appraisal of real property appraisal of real property
APPRAISAL OF REAL PROPERTY
LOCATED AT 1017 Lakehill Rd Charlotte, NC 28214 L3 M7-187
FOR
AS OF 04/19/2016
BY
Re: Property:
1017 Lakehill Rd Charlotte, NC 28214
Borrower: File No.:
Opinion of Value: $ Effective Date:
In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report, as improved, a vacant lot, in unencumbered fee simple title of ownership. This report is based on a physical analysis of the site, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you.
Sincerely,
SITE
NEIGHBORHOOD
SUBJECT
LAND APPRAISAL REPORT
File No. Borrower First Beneficial Mortgage Corporation Census Tract 0060.10 Map Reference MSA-16740 Property Address 1017 Lakehill Rd City Charlotte County Mecklenburg State NC Zip Code 28214 Legal Description L3 M7-187 Sale Price $ N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised Fee Leasehold De Minimis PUD Actual Real Estate Taxes $ (yr) Loan charges to be paid by seller $ N/A Other sales concessions N/A Lender/Client Colliers International Valuation & Advisory Services Address Occupant Vacant Appraiser Julia M. Scott Instructions to Appraiser Market Value of Vacant Lot Location Urban Suburban Rural Good Avg. Fair Poor Built Up Over 75% 25% to 75% Under 25% Employment Stability Growth Rate Fully Dev. Rapid Steady Slow Convenience to Employment Property Values Increasing Stable Declining Convenience to Shopping Demand/Supply Shortage In Balance Oversupply Convenience to Schools Marketing Time Under 3 Mos. 4-6 Mos. Over 6 Mos. Adequacy of Public Transportation Present 55 % One-Unit 3 % 2-4 Unit 5 % Apts. 0 % Condo 10 % Commercial Recreational Facilities Land Use 10 % Industrial 15 % Vacant 2 % spec purpose - schools and parks Adequacy of Utilities Change in Present Not Likely Likely (*) Taking Place (*) Property Compatibility Land Use (*) From vacant land To single family/retail Protection from Detrimental Conditions Predominant Occupancy Owner Tenant % Vacant Police and Fire Protection 5 One-Unit Price Range $ to $ Predominant Value $ General Appearance of Properties One-Unit Age Range yrs. to yrs. Predominant Age yrs. Appeal to Market 0 Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise) The subject is located just east of Valleydale Rd. This street passes through a newer neighborhood before it gets to the older section in which the subject is located. The subject's section of Lakehill Rd is a dead end street. It is in reasonable proximity to employment and amenities, including commercial corridors - Valleydale Rd, Brookshire Blvd, Mt. Holly Rd, Freedom Dr as well as access routes I-85 and the newly completed I-485. See addendum. Dimensions 100x 209.37 = Corner Lot 20,937 SF Zoning Classification R-4 Present Improvements Do Do Not Conform to Zoning Regulations Highest and Best Use Present Use Other (specify) Single Family Residential Topo Public Other (Describe) Levl in front to downward sloping toward rear OFF SITE IMPROVEMENTS Elec. Street Access Public Private Size Typical for area Gas Shape Rectangular Surface Asphalt Water Maintenance Public Private View Average/Residential/Wooded Storm Sewer Curb/Gutter San. Sewer Drainage Appears adequate Sidewalk Street Lights Is the property located in a FEMA Special Flood Hazard Area? Underground Elect. & Tel. Yes No Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions) The site is a rectangular shaped and situated on a quiet, interior street. The subject is located toward to back of the street and this section is a dead end. The site is heavily wooded and the topography is generally level at the street but slopes slightly to the rear in the front section. The terrain drops more steeply to a lower elevation in the back section of the site.
MARKET DATA ANALYSIS
Public water and sewage are available at the street. Typical easements are expected for utilities.
The undersigned has recited the following recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus (–) adjustment is made, thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject. ITEM SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address 1017 Lakehill Rd Charlotte, NC 28214 Proximity to Subject Sales Price $ $ $ $ N/A Price $/Sq. Ft. $ $ $ $ N/A Data Source(s) Inspection CMLS CMLS # CMLS #3073409 DOM 122 ITEM DESCRIPTION DESCRIPTION +( – )$ Adjust. DESCRIPTION +(– )$ Adjust. DESCRIPTION +( – )$ Adjust. Date of Sale/Time Adj. N/A Location Average Average Average Superior/Hgh Pred Site/View Sloping/Res/Woods Level/Res Level/Res Sloping/Res/Woods Size .46 acres 0 0 0 Utilities Pub Water/Sewage Pub Water/Sewage Pub Water/Sewage Pub Water/Sewage
Sales or Financing N/A Cash Concessions N/A None Known + – Net Adj. (Total) Indicated Value of Subject See addendum. Comments on Market Data
Comments and Conditions of Appraisal
$ $
N/A None Known + –
$ $
N/A None Known + –
$ $
This appraisal is an as-is market value of the vacant lot known as 1017 Lakehill Rd, Charlotte, NC 28214
Subject Photo Page Borrower/Client First Beneficial Mortgage Corporation Property Address 1017 Lakehill Rd City Charlotte Lender
County Mecklenburg
State NC
Zip Code 28214
Subject Front 1017 Lakehill Rd Sales Price N/A Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Average View Sloping/Res/Woods Site Quality Age
Subject Rear
Subject Street
Photograph Addendum Borrower/Client First Beneficial Mortgage Corporation Property Address 1017 Lakehill Rd City Charlotte Lender
County Mecklenburg
State NC
Zip Code 28214
Subject front with date stamp
Subject rear with date stamp
Subject street with date stamp
Comp 1 with date stamp
LOCATED AT 1017 Lakehill Rd Charlotte, NC 28214 L3 M7-187
FOR
AS OF 04/19/2016
BY
Re: Property:
1017 Lakehill Rd Charlotte, NC 28214
Borrower: File No.:
Opinion of Value: $ Effective Date:
In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report, as improved, a vacant lot, in unencumbered fee simple title of ownership. This report is based on a physical analysis of the site, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you.
Sincerely,
SITE
NEIGHBORHOOD
SUBJECT
LAND APPRAISAL REPORT
File No. Borrower First Beneficial Mortgage Corporation Census Tract 0060.10 Map Reference MSA-16740 Property Address 1017 Lakehill Rd City Charlotte County Mecklenburg State NC Zip Code 28214 Legal Description L3 M7-187 Sale Price $ N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised Fee Leasehold De Minimis PUD Actual Real Estate Taxes $ (yr) Loan charges to be paid by seller $ N/A Other sales concessions N/A Lender/Client Colliers International Valuation & Advisory Services Address Occupant Vacant Appraiser Julia M. Scott Instructions to Appraiser Market Value of Vacant Lot Location Urban Suburban Rural Good Avg. Fair Poor Built Up Over 75% 25% to 75% Under 25% Employment Stability Growth Rate Fully Dev. Rapid Steady Slow Convenience to Employment Property Values Increasing Stable Declining Convenience to Shopping Demand/Supply Shortage In Balance Oversupply Convenience to Schools Marketing Time Under 3 Mos. 4-6 Mos. Over 6 Mos. Adequacy of Public Transportation Present 55 % One-Unit 3 % 2-4 Unit 5 % Apts. 0 % Condo 10 % Commercial Recreational Facilities Land Use 10 % Industrial 15 % Vacant 2 % spec purpose - schools and parks Adequacy of Utilities Change in Present Not Likely Likely (*) Taking Place (*) Property Compatibility Land Use (*) From vacant land To single family/retail Protection from Detrimental Conditions Predominant Occupancy Owner Tenant % Vacant Police and Fire Protection 5 One-Unit Price Range $ to $ Predominant Value $ General Appearance of Properties One-Unit Age Range yrs. to yrs. Predominant Age yrs. Appeal to Market 0 Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise) The subject is located just east of Valleydale Rd. This street passes through a newer neighborhood before it gets to the older section in which the subject is located. The subject's section of Lakehill Rd is a dead end street. It is in reasonable proximity to employment and amenities, including commercial corridors - Valleydale Rd, Brookshire Blvd, Mt. Holly Rd, Freedom Dr as well as access routes I-85 and the newly completed I-485. See addendum. Dimensions 100x 209.37 = Corner Lot 20,937 SF Zoning Classification R-4 Present Improvements Do Do Not Conform to Zoning Regulations Highest and Best Use Present Use Other (specify) Single Family Residential Topo Public Other (Describe) Levl in front to downward sloping toward rear OFF SITE IMPROVEMENTS Elec. Street Access Public Private Size Typical for area Gas Shape Rectangular Surface Asphalt Water Maintenance Public Private View Average/Residential/Wooded Storm Sewer Curb/Gutter San. Sewer Drainage Appears adequate Sidewalk Street Lights Is the property located in a FEMA Special Flood Hazard Area? Underground Elect. & Tel. Yes No Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions) The site is a rectangular shaped and situated on a quiet, interior street. The subject is located toward to back of the street and this section is a dead end. The site is heavily wooded and the topography is generally level at the street but slopes slightly to the rear in the front section. The terrain drops more steeply to a lower elevation in the back section of the site.
MARKET DATA ANALYSIS
Public water and sewage are available at the street. Typical easements are expected for utilities.
The undersigned has recited the following recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus (–) adjustment is made, thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject. ITEM SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address 1017 Lakehill Rd Charlotte, NC 28214 Proximity to Subject Sales Price $ $ $ $ N/A Price $/Sq. Ft. $ $ $ $ N/A Data Source(s) Inspection CMLS CMLS # CMLS #3073409 DOM 122 ITEM DESCRIPTION DESCRIPTION +( – )$ Adjust. DESCRIPTION +(– )$ Adjust. DESCRIPTION +( – )$ Adjust. Date of Sale/Time Adj. N/A Location Average Average Average Superior/Hgh Pred Site/View Sloping/Res/Woods Level/Res Level/Res Sloping/Res/Woods Size .46 acres 0 0 0 Utilities Pub Water/Sewage Pub Water/Sewage Pub Water/Sewage Pub Water/Sewage
Sales or Financing N/A Cash Concessions N/A None Known + – Net Adj. (Total) Indicated Value of Subject See addendum. Comments on Market Data
Comments and Conditions of Appraisal
$ $
N/A None Known + –
$ $
N/A None Known + –
$ $
This appraisal is an as-is market value of the vacant lot known as 1017 Lakehill Rd, Charlotte, NC 28214
Subject Photo Page Borrower/Client First Beneficial Mortgage Corporation Property Address 1017 Lakehill Rd City Charlotte Lender
County Mecklenburg
State NC
Zip Code 28214
Subject Front 1017 Lakehill Rd Sales Price N/A Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Average View Sloping/Res/Woods Site Quality Age
Subject Rear
Subject Street
Photograph Addendum Borrower/Client First Beneficial Mortgage Corporation Property Address 1017 Lakehill Rd City Charlotte Lender
County Mecklenburg
State NC
Zip Code 28214
Subject front with date stamp
Subject rear with date stamp
Subject street with date stamp
Comp 1 with date stamp
