HomeMy WebLinkAbout3900 ANDREW AVEIntegra Realty Resources
Fort Worth
Appraisal of Real Property
Parcel 20
Single Family Residence
3900 Andrew Avenue
Denton, Denton County, Texas 76210
Client Reference: Parcel 20
Prepared For:
Cobb, Fendley & Associates on behalf of the City of Denton
Date of the Report:
June 19, 2025
Report Format:
Appraisal Report
IRR - Fort Worth
File Number: 195-2025-0318
Aerial Photograph
The Whole Property is outlined in red, and the Right of Way acquisition is outlined in yellow.
Integra Realty Resources 7080 Camp Bowie Boulevard T 817.763.8000
Fort Worth Fort Worth, TX 76116 www.irr.com
June 19, 2025
Michael Hale, SR/WA, R/W-URAC, R/W-NAC, R/W-RAC
Principal | Regional Right-of-Way Manager
Cobb, Fendley & Associates
6500 West Fwy
Fort Worth, TX 76116
SUBJECT: Market Value Appraisal
Parcel 20
3900 Andrew Avenue
Denton, Denton County, Texas 76210
Client Reference: Parcel 20
IRR - Fort Worth File No. 195-2025-0318
Dear Mr. Hale,
Integra Realty Resources – Fort Worth is pleased to submit the accompanying appraisal of
the referenced property. The purpose of the appraisal is to develop the following opinions
of value:
• The market value of the fee simple interest in the subject property as of the
effective date of the appraisal, April 18, 2025
The client for the assignment is Cobb, Fendley & Associates on behalf of the City of Denton.
The intended users of this report are the client. The intended use of the report is to assist
the client and assigns in determination of adequate compensation due to the property
owner for the right of way acquisition. No other party or parties may use or rely on the
information, opinions, and conclusions contained in this report.
The Whole Property contains 0.4859 acres, or 21,165 square feet, and is located at the
northwest corner of Andrew Avenue and Maggies Meadow within the city limits of Denton,
Texas. The part acquired is defined as 0.0554 acres or 2,414 square feet of Right of Way
Acquisition. It is necessary for the City of Denton to acquire the subject property as a part of
the Ryan Road expansion project.
Michael Hale, SR/WA, R/W-URAC, R/W-NAC, R/W-RAC
Cobb, Fendley & Associates
June 19, 2025
Page 2
The appraisal conforms to the Uniform Standards of Professional Appraisal Practice (USPAP),
the Code of Professional Ethics and Standards of Professional Practice of the Appraisal
Institute, applicable state appraisal regulations.
Standards Rule 2-2 (Content of a Real Property Appraisal Report) contained in the Uniform
Standards of Professional Appraisal Practice (USPAP) requires each written real property
appraisal report to be prepared as either an Appraisal Report or a Restricted Appraisal
Report. This report is prepared as an Appraisal Report as defined by USPAP under Standards
Rule 2-2(a), and incorporates practical explanation of the data, reasoning, and analysis that
were used to develop the opinion of value. Based on the valuation analysis in the
accompanying report, and subject to the definitions, assumptions, and limiting conditions
expressed in the report, the concluded opinions of value are as follows:
Value Conclusion
Value Type & Appraisal Premise Interest Appraised Date of Value Value Conclusion
Compensation Fee Simple April 18, 2025 $29,381
Value of the Whole Property $179,389
By Sales Comparison Approach - Land Fee Simple
$8.00 x 21,165 SF x 100%=$169,320
By Cost Approach $179,389
By Sales Comparison Approach - Improved N/A
By Income Capitalization Approach N/A
Value of the Part Acquired $29,381
By Sales Comparison Approach - PTA Fee Simple
$8.00 X 2,414 SF X 100%=$19,312
Value of Improvements located within PTA =$10,069
Value of the Remainder Before $150,008
Value of the Remainder After the Acquistion $150,008
By Sales Comparison Approach Fee Simple
$8.00 x 18,751 SF x 100%=$150,008
By Cost Approach N/A
By Income Capitalization Approach N/A
Reconciliation $150,008
Damages/Enhancements (Remainder Before - Remainder After)$0
Cost to Cure $0
Compensation $29,381
Michael Hale, SR/WA, R/W-URAC, R/W-NAC, R/W-RAC
Cobb, Fendley & Associates
June 19, 2025
Page 3
Extraordinary Assumptions and Hypothetical Conditions
1.All information relative to the subject property, including land areas and other pertinent data that was
provided by the client and public records, is assumed to be correct.
2.It is assumed that there are no environmental issues that impact the use or value of the subject property.
3.The subject is appraised under the extraordinary assumption that there are no subsurface improvements
located within the acquisition.
4.This appraisal is based on the Extraordinary Assumption that the brick wall located towards the north end of
the subjct site is not located within the acquisition and therefore unaffected by the proposed acquisition.
1.The project for which the acquisition is nececssary is assumed to be complete and being fully utilized for
purposes of estimating the value of the Remainder After the Acquisition, it is also assumed that the property
is affected by the project similar to the community. If it becomes known that there are specific damages that
affect the subject property that are not considered herin, this appraisal and its conclusion may be subject to
reconsideration.
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a
condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist
on the effective date of the assignment results, but is used for the purpose of analysis.
The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an
assignment-specific assumption as of the effective date regarding uncertain information used in an analysis
which, if found to be false, could alter the appraiser’s opinions or conclusions.
If you have any questions or comments, please contact the undersigned. Thank you for the
opportunity to be of service.
Respectfully submitted,
Integra Realty Resources - Fort Worth
Brent Pitts, MAI, AI-GRS, R/W-AC
Certified General Real Estate Appraiser
Texas Certificate # 1380206 G
Telephone: 817.763.8000
Email: bpitts@irr.com
Mitchell L. Etter, M.Ed.
Certified General Real Estate Appraiser
Texas Certificate # 1381464 G
Telephone: 817.205.1414
Email: metter@irr.com
Table of Contents
Parcel 20
Quality Assurance 1
Executive Summary 2
Project Description 3
Identification of the Appraisal Problem 4
Subject Description 4
Sale History 4
Pending Transactions 4
Appraisal Purpose 4
Appraisal Premise Definitions 4
Definition of Market Value 5
Property Rights Definitions 5
Client and Intended User(s) 5
Intended Use 5
Applicable Requirements 5
Report Format 6
Prior Services 6
Appraiser Competency 6
Scope of Work 7
Economic Analysis 9
Denton County Area Analysis 9
Surrounding Area Analysis 17
Property Analysis 24
Land Description and Analysis 24
Real Estate Taxes 31
Highest and Best Use 32
Valuation 34
Valuation Methodology 34
Sales Comparison Approach 35
Land Value Conclusion 43
Cost Approach 44
Replacement Cost 44
Replacement Cost 45
Depreciation 45
Value Indication 46
Part Acquired 47
Partial Acquisition Description 47
Part Acquired Survey - Parcel 20 49
Economic Unit 50
Highest and Best Use – Part Acquired 50
As Vacant Analysis – Part Acquired 50
As Improved Analysis – Part Acquired 50
Valuation Methodology 50
Land Value - Part Acquired 50
Remainder Before the Acquisition 51
Analysis of the Remainder After 51
Property Description - Remainder After 51
Highest and Best Use - Remainder After –
As If Vacant 52
Estimate of Compensation 52
Exposure Time 53
Marketing Time 53
Addenda
A. Appraiser Qualifications
B. IRR Quality Assurance Survey
C. Definitions
D. Comparable Data
Quality Assurance 1
Parcel 20
Quality Assurance
IRR Quality Assurance Program
At IRR, delivering a quality report is a top priority. Integra has an internal Quality Assurance Program
in which managers review material and pass an exam in order to attain IRR Certified Reviewer status.
By policy, every Integra valuation assignment is assessed by an IRR Certified Reviewer who holds the
MAI designation, or is, at a minimum, a named Director with at least ten years of valuation
experience.
This quality assurance assessment consists of reading the report and providing feedback on its quality
and consistency. All feedback from the IRR Certified Reviewer is then addressed internally prior to
delivery. The intent of this internal assessment process is to maintain report quality.
Executive Summary 2
Parcel 20
Executive Summary
Property Name
Address
Property Type
Owner of Record
Tax ID
Legal Description
Land Area (Total)0.4859 acres; 21,165 SF
Land Area (Part to be Acquired)0.0554 acres; 2,414 SF
Zoning Designation
Highest and Best Use
Exposure Time; Marketing Period 6-12 months; 6-12 months
Effective Date of the Appraisal April 18, 2025
Date of the Report June 19, 2025
Property Interest Appraised
Value Conclusion
Value Type & Appraisal Premise Interest Appraised Date of Value Value Conclusion
Compensation Fee Simple April 18, 2025 $29,381
Rajiv Sharan Mishra
216620
Lot 1, Block B, Thistle Hill Estates Phase I, City of Denton,
Denton County, Texas
Parcel 20
3900 Andrew Avenue
Denton, Denton County, Texas 76210
Residential
The values reported above are subject to the definitions, assumptions, and limiting conditions set forth in the accompanying report of which this summary is a part. No party other than Cobb,
Fendley & Associates and assigns may use or rely on the information, opinions, and conclusions contained in the report. It is assumed that the users of the report have read the entire report,
including all of the definitions, assumptions, and limiting conditions contained therein.
R2, Residential
Residential use
Fee Simple
Executive Summary 3
Parcel 20
Project Description
The proposed acquisition of Parcel 20 will facilitate improvements for the proposed widening of Ryan
Road from Teasley Lane to Country Club Road. The anticipated addition of a center turn lane would
allow for an improved flow of traffic as motorists making left hand turns off Ryan Road will have the
ability to move out of a moving lane prior to turning. The expected impact is a decrease in congestion
along Ryan Road, particularly during peak traffic. The project will include two 12-feet wide travel lanes
with a full length 11-feet wide center turn lane, new street lighting, a five-foot wide sidewalk path on
the south side of Ryan Road, and drainage ditches on both sides.
Source: https://www.cityofdenton.com/543/Ryan-Road
Identification of the Appraisal Problem 4
Parcel 20
Identification of the Appraisal Problem
Subject Description
The Whole Property contains 0.4859 acres, or 21,165 square feet, and is located at the northwest
corner of Andrew Avenue and Maggies Meadow within the city limits of Denton, Texas. The part
acquired is defined as 0.0554 acres or 2,414 square feet of Right of Way Acquisition. It is necessary for
the City of Denton to acquire the subject property as a part of the Ryan Road expansion project. A
legal description of the property is provided below.
Property Identification
Property Name Parcel 20
Address 3900 Andrew Avenue
Denton, Texas 76210
Tax ID 216620
Owner of Record Rajiv Sharan Mishra
Legal Description Lot 1, Block B, Thistle Hill Estates Phase I, City of Denton, Denton County, Texas
Sale History
To the best of our knowledge, no sales or transfers of ownership have occurred within the last three
years.
Pending Transactions
Based on discussions with the appropriate contacts, the property is not subject to an agreement of
sale or an option to buy, nor is it listed for sale, as of the effective appraisal date.
Appraisal Purpose
The purpose of the appraisal is to develop the following opinion(s) of value:
• The market value of the fee simple interest in the subject property as of the effective date of
the appraisal, April 18, 2025
The date of the report is June 19, 2025. The appraisal is valid only as of the stated effective date or
dates.
Appraisal Premise Definitions
The definitions of the appraisal premises applicable to this assignment are specified as follows.
Identification of the Appraisal Problem 5
Parcel 20
Definition of Market Value
“Market Value is 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.”
Source: City of Austin v. Cannizzo, 267 S.W.2d 808 (Tex. 1964).
Property Rights Definitions
The property rights appraised which are applicable to this assignment are defined as follows.
Fee Simple Estate
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
Client and Intended User(s)
The client is Cobb, Fendley & Associates. The intended users are Cobb, Fendley & Associates, the City
of Denton, and assigns. No other party or parties may use or rely on the information, opinions, and
conclusions contained in this report.
Intended Use
The intended use of the appraisal is for assist the client and assigns in determination of adequate
compensation due to the property owner for the right of way acquisition. The appraisal is not
intended for any other use.
Applicable Requirements
This appraisal report conforms to the following requirements and regulations:
• Uniform Standards of Professional Appraisal Practice (USPAP);
• Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute;
• Applicable state appraisal regulations;
• Appraisal requirements of Title XI of the Financial Institutions Reform, Recovery and
Enforcement Act of 1989 (FIRREA), revised April 9, 2018;
• Interagency Appraisal and Evaluation Guidelines issued December 10, 2010.
1 Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015)
Identification of the Appraisal Problem 6
Parcel 20
Report Format
Standards Rule 2-2 (Content of a Real Property Appraisal Report) contained in the Uniform Standards
of Professional Appraisal Practice (USPAP) requires each written real property appraisal report to be
prepared as either an Appraisal Report or a Restricted Appraisal Report. This report is prepared as an
Appraisal Report as defined by USPAP under Standards Rule 2-2(a), and incorporates practical
explanation of the data, reasoning, and analysis used to develop the opinion of value.
Prior Services
USPAP requires appraisers to disclose to the client any other services they have provided in
connection with the subject property in the prior three years, including valuation, consulting, property
management, brokerage, or any other services. 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 the agreement to perform this assignment.
Appraiser Competency
No steps were necessary to meet the competency provisions established under USPAP. The
assignment participants have appraised several properties similar to the subject in physical, locational,
and economic characteristics, and are familiar with market conditions and trends; therefore, appraiser
competency provisions are satisfied for this assignment. Appraiser qualifications and state credentials
are included in the addenda of this report.
Scope of Work 7
Parcel 20
Scope of Work
Introduction
The appraisal development and reporting processes require gathering and analyzing information
about the assignment elements necessary to properly identify the appraisal problem. The scope of
work decision includes the research and analyses necessary to develop credible assignment results,
given the intended use of the appraisal. Sufficient information includes disclosure of research and
analyses performed and might also include disclosure of research and analyses not performed.
To determine the appropriate scope of work for the assignment, the intended use of the appraisal, the
needs of the user, the complexity of the property, and other pertinent factors were considered. The
concluded scope of work is described below.
Research and Analysis
The type and extent of the research and analysis conducted are detailed in individual sections of the
report. The steps taken to verify comparable data are disclosed in the addenda of this report.
Although effort has been made to confirm the arms-length nature of each sale with a party to the
transaction, it is sometimes necessary to rely on secondary verification from sources deemed reliable.
Subject Property Data Sources
The legal and physical features of the subject property, including size of the site, flood plain data,
seismic zone designation, property zoning, existing easements and encumbrances, access and
exposure, and condition of the improvements (as applicable) were confirmed and analyzed.
Inspection
Details regarding the property inspection conducted as part of this appraisal assignment are
summarized as follows:
Property Inspection
Party Inspection Type Inspection Date
Brent Pitts, MAI, AI-GRS, R/W-AC On-site April 18, 2025
Mitchell L. Etter, M.Ed.On-site April 18, 2025
The property owner was contacted; however, a response was not received. The subject property was
inspected from the existing right-of-way.
Valuation Methodology
Three approaches to value are typically considered when developing a market value opinion for real
property. These are the cost approach, the sales comparison approach, and the income capitalization
approach. Use of the approaches in this assignment is summarized as follows:
Scope of Work 8
Parcel 20
Approaches to Value
Approach Applicability to Subject Use in Assignment
Cost Approach Not Applicable Not Utilized
Sales Comparison Approach Applicable Utilized
Income Capitalization Approach Not Applicable Not Utilized
In developing an opinion of value for the subject, only the sales comparison approach is used. This
approach is applicable to the subject because there is an active market for similar properties, and
sufficient sales data is available for analysis.
The cost approach is not applicable because there are no improvements that contribute value to the
property, and the income approach is not applicable because the subject is not likely to generate
rental income in its current state.
Denton County Area Analysis 9
Parcel 20
Economic Analysis
Denton County Area Analysis
Denton County is located in central North Texas, near the northern boundary of the Dallas-Fort Worth
Metroplex. Denton County neighbors Cooke County (North), Tarrant and Dallas Counties (South), Wise
County (West) and Collin County (East). It is 878 square miles in size and has a population density of
990 persons per square mile. Notable municipalities in the county include Denton, Carrollton and
Flower Mound. The county seat is the City of Denton, which is located within the geographical center
of the county.
Population
Denton County has an estimated 2025 population of 1,057,826, which represents an average annual
3.1% increase over the 2020 census of 906,422. Denton County added an average of 30,281 residents
per year over the 2020-2025 period, and its annual growth rate exceeded the State of Texas rate of
1.4%.
Looking forward, Denton County's population is projected to increase at a 2.1% annual rate from
2025-2030, equivalent to the addition of an average of 23,394 residents per year. Denton County's
growth rate is expected to exceed that of Texas, which is projected to be 1.1%.
Population Compound Ann. % Chng
2020 Census 2025 Estimate 2030 Projection
Denton, TX 139,869 160,902 177,578 2.8%2.0%
Denton County, TX 906,422 1,057,826 1,174,795 3.1%2.1%
Texas 29,145,505 31,245,372 33,006,956 1.4%1.1%
Source: Claritas
Population Trends
Employment
Total employment in Denton County was estimated at 311,551 jobs as of June 2024. Between year-
end 2014 and 2024, employment rose by 100,069 jobs, equivalent to a 47.3% increase over the entire
period. There were gains in employment in nine out of the past ten years. Denton County's rate of
employment growth over the last decade surpassed that of Texas, which experienced an increase in
employment of 19.1% or 2,232,744 jobs over this period.
A comparison of unemployment rates is another way of gauging an area’s economic health. Over the
past decade, the Denton County unemployment rate has been consistently lower than that of Texas,
with an average unemployment rate of 3.9% in comparison to a 4.7% rate for Texas. A lower
unemployment rate is a positive indicator.
Denton County Area Analysis 10
Parcel 20
Recent data shows that the Denton County unemployment rate is 3.3% in comparison to a 3.7% rate
for Texas, a positive sign that is consistent with the fact that Denton County has outperformed Texas
in the rate of job growth over the past two years.
Employment Trends
Total Employment (Year End)Unemployment Rate (Ann. Avg.)
Year Denton County
%
Change Texas
%
Change Denton County Texas
2014 211,482 11,672,985 4.5%5.2%
2015 224,936 6.4%11,831,449 1.4%3.6%4.5%
2016 233,551 3.8%11,972,594 1.2%3.4%4.6%
2017 244,353 4.6%12,224,998 2.1%3.4%4.4%
2018 253,596 3.8%12,539,711 2.6%3.2%3.9%
2019 267,253 5.4%12,802,919 2.1%3.0%3.5%
2020 267,588 0.1%12,264,651 -4.2%6.5%7.7%
2021 290,438 8.5%13,025,292 6.2%4.4%5.7%
2022 300,599 3.5%13,591,394 4.3%3.3%3.9%
2023 315,580 5.0%13,915,979 2.4%3.5%3.9%
2024*311,551 -1.3%13,905,729 -0.1%3.7%4.1%
Overall Change 2014-2024 100,069 47.3%2,232,744 19.1%
Avg Unemp. Rate 2014-2024 3.9%4.7%
Unemployment Rate - December 2024 3.3%3.7%
Source: U.S. Bureau of Labor Statistics and Moody's Analytics. Employment figures are from the Quarterly Census of Employment and Wages (QCEW).
Unemployment rates are from the Current Population Survey (CPS). The figures are not seasonally adjusted.
*Total employment data is as of June 2024.
Employment Sectors
The composition of the Denton County job market is depicted in the following chart, along with that of
Texas. Total employment for both areas is broken down by major employment sector, and the sectors
are ranked from largest to smallest based on the percentage of Denton County jobs in each category.
Denton County Area Analysis 11
Parcel 20
Employment Sectors - 2024
23.6%
13.7%
13.7%
13.2%
12.5%
6.7%
6.5%
6.1%
2.7%
1.1%
0.2%
19.7%
15.1%
14.4%
11.1%
13.5%
6.5%
7.0%
6.2%
2.7%
1.6%
2.0%
0%5%10%15%20%25%
Trade; Transportation; and Utilities
Professional and Business Services
Government
Leisure and Hospitality
Education and Health Services
Financial Activities
Manufacturing
Construction
Other Services
Information
Natural Resources & Mining
Denton County Texas
Source: U.S. Bureau of Labor Statistics and Moody's Analytics
Denton County has greater concentrations than Texas in the following employment sectors:
1. Trade; Transportation; and Utilities, representing 23.6% of Denton County payroll employment
compared to 19.7% for Texas as a whole. This sector includes jobs in retail trade, wholesale
trade, trucking, warehousing, and electric, gas, and water utilities.
2. Leisure and Hospitality, representing 13.2% of Denton County payroll employment compared
to 11.1% for Texas as a whole. This sector includes employment in hotels, restaurants,
recreation facilities, and arts and cultural institutions.
3. Financial Activities, representing 6.7% of Denton County payroll employment compared to 6.5%
for Texas as a whole. Banking, insurance, and investment firms are included in this sector, as
are real estate owners, managers, and brokers.
Denton County is underrepresented in the following sectors:
1. Professional and Business Services, representing 13.7% of Denton County payroll employment
compared to 15.1% for Texas as a whole. This sector includes legal, accounting, and engineering
firms, as well as management of holding companies.
Denton County Area Analysis 12
Parcel 20
2. Government, representing 13.7% of Denton County payroll employment compared to 14.4% for
Texas as a whole. This sector includes employment in local, state, and federal government
agencies.
3. Education and Health Services, representing 12.5% of Denton County payroll employment
compared to 13.5% for Texas as a whole. This sector includes employment in public and private
schools, colleges, hospitals, and social service agencies.
4. Manufacturing, representing 6.5% of Denton County payroll employment compared to 7.0% for
Texas as a whole. This sector includes all establishments engaged in the manufacturing of
durable and nondurable goods.
Major Employers
Major employers in Denton County are shown in the following table.
Name Number of Employees
1 University of North Texas 8,891
2 Peterbilt Motors Company 2,000
3 Texas Health Presbyterian Hospital Denton 1,100
4 Texas Women's University 1,077
5 Sally Beauty Holdings 1,000
6 Medical City Denton 799
7 Safran Electrical & Power 571
8 Tetra Pak 500
9 ESAB Welding & Cutting 405
10 Flowers Baking Company 375
Major Employers - Denton County, TX
Source: Denton Economic Development Partnership
Gross Domestic Product
Gross Domestic Product (GDP) is a measure of economic activity based on the total value of goods and
services produced in a defined geographic area, and annual changes in Gross Domestic Product (GDP)
are a gauge of economic growth.
Economic growth, as measured by annual changes in GDP, has been considerably higher in Denton
County than Texas overall during the past decade. Denton County has grown at a 6.9% average annual
rate while the State of Texas has grown at a 3.3% rate. However, Denton County has recently
underperformed Texas. GDP for Denton County rose by 2.8% in 2023 while Texas's GDP rose by 7.4%.
Denton County has a per capita GDP of $47,907, which is 30% less than Texas's GDP of $68,750. This
means that Denton County industries and employers are adding relatively less value to the economy
than their counterparts in Texas.
Denton County Area Analysis 13
Parcel 20
Gross Domestic Product
Year
($,000s)
Denton County % Change
($,000s)
Texas % Change
2013 24,711,740 –1,511,806,500 –
2014 26,841,164 8.6%1,559,636,100 3.2%
2015 28,956,599 7.9%1,634,127,100 4.8%
2016 30,521,275 5.4%1,633,863,300 0.0%
2017 32,503,089 6.5%1,667,313,000 2.0%
2018 33,816,542 4.0%1,746,543,300 4.8%
2019 36,317,647 7.4%1,806,736,100 3.4%
2020 39,874,794 9.8%1,773,657,100 -1.8%
2021 43,526,928 9.2%1,879,101,300 5.9%
2022 46,954,267 7.9%1,952,708,600 3.9%
2023 48,275,771 2.8%2,097,090,400 7.4%
Compound % Chg (2013-2023)6.9%3.3%
GDP Per Capita 2023 $47,907 $68,750
Source: U.S. Bureau of Economic Analysis and Moody's Analytics; data released December 2024.
The release of state and local GDP data has a longer lag time than national data. The data represents inflation-adjusted "real"
GDP stated in 2017 dollars.
Household Income
Denton County is more affluent than Texas. Median household income for Denton County is $107,546,
which is 40.8% greater than the corresponding figure for Texas.
Median
Denton County, TX $107,546
Texas $76,406
Comparison of Denton County, TX to Texas + 40.8%
Source: Claritas
Median Household Income - 2025
The following chart shows the distribution of households across twelve income levels. Denton County
has a greater concentration of households in the higher income levels than Texas. Specifically, 33% of
Denton County households are at the $150,000 or greater levels in household income as compared to
21% of Texas households. A lesser concentration of households is apparent in the lower income levels,
as 21% of Denton County households are below the $50,000 level in household income versus 33% of
Texas households.
Denton County Area Analysis 14
Parcel 20
Household Income Distribution - 2025
8.4%
6.5%
7.2%
10.8%
16.3%
12.6%
9.8%
7.2%
8.8%
4.3%
5.2%
2.9%
5.3%
3.3%
4.3%
8.0%
13.3%
12.3%
11.0%
9.1%
12.7%
6.5%
8.6%
5.5%
0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%
Less than $15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
$75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 - 499,999
$500,000 and more
Denton County, TX Texas
Source: Claritas
Education and Age
Residents of Denton County have a higher level of educational attainment than those of Texas. An
estimated 49% of Denton County residents are college graduates with four-year degrees, versus 33%
of Texas residents. People in Denton County are older than their Texas counterparts. The median age
for Denton County is 38 years, while the median age for Texas is 36 years.
Denton County Area Analysis 15
Parcel 20
Education & Age - 2025
Source: Claritas
10%
20%
30%
40%
50%
60%
70%
80%
Denton County, TX Texas
49%
33%
Percent College Graduate
10
15
20
25
30
35
40
45
50
Denton County, TX Texas
38 36
Median Age
Conclusion
The Denton County economy will benefit from a growing population base and higher income and
education levels. Denton County experienced growth in the number of jobs and has maintained a
consistently lower unemployment rate than Texas over the past decade. It is anticipated that the
Denton County economy will improve and employment will grow, strengthening the demand for real
estate.
Denton County Area Analysis 16
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Area Map
Surrounding Area Analysis 17
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Surrounding Area Analysis
The subject is located in the eastern portion of Denton County, within the northern portion of the
Dallas-Fort Worth, TX metroplex. This area is part of the Denton submarket. Adjacent communities
include Pilot Point to the north, Lewisville to the east, Argyle to the south, and Ponder to the west.
Area boundaries and delineation are indicated in the following table. A map identifying the location of
the property follows this section.
Surrounding Area Analysis 18
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Access and Linkages
Access throughout the area is considered excellent. The subject capitalizes on the Dallas-Fort Worth
Metro Highway System, which is one of the most well-developed highway systems in the country.
Primary access and linkages to the subject area, including highways, roadways, and airports, are
summarized in the following table.
Interstate Highways (Blue), Principal Arterial Freeways and Expressways (Red) and Principal Arterial
Highways and thoroughfares (Green and Orange). The arrow indicates the approximate location of the
subject.
Surrounding Area Analysis 19
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Demand Generators
The typical generators of demand affecting the subject property and its market are discussed and
analyzed below.
The University of North Texas (UNT) is a public research university in Denton,
Texas. It consists of 14 colleges and schools, an early admissions math and
science academy, Texas Academy of Mathematics and Science, for exceptional
high-school-age students from across the state, and a library system that comprises the university
core. The university is classified among "R1: Doctoral Universities – Very high research activity".
According to the National Science Foundation, UNT spent $78.4 million on research and development
in 2019. UNT was founded as a nonsectarian, coeducational, private teachers’ college in 1890 and was
formally adopted by the state 11 years later. UNT is the flagship institution of the University of North
Texas System, which includes additional universities in Dallas and Fort Worth. UNT also has a location
in Frisco.
The Denton Town Square (commonly called The Square) is Denton's largest
social center. At its center stands the old Courthouse on the Square, which is
Denton's most distinctive landmark, and is surrounded by antique shops,
coffee houses, bars, clubs, restaurants, and music venues. The square has a myriad of businesses on
and around it – including the Abbey Inn, Andy’s Bar and Hooligans. Many of these buildings are
historic. The square is located only a few miles from the University of North Texas.
Source: https://www.discoverdenton.com/things-to-do/attractions/downtown-square/
Texas Motor Speedway is a speedway located in the northernmost
portion of the U.S. city of Fort Worth, Texas – the portion located in
Denton County, Texas. The reconfigured track measures 1.44 miles
(2.32 km) with banked 20° in turns 1 and 2 and banked 24° in turns 3 and 4. Texas Motor Speedway is
a quad-oval design, where the front straightaway juts outward slightly. The track layout is similar to
Atlanta Motor Speedway and Charlotte Motor Speedway. The track is owned by Speedway
Motorsports, Inc.
Source: https://www.texasmotorspeedway.com/
Alliance Center is a planned community located within Denton County
and Tarrant County, Texas, United States. It includes parts of the cities of
Haslet, Fort Worth, Westlake, Northlake, Denton, and Roanoke. It is
currently owned by Hillwood, a Henry Ross Perot, Jr. company. It is home
to an Alliance Business Development which branches of more than 500 companies of which 69 are
Fortune 500 corporations as of Dec. 2018. The total private investment as of December 2018 is
$9,036,738,025, with the total public investment totaling $775,380,929 as of December 2018. Alliance
companies employ 61,602 people of various positions. In additional to the extensive business
development, there is also an Alliance Residential and Commercial called Alliance Town Center which
is the heart of activity for the rapidly growing Alliance region. Stretching from North Tarrant Parkway
to Golden Triangle Boulevard, Alliance Town Center is a vibrant community, anchored by a robust
Surrounding Area Analysis 20
Parcel 20
health and wellness district, and energized by a variety of shopping, dining, and entertainment
options, programmed with family-friendly activities for every age and interest. The development’s
smart growth, sustainable blueprint was recognized by the U.S. Green Building Council as one of two
developments in Texas to receive the LEED Certified Neighborhood Development certification – one of
the most difficult sustainable designations to obtain. Lastly, the development includes Circle T Ranch
which is a 2,500-acre development seamlessly integrated with the most scenic landscapes in North
Texas. Centrally located and connected within the Dallas-Fort Worth Metroplex and only 12 miles west
of DFW International Airport, Circle T Ranch is one of nation’s most prominent corporate destinations.
Also home to a highly crafted mixed-use development, private residences, and an award-winning golf
course, Circle T Ranch fosters community engagement and facilitates active lifestyles. A planned
preserve that will include an organic farm, greenhouse, and farm-to-table bistros, will further enhance
the unique experience of parks, trails and open spaces winding through prairies and ranch lands with
herds of roaming cattle.
Source: https://www.alliancetexas.com/
Employment and Employment Centers
In addition to its strong employment base, the area is easily accessible to the Frisco and North Tarrant
submarkets, both within 30 minutes driving time. Access to employment centers in other submarkets
is a major demand driver.
Nearby residential communities and the University of North Texas provide a reliable source of college
graduates, skilled workers and technical personnel.
The subject is located within a vibrant Downtown/Main Street district that serves a densely populated
trade area with average household income levels. Adjacent retail uses include a mix of retail stores,
restaurants, and personal service establishments that draw customers to the area. The clustering of
these uses creates a significant gravitational pull that benefits the subject.
Demographics
A demographic profile of the surrounding area, including population, households, and income data, is
presented in the following table.
Surrounding Area Analysis 21
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As shown above, the current population within a 10-minute drive time of the subject is 66,348, and
the average household size is 2.5. Population in the area has grown since the 2020 census, and this
trend is projected to continue over the next five years. Compared to Denton County overall, the
population within a 10-minute drive time is projected to grow at a slower rate.
Median household income is $76,017, which is lower than the household income for Denton County.
Residents within a 10-minute drive time have a lower level of educational attainment than those of
Denton County, while median owner-occupied home values are considerably lower.
Services and Amenities
The subject is served by the Denton Independent School District. Typical public services, including
police and fire departments are provided by the City of Denton.
The closest colleges and universities are The University of North Texas and Texas Women’s University.
They offer most standard education programs, as well as various continuing education programs.
Proximity to parks, golf courses, and other recreational activities is average.
Land Use
Predominant land uses in the immediate vicinity of the subject are primarily residential in nature.
Development Activity and Trends
During the last five years, development has been predominantly of residential and urban commercial
uses.
Surrounding Area Analysis 22
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Outlook and Conclusions
The area is in the growth stage of its life cycle. Given the history of the area and the growth trends, it
is anticipated that property values will remain stable in the near future and increase long term.
In comparison to other areas in the region, the area is rated as follows:
Surrounding Area Analysis 23
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Surrounding Area Map
Land Description and Analysis 24
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Property Analysis
Land Description and Analysis
Land Description
Land Area 0.4859 acres; 21,165 SF
Source of Land Area Public Records
Primary Street Frontage Andrew Avenue
Shape Rectangular
Corner Yes
Rail Access No
Topography Generally level and at street grade
Drainage No problems reported or observed
Environmental Hazards None reported or observed
Ground Stability No problems reported or observed
Flood Area Panel Number 48121C0370G
Date April 18, 2011
Zone X
Description Outside of 500-year floodplain
Insurance Required?No
Zoning; Other Regulations
Zoning Jurisdiction City of Denton
Zoning Designation R2
Description Residential
Legally Conforming?Appears to be legally conforming
Zoning Change Likely?No
Permitted Uses Single-family detached dwellings, townhomes, and duplexes
Minimum Lot Area 16,000 SF
Minimum Lot Width (Feet)80'
Minimum Lot Depth (Feet)100'
Minimum Setbacks (Feet)20'
Maximum Building Height 40'
Maximum Site Coverage 0.4
Other Land Use Regulations None reported or observed
Utilities
Service Provider
Water City of Denton
Sewer City of Denton
Electricity Oncor
Natural Gas Atmos
Local Phone AT&T
We are not experts in the interpretation of zoning ordinances. An appropriately qualified land use
attorney should be engaged if a determination of compliance with zoning is required.
Easements, Encroachments and Restrictions
We are not aware of any easements, or encroachments, or restrictions that would adversely affect
value. This valuation assumes no adverse impacts from easements, encroachments, or restrictions,
and further assumes that the subject has clear and marketable title.
Land Description and Analysis 25
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Improvements
The property is improved with a single-family dwelling constructed in 2012 and related site
improvements. Improvements located within the part acquired include approximately 720 square feet
of concrete paving, five medium sized landscaped trees, and approximately 300 square feet of bed
landscaping with irrigation. The primary existing improvements are well-removed from the proposed
acquisition and are not included in this analysis.
Conclusion of Site Analysis
Overall, the physical characteristics and the availability of utilities result in a functional site, suitable
for a variety of uses including those permitted by zoning. Uses permitted by zoning include single-
family detached dwellings, townhomes, and duplexes. No other restrictions on development are
apparent.
Land Description and Analysis 26
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View facing west from acquisition View facing east from acqusition
View facing south of acquisition View facing south on Andrew Avenue from acquistion
View of Ryan Road and Andrew Avenue intersection
Land Description and Analysis 27
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Aerial Photograph
Land Description and Analysis 28
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Tax Map
The subject is outlined in yellow above. The boundary lines indicated above differ from the provided
survey. We have relied on the survey in estimating the location of the subject’s boundary lines for this
analysis.
Land Description and Analysis 29
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Flood Hazard Map
Land Description and Analysis 30
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Zoning Map
Real Estate Taxes 31
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Real Estate Taxes
The subject is located in Denton County and assessed by the Denton County Appraisal District. Real
estate taxes in this state and this jurisdiction represent ad valorem taxes, meaning a tax applied in
proportion to value. The real estate taxes for an individual property may be determined by dividing
the assessed value for a property by $100, then multiplying the estimate by the composite rate. The
composite rate is based on a consistent state tax rate throughout the state, in addition to one or more
local taxing district rates. Real estate taxes and assessments for the current tax year are shown in the
following table.
Taxes and Assessments - 2025
Assessed Value Taxes and Assessments
Tax ID Land Improvements Total Tax Rate
Ad Valorem
Taxes Total
216620 $149,892 $553,613 $703,505 1.930189%$13,579 $13,579
We were unable to confirm the 2025 tax rate for the subject property. The tax rate indicated above is
for 2024 and is believed to be consistent with the 2025 tax rate.
Based on the concluded market value of the subject site, the assessed value appears low, however, it
is consistent with assessed values of surrounding similar properties and is considered reasonable.
Highest and Best Use 32
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Highest and Best Use
The highest and best use of a property is the reasonably probable use resulting in the highest value,
and represents the use of an asset that maximizes its productivity.
Process
Before a property can be valued, an opinion of highest and best use must be developed for the subject
site, both as though vacant, and as improved or proposed. By definition, the highest and best use
must be:
• Physically possible.
• Legally permissible under the zoning regulations and other restrictions that apply to the site.
• Financially feasible.
• Maximally productive, i.e., capable of producing the highest value from among the
permissible, possible, and financially feasible uses.
As Though Vacant
First, the property is evaluated as though vacant, with no improvements.
Physically Possible
The site is 0.49 acres or 21,165 square feet of land located in the city of Denton within Denton County.
The site is rectangular in shape and generally level and at street grade. The subject is located within
Flood Zone X. The physical characteristics of the site do not appear to impose any unusual restrictions
on development. Overall, the physical characteristics of the site and the availability of utilities result in
functional utility suitable for a variety of uses.
Legally Permissible
The site is zoned R2, Residential. Permitted uses include single-family detached dwellings,
townhomes, and duplexes. There are no apparent legal restrictions, such as easements or deed
restrictions, effectively limiting the use of the property. Given prevailing land use patterns in the area,
only residential use is given further consideration in determining highest and best use of the site, as
though vacant.
Financially Feasible
Based on the accompanying analysis of the market, there is currently adequate demand for residential
use in the subject’s area. It appears a newly developed residential use on the site would have a value
commensurate with its cost. Therefore, residential use is considered to be financially feasible.
Maximally Productive
There does not appear to be any reasonably probable use of the site that would generate a higher
residual land value than residential use. Accordingly, residential use, developed to the normal market
density level permitted by zoning, is the maximally productive use of the property.
Highest and Best Use 33
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Conclusion
Development of the site for residential use is the only use which meets the four tests of highest and
best use. Therefore, it is concluded to be the highest and best use of the property as though vacant.
As Improved
The subject of this report is improved with a single-family dwelling and associated site improvements.
The main improvements are far removed from the acquisition and have not been inspected nor
included in this analysis.
Most Probable Buyer
Taking into account the size and characteristics of the property and its occupancy, the likely buyer is
an owner-user.
Valuation Methodology 34
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Valuation
Valuation Methodology
Appraisers usually consider three approaches to estimating the market value of real property. These
are the cost approach, sales comparison approach and the income capitalization approach.
The cost approach assumes that the informed purchaser would pay no more than the cost of
producing a substitute property with the same utility. This approach is particularly applicable when
the improvements being appraised are relatively new and represent the highest and best use of the
land or when the property has unique or specialized improvements for which there is little or no sales
data from comparable properties.
The sales comparison approach assumes that an informed purchaser would pay no more for a
property than the cost of acquiring another existing property with the same utility. This approach is
especially appropriate when an active market provides sufficient reliable data. The sales comparison
approach is less reliable in an inactive market or when estimating the value of properties for which no
directly comparable sales data is available. The sales comparison approach is often relied upon for
owner-user properties.
The income capitalization approach reflects the market’s perception of a relationship between a
property’s potential income and its market value. This approach converts the anticipated net income
from ownership of a property into a value indication through capitalization. The primary methods are
direct capitalization and discounted cash flow analysis, with one or both methods applied, as
appropriate. This approach is widely used in appraising income-producing properties.
Reconciliation of the various indications into a conclusion of value is based on an evaluation of the
quantity and quality of available data in each approach and the applicability of each approach to the
property type.
The methodology employed in this assignment is summarized as follows:
Approaches to Value
Approach Applicability to Subject Use in Assignment
Cost Approach Not Applicable Not Utilized
Sales Comparison Approach Applicable Utilized
Income Capitalization Approach Not Applicable Not Utilized
Sales Comparison Approach 35
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Sales Comparison Approach
To develop an opinion of the subject’s land value, as if vacant and available to be developed to its
highest and best use, we utilize the sales comparison approach. This approach develops an indication
of value by researching, verifying, and analyzing sales of similar properties.
To apply the sales comparison approach, we searched for sale transactions within the following
parameters:
• Location: Denton County
• Size: 0.25 acres – 2.00 acres
• Use: Vacant residential land
• Transaction Date: 2022+
For this analysis, we use price per square foot as the appropriate unit of comparison because market
participants typically compare sale prices and property values on this basis. The most relevant sales
are summarized in the following table.
Sales Comparison Approach 36
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Summary of Comparable Land Sales
No.Name/Address
Sale Date;
Status
Effective Sale
Price
SF;
Acres Zoning
$/SF
Land $/Acre
1 409 Fairmount Court Jul-24 $200,000 16,596 R3 $12.05 $524,934
409 Fairmount Ct. Closed 0.38
Denton
Denton County
TX
2 3941 Maggies Meadow Aug-23 $204,000 36,547 R2 $5.58 $243,147
Denton Closed 0.84
Denton County
TX
3 Lake Bluff Estates, Phase 1 - 11,250 SF Lot Aug-23 $135,000 11,250 PD - 15 (SF)$12.00 $522,648
South side of High Pointe Road, east of Highlands Drive Closed 0.26
Corinth
Denton County
TX
4 Residential Land in Denton Mar-23 $185,000 47,480 R1 $3.90 $169,725
4509 State School Rd. Closed 1.09
Denton
Denton County
TX
5 825 E Ryan Road Oct-22 $175,000 35,545 R2 $4.92 $214,461
825 E. Ryan Rd. Closed 0.82
Denton
Denton County
TX
Subject 21,165 R2
Parcel 20 0.49
Denton, TX
Comments: This property is a .381 AC lot, located at the end of a cul-de-sac in the Phase I addition of Country Club Road Estates. This property sold on
July 10, 2024, from Jalie Mitchell to K&C Triple Crown Partners LLC, for $200,000, or $12.05 per square foot. Property is zoned R3 - Residential.
Comments: This 0.839 lot, situated on a cul-de-sac, was sold on August 21, 2023, for $204,000 or $5.58 per square foot. Property was sold from Jarret
Hugghins & Myra Salcedo to Scott & Jonna Wilson (Warranty Deed 2023-89620). Property is situated within Phase I of the Thistle Hill Estates
development, and zoned R2 - Residential.
Comments: This rectangular-shaped lot is located in an established subdivision in the Lake Dallas ISD.
Comments: This property consists of 0.816 acres of vacant land, located on the north side of Ryan Road in Denton, TX. The property was sold on
10/31/2022 for $175,000 or $4.92/SF.
Sales Comparison Approach 37
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Comparable Land Sales Map
Sales Comparison Approach 38
Parcel 20
Sale 1
409 Fairmount Court
Sale 2
3941 Maggies Meadow
Sale 3
Lake Bluff Estates, Phase 1 - 11,250 SF Lot
Sale 4
Residential Land in Denton
Sale 5
825 E Ryan Road
Sales Comparison Approach 39
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Analysis and Adjustments of Sales
Adjustments are based on a rating of each comparable sale in relation to the subject. The adjustment
process is typically applied through either quantitative or qualitative analysis, or a combination of
both analyses. Quantitative adjustments are often developed as dollar or percentage amounts, and
are most credible when there is sufficient data to perform a paired sales analysis.
While percentage adjustments are presented in the adjustment grid, they are based on qualitative
judgment rather than empirical research, as there is not sufficient data to develop a sound
quantitative estimate. Although the adjustments appear to be mathematically precise, they are
merely intended to illustrate an opinion of typical market activity and perception. With the exception
of market conditions, the adjustments are based on a scale, with a minor adjustment in the range of 1-
5% and a substantial adjustment considered to be 20% or greater.
The rating of each comparable sale in relation to the subject is the basis for the adjustments. If the
comparable is superior to the subject, its sale price is adjusted downward to reflect the subject’s
relative attributes; if the comparable is inferior, its price is adjusted upward.
Transactional adjustments are applied for property rights conveyed, financing, conditions of sale,
expenditures made immediately after purchase, and market conditions. In addition, property
adjustments include – but are not limited to – location, access/exposure, size, quality, effective age,
economic and legal characteristics, and non-realty components of value. Adjustments are considered
for the following factors, in the sequence shown below.
Transactional Adjustments
Real Property Rights Conveyed
The opinion of value in this report is based on a fee simple estate, subject only to the limitations
imposed by the governmental powers of taxation, eminent domain, police power and escheat, as well
as non-detrimental easements, community facility districts, and conditions, covenants and restrictions
(CC&Rs). All the comparables represent fee simple estate transactions. Therefore, adjustments for
property rights are not necessary.
Financing Terms
In analyzing the comparables, it is necessary to adjust for financing terms that differ from market
terms. Typically, if the buyer retained third-party financing (other than the seller) for the purpose of
purchasing the property, a cash price is presumed and no adjustment is required. However, in
instances where the seller provides financing as a debt instrument, a premium may have been paid by
the buyer for below-market financing terms, or a discount may have been demanded by the buyer if
the financing terms were above market. The premium or discounted price must then be adjusted to a
cash equivalent basis. The comparable sales represented cash-to-seller transactions and, therefore, do
not require adjustment.
Sales Comparison Approach 40
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Conditions of Sale
Adverse conditions of sale can account for a significant discrepancy from the sale price actually paid,
compared to that of the market. This discrepancy in price is generally attributed to the motivations of
the buyer and the seller. Certain conditions of sale are considered non-market and may include the
following:
• a seller acting under duress (e.g., eminent domain, foreclosure);
• buyer motivation (e.g., premium paid for assemblage, certain 1031 exchanges);
• a lack of exposure to the open market;
• an unusual tax consideration;
• a sale at legal auction.
None of the comparable sales had atypical or unusual conditions of sale. Thus, adjustments are not
necessary.
Expenditures Made Immediately After Purchase
This category considers expenditures incurred immediately after the purchase of a property. There
were no issues of deferred maintenance reported for any of the properties. No adjustments are
required for expenditures after sale.
Market Conditions
A market conditions adjustment is applied when market conditions at the time of sale differ from
market conditions as of the effective date of value. Adjustments can be positive when prices are rising,
or negative when markets are challenged by factors such as a deterioration of the economy or adverse
changes in supply and/or demand in the market area. Consideration must also be given to when the
property was placed under contract, versus when the sale actually closed.
In evaluating market conditions, changes between the comparable sale date and the effective date of
this appraisal may warrant adjustment; however, if market conditions have not changed, then no
adjustment is required.
The sales took place from October 2022 to July 2024. Market conditions have generally been
strengthening. The adjustment grid accounts for this trend with upward adjustments over this period
through the effective date of value.
Property Adjustments
Location
Factors considered in evaluating location include, but are not limited to, demographics, growth rates,
surrounding uses and property values.
Sales 3 and 5 are similar to the subject and no adjustments are necessary. Sales 1 and 2 are adjusted
downward for superior location at the end of a cul-de-sac. Sale 4 is adjusted upward for inferior
surrounding development.
Sales Comparison Approach 41
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Access/Exposure
Convenience to transportation facilities, ease of site access, and overall visibility of a property can
have a direct impact on property value. High visibility, however, may not translate into higher value if
it is not accompanied by good access. In general, high visibility and convenient access, including
proximity to major linkages, are considered positive amenities when compared to properties with
inferior attributes.
All of the comparables are similar to the subject. No adjustments are necessary.
Size
Due to economies of scale, the market exhibits an inverse relationship between land area and price
per square foot, such that larger sites generally sell for a lower price per square foot than smaller lots,
all else being equal. To account for this relationship, applicable adjustments are applied for
differences in land area. The comparables that are larger than the subject are adjusted upward, and
vice versa.
Sales 1 and 3 are smaller than the subject, and downward adjustments are applied. Sales 2, 4 and 5
are larger than the subject and require upward adjustments.
Shape and Topography
This category accounts for the shape of the site influencing its overall utility and/or development
potential, as well as the grade of the land.
All of the comparables are similar to the subject. No adjustments are necessary.
Zoning
This element of comparison accounts for government regulations that can affect the types and
intensities of uses allowable on a site. Moreover, this category includes considerations such as
allowable density or floor area ratio, structure height, setbacks, parking requirements, landscaping,
and other development standards. The subject has a zoning designation of R2 - Residential.
Sales 2 and 5 are similar to the subject and require no adjustment. Sales 1 and 3 are superior to the
subject because their zoning allows for smaller lots and higher density. Downward adjustments are
applied. Sale 4 is inferior to the subject. An upward adjustment is applied.
Flood Plain
This element of comparison accounts for the amount of a site encumbered by flood plain and how it
can affect the development potential.
All of the comparables are similar to the subject. No adjustments are necessary.
Sales Comparison Approach 42
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Adjustments Summary
The sales are compared to the subject and adjusted to account for material differences that affect
value. The following table summarizes the adjustments applied to each sale.
Land Sales Adjustment Grid
Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5
Name Parcel 20 409 Fairmount
Court
3941 Maggies
Meadow
Lake Bluff Estates,
Phase 1 - 11,250
SF Lot
Residential Land
in Denton
825 E Ryan Road
Address 3900 Andrew
Avenue
409 Fairmount Ct. 3941 Maggies
Meadow
South side of High
Pointe Road, east
of Highlands Drive
4509 State School
Rd.
825 E. Ryan Rd.
City Denton Denton Denton Corinth Denton Denton
County Denton Denton Denton Denton Denton Denton
State Texas TX TX TX TX TX
Sale Date Jul-24 Aug-23 Aug-23 Mar-23 Oct-22
Sale Status Closed Closed Closed Closed Closed
Sale Price $200,000 $204,000 $135,000 $185,000 $175,000
Price Adjustment –––––
Description of Adjustment
Effective Sale Price $200,000 $204,000 $135,000 $185,000 $175,000
Square Feet 21,165 16,596 36,547 11,250 47,480 35,545
Acres 0.49 0.38 0.84 0.26 1.09 0.82
Price per Square Foot $12.05 $5.58 $12.00 $3.90 $4.92
Transactional Adjustments
Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
% Adjustment –––––
Financing Terms Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
% Adjustment –––––
Conditions of Sale Arm's-length Arm's-length Arm's-length Arm's-length Arm's-length
% Adjustment –––––
Expenditures Made Immediately After Purchase
$ Adjustment –––––
Market Conditions 4/18/2025 Jul-24 Aug-23 Aug-23 Mar-23 Oct-22
Annual % Adjustment 5%4%8%8%11%12%
Cumulative Adjusted Price $12.53 $6.03 $12.96 $4.32 $5.51
Property Adjustments
Location -10%-10%–10%–
Access/Exposure –––––
Size -5%10%-5%15%10%
Shape and Topography –––––
Zoning -10%–-10%10%–
Flood Plain –––––
Net Property Adjustments ($)-$3.13 $0.00 -$1.94 $1.51 $0.55
Net Property Adjustments (%)-25%0%-15%35%10%
Final Adjusted Price $9.40 $6.03 $11.02 $5.84 $6.07
Range of Adjusted Prices $5.84 - $11.02
Average $7.67
Indicated Value $8.00
Sales Comparison Approach 43
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Land Value Conclusion
Prior to adjustments, the sales reflect a range of $3.90 - $12.05 per square foot. After adjustment, the
range is narrowed to $5.84 - $11.02 per square foot, with an average of $7.67 per square foot. To
arrive at an indication of value, emphasis is given towards the upper end of the range.
Land Value Conclusion
Indicated Value PSF (Fee Simple Area)$8.00
Fee Simple Area 21,165
Total Value $169,320
Cost Approach 44
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Cost Approach
The steps taken to apply the cost approach are:
• Develop an opinion of the value of the land as though vacant and available to be developed to
its highest and best use, as of the effective date of the appraisal;
• Estimate the replacement cost new of the existing improvements under current market
conditions;
• Estimate depreciation from all causes and deduct this estimate from replacement cost new to
arrive at depreciated replacement cost of the improvements; and
• Add land value to the depreciated replacement cost of the improvements to arrive at a market
value indication for the property overall.
Replacement Cost
Replacement cost is the estimated cost to construct, at current prices as of a specified date, a substitute
for a building or other improvement, using modern materials and current standards, design, and layout.
Estimates of replacement cost for the purpose of developing a market value opinion include three
components: direct costs, indirect costs (also known as soft costs) and entrepreneurial incentive.
Direct Costs
Direct costs are expenditures for labor, materials, equipment and contractor’s overhead and profit.
Marshall Valuation Service (MVS) and contractor quotes is used as the basis of the direct cost estimate.
In addition to direct costs, MVS includes certain indirect costs such as architectural and engineering
fees, and interest on building loan funds during construction. Typically, contractor quotes include all
indirect costs as well. The following table shows the source for each cost component included in this
valuation.
Replacement Cost New Sources
Improvement Cost New Source
Concrete Beeline Services
Bed Landscaping with Irrigation Knight Lawn and Landscape Management
Medium Sized Landscaped Trees Marathon Construction Estimating, LLC
Indirect Costs
MVS does not include all of the indirect costs that are appropriate in a replacement cost estimate.
Therefore, an allowance is added for the following indirect costs that are not contained within MVS:
taxes and carrying costs on land during construction; legal and accounting fees; and marketing and
finance costs prior to stabilization. Unless specifically noted, contractor quotes include indirect costs. It
is estimated that a 10% allowance for additional indirect costs is appropriate.
Cost Approach 45
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Entrepreneurial Incentive
Entrepreneurial incentive is the financial reward that a developer would expect to receive in addition
to recovering all direct and indirect costs. This is the expected compensation that would be necessary
to motivate a developer to undertake the project. Entrepreneurial incentive for similar properties
typically ranges from 10% to 20%. An estimate of 15% is applied to the total replacement costs used in
this analysis.
Replacement Cost
The following table shows the replacement cost estimate for the subject’s improvements.
Depreciation
Depreciation is the difference between the replacement cost new of the improvements and their
contribution to overall property value on the effective date of the appraisal. There are three major
causes of depreciation:
1. Physical deterioration: The loss in value due to the wear and tear that begins when a building is
completed and placed into service. Physical deterioration can be curable (referred to as
deferred maintenance) or incurable.
2. Functional obsolescence: The loss in value due to changes in market tastes and standards.
Similar to physical deterioration, functional obsolescence can be curable or incurable.
3. External obsolescence: The loss in value due to negative external influences. These influences
can be temporary or permanent, and are generally incurable by the owner, landlord, or tenant.
There are three principal methods of estimating depreciation: the market extraction method, the
economic age-life method, and the breakdown method. The economic age-life method is used in this
analysis.
Economic Age-Life Method
In the economic age-life method, depreciation is estimated by dividing the effective age of the
improvements by the total economic life. This method results in a lump sum estimate for all
depreciation, including the loss in value from all physical, functional and external obsolescence.
Final Estimate of Depreciation
Estimates of depreciation for each component are shown in the following table.
Estimated Replacement/Reproduction Cost
Improvement Number of Units $ per unit Cost New Value
$
Contributory Value of the Buildings $0
Accessory Improvements
$
Contributory Value of the Accessory Improvements $0
Site Improvements
Concrete 720 SF @ $11.50 /SF =$8,280 ($4,140)(50%)$4,140
Bed Landscaping with Irrigation 300 SF @ $10.18 /SF =$3,054 $0 (0%)$3,054
Medium Sized Landscaped Trees 5 Each @ $575.00 /Unit =$2,875 $0 (0%)$2,875
Contributory Value of the Site Improvements $10,069
Contributory Value of All Improvements $10,069
<Depreciation>
Cost Approach 46
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Improvement Depreciation Estimates
Improvement Effective Economic % Depreciated
Concrete 10 /20 =50%
Bed Landscaping with Irrigation 0 /20 =0%
Medium Sized Landscaped Trees 0 /20 =0%
Stop
Depreciation is estimated based on the actual age of the improvements as well as their observed quality
and condition during the inspection. The economic life for the improvements is estimated based on
observed economic lives for similar properties as well as information from the Marshall Valuation
Service.
Value Indication
The Cost Approach conclusion is presented in the following table.
Cost Approach Conclusion
Land $169,320
Plus: Depreciated Value of Improvements +$10,069
Concluded Value - Cost Approach $179,389
Stop
Part Acquired 47
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Part Acquired
The following portion of the appraisal process deals directly with the valuation of the subject part
acquired. The part acquired is the portion of the subject that is acquired by eminent domain from the
whole property. The valuation of the part acquired is predicated on the market value of the property
prior to any acquisition and excludes the influence of the subject project.
Partial Acquisition Description
The acquisition is rectangular in shape and consists of 0.0554 acres (2,414 SF) of land. The acquisition
is located along the northern boundary of the subject whole property with frontage along East Ryan
Road. It is located north of the existing brick wall (see Extraordinary Assumption #4). Improvements
located within the part acquired include approximately 720 square feet of concrete paving, five
medium sized landscaped trees, and approximately 300 square feet of bed landscaping with irrigation.
The primary existing improvements are well-removed from the proposed acquisition and are not
included in this analysis. An aerial exhibit and survey of the Part Acquired follows.
Part Acquired 48
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Aerial Photograph
The Whole Property is outlined in red, and the Right of Way acquisition is outlined in yellow.
Economic Unit 1
Economic Unit 2
Part Acquired Survey - Parcel 20 49
Parcel 20
Part Acquired Survey - Parcel 20
Highest and Best Use – Part Acquired 50
Parcel 20
Economic Unit
The acquisition is not an appropriate size to be considered an economic unit on its own; therefore, it is
appraised as if used in conjunction with the remainder to form an economic unit that yields the
highest net return to the land. In order to take full advantage of the physical characteristics of the
subject property, the part to be acquired is used in conjunction with the Remainder After (the size of
the Whole Property). The economic unit meets all the tests of highest and best use of the subject
property as discussed below.
Highest and Best Use – Part Acquired
Highest and best use may be defined as that reasonably probable and legal use of vacant land or
improved property that is physically possible, appropriately supported, and financially feasible that
results in the highest value. The four tests to develop adequate support for an opinion of highest and
best use, applied in order, are legal permissibility, physical possibility, financial feasibility, and maximum
productivity.
As Vacant Analysis – Part Acquired
Due to its limited size, the area of the partial acquisition could not stand alone as a separate and
independent economic unit. The partial acquisition’s use is essentially limited to use in conjunction with
the whole property. As such, the highest and best use of the part acquired, as vacant, is for use in
conjunction with the subject whole property.
As Improved Analysis – Part Acquired
The highest and best use of the part acquired, as improved, is the same as that of the subject whole
property.
Valuation Methodology
In this instance, the subject part acquired consists of land only and site improvements. As an integral
part of the whole property, the part acquired shares the same physical and economic characteristics.
Because the highest and best use of the part acquired is for use in conjunction with the subject whole
property, the part acquired shares the same per unit land value concluded in the valuation of the subject
whole property and applied in the valuation of the part acquired. The calculation of the value of the
part acquired is summarized in the following reconciliation discussion.
Land Value - Part Acquired
Since the economic unit analyzed to derive a value estimate for the Part Acquired is the same size as
the subject Whole Property, the same set of land sales are utilized in estimating the value of the Part
Acquired as were used in the analysis of the Whole Property. Therefore, the value of the Part
Acquired is estimated at $8.00 per square foot as presented in the following table.
Part Acquired
Fee Simple Area 2,414 SF @ $8.00 /SF =$19,312
Depreciated Value of Improvements $10,069
Total $29,381
Remainder Before the Acquisition 51
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Remainder Before the Acquisition
The indicated value of the remainder before the acquisition is derived by deducting the estimated value
of the acquisition from the value of the whole property. The calculations are as follows:
Value of the Whole Property $179,389
By Sales Comparison Approach - Land Fee Simple
$8.00 x 21,165 SF x 100%=$169,320
By Cost Approach $179,389
By Sales Comparison Approach - Improved N/A
By Income Capitalization Approach N/A
Value of the Part Acquired $29,381
By Sales Comparison Approach - PTA Fee Simple
$8.00 X 2,414 SF X 100%=$19,312
Value of Improvements located within PTA =$10,069
Value of the Remainder Before $150,008
Analysis of the Remainder After
The value of the Remainder After is appraised independently and takes into consideration the effect
the subject acquisition has on the remainder. This estimate is based upon a new site analysis, highest
and best use analysis, as well as the employment of the three approaches to value, where applicable.
Damages or enhancements to the remainder are calculated by subtracting the value of the Remainder
After from the value of the Remainder Before the acquisition. If the calculation is positive, damages
exist. However, if the figure is negative enhancements are present. If an enhancement exists, it is
noted; however, enhancements are not deducted from the total compensation. In the case of the
subject property, an enhancement exists because the remainder after does not contain square feet
within the existing right of way.
Property Description - Remainder After
The proposed acquisition extends approximately 121 feet along the subject’s northern boundary and
is approximately 20 feet deep. The acquisition does not alter the development utility of the site, nor
does it restrict access to the site. As such, the utility and development potential of the Remainder is
the same as the before.
Estimate of Compensation 52
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Highest and Best Use - Remainder After – As If Vacant
Since the Remainder After is an economic unit similar to the Whole Property, the highest and best use
of the Remainder After and the subject Whole Property is the same.
Value of the Remainder After the Acquistion $150,008
By Sales Comparison Approach Fee Simple
$8.00 x 18,751 SF x 100%=$150,008
By Cost Approach N/A
By Income Capitalization Approach N/A
Reconciliation $150,008
Estimate of Compensation
Value of the Whole Property $179,389
By Sales Comparison Approach - Land Fee Simple
$8.00 x 21,165 SF x 100%=$169,320
By Cost Approach $179,389
By Sales Comparison Approach - Improved N/A
By Income Capitalization Approach N/A
Value of the Part Acquired $29,381
By Sales Comparison Approach - PTA Fee Simple
$8.00 X 2,414 SF X 100%=$19,312
Value of Improvements located within PTA =$10,069
Value of the Remainder Before $150,008
Value of the Remainder After the Acquistion $150,008
By Sales Comparison Approach Fee Simple
$8.00 x 18,751 SF x 100%=$150,008
By Cost Approach N/A
By Income Capitalization Approach N/A
Reconciliation $150,008
Damages/Enhancements (Remainder Before - Remainder After)$0
Cost to Cure $0
Compensation $29,381
Estimate of Compensation 53
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Exposure Time
Exposure time is the length of time the subject property would have been exposed for sale in the
market had it sold on the effective valuation date at the concluded market value. Exposure time is
always presumed to precede the effective date of the appraisal. Based on our review of recent sales
transactions for similar properties and our analysis of supply and demand in the local market, it is our
opinion that the probable exposure time for the subject at the concluded market values stated
previously is 6-12 months.
Marketing Time
Marketing time is an estimate of the amount of time it might take to sell a property at the concluded
market value immediately following the effective date of value. As we foresee no significant changes
in market conditions in the near term, it is our opinion that a reasonable marketing period for the
subject is likely to be the same as the exposure time. Accordingly, we estimate the subject’s marketing
period at 6-12 months.
Valuation 54
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Certification
We certify that, to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are our personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in the property that is the subject of this report
and no personal interest with respect to the parties involved.
4. 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
the agreement to perform this assignment.
5. We have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
6. Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
7. Our 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, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
8. Our analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice as well as
applicable state appraisal regulations.
9. 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
Standards of Professional Practice of the Appraisal Institute.
10. The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
11. Brent Pitts, MAI, AI-GRS, R/W-AC, and Mitchell L. Etter, M.Ed., have made personal inspections
of the property that is the subject of this report.
12. No one provided significant real property appraisal assistance to the person(s) signing this
certification.
13. We have experience in appraising properties similar to the subject and are in compliance with
the Competency Rule of USPAP.
Valuation 55
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14. As of the date of this report, Brent Pitts, MAI, AI-GRS, R/W-AC, has completed the continuing
education program for Designated Members of the Appraisal Institution.
Brent Pitts, MAI, AI-GRS, R/W-AC
Texas Certified General Real Estate Appraiser
#1380206 G
Mitchell L. Etter, M.Ed.
Texas Certified General Real Estate Appraiser
#1381464 G
Valuation 56
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Assumptions and Limiting Conditions
This appraisal and any other work product related to this engagement are limited by the following
standard assumptions, except as otherwise noted in the report:
1. The title is marketable and free and clear of all liens, encumbrances, encroachments,
easements and restrictions. The property is under responsible ownership and competent
management and is available for its highest and best use.
2. There are no existing judgments or pending or threatened litigation that could affect the value
of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements that would
render the property more or less valuable. Furthermore, there is no asbestos in the property.
4. The property is in compliance with all applicable building, environmental, zoning, and other
federal, state and local laws, regulations and codes.
5. The information furnished by others is believed to be reliable, but no warranty is given for its
accuracy.
This appraisal and any other work product related to this engagement are subject to the following
limiting conditions, except as otherwise noted in the report:
1. An appraisal is inherently subjective and represents our opinion as to the value of the
property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and
no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including, without
limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction with this
appraisal, and we reserve the right to revise or rescind any of the value opinions based upon
any subsequent environmental impact studies. If any environmental impact statement is
required by law, the appraisal assumes that such statement will be favorable and will be
approved by the appropriate regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any
subpoena or attend any court, governmental or other hearing with reference to the property
without compensation relative to such additional employment.
6. We have made no survey of the property and assume no responsibility in connection with
such matters. Any sketch or survey of the property included in this report is for illustrative
purposes only and should not be considered to be scaled accurately for size. The appraisal
covers the property as described in this report, and the areas and dimensions set forth are
assumed to be correct.
Valuation 57
Parcel 20
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we
have assumed that the property is not subject to surface entry for the exploration or removal
of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields. Such
considerations include, but are not limited to, legal descriptions and other legal matters such
as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical,
electrical, structural and other engineering and environmental matters. Such considerations
may also include determinations of compliance with zoning and other federal, state, and local
laws, regulations and codes.
9. The distribution of the total valuation in the report between land and improvements applies
only under the reported highest and best use of the property. The allocations of value for land
and improvements must not be used in conjunction with any other appraisal and are invalid if
so used. The appraisal report shall be considered only in its entirety. No part of the appraisal
report shall be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions as to value,
the identity of the appraisers, or any reference to the Appraisal Institute) shall be
disseminated through advertising media, public relations media, news media or any other
means of communication (including without limitation prospectuses, private offering
memoranda and other offering material provided to prospective investors) without the prior
written consent of the persons signing the report.
11. Information, estimates and opinions contained in the report and obtained from third-party
sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only for the
purpose of estimating value and do not constitute predictions of future operating results.
13. If the property is subject to one or more leases, any estimate of residual value contained in
the appraisal may be particularly affected by significant changes in the condition of the
economy, of the real estate industry, or of the appraised property at the time these leases
expire or otherwise terminate.
14. Unless otherwise stated in the report, no consideration has been given to personal property
located on the premises or to the cost of moving or relocating such personal property; only
the real property has been considered.
15. The current purchasing power of the dollar is the basis for the values stated in the appraisal;
we have assumed that no extreme fluctuations in economic cycles will occur.
16. The values found herein are subject to these and to any other assumptions or conditions set
forth in the body of this report but which may have been omitted from this list of Assumptions
and Limiting Conditions.
17. The analyses contained in the report necessarily incorporate numerous estimates and
assumptions regarding property performance, general and local business and economic
conditions, the absence of material changes in the competitive environment and other
matters. Some estimates or assumptions, however, inevitably will not materialize, and
unanticipated events and circumstances may occur; therefore, actual results achieved during
Valuation 58
Parcel 20
the period covered by our analysis will vary from our estimates, and the variations may be
material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not
made a specific survey or analysis of the property to determine whether the physical aspects
of the improvements meet the ADA accessibility guidelines. We claim no expertise in ADA
issues, and render no opinion regarding compliance of the subject with ADA regulations.
Inasmuch as compliance matches each owner’s financial ability with the cost to cure the non-
conforming physical characteristics of a property, a specific study of both the owner’s financial
ability and the cost to cure any deficiencies would be needed for the Department of Justice to
determine compliance.
19. The appraisal report is prepared for the exclusive benefit of you, your subsidiaries and/or
affiliates. It may not be used or relied upon by any other party. All parties who use or rely
upon any information in the report without our written consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of hazardous
materials on the subject property or in the improvements, and our valuation is predicated
upon the assumption that the subject property is free and clear of any environment hazards
including, without limitation, hazardous wastes, toxic substances and mold. No
representations or warranties are made regarding the environmental condition of the subject
property. IRR - Fort Worth , Integra Realty Resources, Inc., and their respective officers,
owners, managers, directors, agents, subcontractors or employees (the “Integra Parties”),
shall not be responsible for any such environmental conditions that do exist or for any
engineering or testing that might be required to discover whether such conditions exist.
Because we are not experts in the field of environmental conditions, the appraisal report
cannot be considered as an environmental assessment of the subject property.
21. The persons signing the report may have reviewed available flood maps and may have noted
in the appraisal report whether the subject property is located in an identified Special Flood
Hazard Area. However, we are not qualified to detect such areas and therefore do not
guarantee such determinations. The presence of flood plain areas and/or wetlands may affect
the value of the property, and the value conclusion is predicated on the assumption that
wetlands are non-existent or minimal.
22. We are not a building or environmental inspector. The Integra Parties do not guarantee that
the subject property is free of defects or environmental problems. Mold may be present in the
subject property and a professional inspection is recommended.
23. The appraisal report and value conclusions for an appraisal assume the satisfactory
completion of construction, repairs or alterations in a workmanlike manner.
24. IRR - Fort Worth is an independently owned and operated company. The parties hereto
agree that Integra shall not be liable for any claim arising out of or relating to any appraisal
report or any information or opinions contained therein as such appraisal report is the sole
and exclusive responsibility of IRR - Fort Worth . In addition, it is expressly agreed that in
any action which may be brought against the Integra Parties arising out of, relating to, or in
any way pertaining to the engagement letter, the appraisal reports or any related work
product, the Integra Parties shall not be responsible or liable for any incidental or
Valuation 59
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consequential damages or losses, unless the appraisal was fraudulent or prepared with
intentional misconduct. It is further expressly agreed that the collective liability of the
Integra Parties in any such action shall not exceed the fees paid for the preparation of the
assignment (unless the appraisal was fraudulent or prepared with intentional misconduct).
It is expressly agreed that the fees charged herein are in reliance upon the foregoing
limitations of liability.
25. IRR - Fort Worth is an independently owned and operated company, which has prepared the
appraisal for the specific intended use stated elsewhere in the report. The use of the appraisal
report by anyone other than the Client is prohibited except as otherwise provided.
Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and
benefit unless we provide our prior written consent. We expressly reserve the unrestricted
right to withhold our consent to your disclosure of the appraisal report or any other work
product related to the engagement (or any part thereof including, without limitation,
conclusions of value and our identity), to any third parties. Stated again for clarification, unless
our prior written consent is obtained, no third party may rely on the appraisal report (even if
their reliance was foreseeable).
26. The conclusions of this report are estimates based on known current trends and reasonably
foreseeable future occurrences. These estimates are based partly on property information,
data obtained in public records, interviews, existing trends, buyer-seller decision criteria in the
current market, and research conducted by third parties, and such data are not always
completely reliable. The Integra Parties are not responsible for these and other future
occurrences that could not have reasonably been foreseen on the effective date of this
assignment. Furthermore, it is inevitable that some assumptions will not materialize and that
unanticipated events may occur that will likely affect actual performance. While we are of the
opinion that our findings are reasonable based on current market conditions, we do not
represent that these estimates will actually be achieved, as they are subject to considerable
risk and uncertainty. Moreover, we assume competent and effective management and
marketing for the duration of the projected holding period of this property.
27. All prospective value opinions presented in this report are estimates and forecasts which are
prospective in nature and are subject to considerable risk and uncertainty. In addition to the
contingencies noted in the preceding paragraph, several events may occur that could
substantially alter the outcome of our estimates such as, but not limited to changes in the
economy, interest rates, and capitalization rates, behavior of consumers, investors and
lenders, fire and other physical destruction, changes in title or conveyances of easements and
deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
28. The appraisal is also subject to the following:
Valuation 60
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Extraordinary Assumptions and Hypothetical Conditions
1.All information relative to the subject property, including land areas and other pertinent data that was
provided by the client and public records, is assumed to be correct.
2.It is assumed that there are no environmental issues that impact the use or value of the subject property.
3.The subject is appraised under the extraordinary assumption that there are no subsurface improvements
located within the acquisition.
4.This appraisal is based on the Extraordinary Assumption that the brick wall located towards the north end of
the subjct site is not located within the acquisition and therefore unaffected by the proposed acquisition.
1.The project for which the acquisition is nececssary is assumed to be complete and being fully utilized for
purposes of estimating the value of the Remainder After the Acquisition, it is also assumed that the property
is affected by the project similar to the community. If it becomes known that there are specific damages that
affect the subject property that are not considered herin, this appraisal and its conclusion may be subject to
reconsideration.
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a
condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist
on the effective date of the assignment results, but is used for the purpose of analysis.
The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an
assignment-specific assumption as of the effective date regarding uncertain information used in an analysis
which, if found to be false, could alter the appraiser’s opinions or conclusions.
Addenda
Parcel 20
Addendum A
Appraiser Qualifications
Brent Pitts, MAI, AI-GRS, R/W-AC Integra Realty Resources - Fort
Worth
irr.com
T 817.763.8000
F 817.763.8017
7080 Camp Bowie Boulevard
Fort Worth, TX 76116
Experience
Brent Pitts is a Managing Director with Integra Realty Resources - Fort Worth. Mr. Pitts has
been
involved in real estate valuation and advisory since early 2010 with a focus on right of way and
eminent domain since 2011. He is a Certified General Appraiser and has prepared appraisals in
numerous states. Mr. Pitts has experience in appraising all major categories of real estate,
including
land, retail, restaurant, industrial, gas stations, office, manufactured housing, self-storage,
apartments, condominiums, automotive, hotels, religious facilities, single-family residences,
subdivisions, timeshares, and various other special purpose properties.
Valuation clients include government agencies, project management and engineering firms,
insurance companies, brokers, law firms and attorneys, estates, and individuals. Brent has also
appraised multiple properties for whole takings, partial takings, and easement acquisitions for
condemnation proceedings with many of these appraisals requiring complex analyses and
consideration of damages to the remainder. Brent has also qualified as an expert witness and
testified in multiple administrative and commissioners hearings as well as in trial settings and
holds
the MAI and AI-GRS designations from the Appraisal Institute as well as the R/W-AC credential
from
the International Right of Way Association. Mr. Pitts currently serves as the President of the
Central Texas Chapter of the Appraisal Institute.
Licenses
Texas, Certified General Real Estate Appraiser, 1380206 G, Expires January 2027
Education
MAI Designation, Appraisal Institute
AI-GRS Designation, Appraisal Institute
International Right of Way Association - Chapter 36
President - Central Texas Chapter, Appraisal Institute (2024)
Texas Tech University (2008) - Bachelor of Business Administration in Petroleum Land Management
Texas Tech University Graduate School (2009) - Masters of Business Administration in Finance
Numerous Appraisal Institute, International Right of Way Association, and other
bpitts@irr.com - 817.763.8000
Brent Pitts, MAI, AI-GRS, R/W-AC Integra Realty Resources - Fort
Worth
irr.com
T 817.763.8000
F 817.763.8017
7080 Camp Bowie Boulevard
Fort Worth, TX 76116
Education (Cont'd)
professional
development courses.
Qualified Before Courts & Administrative Bodies
Texas | Kansas | Missouri | Oklahoma | Louisiana | Florida | Utah | Arizona | New Mexico
Colorado | Georgia | North Carolina
Miscellaneous
Director, Real Estate - Kroll (Dallas, TX) - Served as Team Lead for National Right of Way Practice
Valuation Services Director - Colliers International (Dallas, TX)
Appraiser - Appraisal Source, Inc. (Fort Worth, TX)
Appraiser - National Appraisal Partners, LLP (Houston, TX)
bpitts@irr.com - 817.763.8000
Mr. Mitchell L. Etter
Integra Realty Resources - Fort
Worth
irr.com
T 817.763.8000
7080 Camp Bowie Blvd
Fort Worth, TX 76116
Experience
Mitchell Etter, M.Ed., is a State Certified General Real Estate Appraiser. He earned a Master of
Education (2015) and a Bachelor of Education (2006) from Hardin-Simmons University in
Abilene, Texas. After a 10-year teaching career, Mitchell began his appraisal career with
Appraisal Source Inc., in Fort Worth, Texas.
Mitchell has prepared appraisals in Texas, New Mexico, Oklahoma, Louisiana, and Arkansas. He
has prepared appraisals for vacant land, farms, ranches (100 acres to 2,500 acres), retail
properties, office/warehouse properties, storage/mini-storage properties, general, medical, and
high-rise offices, office condominiums, restaurants, churches, museums, service stations,
schools, and multi-family properties. Mitchell has prepared numerous going-concern valuations
on motels/hotels, gas stations/convenience stores, marinas, car washes and special use
properties. Mitchell has also appraised multiple properties for condemnation purposes with
many requiring complex analyses and consideration of damages to the remainder. Additionally,
Mitchell has worked on the Army Corps of Engineers United States Border Control Project in
Texas’ Rio Grande Valley.
Licenses
Texas, Certified General Real Estate Appraiser, 1381464 G, Expires July 2026
Education
Master of Education, Gifted Education, Hardin Simmons University, 2015.
Bachelor of Education, Instrumental Music EC 12 (Piano), Hardin Simmons University, 2006
Completed Course Work and Continuing Education
Basic Appraisal Principles
Basic Appraisal Procedures
National Uniform Standards of Professional Appraisal Practice
Supervisor Trainee Course for Texas
Real Estate Finance, Statistics, and Valuation Modeling
General Appraiser Sales Comparison Approach
General Appraiser Site Valuation and Cost Approach
General Appraiser Income Approach/ Part 1
General Appraiser Income Approach/ Part 2
General Appraiser Report Writing and Case Studies
Commercial Appraisal Review
General Appraiser Market Analysis Highest and Best Use
Expert Witness for Commercial Appraiser
The FHA Handbook 4000.1
Fannie Mae Appraisal Guidelines: Debunking the Myths
Residential Construction and the Appraiser
Market Disturbances-Appraisals in Atypical Markets and Cycles
metter@irr.com - 817.205.1414
About IRR
Integra Realty Resources, Inc. (IRR) provides world-class commercial real estate valuation, counseling,
and advisory services. Routinely ranked among leading property valuation and consulting firms, we are
now the largest independent firm in our industry in the United States, with local offices coast to coast
and in the Caribbean.
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years, on average, of commercial real estate experience in their local markets. This experience, coupled
with our understanding of how national trends affect the local markets, empowers our clients with the
unique knowledge, access, and historical perspective they need to make the most informed decisions.
Many of the nation's top financial institutions, developers, corporations, law firms, and government
agencies rely on our professional real estate opinions to best understand the value, use, and feasibility
of real estate in their market.
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Addenda
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Addendum B
IRR Quality Assurance Survey
Addenda
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IRR Quality Assurance Survey
We welcome your feedback!
At IRR, providing a quality work product and delivering on time is what we strive to accomplish. Our
local offices are determined to meet your expectations. Please reach out to your local office contact so
they can resolve any issues.
Integra Quality Control Team
Integra does have a Quality Control Team that responds to escalated concerns related to a specific
assignment as well as general concerns that are unrelated to any specific assignment. We also enjoy
hearing from you when we exceed expectations! You can communicate with this team by clicking on
the link below. If you would like a follow up call, please provide your contact information and a member
of this Quality Control Team will call contact you.
Link to the IRR Quality Assurance Survey: quality.irr.com
Addenda
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Addendum C
Definitions
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Definitions
The source of the following definitions is the Appraisal Institute, The Dictionary of Real Estate
Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015), unless otherwise noted.
As Is Market Value
The estimate of the market value of real property in its current physical condition, use, and zoning as
of the appraisal date.
Disposition Value
The most probable price that a specified interest in property should bring under the following
conditions:
1. Consummation of a sale within a specified time, which is shorter than the typical exposure
time for such a property in that market.
2. The property is subjected to market conditions prevailing as of the date of valuation.
3. Both the buyer and seller are acting prudently and knowledgeably.
4. The seller is under compulsion to sell.
5. The buyer is typically motivated.
6. Both parties are acting in what they consider to be their best interests.
7. An adequate marketing effort will be made during the exposure time.
8. Payment will be made in cash in U.S. dollars (or the local currency) or in terms of financial
arrangements comparable thereto.
9. The price represents the normal consideration for the property sold, unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale.
This definition can also be modified to provide for valuation with specified financing terms.
Effective Date
1. The date on which the appraisal or review opinion applies.
2. In a lease document, the date upon which the lease goes into effect.
Entitlement
In the context of ownership, use, or development of real estate, governmental approval for
annexation, zoning, utility extensions, number of lots, total floor area, construction permits, and
occupancy or use permits.
Entrepreneurial Incentive
The amount an entrepreneur expects to receive for his or her contribution to a project.
Entrepreneurial incentive may be distinguished from entrepreneurial profit (often called developer’s
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profit) in that it is the expectation of future profit as opposed to the profit actually earned on a
development or improvement. The amount of entrepreneurial incentive required for a project
represents the economic reward sufficient to motivate an entrepreneur to accept the risk of the
project and to invest the time and money necessary in seeing the project through to completion.
Entrepreneurial Profit
1. A market-derived figure that represents the amount an entrepreneur receives for his or her
contribution to a project and risk; the difference between the total cost of a property (cost of
development) and its market value (property value after completion), which represents the
entrepreneur’s compensation for the risk and expertise associated with development. An
entrepreneur is motivated by the prospect of future value enhancement (i.e., the
entrepreneurial incentive). An entrepreneur who successfully creates value through new
development, expansion, renovation, or an innovative change of use is rewarded by
entrepreneurial profit. Entrepreneurs may also fail and suffer losses.
2. In economics, the actual return on successful management practices, often identified with
coordination, the fourth factor of production following land, labor, and capital; also called
entrepreneurial return or entrepreneurial reward.
Exposure Time
1. The time a property remains on the market.
2. The estimated length of time that 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 opinion based on an analysis of past events
assuming a competitive and open market.
Fee Simple Estate
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.
Floor Area Ratio (FAR)
The relationship between the above-ground floor area of a building, as described by the zoning or
building code, and the area of the plot on which it stands; in planning and zoning, often expressed as a
decimal, e.g., a ratio of 2.0 indicates that the permissible floor area of a building is twice the total land
area.
Highest and Best Use
1. The reasonably probable use of property that results in the highest value. The four criteria
that the highest and best use must meet are legal permissibility, physical possibility, financial
feasibility, and maximum productivity.
2. The use of an asset that maximizes its potential and that is possible, legally permissible, and
financially feasible. The highest and best use may be for continuation of an asset’s existing use
or for some alternative use. This is determined by the use that a market participant would
have in mind for the asset when formulating the price that it would be willing to bid. (ISV)
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3. [The] highest and most profitable use for which the property is adaptable and needed or likely
to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land
Acquisitions)
Investment Value
1. The value of a property to a particular investor or class of investors based on the investor’s
specific requirements. Investment value may be different from market value because it
depends on a set of investment criteria that are not necessarily typical of the market.
2. The value of an asset to the owner or a prospective owner for individual investment or
operational objectives.
Lease
A contract in which rights to use and occupy land, space, or structures are transferred by the owner to
another for a specified period of time in return for a specified rent.
Leased Fee Interest
The ownership interest held by the lessor, which includes the right to receive the contract rent
specified in the lease plus the reversionary right when the lease expires.
Leasehold Interest
The right held by the lessee to use and occupy real estate for a stated term and under the conditions
specified in the lease.
Liquidation Value
The most probable price that a specified interest in real property should bring under the following
conditions:
1. Consummation of a sale within a short time period.
2. The property is subjected to market conditions prevailing as of the date of valuation.
3. Both the buyer and seller are acting prudently and knowledgeably.
4. The seller is under extreme compulsion to sell.
5. The buyer is typically motivated.
6. Both parties are acting in what they consider to be their best interests.
7. A normal marketing effort is not possible due to the brief exposure time.
8. Payment will be made in cash in U.S. dollars (or the local currency) or in terms of financial
arrangements comparable thereto.
9. The price represents the normal consideration for the property sold, unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale.
This definition can also be modified to provide for valuation with specified financing terms.
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Marketing Time
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.
Market Value
The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of
a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
• buyer and seller are typically motivated;
• both parties are well informed or well advised, and acting in what they consider their own
best interests;
• a reasonable time is allowed for exposure in the open market;
• payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
• the price represents the normal consideration for the property sold unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale.
(Source: Code of Federal Regulations, Title 12, Chapter I, Part 34.42[h]; also Interagency Appraisal and
Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472)
Prospective Opinion of Value
A value opinion effective as of a specified future date. The term does not define a type of value.
Instead, it identifies a value opinion as being effective at some specific future date. An opinion of
value as of a prospective date is frequently sought in connection with projects that are proposed,
under construction, or under conversion to a new use, or those that have not yet achieved sellout or a
stabilized level of long-term occupancy.
Addendum D
Property Information
Addendum E
Comparable Data
Land Sale Profile Sale No. 1
Location & Property Identification
409 Fairmount Court Property Name:
Sub-Property Type: Residential, Single Family
Residence Site
409 Fairmount Ct. Address:
Denton, TX 76210 City/State/Zip:
Denton County:
Submarket: Denton
Suburban Market Orientation:
IRR Event ID: 3354131
Sale Information
$200,000 Sale Price:
$200,000 Effective Sale Price:
07/10/2024 Sale Date:
Recording Date: 07/10/2024
Sale Status: Closed
$/Acre(Gross): $524,934
$/Land SF(Gross): $12.05
Grantor/Seller: Jalie Mitchell
Grantee/Buyer: K&C Triple Crown Partners LP
Property Rights: Fee Simple
Financing: Cash to seller
Conditions of Sale: Arm's-length
Document Type: Warranty Deed
Recording No.: 2024-73351
Verified By: Reid Pannell
Verification Date: 04/25/2025
Confirmation Source: Jalie Mitchell / 214-783-2393
/ jym4498@gmail.com
Verification Type: Confirmed-Seller Broker
Improvement and Site Data
Lot 1, Block G, Country Club
Road Estates Phase I Addition,
City of Denton, Denton
County, Texas / 775172
Legal/Tax/Parcel ID:
0.38 Acres(Gross):
16,596 Land-SF(Gross):
Shape: Irregular
Topography: Level
Vegetation: Minimal
Corner Lot: No
Frontage Type: 2 way, 1 lane each way
Traffic Control at Entry: None
Traffic Flow: Low
AccessibilityRating: Average
Visibility Rating: Average
Zoning Code: R3
Zoning Desc.: Residential
Flood Plain: No
Flood Zone Designation: X
Comm. Panel No.: 48121C0370G
Date: 04/18/2011
Utilities: Electricity, Water Public,
Sewer
Source of Land Info.: Public Records
Comments
409 Fairmount Court
Land Sale Profile Sale No. 1
Comments (Cont'd)
This property is a .381 AC lot, located at the end of a
cul-de-sac in the Phase I addition of Country Club Road
Estates. This property sold on July 10, 2024, from Jalie Mitchell
to K&C Triple Crown Partners LLC, for $200,000, or $12.05 per
square foot. Property is zoned R3 - Residential.
The minimal lot size for the subject's zoning is 10,000 sq. ft.
with approximately 50% building coverage.
409 Fairmount Court
Land Sale Profile Sale No. 2
Location & Property Identification
3941 Maggies Meadow Property Name:
Sub-Property Type: Residential, Single Family
Residence Site
3941 Maggies Meadow Address:
Denton, TX 76210 City/State/Zip:
Denton County:
Submarket: Denton
Suburban Market Orientation:
IRR Event ID: 3354051
Sale Information
$204,000 Sale Price:
$204,000 Effective Sale Price:
08/21/2023 Sale Date:
Recording Date: 08/21/2023
Sale Status: Closed
$/Acre(Gross): $243,147
$/Land SF(Gross): $5.58
Grantor/Seller: Jarret Hugghins & Myra
Salcedo
Grantee/Buyer: Scott & Jonna Wilson
Property Rights: Fee Simple
Financing: Cash to seller
Conditions of Sale: Arm's-length
Document Type: Warranty Deed
Recording No.: 2023-89620
Verified By: Reid Pannell
Verification Date: 04/25/2025
Confirmation Source: Mistie Parks / 972-965-9657 /
mistie@realestatestation.com
Verification Type: Confirmed-Buyer Broker
Improvement and Site Data
MSA: Dallas-Fort Worth-Arlington,
TX
Lot 11, Block B, Thistle Hill
Estates Phase 1, City of
Denton, Denton County, Texas
216630
Legal/Tax/Parcel ID:
0.84 Acres(Gross):
36,547 Land-SF(Gross):
Shape: Irregular
Topography: Gently Sloping
Vegetation: Trees and grasses
Corner Lot: No
Frontage Type: 2 way, 1 lane each way
Traffic Control at Entry: None
Traffic Flow: Low
AccessibilityRating: Average
Visibility Rating: Average
Zoning Code: R2
Zoning Desc.: Residential
No Easements:
Environmental Issues: No
Flood Plain: No
Flood Zone Designation: X
Comm. Panel No.: 48121C0370G
Date: 04/18/2011
Utilities: Electricity, Water Public,
Sewer
Utilities Desc.: City Water, Sewer, and
Electric
3941 Maggies Meadow
Land Sale Profile Sale No. 2
Improvement and Site Data (Cont'd)
Source of Land Info.: Public Records
Comments
This 0.839 lot, situated on a cul-de-sac, was sold on August 21,
2023, for $204,000 or $5.58 per square foot. Property was
sold from Jarret Hugghins & Myra Salcedo to Scott & Jonna
Wilson (Warranty Deed 2023-89620). Property is situated
within Phase I of the Thistle Hill Estates development, and
zoned R2 - Residential.
Single family lot located in Thistle Hill Estates. HOA in place
with dues of $450 annually. It is located in Denton ISD. The
minimal lot size for the subject's zoning is 16,000 sq. ft. with
approximately 40% building coverage.
3941 Maggies Meadow
Land Sale Profile Sale No. 3
Location & Property Identification
Lake Bluff Estates, Phase
1 - 11,250 SF Lot
Property Name:
Sub-Property Type: Residential, Finished SFR Lots
South side of High Pointe
Road, east of Highlands Drive
Address:
Corinth, TX 76210 City/State/Zip:
Denton County:
Submarket: Denton
Suburban Market Orientation:
2206 High Pointe Drive Property Location:
IRR Event ID: 3224550
Sale Information
$135,000 Sale Price:
$135,000 Effective Sale Price:
08/07/2023 Sale Date:
Sale Status: Closed
$/Acre(Gross): $522,648
$/Land SF(Gross): $12.00
$1,776 /Unit $/Unit (Potential):
Grantor/Seller: Rehman Javaid
Grantee/Buyer: The Crossvine Group LLC
Assets Sold: Real estate only
Property Rights: Fee Simple
Financing: Cash to seller
Conditions of Sale: Arm's-length
Document Type: Deed
Recording No.: 2023-84959
Verified By: Shelley Sivakumar
Verification Date: 04/19/2024
Confirmation Source: Anne Kano (575-613-5033)
Verification Type: Confirmed-Seller Broker
Improvement and Site Data
Lake Bluff Estates, Phase 1,
Block 2, Lot 2/Tax ID 201367
Legal/Tax/Parcel ID:
0.26 Acres(Gross):
11,250 Land-SF(Gross):
No. of Units (Potential): 76
Shape: Irregular
Topography: Level
Corner Lot: No
Frontage Feet: 76
Frontage Desc.: 76' x 148'
Zoning Code: PD - 15 (SF)
Zoning Desc.: Planned
Development - Single-Family
Flood Plain: No
Utilities: Water Public, Sewer
Source of Land Info.: Public Records
Comments
This rectangular-shaped lot is located in an established
subdivision in the Lake Dallas ISD.
Lake Bluff Estates, Phase 1 - 11,250 SF Lot
Land Sale Profile Sale No. 4
Location & Property Identification
Residential Land in Denton Property Name:
Sub-Property Type: Residential, Single Family
Residence Site
4509 State School Rd. Address:
Denton, TX 76120 City/State/Zip:
Denton County:
Submarket: FortWorth
Suburban Market Orientation:
East side of State School Road,
south of Winston Drive
Property Location:
IRR Event ID: 3361364
Sale Information
$185,000 Sale Price:
$185,000 Effective Sale Price:
03/02/2023 Sale Date:
Sale Status: Closed
$/Acre(Gross): $169,725
$/Land SF(Gross): $3.90
$/Acre(Usable): $169,725
$/Land SF(Usable): $3.90
Grantor/Seller: Oakmont Partners JV, LP
Grantee/Buyer: Farrell Lee Millender &
Christine K
Assets Sold: Real estate only
Property Rights: Fee Simple
Financing: Cash to seller
Conditions of Sale: Arm's-length
Document Type: Warranty Deed
Recording No.: 2023-21181
Verified By: David Brooks
Verification Date: 05/14/2025
Confirmation Source: Chase Traughber
Verification Type: Confirmed-Seller Broker
Improvement and Site Data
MSA: DFW
State School Addition, Block
A, Lot 3
Legal/Tax/Parcel ID:
1.09/1.09 Acres(Usable/Gross):
47,480/47,480 Land-SF(Usable/Gross):
Usable/Gross Ratio: 1.00
Frontage Type: 2 way, 1 lane each way
Zoning Code: R1
Zoning Desc.: Residential
Flood Plain: No
Flood Zone Designation: X
Utilities: Water Public, Sewer
Source of Land Info.: Public Records
Comments
The minimal lot size for the subject's zoning is 32,000 sq. ft.
with approximately 30% building coverage.
Residential Land in Denton
Land Sale Profile Sale No. 5
Location & Property Identification
825 E Ryan Road Property Name:
Sub-Property Type: Residential, Single Family
Development Land
825 E. Ryan Rd. Address:
Denton, TX 76210 City/State/Zip:
Denton County:
Submarket: Denton
Suburban Market Orientation:
IRR Event ID: 3358540
Sale Information
$175,000 Sale Price:
$175,000 Effective Sale Price:
10/31/2022 Sale Date:
Recording Date: 10/31/2022
Contract Date: 10/31/2022
Listing Price: $198,000
Listing Date: 05/29/2022
Sale Status: Closed
$/Acre(Gross): $214,461
$/Land SF(Gross): $4.92
Grantor/Seller: Andrey Gorokhovskiy
Grantee/Buyer: Lauren Elizabeth Kelley &
Manuel Alejandro Velez
Rodriguez
Property Rights: Fee Simple
Financing: Cash to seller
Conditions of Sale: Arm's-length
Document Type: Warranty Deed
Recording No.: 2022-153303
Verified By: Reid Pannell
Verification Date: 05/07/2025
Confirmation Source: Collin Roberts / 903-268-4294
Verification Type: Confirmed-Seller Broker
Improvement and Site Data
Lot 2, Block A, Leisure Lane
Addition, City of Denton,
Denton County, Texas /
995304
Legal/Tax/Parcel ID:
0.82 Acres(Gross):
35,545 Land-SF(Gross):
Shape: Rectangular
Topography: Level
Vegetation: Trees and grasses
Corner Lot: Yes
Frontage Feet: 215
Frontage Desc.: Ryan Road
Frontage Type: 2 way, 1 lane each way
Traffic Control at Entry: None
Traffic Flow: Moderate
Zoning Code: R2
Zoning Desc.: Residential
Flood Plain: No
Flood Zone Designation: X
Comm. Panel No.: 48121C0370G
Date: 04/18/2011
Utilities: Electricity, Water Public,
Sewer
Source of Land Info.: Public Records
Comments
This property consists of 0.816 acres of vacant land, located
on the north side of Ryan Road in Denton, TX. The property
825 E Ryan Road
Land Sale Profile Sale No. 5
Comments (Cont'd)
was sold on 10/31/2022 for $175,000 or $4.92/SF.
Property is located at the northeast corner of East Ryan Road
and Leisure Lane within the city limits of Denton, Texas. It is
zoned, R2, Residential, which requires a minimum lot size of
16,000 SF.
825 E Ryan Road