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Table 4
Expert Approach--Amount Conclusion
Atkinson (P) Comparable sales $2,892,000
Income 2,822,000
Cost 3,023,000
$2,850,000
Hulberg (R) Discounted cash-flow 13,960,000
Kidder/Kirby (P) Discounted cash-flow 2,800,000-
3,100,000
1 In his expert witness report, Hulberg states his
conclusion at different places as (1) $3,417,000, (2) $3,960,000,
and (3) $3,618,000. Hulberg’s analysis goes only to the
$3,960,000. It appears that the other numbers are the remains of
earlier drafts, which Hulberg neglected to conform to the results
of his later analyses.
Atkinson values the Lafayette Property as a fee, ignoring
the then-existing lease. Hulberg and Kidder/Kirby value the
Lafayette Property subject to the lease, a circumstance that
pushes them toward the discounted cash-flow approach. Each
expert uses a comparable sales approach at some point in his
analysis. Atkinson and Hulberg reduce their valuations to take
into account environment contamination considerations.
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