HomeMy WebLinkAboutApparisal Edwards and SEC MayhillTM APPRAISAL ASSOCIATES
Real Estate Appraisers & Consultants
101 S. Locust, Ste. 600
P.O. Box 158
Denton, Texas 76202
Phone: (940) 243-2387
tracy@tma-appraisal.com www.tma-appraisal.com TMA File #: A-25-10-7852
This is an Appraisal Report intended to comply with the reporting requirements set forth under
Standards Rule 2-2 of the USPAP. The report presents practical explanations of the data,
reasoning, and analysis incorporated in the appraisal process to develop the opinion of value, and
includes descriptions of the subject property, the regional and local property market, and the
opinion of highest and best use. The firm is not responsible for unauthorized use of this report.
Specific/extraordinary assumptions and/or hypothetical conditions utilized in the value opinion:
i It is a specific assumption of this report that the subject has no environmental or
structural conditions which could adversely affect its marketability or market value.
i It is a specific assumption of this report that the subject is not adversely affected by a flood
hazard area or drainage area other than is indicated in this report.
i It is a specific assumption of this report that the land size reported for the subject is
sufficiently correct as to not adversely affect the value opinion.
i It is a specific assumption of this report that the subject is not adversely affected by
encroachment, easement, or restriction other than is indicated in this report.
CLIENT: Zachry Construction
C/O Paul Kramer/paul.kramer@zachrycorp.com
SUBJECT PROPERTY: ~2.164 Ac +\- of Vacant Land
SWC Mayhill Rd. & Edwards Rd.
Denton, Texas 76208
DATE OF REPORT: October 31st, 2025
DATE OF VALUE: October 21st, 2025
INTENDED USE: Decision Making Purposes
INTENDED USER: Zachry Construction
C/O Paul Kramer/paul.kramer@zachrycorp.com
DEFINITION OF 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:
a. buyer and seller are typically motivated;
b. both parties are well informed or well advised
c. a reasonable time is allowed for exposure in the open market
d. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
e. 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. 1
PURPOSE OF APPRAISAL
Estimate the market value of the fee simple interest of the subject property in “as is” condition as
of the date(s) of value subject to the Assumptions and Limiting Conditions set forth herein for
decision making purposes.
SCOPE OF WORK
Conduct a visual survey of the subject, regional area and market area. Analyze secondary data
sources to assist in assessing market conditions, zoning and tax information in the market area.
Estimate the highest and best use of the property. Research market data on comparable
properties confirmed by participants in the regional market area. Develop a credible opinion of
the defined value for the subject property utilizing the applicable approaches to value. Present
the opinion in the appropriate format.
1 Federal Reserve System, 12 CFR Part 225, FDIC 12 CFR 323 and OCC 12 CFR 34
VALUATION METHODOLOGY
Appraisers usually consider the use of three approaches to value when developing a market
value opinion for real property. These are the cost approach, sales comparison approach, and
income capitalization approach. Use of the approaches in this assignment are summarized as
follows:
Approaches to Value
Approach Applicability to Subject Uses in Assignment
Cost Approach Not Applicable Not Utilized
Sales Comparison Approach Applicable Utilized
Income Capitalization Approach Not Applicable Not Utilized
The sales comparison approach is considered applicable as there are similar land sales in the
market and sufficient sales data for comparison.
The cost approach is not applicable as the subject as there are no existing improvements. The
subject is vacant land.
The income capitalization approach is not applicable as the subject is vacant land and is not
typically bought and sold for income producing abilities.
RESEARCH AND ANALYSIS
The extent of research and analysis conducted is detailed in the individual sections of this
assignment. However, the steps can be summarized as follows: Researched area market
unimproved, and improved sales and listing, researched replacement cost data, income, expense
data, rates of returns, researched zoning, tax, property history, reviewed and researched
property and comparable data site, improvement and other characteristics, and reviewed and
research other relevant information pertaining to the subject, data used in analysis, and the
market area.
INSPECTION
Jana Newburn and conducted an exterior inspection of the subject property from the roadway
on October 21st, 2025.
PRIOR SERVICES STATEMENT
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 valuations, consulting,
property management, brokerage, and any other services. We have not performed any services,
as an appraiser or in any other capacity, regarding the subject property of this report within the
three-year reporting period immediately preceding acceptance of this assignment
COMPETENCY OF APPRAISER(S)
Jana Newburn has been active in real estate appraisal in North Texas since 2000. She obtained
her Texas Certified General Real Estate Appraiser’s license in 2002 and has over 24 years of
experience appraising and reviewing both commercial and residential real estate. She began her
career with Tommy Marshall & Associates in 2000 and has recently returned to TM Appraisal
Associates. She has worked for a variety of institutions over the years, including banks, mortgage
lenders, AMCs, private lending institutions, attorneys, and individuals. Her expertise and
competency include a variety of commercial and residential properties, including 1-4 family,
farm/ranch, commercial land, religious facilities, light industrial, office, retail, development
analysis, and eminent domain and right-of-way analysis.
SECTION A
SUBJECT PROPERTY OVERVIEW
TM APPRAISAL ASSOCIATES Section A
EXECUTIVE SUMMARY TMA File #: A-25-10-7852
Property Type: 2.164 Ac +\- Land
Address: TBD Mayhill Rd. & Edwards
Rd.
County/State: Denton County/Texas
Location: SWC of Mayhill Rd. Edwards
Rd., Denton, Texas
Legal Description: A total of 2.164 acres
of Land in the D. Hough Survey, Ab. No.
646, & Providence Place II, Block F,
Lot1R(ROW), City of Denton, Denton
County, Texas
Date of Report: October 31st, 2025
Date of Value: October 21st, 2025
*Lines are Approx.
Purpose of Appraisal: Estimate the market value of the fee simple interest of the subject “as is”. Appraisers: Jana Newburn, Associate Estimated Marketing Time: 12 Months
SITE DATA
Land Area: 2.164 ac +\- (94,264 SF +\-).
Current Zoning: “MR” – Mixed Use Regional Shape: Slightly Irregular /Slightly Triangular Road Frontage: Approx. 800 feet along the east side of Mayhill Rd. & Approx. 650 Ft. along west side of Edward Rd. * Estimate per GIS measurement. However, this portion of Mayhill & Edwards is new construction, and the GIS are not fully updated. We have estimated the frontage to the best of our ability. Please rely on survey for accuracy Topography: Generally, Level to Gently rolling and sloping to the street Soil Conditions: Assumed adequate; rely on geo-technical report Utilities: All city utilities available. Flood Plain: None; Zone X, Outside Flood, per FEMA Map 48121C0387G, June 10th, 2020
VALUE CONCLUSIONS
Cost Approach
Not Developed
Sales Comparison
Approach
$1,460,000
Income Approach
Not Developed
FINAL OPINION OF VALUE
$1,460,000
TM APPRAISAL ASSOCIATES Section A
PHOTOGRAPHS OF SUBJECT PROPERTY
TM APPRAISAL ASSOCIATES Section A
HISTORY OF THE SUBJECT PROPERTY
As required by the Code of Professional Ethics and Standards of Professional Appraisal Practice
established by the Appraisal Institute, the appraisal report must consider and analyze any current
agreement of sale, options, listings, and any prior sales within the past three years. This analysis
should reasonably disclose and verify:
a. Grantor(s) - Grantee(s)
b. Sale Date(s)
c. Sale Price(s) and terms of financing, discounting the sale to a cash equivalent, when necessary.
d. Any interrelated parties to each transaction.
The subject data is reported in compliance with USPAP and no other pertinent information was
noted other than is reported below. The data should not be used in lieu of a title search and is not
a guarantee to the chain of title.
According to the Denton Central Appraisal District, the subject property is owned by the City
of Denton, who purchased the subject from Kevin Nelms & Richard Greb on or about
4/15/2021, recorded in deed 2021-73208 for an undisclosed price. No additional sales or
transfers were recorded with the Denton CAD in the previous three-year period. No listings
were found on NTREIS MLS or Costar. The subject is assessed under accounts: 975295,
99105, and 635301.
The subject is not listed for sale and no contract for sale on the property is known to exist for
the subject as of the date of value. The intended use of the appraisal report is to establish
market value.
TM APPRAISAL ASSOCIATES Section B
SECTION B
SUBJECT PROPERTY ANALYSIS
TM APPRAISAL ASSOCIATES Section B
MARKET AREA ANALYSIS
The subject market area is considered to be the City of Denton, the county seat of Denton
County. The market area is 70-80% developed and the area is in the slow growth stage of the real
estate cycle. New construction is occurring and land uses consist of retail/commercial on primary
thoroughfares and in the city center, light industrial uses near railroad spurs and airports,
recreational uses located on nearby lakes, and residential on acreage and agricultural uses located
in the ETJ and in unincorporated Denton County. No external adverse conditions were noted in
the area. The market area is bound by the Denton city limits to the north, south, east, and west.
MARKET AREA MAP
TM APPRAISAL ASSOCIATES Section B
North Texas Council of Governments Population Summary
TM APPRAISAL ASSOCIATES Section B
TM APPRAISAL ASSOCIATES Section B
TM APPRAISAL ASSOCIATES Section B
Denton County Profile Summary:
Denton County, Texas, is a rapidly growing and diverse area located in the Dallas-Fort Worth
metropolitan region. Here’s a detailed community profile of Denton County:
General Information
Population: As of 2023, Denton County's population is approximately 1.1 million, making it one
of the fastest-growing counties in Texas.
Location: Denton County is situated in North Texas, bordered by Cooke County to the north,
Collin County to the east, Tarrant County to the south, and Wise County to the west.
Economy
Industry: The economy of Denton County is diverse, with strong sectors in education,
technology, manufacturing, and healthcare. The area has seen substantial growth in business and
industry due to its proximity to the Dallas-Fort Worth metroplex.
Employment: Major employers include the University of North Texas, Texas Woman’s
University, and several large corporations in technology and manufacturing.
Education
Schools: The county is served by multiple independent school districts (ISDs), including Denton
ISD, Lewisville ISD, and Flower Mound ISD, among others. The schools are known for their
strong academic programs and extracurricular activities.
Higher Education: Denton County is home to several higher education institutions, including the
University of North Texas (UNT) and Texas Woman’s University (TWU) in Denton, as well as
campuses of Collin College.
Culture and Recreation
Parks and Recreation: The county offers numerous parks, trails, and recreational facilities. Lake
Lewisville and Lake Ray Roberts are popular spots for boating, fishing, and outdoor activities.
Cultural Attractions: Denton County has a vibrant cultural scene with various museums, theaters,
and music venues. The city of Denton is particularly known for its music festivals and historic
downtown area.
Community Events: The county hosts a range of community events and festivals throughout the
year, celebrating local culture, arts, and heritage.
Housing and Real Estate
Housing Market: The real estate market in Denton County is diverse, with options ranging from
suburban neighborhoods to rural properties. The county has seen a surge in new residential
developments due to its growing population.
TM APPRAISAL ASSOCIATES Section B
Development: New housing and commercial developments are ongoing, with a focus on
accommodating the increasing demand from new residents and businesses.
Transportation
Roads: Denton County is well connected by major highways, including Interstate 35E, which
provides access to Dallas and other areas of the metroplex. State highways and local roads also
facilitate regional travel.
Public Transit: The county is served by the Denton County Transportation Authority (DCTA),
which provides bus and commuter rail services connecting Denton to neighboring areas,
including Dallas.
Community and Lifestyle
Demographics: Denton County is diverse, with a mix of urban, suburban, and rural populations. It
attracts a range of residents, from young professionals and families to retirees.
Lifestyle: The county offers a blend of suburban and rural lifestyles, with access to urban
amenities and a high quality of life. The area is known for its strong community spirit, good
schools, and recreational opportunities.
Overall, Denton County is a dynamic and growing region that combines the benefits of proximity
to the Dallas-Fort Worth metroplex with a diverse and thriving local community. Its strong
economy, educational institutions, and quality of life make it a desirable place to live and work.
City of Denton, Texas - Community Profile
Denton, Texas, located in the northern part of the Dallas-Fort Worth (DFW) metroplex, is a
growing city with a rich history, vibrant community, and strong economic prospects. Here's an
overview of the community:
Population & Demographics:
Population: Denton has an estimated population of around 160,000 as of 2023, making it one of
the larger cities in North Texas. The city has experienced consistent growth in recent years,
fueled by its proximity to the DFW metro area, local universities, and expanding job
opportunities.
Demographics: The population is diverse, with a median age of about 29 years, reflecting the
large student population. Denton is home to two major universities: the University of North
Texas (UNT) and Texas Woman’s University (TWU), contributing to a significant portion of its
residents being students.
Economy & Employment:
Key Industries: Denton's economy is driven by education, healthcare, retail, and manufacturing.
UNT and TWU are major employers, along with Denton Independent School District and various
healthcare providers.
TM APPRAISAL ASSOCIATES Section B
Employment Growth: The city's employment base is steadily growing, with opportunities in
higher education, government, and healthcare leading the way. Its proximity to DFW
International Airport and other key hubs also supports logistics and transportation industries.
Education:
Higher Education: The University of North Texas is a leading public research university with
over 40,000 students, and Texas Woman's University focuses on healthcare and education
programs. These institutions play a significant role in shaping Denton's cultural and economic
landscape.
Public Schools: Denton is served by the Denton Independent School District, known for its
quality education offerings and serving over 30,000 students across the city and surrounding
areas.
Housing & Cost of Living:
Housing: Denton offers a range of housing options, from single-family homes in suburban
neighborhoods to student apartments near the university campuses. The median home price is
around $355,000, making it relatively affordable compared to other parts of DFW.
Cost of Living: While housing prices are on the rise, Denton remains more affordable than central
Dallas or Fort Worth. The overall cost of living in Denton is about 5-10% lower than the national
average, with lower housing costs but slightly higher transportation expenses due to its suburban
nature.
Culture & Recreation:
Cultural Scene: Denton is known for its music and arts scene, often called the "Austin of North
Texas" because of its vibrant live music culture. The city hosts the annual Denton Arts & Jazz
Festival, which draws thousands of visitors.
Parks and Recreation: Denton offers numerous parks, trails, and outdoor activities, including
Lake Ray Roberts and Clear Creek Natural Heritage Center. The city is also working to expand
its green spaces and recreational facilities as its population grows.
Transportation:
Connectivity: Denton is well-connected via Interstate 35, providing easy access to Dallas, Fort
Worth, and Oklahoma. The Denton County Transportation Authority (DCTA) operates bus and
rail services, including the A-train, which connects Denton to the DFW light rail system.
TM APPRAISAL ASSOCIATES Section B
Outlook:
Denton continues to experience strong population and economic growth. It retains its small-town
charm while offering the amenities of a larger urban center, driven by its universities, arts, and
evolving infrastructure. Denton’s blend of education, affordability, and cultural vibrancy makes it
a desirable place to live for students, professionals, and families alike.
Overall, Denton County is a dynamic and growing region that combines the benefits of proximity
to the Dallas-Fort Worth metroplex with a diverse and thriving local community
TM APPRAISAL ASSOCIATES Section B
SITE ANALYSIS
According to the DCAD, the subject site consists of 3 contiguous tracts of land totaling (Referred to
as Lots 1-3) 2.164 acres +\- or approximately 94,264 SF +/- of land. The subject site is located on
the SWC of Mayhill Road & Edwards Road, in the City of Denton. The subject does not have a
physical address as of the effective date of value. For the purpose of this report, we will refer to the
subject site at times as “Lots 1-3”.
Property Type: 2.164 Ac +\- or 94,264 SF +\- of Land
Address: TBD Mayhill Rd & Edwards Road, City of Denton
County/State: Denton County/Texas
Location: SWC of Mayhill Rd. & Edwards Rd., Denton, Texas
Legal Description: A total of 2.164 acres of Land in the D. Hough Survey, Ab. No. 646, &
Providence Place II, Block F, Lot1R(ROW), City of Denton, Denton County, Texas
Land Area: 2.164 ac +\- (94,2646 SF +\-). *For the Purposes of this report the subject site is referred to as Lots 1-3. The lots are contiguous, and total size is ~2.164 acres.
Current Zoning: “MR” – Mixed Use Regional Shape: Slightly Irregular /Slightly Triangular
Road Frontage: Approx. 800 feet along the east side of Mayhill Rd. & Approx. 650 Ft.
along west side of Edward Rd. *Estimate per GIS measurement. However, this portion of
Mayhill & Edwards is new construction, and the GIS are not fully updated. We have
estimated the frontage to the best of our ability. Please rely on survey for accuracy. *It is a
specific assumption of this report that the land size reported for the subject is sufficiently
correct as to not adversely affect the value opinion. Topography: Generally, Level to Gently rolling and sloping to the street Soil Conditions: Assumed adequate; rely on geo-technical report Utilities: All city utilities available. Flood Plain: None; Zone X, Outside Flood, per FEMA Map 48121C0387G, June 10th, 2020
Highest and Best Use: “As Vacant” – Hold for Development with small to medium scale mixed
use/commercial development.
TM APPRAISAL ASSOCIATES Section B
The subject site is physically located on SWC of Mayhill Rd & Edwards Rd., Denton, Texas. The
site is legally described as total of 2.1 64 acres of Land in the D. Hough Survey, Ab. No. 646, &
Providence Place II, Block F, Lot1R(ROW), City of Denton, Denton County, Texas. The site offers
approximately 415 feet along the east side of Mayhill Road, and approximately 420 along the
north side of E. McKinney Street (Per GIS Estimate).
The subject property is situated at the intersection of two roads, a primary & secondary
neighborhood thoroughfare — Mayhill Road (primary) and Edwards Rd (secondary) both feature
concrete curbs and sidewalks, with a lighted signal at the intersection. Mayhill Road is a four-lane,
median-divided thoroughfare, while Edwards consists of two lanes. Both roadways experience
above-average traffic volumes and offer excellent visibility, providing strong exposure for
commercial development. The immediate and surrounding area is characterized by ongoing mixed-
use development, including commercial, institutional, and light industrial uses. Single family is
primary located along secondary and interior roadways.
According to the North Central Texas Council of Governments, traffic counts average
approximately 17,000 vehicles per day along Mayhill Road and approximately 9500 vehicles along
Edwards (a visual representation is included in the addenda). The site’s frontage provides above-
average visibility and accessibility, supporting a variety of potential uses. Considering the site’s size
(2.164 acres), surrounding zoning, and the continued transition and growth in the area, it is the
appraiser’s opinion that the property’s highest and best use is to hold for near-term development
with a small- to medium-scale mixed-use project.
The site consists of 3 contiguous tracts (referenced as Lots 1-3) and is considered slightly
irregular/triangular with near gently rolling to level topography which slopes to street grade, with
native grass, rock, and some tree cover. The frontage-to-depth ratio and ingress/egress are
considered good for commercial or mixed use. The site offers adequate utility availability in
sufficient quantities for development with all city services provided by the City of Denton. Utility
availability is considered to be offered in sufficient quantities for commercial, institutional, light
industrial, or a mixed-use development.
DCAD is the source of land size and provided in the following pages to aid the reader in size,
topography, and site layout. It is a specific assumption of this report that the land size reported for
the subject is sufficiently correct as to not adversely affect the value opinion. Lots 1-3 total land size
is estimated at ~2.164 acres according to available public record.
The site is assumed to have typical utility & right of way easements along the site border at the
street. The subject site does not appear to have any adverse easements or encroachments. However,
the reader should rely on a survey. It is a specific assumption of this report that the subject is not
adversely affected by encroachment, easement, or restriction other than is indicated in this report.
The immediate surrounding land uses include commercial, institutional, light industrial along
primary roadways, and single family and vacant land scattered throughout the area. No adverse
external influences were observed in close proximity.
TM APPRAISAL ASSOCIATES Section B
AERIAL PHOTOGRAPH
TM APPRAISAL ASSOCIATES Section B
The subject property is located outside the 100-year flood zone, in Zone X. It is a specific
assumption of this report that the subject is not adversely affected by a flood hazard area or
drainage area other than is indicated in this report. The applicable map is FEMA Map
48121C0387G, June 20, 2020.
FLOOD PLAIN MAP
TM APPRAISAL ASSOCIATES Section B
IMPROVEMENT ANALYSIS
The subject site is 3 contiguous vacant tracts of land with no improvements noted during our visual
inspection from the roadway. No improvements are listed per DCAD.
ZONING
The City of Denton regulates land use within their municipal jurisdiction by the implementation
and enforcement of zoning ordinances. Zoning ordinances purportedly screen and control urban
development, promote consistency, compatibility and contribution to the community, and define
the quality and character of the neighborhood area.
The subject property is situated within the City of Denton in an area currently zoned “MR” –
Mixed Use Regional. The immediately surrounding the subject zoning is primary for mixed used
development and planned development.
MR Purpose – “Purpose. The MR district is intended to provide a walkable urban center to
augment the regional draw and image of Denton. Development may include national retailers,
employment, restaurants, entertainment venues, and housing at the highest levels of scale and
density within the city. This district ensures that development will complement and embrace
existing viable uses and raise the standard of design to increase regional draw, accommodate
greater connectivity and mobility options, and create a sense of place. The MR district may be
established in areas with the greatest regional access and is sensitive to the adjacent built and
natural context.
The subject property is situated at the intersection of two roads, a primary & secondary
neighborhood thoroughfare—Mayhill Road (primary) and Edward Rd (secondary)— both feature
concrete curbs and sidewalks, with a lighted signal at the intersection. Mayhill Road is a four-lane,
median-divided thoroughfare, while Edwards consists of two lanes. Both roadways experience
above-average traffic volumes and offer excellent visibility, providing strong exposure for
commercial development. The immediate and surrounding area is characterized by ongoing mixed-
use development, including commercial, institutional, and light industrial uses. Single family is
primary located along secondary and interior roadways. According to the North Central Texas
Council of Governments, traffic counts average approximately 17,000 vehicles per day along
Mayhill Road and approximately 9,500 vehicles along Edwards (a visual representation is included
in the addenda). The site’s frontage provides above-average visibility and accessibility, supporting a
variety of potential uses. Considering the site’s size (2.164 acres), surrounding zoning, and the
continued transition and growth in the area, it is the appraiser’s opinion that the property’s highest
and best use is to hold for near-term development with a small- to medium-scale mixed-use project.
TM APPRAISAL ASSOCIATES Section B
Surrounding land uses include commercial, institutional, industrial and mixed uses along primary
roadways, with single family and vacant land scattered throughout the area. Considering these
influences, the site is considered to offer characteristics for small to medium scale
commercial/mixed-use development.
ZONING MAP
TM APPRAISAL ASSOCIATES Section B
TAX AND ASSESSMENT DATA
The subject property is within the tax jurisdictions of the Denton Independent School District, City
of Denton, and Denton County. According to the Denton CAD, the subject is assessed under
account numbers: 975295, 991005, and 635301.
The 2025 tax rates and 2025 assessed values were utilized in this analysis. The site’s total assessed
value for 2025 is reported at only $210, which is considered nominal and attributed to its current
public (City) ownership. If the property were privately owned, the assessed value would reflect
market value. Therefore, applying the 2025 tax rates to the concluded market value of $1,460,000, as
developed in the Sales Comparison Approach, results in an estimated annual property tax burden of
approximately $28,181, which is considered a reasonable indication under market conditions and
private ownership.
TM APPRAISAL ASSOCIATES Section B
HIGHEST AND BEST USE
The concept of Highest and Best Use can be defined as being: “The reasonably probable use of
property that results in the highest value.”
“To be reasonably probable, traditionally a use must meet certain conditions:
x The use must be physically possible (or it is reasonably probable to render it so).
x The use must be legally permissible (or it is reasonably probable to render it so).
x The use must be financially feasible.
Uses that meet the three criteria of reasonably probable uses are tested for economic productivity,
and the reasonably probable use with the highest value is the highest and best use.” 2
The subject site is physically located on SWC of Mayhill Rd & Edwards Rd., Denton, Texas. The
site offers approximately 415 feet along the east side of Mayhill Road, and approximately 420
along the north side of E. McKinney Street (Per GIS Estimate). As of the effective date of value
the subject does not have a physical address.
The subject property is situated at the intersection of two primary neighborhood thoroughfares—
Mayhill Road and Edward Rd— both feature concrete curbs and sidewalks, with a lighted signal at
the intersection. Mayhill Road is a four-lane, median-divided thoroughfare, while Edwards consists
of two lanes. Both roadways experience above-average traffic volumes and offer excellent visibility,
providing strong exposure for commercial development. The immediate and surrounding area is
characterized by ongoing mixed-use development, including commercial, institutional, and light
industrial uses.
The site consists of three contiguous tracts and is considered slightly irregular/triangular with near
gently rolling to level topography which slopes to street grade, with native grass, rock, and some tree
cover. The frontage-to-depth ratio and ingress/egress are considered good for commercial or mixed
use. The site offers adequate utility availability in sufficient quantities for development with all city
services provided by the City of Denton. Utility availability is considered to be offered in sufficient
quantities for commercial, institutional, light industrial, or a mixed-use development.
Drainage appears to be adequate and no issues with drainage were noted during our onsite
inspection, as of the effective date of this inspection. The subject property is not located in a flood
hazard area. It is a specific assumption of this report that the subject is not adversely affected by a
flood hazard area or drainage area other than is indicated in this report. The applicable map is
FEMA Map 48121C0387G, June 10th, 2020.
The site is assumed to have typical utility & right of way easements along the site border at the
street. The subject site does not appear to have any adverse easements or encroachments. However,
the reader should rely on a survey.
2The Appraisal of Real Estate, Fifteenth Edition, Appraisal Institute, 2020, Pages 305-315
TM APPRAISAL ASSOCIATES Section B
The immediate surrounding land uses include commercial, institutional, light industrial along
primary roadways, and single family and vacant land scattered throughout the area. No adverse
external influences were observed in close proximity.
The subject property is situated within the City of Denton in an area currently zoned “MR” – Mixed-
Use Regional. The immediately surrounding the subject zoning is primary for mixed used
development and planned development. Due to the size of the site (2.164 ac), the growing area,
surrounding adjacent zoning, as well as the ongoing change in use and patterns of development, it is
our opinion the subject highest and best use is to hold for development with a small to medium scale
commercial development with a mixed-use development in the near future.
The subject is located on a two primary neighborhood thoroughfares (Mayhill Rd. & Edwards Rd.)
in an ongoing developing mixed-use area. Both Mayhill & Edwards Rd. are primary thoroughfares
at the subject site with mostly commercial and mixed-use commercial, institutional, and industrial
located in and around the area. Traffic levels and visibility are considered above average with North
Central Council of Governments reporting traffic counts between approximately 17K daily vehicles
along Mayhill Rd, and approximately 9500 vehicles along Edwards daily (a visual representation is
presented in the addenda.
Considering these influences, the site is considered to offer characteristics for small to medium scale
mixed-use development.
The highest and best use of the subject site “As Vacant” – Hold for Development with small to
medium scale mixed-use development.
TM APPRAISAL ASSOCIATES Section D
SECTION C
VALUATION ANALYSIS
TM APPRAISAL ASSOCIATES Section D
APPROACHES TO VALUE
The estimation of value involves a systematic process in which the problem is defined; the work
necessary to solve the problem is planned; and the data required is acquired, classified, analyzed and
interpreted into an estimate of value. In this process, three basic approaches: the Cost Approach, the
Income Approach, and the Sales Comparison Approach. When one or more of these approaches is
not applicable in the appraisal process, justification is warranted. A brief explanation of each approach
follows:
In the Cost Approach, the appraiser must first estimate the value of the subject site by comparing it to
similar sites that have recently sold or are currently offered for sale. The replacement cost new of the
improvements, as determined by comparison to similarly constructed properties, is then estimated.
Depreciation from all sources is determined and subtracted from the replacement cost new of the
improvements, to arrive at their present worth. The present worth of all improvements is added to the
estimated site value with the result being the indicated value by this approach. The age/condition
and/or design may render this approach inapplicable due to the subjectivity of the estimation of
depreciation.
The Income Approach is a process in which the anticipated flow of future benefits (actual dollar
income or amenities) is discounted to a present worth figure through the capitalization process. The
appraiser is primarily concerned with the future benefits resulting from net income. Net income is the
remainder after deduction of expenses of operation from effective gross income. The steps in this
approach include estimating potential gross income by comparison with competing properties and
estimating expenses (derived from historical and/or market experience) to determine a projected net
income stream. The income stream is then capitalized into an indication of value by using
capitalization rates extracted from competitive properties in the market or by using other techniques
when applicable.
The Sales Comparison Approach involves the comparison of similar properties that have recently
sold or similar properties that are currently offered for sale, with the subject property. These properties
are compared to the subject with regard to differences or similarities in market conditions,
age/condition, location, physical characteristics, and any conditions influencing the sale. The notable
differences in the comparable properties are then adjusted from the subject property to indicate a value
range for the property being appraised. When sufficient sales data is available, these adjustments are
best determined by the actions of typical buyers and sellers in the subject's market. This value range, as
indicated by the adjusted comparable properties, is then correlated into a final indicated value for the
subject property by this approach.
TM APPRAISAL ASSOCIATES Section D
The value estimates, as indicated by the applicable approaches, are reconciled into a final value
estimate of the property's worth. The sales comparison approach is considered applicable as there are
a number of similar land sales in the market and sufficient sales data for comparison. The cost
approach is not applicable as the subject is vacant land with no improvements. The income
capitalization approach is not applicable as the subject is considered vacant land and is not typically
bought and sold for income producing abilities.
The Sales Comparison Approach is applicable and developed in the following pages.
TM APPRAISAL ASSOCIATES Section D
SALES COMPARISON APPROACH
This approach to value, also termed the Market Approach, requires the comparison of similar
competitive properties that have recently sold to the subject property. In this market area, the most
typically used unit of comparison is the Sale Price per Square Foot (SP/SF).
The unit of comparison is obtained by dividing the property's sale price by the applicable unit. Since
this unit of comparison involves a comparison of physical attributes, adjustments must be made for any
differences that affect sale prices. These differences include financing conditions, market conditions,
location, size, and various utility attributes. This is a reliable unit of comparison, assuming a high
degree of comparability.
The sales comparison approach is considered applicable as there are numerous similar land sales in
the market and sufficient sales data for comparison.
Recent sales of relatively similar properties within the market area are analyzed as a basis for valuation
of the subject property. Those sales, which are considered to be the most reliable and comparable to the
subject, are presented on the following pages.
TM APPRAISAL ASSOCIATES Section D
Summary and Adjustment Grid - Comparable Land Sales
TM APPRAISAL ASSOCIATES Section D
Location Map - Comparable Land Sales
TM APPRAISAL ASSOCIATES Section D
LAND SALES DETAIL PAGES
TM APPRAISAL ASSOCIATES Section D
COMPARABLE LAND SALE NUMBER 1
Lines are approximate
Address: Lot 4A Loop 288
City: Denton
County/State: Denton/Texas
SALES DATA
Grantor: 100 North Loop 288, LLC
Grantee: Waffle House Inc
Sale Date: 9/18/2024
Sale Price: $550,000
Site Size: 0.5740 Acre/25,003 SF +/-
SP/SF: $22.00/SF
Terms of Sale: Market
Zoning/Use: SC/Similar
Utilities: All available
Verified By: DCAD, Deed 2024-102055/SVN Broker/Office Files
Flood Plain: None – Zone X
Improvements: None
Easements: Typical Utility and Right-of-way Easements assumed
TM APPRAISAL ASSOCIATES Section D
COMPARABLE LAND SALE NUMBER 2
Lines are approximate
Address: 824 Teasley Lane
City: Denton
County/State: Denton/Texas
SALES DATA
Grantor: Denton West Joint Venture
Grantee: Grindstone Denton LLC (Dutch Bros)
Sale Date: 5/8/2024
Sale Price: $775,000
Site Size: 0.89 ac/38,899 SF +\-
SP/SF: $19.92/SF
Terms of Sale: Market
Zoning/Use: SC/Similar
Utilities: All available
Verified By: DCAD, Deed 2024-48563/SVN Broker/Office Files
Flood Plain: None – Zone X
Improvements: None
Easements: Typical Utility and Right-of-way Easements assumed
TM APPRAISAL ASSOCIATES Section D
COMPARABLE LAND SALE NUMBER 3
Lines are approximate
Address: 2301 Hunters Creek Rd
(NWC Hunters & Teasley)
City: Denton
County/State: Denton/Texas
SALES DATA
Grantor: Denton West Venture
Grantee: City of Denton
Sale Date: 012/12/2023
Sale Price: $2,000,000
Site Size: 3.158 Acre/137,56 SF +\-
SP/SF: $14.54/SF
Terms of Sale: Market
Zoning/Use: PF/Similar
Utilities: All available
Verified By: DCAD; Deed 2023-131462/ SVN Broker/Office Files
Flood Plain: None – Zone X
Improvements: None
Easements: Typical Utility and Right-of-way Easements assumed
TM APPRAISAL ASSOCIATES Section D
COMPARABLE LAND SALE NUMBER 4
Lines are approximate
Address: TBD Teasley/Lot 2C, Blk A, Denton
West Joint Venture Addition
City: Denton
County/State: Denton/Texas
SALES DATA
Grantor: Denton West Joint Venture
Grantee: Shops at Teasley Lane LLC
Sale Date: 12/18/2024
Sale Price: $1,360,000
Site Size: 2.45Acre/106,722 SF +\-
SP/SF: $12.74/SF
Terms of Sale: Market
Zoning/Use: PD/Similar
Utilities: All available
Verified By: DCAD, Deed 2024-137922, Broker- Greg Johnson
Flood Plain: None – Zone X
Improvements: None
Easements: Typical Utility and Right-of-way Easements assumed
TM APPRAISAL ASSOCIATES Section D
COMPARABLE LAND SALE NUMBER
Lines are approximate
Address: NEC US 377 & Country Club Rd
City: Denton
County/State: Denton/Texas
SALES DATA
Grantor: Vandesmith Developers Ltd
Grantee: Vaulk IV LLC
Sale Date: 3/7/2024
Sale Price: $$1,202,000
Site Size: 1.84 acre/80,155 SF +\-
SP/SF: $15.00
Terms of Sale: Market
Zoning/Use: SC/Similar
Utilities: All available
Verified By: DCAD, Deed 2024-24138, Broker- Greg Johnson
Flood Plain: None – Zone X
Improvements: None
Easements: Typical Utility and Right-of-way Easements assumed
TM APPRAISAL ASSOCIATES Section D
Analysis of Comparable Sales “As Is”
The unit of comparison developed in this approach from the comparable sales to estimate value is
considered to be one primarily utilized by market participants for this property type. The adjustments
warranted for the comparable sales are discussed below.
Property Rights Conveyed: Each of the comparable sales involved the sale of a fee simple interest.
When considering the subject property rights appraised, adjustment for property rights conveyed of the
comparable sales is not warranted.
Financing Terms: All of the sales are reported to have market terms or cash to seller transactions;
therefore, adjustment consideration is not warranted.
Conditions of Sale: All of the sales utilized in this analysis are reported to be arms-length transactions
with no known adverse or extraordinary conditions affecting the sale. Therefore, none of the sales
warrant adjustment consideration for conditions of sale.
Market Conditions: The sales transacted in 2023-2024 in current market conditions and do not warrant
adjustment consideration.
Location/Site/Access/Exposure/Traffic: The subject site is physically located on SWC of Mayhill Rd
& Edwards Rd., Denton, Texas. The site offers approximately 415 feet along the east side of
Mayhill Road, and approximately 420 along the north side of E. McKinney Street (Per GIS
Estimate). The subject property is situated at the intersection of two roads, a primary & secondary
neighborhood thoroughfare — Mayhill Road (primary) and Edward Rd (secondary) both feature
concrete curbs and sidewalks, with a lighted signal at the intersection. Mayhill Road is a four-lane,
median-divided thoroughfare, while Edwards consists of two lanes. Both roadways experience above-
average traffic volumes and offer excellent visibility, providing strong exposure for commercial
development. The immediate and surrounding area is characterized by ongoing mixed-use
development, including commercial, institutional, and light industrial uses.
Sales 3 and 5 are considered the most similar in traffic, visibility and exposure – both are corner access.
With Sale 5 being a lighted corner. Both have high traffic and visibility. No adjustment is considered
necessary. Sale 1 is located north, along SH Loop 288. Although, located just off the corner SH Loop
has slightly higher traffic and exposure. A 5% downward adjustment was applied. Sales 2 & 4 are
located along Teasley with similar traffic and exposure. However slightly inferior access, both being
interior lots. A 3% upward adjustment is applied to each.
TM APPRAISAL ASSOCIATES Section D
Size: Smaller properties tend to sell for more per unit than similar larger properties due to the
economies of scale. The subject consists of 94,264 SF +\- (2.164 acres) of total land area. Sales 4 & 5
are the most similar to the subject in size warranting no adjustment.
Sales 1 & 2 are moderately smaller at approximately 25,003 SF +\-, and 38,899 SF +\-, respectively.
They are adjusted downward 20% due to economies of scale. Sale 3 is modestly larger at 137,562 SF;
it is adjusted upward 10% to account for economies of scale.
Zoning/Use: The subject and comparable sales all have similar intended use. No adjustment is
necessary.
Utilities: The subject and comparable sales all have similar access to utilities warranting no
adjustment.
Flood Hazard Area/Easements: The subject and comparable sales do not exhibit flood area, and all
have similar utility. No adjustment is necessary.
Improvements: The subject and comparable sales are all vacant lots. No adjustment is necessary.
Shape/Topography: The subject property has adequate shape and topography for development being
primarily level above street grade to gently sloping to street grade and is slightly irregular to slightly
triangular in shape. All of the comparable sales are considered to have utility of shape and
topography conducive to development overall, similar to the subject and do not warrant adjustment
consideration.
Value Indication by Unit of Comparison “As Is”
The comparable sales have an unadjusted range of $12.74 to $22.00 per SF, and an adjusted range of
$13.13 to $16.54 per SF. The average per square is $15.43 and the median is $16.00. All five sales are
considered to be representative of the subject property’s value after adjustments are taken into
consideration. Equal emphasis on all five sales as they all are considered the good representation once
adjustments are taken into consideration. Therefore, we have reconciled a value per SF of $15.50/SF
based on our analysis. The value estimate is calculated below.
Gross Land Area (SF) SP/SF Value Indication
94,264 x $15.50 = $1,461,090
Value Estimate $1,460,000
VALUE INDICATION BY UNIT OF COMPARISON
Value Conclusion by the Sales Comparison Approach
The estimated market value of the fee simple interest in the subject property “As is” is $1,460,000.
TM APPRAISAL ASSOCIATES Section D
SECTION D
FINAL RECONCILIATION, MARKETING TIME, ASSUMPTIONS, LIMITING
CONDITIONS, AND CERTIFICATION OF APPRAISERS
TM APPRAISAL ASSOCIATES Section D
RECONCILIATION AND FINAL OPINION OF VALUE
Cost Approach Not Applicable
Sales Comparison Approach $1,460,000
Income Approach Not Applicable
The Cost Approach utilizes replacement cost estimated by using actual costs for comparable facilities
and/or Marshall and Swift Valuation Services. Indirect costs associated with property are also
determined. The land value is estimated by analyzing current land sales within the area. The estimated
land value is added to indicate the value estimate by this approach.
The Sales Comparison Approach is considered a generally reliable method because the units of
comparison are market based. The units of comparison are direct, which renders the comparison highly
indicative of market behavior and the primary approach utilized by market participants.
The Income Approach is generally considered to be an appropriate valuation method when the
property has rental income-producing potential. The potential gross income, stabilized vacancy rate
and operating expenses are estimated from market data.
The Cost Approach is not applicable as the subject is vacant land. The Sales Comparison
Approach is considered applicable as there are numerous similar land sales in the market and
sufficient sales data for comparison. The Income Capitalization approach is not applicable as the
subject is considered primary vacant land and is not typically bought and sold for income producing
abilities.
TM APPRAISAL ASSOCIATES Section D
Utilizing the Sales Comparison Approach to value as it best represents the actions of buyers and
sellers in the market, the estimated market value of the fee simple interest for the subject property in
"as is" condition subject to the Assumptions and Limiting Conditions, as of October 21st, 2025:
FINAL OPINION OF VALUE OF THE SUBJECT PROPERTY “AS IS”
- - ONE MILLION FOUR HUNDRED SIXTY THOUSAND DOLLARS - -
- -$1,460,000 - -
We appreciate the opportunity to provide this appraisal for you. Should you have any questions
regarding the appraisal, contact the firm at (940) 243-2387.
Respectfully submitted,
TM APPRAISAL ASSOCIATES Section D
MARKETING PERIOD/EXPOSURE TIME
Per USPAP the exposure period for the subject property must be analyzed. Five factors must be
considered in the exposure period, the ability of those marketing the property, the type of property,
the listing price, the size and location of the market and the comparability of available market data.
An adept marketer will tend to move the property in a shorter period than will an average one and an
inept marketer may require twice as much.
Exposure period must be assessed in terms of whether the property was originally listed reasonably
close to its true value as perceived by the market. Any property listed significantly above its true
value will tend to attract no interested parties due to the perception that it is a waste of time pursuing
its purchase. Further, a property listed noticeably below the market's perception of the value will
tend to sell in a shorter period than may otherwise be required and therefore distort the concept of
"reasonable marketing period". A study by M/PF, a real estate market research firm in Dallas,
polled real estate brokers as to the "reasonable marketing period" for various types of real estate.
The response was 9 - 12 months. Implicit in this response is that the property is listed reasonably
close to the market's perception of its true value.
Historically, purchasers of any property which is considered by the market to have value, are
available regardless of product oversupply, availability of financing or lack thereof. The definition
of market value specifically requires that there exist a potential buyer and potential seller, each
acting prudently and knowledgeably and implies a consummation of a sale. Therefore, an additional
factor to be considered in analyzing the marketing period is the size and location of the market. For
very large industrial properties or for very specialized properties such as petrochemical refining,
large granaries, etc., the market may be relatively small, specialized and national or international
rather than local or regional. More typical real estate such as apartments, retail, office and vacant
land has a market that is local, regional national or international implying a shorter marketing period
and exposure time.
The date of the comparable sales must be considered. If no data is available to indicate current
expectations of current market conditions and is only available for market conditions unlike current
conditions, the value indicated by the data may not necessarily reflect current expectations and the
analysis must include these circumstances.
Properties similar to the subject in the market area are marketable to a wide group of potential
purchasers in the local region, state, and nation. Exposure time is considered to be twelve months.
Without exception, all real estate offices contacted expressed, if offered at or near market value and
had the property been correctly exposed to the market for the past twelve months, the property
should sell for a reasonable price. After development of the preceding pages of market data, it is our
opinion that had the property been offered at or slightly above the market value conclusion an
exposure period from 9 - 12 months is considered necessary for the property to potentially
consummate a sale closer to the appraised market value. An exposure period of twelve months or
less is considered applicable for the subject property.
TM APPRAISAL ASSOCIATES Section D
ASSUMPTIONS AND LIMITING CONDITIONS
1. No responsibility is assumed for legal or title considerations. Title to the property is assumed
to be good and marketable unless otherwise stated in this report.
2. The property is appraised free and clear of any or all liens and encumbrances unless
otherwise stated in this report.
3. Responsible ownership and competent property management are assumed unless otherwise
stated in this report.
4. The information furnished by others is believed to be reliable. However, no warranty is
given for its accuracy.
5. All engineering is assumed to be correct. Any plot plans and illustrative material in this
report are included only to assist the reader in visualizing the property.
6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures that render it more or less valuable. No responsibility is assumed for such
conditions or for arranging for engineering studies that may be required to discover them.
7. It is assumed that there is full compliance with all applicable federal, state, and local
environmental regulations and laws unless otherwise stated in this report.
8. It is assumed that all applicable zoning and use regulations and restrictions have been
complied with, unless a non-conformity has been reported, stated, defined, and/or considered
in this appraisal report.
9. It is assumed that all required license, certificates of occupancy or other legislative or
administrative authority from any local, state, or national governmental or private entity or
organization have been or can be obtained or renewed for any use on which the value
estimates contained in this report are based.
10. Any sketch in this report may show approximate dimensions and is included to assist the
reader in visualizing the property. Maps and exhibits found in this report are provided for
reader reference purposes only. No guarantee as to accuracy is expressed or implied unless
otherwise stated in this report. No survey has been made for the purpose of this report.
11. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described and that there is no encroachment or trespass unless
otherwise stated in this report.
TM APPRAISAL ASSOCIATES Section D
12. The firm is not qualified to detect hazardous waste and/or toxic materials. Any comment by
the firm that might suggest the possibility of the presence of such substances should not be
taken as confirmation of the presence of hazardous waste and/or toxic materials. Such
determination would require investigation by a qualified expert in the field of environmental
assessment. The presence of substances such as asbestos, urea-formaldehyde foam
insulation or other potentially hazardous materials may affect the value of the property. The
value estimate is predicated on the assumption that there is no such material on or in the
property that would cause a loss in value unless otherwise stated in this report. No
responsibility is assumed for any environmental conditions, or for any expertise or
engineering knowledge required to discover them. The descriptions and comments are the
result of the routine observations made during the appraisal process.
13. Unless otherwise stated in this report, the subject property is appraised without a specific
compliance survey having been conducted to determine if the property is or is not in
conformance with the requirements of the Americans with disabilities act. The presence of
architectural and communications barriers that are structural in nature that would restrict
access by disabled individuals may adversely affect the property’s value, marketability, or
utility.
14. Any proposed improvements are assumed to be completed in a good workmanlike manner in
accordance with the submitted plans and specifications.
15. The distribution, if any, of the total valuation in this report between land and improvements
applies only under the stated program of utilization. The separate allocations for land and
buildings must not be used in conjunction with any other appraisal and are invalid if so used.
16. Possession of this report, or a copy thereof, does not carry with it the right of publication. It
may not be used for any purpose by any person other than the party to whom it is addressed
without the written consent of the firm, and in any event, only with proper written
qualification and only in its entirety.
TM APPRAISAL ASSOCIATES Section D
Specific/extraordinary assumptions and/or hypothetical conditions utilized in the value opinion:
i It is a specific assumption of this report that the subject has no environmental or structural
conditions which could adversely affect its marketability or market value.
i It is a specific assumption of this report that the subject is not adversely affected by a flood
hazard area or drainage area other than is indicated in this report.
i It is a specific assumption of this report that the land size reported for the subject is sufficiently
correct as to not adversely affect the value opinion.
i It is a specific assumption of this report that the subject is not adversely affected by
encroachment, easement, or restriction other than is indicated in this report.
TM APPRAISAL ASSOCIATES Section D
CERTIFICATION OF THE APPRAISER(S)
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 personal, 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
we have no personal interest or bias with respect to the parties involved. 4. The compensation is not contingent upon the reporting of a predetermined value or direction in
value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event.
5. The appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan.
6. The analyses, opinions, and conclusions are developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice.
7. I, Jana Newburn, have made a personal inspection of the property that is the subject of this report.
8. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the
Standards of Professional Appraisal Practice of the Appraisal Institute.
9. The use of this report is subject to the requirements of the Appraisal Institute relating to review
by its duly authorized representatives.
10. As of the date of report, I, Jana Newburn, am a State Certified General Real Estate Appraiser. 11. TM Appraisal Associates or Tommy Marshall & Associates have not appraised or provided
valuation services for the subject property in the preceding three-year period.
12. The value estimate is not valid unless this certification is included in the appraisal.
Respectively Submitted,
SECTION E
ADDENDA
APPRAISER QUALIFICATIONS
APPRAISER LICENSES
NCTCOG HISTORICAL TRAFFIC COUNT – MAYHILL & EDWARDS
https://trafficcounts.nctcog.org/
AG APPRAISAL AGREEMENT PAGE 1
APPRAISAL AGREEMENT PAGE 2