EXHIBIT 28
UNIPROP INCOME FUND II
2004 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)
3/04 3/03 %
PROPERTY APPRAISALS APPRAISALS VARIANCE
Ardmor Village $10,400 $ 9,550 8.90%
Camelot Manor 6,650 6,750 (1.48%)
Country Roads 3,700 4,050 (8.64%)
Dutch Hills 7,200 6,750 6.67%
El Adobe 10,300 10,750 (4.19%)
Paradise Village 6,050 6,900 (12.32%)
Stonegate Manor 6,300 6,500 (3.08%)
Sunshine Village 14,000 12,550 11.55%
West Valley 16,000 16,450 (2.74%)
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Grand Total: $80,600 $80,250 0.44%
2004 ESTIMATED NET ASSET VALUE OF UNITS
Based on the March 2004 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 2004 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 $15.25 calculated as follows:
Aggregate appraised value: $ 80,600,000
Less: Selling Expenses (3.0%) 2,418,000
Mortgage Debt: 27,819,236
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Net Sales Proceeds: $ 50,362,764
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Number of Units: 3,303,387
Net Sales Proceeds per unit: $ 15.25