Bidder Pack - Roebuck Auctions

Transcription

PREPARED ESPECIALLY FOR
POTENTIAL BIDDERS
THURSDAY
JULY 3QTH
11 :07 A.M. CST
TN#5896
1130 STATELINE ROAD
1160 STATELINE RD
1.2+ACRES
JDR Auclion Services ol FL, LLC dba
REALTOR®
JOHN
llOEBUCK
AUCTIONS
MAA
�
Auctioneer
RARE Opportunity to own multi-use property
in Desoto County, Mississippi
The fastest growing, highest demographic county in the State of Mississippi!
Located on high traffic East Stateline Road with great visibility, this property offers
fantastic potential for an end user, landlord, or future development possibilities.
Close to I-55, Highway 51 and Airways, only minutes from Memphis &
Germantown, but offering low county taxes and insurance rates.
Featuring almost 6 acres +/-, this site has over 400 feet of frontage on State Line Road,
6 bay retail strip center of 7,000 +/- sq.ft. and retail showroom of 30,000+/- sq. ft. with
potential income of $72,500 & $88,500 ($161,000) annually. Also, selling a vacant lot of
1.2 +/- acres.
Recently appraised at $1,840,000, you are offered a unique Opportunity to buy in this
robust market area at below market pricing, while interest rates are at an all-time low.
Selling to highest bidder, regardless of price!
Visit our website at www.johnroebuckauctions.com
for more information, pictures, video, terms and conditions.
Call John Roebuck
at
(901) 486-0839
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52,707± SQFT
30,000± SQFT
BUILDING
7,089± SQFT
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LOCATE
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JONES-DAVIS &ASSOCIATES, INC.
........
Rowsey Furniture 2 Buildings and LOT in Southhaven, MS
th at
On-site Thursday,
am cst
July 30
11:07
Lot, 1130 & 1160 East Stateline Road, Southaven, MS 38671
plus warehouse contents and vehicles
1160 East Stateline Rd. Southaven, MS
Lot Adjacent to 1160 E. Stateline Rd. Southaven, MS
1130 East Stateline Rd., Southaven, MS
INSPECTIONS: THURSDAY, JULY 23th 1–4 pm ♦ THURSDAY, JULY 30th 8–11am
MS# 276G
2015 Polaris Ranger Crew 570with 12 ft Trailer
2012 0 V10 Box Van with 40,000 miles
Mattresses and Warehouse Contents
901-763-2825
www.johnroebuckauctions.com
1160 East Stateline Road
Southaven, MS 38671
Southaven, MS 38671
Adjacent to
Southaven, MS 38671
Busy East
Stateline
Road is
minutes
from
Highway 78
and I-55.
Over 12,000 vehicles daily
per MDOT 2012
Convenient to
Olive Branch,
North
Mississippi,
Memphis,
Germantown,
Collierville &
the greater
Midsouth.
Desoto County
is the fastest
growing county
in Mississippi
and also
registers the
highest median
income.
Absolute Auction On-Site at 1160 East Stateline Rd., Southaven, MS
Thursday, July 30th at 11:07 am cst
1160 East Stateline Rd., Southaven, MS 38671
30,000± sq ft steel framed, brick veneer and metal
clad retail showroom building. Building has 16 ft wall
heights, sprinkler system, E.I.F.S. and Mansard roof.
21,900± sq ft of showroom area and 8100± sq ft of
warehouse or storage area. The showroom area
is open with finished walls, exposed metal frame
ceiling, and carpet/tile flooring. Restrooms, counter
area, and office area are in the space.
This property features plenty of paved and lighted
parking areas with great traffic from TN and MS.
• 8100± sq.ft. warehouse/storage with 2 docks w/canopy
and 2 raised doors—drive in and out
• Interior features 16 ft wall heights and sprinkler system
• Built in 1997
• Brick exterior, standing seam metal roof with gutters and
down spouts
• 4 huge Trane A/C units and 3 electric panels
• Multiple-use open building, 100' x 300'
• Entire 21,900± sq ft showroom has heat and air
• Total of 2± acres paved and lighted parking area
Selling on-site at 1160 East Stateline Road.
• 3.58± acres or 155,944± sq ft is generally level topography with 177± ft along E. Stateline Road with 2 curb cuts
1130 East Stateline Rd., Southaven, MS 38671
• Multi-use 7089± sq ft building
This 7089± sq ft steel framed, brick veneer and
metal clad retail building is E.l.F.S. Interior
construction has finished walls, drop-in acoustical
tile ceilings, and carpeted floors.
• Built in 1997, nicely landscaped
Visit our website for more pictures and video.
The construction is designed for use as a six bay
strip building, but as of today it is used as one
large open area and may be altered to your needs.
Contains six separate restrooms, several partial
dividing walls, six separate HVAC systems, one for
each bay.
Selling on-site at 1160 East Stateline Road.
• Six bays @ 1181± sq ft each with
individual HVAC units and electric meters
• Brick exterior, standing seam metal roof
well insulated
• Well lighted, paved parking lot
FOR LOCAL
BUSINESS
INFORMATION:
• Front door parking
• Excellent multi-tenant
potential or rent
entire 7089± sq ft
DesotoCounty.com
SouthavenChamber.com
LOT adjacent to 1160 East Stateline Road
Southaven, MS 38671
• 52,707± sq ft Lot
This lot consists of 1.21± acres or 52,707± sq ft.
Lot has 112± ft of frontage along the North side of
East Stateline Road.
• Prime commercial lot ready to build on
Lot is accessible from a shared curb cut. Lot is at
road grade and has a generally level topography.
• Pre-auction offers considered
Great potential for warehouse or office complex.
Prime commercial business location.
Selling on-site at 1160 East Stateline Road
Thursday, July 30th at 11:07 am cst.
• 112' x 468' ± deep
• Approximately 12,000 vehicles daily
pass by per MDOT (2012)
A 10% buyers premium will be added to the winning bid to
determine the total price to be paid. The high bidder for the
real estate will be required to place a 10% deposit down the
day of the auction with the balance due in 30 days.
Visit our website for more pictures, details, videos, and terms & conditions.
ONSITE @ 1160 East Stateline Road, Southaven, MS
Thursday, July 30th at 11:07AM CST
ES
M I L AN
0
0
V
0
40, BOX
Y
L
ON FORD
2
201
RS
OU NTY
H
A
10
RR
LY
ON R WA
DE
UN
2015 Polaris Ranger Crew 570
with 12 ft trailer
•
Only used one day, 10 Hours,
Under Warranty
Crew Cab, Winch, All Wheel Drive
Smooth Riding Features
Engine Management System
•
•
•
2012 Ford F450 V10
Lyncoach Box Van
•
•
•
•
•
Industrial Shelving and
4 New Generators
Warehouse Contents
•
Call John for Details and Info
@ 901-486-0839
V10
Only 40,000 miles
18 ft Lyncoach Box Van
96 Inch Height
Like New
•
@ 901-486-0839
Mattresses
•
•
•
New Mattresses in Multiple Sizes
Bed Frames
Nationally Recognized Brands
Misc. Showroom Furniture
•
@ 901-486-0839
REAL ESTATE TERMS
and
CONDITIONS
MS# 276G
TERMS: Announcements made at the auction will supersede all previous
material. Information given is derived from sources believed to be correct,
but is not guaranteed. Graphics are approximate. All property is sold “as
is”. The Seller will provide a valid, clear marketable title to the property. All
bidders will register at open house or day of auction. BUYER’S PREMIUM:
A ten percent (10%) buyer’s premium will be added to the winning bid to
determine the total price to be paid. The ten percent (10%) buyer’s premium
is due and payable on the day of the Auction in the form of certified funds, or
a personal check with a bank letter of guarantee. CLOSINGS: All closings
shall take place no later than thirty (30) days after the auction. The entire
purchase price must be paid by cashier’s check, certified funds, or wired
funds at closing. No property will be sold contingent on financing or any
other contingency.
901-763-2825
www.johnroebuckauctions.com
Highlights:
1130 Stateline Rd., Southaven, MS
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7,089 ± sqft Building
1.18 Acres
110ft of Road frontage on E. Stateline Rd.
Steel Framed
Brick Veneer and Metal Clad Bldg
E.I.F.S. Mansard
6 Bay strip type building
Approx 1,200sqft per section
Separate meter and A/C unit for each section
6 Restrooms
Partial Dividing Walls
Drywall
Drop-in Acoustical Tile Ceilings
Carpeted floors
Sprinklered
Over 12,000 vehicles daily per MDOT 2012
Well lighted, paved parking lot
Highlights:
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30,000 ± sqft Multi-Use Building
3.58 Acres
100’ x 300’
Standing Seam Metal Roof
177ft of Road frontage on E. Stateline Rd.
16’ Wall height
sprinklered
Steel Framed
Brick Veneer and Metal Clad Bldg
E.I.F.S. Mansard
Drywall
21,900 sqft of showroom area well lighted
8,100 sqft of warehouse or storage area
Exposed metal framed ceiling insulated
Carpeted and Tile Flooring
Restrooms,Counter area and office in NW portion of space
Exposed steel frame walls and ceiling with batt insullation
11’ x 11’ Overhead door on West Wall
Small mezzanine 300 sqft office
20’x20’ loading dock w/12’x12’ overhead door
Concrete truck well
4 Huge TRANE AC Units
Over 12,000 vehicles daily per MDOT 2012
Well lighted, paved parking lot
2014 Tax Receipt
1.21 Acres Adjacent to 1160 Stateline Rd., Southaven, MS
2014 Tax Receipt
2014 Tax Receipt
Rip Walker & Associates
4933 William Arnold Road
Memphis, Tennessee 38117
Phone (901) 683-5566
REAL ESTATE APPRAISALS• CONSULTING• MARKET STUDJES
2521 Caffey Street
Hernando, Mississippi 38632
Phone (662) 349-0902
Rip Walker, MAI
Fax (901) 683-7004
Email: .-ipwalker�bellsouth.net
MARKET VALUE ESTIMATE
OF
ROWSEY DEVELOPMENT PROPERTIES
1130-1160 STATE LINE ROAD
SOUTHAVEN, MISSISSIPPI 38671
RESTRICTED APPRAISAL REPORT
FOR
MR. GREG ROWSEY
1160 STATE LINE ROAD
SOUTHAVEN, MISSISSIPPI 38671
EFFECTIVE DATE OF APPRAISAL: MARCH 19, 2014
DATE OF REPORT: APRIL 29, 2014
BY
RIP WALKER, MAI
JEFF NORWOOD, ASSOCIATE
RIP WALKER & ASSOCIATES
4933 WILLIAM ARNOLD ROAD
MEMPHIS, TENNESSEE 38117
Rowsey Furniture 2014.doc
JeffNorwood, Associate
1i·oy /lanDyke, Associate
Allen Sledge, Associate
Rip Wall{er & Associates
4933 William Amold Road
Memphis, Tennessee 38117
Phone (901) 683-5566
REAL ESTATE APPRAISALS• CONSULTING• MARKET STUDIES
2521 Caffey Street
Hernando, Mississippi 38632
Phone (662) 349-0902
Fax (901) 683-7004
Email: [email protected]
Rip Walker, MAI
JeffNo1111ood, Associate
Troy VanDyke, Associate
A lien Sledge, Associate
April 29, 2014
Mr. Greg Rowsey
1160 State Line Road
Southaven, Mississippi 38671
Re:
Market Value Estimate
Restricted Appraisal Report
Rowsey Development Properties
1130-1160 State Line Road
Dear Mr. Rowsey:
In accordance with your request, we personally inspected the above captioned property
on March 19, 2014, and have considered available data pertinent to the estimation of its fee
simple market value. No extraordinary assumptions or hypothetical conditions are applicable.
According to the information furnished and based upon our inspection, this property
consists of three lots in the Rowsey Subdivision, which is located on the north side of State Line
Road between Swinnea Road and Tchulahoma Road within the corporate limits of Southaven,
Mississippi. Lots #1 and #2 are improved while Lot #3 is vacant.
Lot #1 consists of 1.18 acres or 51,400 square feet. It is accessible from a shared drive
with the adjoining lot and has frontage along the north side of State Line Road of 110 feet. This
lot is at or just above road grade and has a generally level topography. This lot is improved with
a 7,089 square foot building as described on the following pages.
Lot #2 consists of 3.58 acres or 155,944 square feet and is the middle lot in the Rowsey
Subdivision. This lot has frontage of 177 feet along the north side of State Line Road and is
accessible from two shared curb cuts. This lot is at or just above road grade and has a generally
level topography, with a low lying topography on its extreme northern side. This lot is improved
with a 30,000 square foot building as described on the following pages.
Lot #3 consists of 1.21 acres or 52,707 square feet. It has 113 feet of frontage along the
north side of State Line Road and is accessible from a shared curb cut. This lot is at road grade
and has a generally level topography. As of the date of inspection this lot was vacant.
Rowsey furniture 2014.doc
Rip Walker, MAI
f
Jef Norwood, Associate
Troy Va11Dyke, Associate
The subject properties are zoned C-1, Neighborhood Commercial District by the City of
Southaven. The purpose of this district is to provide for retail shopping and personal services to
serve adjacent residential areas. This district is generally located at the intersections of major
streets within residential areas, the height of buildings and open spaces surrounding the district
will not adversely affect nearby residences. The current use is approved in this zoning district.
All city utilities are available to the subject. No known easements or encroachments exist
that adversely affect the property.
According to Flood Insurance Rate Map (FIRM) # 28033C0076 G, effective June 4,
2007, this property is located in shaded Zone X, an area determined to be outside the 100-year
flood plain.
An environmental audit is strongly recommended. Although no potential environmental
hazards were noted, all former uses of the site are unlrnown, and as an appraiser, we are not
trained to recognize possible environmental contamination. The value conclusions in this report
are subject to any findings from such an audit.
Lot #1 is improved with a 7,089 square foot steel framed, brick veneer and metal clad
retail building. This building also has an E.l.F.S. mansard. The construction of this building is
for a six bay strip type building, although as of the date of inspection this building was one large
open area. It consists of six restrooms and several partial dividing walls. The interior
construction is of dry wall walls, drop in acoustical tile ceilings, and carpeted floors. As of the
date of inspection this building was vacant and in average condition.
Lot #2 is improved with a 30,000 square foot steel framed, brick veneer and metal clad
retail showroom building. This building has sixteen foot wall heights, is sprinklered, and has an
E.I.F.S. mansard. It consists of 21,900 square feet of showroom area and 8,100 square feet of
warehouse or storage area. The showroom area is of open construction with dry wall walls,
exposed metal frame ceiling, and carpeted and tile flooring. Restrooms, a counter area, and an
office area are located in the northwest portion of this space.
The warehouse area totals 8,100 square feet and consists of finished concrete floors, an
eleven foot by eleven foot overhead door on the western wall, and exposed steel frame walls and
ceilings with batt insulation. Also present in this area is a small mezzanine office area that totals
approximately 300 square feet. The northern side or rear of this building is also improved with a
twenty foot by twenty four foot loading dock, twelve foot by twelve foot overhead door, and a
concrete truck well.
This value estimate assumes responsible ownership and professional management and
marketing of the property. This valuation is also subject to additional limiting conditions as
attached, which is an important part of this appraisal report and should be carefully read by the
client/user. Acceptance of and/or use of this report constitutes understanding and acceptance of
all Assumptions and Limiting Conditions as outlined on following pages.
Rip Walker, /'dAI
Troy /lanDyke, Associate
A reasonable marketing time and exposure time for this property is estimated to be six to
twelve months which is based upon historical evidence indicated by actual sales and from
discussions with local brokers who are actively involved in selling this type property.
However, the lingering economic situation, which has affected the value of real estate
due to a diminished lack of demand and the extreme difficulty in getting financing for this type
of property, could prolong the marketing period. While an adjustment has been made to reflect
this negative change in market conditions, a longer marketing period than the six to twelve
months forecast could require an additional negative adjustment or discounting.
As requested, we have completed an appraisal on this property. This letter provides you
with the indicated market value based upon that appraisal. We have employed all generally
accepted valuation techniques, which in this case involves only the Sales Comparison Approach.
This is a Restricted Appraisal Report which is intended to comply with the reporting
requirements set forth under Standards Rule 2-2(b)(i-xii) of the Uniform Standards of
Professional Appraisal Practice. As such, it may only state information and reasoning that
supports the analyses, opinions, and conclusions that were used in the appraisal process to
develop our opinion of value. Some of the supporting documentation concerning the
information, reasoning, and analyses is retained in our file. The depth of discussion contained in
this report is specific to the needs of the intended user (client) and for the intended use stated
within this report. The appraisers are not responsible for unauthorized use of this report.
The highest and best use of this prope1ty is commercial use.
Based upon this information, and taking into consideration all other factors which affect
value, it is our opinion that the fee simple market value of the property, subject to the stated
assumptions and limiting conditions, as of March 19, 2014, is:
$ 460,000
$1,300,000
Lot#3
$
t,ft'.': £.t!k . . .
80,000
Respectfully submitted,
State Cerl1lied General Real Estate Appra1se1
UA - 191 (Mississippi)
od, Associate
State Licensed Real Estate /\pp ·aiscr
LA - 1189 (Mississippi)
Rip Walker, MAI
f
TABLE OF CONTENTS
Part One - Introduction
Title Page
Letter of Transmittal
Table of Contents
5
Certification
7
Summary of Important Facts and Conclusions
9
Part Two - Premises of the Appraisal
Purpose of the Appraisal
10
Intended Use of Report
IO
Intended User of Report
10
Property Rights Appraised
10
Effective Date of Value
10
Date of Report
10
History of Property
10
Ownership and Tax Identification
10
Scope of Work
11
Definition of Market Value
11
Definition of Exposure Time
12
Definition of Marketing Time
12
Assumptions and Limiting Conditions
13
Part Three - Presentation of Data
16
Identification of the Property
Site Location Map
GIS Map
Aerial Map
Plat
Photographs of the Subject
5
Rip Walker, i\t/Al
f
Jef No,wood, Associate
Methodology
28
Site Value
Land Sales
Land Sales Map
Summary and Analysis of Land Sales
29
Sales Comparison Approach - Buildings
Comparable Sales
Comparable Sales Map
Summary and Analysis of Comparable Sales
38
ADDENDA
Qualifications of Appraisers:
Rip Walker, MAI
Jeff Norwood, Associate
Rowsey Furniture 2014.cloc
6
Rip Walker, MA I
CERTIFICATION
We certify that, to the best of our knowledge and belief:
That the statements of fact contained in this report are true and correct;
That the reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and is our personal, unbiased professional analyses,
opinions and conclusions;
That we have no present or prospective interest in the property that is the subject of this
report, and have no personal interest or bias with respect to the parties involved;
That our compensation is not contingent upon the reporting of a predetermined value or
direction in value that favors the cause of the client, the amount of the value estimate, the
attainment of a stipulated result, or the occurrence of a subsequent event.
That this assignment was not based on a requested minimum valuation, a specific
valuation, or the approval of a loan;
That our analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal Practice and with
the requirements of the Code of Professional Ethics and the Standards of Professional Practice of
the Appraisal Institute;
That the use of this report is subject to the requirements of the Appraisal Institute relating
to review by its duly authorized representatives;
As of the date of this report, I, Rip Walker, MAI have completed the requirements under
the continuing education program of the Appraisal Institute;
That as of the date of this report, I, Jeff Norwood, have completed the Standards and
Ethics Education Requirement of the Appraisal Institute for Associate Members;
That the appraisers currently hold an appropriate state license or certification allowing the
performance of real estate appraisals in connection with federally related transactions.
That Rip Walker, MAI, has not and Jeff Norwood has made a personal inspection of the
property that is the subject of this report;
report;
That no one provided significant professional assistance to the persons signing this
That the appraisers have completed previous appraisals of similar type properties.
7
Rip Walker, MAJ
That we have performed no services, as an appraiser or in any other capacity, regarding
the property that is the subject of this report within the three-year period immediately preceding
acceptance of this assignment.
As a result of our investigation and analysis, and after considering all those factors which
affect value, it is our opinion that the estimated market value of the fee simple estate of the
subject, as of March 19, 2014, subject to the stated assumptions and limiting conditions, is:
$ 460,000
$1,300,000
Lot#3
$
e · 1 w od, Assoc'(;,p
LA - 1189 (Mississippi)
p Walker, MAl
G - 191 (Mississippi)
80,000
8
Rip Walker, MAI
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Property Name:
Rowsey Development Properties
Address:
1130 - 1160 State Line Road
Location:
North side of State Line Road between Swinnea
Road and Tchulahoma Road, within the corporate
limits of Southaven, Mississippi
Land Size:
Lot #1- l .18 Acres I 51,400 Square Feet
Lot #2- 3.58 Acres I 155,944 Square Feet
Lot #3- 1.21 Acres I 52,707 Square Feet
Improvements:
Lot # l - 7,089 Square Foot Steel Framed, Brick
Veneer and Metal Clad Commercial Building
Lot #2 - 30,000 Square Foot Steel Ffamed, Brick
Veneer and Metal Clad Commercial Building
Effective Date of Appraisal:
March 19, 2014
Date of Report:
April 29, 2014
Purpose of Appraisal:
Market Value Estimate
Property Rights Appraised:
Fee Simple Interest
Zoning:
C-1, Neighborhood Commercial District
Highest and Best Use:
Commercial
Property Value Indications:
$ 460,000
$1,300,000
Lot#3
$
80,000
9
Rip Walker, MAI
f
PART II - FACTUAL INFORMATION
PURPOSE OF THE APPRAISAL
The purpose of this appraisal is to estimate the market value as defined by the Office of
the Comptroller of the Currency under 12CFR, Part 34, Subpart C, as defined below.
INTENDED USE OF REPORT
The intended use of this appraisal report is for assistance in making internal business
decisions. No other uses are intended.
INTENDED USER OF REPORT
The intended user of this report is the client, Greg Rowsey. No other users are intended.
Because this report is specifically for the client and for the intended use as stated, the appraisers
are not responsible for unauthorized use. The intended user of this report, or anyone in
possession of it, is specifically prohibited from disseminating only portions of this report that
pertain to expressed opinions, to any other party (including orally disclosing the value
conclusions or other pertinent opinions expressed), without providing the report in its entirety.
PROPERTY RIGHTS APPRAISED
The property rights appraised of the subject property are the rights that accrue to a fee
simple estate. A fee simple estate is defined as:
"Absolute ownership unencumbered by any other interest or estate, subject only
to the limitations imposed by the governmental powers of taxation, eminent
domain, police power, and escheat."1
EFFECTIVE DATE OF VALUE
The effective date of value is: March 19, 2014
DATE OF REPORT
The date of report is: April 29, 2014
HISTORY OF PROPERTY
The subject property has been under the current ownership since 1998. No transactions
have occurred within the last 3 years that are relevant to the valuation of this prope1ty.
Lot #2 is currently listed for sale in the amount of $1,300,000, although no significant
efforts have been made to market this property.
OWNERSHIP AND TAX IDENTIFICATION
The subject is owned by Rowsey Development, LLC and is listed in the DeSoto County
Tax Assessor's office as tax parcels 1074170 IO 00001.00, 107417010 00002.00, and I 07417010
00003.00.
I
The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, 2010, p. 78.
10
Rip Walker, ill/Al
JejfNo,wood, Associate
SCOPE OF WORK
This scope of work meets the requirements of the client. In preparing this appraisal, we
inspected the subject property, gathered information about the subject's neighborhood,
investigated, confirmed, and analyzed, vacant land sales and improved sales. A complete
inspection was performed. The data was collected by researching land deeds recorded in the
county clerk's office and from interviews with local real estate brokers, developers, and builders,
as well as owners of competitive properties. Sales data and rental data were confirmed by
knowledgeable participants in the respective transactions. Data provided by the client and/or
property owner, as well as data that was readily available from other sources was relied upon.
Due to the age of the improvements and the subjective amount of depreciation applicable, the
Cost Approach is less reliable. The Income Capitalization Approach is not used due to the fact
that this property is not likely to be purchased by an investor, but rather by an owner/occupant.
Neither the Cost nor the Income Capitalization Approaches are needed for credible appraisal
results and were excluded. Only the Sales Comparison Approach was utilized.
DEFINITION OF MARKET VALUE
The term market value as used in this report is defined as:
"the most probable price that 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.
Buyer and seller are typically motivated;
2.
Both parties are well informed or well advised, and acting in what they
consider their best interest;
3.
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
4.
arrangements comparable thereto; and
The price represents the normal consideration for the property sold
5.
unaffected by special or creative financing or sales concessions granted by
anyone associated with the sale. (12 C.F.R. Part 34.42(g); 55 Federal
Register 34696, August 24, 1990, as amended at 57 Federal Register
12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994)."2
2
The Dictionary ofReal Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, 2010, p. 123.
11
Rip /Va/ker, MAJ
f
DEFINITION OF EXPOSURE TIME
For the purposes of this report the term exposure time is defined as:
1.
"The time a prope1ty remains on the market.
2.
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."
DEFINITION OF MARKETING TIME
The term marketing time is defined as:
"An opinion of the amount of time it might take to sell a real or personal property
interest at the concluded market value level during the period immediately after
the effective date of an appraisal. Marketing time differs from exposure time,
which is always presumed to precede the effective date of an appraisal. (Advisory
Opinion 7 of the Appraisal Standards Board of The Appraisal Foundation and
Statement on Appraisal Standards No. 6, "Reasonable Exposure Time in Real
Property and Personal Property Market Value Opinions" address the
determination of reasonable exposure and marketing time.)"4
3
4
The Dictionary ofReal Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, 2010, p. 73.
The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Jnstitute, Chicago, 2010, p. 121.
12
Rip Walker, MA I
f
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is su�ject to the following:
This is a Restricted Appraisal Report which is intended to comply with the reporting
requirements set forth under Standards Rule 2-2(b)(i-xii) of the Uniform Standards of
Professional Appraisal Practice. As such, it may only state information and reasoning that
supports the analyses, opinions, and conclusions that were used in the appraisal process to
develop our opinion of value. Some of the supporting documentation concerning the
information, reasoning, and analyses is retained in our file. The depth of discussion contained in
this report is specific to the needs of the intended user (client) and for the intended use stated
within this report. The appraisers are not responsible for unauthorized use of this report.
The legal description provided is assumed to be correct. We assume no responsibility for legal
matters, and render no opinion of property title, which is assumed to be good and merchantable.
We did not independently research the presence of liens, easements, covenants, restrictions,
judgments or other encumbrances. Unless specifically stated, it is assumed no encumbrances of
this type exist in relation to this property. The user of this appraisal report should consult legal
counsel to determine the presence of any of these items which may have an adverse effect on the
subject and report any such findings to the appraiser for the analysis of effect on value.
The ownership of this property as may be stated in this report is based upon public records or
information provided by the client and is assumed to be accurate. However, as appraisers, we
have not researched or confirmed title to this property and are not trained to do so. Confirmation
as to the legal ownership of this prope1ty, if pertinent, is the responsibility of the user of this
appraisal report.
No survey of the property has been made by the appraisers and no responsibility is assumed in
connection with such matters. Any sketches in this report are included only to assist the reader n
visualizing the property.
Information furnished by others is assumed to be true, correct, and reliable. A reasonable effo1t
has been made to verify such information; however, no responsibility for its accuracy is assumed
by the appraiser. Specifically, sale prices utilized in comparable sales are many times extracted
from deeds and are assumed to be factual when confirmation with participating or related patties
is not possible. If these stated prices do not reflect the actual transfer of money, opinions based
upon these supposed facts may be inaccurate. If the client has any question regarding this
information, it is the client's responsibility to seek whatever independent verification is deemed
necessary.
Any distribution of the total valuation in this report between land and improvements applies only
under the reported highest and best use of the property. The allocation of value for land and
improvements must not be used in conjunction with any other study or appraisal and are not
valid if so used.
Subsurface rights (minerals, oil, etc.) were not considered in making this appraisal.
13
Rip Walker, MAI
All furnishings and equipment have been disregarded by the appraisers and only the real estate
has been considered in the value estimate, except when specifically indicated.
The appraisers reserve the right to change and revise valuations in this report if any undisclosed
information or errors, especially those of a mathematical. or typographical nature, come to their
attention at a later date.
The property is appraised as though under responsible ownership and competent management.
All estimates, projections and forecasts contained in this repoti are considered to be reasonable
probabilities but are in no manner guaranteed, and we assume no liability for any deviation in
these estimates, projections, and forecasts.
We are prepared but not required to give testimony or attendance in legal or other proceedings
relative to this appraisal or to the appraised property unless satisfactory additional arrangements
are made prior to the need for such services.
The appraisers have no knowledge concerning the presence of any hazardous materials on the
site or in the structure as of the date of the appraisal, other than those specified in the appraisal.
We have not conducted any tests to determine whether or not such hazardous materials and/or
related conditions exist. We recommend that the user of this appraisal direct any questions
concerning this issue to a firm of registered professional engineers specializing in providing such
testing and analysis. The appraiser assumes that the site is free from hazardous waste
Any contamination subsequently found on the subject site, however,
contamination.
automatically renders this appraisal null and void. No study has been made available to
determine whether structures may have an infestation such as termites or dry rot. In the absence
of such a study, it is assumed the property is free from such problems.
It is assumed that there are no structural defects hidden by floor or wall coverings or any other
hidden or unapparent condition of the property; that all mechanical equipment and appliances are
in good working condition; and that all electrical components and the roofing are in good
condition. If the client has any questions regarding these items, it is the client's responsibility to
order the appropriate inspections. The appraisers do not have the skill or expertise needed to
make such inspections. The appraisers assume no responsibility for these items.
Possession of this report, or a copy thereof, does not carry with it the right of publication.
Neither all nor any part of the contents of this report (especially any conclusions as to value, the
identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated
to the public through advertising, public relations, news, sales, or other media without the prior
written consent and approval of the appraiser.
It is assumed that the property is in full compliance with all applicable federal, state, and local
environmental regulations and laws unless the lack of compliance is stated, described, and
considered in the appraisal report.
14
Rip Walker, MAJ
JeffNo,wood, Associate
'li'oy Va11Dyke, Associate
It is assumed that the property conforms to all applicable zoning and use regulations and
restrictions unless a nonconformity has been identified, described and considered in this
appraisal report.
It is assumed that all required licenses, certificates of occupancy, consents, and 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.
The Americans with Disabilities Act ("ADA") became effective January 26, J 992. We have not
made a specific compliance survey and analysis of this property to determine whether or not is in
conformity with the various detailed requirements of the ADA. It is possible that a compliance
survey of the property, together with a detailed analysis of the requirements of the ADA, could
reveal that the property is not in compliance with one or more of the requirements of the Act. If
so, this fact could have a negative effect upon the value of the property. Since we have no direct
evidence relating to this issue, we did not consider possible non-compliance with the
requirements of ADA in estimating the value of the prope1ty.
It is assumed that the utilization of the land and improvements is within the boundaries of
property lines of the prope1ty described and that there is no encroachment or trespass unless
otherwise stated in this report.
The term inspection as utilized in this appraisal report refers to a viewing or an examination of
the property. It is not the same type of inspection that a person skilled in construction or an
engineer might make. If the user of this appraisal needs information or knowledge about any
type of construction deficiencies, such as foundation problems or structural defects, he should
consult with an individual or company with expertise in that field.
Any proposed improvements are assumed to be completed in a good workmanlike manner in
accordance with the submitted plans and specifications.
Because this report is specifically for the client and for the intended use as stated, the appraisers
are not responsible for unauthorized use. The intended user of this report, or anyone in
possession of it, is specifically prohibited from disseminating only portions of this report that
pertain to expressed opinions, to any other party (including orally disclosing the value
conclusions or other pertinent opinions expressed), without providing the report in its entirety.
Acceptance of and/or use of this report constitutes understanding and acceptance of all
Assumptions and Limiting Conditions as outlined above.
15
Rip Walker, MAI
JeffNonvood, Associate
A ffen Sledge, Associate
PART III - PRESENTATION OF DATA
IDENTIFICATION OF THE SUBJECT PROPERTY
The subject site can be legally identified as follows:
Lots #1, #2, and #3, Rowsey Subdivision, in Section 17, Township J South, Range 7
West, as per plat thereof record in Plat Book 70, Page 39, in the office of the Chancery Clerk of
Desoto County, Mississippi.
A complete metes and bounds legal description was not supplied.
The legal description or identification utilized as the subject of this appraisal, either
provided by the owner or obtained from public records, or other sources, is assumed to be
correct, but its accuracy is not the responsibility of the appraiser. The identification of this
property is a legal matter that may involve or require a title search, which the appraiser is not
trained to perform and has no expertise in. It is recommended that the user of this appraisal
consult an attorney or engineer or both about the correctness or accuracy of the legal
identification utilized.
16
Rip Walker, MAJ
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AERIAL PHOTOGRAPH
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JejfNo1111ood, Associate
1i·oy VanDyke, Associate
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Jef No1wood, Associate
1i'oy /lanDyke, Associate
PHOTOGRAPHS OF THE SUBJECT
TYPICAL VIEW OF LOT #1 - 1130 STATE LINE ROAD
TYPICAL VIEW OF LOT #2-1160 STATE LINE ROAD
21
Rip Walker, Iv/Al
Troy /!anDyke, Associate
Affen Sledge, Associate
EAST ALONG STA TE LINE ROAD, SUBJECT ON THE LEFT
TYPICAL VIEW OF SUBJECT PROPERTY, LOT #1 ON THE RIGHT AND LOT #2 ON
THE LEFT
Rowsey Furniture 2014.<loc
22
Rip Walker, MA I
T roy VcmDyke, Associate
TYPICAL VIEW OF LOT #3
TYPICAL VIEW OF BUILDING #1
23
Rip Walker, MAI
f
Jef No1111ood, Associate
AI/en Sledge, Associale
VIEW OF WEST SIDE OF BUILDING #2
VIEW OF LOADING DOCK AREA, BUILDING #2
25
Rip Walker, MAI
Jeff Norwood, Associate
METHODOLOGY
There are primarily three approaches to value in the appraisal process which may be
utilized in the estimation of market value of real estate. They are:
COST APPROACH, in which the estimated replacement cost of the improvements are
depreciated and added back to the estimated value of the land. This approach affirms the
principle of substitution; a person will not pay more for a property than it would cost to
reproduce that same property new. This approach is seldom used when appraising vacant land or
other land that is sparsely improved.
SALES COMPARISON APPROACH, in which all recent sales in the area are investigated
and compared to the subject for differences and rights conveyed, date of sale, location, physical
characteristics, and any financing or conditions of sale that may affect the price. Adjustments
are made to these prices for dissimilarities. These value indications are then reconciled into a
value estimate.
INCOME APPROACH, in which the income stream expected from the property is capitalized
into an indication of value. This process analyzes what a prospective purchaser would pay for an
income stream which the property is capable of producing.
Due to the age of the improvements and the subjective amount of depreciation applicable,
the Cost Approach is less reliable. The Income Capitalization Approach is not used due to the
fact that this property is not likely to be purchased by an investor, but rather by an
owner/occupant. Neither the Cost nor the Income Capitalization Approaches are needed for
credible appraisal results and were excluded. Only the Sales Comparison Approach was utilized,
with Lots # I and #2 being valued as improved lots while Lot #3 is valued as a vacant lot.
28
Rip IVo/ker, MAI
f
.Jef No1111ood, Associate
1,·oy VanDyke, Associate
SITE VALUE
Land has value because it provides the potential utility as the site of a structure. The
value of land is affected by supply and demand. The highest and best use of a site, which is a
function of supply and demand, ultimately determines the site value.
The appraisal of land focuses on valuing the property rights associated with the real
estate. In the case of the subject, there are no known private deed restrictions or covenants that
would affect the rights to develop the land.
The physical characteristics, available utilities, and site improvements of land affect its
use and yalue. Physical characteristics of a parcel are size, shape, frontage, topography and
location. Topographical characteristics of the land are contour, grade and drainage.
The availability of utilities such as water, sewers, electricity, natural gas, and telephone
affects the development potential of a parcel. All public utilities are available.
The Sales Comparison Approach is an applicable valuation method for land that is v acant
and is preferred when sales of similar parcels with the same highest and best use are available.
These sales are analyzed, compared, and adjusted to provide a value indication for the land being
appraised. The comparison process is based on an analysis of the similarity or dissimilarity of the
parcels.
Elements of comparison include the property rights conveyed, financing terms,
conditions of sale, date of sale, location, physical characteristics, utilities, zoning, and highest
and best use. The primary unit of comparison for commercial purpose land is the price per
square foot.
Zoning or ultimate use of the site by purchasers is one of the most basic criterion in
selecting comparables. Date and location are also important. Size is generally a less important
element, provided none of the sites possess excess land for their intended use.
Several recent land sales were selected as being reliable indicators of market value for the
subject site. These sales are listed and further identified on the following pages. In addition, a
location map of the comparable land sales is provided.
29
Rip Walker, MAI
JejfNonvood, Associate
'fray VanDyke, Associate
Clauses (09/06), Online Business Practices and Ethics (11/06), Forecasting Revenue
(05/07), USPAP Update (08/07), Scope of Work: Expanding Your Range of Services
(11/07) What Clients Would Like Their Appraisers to Know (03/08), Condominiums,
Co-ops, PUDs (05/08), Real Estate Value, Finance & Investment Performance (09/08),
USPAP Update (11/08), Online Business Practices and Ethics (5/10), Online An
Introduction to Valuing Commercial Green Buildings (5/10), Online Supervising
Appraisal Trainees (5/10), Online Appraising Convenience Stores (6/JJ), The Lending
World in Crisis: What Clients Want Their Appraiser to Know Today (6/11), Online
Appraisal Curriculum Overview - Residential (12/11), MS License Law (12/11),
Contract Law (12/11), Mississippi Agency Law (12/11), Fundamentals of Separating
Real Property, Personal Property And Intangible Business Assets (4/12), Appraising the
Appraisal: Appraisal Review - General (9/12), Marketability Studies: Six-Step Process
& Basic Applications ( l/13),.
Business Experience:
Owner of real estate appraisal and consulting firm of Rip Walker & Associates with
offices in Memphis, Tennessee and Hernando, Mississippi.
Appraisal assignments have encompassed all types of property, both urban and rural,
private and institutional, as well as governmental. Appraisal expe1tise specializing in
commercial, industrial, and agricultural properties such as motels/hotels, retail shopping
centers, office buildings, apartment complexes, subdivisions, industrial facilities,
restaurants, condominiums, agricultural farmland, and special purpose properties such as
hospitals, nursing homes, and abandoned rail road right-of-way. Other assignments
include acquisition appraisals through eminent domain by government agencies,
encompassing a wide variety of valuation problems.
Clients include numerous financial institutions, both local and national, government
agencies, developers, accountants, and attorneys.
Qualified expert witness for County Court, Federal Court, Special Court of Eminent
Domain, and Bankruptcy Court.
Rip Walker, MA I
Jeff Nonvood, Associate
Troy Vai1Dyke, Associate
APPRAISAL QUALIFICATIONS OF
JEFF NORWOOD
Designations and Associations:
State Licensed Real Estate Appraiser, Mississippi, LA - 1189
Education and Professional Training:
Bachelor of Professional Accountancy, Mississippi State University, Starkville, MS.
Completed 1995
Special Appraisal Courses Include:
Appraisal Institute - General Appraiser Site Valuation and Cost Approach (02/13) 30
hours
Appraisal Institute - Real Estate Statistics and Valuation Modeling (01/13) 15 hours
Appraisal Institute Course INF400G - General Appraiser Market Analysis and Highest and
Best Use (3/11) 30 hours
Appraisal Institute Course 401G - General Appraiser Sales Comparison Approach
(3/09) 30 hours
Appraisal Institute Course 4040 - General Appraiser Income Approach, Pait II
(9/08) 30 hours
Appraisal Institute - Business Practices and Ethics Online (03/08) 7 hours
Appraisal Institute - Expanding Your Range of Services (02/08) 7 hours
Appraisal Institute - Analyzing Operating Expenses (2/08) 7 hours
Appraisal Institute Course 310 - Basic Income Capitalization Course (9/05) - 39 hours
Appraisal Institute Course 120 - Appraisal Procedures (I 0/02) - 39 hours
Appraisal Institute Course 420 Part B - Standards of Professional Practice (1/02) 8 hours
Appraisal Institute Course - Appraising from Blueprints and Specifications (3/02) 7 hours
Appraisal Institute Course - Residential Property Construction and Inspection (2/02) 7 hours
Appraisal Institute Course - Residential Design and Functional Utility (3/02) 7 hours
NAIFA Course 5 .0 - Professional Standards of Practice (3/99) 15 hours
NAIFA Course 1.2 - Market Data Analysis of Residential Real Estate Appraisal
(5/99) 30 hours
Northwest Community College - Real Estate Appraisal I - (12/98) 45 hours
Business Experience:
Associate of real estate appraisal and consulting firm of Rip Walker & Associates with
offices in Memphis, Tennessee and Hernando, Mississippi.
Appraisal assignments have encompassed all types of prope1ty, both urban and rural, private
and institutional, as well as governmental. Appraisal expertise specializing in commercial,
industrial, and agricultural properties. Other assignments include acquisition appraisals
through eminent domain by government agencies, encompassing a wide variety of valuation
problems.
Rowsey Furniture 2014.cloc
Rip Walker, MAJ
Clients include numerous financial institutions, both local and national, government
agencies, developers, and attorneys.
Previous business experience as a Commercial Real Estate Lender for Trustmark National
Bank. Attended Mississippi School of Banking (2002)
Qualified expert witness for Special Court of Eminent Domain, and Bankruptcy Court.
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Retum and Supply .Afr Temperature
•
Volts,, Amps and Condition ofcontacts
"
Operational and Safety Controls set point
•
Operation of Condenser Fans
•
Check and tighten electrical cormectlons. in control panel
a Lubricate and Check F8Il.S, Bemings and Shafts fur wear and proper
alignment
Condenser Coils (Cleaned during Spring Inspections)
• FilterS Replaced during each Inspection and in Mid Wmter
( 4-timesperyear)
2. Toe Fall inspection will also include �e following:
s Visl.llll inspection of the Heat &::changer aD.d Burners and clean as needed
at the beginning ofthe heating season
£ 'd
•
Check operation ofthe combustion. blower
•
Check and if flXJ.uired cah'brate fue Heating Safeties
660009£�06
--· -- ,,. -----·-·- --·------ -
-----
-- -�-
Split System
Heating and Cooling Equipment
Itemized Services
Dming Comprehensive Inspections the following tasks will be penormed:
l. Check and log (3 -times per year, Sp.ring, Summer aod Fall)
• Unit operation. fox proper xefrige�t charge and visual leak eheek if
necessary
• Check Refrigerant Piping for signs of leakage, check insulation on
suction line pipmg
• Check Outdoor Discomiects, tight:n electrical connections
• Condenser and Evapomto1 pressure
• Return a:w:l SUpply M Temperature
• Volts, Amps and Condition of contacts
• Operation.al. and Safety Controls set point
• Operation. of Condeoset Fans
• Check and tigbteu. electrical collllcctions in coritrol panel
• Lubricate and Check Fans, Bearings and Shafts for -wear and pmper
alignment
• Co1.1.dc:nscr Coils (Cleaned-ODritlg Spring Inspections)
• Filters Replaced during each lllspection.2111d in Mid Winter
( 4-times pet year)
2. Toe Fall inspection will also include the following:
• Visoal inspection ofthe He& Exchanger and Bmners and clean. as needed
at the begimli.ng ofthe beating season
- Ch(:ck operation of1be combustion blowei:
• Check and ifi:eq:wred calibrate tbe Heafuig Safeties
• Check ductwod<, vacuum retum eir grilles
660009&�06
_ -------··---·-·
·
- �---...
·-- ...
Unit Heater
Itemized Services
During Comprehensive Inspectio
ns 1he follo
l. �k l!JJ!l log (1-time per year, Fall wing tasks will be perfooned:
)
• Unit operation for proper air thro
w and
pattem
• ViSl.lal inspection oftbe heat exch
anger
aud bumei:s, clean as needed
• Check fan motor aod lubricate if
reql.lired
• Test Combustion Blow
er Motor
• Check Gas Yalves for leakage and prop
er operati
<>JJ.
• Check Vcmt Sysrem and Cap
• Chee]( !llld Caho.ate limit and cycle conttols
as
• Check Thermostat, calibrate as need
ed
660009t:�06
------------ ---- ..
nccessazy
AGREE?vfENT SUMMARY
Preventive Maintenance Program
·�
1. This Proposal is intended 1o provide a comprebeosive preventative mamtenance
si:nice and inspection progiam for the listed RVAC equipment.
2. Austein Mechanical Co.nt:sctoxs, Iac. agrees to provide priority response to
requests for emergency service.
3. This Proposal is for tbe listed scheduled services only. Additional work required
v.ill be mvoiced separately.
4. This Proposal may be modified by mutual consent should eqtiipmeot be added or
deleted.
5. Th,is Agreement is fou period of One Year from
Q- 1 <\
cl -B..�
• 20 \3 to
20\'\: and remain in effect from year to yean:mless tenni.nated
b:i,· either party by giving written notice at least 30 days prior to the aoniversary
date. Annn.al price adjusane:nts, when necessary, will be provided at least
30 days before each anniversary &te.
5. AB a Contract: Customer You wm receive contract labor rates on. an wo:rk outside
ofthis agreement. Contract labor :rates are 10% below oomial labor i:ams.
6. Pricing: The cost ofthe Agr=en:t will be Four Th.onsand Five Hundred TwCIXty
Dollars ($4,520.00) per yeai:, oc $1.,130.00 per Quarter. Payments are due 30 days
net from invoice date.
Austein Mechanical Contractors, Inc
"�
"L�
Rowsey Furniture
6600096�06
------- -..-�-------�·
----�------- ---� --
- ----

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