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EXHIBIT 28
UNIPROP INCOME FUND II
2001 PROPERTY APPRAISALS
Cushman & Wakefield has recently completed market value appraisals of Uniprop
Income Fund II's nine properties. The table below sets forth certain appraisal
information for each property, as well as a comparison to the original cash
purchase price:
(IN $1,000)
CASH
3/01 3/00 00/01 PURCHASE 00CPP
PROPERTY APPRAISALS APPRAISALS VARIANCE PRICE VARIANCE
Ardmor Village $ 7,900 $ 7,750 1.8% $ 5,316 48.6%
Camelot Manor 7,100 7,000 1.4% 4,600 54.3%
Country Roads 2,700 2,600 3.7% 3,183 (15.1%)
Dutch Hills 6,200 6,000 3.2% 4,198 47.6%
El Adobe 12,500 12,500 0.0% 7,400 68.9%
Paradise Village 8,800 8,800 0.0% 8,800 0.0%
Stonegate Manor 7,100 7,000 1.4% 4,652 52.6%
Sunshine Village 11,700 11,500 1.7% 6,092 92.0%
West Valley 17,600 17,500 0.5% 11,448 53.7%
-------- -------- ----- -------- ------
Grand Total: $ 81,600 $ 80,650 125% $ 55,689 44.8%
2001 ESTIMATED NET ASSET VALUE OF UNITS
Based on the March 2001 appraisal of the Partnership's properties, the General
Partner has calculated the estimated net asset value of each Unit, based on the
following assumptions:
- - Sale of the Properties in March 2001 for their appraised value.
- - Costs and selling expenses are 3.0% of the sale price.
- - Tax consequences of a sale are not taken into consideration.
The estimated net asset value of each unit, assuming the sale of the properties
at their present appraised value is $15.12 calculated as follows:
Aggregate appraised value: $81,600,000
Less: Selling Expenses (3.0%) 2,448,000
Mortgage Debt: 29,209,358
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Net Sales Proceeds: $49,942,642
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Number of Units: 3,303,387
Net Sales Proceeds per unit: $15.12