APPRAISAL REPORT
61.93 Acres
North Tryon Street
Charlotte, North Carolina 28213
RETECHS# - WF-CWS-13-036187-01-1
PREPARED FOR
Mr. Michael Campbell
Wells Fargo Bank (RETECHS)
401 S Tryon Street, 26th Floor
Charlotte, NC 28202
DATE OF REPORT
November 21, 2013
EFFECTIVE DATES OF APPRAISAL
“As Is” – November 12, 2013
APPRAISED BY
The Benfield Group, LLC
Susan D. Benfield, MAI
Jack L. Branch
Ellen H. Thomas
The
Benfield
Group, LLC
Commercial and Residential Real Estate Appraising
1409 East Boulevard
Charlotte, NC 28203
704-333-0774
704-333-0776 (fax)
November 21, 2013
Mr. Michael Campbell
Wells Fargo Bank (RETECHS)
401 S Tryon Street, 26th Floor
Charlotte, NC 28202
REFERENCE:
61.93 Acres - North Tryon Street
Charlotte, North Carolina 28213
RETECHS# - WF-CWS-13-036187-01-1
Dear Mr. Campbell:
The subject is 4 parcels of land located at North Tryon Street, Charlotte, Mecklenburg County, North
Carolina 28213 which total 61.93 acres. As requested, we have inspected the above-mentioned
property for the purpose of providing our opinion of market value “As Is”. Based on our inspection and
analysis of the information obtained, it is our opinion that market values for the subject property are:
Market Value “As Is” – 61.93 Acres – November 12, 2013
$10,200,000
The following report complies with the standards and regulations outlined in Title XI of the Federal
Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). In addition, the report
conforms to the Office of the Comptroller of the Currency’s (OCC) appraisal standards. This includes
compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal
Institute as promulgated by the Appraisal Standards Board of the Appraisal Foundation; compliance
with USPAP includes the ethics and competency provisions.
Wells Fargo reserves the right to use the report for the purposes of syndication with other financial
institutions or securitization.
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
61.93 ACRES
RETECHS# - WF-CWS-13-036187-01-1
Property Location
North Tryon Street
Charlotte, NC 28213
Property Owner
John B. Young, CJ Henderson & Associates,
The Berkeley Company (31.46 acres);
McKinney Holdings NC, LLC (30.47 acres)
Date of Report
November 21, 2013
Effective Date of Appraisal
November 12, 2013
Purpose of Appraisal
Estimate Market Value “As Is”
Property Rights Appraised
Fee Simple
Zoning
B2 CD
Tax Map Reference
049-181-03,
049-141-20
Total Land Area
61.93 Total Acres “As Is”
Present Use
Vacant land
Highest and Best Use
Commercial Development
Appraisal Procedures
Land Valuation
049-181-04,
Final Value Estimate
“As-Is” as of November 12, 2013
$10,200,000
049-141-19
and
TABLE OF CONTENTS
Page Numbers
IDENTIFICATION OF THE SUBJECT PROPERTY ............................................... 1
APPRAISER COMPETENCY .................................................................................. 1
PURPOSE OF THE APPRAISAL ............................................................................ 2
TYPE OF REPORT ................................................................................................. 2
INTENDED USE / INTENDED USER .................................................................... 2
DEFINITION OF MARKET VALUE ....................................................................... 3
PROPERTY RIGHTS APPRAISED ......................................................................... 4
LEGAL CONSTRAINTS ......................................................................................... 5
INSPECTION OF THE PROPERTY........................................................................ 5
DATE OF REPORT ................................................................................................. 5
EFFECTIVE DATE OF THE APPRAISAL .............................................................. 5
STATEMENT OF OWNERSHIP ............................................................................. 5
HISTORY OF THE PROPERTY .............................................................................. 5
SCOPE OF THE APPRAISAL ................................................................................. 7
AREA ANALYSIS ................................................................................................... 8
EXPOSURE/MARKETABILITY ANALYSIS ......................................................... 22
METHOD OF VALUATION .................................................................................. 27
APPRAISAL PROCEDURES................................................................................. 27
LAND VALUATION.............................................................................................. 28
EXPLANATION OF ADJUSTMENTS ................................................................... 34
ADDENDA ............................................................................................................ 38
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
IDENTIFICATION OF THE SUBJECT PROPERTY
The property being appraised in this report consists of 61.93 acres located on North Tryon
Street, Charlotte, Mecklenburg County, North Carolina 28213. The site consists of
approximately 61.93 acres as identified in the chart below in the Mecklenburg County Tax
Assessors Office. A legal description of the property can be found in the Mecklenburg
County Register of Deeds Office in Deed Book 27383, Page 622 and Deed Book 24627, Pages
932 and 936. The deeds are included in the Addenda of the report and more detailed
information concerning the subject is provided herein.
S U B J EC T IDEN TIFIC A TION
Pa rcel ID#
S i z e (a cres )
049-181-03
12.21 Acres
049-141-19
2.80 Acres
28.13 Acres
049-181-04
049-141-20
18.02 Acres
*As discussed later, the tax records differ slightly in acreage calculations from the surveys provided
to us. We have reconciled to the survey acreage for our acreage estimations.
APPRAISER COMPETENCY
Susan D. Benfield, a North Carolina Certified General Appraiser, has been appraising
commercial properties for 28 years; Jack L. Branch, a North Carolina Certified General
Appraiser, has been appraising commercial properties for 10 years; and Ellen H. Thomas, a
Registered Trainee, has been appraising commercial properties for 4 years. In the past five
years, Ms. Benfield, Mr. Branch, and Ms. Thomas have appraised numerous commercial
properties in North Carolina and South Carolina. Therefore, the appraiser has met the
requirements of the USPAP competency provision.
THE BENFIELD GROUP, LLC
1
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
PURPOSE OF THE APPRAISAL
The purpose of the appraisal is to estimate the market value of the subject property as
defined in this report. This appraisal was performed in compliance with Uniform Standards
of Professional Appraisal Practice (USPAP), as promulgated by the Appraisal Standards
Board of The Appraisal Foundation.
TYPE OF REPORT
According to the Uniform Standards of Professional Appraisal Practice, Standards Rule 2-2,
an appraisal report must be prepared under one of the following three options: Self
Contained Appraisal Reports, Summary Appraisal Reports, or Restricted Appraisal
Reports. These three report types are described as follows:
SELF CONTAINED APPRAISAL REPORT
Should contain all information significant to the solution of the appraisal problem.
“Describe” is the distinguishing term related to the Self-Contained Appraisal Report.
SUMMARY APPRAISAL REPORT
Should contain a summary of all information significant to the solution of the
appraisal problem. “Summarize” is the distinguishing term related to the Summary
Appraisal Report.
RESTRICTED APPRAISAL REPORT
Should contain a brief statement of information significant to the solution if the
appraisal problem. “State” is the distinguishing term related to the Restricted
Appraisal Report.
This report is prepared as a Summary Appraisal Report.
INTENDED USE / INTENDED USER
It is our understanding that this report is for the intended user Wells Fargo Bank
RETECHS for the intended use of, but not necessarily limited to underwriting, and/or loan
classification. Wells Fargo reserves the right to use the report for the purposes of
syndication with other financial institutions or securitization.
THE BENFIELD GROUP, LLC
2
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
DEFINITION OF MARKET VALUE
The following definition of market value is approved by the Office of the Comptroller of the Currency
of the United States of America, 12CFR, part 34.42(f), and by the Office of Thrift Supervision in
compliance with Title XI of the Financial Institutions Reform Recovery and Enforcement Act
(FIRREA) published in the Federal Register (Vol. 55, No. 164, pp. 3432-4550). Market Value is
defined as:
"The most probable price which a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller, each acting prudently and
knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified date and the passing of title from
seller to buyer under conditions whereby 1:
1.
2.
3.
4.
5.
6.
Buyer and seller are typically motivated;
both parties are well informed or well advised and acting in what they consider their own best
interests;
a reasonable time is allowed for exposure in the open market;
payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
the price represents the normal consideration for the property sold unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale."
Extraordinary Assumption are defined herein, as the value in this report is contingent on these two
conditions/assumptions. The following definitions are defined by the Appraisal Foundation as defined
in USPAP are:
EXTRAORDINARY ASSUMPTIONS & HYPOTHECTICAL CONDITIONS
Hypothetical Condition and Extraordinary Assumption are defined herein. The following
definitions are defined by the Appraisal Foundation as defined in USPAP are:
Extraordinary Assumption:
"an assumption, directly related to a specific assignment, as of the effective date of
the assignment results, which, if found to be false, could alter the appraiser’s
opinions or conclusions. 2”
Hypothetical Condition:
"a condition, directly related to a specific assignment, which is contrary to what is
known by the appraiser to exist on the effective date of the assignment results, but is
used for the purpose of analysis. 3”
There is a portion of the subject property located within a water quality buffer zone. The survey which outlines the buffer zone
on parcel 049-141-20 does not provide an acreage estimate for the land located within this zone. We relied on GIS
measurements and conversations with the Mecklenburg Planning Department to estimate the acreage in the buffer zone and
this analysis is based on the Extraordinary Assumption that these acreage calculations are correct.
Code of Federal Regulations (CFR), Title 12, §34.42(g). 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal
Register 12202, April 9, 1992; Federal Register 29499, June 7, 1994
1
2 Appraisal Standards Board, Uniform Standards of Professional Appraisal Practice 2012-2013 Edition, The Appraisal Foundation,
pg U-3
3 Appraisal Standards Board, Uniform Standards of Professional Appraisal Practice 2012-2013 Edition, The Appraisal Foundation,
pg U-3
THE BENFIELD GROUP, LLC
3
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
PROPERTY RIGHTS APPRAISED
There are three primary types of property rights, which may be appraised. They are Fee
Simple Estate, Leased Fee Estate, and Leasehold Estate. They are defined as follows:
FEE SIMPLE ESTATE
Absolute ownership unencumbered by any other interest or estate, subject only to the
limitations imposed by the government powers of taxation, eminent domain, police
power, and escheat.
LEASED FEE ESTATE
An ownership interest held by a landlord with the rights of use and occupancy
conveyed by lease to others. The rights of the lessor (the leased fee owner) and the
leased fee are specified by contract terms contained within the lease.
LEASEHOLD ESTATE
The interest held by the lessee (the tenant or renter) through a lease conveying the
rights of use and occupancy for a states term under certain conditions.
In this report, the appraiser has been asked to estimate the value of the Fee Simple Estate
in the subject property.
VALUE ESTIMATED
Values are typically estimated on the basis of one or more of the following situations:
Market Value “As Is” on the Appraisal Date: Market Value “As Is” on the appraisal
date is an estimate of the market value of a property in the condition observed upon
inspection and as it physically and legally exists without hypothetical conditions,
assumptions or qualifications as of the date the appraisal is prepared.
Prospective Future Value Upon Completion of Construction: Prospective future
value “upon completion” of construction is the prospective future value of a property
on the date that construction, conversion or rehabilitation is completed, based upon
market conditions forecast to exist as of that completion date. The value estimate at
this stage of value should be stated in current dollars as of a current date.
Prospective Future Value Upon Reaching Stabilized Occupancy: Prospective future
value “upon reaching stabilized occupancy” is the prospective future value of a
property when all improvements have been physically constructed and the property
has been leased to its optimum level of long-term occupancy at the market rent level.
The value estimate at this stage of value should be stated in current dollars as of a
current date.
In this report, the value estimate for the subject property is appraised on the basis of “As
Is” as of November 12, 2013.
THE BENFIELD GROUP, LLC
4
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
LEGAL CONSTRAINTS
The subject property is situated in the city limits of Charlotte, Mecklenburg County, North
Carolina, and is subject to the provisions of the City of Charlotte Zoning Ordinance.
According to the zoning records, the property is zoned B2 CD(General Business Conditional
Use District) which allows general business, multi family and mixed uses. A copy of the
zoning regulations are presented in the Addenda. Based on the appraiser's investigation of
the subject property, there appears to be no other legal constraints which would impact the
value or marketability of the subject property.
INSPECTION OF THE PROPERTY
Susan D. Benfield, MAI, Jack Branch, and Ellen H. Thomas physically inspected the
subject property on numerous occasions. The primary inspection occurred on November 12,
2013, at which time photographs were taken at this time.
DATE OF REPORT
November 21, 2013
EFFECTIVE DATE OF THE APPRAISAL
“As Is” – November 12, 2013
STATEMENT OF OWNERSHIP
John B. Young, CJ Henderson & Associates, The Berkeley Company (31.46 Acres)
McKinney Holdings NC, LLC (30.47 Acres)
FIVE YEAR HISTORY OF THE PROPERTY
Title to the property is currently held in the names as seen above and was acquired in
several transactions as outlined in the following chart.
THE BENFIELD GROUP, LLC
5
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
The subject property totals approximately 61.93 acres of which a portion totaling 31.46
acres is owned by John B. Young, et al, and a portion totaling 30.47 is owned by McKinney
Holdings NC, LLC. We have been asked to appraise the total 61.93 acres.
The 31.46 acre portion was transferred to the current owners as an estate distribution and
there was no excise tax recorded in either deed. The deed which includes tax parcel 049141-20 notes three tracts transferred in the transaction, totaling over 46 acres, but some of
this land has been sold off and the two parcels making up this portion of the subject (tax
parcels 049-131-19 and 20) now total 31.46 acres. This portion of the subject land is
currently under contract between the current owners and McKinney Holdings NC II, LLC
(a related party to McKinney Holdings NC, LLC). The contract is dated September 19, 2013
with a closing scheduled no later than December 16, 2013. The contract price is $5,000,000,
or $158,931 per acre. The property was listed for approximately 6 months prior to the
contract at $6,000,000 or $190,718 per acre. The current owners are now motivated to sell
and decided to take the current offer of $5,000,000. It is noted that the contract price is
slightly lower than our reconciled value as seen later in the report.
The 30.47 acre portion currently owned by McKinney Holdings NC, LLC was purchased in
2012 in an arms-length transaction at a purchase price of $1,500,000, or $49,229 per acre.
The property had been listed at approximately $140,000 per acre for several years and the
seller had become very motivated to sell acreage. This sale was found well below market as
the seller was very motivated and this sale was completed prior to the LYNX Light Rail
approval as well as the recently completed infrastructure improvements completed by the
city of Charlotte which has improved overall access to this property which was inferior at
the time of purchase.
There have been no other transactions in the past five years. A copy of the deeds is located
in the Addenda of this report. As of the date of this report, the subject is raw land with no
improvements.
THE BENFIELD GROUP, LLC
6
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
SCOPE OF THE APPRAISAL
As part of this appraisal, a number of independent investigations and analyses were
conducted. In addition to data compiled by The Benfield Group, LLC on a regular basis, the
investigations undertaken and major data sources used are listed below.
AREA AND NEIGHBORHOOD DESCRIPTION
On November 12, 2013 an inspection of the surrounding area and neighborhood was
conducted. At this time we collected data and information concerning the subject area. We
also spoke with several local real estate firms and active brokers, to discuss recent land
sales and absorption in the area.
SITE DESCRIPTION
The site was physically inspected on several occasions with the primary inspection
occurring on January 16, 2013 and photographs of the subject were taken at that time. We
were provided with surveys drawn by R.B. Pharr and Associates, P.A. 320 Hawthorne
Lane, Charlotte, NC 28204, dated May 5, 2012 and October 4, 2013. These surveys identify
the subject total acreage as 61.93 acres. Tax records were also referenced as addition
information. The tax records note slightly different acreage estimations and we have
reconciled to the surveys for our acreage calculation. Copies of the surveys and tax maps
are located within the body of the report.
We note that there is a stream bisecting the subject property. Parcels 049-181-03 and 04
contain a portion of land within a SWIM water quality buffer zone and no construction is
allowed within 100’ of the buffer. A survey (as seen later in the report) estimates the buffer
zone on these parcels at 5.2025 acres. Parcel 049-141-20 contains approximately 2.63 acres
within a water quality buffer zone and no construction is allowed within 50’ of this buffer.
The survey for this parcel does not calculate the acreage of the buffer zone and we relied on
GIS measurements to estimate the acreage within the buffer. We reserve the right to
modify this report if we are provided a survey with buffer acreage estimates included.
SALES COMPARISON APPROACH (LAND VALUATION)
An investigation of land sales of similar type properties throughout Mecklenburg County
was conducted. Land sales were obtained from several sources to include the county tax
departments, tax assessor’s offices, area real estate brokers and our own files. An expanded
search outside the immediate market area was performed and current listings were
examined. Active brokers and other participants in the market were interviewed as well.
THE BENFIELD GROUP, LLC
7
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
AREA ANALYSIS
CHARLOTTE MSA, MECKLENBURG COUNTY, NORTH CAROLINA
LOCATION
The subject is located in Charlotte which is part of the overall Charlotte market area. The
City of Charlotte is located in the Piedmont Region of the Carolinas, in the southwestern
portion of the state. By car, Charlotte is approximately 2 hours east of the Appalachian
Mountains and 3 1/2 hours west of the Atlantic Ocean. Charlotte is located 89 miles north
of Columbia, South Carolina; 256 miles northeast of Atlanta; 397 miles southwest of
Washington, DC; and 631 miles to the southwest of New York City.
DEMOGRAPHIC PROFILE
Based on a demographic analysis of data compiled through Sites to Do Business, population
figures for Mecklenburg County, Charlotte and the Charlotte MSA are detailed on the
following tables and analyzed in the following discussions.
THE BENFIELD GROUP, LLC
8
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
AREA
Charlotte MSA
Charlotte
Mecklenburg County
Source: STDBonline
P OP U L AT ION
Census
2010
2013
2,217,012
731,424
919,628
2,302,347
758,280
956,904
Estim ate
Annual Change
2018
2010-2013
1.3%
2,465,303
1.2%
821,762
1.4%
1,040,138
Annual Change
2013-2018
1.4%
1.7%
1.7%
In projecting anticipated growth, based on currently available information and analysis, the
Charlotte MSA is expected to grow at a slightly lower aggregate annual rate of growth
during the next five years than Mecklenburg County and Charlotte. The population for
Charlotte and Mecklenburg County as seen in the accompanying tables is anticipated to
grow at an annual rate of 1.7% from 2013 to 2018 while the Charlotte MSA population is
expected to grow at an annual rate of 1.4% over the same time period. Historically annual
growth for the Charlotte MSA and the city of Charlotte was at 1.3% and 1.2% respectively
while Mecklenburg County grew at a pace of 1.4% annually.
HOUSEHOLDS
The household totals, estimates and projections from 2010 to 2018 for the Charlotte MSA
and Mecklenburg County, Charlotte are detailed on the following table.
AREA
Charlotte MSA
Charlotte
Mecklenburg County
Source: STDBonline
HOU SEHOL DS
Census
2010
2013
848,745
289,860
362,213
881,598
300,594
377,083
Estim ate
Annual Change
2018
2010-2013
1.3%
944,093
1.2%
326,026
1.4%
410,238
Annual Change
2013-2018
1.4%
1.7%
1.8%
All areas surveyed experienced growth from 2010 to 2013 with household unit estimates
reflecting growth rates higher in the Charlotte MSA and Mecklenburg County as compared
to the city of Charlotte. Going forward Mecklenburg County and the city of Charlotte are
expected to grow at a faster annual rate than that of the overall Charlotte MSA.
THE BENFIELD GROUP, LLC
9
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
INCOME
Referring to household income, it is evident that the Charlotte market has witnessed
increases in household income. Historical household income statistics for the city of
Charlotte, the Charlotte MSA and Mecklenburg County are summarized in the following
chart.
IN COME
Average Household Incom e
2013
2018
AREA
Charlotte MSA
Charlotte
Mecklenburg County
Source: STDBonline
$
$
$
71,376
74,585
78,241
$
$
$
Annual Change
2013-2018
3.2%
3.1%
3.2%
82,844
86,284
90,618
Incomes in the Charlotte MSA, Charlotte and Mecklenburg County are expected to increase
over the next few years with the Charlotte MSA and Mecklenburg County slightly
outpacing the city of Charlotte.
EMPLOYMENT
The following table shows employment growth and unemployment rates for 2007-2012
(averages for the year) and through August 2013 for the Charlotte MSA and the State of
North Carolina.
U N EM PLOYM EN T R A TES
CHARLOTTE, MSA - EMPLOYMENT
CHARLOTTE, MSA - UNEMPLOYMENT RATE
NORTH CAROLINA - EMPLOYMENT
NORTH CAROLINA - UNEMPLOYMENT RATE
YEA R EN D YEA R EN D YEA R EN D YEA R EN D YEA R EN D YEA R EN D
2007
2008
2009
2010
2011
2012
A U GU S T
2013
837,397
805,697
751,740
760,233
760,131
830,894
848,676
4,321,339
4,291,565
4,064,521
4,065,552
4,864,184
4,275,449
4,300,113
4.7%
4.7%
6.4%
6.2%
12.2%
10.8%
11.4%
10.6%
10.3%
10.5%
9.5%
9.5%
8.3%
8.3%
Source - Employment Security Commission of North Carolina
The most recent unemployment numbers declined for the Charlotte MSA at 8.3% in August
2013 compared to 9.5% at Year End 2012. The State of North Carolina figures also declined
to 8.3% as of August 2013 compared to Year End 2012 at 9.5%. As evidenced in the above
data and trends analysis, the labor force showed a steady unemployment rate from 2007 to
2008 with a spike in 2009 and continued increases into 2010 but unemployment rates
began to decrease in 2011 and continue to decrease in 2013.
THE BENFIELD GROUP, LLC
10
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
RETAIL SALES
The
2012/2013
numbers
for
North
Carolina
and
Mecklenburg
County
were
$105,367,312,381 and $15,561,579,367 respectively. These figures equate to a 2.47%
increase over the 2011/2012 figures for North Carolina and a 4.76% increase for
Mecklenburg County over the same time frame. Specifically, the monthly retail figures
have increased from $8,682,034,394 as of September 2012 to $9,120,519,720 as of
September 2013 for the State of North Carolina and the monthly figures for Mecklenburg
County have increased from $1,192,600,163as of September 2012 to $1,282,153,742 as of
September 2013.
R ETA IL S A LES
YEA R
M eckl enb urg C ount y
% C ha nge
N ort h C a rol i na
% C ha nge
2006/2007
2007/2008
2008/2009
2009/2010
2010/2011
2011/2012
$14,078,512,749
$14,178,740,492
$12,476,582,833
$12,728,091,543
$13,689,815,041
$14,853,835,526
5.40%
0.71%
-12.00%
2.02%
7.56%
8.50%
$106,587,219,763
$107,937,193,038
$99,691,217,415
$94,620,613,794
$96,759,102,306
$102,830,051,937
4.96%
1.27%
-7.64%
-5.09%
2.26%
6.27%
2012/2013
$15,561,579,367
4.76%
$105,367,312,381
2.47%
Source – North Carolina Department of Revenue
CONCLUSION
After analyzing details regarding the city of Charlotte, it is our conclusion that the
Charlotte MSA provides a good atmosphere and growth is expected to continue at a
moderate pace. The historic, economic, demographic and political forces working to
influence Charlotte’s real estate values are favorable, and should continue to interact in a
fashion consistent with the economic wellbeing of the community.
THE BENFIELD GROUP, LLC
11
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
SUMMARY OF LOCATION/NEIGHBORHOOD
City/County/State
Charlotte, Mecklenburg County, North Carolina
Main Thoroughfares
Interstate 85, US Highway 29 (North Tryon Street),
University City Boulevard, Old Concord Road, Rocky River
Road
Neighborhood Uses
Commercial (mostly retail including malls, hotels,
restaurants, gas stations and convenience stores, with some
office and light industrial); established and new single and
multi-family residential development can be found along
secondary roads within the subject neighborhood.
Neighborhood Boundaries
Highway 29 (North Tryon) and Interstate 85 – West Border
Old Concord Road – South and East Border
University City Boulevard – North Border
Immediate Surrounding Uses
Primarily Commercial with some residential uses along
secondary roads. Commercial development in the area
includes Ikea, Comfort Suites, Cross Fit, National Parts
Depot, Parks Chevrolet and WalMart; Residential use
includes Orchard Trace Condominiums, Autumnwood
Subdivision, Knollwood Acres, and Hidden Valley Estates.
Overall Neighborhood Access
Good
Demographics
Average Annual Growth within the three mile radius:
Population
Household
1.31% - 2010 to 2013
1.39% - 2010 to 2013
1.65% - 2013 to 2018
1.73% - 2013 to 2018
2013 Average Household Income - $49,677 (lower than the
Mecklenburg County and Charlotte averages of $78,241 and
$74,585, respectively).
Overall Neighborhood Development
90%
LYNX Blue Line
The City of Charlotte plans to extend the existing LYNX
Blueline light rail north along North Tryon Street which will
run directly adjacent to the subject property. A proposed
LYNX station (University Park & Ride Station) is also
proposed to be along this route near the subject with a stop
light at the northern edge of the property. According to Andy
Mack with the City of Charlotte, there will be retaining
walls and a median put in place which would possibly hinder
the view from the subject but should not affect the subject in
any other negative way. He stated that the placement of the
light rail station would increase traffic and should have a
positive effect on the subject area.
Summary
The subject is located within a busy commercial corridor
North Tryon Street in the University area of Charlotte and
is approximately 0.5 miles west of Interstate 85. Overall
neighborhood access is considered good.
THE BENFIELD GROUP, LLC
12
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
THE BENFIELD GROUP, LLC
13
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
CHARLOTTE RETAIL MARKET OVERVIEW
As of the 1st Half 2013, Karnes noted an inventory of 60.87 million square feet of retail
space in the Charlotte area as compared to 60.40 million square feet in the 2nd Half 2012.
Retail absorption reflected a positive 412,146 square feet in the 1st Half 2013 as compared
to 470,912 square feet in the 2nd Half 2012. Of the retail space on the market, 8.1% was
reported vacant in the 1st Half 2013 which is a 50 basis point decrease from the 2nd Half
2012 vacancy rate of 8.6%. The Charlotte weighted average asking rental rate is $19.12 per
square foot as of the 1st Half 2013 compared to $19.03 per square foot in the 2nd Half 2012.
Overall Charlotte Market
1st Half 2013
2nd Half 2012
Total Existing Inventory
60,870,492 sf
60,404,141 sf
Completions
152,649 sf
182,600 sf
Absorption
412,146 sf
470,912 sf
Vacancy Rate
8.1%
8.6%
Avg. Asking Rent
$19.12/sf
$19.03/sf
The Cabarrus County submarket has the largest amount of retail space at 7.49 million
square feet which is followed by the Mecklenburg– Outer Southeast, Mecklenburg – East,
Mecklenburg – Inner Southeast, York County, and Gaston County. Vacancies among the
various submarkets in the Charlotte region ranged from 4.2% in the Cabarrus County
submarket to 15.7% in the Lincoln County submarket. The lowest vacancies are in the
Cabarrus County and Mecklenburg – Outer Southeast submarkets at 4.2% and 4.9%
respectively. Rental rates ranged from a low of $12.84 per square foot in Lincoln County to
$29.06 in the Downtown submarket.
An overview of the subject Northeast submarket is presented below.
THE BENFIELD GROUP, LLC
14
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
SUBMARKET OVERVIEW – NORTHEAST
The subject submarket, Northeast, contains approximately 4.82 million square feet of retail
space as of the 1st Half 2013. The Northeast submarket’s vacancy rate was at 13.9% in the
1st Half 2013 compared to a vacancy rate of 12.5% in the 2nd Half 2012 which is a 140 basis
point increase. There has been 156,649 sf of completions compared to 0 sf of completions in
the 2nd half 2012. There is 10,490 square feet under construction and 600,900 square feet
proposed within the subject submarket. The average rental rate is $17.88 per square foot as
of the 1st Half 2013 compared to an average rental rate of $17.88 per square foot in the 2nd
Half 2012 which is a $0.10 per square foot decrease. Net absorption in the 1st Half 2013 was
positive at 67,336 square feet compared to positive absorption in the 2nd Half 2012 totaling
16,621 square feet.
Northeast Submarket
1st Half 2013
2nd Half 2012
Total Existing Inventory
4,821,000 sf
4,669,715 sf
Completions
152,649 sf
0 sf
Absorption
67,336 sf
16,621 sf
Vacancy Rate
13.9%
12.5%
Avg. Asking Rent
$17.78/sf
$17.88/sf
CONCLUSION
In conclusion, the subject Northeast submarket houses the eighth most retail square
footage among submarkets in Mecklenburg County and notes the second highest overall
vacancy rate among the submarkets in Mecklenburg County. The Northeast current
vacancy rate (13.9%) is higher than the overall Charlotte markets vacancy rate (8.1%) and
the subject submarket’s average rental rate ($17.78/sf) is slightly below the average rental
rate ($19.12/sf) for the overall Charlotte market. The subject submarket appears to be doing
well as the Northeast submarket reported the highest level of positive net demand in the
region in the 1st half of 2013 and there is 600,900 feet of proposed construction and 10,490
sf under construction, but the overall vacancy rate increased from the 2nd Half 2012 to the
1st Half 2013. Given these figures, there appears to be a demand for new retail space in the
subject submarket and development of the subject site is believed feasible.
THE BENFIELD GROUP, LLC
15
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
SUMMARY OF SITE CHARACTERISTICS
Address
North Tryon Street, Charlotte, Mecklenburg County, 28213
Tax Id #
049-181-03, 049-181-04, 049-141-19 and 049-141-20
Land Area
61.93 total acres
Site Shape
Irregular
Front Feet
Approximately 2,230’ along North Tryon Street; 455’ along Sandy
Avenue; 230’ along West Rocky River Road
Utilities
All Public
Access:
Access to the subject is provided by North Tryon Street (Highway 29), a
4 lane highway with a grass median); Sandy Avenue and West Rocky
River Roads, two lane paved roads with periodic turn lanes.
Zoning
City of Charlotte (B2 CD) – General Business Conditional Use
Permitted Uses – commercial uses to include any uses allowed under B2
zoning with the exception of uses not allowed per the conditional use.
Uses allowed include retail, office, schools, medical facilities, hotels,
restaurants, duplex and triplex residential, multi-family under 12 units
and multi-family over 12 units under prescribed conditions; Uses not
allowed per the conditional use include trailer and overnight camping,
mobile home sales, motorcycle retail sales, and pawn shops among
others. A property owner corridor study for the subject site which is part
of the overall North Tryon Street Corridor Study, dated November 1990,
identifies the subject site and specifies uses not permitted under the
conditional use permit. A copy of this site plan is found in the body of the
report.
Site Topography
Generally level to rolling – flood panel 3710457600K, dated March 2,
2009, Zone X, outside the 100 year flood plain.
We note that there is a stream bisecting the subject property. Parcels
049-181-03 and 04 contain a portion of land within a SWIM water
quality buffer zone and no construction is allowed within 100’ of the
buffer. A survey (as seen later in the report) estimates the buffer zone on
these parcels at 5.2025 acres.
Parcel 049-141-20 contains approximately 2.63 acres within a SWIM
water quality buffer zone and no construction is allowed within 50’ of
this buffer. The survey for this parcel does not calculate the acreage of
the buffer zone and we relied on GIS measurements to estimate the
acreage within the buffer. We reserve the right to modify this report if
we are provided a survey with buffer acreage estimates included.
Approximately 7.83 acres (12%) of the total acreage is within a SWIM
water quality buffer. According to the Mecklenburg County planning
office this area cannot be used for construction but it can be utilized as
green-space and/or to increase the allowed density. Therefore, this
acreage is considered useable acreage in our valuation but we have
considered the fact that this portion of the subject acreage cannot be
improved upon in our reconciliation of value later in the report.
Easement/Encroachments
THE BENFIELD GROUP, LLC
No title report provided. According to a survey provided, there is a 15’
sanitary easement bisecting parcel 049-141-20. This easement is located
within the water quality buffer zone as discussed previously. We are not
aware of any other easement, encroachments, or restrictions adversely
affecting the property. Our report assumes clear and marketable with no
adverse easements or restrictions.
16
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
SUMMARY OF SITE CHARACTERISTICS CONTINUED
Tax Assessment/Tax Rate/Taxes
The subject 61.93 acres is assessed at the following amounts and is
subject to Mecklenburg County (0.8157) and the City of Charlotte
(0.4687) taxes which equate to a tax rate of 1.2844.
Parcel 049-141-20 (28.13 acres) - $4,205,200/100 x 1.2844 = $54,012
Parcel 049-141-19 (2.8 acres) - $579,300/100 x 1.2844 = $7,441
Parcel 049-181-03 (12.21 acres) - $1,595,600/100 x 1.2844 = $20,494
Parcel 049-181-04 (18.02 acres) - $2,465,000/100 x 1.2844 = $31,660
Total Taxes Due - $113,607
Taxes appear paid and up to date. The latest countywide reassessment
occurred in 2011.
Exposure/marketing Period
12 months
Current Use
Unimproved Land
Future/Projected Use
Commercial/Residential
Environmental Hazards
None noted
Summary
The subject land is located on a busy commercial corridor on North
Tryon Street in the University area of Charlotte. The subject site is
offered good access and frontage along North Tryon Street (Highway 29).
THE BENFIELD GROUP, LLC
17
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
THE BENFIELD GROUP, LLC
18
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
THE BENFIELD GROUP, LLC
19
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
THE BENFIELD GROUP, LLC
20
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
The shaded areas represent the water quality buffer areas affecting parcels 049-181-03, 04
and 049-141-20.
THE BENFIELD GROUP, LLC
21
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
EXPOSURE/MARKETABILITY ANALYSIS
Our marketability analysis will focus on the estimated time the subject property would be
on the market to secure a sales contract. We are also required to identify the exposure
period associated with the value conclusions reached herein. Unlike the marketing time,
the exposure period is considered to immediately precede the date of the appraisal.
Exposure time may be defined as follows:
“The estimated length of time the property interest being appraised would have been
offered on the market prior to the hypothetical consummation of a sale at market
value on the effective date of the appraisal; a retrospective estimate based upon an
analysis of past events assuming a competitive and open market. 4”
The subject property consists of 61.93 acres of land. Typical purchasers for the subject
would be developers and or investors. In order to estimate a reasonable marketing time
several sources of information were reviewed. The sources considered were local real estate
brokers and other participants active in the market. The current market conditions reflect a
period approaching a longer time frame. After considering all sources available, it is our
opinion that the subject could be sold within twelve months provided there is a reasonable
asking price and professional marketing efforts are applied. We believe the discussions of
the marketing period are also applicable to the exposure time, and a period of twelve
months is identified.
This is also applicable to the exposure period, which would precede the date of the
appraisal. Typical selling commissions on a property similar to the subject would be about
three to six percent. The marketing period would be predicated on the site being free of
environmental hazards. If problems were found, the time to eradicate the site would add to
the marketing time. After considering all the information available, we conclude that a
reasonable marketing and exposure period of twelve months is applicable to the subject
property.
ESTIMATE OF MARKETING AND EXPOSURE TIME
TWELVE MONTHS
4
Uniform Standards of Professional Appraisal Practice (Washington D.C.: The Appraisal Foundation, 1996), p 75.
THE BENFIELD GROUP, LLC
22
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
MARKET INTERVIEWS
Due to the current recession, we have contacted brokers and developer’s to discuss the most
current market conditions. We have surveyed those most active in the subject submarket as
noted below:
•
Jill Ecuyer with Newmark Grubb Knight Frank Commercial Real Estate is seeing
the overall market improve. She stated that the retail market is seeing good activity
and she is seeing improved land movement but that it was still slow. She said multifamily land has seen the most sales and that leasing of retail properties has been
good. She expects continued improvement into next year.
•
Dillard Williams with Spectrum Properties stated that he has seen a huge surge in
multi-family land over the past year and that other sectors of the market were
seeing big improvement as well. He is seeing leasing up and prices holding steady.
He is seeing land starting to sell but said that land sales were still slow. He is
optimistic about continued improvement in the market.
•
Jensie Teague with Selwyn Property Group Investments has recently sold land in
the market area and said the submarket was strong with tenants such as Ikea and
Wal-Mart in the area. He said in general that the market was picking up and was
seeing a lot of retail activity. He said rates were getting tighter and leasing has also
improved. He said the overall office market was healthier and he believes the overall
market will continue to improve.
STRENGTHS & WEAKNESSES
STRENGTHS
•
Good frontage and access
•
Close proximity to complimentary commercial uses
•
Close to major roadways and interstates
•
Population growth seen within the three mile radius over the past three years and is
expected to continue over the next several years.
•
Lynx Blue Line University Station proposed near the station and the light rail route will run
adjacent to property
WEAKNESSES
•
Land sales still sluggish in the market area
•
Uncertainty of the market
THE BENFIELD GROUP, LLC
23
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
HIGHEST AND BEST USE
The highest and best use for real property can be defined as follows:
"the reasonable and probable use that supports the highest present value, as
defined, as of the date of the appraisal."
Alternatively, highest and best use is . . .
"the use, from among reasonably probable and legal alternative uses, found
to be physically possible, appropriately supported, financially feasible, and
that results in the highest present land value."
The first type of highest and best use, highest and best use of land or a site as though
vacant, assumes that a parcel of land is vacant or that it can be made vacant through the
demolition of any improvements. The question to be answered in this type of analysis is
"what use should be made of it?", that is, what type of building or other improvement (if
any) should be constructed on the land?
The second type of highest and best use, highest and best use of a property as improved,
pertains to the use that should be made of the property as it exists. Should the existing
improvements be maintained, renovated, expanded, partially demolished or should it be
replaced with a different type use? The purpose of highest and best use analysis is different
for each type of highest and best use examined. For each type of highest and best use, the
criterion in a highest and best use study are that the highest and best use must be 1) legally
permissible, 2) physically possible, 3) financially feasible, and 4) maximally productive. The
subject is an unimproved site and we will present an analysis “As Vacant”.
THE BENFIELD GROUP, LLC
24
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
AS VACANT
LEGALLY PERMISSIBLE
The first criterion for analyzing highest and best use addresses which uses are legally
permitted under the current zoning regulations which are defined as those uses permitted
under the city of Charlotte B2-CD (general business conditional use) zoning jurisdiction. As
previously mentioned, commercial uses are permitted within this district as well as
residential uses to include retail, office uses as well as single family and multi-family
residential among other uses.
PHYSICALLY POSSIBLE
The second criterion for examining the highest and best use considers what uses are
physically possible. Some uses may be inappropriate due to physical characteristics such as
size, shape, utilities, soil conditions, and topography. The subject site contains 61.93 acres
and is considered functional for most types of development. Ingress and egress is considered
good, soil conditions are assumed to be adequate and the site has access to all municipal
utilities. Based on the physical characteristics of the site, it is our opinion that there is no
known characteristic that would be detrimental in the development of the subject site.
FINANCIALLY FEASIBLE USES
The third criterion for determining highest and best use of the subject property as vacant is
what use would bring a positive cash flow to the investor. The subject site is in a good
located along North Tryon Street and has direct frontage on three streets. The subject is
within close proximity to Interstate 85 and is within the direct route of the proposed Lynx
Blue Line light rail with a proposed rail station nearby. The neighborhood is characterized
commercial uses including various shopping centers as well as office uses as well as single
and multi-family uses primarily along secondary roads.
The single-family market was negatively affected by the economic recession; however, there
are some indications that this sector is getting stronger but we do not believe a singlefamily residential use would be a financially feasible use. The multi-family market across
the country and in the subject area has sustained momentum and multi-family land sales
have been strong in the subject area.
THE BENFIELD GROUP, LLC
25
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
As recalled from earlier, the vacancy rate in the overall Charlotte market has decreased to
8.1% in the 1st Half 2013 as compared to 8.6% in the 2nd Half 2012 and asking rent has
increased $0.09 in the same time period, although absorption was down slightly. The
Northeast submarket reported the highest level of positive net demand in the region in the
1st Half 2013 and there is over 600,000 feet of proposed construction and submarket rents
have remained steady. Given these considerations, there appears to be a demand for new
retail space in the subject submarket and the most financially feasible use of the subject
“As Vacant” is believed to be a retail and/or a mixed use development.
MAXIMALLY PRODUCTIVE USE
The fourth and final criterion addresses which alternative uses would be maximally
productive. Although several uses may generate sufficient revenue to satisfy the required
rate of return on investment and provide a return on the land, the use that produces the
highest price or value is typically the highest and best use. However, the recipient of the
property’s productivity greatly determines what actual use maximizes profitability. In
consideration of the alternative uses and based on our analysis of the surrounding uses and
overall utility of the subject site as vacant, we conclude that the maximally productive use
for the subject would a commercial use to include retail and/or a mixed use development.
CONCLUSION
It is concluded that the Highest and Best Use of the subject “As Vacant” would be retail
and/or a mixed use development. This use is legally permissible, physically possible,
financially feasible and a maximally productive use of the subject.
THE BENFIELD GROUP, LLC
26
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
METHOD OF VALUATION
The appraisal process typically involves three approaches in determining value, which
consists of the Cost Approach, Income Approach and Sales Comparison Approach. A brief
description of each technique is as follows:
THE COST APPROACH
An appraisal procedure using depreciated replacement or reproduction costs
of improvements plus land value as a basis for estimating market value. The
underlying assumption is that an informed purchaser will pay no more than
the cost of producing a substitute property with the same utility as the
subject property.
THE INCOME APPROACH
An appraisal procedure using capitalization of expected future income as a
basis for estimating market value. The underlying assumption is that an
informed purchaser will pay no more for the subject property than would
have to be paid for another property with an income stream of comparable
amount, duration and quality.
DEVELOPMENT VALUATION ANALYSIS
The development valuation analysis or development method as defined in the
appraisal process is a combination of the market and income approaches. In
the initial step, the market approach is used in order to estimate the
wholesale value of the individual units being considered. Absorption is then
estimated and sales revenue is projected. In addition, carrying costs and
expenses are deducted and the net income is discounted.
APPRAISAL PROCEDURES
The sales comparison approach (site valuation) will be used in determining the value of the
proposed improvements. The income approach and cost approach has been omitted due to
the unimproved nature of the subject property. The omission of these approaches does not
lessen the validity of this report.
THE BENFIELD GROUP, LLC
27
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
LAND VALUATION
We have conducted research in the subject neighborhood and similar market areas with
respect to properties having similar potential for development and have found several of the
most recent sales of comparable properties. These sales are believed to provide the most
reliable indication of value for the subject property, and data sheets on each of the sales
utilized are provided on the following pages. An adjustment chart follows the data sheets
and reflects our analysis of the similarities and dissimilarities relative to the subject
property with an explanation of adjustments enclosed for the reader's reference. The chart
illustrates an analysis of the differences between the sales and subject property, with
percentage adjustments used to reflect buyer reactions to the different physical
characteristics. Although each adjustment is not absolute, the primary objective of the
chart is to share our thought process with the reader. The price paid per acre has been
selected as the most applicable unit of comparison.
It is noted that there have been limited comparable sales over the past few years. Thus, the
comparable sale search was expanded outside the subject market area and active brokers in
the market were interviewed.
THE BENFIELD GROUP, LLC
28
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
LAND COMPARABLE SALE ONE
LOCATION
University City Boulevard
CITY, STATE
Charlotte, Mecklenburg County, NC
GRANTOR
Jenkins Living Trust Agreement
GRANTEE
Sanctuary Holdings Charlotte LLC
DEED REFERENCE
28585/380
VERIFICATION
Jill Ecuyer – Broker, Newman Grubb Knight Frank
TAX ID
049-181-07, 09, 049-231-01, 06, 049-242-13
DATE OF SALE
July 2013
SIZE
31.11 Acres
FRONTAGE
947’ on West Rocky River
TOPOGRAPHY
Level
ZONING
B2 CD
HIGHEST AND BEST USE
Commercial/Mixed Use
SALES PRICE
$5,985,000
TERMS OF SALE
Cash
PRICE PER ACRE
$192,382
Purchased for multi-family/mixed use site for UNCC students;
broker noted buyer was very motivated; access is limited from
University City Boulevard
COMMENTS
THE BENFIELD GROUP, LLC
29
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
LAND COMPARABLE SALE TWO
LOCATION
Shopton Road
CITY, STATE
Charlotte, Mecklenburg County, NC
GRANTOR
Steele Creek (1997) LP
GRANTEE
Charlotte Outlets, LLC
DEED REFERENCE
28622/914
VERIFICATION
Broker – Jill Ecuyer, Newmark Grubb Knight Frank
TAX ID
199-241-13, 199-251-01
DATE OF SALE
August 2013
SIZE
42.21 Acres
FRONTAGE
1,095’ on Shopton Road
TOPOGRAPHY
Level
ZONING
CC
HIGHEST AND BEST USE
Commercial/Mixed Use
SALES PRICE
$8,706,500
TERMS OF SALE
Cash
PRICE PER ACRE
$206,266
Site purchased for development of outlet mall; property rezoned
from MUDD-O to CC while property under contract
COMMENTS
THE BENFIELD GROUP, LLC
30
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
LAND COMPARABLE SALE THREE
LOCATION
Lancaster Highway
CITY, STATE
Charlotte, Mecklenburg County, NC
GRANTOR
YFP Management Company
GRANTEE
Lancaster BVS LLC
DEED REFERENCE
27732/528
VERIFICATION
Seller – Beth Caracciolo, YFP Management
TAX ID
223-031-12, 98
DATE OF SALE
October 2012
SIZE
16 Acres
FRONTAGE
1,116’ on Lancaster Highway.
TOPOGRAPHY
Level
ZONING
MX 2
HIGHEST AND BEST USE
Commercial/Mixed Use
SALES PRICE
$3,100,000
TERMS OF SALE
Cash
PRICE PER ACRE
$193,750
Located in south Charlotte near South Carolina border;
marketed as a mixed use site – purchaser plans to develop
apartment complex
COMMENTS
THE BENFIELD GROUP, LLC
31
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
LAND COMPARABLE SALE FOUR
LOCATION
Kincey Road
CITY, STATE
Huntersville, Mecklenburg County, NC
GRANTOR
Bank of America, N.A.
GRANTEE
The Collection At The Park LLC
DEED REFERENCE
28759/600
VERIFICATION
Broker – Dillard Williams, Spectrum Properties
TAX ID
017-169-01
DATE OF SALE
October 2013
SIZE
14.52 Acres
FRONTAGE
529’ Kincey Ave; 958’ Reese Blvd; 1,189’ Boren St
TOPOGRAPHY
Level
ZONING
CB
HIGHEST AND BEST USE
Commercial/Mixed Use
SALES PRICE
$3,450,000
TERMS OF SALE
Cash
PRICE PER ACRE
$237,571
Proposed for a master planned community; located at The Park
development in Huntersville; property was land owned by Bank of
America held in trust
COMMENTS
THE BENFIELD GROUP, LLC
32
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
ZONING
SALE DATE
SIZE - ACRES
SALES PRICE
P RICE P ER ACRE
PROPERTY RIGHTS
FINANCING
CONDITIONS OF SALE
TIME
ADJU ST ED P RICE P ER ACRE
LOCATION
SIZE/SHAPE
TOPOGRAPHY
ZONING
UTILITIES
ACCESS/FRONTAGE
OTHER
T OT AL ADJU STMEN T S
ADJU STED VAL U E P ER ACRE
THE BENFIELD GROUP, LLC
1
B2 CD
Jul-13
31.11
$5,985,000
$192, 382
2
CC
Aug-13
42.21
$8,706,500
$206, 266
3
MX2
Oct-12
16.00
$3,100,000
$193, 750
4
CB
Oct-13
14.52
$3,450,000
$237, 571
$192, 382
$206, 266
$237, 571
-15%
-10%
$193, 750
10%
-20%
10%
-10%
-15%
$163, 525
-10%
-20%
$165, 013
-10%
-20%
$155, 000
-10%
-30%
$166, 299
-20%
33
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
EXPLANATION OF ADJUSTMENTS
The following are generally accepted adjustment categories. The first four categories - real
property rights appraised, financing, conditions of sale, and market conditions (time) are
cumulative. Normally, a sale should be adjusted for the cumulative adjustment where the
remaining adjustments such as location and other physical characteristics are applied.
Location, physical characteristics and other adjustments are additive, and may be in any
order. An explanation of each adjustment category is as follows:
PROPERTY RIGHTS APPRAISED
The real property rights conveyed is the first adjustment because the appraisal of the
subject property rights can only be compared to similar property rights. All comparable
sales are considered fee simple property rights, requiring no adjustments.
FINANCING
A financing adjustment is actually a specific motivation adjustment and often is not capable
of being accurately derived from the mathematical discounting process. The most reliable
financing adjustment is from paired sales, which are generally not available through sales
information. Cash equivalency is the adjustment of a sales price to an equivalent price if
sold for cash absent the contract terms of the loan. The adjustment may be negative to
reflect favorable terms to positive to reflect unfavorable terms. All the sales are considered
cash or cash equivalent transactions, requiring no adjustments.
CONDITIONS OF SALE (MOTIVATION)
Typical adjustments under this category include adjustments for plottage, purchasing
additional land for expansion, or other typically motivated sales. All sales were transactions
where each party was typically motivated and no adjustments were necessary.
MARKET CONDITIONS (TIME)
It is market conditions and not the passage of time that cause prices to change. This is an
example of the principle of change. An adjustment for market conditions is a cumulative
adjustment within the Sales Comparison Approach. The comparable sales occurred between
the 2012 and 2013 and these sales have experienced no appreciation. Thus, no adjustments
were found warranted.
THE BENFIELD GROUP, LLC
34
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
LOCATION
The location of the comparable sales used in this report is compared to the subject. Factors
directly related to location such as population, labor supply, transportation and existing
land uses are considered. The subject is located on a busy commercial corridor on North
Tryon Street (Highway 29) in the University area of Charlotte. Sale Four is located at The
Park in Huntersville and this location is an area of higher demand, higher rental rates and
lower vacancy rates than the subject market and we applied a negative adjustment to this
sale. The remaining sales were found similar enough to the subject with regard to demand
and no location adjustments were deemed necessary.
SIZE/SHAPE
Adjustments are considered based on optimum size, shape, and overall utility of the
comparable sales as compared to the subject. Economies of scale are often considered in this
adjustment when market proof supports the premise that the larger the property size, the
lower the unit price and vice versa. The subject property contains a total of 61.93 acres. All
of the sales are smaller than the subject and negative adjustments were applied
accordingly.
TOPOGRAPHY
The effects of topography are considered in this adjustment and the relative differences
between the comparable and the subject are considered. The topography of the subject site
is generally level. All of the comparable sales are level to gently rolling and similar enough
in topography that no adjustments are applied.
ZONING
This adjustment is considered when different classifications of zoning are analyzed.
Potential government restrictions are considered in this adjustment. It is recalled that the
subject is zoned B2 CD and is approved for most retail, office and multi-family uses. The
comparable sales all are zoned for commercial/multi-family use and were found similar in
zoning and no adjustments were required.
UTILITIES
This adjustment considers the approximate cost and availability of municipal and private
utilities as these costs relate to valuing the subject land. The subject and the comparables
were similar in utilities provided and an adjustment would not be appropriate.
THE BENFIELD GROUP, LLC
35
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
ACCESS/FRONTAGE
Adjustments were made for differences in access and road frontage. Typically, the more
frontage a lot has, the more favorable it is considered. Usually, a corner lot commands a
higher price, as it tends to have more frontage and greater visibility. The subject has good
access and frontage along North Tryon Street. The comparables all have good access and
frontage and required no adjustments.
OTHER
We recall that 7.83 acres of the total subject acreage is located within a SWIM water
quality buffer and this portion of the subject cannot be improved upon; however, this
portion can be utilized as green-space and/or to increase the allowed density of the overall
subject acreage. This portion of the subject is considered useable acreage but is believed to
have less utility than the comparable sales which do are not affected by a SWIM buffer;
thus, we have applied a negative adjustment to each of the comparable sales.
RECONCILIATION AND FINAL ESTIMATE OF LAND VALUE
Before adjustments, the sales ranged from $193,750 to $237,571 per acre. After
adjustments, the sales ranged from $155,000 to $166,299 per acre with an average of
$156,459 per acre. Sale Three notes the lower end of the adjusted range and is also the
oldest sale. Net of this sale the comparables range from $163,525 to $166,299 per acre and
we would expect the subject to fall within this range ($163,525 - $166,299/acre). Sale One is
adjacent to the subject and is believed the most comparable sale with an adjusted price of
$163,525 per acre. Given the comparable data, a value of $165,000 per acre is reasonable
for the subject. The value of the 61.93 acre subject is estimated at $10,218,450 ($165,000 x
61.93 acres) or $10,200,000 (rounded).
For comparison, we have included the following listings as additional support.
L IST IN GS
L ocation
City/ State
Acreage
Statesville Road
Charlotte, NC
39.14
Mallard Creek Road Charlotte, NC
74.00
Steele Creek Road
Charlotte, NC
18.00
Sunset Road
Charlotte, NC
26.60
Rocky River Road Harrisburg, NC 30.50
Galloway Road
Charlotte, NC
35.43
THE BENFIELD GROUP, LLC
P rice
$8,000,000
$7,400,000
$2,970,000
$4,921,000
$4,575,000
$4,428,750
Advertised P rice/ Acre Zoning
$204,394
I1
$100,000
Office
$165,000
B-1
$185,000
I1
$150,000
Office
$125,000
R3
36
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
The listings range from $100,000 to $204,394 per acre, but it is noted that these are listings
and not actual sales. The listing on Galloway Road notes inferior zoning although they are
marketing the property to rezone for commercial use and the properties on Mallard Creek
Road and Rocky River Roads are zoned for office use only. Thus, we would expect the
subject to demand a higher price per acre than these listings ($100,000-$150,000/acre). The
remaining listings range from $165,000 to $204,394 per acre and our appraised price per
acre of $165,000 falls within this range.
We recall that a 30 acre portion of the subject sold in 2012 at approximately $50,000 per
acre. However, as discussed previously, this sale was found well below market as the seller
was very motivated and this sale was completed prior to the LYNX Light Rail approval as
well as the recently completed infrastructure improvements surrounding the subject.
We also recall that the remaining subject acreage is under contract at approximately
$160,000 per acre which is slightly below our reconciled value of $165,000 per acre but we
recall that this acreage was originally listed at approximately $190,000 per acre and the
owner is now motivated to sell the property. Thus, the reconciled value of $165,000 per acre
is believed to be reasonable.
FINAL ESTIMATE OF LAND VALUE
“As-Is”
November 12, 2013
$10,200,000
THE BENFIELD GROUP, LLC
37
61.93 Acres – North Tryon Street, Charlotte, Mecklenburg County NC 28213
ADDENDA
SUBJECT PHOTOGRAPHS
DEEDS
ZONING
CORRIDOR STUDY
TAX CARDS
LYNX MAP
ENGAGEMENT LETTER
ASSUMPTION AND LIMITING CONDITIONS
QUALIFICATIONS OF THE APPRAISERS
THE BENFIELD GROUP, LLC
38
North Tryon Street
North Tryon Street
Subject Land
Subject Land
Subject Land
Subject Land
OFFICE
BUSINESS
TABLE 9.101
Office Districts
Business Districts
O-1
O-2
O-3
B-1
B-2
Bed and breakfasts (B & B's)
PC
PC
PC
PC
PC
Boarding houses
PC
PC
PC
PC
PC
Dormitories
PC
PC
PC
PC
PC
Dwellings, active adult retirement community
PC
PC
PC
PC
PC
Dwellings, attached (duplex only)
X
X
X
X
X
Dwellings, attached (triplex and quadraplex only)
X
X
X
X
X
Dwellings, detached
X
X
X
X
X
Dwellings, duplex
X
X
X
X
X
PC
PC
PC
PC
PC
X
X
X
X
X
X
X
X
X
X
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
Adult care centers
PC
PC
PC
PC
PC
Adult care homes
PC
PC
PC
PC
PC
B-D
BP
RESIDENTIAL USES:
Dwellings, mixed use
Dwellings, triplex and quadraplex
Dwellings, multifamily and attached, up to 12 in a
building
Dwellings, planned multi-family, and attached or
buildings with more than 12 units
Equestrian oriented subdivision
Single room occupancy (SRO) residences
PC
PC
PC
PC
PC
INSTITUTIONAL USES:
X
X
X
Child care centers
PC
PC
PC
PC
PC
Child care centers in a residence
PC
PC
PC
PC
PC
Child care centers, large
Armories
X
PC
PC
PC
PC
PC
Civic, social service, and fraternal facilities
X
X
X
X
X
Cultural facilities
X
X
X
X
X
X
X
X
X
X
PC
PC
PC
PC
PC
Government buildings, up to 300,000 square feet
X
X
X
Government buildings, over 300,000 square feet
Elementary and secondary schools
Family childcare home
X
Government buildings, up to 100,000 square feet
PC
PC
X
X
X
X
X
X
X
PC
PC
PC
PC
PC
PC
Group homes, up to 10 residents
X
X
X
X
X
X
X
Health institutions
X
PC
X
X
X
Jails and prisons
PC
PC
PC
PC
PC
PC
PC
Nursing homes, rest homes, and homes for the aged
Orphanges, children homes, and similar non-profit
institutions
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
Table 9.101
KEY:
X - Uses permitted as of Right
PC - Uses permitted under Prescribed Conditions
Office
Business
Page 1
OFFICE
BUSINESS
TABLE 9.101
Office Districts
Business Districts
O-1
O-2
O-3
B-1
X
X
X
PC
PC
PC
Universities, colleges, and junior colleges
X
X
X
X
X
Vocational schools, within an enclosed building
X
X
X
X
X
Recreation centers, up to 30,000 square feet
Religious institutions
Short-term care facilities
B-2
B-D
BP
X
X
X
X
X
X
PC
PC
Stadiums and arenas, up to 5,000 seats
X
OFFICE & BUSINESS USES:
Amusement, commercial, outdoor
X
Auction sales
X
Automobile service stations, including minor
adjustments, repair, and lubrication
X
X
X
Automobiles, truck and utility trailer rental
Automotive repair garages, including engine overhaul,
body, and paint shops, and similar operations
Automotive sales and repairs, including tractor-trucks,
but not accompanying trailer units
Bakeries, retail, including manufacture of goods for
sale on premise
Bakeries, small scale, retail and wholesale, including
manufacture of goods on premise, up to 2,500 square
feet
Bakeries, wholesale, including manufacturing of goods
on premise, up to 5,000 square feet
X
X
X
X
X
X
X
PC
X
Bakeries, wholesale
Barber and beauty shops
Bicycle-sharing stations
X
X
X
X
X
X
PC
PC
PC
PC
PC
X
X
PC
PC
PC
Boarding stables
Boat and ship sales, and repairs
X
Building maintenance services
X
PC
Building material sales, retail
PC
Building material sales, wholesale
PC
Car washes
X
X
Catalog and mail order houses
Clinics, medical, dental, and optical
X
X
X
X
X
Clinics, veterinary
X
X
X
X
X
PC
PC
Commercial rooming houses
Contractor offices and accessory storage, excluding
storage of construction equipment and vehicles.
Crematory facilities
Distributive businesses, including warehousing in a
single building.
X
X
PC
X
X
X
X
PC
Table 9.101
KEY:
X - Uses permitted as of Right
PC - Uses permitted under Prescribed Conditions
Office
Business
Page 2
OFFICE
BUSINESS
TABLE 9.101
Office Districts
O-1
O-2
O-3
Dry cleaning and laundry establishments, up to 4,500
square feet
Dry cleaning and laundry establishments, up to 10,000
square feet
Business Districts
B-1
B-2
X
X
X
Equipment rental and leasing establishments
X
Equipment rental and leasing establishments, within an
enclosed building
X
X
Fences and fence materials, retail sales
X
Fences and fence material, retail sales within an
enclosed building
X
X
X
Financial institutions up to 70,000 square feet
X
X
X
PC
PC
PC
X
Florists, retail
X
X
X
PC
PC
PC
X
X
X
X
Florists, wholesale
Funeral homes and embalming
X
X
Fabric sample assembly establishments
Financial institutions more than 300,000 square feet
X
X
X
PC
PC
PC
X
X
X
X
Graphics research and production facilities
Hotels and motels
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
PC
Indoor Training and Shooting Facilities
X
Jewelers, retail
Jewelers, wholesale
Laboratories, applied and basic research, within an
enclosed building
Laboratories, optical, medical, and dental
BP
X
Engraving establishments
Financial institutions, up to 300,000 square feet
B-D
X
X
X
X
X
X
Locksmiths and gunsmiths
X
X
X
X
Manufactured housing sales and repair
Manufacturer's representatives offices, repair, and
service facility
Marinas, commercial
Merchandise showrooms, including warehousing in a
single building
Neighborhood food and beverage services
PC
X
X
Nightclubs, bars and lounges
PC
PC
X
X
X
PC
X
Nurseries and greenhouses, retail and wholesale
X
X
X
X
X
X
X
X
X
X
X
X
Offices, more than 300,000 square feet
PC
PC
PC
PC
PC
PC
Office establishments in multi-family buildings
PC
PC
PC
Orthotics - prosthetics facilities
PC
PC
PC
PC
PC
PC
Offices, up to 100,000 square feet
Offices, up to 300,000 square feet
PC
Table 9.101
KEY:
X - Uses permitted as of Right
PC - Uses permitted under Prescribed Conditions
Office
Business
Page 3
OFFICE
BUSINESS
TABLE 9.101
Office Districts
Business Districts
O-1
O-2
O-3
B-1
B-D
BP
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Pest control and disinfecting services
Post offices
B-2
Printing and publishing up to 5,000 square feet
Printing and publishing up to 100,000 square feet
X
Printing and publishing over 100,000 square feet
Radio and television stations and/or offices
X
X
X
Repair or servicing of any article within an enclosed
building, the sale of which is permitted in the district
Repair or servicing of any article, the sale of which is
permitted in the district
Research uses within an enclosed building
X
X
X
X
Retail and shopping centers, personal and recreational
services, up to 10,000 square feet
X
X
Retail and shopping centers, personal and recreational
services, except for uses permitted only in the B-2
district, up to 100,000 square feet
X
X
Restaurants
Restaurants in multi-family buildings
PC
PC
PC
Restaurants in office buildings
PC
PC
PC
Retail and shopping centers, personal and recreational
services, up to 100,000 square feet on a lot
X
X
X
X
Retail establishments in multi-family buildings
PC
PC
PC
Retail establishments in office buildings
PC
PC
PC
PC
Riding academies
Showrooms, up to 25,000 square feet
Showrooms, up to 70,000 square feet
X
Sign painting, exclusive of manufacture
X
X
X
X
Studios for artists, designers, photographers,
musicians, sculptors, gymnasts, potters, wood, leather
crafts, glass blowers, weavers, silversmiths, and
designers of ornamental and precious jewelry
X
X
X
X
X
Subdivision sales offices
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Tattoo establishment
Telecommunications and data storage facility
X
X
X
Tire recapping and retreading
X
Theaters, motion picture
Wholesale sales and related storage and warehousing
within an enclosed building, excluding truck terminals
X
X
Table 9.101
KEY:
X - Uses permitted as of Right
PC - Uses permitted under Prescribed Conditions
Office
Business
Page 4
OFFICE
BUSINESS
TABLE 9.101
Office Districts
O-1
O-2
O-3
Business Districts
B-1
B-2
B-D
BP
INDUSTRIAL USES:
Manufacture or assembly of:
Aircraft component parts
X
Bakery products
X
Beverages, excluding alchohol beverages
X
Candy and confectionary products
X
X
Communications equipment
X
Computer and office equipment
Dairy products
X
Electrical components and accessories
X
Electrical lighting and wiring equipment
X
Electronic equipment
X
Furniture and fixtures
X
Grain mill products
X
Household appliances
X
Household audio and visual equipment
X
Industrial machinery
X
X
Measuring and controlling devices
Meat products, excluding slaughtering and dressing
X
Medical instruments and supplies
X
Musical instruments
X
Ophthalmic goods
X
Pens, pencils, office and art supplies
X
X
Pharmaceuticals
Preserved fruits and vegetable products
X
Pumps
X
Search and navigation equipment
X
Toys and sporting goods
X
Watches, clocks, watch cases and parts
X
Wire products
X
X
Other similar uses
Warehousing, within an enclosed building
Warehousing, excluding "mini-warehousing"
X
X
Table 9.101
KEY:
X - Uses permitted as of Right
PC - Uses permitted under Prescribed Conditions
Office
Business
Page 5
OFFICE
BUSINESS
TABLE 9.101
Office Districts
Business Districts
O-1
O-2
O-3
B-1
PC
PC
PC
PC
B-2
B-D
BP
PC
PC
PC
PC
PC
PC
OTHER USES:
Accessory shelter
PC
Adult establishments
Beneficial fill sites
PC
PC
PC
Bus and train terminals
PC
PC
X
X
Bus stop shelters
PC
PC
PC
PC
PC
PC
Cemeteries
PC
PC
PC
PC
PC
PC
Construction and demolition (C & D) landfills
Crematorium, animal
Day labor service agency
X
PC
PC
X
PC
PC
X
PC
PC
X
PC
PC
X
PC
PC
PC
Donation drop-off facility
PC
PC
PC
PC
PC
PC
PC
Emergency shelters
PC
PC
PC
PC
PC
PC
PC
Farms
X
X
X
X
X
X
X
Highways and railroad rights-of-way
X
X
X
X
X
X
X
PC
PC
PC
X
X
X
X
X
Indoor recreation in multi-family buildings
PC
PC
PC
Land clearing and inert debris (LCID): off-site
PC
PC
PC
PC
PC
PC
PC
Nonconforming structures and uses
PC
PC
PC
PC
Open space recreational uses
PC
PC
PC
PC
PC
PC
PC
PC
Homeless shelter
Indoor recreation
Mobile Food Vending Service
Off-street parking
X
PC
PC
PC
PC
PC
PC
PC
PC
Off-street parking for business, office and industrial
uses
PC
PC
PC
PC
PC
Outdoor fresh produce stands
PC
PC
PC
PC
PC
PC
PC
Outdoor recreation
PC
PC
PC
PC
PC
PC
PC
Outdoor seasonal sales
X
X
X
X
X
X
X
Parks, greenways, and arboretums
X
X
X
X
X
X
X
Pet services indoor
Pet services indoor/outdoor
X
X
PC
PC
Public utility structures
PC
PC
PC
PC
PC
PC
PC
Public utility transmission/distribution lines
Radio, telephone, cellular telephone, television masts,
towers, antennae, and similar structures
Recycling centers, drop-off
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
X
X
X
X
Telephone booths
Temporary buildings and storage of materials
X
X
X
X
X
X
X
PC
PC
PC
PC
PC
PC
PC
Table 9.101
KEY:
X - Uses permitted as of Right
PC - Uses permitted under Prescribed Conditions
Office
Business
Page 6
Property Detail Print View
1 of 1
http://meckcama.co.mecklenburg.nc.us/RELookup/Property/Print?parcelI...
Parcel Information
Parcel ID
04918103
Account
NC CORP
Parent
Owner(s)
Owner Name
MCKINNEY HOLDINGS LLC
Mailing Address
5411 NORTH TRYON ST
Legal Information
Legal
Municipality
NA
CHARLOTTE
Date Annexed
Total Parcel Assessment
Building
Land
0
1595600
Sales Information
Sale
Price
May 31 2012
Mar 5 1984
0
Land Use
Use
C700
9400
Stamps
3000
Qualify
MULTIPARCEL
Story
Bldg
Heat
Type
Units
Fuel
Fire Place
Sub Area
Bldg
Value Changes
Notice Date
Mar 21 2011
Apr 12 2005
Mar 21 2003
Feb 20 1998
Jul 11 1997
Jul 11 1997
Apr 15 1991
Jan 2 1991
Fixtures
Type
Amount
Grantor
DOUGLAS DEVELOPMENT
Ext. Wall
Full Baths
Grade
3/4 Baths
Value
1/2 Baths
Size
Economic
Quantity
Notes
Informal Review Request Received
Tax Year
2011
2005
2003
1998
1997
1997
1991
1991
Review Date
Assessment
1595600
0
Foundation
Bedrooms
Functional
Special Features & Yard Items
Bldg
Built
Acreage
12.21
Property Location
7232 W ROCKY RIVER RD CHARLOTTE
Heated SqFt
AC
Legal Ref.
27383-622
04796-697
Description
Depreciation
Bldg
Physical
Notes
Tax Year
2011
VI
Type
IMP MULT LISTING
VAC
Year Approved
Neighborhood
RE08
RE08
Year
Total SqFt
Fire District
CITY OF CHARLOTTE
Exemptions
Exemption
Total
1595600
Type
SF
LT
Building Information
Bldg
Description
City/State
CHARLOTTE NC 28213
Special District
UNIVERSITY AREA
Features
0
Units
531867.63
1
Bldg
Previous
04918103
Reason
Countywide Revaluation
Right of Way Taking for Road/Utility/Etc
Countywide Revaluation
Countywide Revaluation
Correction of Land Area
Correction of Land Area: Acreage/Sw ftg/
Equalization of Value
Countywide Revaluation
Special
Override
Units
Value
Note Date
05/06/2011
Changed To
2659300
1063700
1059400
794540
635630
635630
766830
896770
Deferred
0
0
0
11/15/2013 4:56 PM
Property Detail Print View
1 of 1
http://meckcama.co.mecklenburg.nc.us/RELookup/Property/Print?parcelI...
Parcel Information
Parcel ID
04918104
Account
NC CORP
Owner(s)
Owner Name
MCKINNEY HOLDINGS LLC
Date Annexed
Total Parcel Assessment
Building
Land
0
2465000
Land Use
Use
C700
9400
9612
Features
0
Stamps
3000
Type
SF
LT
AC
Story
Bldg
Heat
Units
Fuel
Total SqFt
Fire Place
Sub Area
Bldg
Type
MULT LISTING
Year
Fixtures
Type
Review Date
Amount
Grantor
ELBERT ASSOC,
Assessment
2160100
0
304900
Property Location
7226 N TRYON ST CHARLOTTE
Foundation
Bedrooms
Ext. Wall
Full Baths
Grade
3/4 Baths
Value
1/2 Baths
Size
Economic
Quantity
Notes
Informal Review Request Received
Tax Year
2011
2005
2003
1999
1998
1991
1991
Acreage
18.02
Legal Ref.
27383-622
05909-840
Neighborhood
RE08
OF09
RE08
Functional
Special Features & Yard Items
Bldg
Built
Value Changes
Notice Date
Mar 21 2011
Apr 12 2005
Mar 21 2003
May 28 1999
Feb 20 1998
Apr 15 1991
Jan 2 1991
Year Approved
Description
Depreciation
Bldg
Physical
Notes
Tax Year
2011
VI
IMP
IMP
Heated SqFt
AC
Fire District
CITY OF CHARLOTTE
Exemptions
Exemption
Total
2465000
Type
City/State
CHARLOTTE NC 28213
Special District
UNIVERSITY AREA
Qualify
MULTIPARCEL
Units
480031.2
1
7
Building Information
Bldg
Description
Bldg
Previous
04918104
Mailing Address
5411 NORTH TRYON ST
Legal Information
Legal
Municipality
NA
CHARLOTTE
Sales Information
Sale
Price
May 31 2012
Nov 1 1988
0
Parent
Reason
Countywide Revaluation
Right of Way Taking for Road/Utility/Etc
Countywide Revaluation
Building Demolished
Countywide Revaluation
Combining of Real Estate Parcels
Countywide Revaluation
Special
Override
Units
Value
Note Date
05/05/2011
Changed To
3924800
1569900
1672700
1254530
1319500
1132730
381610
Deferred
0
0
0
11/15/2013 4:59 PM
Property Detail Print View
1 of 1
http://meckcama.co.mecklenburg.nc.us/RELookup/Property/Print?parcelI...
Parcel Information
Parcel ID
04914120
Account
INDIVIDUAL
Owner(s)
Owner Name
YOUNG JOHN B
HENDERSON C J &ASSOC
BERKELEY COMPANY THE
Mailing Address
5250 MASONS FERRY RD
1201 HARDING PL
716 E TREMONT AVE
Legal Information
Legal
Municipality
NA
CHARLOTTE
Date Annexed
Total Parcel Assessment
Building
Land
0
4205200
Sales Information
Sale
Price
Apr 8 2009
Oct 8 1998
0
Land Use
Use
C700
9612
Stamps
Story
Bldg
Heat
Type
Units
Fuel
Total SqFt
Fire Place
Sub Area
Bldg
Year
Fixtures
Type
Review Date
Legal Ref.
24627-936
09966-454
Amount
Grantor
YOUNG,JOHN B
YOUNG JOHN B
Assessment
4145300
59900
Foundation
Ext. Wall
Full Baths
Grade
3/4 Baths
Value
1/2 Baths
Size
Economic
Quantity
Notes
Informal Review Request Received
Tax Year
2011
2011
2010
2010
2010
2003
1991
Acreage
28.13
Property Location
N TRYON ST CHARLOTTE
Bedrooms
Functional
Special Features & Yard Items
Bldg
Built
Value Changes
Notice Date
Mar 21 2011
Mar 21 2011
Jun 15 2010
Jun 15 2010
Apr 23 2010
Mar 21 2003
Jan 2 1991
Type
INTERST DEED
Description
Depreciation
Bldg
Physical
Notes
Tax Year
2011
Year Approved
Neighborhood
RE08
RE08
Heated SqFt
AC
Fire District
CITY OF CHARLOTTE
Exemptions
Exemption
VI
IMP
IMP
Type
SF
SF
City/State
LAKE WYLIE SC 29710-8101
CHARLOTTE NC 28204
CHARLOTTE NC 28203
%JAMES H HENDERSON
%ANNA B HENDERSON
Total
4205200
Qualify
FRACTIONAL
Building Information
Bldg
Description
Previous
04914120
Special District
UNIVERSITY AREA
Features
0
Units
1105422.12
119790
Bldg
Parent
Reason
Countywide Revaluation
Countywide Revaluation
Equalization of Value
Equalization of Value
Right of Way Taking for Road/Utility/Etc
Countywide Revaluation
Countywide Revaluation
Special
Override
Units
Value
Note Date
05/06/2011
Changed To
7759300
7759300
2178900
2178900
3063000
2192200
1354650
Deferred
0
0
0
0
0
0
11/15/2013 5:00 PM
Property Detail Print View
1 of 1
http://meckcama.co.mecklenburg.nc.us/RELookup/Property/Print?parcelI...
Parcel Information
Parcel ID
04914119
Account
INDIVIDUAL
Owner(s)
Owner Name
YOUNG JOHN B
HENDERSON C J & ASSOC
BERKELEY COMPANY THE
Mailing Address
5250 MASONS FERRY RD
1201 HARDING PL
716 E TREMONT AVE
Legal Information
Legal
Municipality
NA
CHARLOTTE
Date Annexed
Total Parcel Assessment
Building
Land
0
579300
Sales Information
Sale
Apr 8 2009
Dec 19 1988
Land Use
Use
C700
9400
Price
Features
0
Stamps
Units
121968
1
Type
SF
LT
Story
Bldg
Heat
VI
IMP
IMP
Fuel
Sub Area
Bldg
Total SqFt
Fire Place
Year Approved
Type
NON WRNTY
Legal Ref.
24627-932
05926-782
Neighborhood
RE08
RE08
Type
Units
City/State
LAKE WYLIE SC 29710-8101
CHARLOTTE NC 28204
CHARLOTTE NC 28203
Fire District
CITY OF CHARLOTTE
Exemptions
Exemption
Total
579300
Qualify
LESS $3000
Previous
%JAMES H HENDERSON
%ANN B HENDERSON
Special District
UNIVERSITY AREA
0
Building Information
Bldg
Description
Bldg
Parent
Year
Fixtures
Foundation
Bedrooms
Type
Grantor
YOUNG,JOHN B
Ext. Wall
Full Baths
Grade
3/4 Baths
Value
1/2 Baths
Size
Functional
Special Features & Yard Items
Bldg
Built
Amount
Assessment
579300
0
Description
Depreciation
Bldg
Physical
Review Date
Property Location
7140 N TRYON ST CHARLOTTE
Heated SqFt
AC
Acreage
2.8
Economic
Quantity
Notes
Tax Year
2011
Notes
Informal Review Request Received
Value Changes
Notice Date
Mar 21 2011
Mar 21 2003
Jan 2 1991
Tax Year
2011
2003
1991
Reason
Countywide Revaluation
Countywide Revaluation
Countywide Revaluation
Special
Override
Units
Value
Note Date
05/06/2011
Changed To
609800
470000
321930
Deferred
0
0
11/15/2013 5:01 PM
CityofCharlotte
Engineering&PropertyManagement
EXHIBIT3–LYNXBlueLineExtensionAlignmentMap
EXHIBIT3–LYNXBlueLineExtensionAlignmentMap
RFP#2011Ͳ24
LYNXBlueLineExtension–RealEstateAppraisalandReviewAppraisalServices
51
RIMSCentral.com :: View Award
1 of 1
https://online.rimscentral.com/Orders/ViewOrder.aspx?enc=UGFnZU1v...
RIMS Customer: Wells Fargo
RETECHS #: WF-CWS-13-036187-01-1
Award Information
Date Awarded:
Canceled:
Fee:
Award Comments:
Job Attachments:
11/8/2013
No
Directly Awarded: No
$1,950.00
Delivery Date: 11/22/2013
Please save this Award page as a .PDF file and include it as part of the Engagement Letter Contract in the Addendum of the report. In order to save this page as a PDF file, use the Adobe tool bar from your
browser or choose the print ICON at the top right of the page and select Adobe PDF as your printer.
There are currently no job attachments
Bid Information
Proposed Fee: $1,950.00
Proposed Delivery Date: 11/22/2013
Signatory Information:
Office Location:
Prior Services: Have you or your company performed or provided any professional services pertaining to -the subject property within the prior three years, as an appraiser or in any other capacity, or is your company presently
involved with the management, leasing, disposition, or any similar service regarding the subject property. If Yes, please provide details in the Comments field.
No
Bid Comments:
RFP Information
Purpose Of Request: New Permanent Loan
Response Deadline: ASAP
Desired Delivery Date: 11/25/2013
ADDRESSEES:
RFP Contact: Michael Campbell (NC)
Contact Phone: 704-383-3008
First name
Last name
Company
Address
Michael
Campbell (NC)
Wells Fargo Bank
401 S TRYON ST 26th Floor
Charlotte, NC 28202
Total Addressees: 1
DISTRIBUTION:
Number Of Copies
First Name
Last Name
Company
Address
1
Michele
Gallagher (CRES)
Wells Fargo Bank
2859 PACES FERRY RD Suite 1200
Atlanta, GA 30339
Total # Hard Copies: 1
SCOPE OF SERVICES: Required
Analysis
Intended
Use
Include the following statement in the Letter of Transmittal and Intended Use section of the report:
Wells Fargo reserves the right to use the report for the purposes of syndication with other financial institutions or securitization.
Potential
Market
Changes
Due to concerns with changing market conditions and trends, we are requiring your report analysis to consider:
1. Market Participant Interviews: Discussions with real estate market participants (buyers, sellers, property managers, real estate agents/brokers). Reference these interviews in a dedicated section,
and report and analyze the most pertinent comments and how they impact the subject value with Item No. 2 below.
2. Overall Capitalization Rate Sustainability: We are interested in the market's opinion of trends and catalysts for potential changes in Overall Rates (OARs). Specifically, what are market participants'
observations on the likely impact of expected changes in interest rates, rents, supply & demand dynamics, the scarcity of comparable investments, excess investment capital, etc., on cap rates in
the future? Please provide a discussion framed by market participant interviews for: (a) the potential direction and magnitude of cap rate movement; (b) the timeframe in which this may occur; and
(c) how this may impact market value. Be specific to the subject property type and location, and avoid boilerplate commentary. For non-income producing (e.g., owner/user) properties, comment
on a potential buyer's purchase criteria and the effect on value of factors such as fluctuating interest rates. Reference these opinions in a dedicated report section with the Market Participant
Interviews (Item No. 1 above).
3. Comparable Listings: In addition to consummated comparable sales and leases, listings should be considered, with the most pertinent items reported, analyzed and incorporated within your
market data.
4. Strengths and Weakness: Include a Strengths & Weaknesses section within the appraisal that focuses on the subject property, and its product type and market on a micro and macro level.
Scope of
Work
2.A. Appraisal: Two Approaches to Value - Summary Report:
1.USPAP Summary report 2.Preparer inspects subject - unless otherwise instructed 3.Preparer provides two most meaningful approaches to value in a Summary format 4.Preparer determines and
states within the report, as described within their scope and subject to their extraordinary assumptions and hypothetical conditions - if applicable, the value conclusions - conclusions is credible.
5.Additional services - as instructed- please reference LOB requirements.
Report Type: Summary
Report Format: Narrative
VALUATION SCENARIOS: Valuation Premise
Market Value
Premise Qualifier
Property Interest
As-Is
Fee Simple
Comment
RFP Comments: Time is of the essence for early December loan closing so bid best possible delivery.
Subject comprised of four contiguous parcels of raw land. Provide As Is Fee Simple market value of the entire tract of commercial land. Develop Sales Comparison Approach in Summary Appraisal.
All required information should be obtained from property contact.
GENERAL PERFORMANCE STANDARDS Appraisal General Requirements
SPECIFIC PERFORMANCE STANDARDS APP-11 REGIONAL BANKING
Property Information
Project Name:
Property Description / Construction Type:
Property Comment:
Property Type:
Address:
County:
Land Size:
Number Of Tenants:
Parcel Numbers:
Current Use:
Number Of Stories:
Property Status:
Property Tenancy:
Ground Lease?:
Listed for Sale?:
Green Certifications:
McKinney Holdings NC, LLC
approximately 63 acres of undeveloped commercial land located in Charlotte, NC.
approximately 63 acres of undeveloped commercial land located in Charlotte, NC.
EA1 - Land - Commercial - Land that can be developed for commercial (non-specific) use.
7226 N. Tryon Street & 7232 W. Rocky River Road, Charlotte, NC 28262
Mecklenburg
63 Acres
0
04918103, 04918104, 04914119 & 04914120
undeveloped commercial land
0
Land Only
NA
No
No
N/A
Number Of Buildings: 0
Copyright © 2013 ExactBid, Inc. All rights reserved.
11/8/2013 3:43 PM
The information contained in this award, along with the information contained in the
General Appraisal Requirements, Specific Performance Standards, and the
General Contractual Requirements referenced in the RFP, as well as all other RFP
information, serve as the contract for services to be rendered. If, within 12 months of
the date of this assignment, the vendor is contacted to appraise the subject property by
any other party than Wells Fargo RETECHS, vendor agrees to notify Wells Fargo
RETECHS in writing of the request.
Unless specifically stated otherwise, information provided by the bank or
borrower in conjunction with this assignment shall be considered confidential
and may not be used except as necessary for the completion of this assignment.
Additionally, such information may not be shared or provided to any individual or
entity except as necessary for the completion of this assignment, or as required
by law or as mandated by appropriate professional standards or organizations
such as USPAP and the Appraisal Institute.
This Statement of Work and Award is entered into as of the date of the award by and
between Wells Fargo Bank, N.A. (Wells Fargo) and the awarded contractor, pursuant to
the Master Agreement for Real Estate Services, dated September 15, 2010; all terms of
which are incorporated herein by reference.
Note: Failure to deliver is subject to penalties as defined in the Master Service
Agreement. Immediately contact Michael Campbell (NC) 704-383-3008 for any
holds, delays, or further required information.
1.
2.
3.
Project Name: McKinney Holdings NC, LLC
Description of Services: As indicated in the RFP
Performance Period
Start Date: 11/8/2013
End Date (if known): 11/22/2013
4.
Work Site: 7226 N. Tryon Street & 7232 W. Rocky River Road, Charlotte, NC
28262
Total Costs and Fees: $1,950
Wells Fargo Job Manager: Michael Campbell (NC)
5.
6.
Property Access and Contact Information:
Tim McKinney
864-304-5416
n595tn@gmail.com
Please make contact immediately for access to the property
Include the following statement in the Letter of Transmittal and Intended Use section of
the report:
Wells Fargo reserves the right to use the report for the purposes of syndication with
other financial institutions or securitization.
Delivery Instructions:
(Unless otherwise specified in the attached addendum)
All valuation services requested, which include the report with signatures, all associated
exhibits, and any other pertinent supporting documentation, shall be delivered online via
RIMSCentral to Wells Fargo Bank-RETECHS, and (if appropriate) via a hard copy to the
Wells Fargo Banker or representative. In no case, will any valuation services ever be
solely delivered to a Wells Fargo Banker or representative without written
authorization from RETECHS. In addition, upload the final invoice separately for
payment. The following guidelines provide more specific instructions:
1.
Upload to RIMSCentral, under the appropriate assignment, a PDF APPRAISAL
REPORT to include:
•
•
The Recipient information [name, address, etc]
Wells Fargo Bank – RETECHS
Michael Campbell (NC)
401 S TRYON ST, 26th Floor
Charlotte, NC 28202
WF-CWS-13-036187-01
Vendor digital signature
2.
Upload to RIMSCentral a copy of the appraiser's state license / certification as an
addendum to the appraisal report.
3.
Upload to RIMSCentral any other property information used to complete the
assignments as stated in the Request for Proposal (RFP)
4.
Upload to RIMSCentral the Original Invoice addressed to:
Wells Fargo Bank RETECHS
Michael Campbell (NC)
401 S TRYON ST, 26th Floor
Charlotte, NC 28202
704-383-3008
Note: If uploading the documents to RIMSCentral is not feasible, please contact
RIMSCentral for upload assistance, or the RETECHS Job Manager, Michael Campbell
(NC), for additional delivery instructions.
If hard copies were requested per the RFP, only upon authorization via e-mail
from a RETECHS representative is the vendor to deliver hard copy or copies:
Deliver to:
Michele Gallagher (CRES)
G0360-120
2859 PACES FERRY RD, Suite 1200
Atlanta, GA 30339
678-305-3386
Additional Requirements may be specified in an attached addendum.
ASSUMPTIONS AND LIMITING CONDITIONS
GENERAL ASSUMPTIONS
1. Our value herein takes current conditions into consideration, but we are not responsible for
unforeseen economic and market conditions which have or may occur outside of the date of this
report.
2. There is a portion of the subject property located within a water quality buffer zone. The survey
which outlines the buffer zone on parcel 049-141-20 does not provide an acreage estimate for the
land located within this zone. We relied on GIS measurements and conversations with the
Mecklenburg Planning Department to estimate the acreage in the buffer zone and this analysis
is based on the Extraordinary Assumption that these acreage calculations are correct.
3. The land area in the report was obtained by the survey and conversations with the surveyor. We
reserve the right to modify the report if these allocations are found incorrect.
4. The owner of record is assumed to have a free and clear fee simple title with no encumbrances
that cannot be cleared through normal channels.
5. The information on which this appraisal is based on has been obtained from sources normally
used by The Benfield Group, LLC and is considered to be reliable, but is in no sense guaranteed.
6. The information furnished by others is believed to be reliable. No warranty is given for its
accuracy.
7. The Benfield Group, LLC reserves the right to alter its opinions of value on the basis of
information withheld or not discovered in the normal course of a diligent investigation.
8. The appraiser assumes no responsibility for the legal description or matters of a legal nature
affecting the property or the title thereto. The appraiser does not render any opinion as to title,
which is assumed to be good and marketable.
9. Responsible ownership and competent property management are assumed.
10. It is assumed that there is full compliance with all applicable federal, state and local
environmental regulations and laws unless noncompliance is stated, defined and considered in
the appraisal report.
11. It is assumed that all applicable zoning and use regulations and restrictions have been complied
with, unless nonconformity has been stated, defined and considered in the appraisal report.
12. It is assumed that all required licenses, certificates of occupancy, consents or other legislative or
administrative authority from any local, state or national government or private entity or
organization have been or can be obtained or renewed for any use on which the value estimate
contained in this report is based.
13. The appraiser is not required to give testimony or appear in court because of having made this
appraisal with reference to the property in question, unless arrangements have been previously
made therefore. The fee charged for this appraisal does not include payment for court testimony
or for further consultation.
14. No opinion of an engineering nature is intentionally expressed or implied and no responsibility is
assumed for matters of this nature.
15. No survey was made especially for this appraisal. Property lines, area, etc., of record or
otherwise provided, are assumed to be correct.
16. No engineering survey has been made by the appraiser. Except as specifically stated, size and
area were taken from sources considered reliable and no encroachment of real property
improvements is assumed to exist.
17. Maps, plats and exhibits are for illustration only as an aid in visualizing matters discussed
within the report. They should not be considered as surveys or relied upon for any other purpose.
18. It is assumed that there are no hidden or unapparent conditions of the property, subsoil or
structures that render it more or less valuable. No responsibility is assumed for such conditions
or for arranging for engineering studies that may be required to discover them.
19. No opinion is expressed as to the value of subsurface oil, gas or mineral rights. The property is
not subject to surface entry for the exploration or removal of such materials except as is
expressly stated.
20. Disclosure of the contents of the appraisal is governed by the Bylaws and Regulations of the
professional organizations with which The Benfield Group, LLC is affiliated.
21. Acceptance of and/or use of this report constitutes acceptance of these assumptions and limiting
conditions.
22. This report is intended to comply with the Code of Ethics and Standards of Professional
Appraisal practice of the Appraisal Institute. It is further intended to comply with the Uniform
Standards of Professional Appraisal Practice (USPAP).
LIMITING CONDITIONS
1. Possession of this report, or a copy, does not carry with it the right of publication.
2. Neither all nor any part of the contents of this report (especially any conclusions as to value,
identity of the appraisers or firm with which they are connected or any reference to the
Appraisal Institute or the MAI or SRA designations) shall be disseminated to the public through
the advertising media or any other public means of communication without the prior written
consent and approval of The Benfield Group, LLC and the signatories of the report. Acceptance
of and/or use of this report constitutes acceptance of these restrictions.
3. The distribution, if any, of the total valuation in this report between land and improvements
applies only under the stated program of utilization. The separate allocations for land and
buildings must not be used in conjunction with any other appraisal and are invalid if so used.
4. The forecasts, projections or operating estimates contained herein are based upon current
market conditions, anticipated short term supply and demand factors and a continued stable
economy. These forecasts are, therefore, subject to changes in future conditions.
5. Load bearing capacity of subsoil is assumed to be adequate for the present utilization, but no
borings or engineering studies have been made especially for this appraisal and the value
conclusion could be affected by such information.
6. We have not been supplied with building plans and specifications, site plans, surveys or
occupancy permits. No responsibility or representation is assumed or made for any costs
associated with obtaining same for any deficiencies discovered before or after they are obtained.
7. We have personally inspected the subject property and found no obvious evidence of structural
deficiencies except as stated in this report; however, no responsibility for hidden defects or
conformity to specific governmental requirements, such as fire, building and safety or occupancy
codes, can be assumed without provision of specific professional or governmental inspections.
8. No termite inspection report was made available. We personally inspected the subject property
and found no significant evidence of termite damage or infestation.
9. Unless otherwise stated in this report, we make no representation or warranties as to the
adequacy or condition of appliances, electrical systems, plumbing and heating, air conditioning,
presence of insulation, adequacy or condition of structural systems or any other subsystem
within the property. We assume no responsibility for any costs incurred to discover or correct any
deficiencies present in the property.
10. Unless otherwise stated, no consideration in the valuation process has been given mineral
deposits (oil, gas, coal, gravel, etc.) or timber, if any, that may be found on the subject.
11. Unless otherwise stated in this report, the existence of hazardous material, which may or may
not be present on the property, was not observed by the appraiser. The appraisers, however, are
not qualified to detect such substances. The presence of substances such as asbestos, ureaformaldehyde foam insulation or other potentially hazardous materials may affect the value of
the property. The value estimate is predicated on the assumption that there is no such material
on or in the property that would cause a loss in value. No responsibility is assumed for any such
conditions or for any expertise or engineering knowledge required to discover them. The client is
urged to retain an expert in this field, if desired.
12. On January 26, 1992, The Americans with Disabilities Act (ADA) took effect. This report has not
considered this act and the impact it may have on the subject with respect to renovation cost and
general compliance. Should a report be provided which indicates a possible renovation, we
reserve the right to amend this report.
13. The appraisers have prepared this report in compliance with the competency provision explicitly
detailed in the Uniform Standards of Professional Appraisal Practice (USPAP). The appraisers
are fully experienced in the appraisal of this product type (see Qualifications).
QUALIFICATIONS OF THE APPRAISER
Susan D. Benfield, MAI
The Benfield Group, LLC
1409 East Boulevard
Charlotte, NC 28203
EDUCATION:
Bachelor of Science Degree - University of Alabama, Tuscaloosa, AL (1984)
Commerce & Business Administration
The Appraisal Institute Courses Completed:
Capitalization Theory & Techniques, A & B
Case Studies & Real Estate Valuation
Standards of Professional Practices
Principles I and II
Report Writing
The Society of Real Estate Appraiser Course Completed:
Course 101 – (Spring 1985)
Course 102 – (Fall 1985)
EXPERIENCE
Appraising real estate since 1984
Staff Appraiser – Robert W. Lee & Associates Inc. 1984-1986
Fee Appraiser – J.C. Morgan Company 1986-1990
Review Appraiser – Bank of America 1990-1992
Independent Fee Appraiser – Fred H. Beck and Associates – 1992-2004
President – The Benfield Group, LLC – present
PROFESSIONAL AFFILIATIONS
Member, The Appraisal Institute (MAI #42379)
Charlotte Regional Realtor Association
State-Certified General Real Estate Appraiser
North Carolina Certificate No. A1549
State-Certified General Real Estate Appraiser
South Carolina Certificate No. CG4997
North Carolina Real Estate Broker - License No. 235057
QUALIFICATIONS OF THE APPRAISER
Jack Landis Branch
The Benfield Group, LLC
1409 East Boulevard
Charlotte, NC 28203
EDUCATION:
Bachelor of Arts Degree – University of NC at Charlotte (2000)
Psychology
Appraisal Institute Courses Completed:
R-1
Introduction to Real Estate Appraisal
Mingle School of Real Estate Courses Completed:
R-2
Principles of Real Property Valuation
R-3
Advanced Techniques of Real Property Valuation
G-1
Introduction to Income Property Valuation
North Carolina School of Real Estate
G-2
Advanced Income Capitalization
G-3
Applied Principles of Income Property Valuation
Advanced Appraisal Institute Courses Completed:
General Appraiser Report Writing & Case Studies
Advanced Income Capitalization
Advanced Concepts & Case Studies
Advanced Market Analysis and Highest & Best Use
EXPERIENCE
Analyst – Mergent Inc. 2000-2004
Review Appraiser – Wachovia Bank 2004-2009
Fee Appraiser – The Benfield Group, LLC – May 2009 - Present
PROFESSIONAL AFFILIATIONS
Associate Member, The Appraisal Institute
State-Certified General Real Estate Appraiser
North Carolina Certificate No. A7272
QUALIFICATIONS OF THE APPRAISER
ELLEN H. THOMAS
The Benfield Group, LLC
1409 East Boulevard
Charlotte, NC 28203
EDUCATION:
Bachelor of Arts - University of Alabama, Tuscaloosa, AL (1987) - Communications
Appraisal Courses Completed:
R-1
Basic Appraisal Principles
R-2
Basic Appraisal Procedures
R-3
Residential Market Analysis and Highest and Best Use
National USPAP (15 hour)
General Appraiser Sales Comparison Approach (30 hour)
WORK EXPERIENCE
January 2009 to Present
Registered Trainee – The Benfield Group Real Estate Appraising and Consulting
January 2008 to January 2009 – The Benfield Group
Administrative Assistant
1996 to 2007 – Lambie, Inc.
Co-owner and Accounts Manager of commercial cleaning business
1993 to 1996 – Bristol Myers Squibb
Pharmaceutical Sales Representative
1989 to 1992 – Charlotte Mecklenburg Hospital Authority
Physician and Nurse Recruiter
1987 to 1989 – Smith Barney and Shearson Lehman Hutton
Sales Assistant
PROFESSIONAL AFFILIATIONS
State Registered Trainee Real Estate Appraiser: North Carolina Certificate No. T5195