00 to $10.00 per square foot for concrete, equating to a range from $33,600 to $42,000, 

before stripping, 

utility connection and miscellaneous site improvements. 

The appraisers 

accept the property owner's site improvement cost estimate and add for entrepreneurial profit, 

estimated at 10 percent of the estimated cost to restore site improvements, particular to the 

site, for application of reasonably discount to restore site improvements. Thus, 

Retrospective Value Conclusion Assuming Site Improvements in Place 

$225,000 

Less Cost Estimate to Complete Complete Site Improvements 

($60,000) 

Less 10% Entrepreneurial Profit 

($6.000) 

Retrospective “As-Is” True Cash Value Conclusion 

$160,000 (rd.) 

The appraisers conclude that the retrospective “As’ls” true cash value of the appraisal property 

by sales comparison approach, as of December 31, 2025, was: 

One Hundred Sixty Thousand ($160,000) Dollars 

This value estimate is made subject to the “General Assumptions and Limitations of Appraisal,” 

and the following “Extraordinary Assumptions” to this report. 

There are no “Hypothetical 

Conditions” to this report. 

1. 

Valuation is predicated upon the assumption that the appraisal property is free and clear of 

any environmental hazards which would materially affect value; 

if not, the value conclusion 

could be impacted; and 

2. 

Gross 

building 

and 

site 

areas 

are calculated from 

a survey, 

prepared 

by American 

Landmark Survey, PLC, dated March, 2025, corroborated by spot building measurement. 

Valuation 

is predicated upon the assumption that varying gross and/or net site building 

areas generally conform to actual conditions. 

If such is not the case, the value conclusion 

could be impacted; and 

3. 

The instant valuation is predicated upon the assumption that there have been no material 

changes 

to the property from the retrospective date 

of value 

to the date 

of property 

inspection. 

If such is not the case, the value conclusion could be impacted; and 

4. 

The appraisers have relied upon the property owner's representation of estimated cost to 

complete site improvements 

to assist 

in the analysis. 

If such estimate 

is significantly 

incorrect, the value conclusion could be impacted.

Gerald Alcock Company, L.L.C. 

Analysis of Value 563 

for consideration of $219,000. 

Costar indicates that the property was listed by Randy Maas of 

Swisher Commercial for consideration of the same, with exposure for 18.63 months; however, 

the property reports that the property was originally listed for $399,000, and reduced over time. 

As of the retrospective date of value, the property owner expended a reported $115,000 for 

some interior work including addition of mini splits and security, as well at demolition of some 

interior partitioning and 

exterior 

site improvements. 

The appraisers’ 

retrospective value 

estimate 

is below the owner's effective investment and historical purchase price, owing to 

condition of the property at the time of retrospective value. 

The appraisers have relied upon 

current market data, correlating to the retrospective date of value. 

Estimated Marketing Period, Exposure Period 

As used herein, the definition of exposure time is as follows. 

The time a property remains on the market. The estimated length of time the property 

interest 

being 

appraised 

would 

have 

been 

offered 

on 

the 

market 

prior 

to 

the 

hypothetical consummation 

of 

a sale 

at market value on the effective date 

of the 

appraisal: a retrospective estimate based upon an analysis of past events assuming a 

competitive and open market. Exposure time is always presumed to occur prior to the 

effective date of the appraisal... 

A discussion with area brokers and review of similar sales in our company database indicates 

that exposure times can range from a few weeks to numerous years depending on availability 

of utilities, zoning parameters, size, and location of a property. Given current market conditions 

and location of the property, the appraisers consider an exposure time of 12 months to be a 

reasonable estimate for the subject property. 

As used herein, the definition of marketing period is as follows. 

The time 

it takes an interest in a real property to sell on the market subsequent to the 

date of an appraisal. Reasonable marketing time is an estimate of the amount of time it 

might take to sell an interest in real property at its estimated market value during the 

period immediately after the effective date of the appraisal... 

Marketing time is prospective and takes into account current market conditions. The estimated 

market value in this report assumes a reasonable exposure time to the market, which is normal 

for properties of this type. The marketing time is an estimated forecast of the length of time the 

property interest under analysis will be listed on the market prior to a hypothetical sale at the

Gerald Alcock Company, L.L.C. 

Assumptions and Limitations of Appraisal 54 

ASSUMPTIONS AND LIMITATIONS OF APPRAISAL 

This appraisal is for no purpose other than property valuation, and the appraiser(s) is neither 

qualified nor attempting to go beyond that narrow scope. The reader should be aware that 

there are also inherent limitations to the accuracy of the information and analysis contained in 

this appraisal. Before making any decision based on the information and analysis contained in 

this report, 

it is critically important to read this entire section to understand these limitations. 

Appraisal Is Not A Survey 

It is assumed that the utilization of the land and improvements is within the boundaries of the 

property lines of the property described and that there is no encroachment or trespass unless 

noted in this appraisal report. 

No survey of the property has been made by the appraiser and no responsibility is assumed in 

connection with such matters. Any maps, plats, surveys, or drawings reproduced and included 

in this report are intended only for the purpose of showing spatial relationships or location. 

Sizes and dimensions should 

not 

be scaled from them. The 

reliability 

of the information 

contained on any such map or drawing is assumed by the appraiser and cannot be guaranteed 

to be correct. A surveyor should be consulted if there is any concern on boundaries, setbacks, 

encroachments, or other survey matters. 

The legal description given to the appraiser is presumed to be correct, but 

it has not been 

confirmed by a survey. 

Appraisal Is Not A Legal Opinion 

No responsibility is assumed for matters of a legal nature that affect title to the property nor is 

an opinion 

of title rendered. The 

title 

is assumed to be good and marketable. The value 

estimate 

is given without regard 

to any questions 

of 

title, 

boundaries, encumbrances, 

or 

encroachments. We are not usually provided an abstract of the property being appraised and, 

in any event, we neither made a detailed examination of it nor do we give any legal opinion 

concerning it.

It 

is assumed 

that 

all applicable zoning and 

use regulations and 

restrictions have been 

complied 

with, 

unless 

a non-conformity has been stated, 

defined, and considered 

in the 

appraisal report. Information and analysis shown in this report concerning these items is based 

only on 

a rudimentary investigation. Any significant question should be addressed to local 

zoning or land use officials and/or an attorney. 

It is assumed that all required licenses, consents, or other legislative or administrative authority 

from any local, state, or national government or private entity or organization have been or can 

be obtained or renewed for any use on which the value estimated contained 

in this report is 

based. 

Appropriate government 

officials 

and/or 

an 

attorney 

should 

be 

consulted 

if 

an 

interested party has any questions or concerns on these items since we have not made a 

comprehensive examination of laws and regulations affecting the subject property. 

Appraisal Is Not An Engineering Or Property Inspection Report 

This appraisal should not be considered a report on the physical items that are a part of this 

property. Although 

the appraisal may contain information about the physical 

items being 

appraised (including their adequacy and/or condition), 

it should be clearly understood that this 

information is only to be used as a general guide for property valuation and not as a complete 

or detailed physical report. The appraisers are not construction, engineering, environmental, or 

legal experts, and any statement given on these matters in this report should be considered 

preliminary in nature. 

The observed condition of the foundation, 

roof, exterior walls, interior walls, floors, heating 

system, plumbing, insulation, electrical service, and all mechanicals and construction is based 

on a casual inspection only and no detailed inspection was made. For instance, we are not 

experts on heating systems and no attempt was made to inspect the interior of the furnace. 

The structures were 

not checked 

for building code violations, and 

it 

is assumed that 

all 

buildings meet applicable building codes unless so stated in this report. 

Some items such as conditions behind walls, above ceilings, behind locked doors, or under the 

ground are not exposed to casual view and therefore were not inspected. The existence of 

insulation, 

if any 

is mentioned, was found by conversation with others and/or circumstantial 

evidence. Since 

it 

is not exposed to view, the accuracy of any statements about insulation 

cannot be guaranteed. 

It is assumed that there are no hidden or unapparent conditions of the property, sub-soil, or

Gerald Alcock Company. L.L.C. 

Assumptions and Limitations of Appraisal 56 

The age of any improvements to the subject property mentioned 

in this report should be 

considered a rough estimate. We are not sufficiently skilled in the construction trades to be able 

to reliably estimate the age of improvements by observation. We therefore rely on circumstantial 

evidence, which may come 

into our possession (such as dates on architectural plans) or 

conversations with those who might be somewhat familiar with the history of the property such 

as property owners, on-site personnel, public records, or others. Parties interested in knowing 

the exact age of improvements on the land should contact us to ascertain the source of our 

data and then make a decision as to whether they wish to pursue additional investigation. 

The appraiser(s) has observed those parts of the mechanical equipment and systems that 

constitute an integral part of the property and that are generally visible. From such observation, 

the appraiser(s) has reported any apparent conditions that the appraiser believes might bear on 

the conclusions 

of this report. The appraiser(s) has 

not, however, tested such mechanical 

equipment and systems, and thus assumes no responsibility for their operating performance 

(unless specifically so stated in this appraisal). 

The appraiser(s) has not made a specific compliance survey and analysis of the subject to 

determine whether or not it is in conformity with the Americans with Disabilities Act ("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 ADA. 

If so, this fact could have a negative impact upon the value of the 

property. The appraiser has no direct evidence relating to this issue and did not consider 

possible non-compliance with the requirements 

of the ADA 

in estimating the value 

of the 

property. 

Because no detailed inspection was made, and because such knowledge goes beyond the 

scope of this appraisal, any observed condition or other comments given 

in this appraisal 

report should not be taken as 

a guarantee that a problem does not exist. Specifically, no 

guarantee 

is made as to the adequacy or condition of the foundation, 

roof, exterior walls, 

interior walls, 

floors, 

heating system, 

air conditioning system, 

plumbing, 

electrical 

service, 

insulation, 

or any other detailed construction matters. 

If any interested party 

is concerned 

about the existence, condition, or adequacy of any particular item, we would strongly suggest 

that a construction expert be hired for a detailed investigation. 

Appraisal Is Not An Environmental Issues Or A Hazardous Materials Report

Gerald Alcock Company. L.L.C. 

Assumptions and Limitations of Appraisal 57 

be taken as an indication that such a problem does not exist, however. An expert in the field 

should be consulted if any interested party has questions on environmental factors. 

No chemical or scientific tests were performed by the appraiser(s) on the subject property, and 

it is assumed that the air, water, ground, and general environment associated with the property 

present no physical or health hazard of any kind unless otherwise noted 

in the report. 

It 

is 

further assumed that the property does not contain any type of dumpsite and that there are no 

underground tanks 

(or any underground source) 

leaking 

toxic 

or hazardous materials 

or 

substances into the groundwater or the environment unless otherwise noted in the report. 

Appraisal Is Made Under Conditions Of Uncertainty With Limited Data 

As can be seen from limitations presented above, this appraisal has been performed with a 

limited amount of data. Data limitations result from a lack of certain areas of expertise by the 

appraiser(s) (that go beyond the scope of the ordinary knowledge of an appraiser), the inability 

of the appraiser(s) to view certain portions of the property, the inherent limitations of relying 

upon information provided by others, etc. 

There 

is also an economic constraint, however. The appraisal budget (and the fee for this 

appraisal) did not contain unlimited funds for investigation. We have spent our time and effort in 

the investigative stage of this appraisal in those areas where we think it will do the most good, 

but inevitably there is a significant possibility that we do not possess all information relevant to 

the subject property. 

Before relying on any statement made in this appraisal report, interested parties should contact 

us for the exact extent of our data collection on any point, which they believe to be important 

to their decision-making. This will enable such interested parties to determine whether they 

think the extent of our data gathering process was adequate for their needs or whether they 

would like to pursue additional data gathering for a higher level of certainty. 

Information (including projections of income and expenses) provided by local sources, such as 

government agencies, financial institutions, accountants, attorneys, and others is assumed to 

be true, correct, and reliable. No responsibility for the accuracy of such information is assumed 

by the appraiser(s). 

The comparable sales data relied upon 

in 

this appraisal are believed 

to 

be from 

reliable 

sources. Though all the Comparables were examined, it was not possible to inspect them all in

Gerald Alcock Company, L.L.C. 

Assumptions and Limitations of Appraisal 58 

All values shown in the appraisal report are based on our analysis as of the effective date(s) of 

valuation stated 

in this appraisal report. (The value[s] estimated 

in this appraisal report may 

change 

in the future because of changing local or national economic conditions or capital 

money market changes.) These values may not be valid in other time periods or as conditions 

change. We 

take 

no 

responsibility 

for events, 

conditions, 

or circumstances 

affecting 

the 

property's market value that take place subsequent to either the date of value contained in this 

report or the date of our field inspection, whichever occurs first. 

Since projected mathematical models and other projections 

are based on estimates and 

assumptions, which are inherently subject to uncertainty and variation depending upon evolving 

events, we do not represent them as results that will actually be achieved. 

This appraisal is an estimate of value based on an analysis of information known to us at the 

time the appraisal was made. We do not assume any responsibility for incorrect analysis 

because of our incorrect or incomplete information. 

If new information of significance comes to 

light, the value given in this report is subject to change without notice. 

Opinions and estimates expressed herein represent our best judgment but should not be 

construed as advice or recommendation to act. Any actions taken by you, the client, or any 

others should be based on your own judgment, and the decision process should consider 

many factors other than just the value estimate and information given in this report. 

Restrictions Upon Disclosure And Use Of The Appraisal 

Disclosure of the contents of this appraisal report is governed by the Bylaws and Regulations 

of the Appraisal Institute. Neither all nor any part of the contents 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 or the MAI designation 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 and approval of the 

appraiser. 

The appraisal report may not be used for any purpose except substantiation 

of the value 

estimated without written permission from the appraiser. All valuations in this appraisal report 

are applicable only under the stated program of use. The valuation of 

a component part of the 

property is applicable only as a part of the whole property.

Gerald Alcock Company, L.L.C. 

Assumptions and Limitations of Appraisal 59 

Neither this appraisal report nor any part of it may be submitted to the Securities and Exchange 

Commission or to any state securities regulatory agency without the express written permission 

of the appraiser(s). 

Neither the name of the Gerald Alcock Company nor the name of the appraiser(s) nor this 

appraisal report nor any material contained in this appraisal report may be used for activities or 

transactions that are subject to the Employee Retirement Income Security Act of 1974, as 

amended, without the express written permission of the appraiser(s). 

Appraisal Report Limitations 

Appraisal reports are technical documents addressed to the specific needs of clients. Casual 

readers should understand that this report does not contain 

all of the information we have 

concerning the subject property or the real estate market. While no factors we believe to 

significant but unknown to the client have been knowingly withheld, 

it is always possible that 

we have information 

of significance which may be important to others but which, with our 

limited acquaintance of the property and our limited expertise, does not seem to be important 

to us. 

Appraisal 

reports made 

for lenders 

are technical documents specifically made 

to 

lender 

requirements. Casual readers are cautioned about their limitations and cautioned against 

possible misinterpretation of the information contained in these reports. 

The appraiser should 

be contacted with any questions before this report 

is relied on 

for 

decision-making.

LL. 

Al 

isers’ 

Certificatit 

APPRAISERS’ CERTIFICATIONS 

We certify that, to the best of our knowledge and belief: 

10. 

The statements of fact contained in this report are true and correct; 

The reported analyses, opinions, and conclusions are limited only by the reported 

assumptions and limiting conditions, and are my personal, unbiased professional 

analyses, opinions and conclusions; 

We have no present or prospective interest in the property that is the subject of 

this report, and we have no personal interest or bias with respect to the parties 

involved; 

We have no bias with respect to the property that is the subject of this report or to 

the parties involved with this assignment; 

Our engagement 

in 

this assignment was 

not contingent upon developing 

or 

reporting predetermined results; 

Our compensation for completing 

this assignment 

is not contingent upon the 

development or reporting of a predetermined value or direction in value that favors 

the cause 

of the client, the amount of the value opinion, the attainment 

of a 

stipulated result, or the occurrence of a subsequent event directly related to the 

intended use of this appraisal; 

Our analyses, opinions and conclusions were developed and this report has been 

prepared 

in 

conformity 

with 

the 

Uniform 

Standards 

of Professional Appraisal 

Practice; 

We 

(I) have not performed any service, as an appraiser or in any other capacity, 

regarding the property that is the subject of this report within the three-year period 

immediately preceding agreement to accept this assignment; 

Michael T. Williams made a personal inspection of the property that is the subject 

of this report. 

Lorie Alcock did not inspect the property; 

No one provided significant real property appraisal assistance to the author of this 

report;

LiL, 

raisers’ 

ificati 

12. 

The use 

of this report 

is subject to the requirements 

of the Appraisal Institute 

relating to review by its duly authorized representatives; 

13. 

This appraisal assignment was not based upon a requested minimum valuation, a 

specific valuation, or the approval of a loan; and 

14. 

As of the date of this report, Michael T. Williams has completed the requirements 

of the continuing education program for Designated Members of the Appraisal 

Institute. 

Michael T. Williams, MAI 

Lorie Alcock 

Michigan Certified General Appraiser 

Certified General Appraiser 

License No. 1205004033 

License No. 1205000499

Gerald Alcock Company. L.L.C. 

Required Statements 62 

REQUIRED STATEMENTS 

LICENSURE 

Appraisers are required to be licensed, and are regulated by the Michigan Department 

of 

Licensing and Regulatory Affairs, P.O. Box 30018, Lansing Michigan 48909. The appraiser(s) 

are currently and properly licensed. Copies of these licenses are set forth below. 

STATE OF MICHIGAN 

DEPARTHENT 

OF LICENSING AND REGULATORY AFFAIRS 

BUREAU OF PROFESSIONAL LICENSING 

CERTIFIED GENERAL REAL ESTATE APPRAISER LICENSE 

HICHAEL THOMAS UILLIANS 

STATE 

OF 

MICHIGAN 

- DEPARTMENT 

OF LICENSING 

AND REGULATORY 

AFFAIRS 

BUREAU 

OF PROFESSIONAL LICENSING 

CERTIFIED 

GENERAL 

REAL 

ESTATE 

APPRAISER 

LICENSE 

LORIE 

DEGRAW ALCOCK

L.L.C. 

Requi 

tat 

APPRAISAL REPORT 

This report 

is classified as an Appraisal Report under the Uniform Standards of Professional 

Appraisal 

Practice (USPAP) 

of the Appraisal 

Foundation, 

Standards 

Rule 

2-2(a). 

Broadly 

defined, an Appraisal Report gives the contents of the report in a summary form and connotes 

a concise level of detail in the presentation of information. 

USPAP COMPETENCY PROVISION 

This appraisal complies with the Competency Provision of the USPAP. 

NARRATED DATES 

Date of Appraisal Report 

The date of this appraisal report is February 28, 2026. 

Effective Date(s) of Value 

The effective retrospective date of valuation was December 31, 2025. 

Date(s) of Inspection and Inspector(s) 

The property was inspected by Michael T. Williams on February 19, 2026. Lorie Alcock 

did not inspect the property.

Gerald Alcock Company. L.L.C. 

Professional Qualifications 64 

PROFESSIONAL QUALIFICATIONS 

MICHAEL T. WILLIAMS, MAI 

Principal and President with the Gerald Alcock Company, LLC since 2003 and an associate 

since 1995 preparing and managing valuation and consulting assignments. 

Valuations have been performed 

on various properties including, but not limited 

to, 

retail 

shopping centers, net leased retailers, general commercial properties, single and multi-tenant 

industrial 

buildings, 

high-tech 

office 

properties, 

professional and 

medical 

office 

buildings, 

mixed-use facilities, residential subdivisions, apartments, and vacant land for a variety of uses. 

Assignments for special purpose properties include public and private golf courses and country 

clubs, tennis and health clubs, gas station and convenience stores, car washes, bowling alleys, 

hotels, self-storage facilities, churches, schools, day care facilities, specialty-medical properties, 

and assisted living facilities. 

Consulting assignments include appraisal reviews, lease recommendations, market studies, 

ground lease consultations, and buy-sell negotiations. 

Assignments have been performed for financing, disposition and acquisition, estate planning, 

federal estate tax filing, tax appeal, condemnation, internal corporate planning, and foreclosure 

due diligence. Valuations and market studies have been completed for proposed, partially 

completed, renovated, and existing structures. 

Clients served include commercial banks, 

life insurance companies, mortgage bankers, law 

firms, accountants, investment firms, developers, as well as private and public agencies. 

EDUCATION: 

UNIVERSITY OF MICHIGAN 

School of Business Administration 

Bachelor of Business Administration, 1993 

Concentration in Finance and Real Estate 

WALSH COLLEGE

Gerald Alcock Company, L.L.C. 

_ Professional Qualifications 65 

Standards of Professional Practice, Part B, 1994 

Standards of Professional Practice, Part C, 1999 

Appraisal Principles, 1994 

Appraisal Procedures, 1993 

Basic Income Capitalization, 1993 

General Applications, 1994 

Advanced Income Capitalization, 1994 

Highest & Best Use/Market Analysis, 1994 

Advanced Sales Comparison & Cost Approach, 1996 

Report Writing & Valuation Analysis, 1996 

Advanced Applications, 1997 

Fundamentals of Separating Real Property, Personal Property, and 

Intangible Business Assets, 2012 

Seminars Completed: 

Building Construction In Michigan, 1995 

Small Hotel/Motel Valuation, 1997 

Non-Residential Demonstration Report Writing, 1998 

Appraisal Office Management, 1999 

Attacking and Defending an Appraisal for Litigation, 1999 

Appraisal Review — General, 2001 

Effective Report Writing, 2002 

The Road Less Traveled: Special Purpose Properties, 2003 

Rates and Ratios, 2003 

Regression Analysis, 2003 

Uniform Standards For Federal Land Acquisitions, 2003 

National USPAP Update, 2004 

Michigan Appraiser Licensing Law & Rules, 2004 

Appraisal of Local Retail Properties, 2004 

Appraisals and Real Estate Lending, 2004 

Appraising Convenience Stores, 2005 

Business Practice and Ethics, 2005 

Mortgage Fraud, 2006 

Reappraising, Readdressing, Reassigning, 2007 

Analyzing Distressed Real Estate, 2007 

National USPAP Update, 2007 

Appraisal Issues In Publicly-Funded Land Transactions, 2007 

Effective Bank - Appraiser Communication, 2007 

Appraisal Issues in Publicly Funded Land Transaction, 2007

Gerald Alcock Company, L.L.C. 

Professional Qualifications 66 

Business Practice and Ethics, 2010 

Data Verification Methods, 2010 

Spotlight on USPAP: Appraisal Review, 2011 

Michigan Economy, 2011 

Online McKissock: Michigan Law, 2011 

Online Analyzing Distressed Real Estate, 2011 

National USPAP Equivalent Course 2010-2011, 2011 

Spotlight on USPAP: Agreement For Services-Instructions, 2011 

Preparing Valuation Disclosures, Entire MI Tax Tribunal, 2011 

Supervising Appraisers, A Mentoring Process, 2012 

Michigan Economy, 2012 

National USPAP Equivalent Course 2012-2013, 2012 

Michigan Laws and Rules, 2012 

Contemporary Topics For Appraisers Involving the MI Tax Tribunal, 2013 

Michigan Economics, 2013 

Great Lakes Chapter Economic Summit, 2013 

Online Subdivision Valuation, 2013 

Contemporary Topics For Appraisers Involving the MI Tax Tribunal, 2014 

Great Lakes Chapter Economic Summit, 2014 

Michigan Economics, 2014 

Appraising Airports and Airplane Hangars, 2014 

National USPAP Equivalent Course 2014-2015, 2014 

Michigan Economics, 2015 

Online McKissock: Michigan Law, 2015 

Government and The Housing Market, 2015 

Great Lakes Chapter Economic Summit, 2015 

Business Practices and Ethics, 2015 

LARA and the Michigan Real Estate Appraisal Profession, 2016 

Contemporary Michigan Property Tax Issues, 2016 

National USPAP Equivalent Course 2016-2017, IRWA, 2016 

Michigan Economics, 2016 

Michigan Legislative Update, 2016 

Supervisory Appraiser/Trainee Appraiser Course, 2016 

Great Lakes Chapter Economic Summit, 2016 

Natural Resources: An Economic Drive, 2017 

Contract or Effective Rent: Finding the Real Rent, 2017 

Michigan Economy, 2017 

Michigan Appraisal Law, 2017

ld 

Al 

Lo 

Professional 

lification: 

Member, Appraisal Institute (MAI), Certificate No. 115670 

Leadership Ann Arbor Program, Ann Arbor Chamber of Commerce, 2006-2007 

Leadership Development & Advisory Council (LDAC), Appraisal Institute, 2014, 2015, & 2016 

Treasurer, Southeast Michigan Subchapter of the Great Lakes Chapter of Appraisal Institute, 

2001-2003 

Board of Directors, Great Lakes Chapter of Appraisal Institute, 2007-2011 

Chairperson, Membership Development, Retention and Development, Great Lakes Chapter of 

Appraisal Institute, 2007-2012 

Assistant Regional Ethics Administrator For Region lll, Appraisal Institute, 2004-2007 

Regional Member Ethics Administrator For Region Ill, Appraisal Institute, 2008-2009 

Chair, Ethics Administration Division, Appraisal Institute, 2010-2011 

Chair, Ethics Appeals Panel, Appraisal Institute, 2012 

Member, Professional Standards and Guidance Committee, 2013 

Secretary, Great Lakes Chapter of Appraisal Institute, 2013 

Treasurer, Great Lakes Chapter of Appraisal Institute, 2014 

Vice President—Commercial Lending, Great Lakes Chapter of Appraisal Institute, 2015 

President, Great Lakes Chapter of Appraisal Institute, 2016 

Past President, Great Lakes Chapter of Appraisal Institute, 2017

Gerald Alcock Company. L.L.C. 

Professional Qualifications 68 

Lorie Alcock 

Past responsibilities at the Gerald Alcock Company have included book-keeping and valuations 

for residential properties, specializing in exclusive single-family housing. 

Recent responsibilities, 

from 2000 through the present, include valuations for various properties, including, but not 

limited 

to, Regional Commercial properties, single- and multiple-tenant industrial buildings, 

high-tech 

office properties, 

professional and medical 

office buildings, 

mixed-use 

facilities, 

residential subdivisions, and vacant land for a variety of uses. 

Assignments have been performed for financing, disposition and acquisition, estate planning, 

tax appeal, condemnation, internal corporate planning, foreclosure due diligence, and litigation 

support. 

~~ Valuations 

and 

market 

studies 

have 

been 

completed 

for proposed, 

partially 

completed, renovated, and existing structures. 

Clients served include commercial banks, 

life insurance companies, mortgage bankers, law 

firms, accountants, investment firms, developers, as well as private and public agencies. 

EDUCATION 

University of Michigan Bachelor of Fine Arts, 1979 

APPRAISAL INSTITUTE 

Courses Completed: 

Real Estate Appraisal Principles, 1986 

Residential Valuation, 1986 

Basic Valuation Procedures, 1987 

Basic Income Capitalization, 2000 

General Applications, 2001 

Seminars Completed: 

Income Valuation of Small Mixed-Use Properties, 2001 

BUSINESS EXPERIENCE 

1986 — present 

Staff Appraiser, Gerald Alcock Company, L.L.C. 

1982 —- 1986 

Production Artist, Group 243, Incorporated 

1980 - 1982 

Art Teacher, Ann Arbor Recreation Department

Gerald Alcock Company. L.L.C. 

Exhibit A 

Municipal Documents

Gerald Alcock Company, L.L.C. 

Exhibit A 

= 

Parcel Number - 11-11-04-340-003 | City of Ypsilanti 

| BSEA Online 

2/16/26, 10:35AM 

761 JENNESS ST 

YPSILANTI, MI 48197 

«~ 

-» 

Parcel #11-11-04-340-003 

Customer Name: 761 JENNESS ST LLC 

Owner and Taxpayer Information 

761JENNESS ST LLC 

Taxpayer 

SEE OWNER INFORMATION 

Owner 

43422 W OAKS DR UNIT 256 

NOVI, MI 48377 

General Information for Tax Year 2025 

201 COMMERCIAL- 

Unit 

TI CITY OF YPSILANTI 

[2 

rty 

Class 

ima 

IMPROVED 

Assessed Value 

$275,800 

School District 

YPSILANTI SCHOOL 

Taxable Value 

$275,800 

DISTRICT 

State Equalized Value 

$275,800 

MAP # 

K24-3(A) 

Date of Last Name Change 

10/02/2024 

User Number Index 

0 

Notes 

User Alpha 1 

Census Block Group 

User Alpha 3 

Exemption 

Historical District 

No 

User Alpha 2 

Principal Residence Exemption Information 

Effective Date 

Principal Residence Exemption 

June 1st 

Final 

2025 

0.0000% 

0.0000% 

Previous Year Information 

Year 

MBOR Assessed 

Final SEV 

Final Taxable 

2024 

$270,300 

$270,300 

$166,467 

2023 

$259,400 

$259,400 

$158,540 

2022 

$228,900 

$228,900 

$150,991 

Land Information 

Zoning Code 

GC 

Total Acres 

0465 

Land Value 

$25,600 

Land Improvements 

$3,866 

Renaissance Zone 

No 

Renaissance Zone Expiration Date 

ECF Neighborhood 

59. OFFICE 

Mortgage Code 

Lot Dimensions/Comments 

AVERAGE LOT SIZE IS 

Neighborhood Enterprise Zone 

No 

Lot(s) 

Frontage 

Depth 

Lot1 

60.00 ft 

120.00 ft 

Legal Description 

+OLD SID - 1111-800-047-00 YP CITY 50W-28 LOT 47 SCOVILL AND TUTTLE SUBDIVISION OF JARVIS ORIGINAL ADDITION. 761 JENNESS

Exhibit A 

Gerald Alcock Company, L.L.C. 

Parcel Number - 11-11-04-340-003 

| City 

of Ypsilanti | BS&A Online 

Land Division Act Information 

2/18/26, 10:35 AMA 

Yes 

No 

Liber/Page 

Comments 

3928/0688 

3892/0595 

1848-224 

$517,260 

[+ 

15 

ft 

1 

Package Heating & Cooling 

100% 

Date of Last Split/Combine 

Number of Splits Left 

Date Form Filed 

Unallocated Div.s of Parent 

Date Created 

Unallocated Div.s Transferred 

Acreage of Parent 

0.00 

Rights Were Transferred 

Split Number 

0 

Courtesy Spit 

Parent Parcel 

Sale History 

Sale Date 

Sale Price Instrument 

~~ Grantor 

Grantee 

Terms of Sale 

02/07/2024 

$219,000.00 PTA 

UNIVERSITY OF 761JENNESS 

~~ 03-ARM'S 

MICHIGAN 

STLLC 

LENGTH 

CREDIT UNION 

01/01/2014 

$0.00 WD 

EASTERN MICH UNIVERSITY OF 21-NOT 

UNIV CREDIT 

~~ MICHIGAN 

USED/OTHER 

UNION 

CREDIT UNION 

01/26/2000 

$80,000.00 WD 

YOUSSEF 

EASTERN MICH 03-ARM'S 

ANDROULLAN 

UNIV CREDIT 

~~ LENGTH 

UNION 

07/13/1999 

$60,000.00 WD 

FAGAN 

YOUSSEF 

03-ARM'S 

THOMAS & 

ANDROULLAN 

LENGTH 

JEAN 

03/01/1988 

$75,000.00 WD 

12-FROM 

LENDING 

INSTITUTION 

NOT EXPOSED 

08/24/1982 

$1.00 WD 

BETHESDA 

FAGAN JAMES 

 21-NOT 

BIBLE CHURCH 

& THOMAS 

USED/OTHER 

OF YPSILANTI 

Building Information - 2280 sq ft Banks - Mini (Walk-Up and Drive Through) (Commercial) 

Floor Area 

2,280 sq ft 

Estimated TCV 

Banks - Mini (Walk-Up and 

Class 

Dachipanicy 

Drive Through) 

Stories Above Ground 

1 

Average Story Height 

Basement Wall Height 

oft 

Identical Units 

Year Built 

1957 

Year Remodeled 

Percent Complete 

100% 

Heat 

Physical Percent Good 

49% 

Functional Percent Good 

Economic Percent Good 

100% 

Effective Age 

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