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EXHIBIT 28
UNIPROP INCOME FUND II
1999 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
3/99 3/98 98/99 PURCHASE 99CPP
PROPERTY APPRAISALS APPRAISALS VARIANCE PRICE VARIANCE
Ardmor Village $ 7,500 $ 7,400 1.4% $ 5,316 41.1%
Camelot Manor 7,000 7,000 0.0% 4,600 52.2%
Country Roads 2,500 2,300 8.7% 3,183 (17.9%)
Dutch Hills 6,000 5,900 1.7% 4,198 42.9%
El Adobe 12,300 11,700 5.1% 7,400 66.2%
Paradise Village 8,800 8,900 (1.1%) 8,800 0.0%
Stonegate Manor 6,800 6,700 1.5% 4,652 46.2%
Sunshine Village 11,400 11,000 3.6% 6,092 87.1%
West Valley 17,300 16,300 6.1% 11,448 51.1%
------- ------- ---- ------- ------
Grand Total: $79,600 $77,200 3.1% $55,689 42.9%
1999 ESTIMATED NET ASSET VALUE OF UNITS
Based on the March 1999 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 1999 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 $14.32 calculated as follows:
Aggregate appraised value: $79,600,000
Less: Selling Expenses (3.0%) 2,388,000
Mortgage Debt: 29,915,975
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Net Sales Proceeds: $47,296,025
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Number of Units: 3,303,387
Net Sales Proceeds per unit: $ 14.32