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125 CANAL STREET
MAP NO, LOT NO. PROPERTY RECORD - CITY OF SALEM (WARD &PRECINCT) CARD NO. Ad 2— MEMORANDA 33 0105 PHOTO /'fc-"�l2 1+0 . 12- 12`21( �' Lb/ RECORD OF OWNERSHIP NUMBER DATE BOOK PAGE eV(��w J 0125 CANAL STREET 05336 v ,11ORUS REALTY INC 027866 05336 P 0 80X 168 323 0278 4 ALP0LI MA 02081 000 67 )AC. 1 .93 S.F. VALUE 30000 SIGN 700 BLDG 110000 / 1.0 Y VERIFICATION OF INSPECTION Q. /� '` tOF 92')- '� 6V ASSESSMENT RECORD 1975 19 19 19 19 19 19 19 19 19 APPEAL DATA DWELLING Granted 7;ARAC.E Appeal Denied SWIM POOL Value Land APARTMtNTS Change Building CONDO COMM OR IND TOTAL VALUE BUILDINGS TOTAL VALUE LAND TOTAL VALUE LAND&BUILDINGS Cond. Phys. Func. CONSTRUCTION Size Area Class Age Remod. Repl. Value Dep. Phys. Value Dep Sound Value 11 14 15 18 19 22 23 25 26 29 30 31 32 37 38 39 40 45 46 47 48 53 fa Aim_ : - - . / .k a a 4.- 4' . PHOTOGRAPH (/ 4<L. T e ,Soot',Soot'. 517u / d'O 4, �v 7 45- v 7 S� t3 i,Li 7- /iR�a✓ GS S le' G .av?�. ►7 5 'S1D7` . ,/ —3 / 4 o .5" v G. S' Es- a ,cc.0 4 a,.„.ct , PERMIT COMP. DATE' Total LAND VALUE COMPUTATIONS Square Unit Unit Square Ft. Corner Depr.% I nfl Total Value 3 Footage. 6 7 10 11 Price 14 15 % 17 18 Price 23 24 25 26 32 33 34 35 41 RENTAL EXPENSE ITEMS 7 PROPERTY INFORMATION VACANCY LAND COST HEATING BLDG.COST - - WATER SALE PRICE . ELECTRICITY GROSS ANNUAL INCOME ti JANITOR[ _ LESS EXPENSES ��;I .�, C i MANAGEMENT " NET INCOME 9 v t)C CUiV I°""� ni>. '� I LAND @ %= 42-52 LAND RECORD Total Value Land _ BLDG. @ %= Sewer A No Street E High I Water B Dirt Street F Low J Total Value Buildings Gas C Paved G Level K , TOTAL FLAT EXPENSES TOTAI �, Total Value Land and Buildings 1 BUILDING REI.ORD WHIPPLE,MAGANE AND DARCY CONTROL No. MEASURED BY I.j 'DATE LISTED BY I?1V I DATE SEMI MOD KIT _� BLOCK 75 LOT 80 MOD BATH EXEMPT BLOCK LOT CLASS SEMI MOD BATH COMPUTATIONS 1 i_i I I I l? I ?I J I I/Io Ls-( Imo' I a • nuI 4HI TSTORE FRONT T �a / r FIRE PROOF CONST � 'iJC ke'4 t STOe•G '" J v ✓ Iea,'�' '�" .. eeero.A�B"' AREA 6 7 11 12 16 17 20 C ' Y NO. UNIT ' SERIAL NUMBER DATE BUILT SHEETJ OF MILL CONST TaX a /�,..4_.G, — 60/t'. ettoa ITEM OT COST TOTAL II I I I I I I I I I I I / I I I REINF CONC BEAMS&COLS ,,+ _ .� 4.._____ 21 26 27 2 34 STEEL FRAME V/✓ L(iv hit(r✓ ALt�'Trr,ed s 7 / a9/D i, .:- `?/7_ STEEL BEAMS&COLS EXTERIOR WALL VARIATIONS / �. p.�.77,a*i,/Ot.Srd?a DESIGN STEEL TRUSSES ANC1i 1. Common Brick V/F 5. Face Brick VIM STEEL OR BAR JOIST CD/444.,.a..1 ,,4/.P*r j'75,„/..r — e•I1,f"jr 6r.yx•a.. 'Thyela+sve. ZS Z/ . 42 t`.t 7412 2. Face Brick V/F 6. Cut Stone V/M TIMBER BEAMS&COLS ADDITIONS OR DEDUCTIONS SPLIT LEVEL or BY LEVEL 3. Cut Stone V/F 7. Perna Stone WOOD TRUSSES •-•,r /.c COLONIAL 4. Common Brick V/M SPRINKLER SYS CAPE COD PASS ELEV / �7 ✓ //`9 �' ye' TYPE STORIES LINEAL FEET 9 T +"re .+ rSl�.G ,.-002,,../1/44 77,20....i/ Qa,- ,le s /7��;�.5 � v. CONDO / I ( • a I I Zo I FREIGHTELEV 7�. 000NVENTIONAL I3536 3738 40 v Sp✓f` /:Zr 1 ..' MODERN FINISHED ATTIC OR SECOND FLOOR FLOORS-5 4 _ ;, la trr4u W �I `?X V(es4-n iCt ES LSi1D'\ c �Zk se. ''7 RAISED RANCH c7 SINGLE FAMILY Cement J72 3 of 1--1,�/ c°tt r,e,\- L +I\ntvl.else , ALY�.r' Ai I, / �r^9/� J s,� Hardwood `` r F er _ . /,S-7..".' FAM. FLAT Fin.Area 43 I I I 146 U SC C� a�� . . 7 t�, U , Pine FAM. DUPLEX Fin.Attic% 47 I I I 150 Single Fl. A‘.1,c 47 (IF '' `�/Y+-,e - ut . o 4 eK c+ort.e 5 FAM. CONV. _ 51 I I I 153 Asph.Tile COMM. I /� � Unfinished 'h Story% - .Sit..�Aq'aa'v�7 L ti•hiri c� w/t''"I7".l APARTMERI?S / DORMERS Wood Joist , TOTAL No.of Fam. (50) NUMBER I 'SIZE NUMBER I SIZE I Reinf. Conc. INDUSTRIAL I—I I- I I I I FOUNDATION 54 55 56 57 58 59 60 61 CONCRETE BASEMENT AREA _CEMENT BLOCK Rec.Room%I • I I LI I I W I I I SALE 27$ I I I I I I I I33 OVERALL DIMENSIONS BASEMENT BRICK 62 63 64 65 66 67 68 DATE 361 I I I 139 STORIES WIDTH LENGTH AREA FULL-% STONE No Concrete Floor 0 69 I • I I 1 I I—I I I 1 I I I 1 —1—J 40 41 42 43 44 45 46 49 50 52 TOTAL .2 s--2 v; CAP IMPROV $I I I I I I I 159 ' /li .3 ROOFING ctti> r Dry Wall ( 2 Plaster 0 L=J WI I I I I I 1 !___I__1 COST CONVE ION I 1 DATE 621 I I I 165 2 3 4 5 6 7 8 11 12 14 FACTOR I /.2. �.. ASPHALT,ASBEFrF9S ,., Air Cond. Er 4 Percent I ■ I REPLACE Mt 5 WOOD SHINGLES 6 7 L • I I I ' I I I I 1 • I 1 VALUELiy,/9 g: i d ::=%O SLATE BATH ROOMS 27 28 29 30 31 32 33 36 37 39 PHYSICAL DEP' a TAR &GRAVEL FIXTURES NO. FLOOR WAINS BOTH 1 •i �� I I I L I I I I 1 • ( I `�} ./�x� I i I Lff..l 1 2 3 40 41 42 43 44 45 46 . 49 50 52 VALUE j ,/ I on 1_7 o .9 COMPOSITION 8 9 (10) BUILT IN PORCH PATIOS FUNCTIONAL OR SHED DORMER LF L I U 1 2 3 TYPE STORIES WIDTH LENGTH AREA Type Width Length Area ECON.OBS. E 0 G (53) I I I I I I III I I I I I 1 CEMENT I I J I I ' PICTURE DORMER LF 11 12 (13) U IC �1 1 I EXTERIOR WALL TYPE U L) 1 2 3 54 55 56 57 58 59 60 61 62 2 CARPORT 2 3 4 5 6 7 8 9 A. FRAME WITH WOOD, 14 15 (16) 30THER LJIIILIJIIII - ASBESTOS,STUCCO, r FIREPLACES WIDTH LENGTH AREA 10 11 12 13 14 15 16 17 SUMMARY OF APPRAISED VALUE ALUM,SIDING (19) I 1 ON 1 u 2 ON 1 I I BUILT IN GARAGE III I I I I I I I BAY WINDOWS NO.1 1 I STORIES uJ pRINCIPA BLDG. B. CONCRETE BLOCK18 19 20 21 22 24 25-26 27-28— BSMT (No.of Cars) 1 0 2 0 3 0 25 MISCELLANEOUS ADDS OR DEDUCTS APPRAI3I /00 $ „7 7 G, • a,� PORCHES ON TILESTU6G©OP} CODE DOLLAR AMOUNT OTHER PRINCIPAL BLOCK OR T4&E— (19) (� HEATING 26 ROOMS B 1 2 3 E 0 G TYPE (33) I STORIES II WIDTH L1 L..] I AIREI I 43 I I I 145 46 I I I I 149 BLDGS.APPRAISAL $ t� 0 p NONE Living �LJ �U L_LJ ACCESSORY LDGS. C. BRICK Oil STONE 1 12yF ORCEDHOTAIR Dining I 3I5 I ,36 37I 3I9 0 4I4 2 E 0 G (50) I I II I 60I I I J62 631 I I I I66APPRAISAL 5J $ �f 0 40 VENEER (19) TOTAL BLDG. 2 ❑STEAM 1 PIPE Bed 51 52 53 54 55 56 57 59 D.SOLID BRICK OR Kitchen E 0 G (2) L_L1 LLi LLJ I I I I 121 I 1 114 151 I I I 118 APPRA9I 406 $ 027s�L : 3 ❑FLOOR OR WALL , STONE (19) 3 4 5 6 7 8 9 11 TOTAL LAND R . Rm. — ----------- 4 ❑CeilingRadiantElec. Width ATTACHED GARAGE Finish Physical Depr. 191 I 120 APPRAISAL OTHER Apts. Over $ ,G 7 D J c:� 5 ❑Baseboard Electric 23 I I 124 251 I 126 271 I I_ 129 1J30 Economic Obs. 21I 1 122 TOTAL 6 ❑Floor Radiant Elec. Office / 7 in Floor RadiantHot Stores t Other Accessory Bldgs 31 ..' 1 J I Lr 17 I D 14. I VALUE APPRAISED $$,� 6 4; e 0 Radiant IL Water 8 C]Gravity-Pioelecc 9 ❑ Steam 2 Pipe Total Land Value 42 I U I / le::- 1 f I U I 01 0148 r I 2oI" 2- , Ivs ` ( ,.-a/Ty . ;7 c- SIDE ../ LOCATION ASSESSORS MAP BLOCK LOT .3 -.. /o sr 7 1. 17 /-I 2Z ,4�' 23ar< -.- / •'4, /Z.o.. , ,oe 4- 8 p T3..;s 0- - ;f- i'. d /-/�_ /G k �C IJ �`'7" ! a _ •7<- S, . 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F.A.. .,.,�„`.,.„��...�.�!_,..l,.:..,;.tee a.:n �,«,„. � �Se�a�rd 11111 WHIPPLE-M,AGANE-DARCY,INC,. . AtiDOVEFi, MASS. 01810 MAP , LOT /(' T- APPLICATION FOR REVIEW OF REAL ESTATE ASSESSMENT Address of Property 125 Canal St. Salem, Mass. • Owner on January 1, 197 4 Idorus Realty Inc. , Jthseph J Lorusso, Pres. Year Land was Purchased December 1965 Amount Paid`;140,000. Inc bldgs. Constructed Year Lend aril Bldgs. 1)(urfaVid 196$ Amount Paid$135,000. Approximate Age of House N/A Original Cost, if Known N/A Approximate of •6th.!r Bldgs. 6 yrs old see above PP Ageg Original Cost, if Known Give the approximate cost of any other improvements or alterations not included above: Year Installed Cost Details of Improvements n.o.n.e Do the costs given above include the value of all laixur anti materials neccssc'ry to complete the construction? If not, please explain Were the buildings constructed by a contractor or by the owner? Contractor The total Fire Insurance coverage on the buildings is A 185,0 0 d .0 0 /4690.00 'r`�D . C- _ Total rentals received per Month / , `c '� The present Mortgage on the property is 2 7195,000.00 l yt If you were to sell the property at the present time, what would you expect the Sale Price to be? .$.35.0.,00.00 List any other factors that you wish to be considered. .' i S�i f , 21101 a T-$ f Yl C it ea S C /2 L in i c 7./0%-) c 2 fit.S q ^ Cp h. ¢),.' Ly j h cit e a.�'C 19 r r_ 7J ye J. A. c vt e's e i h 11 I. s e 1-1 G-M e1/C SIc,rZ C S ( Pet,* n i /y hTt) -v ( Signed 4: ... ..... o ru,s.;: e n e. Date Dec 11, 1974 4 Jose J loom so Pres. 7) 4 0 X a 3 'or 6 v/hci � f ow neci IL.,y ion 1, 5 £e? Z — 12. p. Gu• LA, h,Gt 4a e hacl RECOM• l INTV NO. MENDATIONS NC CM REV INSP INS OY REV. BY NC CM i /rl g oases wA . A w . ► CULLEN, MURPHY & CONNOLLY CERTIFIED PUBLIC ACC❑UNTANTS 1❑❑ STATE STREET B❑ST❑N, MASS. ❑21❑9 JOHN J. CULLEN, CPA TELEPHONE (617) 482-2466 WILLIAM J. CONNOLLY, CPA JAMES M. MURPHY, CPA December 17 , 1974 DAVID A. COMEAU, CPA CHRISTOPHER M. CORCORAN, CPA RICHARD G. CONNOR, CPA To Whom it May Concern: The attached statement of rental income and expenses for Lorus Realty Inc. 's Salem, Massachusetts property was prepared from the corporation's 1973 Federal Corporation Income Tax return. l Very truly yours, CULLEN, MURPHY i CONNOLLY By: r , i Q 4 .S v- 1 LORUS REALTY, INC. Statement of Income and Expense - 1973 Rental Income $57, 300.00 Expenses Real Estate and State Corporate Taxes 18,115 .00 Interest Paid 12,614.00 Depreciation 9,042.00 Repairs 5, 310.00 Insurance 3,227.00 Salaries 4,500.00 Heat, light power 1,178.00 Auto, Expense 710.00 Telephone 609.00 Miscellaneous 242 .00 Total 55,547.00 Net Income 2, 753.00 Less Federal Income Tax 750.00 Net Income after taxes $ 2,003.00 U.1 n Sa MORTON WEINER REAL ESTATE MORTGAGE BROKERAGE - APPRAISER 585 COMMONWEALTH AVENUE NEWTON, MASS. 02159 November 19, 1974 To Whom it may Concern: I have been engaged by Lorus Realty, Inc. , Joseph J. Lorusso, president to make an appraisal of property located at 125 Canal Street, Salem, Mass. I would like it to be known that I have no personal interest in this appraisal, and that this appraisal is being made using customary comparable appraisal practices. My qualifications are as follows: I have been a licensed builder in the city of Boston for 25 years. I have develo- ped and build approximately 1,000 homes in and around the greater Boston area. I have served on appraisal teams for banks, individuals and commercial properties for at least 10 years. I have served as President of the Boston Home Builders Association, the Mass. Home Builders Association and am presently the National Vice President of the National Association of Home Builders. Very truly yours, (tt � 4 jef Morton D. Weiner (617) 527 5754 MORTON WEINER REAL ESTATE MORTGAGE BROKERAGE - APPRAISER 585 COMMONWEALTH AVENUE NEWTON. MASS. 02159 December 10, 1974 Lorus Realty Inc. Location: Joseph J. Lorusso, Pres. Edgewood Shopping Center 869 Main Street 125 Canal Street Walpole, Mass. 02081 Salem, Massachusetts At the request of Mr. Joseph J. Lorusso of Lorus Realty Inc. , I visted the site located at Canal ei Laurel St. , Salem, Mass. This property is a small shopping center comprised of 5 rental areas. The prime tenant occuping better than half of the area is the MR SUPER MARKET. There are 4 other tenants consisting of one liquor store, an electronic store, a hair dresser, and the Merchants Bank of Salem. The property is approximately 6 years old and in good repair and good overall condition. The property is constructed of masonary-block walls, with brick venier front and plate glass, roof with bar joist and plywood deck ' with a 4 ply tar and gravel roof. Areas are heated by forced warm air and individual air conditioners for each unit. The structure is basic- ally sound and of good construction, also classified as second class structure. To the best of my knowledge there has been no recent comparable sale in the immediate area. Therefore, it is difficult to use com- parisons. Using Dodge Building Costs, Services and Specifications Digest for the period of October thru April 1975, a building of like structure, in similar climate will go approximately $11 .85 per sq. ft. Using this as a basis we arrive at a replacement value for the build- ing Of $215, 433.00 with land value of approximately $104,428.00 with a total value of both land and buildings of $319, 861.00. Hoping the above appraisal meets with your approval, Since ely y urs, jef Morton Weiner Fr Om .1 73 Income Tax PROPERTY ANALYSIS 33 - /2 2 Purpose: Date: 12 /31/73 List Price $ Market Value $ Name: Hazel Terrace Realty Tr11St Loans $ Loans $ • Location: 1-2 Hazel Terrace, Salem Equ List tPVice $ Equity Value $ • Type of Property: 9 family Existing F financing: Annual Payment Interest Assessed Value: 800 % 1st $ % Lend $ Improvement $ 25000 % 2nd $ % _ Personal Property $ % 3rd $ % Potential TOTAL $ 25800 100% 1st $ % • Adjusted Cost Basis as of $ 2nd $ % % I 2 3 Comments 1 SCHEDULED GROSS INCOME 15, 609. 05 MI 1 2 Less: Vacancy and Credit Losses 1111 2 ,• , 3 3 GROSS OPERATING INCOME M. 4 Less: Operating Expenses 4 II 5 IBM. I 4 5 i 6 )T 6 7 Utilities © 7 6 3 . 6 9 7 s,�8 L-icenseermits,-Advertising Cpmmi S S - 165 50 8 • 9 Management • NINE9 10 Payroll,Including Payroll Taxes I_— i.10 11 Supplies '• 91 11 ' 12 Services -- 12 13 Maintenance •. • 13 14 Other le•al & accountin• MN 165 70 14 15 -11M • • 15 16 17 TOTAL EXPENSES 7 546 14 7 546 14 '17 18 NI . ,4'1 HAI IN., INcomt Cap Rate List Price %Cap Rate Market Value % 8 062 9 18 ESTIMATE OF MARKET VALUE 4 5 19 INCOME APPROACH: Estimated Value Capitalized at Rate of %.. MI 19 20 Cost Approach: 20 21 Sq. Ft.@ Per Sq.Ft. IMIIMI 21 22 Sq.Ft.@ Per Sq.Ft. I-_ 22 23 Sq.Ft.@ Per Sq.Ft. I-_—= 23 24 Less: Estimate of Accumulated Depreciation % 24 25 Depreciated Value of Improvements ' 4 25 26 Plus: Site Improvements 26 • 27 Plus: Land Sq. Ft.@ Per Sq.Ft. NM27 28 ESTIMATE OF • APPROACH all28 29 MARKET DATA APPROACH: @ I-- - 11111 29 30 f r NI f'.1WAIF IIF 41AHKFT .Al(IF ,CORRELATED, --30 - INCOME ADJUSTED TO FINANCING . 1 2 3 4 5 31 NE I ,FI'l KAI IN(t, 1 (Line 18) eiTA MI 31 32 Less: Loan Payments 3rd Loan I 2nd Loan 1st Loan Total 32 33 Interest I1115 5 0 63 5 729 19 7 DE 8 2 33 34 Principle I_w • •• rm 34 35 Total Loan Payment 11115115111121111MMISTIMIVIRIEMMENfillnl 35 36 , , ,, pi i I w, i r I�o.1F Rate: %(Line 36=MV Equity) _. •_ a 36 37 Plus: Principle Payment 37 i 3g F,,I Rate: % (Line 38-:-MV Equity) 38 glir 39 Less: Depreciation Personal Property Improvements 39 40 , , .\i i ,.,1 i I.\I..lii I if, ifivF 40 The statements and figures presented herein,while not guar- Forms: NIREB—CID, 155 E.Superior St. NIR[:a anteed,are secured from sources we believe authoritative. Chicago,Illinois 60611 PREPARED BY: FORM B r I Ngh • 'Form ��j0 . RC:�3' a1 LICCr a • nilli? Department of the Treasury y►Internal aovenue service ► Attach to Form 1040. V Names as shown on Form 1040„ Your social security number /c/C///1/,: 4)v. //'I. A A/ I'/s.0 AJ J;// , (3 , 7`// . This is an optional form that you may use if you need more " Form(s) 4831. If you use this form, be sure to write "See Form spear to report information with respect to rental proper-ties or 4831" in Schedule E, Part II, column (a), and enter the totals In lieu of attaching explanations of other expenses, repairs, etc. of Parts I, II, and III of this form In the appropriate columns of If you have more than 5 properties, you may attach additional Schedule E,Part II. [. ;.,.: ..j Rent Income 1 Kind and Location of Property Check If residential Property A. od L_11 C) f1_!nY_G7,2�2jj,.1/ S? ///7.97e 76.//54� i' f�_?_• ✓ PropertyB ,1-7 r/r6NT -ST__ll_) !JC _�l'� _�129,. • Property C.--��---)-�--?)- --- T_. �1c-- --'= --��-� - � ,t -- . )111.f5 • Property D.--/�.-_/7_4 .4__7_�lZe<2_(' _/_ ___l_L___.1y11__.S S • Property E (;1 ,i )(A.:77£ .ST) A__,_ .7 7-IL N` /7211 Zg. ✓ Property A Property B Property C Property D Property E 2 Rents received . . . 1I a&9-,i/-1 --/7So.oo ci,Ta 4, 0 di I I�y GO6},o,( /a[5-7,0 0 3 Total (add amounts on line 2). Enter here and on Schedule E,Part II,column (b) > i/S//6.fD E,'7:r I i;,',L.' Expenses 4 Advertising 5 Auto and travel . . .... 6 Cleaning 7.2-.,Sd • ,30 r/, .l. ____.__ Z,-/G.Sv 4,1,2 7 Commissions . '. . . G i.7r _(L,:,-0 3 1{S p v 8 Gardening iay.x7 9 Insurance 171•Do � /_�_� S 3 �_ �-b 1 _ 1,0—i ,1 Y �f�I- -41 f 10 Interest ____.._.�.05111 -- ,J.Jo'47 . - ,Y30,/9 --- -.0.79,( .3,10,,,o/ . 11 Janitor and heating . . ___ 11. 12 Legal and accounting . >3/(r.:3C .2.O.Qa . 7. 4 O Q 0 70 2-33i_2� 13 Management fees . . w 14 Office supplies . . 15 Repairs (list): ( s Y ke, 1 I... /SF.?Q �3 69_ ----- --- if n i 3 a p� ---- - -- 3 3 3./3 16 Salaries .r Y ~-- --_~ W • �� Y • 17 Supplies 2 i4.7r- _ 'i[,37_ �.q•_ z _3_2 j L 2,?1.i.,(e 18 Taxes and licenses . . • L39.1 G 0 /,SY7,,s.. _jL3 i9_t 9_ ---� 7Sy, 8, _7� t ______ 27,1,00 . 19 Telephone 7 Y w / 20 Utilities /7, _ .__. 8(�7,\�1 /y97/ �/0 _t7�3,(09 1)6'_1 21 Other (list): 18f/N k_Ctfl.'K /)- 3' S.e . -------------r if . s;if s z,r ...%6-5 5 IA.106.,„,,,,,/ 436.4J._g? , .........__ _______........... .._ _____ ___ _ . 22 Total expenses(add lines I 4through 21) .. . . . S741. eft, 3Sk4.3o rF,944•1f7 I 4,ill-19(i ll, 5 l `31/. , 23 Total expenses add amounts on line 22 . Enter here and on Schedule E, Part II column e . . . . i 7-'1S/ / cro P aec /6 red • MAP LOT , • APPLICATION FOR REVIEW OF REAL ESTATE ASSESSMENT Address of Property 1-2. Hazel. Terrace, •Salem, Masa. • Owner on January 1, 1974 • Hazel Terrace Realty Trust, Richard W. Carlson, Trustee . Year Land was Purchased unknown Amount Paid Year Land and Bldgs. Purchased 9/1/72 Amount ,Paid $90,000 Approximate Age of House 6.0 • Original Cost, if Known • Approximate Age of Other Bldgs. none Original Cost, if Known Give the approximate cost of any other improvements or alterations not included above: Yi:ar installed Cost of Improvements Do the costs given above include the value of all labor and materials necessary to complete the construction? If not, please explain Were the buildings constructed by a contractor or by the owner? ' t?l Fite Insurance coverage on the buildings is 82, 000. Icutals received per Month 1,558-68 Marblehead Savings Bank — 1st $70, 124.83 9/30/74 - H ' c present Mortgage on the property is Heller Investments, Inc.— 2nd 8, 898.00 If you were to sell the property at the present time, what would you expect the Sale Price to be? 000 with new • furnace .installed List any other factors that you wish to be considered. In the process of replacing furnace — see attached sheet • ncome statemen — see attached for 1973 — 1974 Si • . . . Date 12/1.6/74 RECOM- INTY NO. MENOATIONS NC CM REV INSP INS BY REV, BY NC CM 1 PROPERTY ANALYSIS Purpose: Date: 12 X1 /73 List Price $ Market Value $ Name: Hazel Ter - Realty Trust Loans $ Loans $ Location: 1-2 Hazel Terrace, Salem List Price $ Market Value $ • Equity Equity Type of Property: 9 family y Existing Financing: Annual Payment Interest Assessed Value: Land $ 800 % 1st $ Improvement $ 25000 % 2nd $ Personal Property $ % 3rd $ % 2 5800 Potential TOTAL $ 100% 1st $ % Adjusted Cost Basis as of $ 2nd $ 1 % 1 2 I 3 Comments — 1 SCHEDULED GROSS INCOME 15, 609.05 1 2 Less: Vacancy and Credit Losses 2 3 GROSS OPERATING INCOME 15 .609 05 . 3 4 Less: Operating Expenses 4 5 Taxes 3 759 84 5 6 Insurance 1 062 12. 6 7 Utilities -14_8 84 7 8 rmitj Advsrxisiag Water 150 15 8 9 991anmorr,ent Repairs 290 03 9 10 PWFB4;4n6IN4117iQ gay F341-T3XBC. Imp. 486 00 10 11 Supplies 119 12 11 12 Services 12 13 Maintenance 177 00 13 14 Other uel } 321 31 14 15 Rental Comm. 15750 15 • 16 16 17 TOTAL EXPENSES 7 671 91 17 . 18 NET OPERATING INCOME:Cap Rate List Price %Cap Rate Market Value % 8 037 14 1$ ESTIMATE OF MARKET VALUE 4 5 19 INCOME APPROACH: Estimated Value Capitalized at Rate of % 19 20 Cost Approach: 20 21 Sq. Ft.@ Per Sq.Ft. 21 22 Sq. Ft.@ Per Sq. Ft. 22 23 Sq. Ft.@ Per Sq. Ft. 23 24 Less: Estimate of Accumulated Depreciation % 24 25 Depreciated Value of Improvements 25 26 Plus: Site Improvements 26 27 Plus: Land Sq. Ft.@ Per Sq. Ft. 27 28 ESTIMATE OF MARKET VALUE BY COST APPROACH 28 29 MARKET DATA APPROACH: @ 29 30 FINAL ESTIMATE OF MARKET VALUE(CORRELATED) 30 INCOME ADJUSTED TO FINANCING 1 2 3 4 5 31 NET OPERATING INCOME (Line 18) 8 n3'7 1431 32 Less: Loan Payments 3rd Loan 2nd Loan 1st Loan Total 32 33 Interest . 1 55n63 9 , 729 19 . 7 .27982 33 34 Principal 45961 961 55 1 42116 34 35 Total Loan Payment 2 01C24 6 690 74 8 70098 8 700 9835 36 GROSS SPENDABLE INCOME Rate: %(Line 36-MV Equity) 66384) 36 37 Plus: Principle Payment 37 • 38 GROSS EQUITY INCOME Rate: % (Line 38 MV Equity) 38 39 Less: Depreciation Personal Property Improvements 39 40 REAL ESTATE TAXABLE INCOME 40 Forms: NIREB CID, 155 E.Superior St. The statements and figures presented herein,while not guar- Chicago, Illinois 1s E.S NIREBNI anteed,are secured from sources we believe authoritative. PREPARED BY: FORM B • PROPERTY ANALYSIS Purpose: Date: 12 46 /74 List Price $ Market Value $c 00© Name: 1-2 Hazel TPrrac-e, Sal errl Loans $ Loans $ 7g�Y��J". (�7 Location: List Price $ Market Value $ I' (4 I)t Equity Equity +r r 3 3 • Type of Property: 9 family Existing Financing: Annual Payment Interest Assessed Value: �� % Land $ 800 % 1st $ ��J �j► Improvement $ 25000 % 2nd $ 8, $a14 _ % Personal Property $ % 3rd $ % 25800 Potential TOTAL $ 100% 1st $ % Adjusted Cost Basis as of $ 2nd $ % Jj 2 3 II Comments 1 SCHEDULED GROSS INCOME 17, 003 .92 1 2 Less: Vacancy and Credit Losses 2 3 GROSS OPERATING INCOME 17003 92 3 4 Less: Operating Expenses 4 5 Taxes ` 3 960 30 5 6 Insurance 1 062 12, 6 7 Utilities 278 58 7 8 License permits Arlvectisin Water _ 118 01, 8 9 mw4a/oRmiat Repairs 416 94 9 10 aayrnl4.LocLutling_P_aWnlLT.ax.es_ Imp. 87 00 10 1t Supplies 79 86 11 12 xs1MlitMisc Expenses 289 88_ 12 13 Maintenance 219 00 13 14 Other fuel 1, 771 35 14 15 Rental Comm. 96 25 15 . 16 • 16 17 TOTAL EXPENSES - 8 379 28 17 • 18 NET OPERATING INCOME:Cap Rate List Price %Cap Rate Market Value % 8624 63 18 ESTIMATE OF MARKET VALUE 4 5 19 INCOME APPROACH: Estimated Value Capitalized at Rate of % 1 19. 20 Cost Approach: 20 21 Sq. Ft.@ Per Sq.Ft. 21 22 Sq.Ft.@ Per Sq.Ft. 22 23 Sq.Ft.@ Per Sq.Ft. 23 24 Less: Estimate of Accumulated Depreciation % 24 25 Depreciated Value of Improvements 25 26 Plus: Site Improvements 26 27 Plus: Land Sq. Ft.@ Per Sq.Ft. 27 28 ESTIMATE OF MARKET VALUE BY COST APPROACH 28 29 MARKET DATA APPROACH: @ 29 • 30 FINAL ESTIMATE OF MARKET VALUE(CORRELATED) 30 INCOME ADJUSTED TO FINANCING 1 2 3 4 5 31 NET OPERATING INCOME (Line 18) 12/31/74 IMXNXEXXX 8 62463 31 32 Less: Loan Payments 3rd Loan 2nd Loan 1st Loan Total 32 33 Interest , 1 472 45 5 .738 84 . 7 ,210 29 33 34 Principal 936 78 951 90 1 490 68 34 35 Total Loan Payment 2 01C 23 6 690 74 8=700 97 8 70097 35 36 GROSS SPENDABLE INCOME Rate: %(Line 36=MV Equity) (76 34) 36 37 Plus: Principle Payment 37 S38 GROSS EQUITY INCOME Rate: % (Line 38-MV Equity) 38 39 Less: Depreciation Personal Property Improvements 39 40 REAL ESTATE TAXABLE INCOME 40 Forms: NIREB—CID, 155 E.Superior St. The statements and figures presented herein,while not guar- Chicago,Illinois 1s 6E.S NIREB anteed,are secured from sources we believe authoritative. .ciao" PREPARED BY: FORM B • � �� Qa 4 t;a OM HEAT, INC. Since. 1838 • 211 DERBY STREET, SALEM. MASS. 01970 • SALEM 744.5500 • LYNN 592-3400 November 15, 1974 Carh'on Real ty Trust 210 Washington Street , Box )4.08 Marblehead, Massachusetts 0195 Re : 1 -2 Hazel Ter. , Salem , Massachusetts Gentlemen : We are pleased to submit for your consideration, a price of r'. .37L1-5.00 plus applicable State sales tax on materials for furnishing and installing at subject location a new H. B. SMITH cast- iron boiler-burner unit (2500L-W-6) with access- ories and controls. I Price includes steamfitting, removal of old boiler, electrical • wiring, oil -burner set-up and light-off , and full year' s guaranbe service of oil burner and controls. Requirements - We have measured the building and determined the Hourly Heat Loss ( assuming 70 degrees inside temperature at ten below outside temperature ) to be 352,500 Btu/Hr. NET . The present boiler ( National -US437-W_7) has a Net rating of 492,000 Btu assuming a firing rate of 5 gph. Boiler recommended is rated for 521 ,000 Btu NET at 5 gph. System - We propose to convert the system to forced circula- tion , proving a 2Y" circulating pump , flow valve 21;", new thermostat, and R845 switching relay to permit operation from a cold-start as at present . Balance valves will be provided to 7ermit adjustment of flow to equal ize both east and west sides of building. Specialties will include two new expansion tanks, AS",E relief valve on bd I er , Thrush 6F pressure -reducing valve , expansion tank drains, air scoop, aut )mat is air vent for air scoop. a * 1 -2- • GUARANTEE - Complete installation will be guaranteed free of defects in workmanship or in application for a period of one year from date of start-up. Any replacement or repairs required during the one-year guarantee interim will be provided at no additional cost . TERMS : Net on billing - or as otherwise arranged with our Credit Department . Yours very truly, PICKERING OIL HEAT, INC. Warren E. Tennant , Manager Heating Equipment Division • yInc! .