1 EXHIBIT 28 UNIPROP INCOME FUND II 1997 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 3/97 3/96 96/97 PURCHASE 97CPP PROPERTY APPRAISALS APPRAISALS VARIANCE PRICE VARIANCE Ardmor Village $7,250 $7,000 3.6% $5,316 36.4% Camelot Manor 6,700 6,500 3.1% 4,600 45.7% Country Roads 2,200 2,000 10.0% 3,183 (30.9%) Dutch Hills 5,750 5,600 2.7% 4,198 37.0% El Adobe 11,000 10,700 2.8% 7,400 48.7% Paradise Village 8,800 8,800 0.0% 8,800 00.0% Stonegate Manor 6,400 6,300 1.6% 4,652 37.6% Sunshine Village 11,000 10,900 .92% 6,092 80.6% West Valley 15,500 15,100 2.7% 11,448 35.4% ------- ------- ----- ------- ------ Grand Total: $74,600 $72,900 2.3% $55,689 34.0% 1997 ESTIMATED NET ASSET VALUE OF UNITS Based on the March 1997 appraisal of the Partnership's properties, the General Partner has calculated the estimated net asset value of each Unit, based on the following assumptions: o Sale of the Properties in March 1997 for their appraised value. o Costs and selling expenses are 3.0% of the sale price. o 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 $12.81 is calculated as follows: Aggregate appraised value: $ 74,600,000 Less:Selling Expenses (3.0%) 2,238,000 Mortgage Debt: 30,045,000 -------------- Net Sales Proceeds: 42,317,000 ============== Number of Units: 3,303,387 Net Sales Proceeds per unit: $12.81