Porperty Management Proposal Letter

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					  APPRAISAL REPORT


         FOR


         LAND


     LOCATED AT


LOT 1 WILLIAMS MILL RD.

     BURLINGTON


  ALAMANCE COUNTY


   NORTH CAROLINA

         AS OF


     JUNE 15, 2005


     PREPARED FOR


  JAMES D. NORRIS, JR

          AND


  MID CAROLINA BANK

           BY


WILLIAM R. COMPTON, JR.
                                TABLE OF CONTENTS

1.   * LETTERS OF ENGAGEMENT
2.   *   ASSUMPTIONS AND LIMITING CONDITIONS
3.   *   AURTHOURIZATION
4.   *   DATE OF VALUATION
5.   *   PURPOSE OF APPRAISAL
6.   *SCOPEOFTHEAPPRASIAL
7.   * IDENTIFICATION OF THE PROPOSAL
8.   * AREA DATA
9. * NEIGHBORHOOD DESCRIPTION
10. * ZONING AND TAX VALUES
II.* ENVIRONMENTAL CONDITIONS
12. * UTILITIES
13. * HIGHEST AND BEST USE
14. *THE APPRASIAL PROCESS
15. *MARKET OR SALE COMPARISON APPROACH
16. CORRELATIONAL AND FINAL ESTIMATE OF VALUE
17. * APPRAISER QUALIFICATIONS
*ADDENDUMS, PICTURES, MAPS, ETC.
WILLAIM L. HUEY APPRAISAL SERVICE                      APPRAISAL
                                                       COMMERCIAL
                                                       RESIDENTIAL




PHONE: (336) 227-0167      STATE CERTIFIED GENERAL        213 E. ELM STREET
FAX: (336) 227^166                #A-3325                 P.O. BOX 879
                                                         GRAHAM, NC 27253


JUNE 15, 2005

TO: JAMES D. NORRIS

RE: APPRAISAL OF LAND (TAX MAP 3-27-1) BURLINGTON, NC 27215

DEAR SIR:

AS REQUESTED BY YOU, I HAVE INSPECTED THE PROPERTY LOCATED OFF WILLIAMS MILL
RD., IN THE CITY OF BULRINGTON, NORTH CAROLINA. THE INSPECTION WAS FOR THE
PURPOSE OF APPRAISING THE REAL ESTATE TO ESTIMATE IT'S CURRENT FEE SIMPLE MARKET
VALUE. THUS, AS OF JUNE 15, 2005 MY ESTIMATE OF THE FEE SIMPLE INTEREST IN THIS
PROPERTY IS IN THE ORDER OF:



                          FIVE HUNDRED THOUSAND DOLLARS
                                      $500,00

WITH THIS LETTER YOU WILL FIND A COPY OF THE RESTRICTED APPRAISAL REPORT AND THE
BASIS FOR THE VALUE CONCLUSION. THE APPRAISAL IS SUBJECT TO THE ASSUMPTIONS AND
LIMITING CONDITIONS SET FORTH IN THE REPORT AND THE ADDENDA THAT HAS BEEN
PREPARED IN COMPLIANCE WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL
PRACTICES AND THE AMERICAN SOCIETY OF APPRAISERS. PLEASE BE ADVISED THAT WE
HAVE NO PRESENT OR CONTEMPLATED FUTURE INTEREST IN THIS PROPERTY, NOR IS THE
FEE IN ANY WAY CONTINGENT UPON THE VALUE REPORTED.


RESPECTFULLY SUBMITTED,




WILLIAM R. COMPTON, JR.
CERTIFIED RESIDENTIAL A-3685
      ASSUMPTIONS AND LIMITING CONDITIONS TO THIS APPRAISAL REPORT

       The certification of the appraiser appearing in this report is subject to the following
conditions and to such other specific and limiting conditions as are set forth by the appraiser in
the report. Please read. It is an important part of this report.

1.      This appraisal represents the best opinion of the appraiser as to the market value of the
        subject property as of the effective date of the appraisal. The term "Market Value" is
        defined in the appraisal report.


2.      No responsibility is assumed for the legal description or for matters including legal or
        title considerations. Title to the property is assumed to be good or marketable unless
        otherwise stated.


3.      Responsible ownership and competent property management are assumed.

4.      The information identified in this report as being furnished by others is believed to be
        reliable sources. If the client has any question regarding this information, it is the client's
        responsibility to seek whatever independent verification is deemed necessity.


5.      All engineering supplied by others is assumed to be correct. The plot, plans and
        illustrative material in this report are included only to assist the reader in visualizing
        the property.


6.      The value reported herein is predicted on the property being free and clear of all
        encumbrances, such as liens, judgments and assessments.


7.      Possession of the report, or a copy thereof, does not carry with it the right of
        publication, nor may is be used by any but the client for whom it was made without the
        written consent of the appraiser or client.


8.      In this appraisal assignment, the existence of potentially hazardous materials used in
        the construction or maintenance of the building, and/or the existence of toxic waste,
        which may or may not be present on the property, was not observed by me; nor do I
        have any knowledge of the existence of such materials on or in the property. The
        appraiser, however, is not qualified to detect such substances. The existence of
        potentially hazardous waste materials may have an effect on the value of the property. 1
        [We] urge the client to retain an expert in this field if desired.


9.      No warranty is made as to the condition of or presence of materials or systems not
        visible in a normal appraisal inspection. This would include such items as insulation
        in walls, wiring, plumbing, underground pipes or wiring, the adequacy and/or
        condition of private water and/or sewage disposal systems. An inspection by experts
        from any specialty construction field may be warranted, as we have no expertise in this
        field.


10.     It is assumed that the property is in compliance with all applicable federal, state and
      local environmental regulations and laws unless noncompliance is stated, defined and
      considered in the report. Also, it is assumed that all applicable zoning and use
      regulation and restriction have been complied with, unless a nonconformity has been
      stated, defined and considered in the appraisal report.


11.   No portion of this appraisal will be included in a registration statement or in a
      prospectus of a security offering without the written consent of the appraiser.

12.   The value estimate herein applies to one ownership and, should fractional interest of
      the property be sold, the sum of the various interests may not be equal to the entirety as
      reported herein.


13.   If pertinent, the cost to cure the functional depreciation indicated in the cost approach
      is a rough estimate, by one contractor, without in-depth examination of the building or
      problems that might be involved other than the most obvious.


14.   No furniture, furnishings or equipment, unless specifically indicated herein, have been
      included in the final conclusion. Only the real estate has been considered.


15.   This appraisal report covers only the property that is the subject of this report and not
      figures provided, analysis thereof, or any unity value derived there from are to be
      construed as applicable to any other property, however similar they may be.


16.   The appraiser herein by reason of this appraisal is not required to give further
      consultation, testimony, or be in attendance in court with reference to the proper question
      without prior arrangements.
                               APPRAISAL REPORT
                             VACANT LAND LOCATED AT:
                             LOT 1 WILLIAMS MILL ROAD
                         BURLINGTON, NORTH CAROLINA 27215

AUTHORIZATION:

   THE APPRAISAL OF THE ABOVE REFERENCED PROPERTY HS BEEN PREPARED AT THE
REQUEST OF TROY WOODARD IN A PERSONAL CONVERSATION WITH THIS APPRAISER,
WILLIAM R. COMPTON, JR. ON JUNE 10, 2005.

DATE OF VALUATION:


  THE MARKET VALUE IS ESTIMATED AS OF JUNE 15, 2005 AND IS BASED ON CURRENT
FINANCING CONDITIONS AS OF THAT DATE.

PURPOSE OF APPRAISAL:

   THE PURPOSE OF THE APPRAISAL IS TO ESTIMATE THE MARKET VALUE OF THE SUBJECT
PROPERTY. THE MARKET VALUE OF A PROPERTY IS DEFINED AS "THE MOST PROBABLE PRICE
IN TERMS OF MONEY WHICH A PROPERTY WILL BRING IN A COMPETITIVE AND OPEN MARKET
UNDER ALL CONDITIONS REQUISITE TO A FAIR SALE, THE BUYER AND SELLER EACH ACTING
PRUDENTLY AND KNOWLEDGEABLE AND ASSUMING THE PRICE IS NOT AFFECTED BY UNDUE
STIMULUS. IMPLJCn" IN THIS DEFINITION IS THE CONSUMMATION OF A SALE AS OF A
SPECIFIED DATE AND THE PASSING OF THE 71LTE FROM SELLER TO BUYER UNDER
CONDITIONS WHEREBY:

      1.    BUYER AND SELLER ARE TYPICALLY MOTIVATED
      2.    BOTH PARTIES ARE WELL INFORMED OR WELL ADVISED, AND ACTING IN WHAT
          THEY CONSIDER THEIR BEST INTERESTS
       3.  A REASONABLE TIME IS ALLOWED FOR EXPOSURE IN THE OPEN MARKET
       4.  PAYMENT IS MADE IN TERMS OF CASH IN UNITED STATES DOLLARS OR TERMS OF
          FINANCIAL ARRANGEMENTS COMPARABLE THERETO
       5. THE PRICE REPRESENTS THE NORMAL CONSIDERATION FOR THE PORPERTY
          UNAFFECTED BY SPECIAL OR CREATIVE FINANCING OR SALES CONCESSIONS
          GRANTED BY ANYONE ASSOCIATED WITH THE SALE
Scope of the Appraisal


       Real estate appraisal is a problem solving process in which area data are collected and
analyzed to form the basis for an opinion of value. The data which are collected vary with the
nature of the property being appraised and the value being sought. The principal determinant of
the scope of the data search is the anticipated market for the subject property, because it is
incumbent upon the appraisers to study all of the factors which should be considered by a typical
buyer.


        At a minimum the appraisal must typically include a physical inspection of the property,
land plans and specifications, including the neighborhood and community in which it is located.
A search of public records and inquiries to regulatory agencies is also necessary to determine
such information as zoning and other legal restrictions, both present and prospective, tax loads,
available utilities and services, and the recent history of ownership of the property. These
investigations are routine, and unless stated to the contrary herein, have been performed in this
appraisal. Specific exceptions, including both omissions and additional concerns which have
been investigated are noted in the appropriate section of this report.


        Although many physical and regulatory factors vary in significance with the type or size
of a property, the area in which the variance is most notable is in the analysis of comparable
sales and such related data. For properties with a local market, an investigation of the local
neighborhood or community is usually sufficient, although a lack of local comparable data may
require investigations in a broader market and marketing area. For properties with a regional or
national market, the data search should include all those areas considered to be competitive.


        On occasion the data search must be expanded to accommodate unusual market
conditions, a specialized property, or to include a market known to be similar although distant.
Likewise the time period included in a search may be expanded to include sales of property types
that do not transfer frequently. Conversely the local market for a property typically considered
to have a broader appeal may provide sufficient data upon which to base a value opinion. If the
search has been expanded or curtailed in geographic areas, time or property type, this fact is
discussed in the analysis of the data. In the absence of qualifying statements, the scope of the
data collection and analysis herein is considered appropriate for the nature of the subject
property.


         With this appraisal assignment the scope of our research extends to search for sales of
comparable vacant land that we might estimate current land value. We will also search for sales
of comparable properties that we might develop an estimate of value for the Market Approach
and an indication of an appropriate discount rate or capitalization rate. The nature of the subject
property is such that data searches in the greater local area should suffice.

         The developed data when analyzed, will form the basis for developing indications of
value for various aspects of the subject.
IDENTIFICATION OF THE PROPERTY:


   THE SUBJECT PROPERTY IS A VACANT TRACT OF LAND. IT IS IDENTIFIED AS LOT 1 OFF
WILLIAMS MILL ROAD, BURLINGTON, ALAMANCE COUNTY, NORTH CAROLINA, 27215. THE
CENSUS TRACT NUMBER IS 0207.00. THE METES AND BOUNDS DESCRIPTION IS RECORDED
IN THE ALAMANCE COUNTY REGISTER OF DEEDS IN DEED BOOK 552, PAGE 775. IT IS THE
SAME PROPERTY IS CURRENTLY OWNED BY JAMES AND INGEBORG PINYATELLO. THE
CURRENT SALE CONTRACT FOR THIS PORPERTY IS $266,890.

AREA DATA:
Area Data:

        The subject is located in the small city of Graham, North Carolina which adjoins to the
west, larger Burlington. The subject property can be identified as Alamance County, a location
almost midway between the Piedmont Triangle (Raleigh, Durham, Chapel Hill) on the east and
the Piedmont Triad (Greensboro, Winston-Salem, High Point) on the west.

       Interstate Routes 85/40 traverse the county in the east/west direction with a traffic count
of approximately 80,000 cars per day. The 1990 census reported a population of 108,213, an
increase of 8.95% over 1980. Alamance County has been the scene of steady and orderly
industrial growth for many years. It is now one of the leading industrial counties in North
Carolina due to alert, aggressive business leadership, continuing responsible government
officials and good planning. Within the county are eight incorporated municipalities ranging in
population from nearly 258 to 40,000. The largest is Burlington and the smallest is Alamance.
The other six are Graham (10,426), Mebane (4,754), Elon College (4,393), Gibsonville (3,441),
Green Level (2,000), and Haw River (1,885). The largest population concentration (80,000) is
the urban area comprised of Burlington, Graham, Elon College and other adjacent communities.
Population count within 50 miles is 1,800,000 and within a 100 mile radius is 4,800,000.


        Alamance County has over 293 diversified manufacturers whose products include
hosiery, textiles, electronics, molded plastics, laboratory services, life science, education
supplies, power lawn mowers, control valves, regulators and electronic motors.


       Climate:        Alamance County enjoys a moderate four-season climate with an average
altitude of 656 feet above sea level. Average annual rainfall is in the range of 44 to 51 inches
with an average snowfall of approximately 7 inches. The average mean temperature is
approximately 60 degrees Fahrenheit with summer extreme highs approaching 100 degrees
Fahrenheit and extreme winter lows approaching 0 degrees Fahrenheit. The fall season is
generally mild and long with a relatively long summer. The winter and spring are generally
short with very unpredictable weather patterns.




        Transportation:        Alamance County is bisected by the combined Interstate 85 (north-
south) and Interstate 40 (east-west) highway which is a major eight lane corridor connecting the
Piedmont Triad to the Research Triangle. There are two International Airports located within 45
minutes of Alamance County in addition to the Burlington Municipal Airport which is a general
aviation facility with 5,000 foot runways. The area is also served by Norfolk Southern Railway
with Amtrak service and Carolina Trailways passenger bus lines.

        Education:      The Burlington-Alamance School System consists of 6 high schools, 6
middle schools and 18 elementary schools. There are also three parochial schools and 3 private
schools. Alamance Community College offers 42 diploma and associate degree programs in
business, industrial, technological and human services, in addition to over 900 continuing
education courses. Elon College is a private four year liberal arts college with excellent facilities
and staffing for both undergraduate and graduate programs. Some of the most elite universities
in the nation including NC State, UNC at Chapel Hill, Duke and Wake Forest are located less
than one hour driving time from Alamance County.


           Employment: Alamance County has a very strong employment record with
unemployment being less than five percent for the past 10 years. There are approximately
42,000 households in Alamance County with an average of 2.5 persons per household and a
median household income of $32,700. The are 8,200 households with an effecting buying
income of more than $50,000. Approximately 80% of area residents work within Alamance
County. Approximately 40% of the workforce are involved in manufacturing and 20% in
service.


           Healthcare:   Alamance County in 1995 opened a "State of the Art" medical complex
known as Alamance Regional Medical Center. The facilities are attracting an insurgence of new
highly qualified physicians in addition to the excellent staff that already exists. In addition, there
are several well-equipped medical office complexes surrounding the new hospital adding
convenience to basic health care needs. The hospital also has a Skilled Nursing Division that has
an 83 bed Medicare-certified extended care facility. There are also a number of well-qualified
homes for the elderly in the area.


           Recreation:   Alamance County is well known for active recreational facilities. There
are more than a dozen municipal parks with facilities scattered throughout the urban area of the
county. The YMCA is centrally located with both indoor and outdoor pools, a gymnasium, a
bowling alley, tennis courts and athletic fields. The Burlington Indians minor league baseball
team is based in the City of Burlington. There are two fully equipped private County Clubs and
nine public golf courses. There are three City of Burlington lakes and a Graham-Mebane lake,
which provide both boating and fishing opportunities.
NEIGHBORHOOD DECRIPTION:


   THIS PROPERTY IS LOCATED IN WEST BURLINGTON IN AN AREA THAT IS CURRENTLY
BBNG HEAVILY DEVELOPED FOR COMMERIOAL USES. SOME OF THE NEW BUSINESSES BEING
DEVELOPED ARE TARGET, ROSS, OLD NAVY AND SEVERAL POPULAR RESTURANTS. THERE ARE
NEW AND ESTABLISHED RESIDENTIAL NBGHBORHOODS SURROUNDING THIS AREA. A
PUBLIC PARK AND BALL FIELDS ARE ALSO IN THIS AREA. THIS AREA HAS SEEN RAPID
GROWTH AND APPRECIATION OF PROPERTIES. THIS AREA IS LOCATED ON THE NORTH SIDE
OF HIGHWAY 85/40. THE NBGHBORHOOD IS BOUNDED BY CHURCH STREET TO THE NORTH,
HUFFMAN MILL ROAD EAST, HIGHWAY 85/40 SOUTH AND THE GUILFORD COUNTY LINE WEST.

DESCRIPTION OF THE PROPERTY:

   THE PROPERTY BBNG APPRAISED IS A 20.53 ACRE TRACT OF LAND LYING ON THE NORTH
SIDE OF HIGHWAY 85/40. THE TOPGRAPHY OF LAND IS ROLLING AND IS ZONED R-12
(RESIDENTIAL). CITY WATER AND SEWER IS AVAILABLE IN THE AREA.

ZONING AND TAX VALUE:

   THE SUBJECT PROPERTY IS CURRNETLY ZONE RESIDENT (R-12) BUT THIS AREA IS
CURRENTLY BBNG HEAVILY DEVELOPED FOR COMMERCIAL USE. THE TAX VALUE FOR THE
SUBJECT IS $113,428 WHICH IS BASED ON A RECENT VALUATION. THE TAX RATE ON THE
PROPERTY IS ONE DOLLAR PER ONE HUNDRED DOLLARS OF VALUATION MAKING FOR AN
ANNUAL TAX BILL OF $1,134.28 FOR 2004.
ENVIRONMENTAL CONDITIONS:

   FROM A SITE INSPECTION, NO ADVERSE OR HAZARDOUS ENVIRNMENTAL CONDITIONS
WERE OBSERVED. THE OWNER OF THE PROPERTY HAS NO KNOWLEDGE OF ANY
CONTAINMINATION, AND THE APPRASIAL HAS BEEN MADE SUBJECT TO THAT QUALIFICATION.
HOWEVER, THE APPRAISER ASSUMES NO RESPONSIBILTY OF THE POSSIBLE PRESENCE OF
ANY HAZARDOUSOR NOXIOUS MATERIALS. THE APPRASIER IS NOT AN ENVIRONMENTAL
EXPERT AND NO ENVIRONMENTAL IMACT STUDY WAS MADE. THIS WILL BE LEFT TO THE
DISCRETION OF THE BUYER.

UTILITIES:


THE SUBJECT PROPERTY HAS ACCESS TO ALL PUBLIC UTILITIES: ELECTRICAL, NATURAL GAS,
TELEPHONE, WATER AND SEWER.
Highest and Best Use


        One of the most fundamental steps in making an appraisal is the estimate of highest and
best use.


        Highest and best use is defined as "The reasonable and probable use that supports the
highest present value, as defined, as to the date of appraisal."

        Alternatively, highest and best use is "The use, from among reasonable, probable, and
legal alternative uses, found to be physically possible, appropriately supported, financially
feasible, and that results in the highest present land value."


       The second definition applies specifically to the highest and best use of land or sites
though vacant. When a site contains improvements, the highest and best use may be determined
to be different from the existing use. The existing use will continue unless and until land value
in its highest and best use exceed the sum of the value of the entire property in its existing use
and the cost to remove the improvements.


       Implied in these definitions is that the determination of highest and best use takes into
account the contribution of a specific use to the community and community development goals
as well as the benefits of that use to the individual property owners. An additional implication is
that the determination of highest and best use results from the appraiser's judgment and
analytical skill-that is, that the use determined from analysis represents the premise upon which
value is based. In the context of most probable selling prices (market value) another appropriate
term to reflect highest and best use would be most probable use. In the context of investment
value, an alternative term would be most profitable use.


         For highest and best use of both land as though vacant and property as improved, a use
must meet for criteria. The criteria are that the highest and best use must be (1) Physically
possible, (2) Legally permissible, (3) Financially feasible, and (4) Maximally productive. These
criteria should usually be considered sequentially; it makes no difference that a use is financially
feasible if it is physically impossible to construct and improvement or if such a use is not legally
permitted. Only when there is a reasonable possibility that one of the prior unacceptable
conditions can be changed is too appropriate to proceed with the analysis.
Market Approach:


      A logical and direct approach to estimating value of properties such as the subject is the
Market or Direct Sales Comparison Approach. This approach is only applicable when there are a
sufficient number of comparable sales that might provide a reliable indication of market value.
The Market Approach is developed by locating arms length sales from the open real estate
market of similar properties to the subject. Sources used to locate sales are the Multiple Listing
Service, the Alamance County Register of Deeds and other Commercial Real Estate Appraisers.
The sales are examined and then adjusted to the subject for condition, size, location, time of sale
and size of site area. Each comparables will be adjusted for it's appropriate difference in each
example.
SALE COMPARISON APPROACH:

COMPARABLE SALE # 1: TAX MAP 3-24-3 ST. MARKS CHURCH ROAD.
SOLD 2-2-1994 FOR $1,320,000 - 51.56 ACRES
$1,320,00 / 51.56 ACRES = $25,601 PER ACRE
TIME ADJUSTMENT $25,601 + 33% = $34,049
LOCATION SUPERIOR $34,049 - 30% = $23,834

SUBJECT 20.53 x $23,834 = $489.312




COMPARABLE SALE # 2: TAX MAP 3-26-lA DANBROOK ROAD
SOLD 1-8-2003 FOR $1,288,000 - 25.84 ACRES
$1,288,00 / 25.84 ACRES = $49,845 PER ACRE
LOCATION SUPERIOR $49,845 - 50% = $24,923

SUBJECT 20.53 x $24,278 = $498.427




COMPARABLE SALE # 4: TAX MAP 3-26-2 UNIVERSITY DRIVE
SOLD 8-12-2004 FOR $1,250,000 -10.59 ACRES
$1,250,000 / 10.59 ACRES = $118,036 PER ACRE
LOCATION ADJUSTMENT: $118,036 - 60% = $47,214 PER ACRE

SUBJECT 20.53 x $47,214 = $969,303
COMPARABLE SALE #5: TAX MAP 3-26-11, 27 RURAL RETREAT ROAD
SOLD 6-30-2004 FOR $385,822 - 9.74 ACRES
$385,822 / 9.74 = $39,612 PER ACRE

SUBJECT 20.53 x $39,612 = $813.234

* ALL COMAPRABLES SALES WERE WITHIN A 1 MILE RADIOUS OF THE SUBJECT IN THE SAME
MARKET AREA*

CORRELATION OF COMPARABLE SALES.

1 - $489,312
2 - $511,669
3 - $498,427
4 - $969,303
5 - $813,234

THE SALE COMPARISON APPROACH IS THE ONLY RELIABLE METHOD TO INDICATE LAND
VALUE WHICH WAS USED IN THIS APPRASIAL REPORT.

BASED UPON THE INSPECTION OF THE PROPERTY, RESEARCH AND ANALYSIS OF THE BEST
AVAILABLE DATE AND RELATED INFORMATION, IT IS THE APPRAISER'S OPINION THAT THE
SUBJECT PROPERTY WOULD HAVE AN UNENCUMBERED MARKET VALUE AS OF JUNE 15, 2005
IN THE ORDER OF:


                          FIVE HUNDRED THOUSAND DOLLARS
                                     $500,000




WILLIAM R. COMPTON, JR.
LICENSE* A3685 CERTIFIED RESIDENTIAL
                                CERTIFICATE OF APPRAISER
        WRITTEN REPORTS RESULTING FROM APPRAISAL ASSIGNMENTS


We certify to the best of our knowledge and belief,


•   The statement of fact contained in this report are true and correct.


•   The reported analyses, opinions and conclusions are limited only by the reported assumptions
    and limiting conditions, and are my personal, unbiased professional analyses, opinions and
    conditions.


•   I have no present or prospective interest in the property that is the subject of this report, and I
    have no interest or bias with respect to the parties involved.


•   My compensation is not contingent on an action or event resulting from the analyses,
    opinions or conclusions in, or the use of this report.


•   My analyses, opinions and conclusions were developed and this report has been prepared in
    conformity with the requirements of the Code of Professional Ethics and the Standards of
    Professional Practice of the American Society of Appraisers and the State of North Carolina
    Appraisal Board.


•   The use of this report is subject to the requirements of the American Society of Appraisers
    relating to its review by its duly authorized representative.


•   As of the date of this report, I,William 1. Compton, Jr. have completed the requirements
    under the continuing education program of the State of North Carolina.


•   I have made a personal inspection of the property that is the subject of this report.


•   Anyone who has provided significant professional assistance to the person signing this report
    is named in the report.



Date: June IS, 2005                                            William R. Compton, Jr.
                                                               License #:A-3685
NORTH CAROLINA APPRAISAL BOARD
     APPRAISER QUALIFICATION CARD




APPRAISER'S SIGN/ffURE   EXECUTIVE DIRECTOR
                           Qualifications of Appraiser



William R. Compton, Jr.


State Certified Real Estate Appraiser A-3685
Association Membership and Designations
Licensed Real Estate Salesman #136454

Education


       General:        BS Business Administration University of NC at Charlotte,
                       Charlotte, North Carolina


       Special:        R-l Introduction
                       R-2 Valuation Principles and Procedures
                       R-3 Applied Residential Property Valuation
                       G-l Introduction to Income Property Appraisal
                       G-2 Advanced Income Capitalization Procedures
                       G-3 Applied Income Property Valuation


General:


       TRW Real Estate Loan Services (Title Assistant) Charlotte, NC 1989-1991
       Huey Real Estate Co., Inc. 1991-Present
       William I. Huey Appraisal Service (Appraiser) 1991Present


Sample Appraisal Clients:

       Alamance Bank
       Bank of America
       BB&T Mortgage
       Capital Bank
       Mid Carolina Bank
       Suntrust Bank
       FHA Approved
       Corporate Investors Mortgage
       National City Mortgage
       RBC Centura Bank
       Morris Plan Bank
       Wells Fargo
OWNERSHIP 08152002             29-113    302            !PROPERTY DESCRIPTION                            I TAX SUBDIVISIONS               I MAP       NUMBER       CARD NO


                    JAMES   D JR ETAI.                  IVA    I    85                                   IBOONE      STATION              I       3     27     1           1
                                                        I                                                I                                I RECORD NUMBER:.           5558
1964    O BAKERSFIELD DR                                13    24    403631                               IELON COLLEGE         FIRE       I ROUTE
SPRING    HILL PL                 34 610                I                                                                                 ILIST£R:DWF082699-           5
DEED:    552       775 07291988           42000-22IOFF WILLIAMS MILL RD                                                                   I REVIEW:SK061200


                                                               ITOPO          I STREET      I UTILITY    (ZONING               20.53    ACRES                        NBHD


                                                               I LEVEL        I NONE        I ELECTRIC|R 15                                                           3128
                                                               (ROLLING       I             I            I            NOTES:
                                                               1              I LIGHT                                       :EASEKENT 810              912


                                                               ISILANDCLASS            I   SI2E     |BASERATE*FRNT»DPTH*ADJ-ADJRATE*UNITS=LND-VALUE


                                                                   II    7COTHRRESII       20.53ACI          65001               10.651        5525120.531          113429




                                                                   LAND     VALUE:                                                                                  11342&


                                                                   #I OTHER FEAT       I   SIZE     |BASERATE*COND                     -ADJRATE-UN1TS-OF3-VALUE




                                                               I OTHER VALUE:


                                                               IFNDATIONIXTRFNISHIROOFTYPEIROOFMTRLI SIZE/QTYI




                                                               IWALLFNSHI FLOORS            I HEAT SAIRI HEAT FUE L|




VACANT



#I STRUCTURE ISKTCH-SF*STHT=                   AREA         RATE*GRDF4HEAT4EXWL*WLHT=ADJRAT*                      AREA-        RPCN*            DEPF*CNDF=STR-VALUE




                                                            STRUCTURE VALUE:


VALUATIONI                                            VALUE|PREV-VAL.IP-N»I                     SALE IS-N% |                                  TOTAL VALUE           11342E


LAND           I                               1      1134281             872521130*1          I              I      bb24LV/AC
OTHERFEATI                                     |           01                   I    1072919881               I
STRUCTURE■                                     I              01                  II       552-7751     I
TOTAL          |                               I      1134281             87252113081        42000127081


                                                                                                                                      APPRAISED-VALUE:              113428
                                            SUBJECT PHOTOGRAPH ADDENDUM
                                                                                                    NOKRIS

■   -»
                Bono™      JAMES NOKRIS AND KENDALL IIVERMAN
                Piopcnv \.Hie-   OFF WILLIAMS MILL KOAD
                Cin      lilkLINGI'iN               '■-.in;   AI.AMASCE   Sute   KC   Zip Code     JTJ15
                 Lcnda     MID CAROLINA BANK




                                                                                      I:ROS1 OF
                                                                                      SIEHliC] 1'KOI'KKTV




                                                                                      REAR OF
                                                                                      SUBJECT PROPERTY




                                                                                                 scene:




         COMPTOK APPRAISAL
                                  ADDITIONAL PHOTOGRAPH ADDENDUM
                                                                                             NQRR1S


       lio         JAMES NORRIS AND KENDALL OVERMAN
       Property AilO-m   OFF WILLIAMS MILL ROAD
       i.-ny    BtJKl.tNflTON               iWity   AI.AMANCI-   _S««Ie   NT   Zip Cods     2721S
       \tnJa       MID CAROLINA BANK




                                                                                          VIEW

                                                                               SPRINGWOOD CHURCH
                                                                               ROAD




                                                                               STREET SCENE
                                                                               SPRINOWOOO CHURCH
                                                                               ROAD




COMPTOtl APPRAISAL
Page I of I
Alamance County, North Carolina                                                                                               Page I of 2




                   6844132348

                   WILLIAMS MILL RD                                               PINYATELLO JAMES D JR ETAL


                   Owner
                                    Namo                          Waiting Ariilr.Jts               City, Stats Zip
                    PINVATELLO JAMES D JR ETAL              1911 NASHLANDDR                    IRL1NGT0N NC 27217



                   Parcel
                   Property Location                       OFF WILLIAMS MILL RD
                   Parcel ID                               8B44132348
                   Old Map Block Lot Number                3-27-1
                   Account Number                          0000029413
                   Tax District                            36
                   Tax District Name                       ELON COLLEGE FIRE
                   School District
                   Classification                          R
                   Land Use Code                           503
                   Zoning                                  R 15
                   Zoning Name                             R IS


                   Legal Description
                   Deeded Acreage                          20.53
                   Legal Description                       VA 135




                   Tax Summary
                    Voar     Poll Type     Nat Tarei       Into rail    Penalty       Oilier   rmounl Pjrd      Balance
                    2004 REAL                $683.63            J.00       $.00        $.00       -$683.63            $.00
                    2005 REAL                $757.13            $.00       $.00        $.00            $.00     $757.13
                    Total                  $1,440.76            $,00       $.00        $.00       -$683.63      $757.13


                   Sales
                                                   DoccJ Book and
                    Salo Date   Type Sa la Puce                              Sellei                 Biiyar
                                                           Page


                   gg'JUL'            $42,000 5S2/775                                  PINYATELLO JAMES D JR
                                                                                       ETAL


                   Values
                   Current Land                                                                              $113,423.00
                   Current Building                                                                                  JO. 00
                   Current Assessed Total                                                                    $113,428.00
                   Present Use Value                                                                                 $0.00
                   Tax Exempt




                                                                                  I
                                                       I           L.
                                              Sorry, no sketch available
                                                       for this record




[inr):'/icare.alaniance-nc.com^/Forms/PrintDaialelasDX°pin=S84-41j:.i48&i;sD=PROFILEA...                                      7/20/2005
Alamance County, North Carolina                                                                                       Page 1 of 2




                   8844844335

                   ST MARKS CHURCH RD                            ALAMANCE PROPERTIES OF HICKORY



                   Owner
                                        Name                        Mailing Address        City. Sl.ilo. Zip

                   ALAMANCE PROPERTIES OF HICKORY                  PO BOX 279         CONOVER NC 2B613



                   Parcel
                   Property Location                  5T MARKS CHURCH RD

                   Parcel ID                          8844844335

                   Old Map Block Lot Number           3-24-3
                   Account Number                     0000020392
                   Tax District                       36

                   Tax District Name                  ELON COLLEGE FIRE
                   School District
                   Classification                     C
                   Land Use Code                      400
                   Zoning                             CB
                   Zoning Name                        CB


                   Legal Description
                   Deeded Acreage                     51.56
                   Legal Description                  HA ST MARKS CHURCH RD




                   Building
                   Parcel Dwelling Units              0
                   Building Style                     CAPE COD
                   Use
                  Exterior Wall Material              FRAME
                  Number of Stories                   1.5
                  Year Bull!                          1910
                  Year Remodeled
                  Total Rooms                         3
                  Total Bedrooms                      4
                  Total Baths                         1
                  Total Half Baths                    0
                  Square Feet of Living Area          986
                   Basement                           NONE
                  Basement Finish                     0
                  Basement Rec Room Size              0
                  Central Heat/Air Cond               NONE
                   Heating and Heating 5vstem         N/A
                   Heating Fuel Type                  OIL
                  Construction Quality                E-30
                   Physical Condition                 VERY POOR
                  Condo Level
                  Condo/Townhouse Type
                  Number of Fireplaces (Masonry) 2
                  Number of Fireplaces (Prefab)       0


                  Tax Summary
                    Year    Roll Typo   Net Ta*'os   Intorc:.!   Penalty   Other   Amount Paid       Balance

                    2004 REAL            $1,641.04        $.00     $.00     $.00    -$1,641.04                 $.00
                    2005 REAL           $34,154.30        $.00     $.00     $.00          $.00     $34,154.30
                    Total               $35,795.34        $.00     $.00    $.00     -$1,641.04     $34,154.30



                  Sales



lmp://icare.alainance-nc.com/Forms/PrintDatale(.aspx'?piii=S8-44844335&.iiSp=PROFILEA. .                               7/20/2005
Aiamance County, Nonh Carolina                                                                                             Paae I of 1




                   8844528366

                   DAfJBROOK RD                                                               COX ASSOCIATES LLC


                   Owner
                                  Name                        Mailing Addreii                   City. Stalo. Zip

                   COX ASSOCIATES LLC                   2475 N CHURCH ST                  IRLINGTON NC 27215



                   Parcel
                   Property Location                          DANBROOK RD
                   Parcel ID                                  8844528366
                   Old Map Block Lot Number                   3-26-lA
                   Account Number                             0000162910
                   Tax District                               36
                   Tax District Name                          ELON COLLEGE FIRE
                   School District
                   Classification                             R
                   Land Use Code                              503
                   Zoning                                     I 1A
                   Zoning Name                                I 1A


                   Legal Description
                   Deeded Acreage                             25.84
                   Legal Description                          VA DANBROOK RD




                   Tax Summary
                    faai    Roll Type      NelTates       Interest       PenjUy   Othoi    Amount Paid         Balance

                    2004 REAL              $1,910.57              $.00     $.00    $.00       -$1,910.57           $.00
                    2005 REAL              $2,115.99              $.00     $.00    $.00             $.00     $2,115.99

                    Total                  $4,026.56              $.00     $.00    $.00       -$1,910.57     $2,115.99


                  Sales
                    SjIb DjI-;     Type    Sola Price     Deed Bock and Page         Sellei            Buyer

                   03-JAN-D3              $1,288,000      1790/639                            COX ASSOCIATES LLC


                  Values
                  Current Land                                                                             $317,002.00
                  Current Building                                                                                 $0.00
                  Current Assessed Total                                                                   $317,002.00
                  Present Use Value                                                                                $0.00
                  Tax Exempt




                                                          I"
                                                          I           L.
                                                Sorry, no sketch available
                                                          for this record




hnp://icaiealamance-nc.com/Foriiis'I)riii!Daialei.aspx1'pin=S844528360&i'sp=PROFILEA.,.                                    7/20/2005
Aiamance County. North Cnrolina                                                                                     Pane I of 2




                   8844322951

                   4195 RURAL RETREAT RD                                 ELLER LARRY T 6 PAMELA JEAN



                   Owner
                                    Name                      Mailing Address              Cfty. State Zip

                   ELLER LARRY T Ec PAMELA             4195 RURAL RETREAT             BURLINGTON NC
                   JEAN                                RD                             2721S



                   Parcel
                   Property Location                   4195 RURAL RETREAT RD
                   Parcel ID                            8344322951
                   Old Map Block Lot Number             3-26-9
                   Account Number                      0000156693
                   Tax District                         36
                   Tax District Name                    ELON COLLEGE FIRE
                   School District
                   Classification                       R
                   Land Use Code                       010
                   Zoning                              RA 15
                   Zoning Name                         RA 15


                   Legal Description
                   Deeded Acreage                      4.4
                   Legal Description                   HBA RURAL RETREAT RD




                   Building
                  Parcel Dwelling Units
                  Building Style                       CONVENTIONAL
                  Use
                  Exterior Wall Material               ALUM/VINYL
                  Number of Stories                    1
                  Year Built                           1946
                  Year Remodeled
                  Total Rooms                          6
                  Total Bedrooms                       2
                  Total Baths                          1
                  Total Half Baths                     0
                  Square Feet of Living Area           910
                  Basement                             NONE
                  Basement Finish                      0
                  Basement Rec Room Size               0
                  Central Heat/Air Cond                CENTRAL
                  Heating and Heating System           N/A
                  Heating Fuel Type                    OIL
                  Construction Quality                 D10
                  Physical Condition                   AVERAGE CONDITION
                  Condo Level
                  Cond a/Townhouse Type

                  Number of Fireplaces (Masonry) 1
                  Number of Fireplaces (Prefab)        0


                  Tax Summary
                   Yeai     Roll rypa      Hot Ta>oi   fnlorest    Ponafty   Otlwr   Aniounl Paid    Bolanco

                   2004 REAL                 $515.35        $.00      $.00    $.00      -$515.35             $.00
                   2005 REAL                 $570.76        $.00      $.00    $.00            $.00   $570.76
                   Total                   $1,086-11        $.00      $.00    $.00      -$515.35     $570.76


                  Sales


hrtp.//icare.alamance-nc.com/Foniis/PrinlDala]ot.aspx''pin=S844.122')51&gsp=PROFILEA... 7/20/2005
Alamance County, North Carolina                                                                                                       Page I of 2




                  8844633501

                  1475 UNIVERSITY DR                                                               TARGET CORPORATION



                  Owner
                                                   N. mi-                              Mailing Arliir.T.r.     City. Stato. Zip

                  TARGET CORPORATION, ATTN: PROPERTY                                   1000 MICOLLET MINNEAPOLIS MN
                  ADMINISTRATION                                                       MALL                  55-503



                  Parcel
                  Properly Location                               1475 UNIVERSITY DR
                  Parcel ID                                       8344633501
                  Old Map Block Lot Number                        3-26-2
                  Account Number
                  Tai District                                    12

                  Taj District Name                               BURLINGTON
                  School District
                  Classification                                  C
                  Land Use Code                                   404
                  Zoning                                          CB
                  Zoning Name                                     CB


                  Legal Description
                  Deeded Acreage                                  10.59
                  Legal Description                               HBA 3764 HOFFMAN PLACE


                                                                  69 63 LT 2


                  Tax Summary
                      Yt'.n    R'jII Typ'--       M'-t 7.1 "hS   Interest    Penalty    Other      Ajuount Paid        Batanco

                      2005 REAL                  $14,514.72           $.00     $.00      $.00                $.00     $14,514.72
                      Total                      $14,514.72           $.00     $.00      $.00                $.00     $14,514.72



                  Sales
                                                             Deed Book
                                 Typo         Sate Price                                  3d Her                      Buyer
                       Da to                                     F.i M

                  12-                                                          KIMCO                         TARGET
                                         $1,250,000 2123/237
                  AUG-O4                                                       BURLINGTON LP                 CORPORATION



                  Values
                  Current Land                                                                                    $1,588,500.00
                  Current Building                                                                                  $991,894.00
                  Current Assessed Total                                                                          $2,530,394.00
                  Present Uoe Value                                                                                           $0.00
                 Tax Exempt


                  Commercial
                  Element
                  Structure Description                           DISCOUNT DEPT STORE
                  Contruction Type (exterior wal                  /FIRE RESISTENT
                  Year Built                                      2004
                  Gross Floor Area                                123803
                  Number of Stories                               01


                  Land
                       LI mo                   L.iml Use Classification
                                                                  :ation                Area                   Value

                  1                                                                      11                       $1,588,500.00




hnp://icare.alamance-nc.com/Fomis/PrintDataJet.aspx?pin=8844633501&g3p=PROFILEA...                                                     7/20/2005
              Page 1 of


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