HomeMy WebLinkAboutHL015_Mesquite Ridge_Appraisal_Updated_20220916APPRAISAL REPORT
of a electric utility easement to be situated on ±5.909 acres located at the NEC of Bernard St and W Collins St (600 W Collins St), Denton, Denton
County, Texas
Parcel: HL015
Project Name: City of Denton/Eagle to Locust
Property Owner: Mesquite Ridge Condos
HCAD Parcel Number: 122410
Legal Description: Lot 1, Block 1 of the Mesquite Ridge
Townhouse Addition, Denton, Denton
County, Texas
Submitted To:
Nikki Costanza
Manager
7Arrows Land Staff
777 Main Street Suite 600
Fort Worth, TX 76102
Prepared By:
ATRIUM REAL ESTATE SERVICES
14425 Falcon Head Blvd, D-100
Austin, TX 78738
Effective Date of Appraisal:
September 16, 2022
September 29, 2022
Nikki Costanza
Manager
7Arrows Land Staff
777 Main Street Suite 600
Fort Worth, TX 76102
RE: Appraisal report of the electric utility easement to be situated on ±5.909 acres located
at the NEC of Bernard St and W Collins St (600 W Collins St), Denton, Denton County,
Texas.
Parcel #: HL015
Project Name: City of Denton/Eagle to Locust
Property Owner: Mesquite Ridge Condos
HCAD Parcel Number: 122410
Legal Description: Lot 1, Block 1 of the Mesquite Ridge Townhouse
Addition, Denton, Denton County, Texas
Dear Nikki Costanza:
As requested, an appraisal has been completed on the above referenced property. The
purpose of the appraisal is to estimate the market value of the fee simple interest of the
subject whole property and the recommended compensation for the electric utility easement.
The following appraisal and final estimate of value have been based upon the inspection of
the property and upon research into various factors which influence value. The effective date
of this appraisal was September 16, 2022.
The analysis and results of the investigation are submitted in the accompanying report which
has been prepared in conformity with the requirements of the Code of Professional Ethics and
the Standards of Professional Appraisal Practice of the APPRAISAL INSTITUTE, the Uniform
Standards of Professional Appraisal Practice as promulgated by the APPRAISAL FOUNDATION, as
well as the requirements of the STATE OF TEXAS for State-Certified General Real Estate
Appraisers.
MARKET VALUE/RECOMMENDED COMPENSATION ESTIMATES - The market value of
fee simple interest in the subject property, as well as the recommended compensation
estimate for the proposed acquisition, as of September 16, 2022, was as follows:
RECOMMENDED COMPENSATION SUMMARY
Whole Property
(Land and impacted site improvements - if any)
$4,633,128
Part to be Acquired (±21,954 SF) $197,586
Remainder Before the Acquisition $4,435,542
Remainder After the Acquisition $4,435,542
Damages/(Enhancements) $0
Special Compensation/Cost to Cure $79,750
Total Recommended Compensation $277,336
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Page 2
September 29, 2022
ATRIUM REAL ESTATE SERVICES appreciates the opportunity to be of service to you. Should you
have any questions, or if we can be of further assistance, please contact our office.
Respectfully submitted,
ATRIUM REAL ESTATE SERVICES
Lory R. Johnson, MAI, SR/WA
President
Texas Certified Appraiser #TX-1321640-G
CERTIFICATION OF THE APPRAISER
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The undersigned do hereby certify that, to the best of my knowledge and belief: • the statements 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, impartial, and unbiased professional analyses,
opinions, and conclusions.
• I have no present or prospective interest in the property that is the subject of this report, and I
have no personal interest with respect to the parties involved. I have performed services, as an
appraiser or in another capacity, regarding the property that is the subject of this report within
the three-year period immediately preceding the agreement to perform this assignment.
• I have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
• My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
• My compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, the occurrence of a
subsequent event directly related to the intended use of this appraisal.
• the reported 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 Appraisal Practice of the APPRAISAL INSTITUTE. The report also conforms
to the Uniform Standards of Professional Appraisal Practice as promulgated by the APPRAISAL
FOUNDATION, as well as the requirements of the STATE OF TEXAS for State-Certified General Real
Estate Appraisers.
• Lory R. Johnson, MAI, SR/WA and Jay Sterling have made a personal inspection of the property
that is the subject of this report.
• Jay Sterling provided significant real property appraisal assistance to the person signing this
certification.
• 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, Lory R. Johnson, MAI,
SR/WA has completed the continuing education program for Designated Members of the
Appraisal Institute.
• this appraisal report sets forth all limiting conditions (imposed by the terms of the assignment
or by the undersigned) affecting the analyses, opinions, and conclusions expressed herein.
• the appraisal assignment was not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
• the market data contained within this report, has been accumulated from various sources and,
where possible, personally examined and verified as to details, motivation, and validity.
ATRIUM REAL ESTATE SERVICES
Lory R. Johnson, MAI, SR/WA
President
Texas Certified Appraiser #TX-1321640-G
Date Signed: September 29, 2022
TABLE OF CONTENTS
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iv
TITLE PAGE .................................................................................................... COVER
LETTER OF TRANSMITTAL ........................................................................................ I
CERTIFICATION OF THE APPRAISERS ............................................................................................................ III
TABLE OF CONTENTS ............................................................................................................................................ IV
INTRODUCTION
SUBJECT PROPERTY PHOTOGRAPHS................................................................................................................ 2
EXECUTIVE SUMMARY ........................................................................................................................................... 8
DATE OF VALUE ...................................................................................................................................................... 11
OWNER CONTACT .................................................................................................................................................. 11
PURPOSE/INTENDED USE OF THE APPRAISAL ........................................................................................... 11
PERSONAL PROPERTY .......................................................................................................................................... 11
SCOPE OF WORK .................................................................................................................................................... 11
PROPERTY RIGHTS APPRAISED ........................................................................................................................ 13
DEFINITION OF MARKET VALUE....................................................................................................................... 13
DEFINITION OF RECOMMENDED COMPENSATION ................................................................................... 13
LEGAL DESCRIPTION............................................................................................................................................ 14
DESCRIPTIONS
NEIGHBORHOOD DESCRIPTION ...................................................................................................................... 16
SITE DESCRIPTION ............................................................................................................................................... 17
IMPROVEMENT DESCRIPTION .......................................................................................................................... 27
HIGHEST AND BEST USE ANALYSIS ............................................................................................................... 29
APPRAISAL PROCESS ........................................................................................................................................... 31
THE SALES COMPARISON APPROACH............................................................................................................ 33
RECOMMENDED COMPENSATION ESTIMATE
PART TO BE ACQUIRED ....................................................................................................................................... 51
VALUATION OF THE PERMANENT ROADWAY EASEMENT ....................................................................... 51
REMAINDER BEFORE THE ACQUISITION ...................................................................................................... 52
REMAINDER AFTER THE ACQUISITION ......................................................................................................... 54
DAMAGES OR ENHANCEMENTS TO THE REMAINDER .............................................................................. 56
TEMPORARY EASEMENTS AND SPECIAL COMPENSATION/COST TO CURE
TEMPORARY EASEMENTS ................................................................................................................................... 58
SPECIAL COMPENSATION/COST TO CURE ................................................................................................... 58
RECONCILIATION & QUALIFICATIONS
RECONCILIATION OF VALUE INDICATIONS ................................................................................................ 60
ASSUMPTIONS AND LIMITING CONDITIONS .............................................................................................. 61
QUALIFICATIONS OF LORY R. JOHNSON, MAI, SR/WA ........................................................................... 63
ADDENDA
FIELD NOTES
OWNER LETTER
INTRODUCTION
INTRODUCTION
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SUBJECT PROPERTY PHOTOGRAPHS
AERIAL PHOTOGRAPH
Source: Google Maps
Blue: Subject property boundary (estimated by appraiser)
Green: Proposed permanent unobstructed visibility easement (estimated by appraiser)
INTRODUCTION
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SUBJECT PROPERTY PHOTOGRAPHS
AERIAL PHOTOGRAPH
Source: Google Maps Blue: Subject property boundary (estimated by appraiser)
Green: Proposed permanent unobstructed visibility easement (estimated by appraiser)
INTRODUCTION
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SUBJECT PROPERTY PHOTOGRAPHS
Subject property (main improvements not
impacted)
Date photo taken:
09/16/22
Subject property (main
improvements not impacted)
Date photo taken:
09/16/22
Along proposed acquisition
Date photo taken:
09/16/22
HL015
INTRODUCTION
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5
SUBJECT PROPERTY PHOTOGRAPHS
Along proposed acquisition
Date photo taken:
09/16/22
Along proposed acquisition
Date photo taken:
09/16/22
Along W Collins St (subject
on right)
Date photo taken:
09/16/22
HL015
HL015
INTRODUCTION
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SUBJECT PROPERTY PHOTOGRAPHS
Subject property
Date photo taken:
10/08/20
09/16/22
Proposed acquisition
Date photo taken:
10/08/20
09/16/22
Proposed acquisition
Date photo taken:
10/08/20
INTRODUCTION
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SUBJECT PROPERTY PHOTOGRAPHS
Proposed acquisition
Date photo taken:
10/08/20
09/16/22
Proposed acquisition
Date photo taken:
10/08/20
09/16/22
Along W Collins St (subject
on right)
Date photo taken:
10/08/2009/16/22
INTRODUCTION
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8
EXECUTIVE SUMMARY
Parcel #: HL015
Property Owner: Mesquite Ridge Condos
Property Location: NEC of Bernard St and W Collins St (600 W Collins St), Denton,
Denton County, Texas
PROPERTY COMPONENT SUMMARY
Component Acres SF
Whole Property ±5.909 acres ±257,396 SF
Electric Utility Easement ±0.504 acres ±21,954 SF
Remainder ±5.909 acres ±257,396 SF
Remainder Unencumbered ±5.405 acres ±235,442 SF
Whole Property Remainder After
Highest & Best Use-
As if Vacant:
Multi-family residential with the
potential to be subdivided into
parcels that are similar in size to
other developed property in the
area that range from 0.25 acres
to 2.0 acres.
Multi-family residential with the
potential to be subdivided into
parcels that are similar in size to
other developed property in the
area that range from 0.25 acres
to 2.0 acres.mercial.
Highest & Best Use
As Improved:
Multi-family residential. Multi-family residential.
Shape: Irregular. Irregular.
Topography: Generally level. Generally level.
Floodplain %: 0% 0%
Utilities: All utilities available.
Additional Public Services: Fire, emergency medical services, and police protection are provided
by the City of Dento and Denton County.
Zoning: MN - Mixed-Use Neighborhood
Easements/Encumbrances: Per the title commitment, an 8' communication easement to AT&T
(Cab D, Pg. 18), a 16' utility easement to the City of Denton (Cab D,
Pg. 18), a 24' utility easement to the City of Denton (Cab D, Pg. 18),
a 43' utility easement to the City of Denton (Cab D, Pg. 18), a 25'
building setback line along W Collins St (Cab D, Pg. 18) and a 20'
building setback line along Bernard St (Cab D, Pg. 18). No
restrictions or easements are known to negatively impact the
developability of the property. No adverse easements or
encumbrances noted.
Improvements (Whole): Improved with 24 multi-family housing buildings (ranging ±2,730 -
±3,604 SF per aerial measurements with an unknown YOC per CAD)
and attendant site improvements.
INTRODUCTION
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Appraisal Issues: The whole property size utilized herein is ±5.909 acres.
The main improvements are not impacted and have not been
included. The closest multi-family housing building is ±5 LF from the
proposed acquisition. A retaining wall and wood privacy fencing is
located within the proposed easement area. Per the client (09/2022),
impacted site improvements will be repaired or replaced to like or
better condition as a part of the construction process. As such, the
minimal site improvements located in the acquisition have not been
included herein.
The subject property has a highest and best use of multi-family
residential and is within an area of extensive mixed-use capabilities.
Due to this highest and best use, the zoning of the subjects,
compatibility of the surrounding uses and the current use of the
subject, a search for comparable land sales that would have
similarities such as these was conducted. Additionally, the proximity
of the University of North Texas creates a very high demand for
mixed-use/multi-family property within the subjects neighborhood
which will drive up prices within that area as the neighborhood is
very desirable/profitable. Due to the limited amount of available
vacant land that is within close proximity to the university, sales
were utilized that would be considered unusable due to the date of
sale.
The subject remainder land will be of adequate size and shape for
development to its highest and best use after the acquisition. This
size and shape is considered to be within acceptable comparisons to
the development in the area.
Per the easement document, trees and hedges that are within or
encroach within the electric easement will be trimmed or removed at
the expense of the electric company. Due to the subject having forty
planted hedges and twenty three planted trees within the easement
and there being no room to place trees onto the unencumbered area,
a special compensation associated with the loss of the trees has been
included.
Effective Date of the Appraisal: September 16, 2022
Date of the Report: September 29, 2022
Appraiser: Lory R. Johnson, MAI, SR/WA
INTRODUCTION
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RECOMMENDED COMPENSATION SUMMARY
Whole Property (Land only and impacted site improvements, if any) $4,633,128
Part to be Acquired (±21,954 SF) $197,586
Remainder Before the Acquisition $4,435,542
Remainder After the Acquisition $4,435,542
Damages/(Enhancements) $0
Special Compensation/Cost to Cure $79,750
Total Recommended Compensation $277,336
INTRODUCTION
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DATE OF VALUE
The property was inspected on October 8, 2020 and September 16, 2022, with September
16, 2022 serving as the effective date of the appraisal.
OWNER CONTACT
PURPOSE/INTENDED USE OF THE APPRAISAL
The purpose of this appraisal is to estimate the market value of the fee simple interest of the
subject whole property and the recommended compensation for the electric utility easement.
The definitions of these value estimates are included herein. The client is 7Arrows Land Staff.
The intended user of this report is City of Denton and 7Arrows Land Staff. Use of this report
by others is not intended by the appraisers. This report is intended only for use in estimation
of recommended compensation and it is understood that the opinions expressed in this report
may be utilized for litigation purposes.
PERSONAL PROPERTY
The value conclusions contained within this report do not include any items considered to be
personal property. Please refer to the following chart for any items noted as personal
property, which have not been valued herein.
SCOPE OF WORK
As outlined, the purpose of this appraisal is to estimate the market value of the fee simple
interest of the subject whole property and the recommended compensation for the electric
utility easement. A survey was provided for the proposed acquisition. Using this information
as well as additional information secured from the County Deed Records and the Central
Appraisal District, the size of the property and its legal description were established. All
information provided is assumed to be correct and has been considered in the following
valuation analysis.
INSPECTION SUMMARY
Date of inspection: October 8, 2020
September 16, 2022 (from ROW)
Letter sent to:
CF Midtown Denton Owner, LLC
710 Peachtree Street Suite 100
Atlanta, GA 30308
Date of Atrium intro letter: NA
Owner rep at inspection: Mike Neblett (10/08/2020)
Comments: A letter was originally sent to the owner. Mike Neblett (property
manager) accompanied the appraiser on inspection.
Atrium appraisers: Lory R. Johnson, MAI, SR/WA
Jay Sterling
PERSONAL PROPERTY
Type: Description:
None NA
INTRODUCTION
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The whole property size utilized herein is ±5.909 acres.
The property is improved with 24 multi-family housing buildings (ranging ±2,730 - ±3,604
SF per aerial measurements with an unknown YOC per CAD) and attendant site
improvements. The main improvements are not impacted and have not been included. The closest multi-family housing building is ±5 LF from the proposed acquisition. A retaining wall
and wood privacy fencing is located within the proposed easement area. Per the client
(09/2022), impacted site improvements will be repaired or replaced to like or better condition
as a part of the construction process. As such, the minimal site improvements located in the
acquisition have not been included herein.
The subject property has a highest and best use of multi-family residential and is within an
area of extensive mixed-use capabilities. Due to this highest and best use, the zoning of the
subjects, compatibility of the surrounding uses and the current use of the subject, a search
for comparable land sales that would have similarities such as these was conducted.
Additionally, the proximity of the University of North Texas creates a very high demand for
mixed-use/multi-family property within the subjects neighborhood which will drive up prices
within that area as the neighborhood is very desirable/profitable. Due to the limited amount
of available vacant land that is within close proximity to the university, sales were utilized
that would be considered unusable due to the date of sale.
The subject remainder land will be of adequate size and shape for development to its highest
and best use after the acquisition. This size and shape is considered to be within acceptable
comparisons to the development in the area.
Per the easement document, trees and hedges that are within or encroach within the electric
easement will be trimmed or removed at the expense of the electric company. Due to the
subject having forty planted hedges and twenty three planted trees within the easement and
there being no room to place trees onto the unencumbered area, a special compensation
associated with the loss of the trees has been included.
In analyzing the area economy, data from the various sources was obtained. In addition, we
inspected the subject property and surrounding properties, analyzed the area and subject
neighborhood, formulated an opinion regarding the highest and best use, made a search for
comparable sales and listings, and all other available pertinent information used in developing
an opinion of value. This data is based upon research into the area market. In all cases, the
data is verified with buyer, seller, landlord, tenant, agent, and/or broker, and cross-checked
through public records.
The valuation of the subject property will be completed in two phases. First, the overall market
value of the property will be estimated. The final step will be to estimate the appropriate
recommended compensation for the electric utility easement.
In the valuation analysis of the subject property, the Cost, Sales Comparison and Income
Capitalization Approaches to value were considered. The property is effectively vacant land
(main improvements not impacted). The subject is multi-family residential with the potential
to be subdivided into parcels that are similar in size to other developed property in the area
that range from 0.25 acres to 2.0 acres. As such, the Sales Comparison Approach (land only)
has been developed to estimate the land value. The Cost Approach, Sales Comparison
Approach- As Improved and the Income Approach were not considered applicable and have
not been developed.
INTRODUCTION
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In the valuation of the remainder property, the Cost, Sales Comparison and Income
Capitalization Approaches to value were considered. The property is effectively vacant land
(main improvements not impacted). The subject is multi-family residential with the potential
to be subdivided into parcels that are similar in size to other developed property in the area
that range from 0.25 acres to 2.0 acres.minimal site improvements. As such, the Sales Comparison Approach (land only) has been developed to estimate the land value. The Cost
Approach, Sales Comparison Approach- As Improved and the Income Approach were not
considered applicable and have not been developed.
This Appraisal Report is intended to comply with the reporting requirements set forth under
Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice. As such,
it presents only summary discussions of the data, reasoning and analyses that were used in
the appraisal process to develop the appraiser's opinion of value. Supporting documentation
concerning the data, reasoning and analyses is retained in the appraiser's file. The depth of
discussion contained in this report is specific to the needs of the client and for the intended
use stated herein. The appraiser is not responsible for unauthorized use of this report.
The appraisal was undertaken jointly by Lory R. Johnson, MAI, SR/WA, and Jay Sterling, who
performed initial research, inspection and comparable data selection. Lory R. Johnson, MAI,
SR/WA provided input with respect to appraisal methodology, data selection, analytical
processes and report review. The final report is the result of this collaborative effort.
PROPERTY RIGHTS APPRAISED
The property rights appraised are the fee simple interest in the whole subject property and
the electric utility easement acquisition. Fee simple estate is an 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 An easement
is the right to use another’s land for stated purpose. An easement is an interest in real
property that transfers use, but not ownership, of a portion of an owner’s property.2
DEFINITION OF MARKET VALUE
Market value, as used in this appraisal report, is defined as being: "The price which the
property would bring when it is offered for sale by one who desires, but is not obliged to sell,
and is bought by one who is under no necessity of buying it, taking into consideration all of
the uses to which it is reasonably adaptable and for which it either is or in all reasonable
probability will become available within the reasonable future."3
DEFINITION OF RECOMMENDED COMPENSATION
Just compensation or Recommended compensation, as used in this appraisal report, is defined
as being: “...the amount of loss for which a property owner is compensated when his or her
property is taken…should put the owner in as good a position as he or she would be if the
property had not been taken...” 4
1 The Appraisal of Real Estate, 15th Edition, (Chicago: Appraisal Institute, 2020) pg. 60.
2 The Appraisal of Real Estate, 15th Edition, (Chicago: Appraisal Institute, 2020) pg. 74.
3 City of Austin vs. Cannizzo, et a,. 267 S. W.2d 808,815 (1954) 4 The Dictionary of Real Estate Appraisal, 5th ed., 106.
INTRODUCTION
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LEGAL DESCRIPTION
The following legal description was obtained from the County Deed Records and is assumed
to be correct. It has not been verified by legal counsel nor has an independent survey of the
parcel been commissioned. Therefore, it is suggested that the legal description be verified before being used in a legal document or conveyance.
Lot 1, Block 1 of the Mesquite Ridge Townhouse Addition, Denton, Denton County, Texas.
DESCRIPTIONS
NEIGHBORHOOD DESCRIPTION
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NEIGHBORHOOD MAP
The subject property is located at the NEC of Bernard St and W Collins St (600 W Collins St),
Denton, Denton County, Texas. The subject neighborhood can best be defined as Southwest
Denton and the area surrounding the University of North Texas. Loop 288, US Hwy 77 and IH
35 provide the main north-west routes to and though the neighborhood and US Hwy 380
provides the main east-west route. Various other FM and county roads provide secondary
access to the neighborhood area and surrounding areas.
Overall, land uses within the neighborhood somewhat varied, with commercial developments
including convenience stores, gas stations, office buildings and retail centers. However, the
predominate use of the surrounding properties are utilized for multi-family as to serve as off
campus living for the students at the University of North Texas.
SITE DESCRIPTION
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SUBJECT PLAT Source: Denton County Appraisal District
SITE DESCRIPTION
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TOPOGRAPHY MAP
Source: Google Earth/Earthpoint
SITE DESCRIPTION
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19
FLOODPLAIN MAP
Source: Google Earth/FEMA
SITE DESCRIPTION
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20
WETLANDS MAP
Source: US Fish and Wildlife Service – National Wetlands Inventory
SITE DESCRIPTION
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ZONING MAP
Source: City of Denton
SITE DESCRIPTION
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22
FUTURE LAND USE MAP
Source: City of Denton
SITE DESCRIPTION
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SUBDIVISION MAP
Source: Denton County Clerk
SITE DESCRIPTION
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Location: NEC of Bernard St and W Collins St (600 W Collins St), Denton,
Denton County, Texas
Legal Description: Lot 1, Block 1 of the Mesquite Ridge Townhouse Addition, Denton, Denton County, Texas
PROPERTY COMPONENT SUMMARY
Component Acres SF
Whole Property ±5.909 acres ±257,396 SF
Electric Utility Easement ±0.504 acres ±21,954 SF
Remainder After ±5.909 acres ±257,396 SF
Remainder Unencumbered ±5.405 acres ±235,442 SF
Whole Property Size
(Per Field Notes):
±5.909 acres. The whole property size utilized herein is ±5.909
acres.
Whole Property Size
(Per CAD):
±5.909 acres.
Shape: Irregular.
Frontage: W Collins St: ±820 feet
Bernard St: ±332 feet
Current Roadway Design: W Collins St is a secondary street.
Bernard St is a secondary street
Access/Visibility: Accessible via W Collins St and Bernard St.
Adequate visibility from roadway(s).
Topography: Generally level.
Subsoil Conditions and
Drainage:
An engineering study to determine the soil and subsoil conditions
has not been furnished. Upon inspection of the subject and
surrounding improvements, soil conditions appear adequate to
support development of the subject property with adequate
engineering.
Floodplain:
Federal Emergency
Management Agency (FEMA)
Flood Insurance Rate Map
Panel # and date:
FEMA Map Panel #48121C0360G,
for Denton County, Texas and
Incorporated Areas dated April 18,
2011.
FEMA Zone: Zone X, an area determined to be
outside of the 100-year floodplain
Floodplain %: 0% is in the FEMA designated 100-
year floodplain
Wetlands: According to the National Wetlands Inventory compiled by the US
Fish and Wildlife Service, the subject property does not contain
wetlands.
Jurisdiction: City of Denton and Denton County
SITE DESCRIPTION
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Utilities:
All utilities available.
Water: City of Denton
Electricity: Denton Municipal Electric
Sewer: City of Denton
Septic: None
Gas: None
Comments: None
Additional Public Services: Fire, emergency medical services, and police protection are
provided by the City of Dento and Denton County.
Zoning: Mixed-Use Neighborhood - MN. The MN district is provided to
support compatibility between higher-intensity mixed-use areas and
adjacent residential and commercial areas. It includes varying
densities of residential, neighborhood-serving retail, restaurants,
commercial and office uses that are sensitive to the surrounding
built and natural context in scale and form.
Development Setbacks: Front: 25’ along W Collins St
20’ along Bernard St
Side: 5’
Rear 10’
Minimum Size: 4,000 SF
Landscaping
requirements:
None
Comments: Per the City of Denton Development Code
(Subchapter 3) there is a maximum building height
of 40 feet, the maximum building coverage can be
65% of the total area.
Future Land Use: The City of Denton Future Land Use Plan designates the subject
property as Neighborhood/University Compatibility Area. The
purposes of this area is to create compatible form and land uses for
the areas that serve both the established neighborhoods and the
universities.
Land Use Restrictions: According to the provided documents, there are no known deed
restrictions, either public or private, that would limit the utilization
of the subject property. This statement should not be taken as a
guarantee or warranty that no such restrictions exist. Deed and title
examination by a competent attorney is recommended should any
questions arise regarding restrictions.
Easements/
Encumbrances:
Per the title commitment, an 8' communication easement to AT&T
(Cab D, Pg. 18), a 16' utility easement to the City of Denton (Cab
D, Pg. 18), a 24' utility easement to the City of Denton (Cab D, Pg.
18), a 43' utility easement to the City of Denton (Cab D, Pg. 18), a
25' building setback line along W Collins St (Cab D, Pg. 18) and a
20' building setback line along Bernard St (Cab D, Pg. 18). No
SITE DESCRIPTION
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26
restrictions or easements are known to negatively impact the
developability of the property. No adverse easements or
encumbrances noted.
Environmental/Toxic
Waste:
Any environmental issues, including endangered species and
endangered species natural habitats, which would pertain to the
subject property are unknown. Typically, real estate appraisers are
not qualified nor are they experts in detecting hazardous materials,
radiological materials, archeological resources, etc.; therefore, an
expert in these fields should be consulted for opinions on these
matters. This report assumes no environmental hazards or special
resources exist within or on the subject property.
History/Current Listing:
Grantor: NA
Grantee: NA
Date of Transaction: NA
Recording Info: NA
Comments: The property does not appear to be listed for sale and
no offers or contracts are known to exist. No transactions have
occurred in the past 5 years.
Surrounding Properties: North: Multi-family
South: W Collins St with multi-family beyond
East: Multi-family
West: Bernard St with multi-family beyond
Real Estate Taxes:
Taxing jurisdictions per
CAD: (122410)
City of Denton
Denton Central Appraisal District
Denton County
Denton ISD
2022 CAD land value: $0
2022 CAD improvement
value:
$0
2022 Total assessed
value:
$0
Comments: Per CAD, no information exists for the subject
property.
IMPROVEMENT DESCRIPTION
_____________________________________________________________________________________________
27
Improvement: As of the effective date, the property is improved with 24 multi-family
housing buildings (ranging ±2,730 - ±3,604 SF per aerial measurements with an unknown YOC per CAD) and attendant site improvements.The
main improvements are not impacted and have not been included. The
closest multi-family housing building is ±5 LF from the proposed
acquisition. A retaining wall and wood privacy fencing is located within
the proposed easement area. Per the client (09/2022), impacted site
improvements will be repaired or replaced to like or better condition as a
part of the construction process. As such, the minimal site improvements
located in the acquisition have not been included herein.
Improvement Description Size
Retaining wall Various height and width
wood beam retaining wall
on grass and dirt hill
±375 feet
Wood privacy fencing 6’ wood privacy fencing
with wood posts
±112 feet
Proximity to ROW: Closest Multi-family housing building (not impacted):
±32 LF from W Collins St
±50 LF from Bernard St
ANALYSIS OF DATA
HIGHEST & BEST USE
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29
Highest and Best Use can be defined as: "The reasonably probable and legal use of vacant
land or an improved property, that is physically possible, appropriately supported, financially
feasible, and that results in the highest value."5
The highest and best use involves consideration of land use as though vacant, and as improved. The potential uses of the subject are affected by the real estate economic forces
of the area and neighborhood. The available uses are restricted by four criteria including
physically possible, legally permissible, financially feasible and maximally productive.
Highest and Best Use, As If Vacant
Physically Possible
The first constraint is dictated by the physical attributes of the property itself. The subject
property is located at the NEC of Bernard St and W Collins St (600 W Collins St), Denton,
Denton County, Texas. The subject contains ±5.909 acres multi-family residential with the
potential to be subdivided into parcels that are similar in size to other developed property in
the area that range from 0.25 acres to 2.0 acres. It is generally level.. The shape is irregular.
According to available maps, 0% of the site is within the floodplain. According to the National
Wetlands Inventory compiled by the US Fish and Wildlife Service, the subject property does
not contain wetlands. The subject property has all utilities available. Therefore, based on the
physical characteristics of the site, there appear to be no significant detriments to the site.
Legally Permissible
Legal restrictions, as they apply to the subject are private restrictions such as easements,
and public restrictions such as zoning. There are no known deed restrictions, either public or
private, that would limit the utilization of the subject property. With respect to easements
and encumbrances, per the title commitment, an 8' communication easement to AT&T (Cab
D, Pg. 18), a 16' utility easement to the City of Denton (Cab D, Pg. 18), a 24' utility easement
to the City of Denton (Cab D, Pg. 18), a 43' utility easement to the City of Denton (Cab D,
Pg. 18), a 25' building setback line along W Collins St (Cab D, Pg. 18) and a 20' building
setback line along Bernard St (Cab D, Pg. 18). No restrictions or easements are known to
negatively impact the developability of the property. No adverse easements or encumbrances
noted.
In consideration of zoning, the subject property is MN. The City of Denton Future Land Use
Plan designates the subject property as Neighborhood/University Compatibility Area. The
purposes of this area is to create compatible form and land uses for the areas that serve both
the established neighborhoods and the universities.
Also considered within the context of Legally Permissible is conformity with surrounding
properties. “Conformity is the appraisal principle that holds that real property value is created
and sustained when the characteristics of a property conform to the demands of its market.”4
As discussed in the Neighborhood Description section, residential and commercial properties
are predominant throughout the neighborhood. The subject is improved with 24 multi-family
housing buildings (ranging ±2,730 - ±3,604 SF per aerial measurements with an unknown
YOC per CAD) and attendant site improvements. Surrounding development is predominately
commercial and residential uses.
5 The Appraisal of Real Estate, 15th Edition, (Chicago: Appraisal Institute, 2020), p.333.
4 The Appraisal of Real Estate, 15th Edition, (Chicago: Appraisal Institute, 2020), p.33.
HIGHEST & BEST USE
_____________________________________________________________________________________________
30
In summary, due to its location, compatibility and surrounding uses, the legally permissible
component of the highest and best use analysis is considered to point toward multi-family
residential with the potential to be subdivided into parcels that are similar in size to other
developed property in the area that range from 0.25 acres to 2.0 acres.
Financially Feasible and Maximally Productive
This section requires that the forces of supply and demand be in balance, and that the
property developed will provide sufficient income to return profit to the land. The most
reasonable use of the site that generates the highest return to the land is multi-family
residential with the potential to be subdivided into parcels that are similar in size to other
developed property in the area that range from 0.25 acres to 2.0 acres.
Highest and Best Use Conclusion, As If Vacant
Considering all of the factors which influence highest and best use, it is our opinion that the
highest and best use of the subject site, if vacant, is multi-family residential with the potential
to be subdivided into parcels that are similar in size to other developed property in the area
that range from 0.25 acres to 2.0 acres.
Highest and Best Use Conclusion, As Improved
As previously noted, the property is improved with 24 multi-family housing buildings (ranging
±2,730 - ±3,604 SF per aerial measurements with an unknown YOC per CAD) and attendant
site improvements. As such, the highest and best use, as improved is multi-family residential.
APPRAISAL PROCESS
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31
In estimating the value of real property, there are three recognized approaches or techniques
that, when applicable, can be used to process the data considered significant to each into
separate value indications. In all instances the experience of the appraisers, coupled with
objective judgment, plays a major role in arriving at the conclusions of indicated value from
which the final estimate of value is made.
The three approaches are commonly known as:
The Cost Approach - An estimate of the present reproduction cost of the improvements,
less accrued depreciation, plus land value. Depreciation includes all loss in value of the
improvements due to physical deterioration, functional obsolescence, and economic
obsolescence.
The Sales Comparison Approach - Comparison with similar properties that have sold in
the market. This Approach can be applied to land alone or to improved properties.
Income Capitalization Approach - Capitalization of the net income that the property can
produce. This Approach is applicable only to income producing properties.
Whole Property
In the valuation analysis of the subject property, the Cost, Sales Comparison and Income
Capitalization Approaches to value were considered. The subject is effectively vacant land
(main improvements not impacted). The subject is multi-family residential with the potential
to be subdivided into parcels that are similar in size to other developed property in the area
that range from 0.25 acres to 2.0 acres. As such, the Sales Comparison Approach (land only)
has been developed to estimate the land value. The Cost Approach, Sales Comparison
Approach- As Improved and the Income Approach were not considered applicable and have
not been developed.
Part to be Acquired
The Part to Be Acquired is considered to be a pro-rata share of the whole.
Remainder Before
The Remainder Before is a mathematical calculation of the Whole Property less the Part to
Be Acquired.
Remainder After
In the valuation analysis of the remainder after property, the Cost, Sales Comparison and
Income Capitalization Approaches to value were considered. The subject is effectively vacant
land (main improvements not impacted). The subject is multi-family residential with the
potential to be subdivided into parcels that are similar in size to other developed property in
the area that range from 0.25 acres to 2.0 acres.minimal site improvements. As such, the
Sales Comparison Approach (land only) has been developed to estimate the land value. The
Cost Approach, Sales Comparison Approach- As Improved and the Income Approach were not
considered applicable and have not been developed.
First, the overall market value of the property will be estimated. The final step will be to
estimate the appropriate recommended compensation for electric utility easement.
THE SALES COMPARISON APPROACH
THE SALES COMPARISON APPROACH – LAND VALUE
_____________________________________________________________________________________________
33
The Sales Comparison Approach will be utilized to estimate the fee simple value of the subject
site. This approach is considered the most valid indicator in estimating the market value of
unimproved land not typically leased in the marketplace. In valuing property via this
approach, as many land sales as possible are gathered and the most comparable are used for
comparison. Since properties are seldom identical, the comparable sales must be adjusted to
the subject for differences in time, location, and physical characteristics to indicate a value for the subject tract.
When valuing real estate via the Sales Comparison Approach, the subject and comparables
must be broken down into units of comparison. Units of comparison for vacant land include
price per front foot, price per lot, price per acre (buildable or total), price per square foot
(buildable or total) and price per buildable unit. The method of comparison is based on the
method typically used to purchase vacant tracts in a given area. The price per lot appears
prevalent in the area. However, for valuation purposes the $/SF will be considered to apply
to the SF of the acquisition.
In undertaking our research efforts, a diligent search was made of the subject's neighborhood
for properties that had sold or that were under contract. Our research included searching for
vacant land tracts that exhibited similar characteristics. Included on the following page is a
summary of the documented land sales that have been used in estimating the value of the
subject. A location map has also been included.
THE SALES COMPARISON APPROACH – LAND VALUE
_____________________________________________________________________________________________
34
LAND SALES MAP
LAND SALES SUMMARY
#
LOCATION
DATE
OF SALE
$/SF
LAND SIZE
(ACRES)
1 EL of Hwy 377 S, S of Frenchtown Rd (8595 Hwy
377), Denton County, TX
07/27/21 $18.72 ±1.594 acres
2 EL of Unicorn Lake Blvd, S of Wind River Ln (3251
Unicorn Lake Blvd), Denton, TX
08/27/21 $17.22 ±0.600 acres
3 WL of Fort Worth Dr, S of IH 35E (1208 Fort Worth
Dr), Denton, Denton County, TX
06/24/22 $13.38 ±1.115 acres
4 SWC of N Loop 288 and FM 426 (E McKinney St),
Denton, Denton County, TX
11/06/17 $21.73 ±1.584 acres
Subject NEC of Bernard St and W Collins St (600 W Collins St), Denton, Denton County,
Texas
±5.909 acres
Source: Atrium Real Estate Services 09/2022
THE SALES COMPARISON APPROACH – LAND VALUE
_____________________________________________________________________________________________
35
LAND SALE NO. 1 Property Identification
Record ID 3164
Property Type Mixed-use
Address EL of Hwy 377 S, S of Frenchtown Rd (8595 Hwy 377), Denton
County, TX
Tax ID 767321
Sale Data
Grantor MCMO Enterprises LLC
Grantee Argyle Development LLC
Sale Date July 27, 2021
Deed Book/Page 2021-138661
Financing Cash to seller
Deed Reviewed 10/08/2020 JKS; Inspected 10/08/2020 LRJ/JKS
Verification Jamie Price, listing agent, Real Estate Station, 903-243-1222,
October 22, 2020; Confirmed by: JKS
Sale Price $1,300,000
Land Data
Zoning None – Argyle ETJ
Topography Basically level
Utilities All utilities available
Shape Rectangular
Flood Info None
Easements No adverse easements
Improvements Vacant at time of sale
Intended/Current Use Commercial/Under construction
Land Size Information
Gross Land Size 1.594 acres or 69,435 SF
Front Footage Hwy 377 S: Primary roadway
Indicators
Sale Price/Gross SF $18.72
Legal Description
Lot 3, Block A, Car Wash Argyle Addition, Denton County, Texas.
Remarks
The site was vacant at the time of sale. The site has generally level topography and the property
is not located within the 100-year floodplain. All utilities are available to the site. According to
the National Wetlands Inventory compiled by the US Fish and Wildlife Service, the site is not
encumbered by any wetlands. Per the broker, the property was purchased for commercial use,
however, the property was advertised for mixed use capabilities. Additionally, the property has
access through adjacent properties which allows for additional ingress/egress. As of September
2022, the site is under construction of a commercial building.
THE SALES COMPARISON APPROACH – LAND VALUE
_____________________________________________________________________________________________
36
LAND SALE NO. 1 (cont.)
THE SALES COMPARISON APPROACH – LAND VALUE
_____________________________________________________________________________________________
37
LAND SALE NO. 2 Property Identification
Record ID 2890
Property Type Commercial
Address EL of Unicorn Lake Blvd, S of Wind River Ln (3521 Unicorn
Lake Blvd), Denton, TX
Tax ID 583095
Sale Data
Grantor Cheek-Sparger Properties, LP.
Grantee Egocentric Management, LLC.
Sale Date August 27, 2021
Deed Book/Page
Financing Cash to seller
Deed Reviewed 11/23/2021 MSB; Inspected 11/18/2021 LRJ/MSB
Verification Tuan Nguyen, Listing agent, AMX Realty, 214-803-9000,
November 16, 2021, Confirmed by: MSB
Sale Price $450,000
Land Data
Zoning MR - Mixed Use Regional
Topography Generally level
Utilities All available
Shape Rectangular
Flood Info 0% in the FEMA floodplain
Easements No adverse easements noted
Improvements Vacant
Intended/Current Use Office building/Vacant
Land Size Information
Gross Land Size 0.600 acres or 26,136 SF
Front Footage Unicorn Lake Blvd: Secondary roadway
Indicators
Sale Price/Gross SF $17.22
Legal Description
Lot 7, Block B, The Parks at Unicorn Lake, Denton, Denton County, Texas
Remarks
The property was vacant at the time of sale. The site has all utilities available. The site is not
located within the FEMA 100-year floodplain. According to the National Wetland Inventory, as
compiled by US Fish and Wildlife, none of the property is within a wetland. The site is generally
level. Per the selling agent, the intended use is an office building. As of November 2021, the site
is vacant.
THE SALES COMPARISON APPROACH – LAND VALUE
_____________________________________________________________________________________________
38
LAND SALE NO. 2 (cont.)
THE SALES COMPARISON APPROACH – LAND VALUE
_____________________________________________________________________________________________
39
LAND SALE NO. 3 Property Identification
Record ID 3163
Property Type Mixed-Use
Address WL of Fort Worth Dr, S of IH 35E (1208 Fort Worth Dr),
Denton, Denton County, TX
Tax ID 39440
Sale Data
Grantor Rayzor Investments LTD
Grantee CStore Reality Investment LLC
Sale Date June 24, 2022
Deed Book/Page 2022-94851
Financing Cash to seller
Deed Reviewed 09/16/22 JKS; Inspected 09/16/22 LRJ/JKS
Verification David Fulton, listing agent, Randall Smith & Associates, 940-
206-0339, September 15, 2022; Confirmed by: JKS
Sale Price $650,000
Land Data
Zoning SC – Suburban Corridor
Topography Generally level
Utilities All utilities available
Shape Irregular
Flood Info None in the 100-year floodplain
Easements No adverse easements noted
Improvements Vacant at time of sale
Intended/Current Use Mixed-use/Commercial
Land Size Information
Gross Land Size 1.115 acres or 48,569 SF
Front Footage Fort Worth Dr: Primary roadway
Indicators
Sale Price/Gross SF $13.38
Legal Description
Land situated in the Alexander Hill Survey, Abstract Number 623, Denton County, Texas.
Remarks
The site was improved with a commercial building at the time of sale. However, the
improvements were in disrepair and required extensive renovations for the property to be
rentable. The property was sold for land value only and the improvements did not impact the
sales price. The site has generally level topography and the property is not located within the
100-year floodplain. All utilities are available to the site. The sale has shared access between
neighboring properties which allows for additional ingress/egress. According to the National
Wetlands Inventory compiled by the US Fish and Wildlife Service, the site is not encumbered by
any wetlands. As of September 2022, the site is improved with a commercial building.
THE SALES COMPARISON APPROACH – LAND VALUE
_____________________________________________________________________________________________
40
LAND SALE NO. 3 (cont.)
THE SALES COMPARISON APPROACH – LAND VALUE
_____________________________________________________________________________________________
41
LAND SALE NO. 4 Property Identification
Record ID 2447
Property Type Commercial
Address SWC of N Loop 288 and FM 426 (E McKinney St), Denton,
Denton County, TX
Tax ID 174553
Sale Data
Grantor K-7 Enterprises LP
Grantee Halle Properties LLC
Sale Date November 6, 2017
Deed Book/Page 2017-138326
Financing Cash to Seller
Deed Reviewed 10/08/20 JKS; Inspected 10/08/20 LRJ/JKS
Verification Lem Miller, listing agent, Sandia Properties, 972-768-7070,
October 22, 2020; Confirmed by: JKS
Sale Price $1,500,000
Land Data
Zoning SC – Suburban Corridor
Topography Generally level
Utilities All utilities available
Shape Irregular
Flood Info None in the 100-year floodplain
Easements No adverse easements noted
Improvements Vacant at time of sale
Intended/Current Use Commercial/Commercial
Land Size Information
Gross Land Size 1.584 acres or 69,035 SF
Front Footage Loop 288: Major thoroughfare
FM 426 (E McKinney St): Secondary street
Indicators
Sale Price/Gross Acre $946,970
Sale Price/Gross SF $21.73
Legal Description
Lot 1, Block 1, Loop 288 Centre, Denton County, Texas
Remarks
The site was vacant at the time of sale. The site has generally level topography and the property
is not located within the 100-year floodplain. All utilities are available to the site. The sale has
shared access between neighboring properties which allows for additional ingress/egress.
According to the National Wetlands Inventory compiled by the US Fish and Wildlife Service, the
site is not encumbered by any wetlands. Per the broker, the property was purchased for
development of a Discount Tires. As of November 2021, the site is improved with a commercial
building.
THE SALES COMPARISON APPROACH – LAND VALUE
_____________________________________________________________________________________________
42
LAND SALE NO. 4 (cont.)
THE SALES COMPARISON APPROACH
_____________________________________________________________________________________________
43
THE ADJUSTMENT PROCESS
In order to narrow the range of sale prices indicated by the comparable sales, adjustments
will be made to the sales for differing characteristics. The adjustment process will begin with
a discussion of the property rights.
Property Rights Conveyed - The transaction price of a sale is always based on the real
property interest conveyed. In this instance, an adjustment for this attribute is not considered
necessary.
Terms of Sale/Financing - The sales gathered for this report reflected cash to seller
transactions or the financing terms were reported to be at market. Therefore, an adjustment
for cash equivalency is not necessary.
Conditions of Sale - The sales reflected properties that are concluded to be arm’s length
transactions. An adjustment for conditions of sale is not necessary.
Market Conditions/Time - The sale comparables utilized in the present analysis ranged in
date of sale from 11/06/17 to 06/24/22. Considering the general market conditions in the
area it appears that an adjustment for this characteristic is warranted. The sales have been
adjusted at 3% per year (0.25% per month) beginning January 1, 2021.
Location - The following table summarizes the location ratings.
LOCATION RATINGS
Sale Location Rating
1 EL of Hwy 377 S, S of Frenchtown Rd (8595 Hwy 377), Denton County,
TX
Inferior/2.0
2 EL of Unicorn Lake Blvd, S of Wind River Ln (3251 Unicorn Lake Blvd),
Denton, TX
Similar/0.0
3 WL of Fort Worth Dr, S of IH 35E (1208 Fort Worth Dr), Denton,
Denton County, TX
Inferior/1.0
4 SWC of N Loop 288 and FM 426 (E McKinney St), Denton, Denton
County, TX
Similar/0.0
Subject NEC of Bernard St and W Collins St (600 W Collins St), Denton, Denton
County, Texas
Based on the general location characteristics of the properties, an adjustment for location
appears necessary. Considering the general location differences of the comparables and the
subject, an adjustment of 10% per rating category has been utilized.
Physical Characteristics:
Included in the physical characteristics adjustments are various categories including size of
property, age/condition, quality of construction, additional amenities, etc. The following
summarizes those characteristics which may require adjustment.
THE SALES COMPARISON APPROACH
_____________________________________________________________________________________________
44
Size: The size of the property is ±5.909
acres while the sales range in size from
±0.600 acres to ±1.594 acres.
Considering the variations in the
properties, an adjustment for size is
considered necessary. The sales have
been adjusted at 5% per rating.
Flood Plain /Topography: The
subject tract is generally level. The site is 0% in the floodplain. According to the National
Wetlands Inventory compiled by the US Fish and Wildlife Service, the subject property does
not contain wetlands. All sales have similar topography, are not located within a floodplain
and are not encumbered by a wetland. All sales are considered similar and an adjustment is
not necessary.
Zoning: The subject property is MN - Mixed-Use Neighborhood. All sales are similar for
highest and best use and are considered similar. An adjustment is not considered necessary.
Utilities: The subject property has all utilities available. All sales have all utilities available
and are considered similar. An adjustment is not necessary.
Corner/Frontage: The subject property is located at the NEC of Bernard St and W Collins
St (600 W Collins St), Denton, Denton County, Texas. Sales 1, 2 and 3 are not located on
corners and are considered inferior. The sales have been adjusted +10%. Sale 4 is located
on a corner and is considered similar. An adjustment is not necessary.
Other Characteristics – The subject does not have ingress/egress through adjacent
properties. Sales 1, 3 and 4 have ingress/egress through adjacent properties allowing for
additional access to the property. The sales are considered superior and have been adjusted
-5%. Additional adjustments are not considered necessary.
The following adjustment grid illustrates the adjustments applied to the sales.
SIZE RATINGS
Sale Size Rating
1 ±1.594 acres Superior/2.0
2 ±0.600 acres Superior/3.0
3 ±1.115 acres Superior/2.0
4 ±1.584 acres Superior/2.0
Subject ±5.909 acres ------
THE SALES COMPARISON APPROACH
_____________________________________________________________________________________________
45
VALUATION GRID Representative Comparable Sales
Subject Comp No 1 Comp No 2 Comp No 3 Comp No 4
Grantor MCMO Enterprises
LLC
Cheek-Sparger
Properties, LP.
Rayzor
Investments LTD
K-7 Enterprises
LP
Grantee Argyle Development LLC
Egocentric
Management, LLC. CStore Reality Investments LLC Halle Properties LLC
Date of Sale 9/16/2022 Effective
date 7/27/21 8/27/21 6/24/22 11/6/17
Relative Location
NEC of Bernard St and W Collins St (600 W
Collins St), Denton, Denton County, TX
EL of Hwy 377 S, S of Frenchtown
Rd (8595 Hwy 377), Denton
County, TX
EL of Unicorn Lake Blvd, S of
Wind River Ln (3251 Unicorn
Lake Blvd), Denton, TX
WL of Fort Worth Dr, S of IH 35E
(1208 Fort Worth Dr), Denton,
Denton County, TX
SWC of N Loop 288 and FM 426
(E McKinney St), Denton, Denton
County, TX
Size (acres) 5.9090 1.5940 0.6000 1.1150 1.5800
Unit Price $/SF $18.72 $17.22 $13.38 $21.73
Property Rights 0% 0% 0% 0%
Adjusted $SF $18.72 $17.22 $13.38 $21.73
Financing 0% 0% 0% 0%
Adjusted $SF $18.72 $17.22 $13.38 $21.73
Conditions of Sale 0% 0% 0% 0%
Adjusted $SF $18.72 $17.22 $13.38 $21.73
Market Conditions/Time +5% +3% +1% +5%
Adjusted $SF $19.70 $17.74 $13.51 $22.87
Location Adjustment +20% 0% +10% 0%
Physical Adjustment
Size adjustment 257,396 SF -10% -15% -10% -10%
Flood/Topo adjustment 0% 0% 0% 0%
Zoning adjustment 0% 0% 0% 0%
Utilities Adjustment 0% 0% 0% 0%
Corner Adjustment +10% +10% +10% 0%
Other Adjustment -5% 0% -5% -5%
Net Location & Physical Characteristics Adjustment +15% -5% +5% -15%
Indicated Unit Value $22.66 $16.85 $14.19 $19.44
Estimated Unit Value $18.00
Estimated Total Value $4,633,128
Reconciliation and Value Estimate
In estimating the fee simple value of the subject via this approach, data was analyzed and
adjusted, suggesting a value estimate for the subject property between $14.19/SF and
$22.66/SF. For purposes of this analysis, a reconciled indicated unit estimate of $18.00/SF
has been utilized. Therefore, the following is the estimate of the market value of the fee
simple interest in the subject property, as if vacant:
±5.909 acres (±257,396 SF) x $18.00/SF = $4,633,128
PART TO BE ACQUIRED, REMAINDER BEFORE AND
REMAINDER AFTER
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
_____________________________________________________________________________________________
47
ELECTRIC UTILITY EASEMENT
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
_____________________________________________________________________________________________
48
ELECTRIC UTILITY EASEMENT
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
_____________________________________________________________________________________________
49
ELECTRIC UTILITY EASEMENT
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
_____________________________________________________________________________________________
50
ELECTRIC UTILITY EASEMENT
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
_____________________________________________________________________________________________
51
Description of the Electric Utility Easement
The proposed electric utility easement contains a total area of ±0.504 acres (±21,954 SF)
and is located along the south boundary of the property. The easement is rectangular in
shape, has a width varying from ±11 feet to ±21 feet and a length of ±1,152 feet. The shapes
and sizes are based on the provided description of the easement obtained from the field notes.
This size will be utilized in the calculations herein and is considered to be accurate.
The main improvements are not impacted and have not been included. The closest multi-
family housing building is ±5 LF from the proposed acquisition. A retaining wall and wood
privacy fencing is located within the proposed easement area. Per the client (09/2022),
impacted site improvements will be repaired or replaced to like or better condition as a part
of the construction process. As such, the minimal site improvements located in the acquisition
have not been included herein.
According to available information, the electric utility easement will be used in association
with the City of Denton/Eagle to Locust project.
Highest & Best Use Analysis of the Electric Utility Easement
In arriving at an opinion of highest and best use, factors that affect the property are generally
considered as to their effect on the highest and best use of the site, as vacant.
The physical characteristics of the permanent easement impose limitations on its development
potential. Considering the narrow configuration of the acquisition area, it is our opinion that
the ultimate highest and best use of the acquisition, as vacant, would be for assemblage as
a part of the whole property.
Valuation of the Electric Utility Easement
Due to the limited utility of the easement area, data for similar acquisitions could not be
obtained. The market for this type of acquisition typically appears to be confined to entities
with the right of eminent domain. This finding was not entirely unexpected as the limited use
of such a piece of land would preclude its sale as an independent economic entity except in
very rare cases.
The easement area is considered to have relatively limited utility; however, the easement
acquisition does result in a loss of a portion of the property owner's "bundle of rights". These
rights include utilization of the surface, subsurface and air associated with a piece of real
property.
As previously indicated, the fee simple market value of the subject has been estimated at
$18.00/SF. The land value in the part to be acquired is based on same unit value as the whole
property. The electric utility easement will result in a loss of a portion of the property owner’s
PROPERTY COMPONENT SUMMARY
Component Acres SF
Whole Property ±5.909 acres ±257,396 SF
Electric Utility Easement ±0.504 acres ±21,954 SF
Remainder ±5.909 acres ±257,396 SF
Remainder Unencumbered ±5.405 acres ±235,442 SF
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
_____________________________________________________________________________________________
52
bundle of rights. As such, it is our opinion that 50% of the bundle of rights are impacted by
the easement acquisition.
As such, the chart below illustrates the compensation for the electric utility easement
acquisition.
Valuation of the Remainder Before the Acquisition
The value of the remainder before the acquisition is a mathematical calculation whereby the
value of the part to be acquired is subtracted from the value of the whole property. The
difference between these figures is the indication of the value of the remainder immediately
before the acquisition, and this number forms the foundation upon which the determination
of damages or enhancements to the remainder can be determined. The value of the subject
prior to the acquisition was estimated to be $4,633,128. The value of the remainder before
the acquisition is therefore calculated to be $4,435,542 ($4,633,128 - $197,586).
PART TO BE ACQUIRED
Size $/SF Loss of Rights Total
Electric utility easement ±21,954 SF X $18.00/SF X 50% = $197,586
Total: $197,586
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
_____________________________________________________________________________________________
53
Description of the Remainder After the Acquisition
The main improvements are not impacted and have not been included. The closest multi-
family housing building is ±5 LF from the proposed acquisition. A retaining wall and wood
privacy fencing is located within the proposed easement area. Per the client (09/2022),
impacted site improvements will be repaired or replaced to like or better condition as a part
of the construction process. As such, the minimal site improvements located in the acquisition
have not been included herein.
The subject property has a highest and best use of multi-family residential and is within an
area of extensive mixed-use capabilities. Due to this highest and best use, the zoning of the
subjects, compatibility of the surrounding uses and the current use of the subject, a search
for comparable land sales that would have similarities such as these was conducted.
Additionally, the proximity of the University of North Texas creates a very high demand for
mixed-use/multi-family property within the subjects neighborhood which will drive up prices
within that area as the neighborhood is very desirable/profitable. Due to the limited amount
of available vacant land that is within close proximity to the university, sales were utilized
that would be considered unusable due to the date of sale.
Comparisons Before and After the Acquisition
Whole Property Remainder
Site
Size: ±5.909 acres
±5.909 acres
±5.405 acres (Unencumbered)
Acquisition: Electric utility easement: ±0.504 acres (±21,954 SF)
(±9% of whole property)
Highest and Best Use
As if Vacant:
Multi-family residential with the
potential to be subdivided into
parcels that are similar in size to
other developed property in the area
that range from 0.25 acres to 2.0
acres.
Multi-family residential with the
potential to be subdivided into
parcels that are similar in size to
other developed property in the
area that range from 0.25 acres to
2.0 acres.mercial.
Highest and Best Use
As Improved:
Multi-family residential. Multi-family residential.
Utilities: All utilities available. All utilities available.
Shape: Irregular. Irregular.
Floodplain: 0% 0%
Frontage:
W Collins St:
Bernard St:
±820 feet
±332 feet
±820 feet
±332 feet
Access: W Collins St & Bernard St W Collins St & Bernard St
Access Denial: NA
Improvements
Distance from R/W: Closest Multi-family housing building
(not impacted):
±32 LF from W Collins St
±50 LF from Bernard St
Closest Multi-family housing
building (not impacted):
±32 LF from W Collins St
±50 LF from Carroll Blvd
±5 LF from proposed easement
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
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54
The subject remainder land will be of adequate size and shape for development to its highest
and best use after the acquisition. This size and shape is considered to be within acceptable
comparisons to the development in the area.
Per the easement document, trees and hedges that are within or encroach within the electric
easement will be trimmed or removed at the expense of the electric company. Due to the subject having forty planted hedges and twenty three planted trees within the easement and
there being no room to place trees onto the unencumbered area, a special compensation
associated with the loss of the trees has been included.
Highest & Best Use of the Remainder After the Acquisition
In arriving at an opinion of highest and best use, factors that affect the property are generally
considered as to their effect on the highest and best use of the site, as vacant.
The physical characteristics of the Remainder After impose no significant limitations on its
development potential than as before. Considering all of the factors which influence highest
and best use, it is our opinion that the highest & best use of the subject site, as vacant, is
multi-family residential with the potential to be subdivided into parcels that are similar in size
to other developed property in the area that range from 0.25 acres to 2.0 acres.mercial.
Highest and Best Use Conclusion of Remainder After, As Improved
As previously noted, the subject property is effectively vacant land (main improvements not
impacted). The subject is multi-family residential with the potential to be subdivided into
parcels that are similar in size to other developed property in the area that range from 0.25
acres to 2.0 acres.minimal site improvements. As such, the highest and best use, as improved
is multi-family residential.
Valuation of the Remainder After the Acquisition
The same sales utilized to value the Whole Property have been utilized to value the Remainder
After. Please refer to the Sales Comparison Approach for the whole property for additional
information regarding each comparable and the adjustments applied. Similar adjustments
were utilized. The following charts illustrate the estimated value of the remainder after.
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
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55
VALUATION GRID Representative Comparable Sales
Subject Comp No 1 Comp No 2 Comp No 3 Comp No 4
Grantor MCMO Enterprises LLC Cheek-Sparger Properties, LP. Rayzor Investments LTD K-7 Enterprises LP
Grantee Argyle Development LLC
Egocentric
Management, LLC. CStore Reality Investments LLC Halle Properties LLC
Date of Sale 9/16/2022 Effective date 7/27/21 8/27/21 6/24/22 11/6/17
Relative Location
NEC of Bernard St and W Collins St (600 W
Collins St), Denton, Denton County, TX
EL of Hwy 377 S, S of Frenchtown
Rd (8595 Hwy 377), Denton
County, TX
EL of Unicorn Lake Blvd, S of
Wind River Ln (3251 Unicorn
Lake Blvd), Denton, TX
WL of Fort Worth Dr, S of IH 35E
(1208 Fort Worth Dr), Denton,
Denton County, TX
SWC of N Loop 288 and FM 426
(E McKinney St), Denton, Denton
County, TX
Size (acres) 5.9090 1.5940 0.6000 1.1150 1.5800
Unit Price $/SF $18.72 $17.22 $13.38 $21.73
Property Rights 0% 0% 0% 0%
Adjusted $SF $18.72 $17.22 $13.38 $21.73
Financing 0% 0% 0% 0%
Adjusted $SF $18.72 $17.22 $13.38 $21.73
Conditions of Sale 0% 0% 0% 0%
Adjusted $SF $18.72 $17.22 $13.38 $21.73
Market Conditions/Time +5% +3% +1% +5%
Adjusted $SF $19.70 $17.74 $13.51 $22.87
Location Adjustment +20% 0% +10% 0%
Physical Adjustment
Size adjustment 257,396 SF -10% -15% -10% -10%
Flood/Topo adjustment 0% 0% 0% 0%
Zoning adjustment 0% 0% 0% 0%
Utilities Adjustment 0% 0% 0% 0%
Corner Adjustment +10% +10% +10% 0%
Other Adjustment -5% 0% -5% -5%
Net Location & Physical
Characteristics Adjustment +15% -5% +5% -15%
Indicated Unit Value $22.66 $16.85 $14.19 $19.44
Estimated Unit Value $18.00
Remainder Unencumbered 235,442 SF x $18.00/SF $4,237,956
Remainder Permanent Roadway Easement 21,954 SF x $18.00/SF x 50% $197,586
Remainder After Value $4,435,542
Please refer to the Sales Comparison Approach (Whole Property Land Value) section for
discussion of adjustments. Similar adjustments have been utilized.
PART TO BE ACQUIRED, REMAINDER BEFORE AND REMAINDER AFTER
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56
Damages or Enhancements to the Remainder
The final step in the process is to measure if the property has been damaged or enhanced
due to the proposed acquisition. The measure of these items is also mathematical, whereby
the value estimate of the remainder after the acquisition is subtracted from the value of the
remainder before the acquisition, with the net result being either damages or enhancements.
In Texas, any damages are added to the recommended compensation estimate as an
additional compensable amount. Enhancements can only be netted against damages and not
against the part to be acquired. The following calculations indicate that the property has not
been damaged or enhanced by the proposed acquisition.
DAMAGES/ENHANCEMENTS
Value of the Remainder Before the Acquisition $4,435,542
Value of the Remainder After the Acquisition $4,435,542
Net Damages/Enhancements $0
TEMPORARY EASEMENTS AND
SPECIAL COMPENSATION/COST TO CURE
TEMPORARY EASEMENTS AND SPECIAL COMPENSATION/COST TO CURE
_____________________________________________________________________________________________
58
Temporary Easements
Temporary easements are not included.
Special Compensation/Cost to Cure
Compensation will be included to cure items requiring reconstruction on the remainder. Any recessed entrance will be cured a similar depth from the right of way as it is on the whole
property. Side and cross fencing as well as entrance drives will be included as items impacted
in the part to be acquired. These items will not be replaced on the remainder and do not
require a cost to cure.
Per the easement document, trees and hedges that are within or encroach within the electric
easement will be trimmed or removed at the expense of the electric company. Due to the
subject having forty planted hedges and twenty three planted trees within the easement and
there being no room to place trees onto the unencumbered area, a special compensation
associated with the loss of the trees has been included. In order to calculate the Cost to Cure
for these improvements, cost estimates from Marshall Valuation Service and/or local
contractors were utilized. In developing a property an additional 10% for soft costs has been
included and 15% is included for an entrepreneurial incentive, which is the incentive for a
developer or investor to undertake the project.
The following chart illustrates the individual unit figures for the Total Cost-to-Cure:
Type of
Improvement
MSV
Section/Page
Base
Range
Current
Cost
Multiplier
Local Cost Soft
Costs
Entrepreneurial
Incentive
Adjusted
range Estimate
Hedge (large) Section 66 $207.00 1.08 0.92 1.10 1.15 $260.18 $325/ea. Page 8 $275.00 $345.65
Tree (small) Section 66 $248.00 1.08 0.92 1.10 1.15 $311.71 $500/ea. Page 8 $481.00 $604.57
Tree (medium) Section 66 $915.00 1.08 0.92 1.10 1.15 $1,150.07 $1,750/ea. Page 8 $1,480.00 $1,860.22
Tree (large) Section 66 $2,500.00 1.08 0.92 1.10 1.15 $3,142.26 $4,500/ea. Page 8 $4,075.00 $5,121.88
Cost To Cure
Improvement Size $ per unit Cost New Included in Part to be
Acquired
Damages Difference
Hedge (large) 40 $325.00 $13,000 $0 $0 $13,000
Tree (small) 3 $500.00 $1,500 $0 $0 $1,500
Tree (medium) 9 $1,750.00 $15,750 $0 $0 $15,750
Tree (large) 11 $4,500.00 $49,500 $0 $0 $49,500
Difference (Cost to Cure) $79,750
RECONCILIATIONS & QUALIFICATIONS
RECONCILIATION & QUALIFICATIONS
_____________________________________________________________________________________________
60
In the valuation analysis of the subject property, the Cost, Sales Comparison and Income
Capitalization Approaches to value were considered. Please refer to the Scope of Work and
the Appraisal Process for discussions regarding the valuation approaches.
In addition, an estimate of the recommended compensation for a electric utility easement has been provided.
The following Table summarizes the values estimated in this appraisal as well as the total
recommended compensation estimate:
RECOMMENDED COMPENSATION SUMMARY
Whole Property
(Land only and impacted site improvements, if any)
$4,633,128
Part to be Acquired (±21,954 SF) $197,586
Remainder Before the Acquisition $4,435,542
Remainder After the Acquisition $4,435,542
Damages/(Enhancements) $0
Special Compensation/Cost to Cure $79,750
Total Recommended Compensation $277,336
Please note: These value conclusions are specifically limited by the Assumptions
and Limiting Conditions, with emphasis on the Extraordinary Assumptions.
ASSUMPTIONS & LIMITING CONDITIONS
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61
This appraisal report is subject to underlying assumptions and limiting conditions qualifying
the information contained in the report as follows:
The valuation estimate applies only to the property specifically identified and described in the
ensuing report.
Information and data contained in the report, although obtained from public record and other
reliable sources and, where possible, carefully checked, is accepted as satisfactory evidence
upon which rests the final expression of property value.
No legal survey has been commissioned by the appraisers; therefore, reference to a sketch,
plat, diagram, or survey appearing in the report is only for the purpose of assisting the reader
to visualize the property.
It is assumed that all information known to the client and relative to the valuation has been
accurately furnished and that there are no undisclosed leases, agreements, liens, or other
encumbrances affecting the use of the property.
Ownership and management are assumed to be competent and in responsible hands.
No responsibility beyond reason is assumed for matters of a legal nature, whether existing or
pending.
Information identified as being furnished or prepared by others is believed to be reliable, but
no responsibility for its accuracy is assumed.
Any appraiser, by reason of this appraisal, shall not be required to give testimony as an Expert
Witness in any legal hearing or before any court of law unless justly and fairly compensated
for such services.
By reason of the purpose of this appraisal and function of the report herein set forth, the
value reported is only applicable to the property rights appraised and the appraisal report
should not be used for any other purpose.
Information regarding toxic wastes or hazardous materials which might affect the subject
property, has not been proved; thus, the existence of toxic waste which may or may not be
present in the property, has not been considered. Soil or drainage tests have not been
performed, nor have soil or drainage test results been provided. Therefore, it is assumed
that there are no subsoil or drainage conditions which would adversely affect the subject or
their final valuation. This report assumes no soil contamination exists within or on the subject
site. The valuation is subject to modification if any such potentially hazardous materials were
detected by a qualified expert in these areas. The appraisers reserve the right to modify this
valuation if so warranted.
One (or more) of the signatories of this appraisal report is a member (or candidate) of the
Appraisal Institute. The Bylaws and Regulations of the Institute require each member and
candidate to control the use and distribution of each appraisal report signed by such member
or candidate. Neither all nor any part of this appraisal report shall be disseminated to the
general public by the use of advertising media, public relations media, news media, sales
media or other media for public communication without the prior written consent of the
signatories of this appraisal report.
ASSUMPTIONS & LIMITING CONDITIONS
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62
No endangered species and endangered species natural habitats were evident upon site
inspection. This report assumes that the subject is not encumbered by any environmental
factors which would affect value. Typically, real estate appraisers are not qualified nor are
they experts in detecting hazardous materials, radiological materials, archeological resources,
etc., therefore, an expert in these fields should be consulted for opinions on these matters.
This appraisal report is based on the condition of local and national economies, purchasing
power of money, and finance rates prevailing at the effective date of value.
EXTRAORDINARY ASSUMPTIONS
There are no Extraordinary Assumptions
QUALIFICATIONS OF LORY R. JOHNSON, MAI, SR/WA
ASSOCIATIONS/STATE CERTIFICATIONS
Texas Certified General Real Estate Appraiser #TX-1321640-G MAI Designation- Appraisal Institute, #81057
Appraisal Institute – Austin - President 2002, Director/Officer 1999-2006
Appraisal Institute – Austin - Chair of the Education Committee Appraisal Institute - Reg VIII Rep/Nom Committee, Reg Ethics & Counseling Panel
Appraisal Institute - General Demonstration Reports Subcommittee
Appraisal Institute – Candidate Advisor for Designation 2019-2021 International Right of Way Association (IRWA) SR/WA Member
IRWA – Austin – President 2010, Director/Officer 2006-2011
IRWA – Austin – Newsletter Chair/Valuation Chair IRWA – Austin – Professional of the Year 2006
IRWA – Austin – Atrium Real Estate Services – Employer of the Year 2010
Austin Board of Realtors Designated Member Texas Real Estate Broker's License #354928
Texas Department of Transportation Pre-Certified Appraiser
Texas Department of Transportation PREAS Appraiser
EDUCATION
Texas A&M University, 1986 - Bachelor of Science Degree
Agricultural Economics with Services – Employer of the Year 2010
Austin Board of Realtors Designated Member Texas Real Estate Broker's License #354928
Texas Department of Transportation Pre-Certified Appraiser
Texas Department of Transportation PREAS Appraiser
EDUCATION
Texas A&M University, 1986 - Bachelor of Science Degree
Agricultural Economics with an emphasis in Finance and Real Estate
Appraisal Institute professional courses as well as a variety of real estate appraisal related and project
management continuing education courses and seminars. Graduate courses in Masters of Business
Administration, St. Edwards University.
PROFESSIONAL BACKGROUND
October 1991 to present: President/CEO of Atrium Real Estate Services, a full service commercial and
residential real estate appraisal and consulting company.
Nov 1986 to August 1991: Appraiser w/commercial appraisal firms in Austin area.
Atrium Real Estate Services (a woman owned company) was founded in 1991 by Lory R. Johnson, MAI,
SR/WA. Our 30th year is 2021! Atrium features a team of 15 appraisers/trainees and administrative staff to
deliver complex transportation and utility infrastructure appraisals and reviews on multi-parcel projects.
Appraisal background includes consulting, analysis/valuation and expert testimony of various properties for
eminent domain purposes including single and multi-parcel right of way transportation expansion and multi-
parcel easement acquisition projects (conservation, temporary construction, ingress/egress, utility,
subsurface, drainage, inundation, etc.). Background also includes valuing special purpose and properties
associated with federal flood buy-out programs on multi-parcel projects.
Lory R. Johnson, MAI, SR/WA testifies in condemnation proceedings and is qualified as a real estate expert in
the State of Texas.
In 2020, Atrium diversified into a complete right of way acquisition company including project management
of large scale transportation projects.
ADDENDA
September 25, 2020
Mesquite Ridge Condominiums HOA
Attn: James M. Neblett
PO Box 218
Denton, TX 76202
RE: Appraisal of a proposed right of way acquisition for the Eagle to Locust project in Denton
County, Texas
Parcel #: HL015
Property Address: 600-800 W. Collins Street
Dear Property Owner:
7Arrows Land Staff LLC has retained Atrium Real Estate Services as an independent appraiser
for the above referenced project.
It is our policy to provide the owner or designated representative an opportunity to accompany the
appraiser at the time of the inspection. We would like to extend to you or your designated
representative the opportunity to accompany us on the inspection and to disclose any information
about the property you find pertinent.
If applicable to your property, the following items would be helpful:
-Information regarding previous sale of the subject and/or current listing, contracts pending
-Surveys and/or site plans of the property
-Information regarding the general use of the property
-Information on any improvements on the property and improvements, if any, located in the
proposed acquisition
-Any unique or special features about the property that should be considered
Should you have any questions, require further clarification, or wish to provide information and/or
accompany us on the property inspection, please feel free to contact Lory Johnson by telephone
(512) 453-7407 or by e-mail: ljohnson@atriumrealestate.com at your earliest convenience.
Respectfully submitted,
Atrium Real Estate Services
Lory R. Johnson, MAI, SR/WA
President
Texas Certified Appraiser #TX-1321640-G
Atrium Reference #: GOV-20-46-04.SALS