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EXHIBIT 28
UNIPROP INCOME FUND II
1996 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
3/96 3/95 95/94 PURCHASE 96CPP
PROPERTY APPRAISALS APPRAISALS VARIANCE PRICE VARIANCE
Ardmor Village $7,000 $6,800 2.9% $5,316 31.7%
Camelot Manor 6,500 6,200 4.8% 4,600 41.3%
Country Roads 2,000 2,000 0.0% 3,183 (37.2%)
Dutch Hills 5,600 5,300 5.7% 4,198 33.4%
El Adobe 10,700 10,300 3.9% 7,400 44.6%
Paradise Village 8,800 9,100 -3.3% 8,800 00.0%
Stonegate Manor 6,300 6,175 2.0% 4,652 35.4%
Sunshine Village 10,900 10,600 2.8% 6,092 78.9%
West Valley 15,100 15,100 0.0% 11,448 31.9%
------- ------- ---- ------- -----
Grand Total: $72,900 $71,575 1.9% $55,689 30.9%
1996 ESTIMATED NET ASSET VALUE OF UNITS
Based on the March 1996 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 1996 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 $12.31 and is calculated as follows:
Aggregate appraised value: $72,900,000
Selling Expenses (3.0%) 2,187,000
Mortgage Debt: 30,045,000
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Net Sales Proceeds: 40,668,000
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Number of Units: 3,303,387
Net Sales Proceeds per unit: $12.31