reid drive apartments appraisal- october 2013

8/11/2019 Reid Drive Apartments Appraisal- October 2013

1/95

subj.ct

Value of

site wth FiEiins rmpmndnl5

32,(1 Reid Drive

corDus

chrrsrr,

TeFs

cdFus chdsli

Reid

Ddw ApadmenG REvrsED

PREPANEO

BY:

slde

caniied

GneEl Re.l

Esld. App6is.r


2/95

C.rlus

ch

ttl-

ield

Drlve

Apartftnts-

nEVISED

DAVID

E. JONES

u,a

, rq4 td4r4. (ffi)

6L4p

,'s

you

qlesred,

we haw cmpleled

an appEtsa[oTMARKETVALUE

Texas.

The req.t d oscriprion

c"Lor

1,

Bock

41. Lid,ra

p.rk

*q., Nus counq.

Tens

suhjedro

a restridiois, $snenls

]ne PURPoafoflhe.ppraisarisro

of

MARKET vALUE.s detinad hec n

he

R

oms

appGisen a FEEStMpLE

lNTEREsrinth6rudace6d.t

subjadbanbas6aom6m6ft rsslriolions.nd4s6n6risotr6rd.

imiistions

caused

0y emrienl doman.

siandby

n

Eb

otuvide

a

bash ldr loan @nsde6[on

rne

appm

3a

srudy

@nla nod wirhin rhe arached repon has

been

pparcd

n orne'

b

oonrom

b

FTRREA

Gud6rin65

aid

ihe LJnfom

sraida

0JspAp).

rh6

wtuo

tieod b6row

E

qu.rf6dbycdahassumplions

mifnsmndirons,deiniiions..nddmrioisseirodh

nlhisrcpon.

In

odopindn rhe

FTNAL

oFtNtoN o

pDpedy

ddscribed

lrerein

oand

wnh

impMmenis on

sib).

'As

r"

ls 3540,000:

Dav,l

E

Jan8 A

Aioa1u,


3/95

Corpus Chrlstr- Rerd Ddv.

A@rtmsis- RlvrSED

The

fonowhq li@

poims

wrify

dur

comp snce

wnrr

yor

tnsrrucuore

aid

@npnsn@

wfth

FTRREA

Gutde

nes

a

copy

0r

lrdinifrdtons

sincuded

n

l

cdnfom

to

qeneEny.@pred

appr.isatstaidards

asetdend

byrhe unitom s.land.dE

or

PtulessionrrApp6ba

PEdi

oJsPAq

rfi

2

Edirim

efiedi bruary

1,2012

pmhusaled

byth6Apphal

0nd.ron,

un e$

Fincip6s

orsafe

a

wilh

srjder

srandards

EdiE

Bporl

romarion and anatFtsiosuppo,

he insriiulton

s

dec sion b

onoage

rn

thei.nsadion

EntiE Epon

3

Ana

yz6

and repod

.porcpriars ddudidns

and

disuiis

ror

ptuposed

c

tds6

rem

and rEcldswlopnentswirh

unsold

uril . so con

al(e wueasdelnedho6insEed

5 Bo

prromed

by stat liensed

o

(h

rcquicm.nc

ser

rorm

so,

hercby diry

rha

lh s aporaisat comp

ies

p

r

rhe app

rebte

sl.idad

rui

lypi4l

batkdpprcisa poricisand

1o theappEserspeers

sl$dadr

lnank

youloflhisoppddniryio

beo

sirons abod rhe

anached reporr

b;eY."--

ture

cedtfed

GeneErRe.rEse

AppEser

Dq,d

E.

Jod.'

e tueaqta


4/95

corDus

cnnstr

Rrd Drrye

AErrmnte

RrvrsED

TABLE OF CONTENTS

OEF N

T]ON OF

MARKEI VALUE.,

APPRA SAL STANOARD

RULES ,.

PROPERTY RIGHTS

APPRAISED

AND HYPOT]'IET

CAT

CONDITION

CORPUS

CHRIS'I

MSA PROFILE SUMMARY

.

CORPUSCHRIS'ISALEST,'U\RECEPTS.

. .

..

DESCR PT

ON

OF

IMPROIEMENT

SALES

COMPARISON

APPROACH

''''''''''''''a3

SUMMARY OF BUILDING

SCLES,..

INCOME APPROACH

TO AN INO CAT

INCOMEPROFORMA..,,

Dtuid E

J.nn

&

Aiodat.s


5/95

tul E.

J.r6 &

Atub


6/95

CorDG Chrr.t- Rerd Drrv

Ap6rtsmrrs-

REvrsED

sEcTtoN

7

D4viJ

E

Jar8

A A,fta.rB


7/95

corDus chdsu-

ldd

brtE

aDlrtnqts

Rw$tD

3,241 Rerd

Ddw,

coTG

chrlni,

TeEs

Lor 1,

Bloc*

,tl,

undslo P.*

*,a,

Nuo6

comty,

TM

slTE

oaTA:

A.

t "

ft,72a sqGE reet

(+,-)

dr

0.133 a@s

(+,t

E]@

Land

Hishee

i

E{

use

Mutri-ramjtytuside

istdew'opmnr

txttirtes

BUILDINGDAIA:

ExlSTIiIG

Ch$aTyp.

c

es

.D'Tylo .Aps.hont

.

conslrud on

Ou slity

Hrshetl&

B9 *

Apaftrent complox

GEsBuirdinsAE.

11,A,(TsquaEEet(+,)

Nlmbrotunns

1s

VALUE

INDICANOI{S:

s.c.

App@cn

59o,ooo

In@me

App@oh

t70,000

INTEREST:

NOT

dNSidCEd.

FFE

ADDmONS:

Assum.d

ione

cO[DmoNaoFAPPRAtsAti

.Asb.

D@dE

Jtu,

A A.e.id.s


8/95

6OEaht

d- ndd

Ddv.

AD.rffi

revl5ED

FTN^LCONCUJIION

OF

"&b"

'

v

ruE:

R..tEstt

l6,|o,mo

FFE

IO

co.dritl

TO'A

iaao,000

cRtlERlAoF@

Ctl|a|olll:

n.tmtophton

[email protected]

dstrg..pplllg

th.

s5t*

c.mp.dlon

.id

Inom aFF .dr4

io \/.tue

M 6

JoN& A'nc.td


9/95

corrls

chrrsd- Rdd DrlE

aHrrftnte

REvrsEo

sEcTtoN

2

Dawd E

J.r.t

&

A'na.r.'


10/95


11/95

colDG

chrtsd- Retd Drtve

Aparunerrs.

REvrsEo

COPEOFWORK

ThsdppEiserpeirotridrhe

fo

sng s@p

otsorkregadiigrhesubje.t

spa ments

1

The'ppErssrceiwdlhessslqnmoilwlbanyandVawtrenEns.s

'Theappdrssfdtsoussedlhdassionmdnrwirhrh6dmimdidmrfiedrh6prcbtsrolobesoredftqardno

s quased ihs rolowins:

a

se[-6iraindd

appraiear

tomar usinq .i

.a3

iJ

@ndilidn

The wtue {i[ nor

ind

har rhe

olied

s ine sote

aid

he ctienl

io maka undesdriig

dacisbn Es.dn0rhis pm@dywhic

s r

pa$ssioi

ior iound in

pubtid

@rds

resa

rdii

o

the

pto

pe

dy rMi wou td

tmpad the appE tsa I

ptuess

inctud

ns matroE

of

phrsiat

tegal

oroonomocneBdorrsd6.ldfoma

pealuto

numb6r. tncome&

6xpns6

for

ihe

pasr

3

,aF

and

y

o dew

op ihe appEis. . The

app

'

r

rrpi@t

prrster

hrdor ,nspedidi ot irre

judqe

lrre srtoctuclhteq

lyorimo66

inspsdionbeoompteredon

arr

s1tu0tu3 or

inprowmeils

ro

de

I inrg'fty of

imprcvemenG aid

any rcpan needs.

The

tand

and

buitdins siz

dda

Ms obrained

frcm

go

nor

iidependen

y

wrified by rhe a

ppisr

'

epnFiatin"peaon

'as

pormm6d

ofihe

naishb.''nood.

(caD)

was

deRitued

abou he

h'srory

dfrhe

prcperly

rhey

povded

s.and

'n.Asaarchoromprbt6sdswasooiduotedlnrcuqh

cAo rc6 ds.

Prcpe ny

r

6ts

ya

p.ovjded

by

cAD

we Ev*ed rd vs

tuss

of simita I

prcpenies

and

compard he

r sossd h. w

h urs

sbFdl

s$sed

uE.

p

w6E

ses'ded

usins

oo0nry cterk or epprs {r

dishol rc@ds.

''

Tha

@ner wss hrafri*ed

by

lh

n5r

iniomaron Esadiis

M.

pn'.6

darsdensr6

or rhe subjed

rckeE,

stumeF lirte

{anrs

appEtseG

and tendec h rhe ma*er as

weE irreMowed

tofaddirion.

n.'rei inromarion

'"

Rsssarchandinspedronollhoav.iboapsnmonrs.t.sprowdrobrc.b6andad.qudieroanoy"o

aid

support

Ihe

conclNions

Ersrrr

Ddid E

Jmn

& A$oaaej


12/95

c..F cnd.d- tdd

Dri[

to.rlm|nr- nErED

r(

leg oonomtc

tnlornsrton mg

obr.ti.d

f.m toqt bnk , ohnM

or

@mn@,

4dlc

nbdb.,

'o

oemogngrtcoarw:rourtnolf.nth. ptoh./6DDprtsEryd.r.b.

r,

''

ttre intmalon

ncco@ry

tor rhts

eprlbt

Nbnmnt

@ h.n

@rprE

b

ldq

rns Ero

ti

[email protected]

yffi

u

uiltom

6bndads ofPmh$lond

appEtqt

Pfli{6

(JsPAn,

eGI

e, ddtbnat

hntudhF

b rh.

Mts.rfbm th.

clhnr

f

hi. oqend fiw

th. d.tn

d..med

ruosry hr $.

dstotn.nr

ot

. dldSt

Fpon hlt not

potidgd

hcrd.d

u.

ft o$tl :

Non6

'n

OaUcquo*aOtoootrsa*rddns.ryttril*d.\t [email protected].

inctud.d rh.

tol@in :

Nn6

D.dd

E

J.i4

t

atod.t6


13/95

Corpc Chrt*t- Rerd Ddve

Ap:rtBrts. REVISED

DEFINITION OF MARKET

VALUE

Ma

icr

va|6

is rhe

malor rocus

or nosl

rea

pro

pedy

a

pp6

ba dsiqn

nenls. Boih emnooio

and teq3t d6ri

ir

ons

0t

mar{8t va 6 hare

bn

dM opd

niron asreed

upoi

by

ao6nci6rhar

4 44r

r@

dt non

pmbablc

pie

sh,ch 3

pmFnr

sh'rd

binc inr

@tr9diin. ad o .n ilJ|jr

urds

aI 6idrb6

tquilit lo a

lan

di t

doras ..if1ed&t:dilE ss''gollill.Iom*0dlobqsUndd@iditoBvheEbl

rB' -dd*[oare'wignymn\d]

r A reMbl.

iim

r

rlto$.d ror.

I

P4mntGn:dinrmofshinus

dotsorhbmorfiffiirtarusemtudtrpojrbr.reroi

5.

Th

pn@

Eplts ri.

anur @6id.nrjon rbr rhe

pDp.ny

sld

usffsred

bl

@ial

or

ftiive

re the un fom siandads ot Pmtessionat

App6 3dt

prsctioe

(Jspap)

and

ogutaion12cFRP.n34,FD|CRutalion

12cFRpad323

Tiroxt

of

owry

snd

Enio@nenl Acr or 1939

(F|RREA)

and ie

offe

orTrrin

supeMsroi

Rasuraflon

54.2(0 aid

Tnre xr

or

ure Ftn$dat InsmrnioN

R

Ad

GTRREA),

12cFR

34.42(0)

Adjuslmod

r0

rhe

@mpa6bre

sares musr be

mde

for

spocid of orcauw

adtudmeds

are

.e@ssary tor

those cosls

ehich a

nomany

pa

d by

.

sp4.ldfcEaliEflnmdisadiusrm

ptupedy

by@mpadsonsrd

financinq

I

onar reider thar

h

noiatEadyiirc

ad,udm6ni shourd

iot

b rcllared

I

ofih.

financim

or 6n@ssidi bul ths

dor3r amounr of

any adjudmenl

shoutd .pFor mats

rh. nall6i

Ecijo

Daid

E

J.r.t

3/ A*.iat

'


14/95

Corpus oirt.n-

Rdd Dnve A :rrrerts RrvrSEo

A@d

n9 ro USPAP

sr.ndarft Ru

e 2 2

G)

rhemde' orssefonbinedapprsisatRepodn6rbo

he appEis.trnd

al s minm m

o

dale rhe

ideniny orfie.rienr and siyiilended

6eE,

bt

mme

drype;

(

i)

dale rhe frended

use

orfie

pprsa

(

i)

dsdbe

nromarion

$fioieni to

deriify lhe rea esrard nwrvd

in

ure app6i*t inc ud ns

the

phrsier

.nd eonomio

prcp.9

daGcrertstiB

Gtevanr ro the

assiqnmenli

(iv)

siato in6 ruar

propony

it6Er

appisod

(v)

siato the iype

snd dernffon

of

(vD

slara the

eflecuve dare

or

rhe appralsa

andlhedaGoitheBp.n;

(v

i) describe in3

wpe ofwork

usen h

ddtoprho appE.;ar;

( iri)

d6drib

ihe

infomaiion

6na

rzed,

rh3

sppBb'rmelhods

and

tecndiquss enptoyd

nd ihe

rcasoninqrharsuppodslh6anarFss

op i ons. and 6

n

dusio

nsi oxctusioi

(x)ddemeuseottho

6a

6lareexlinoasof r.dabof

wuandrh

6nd3d in

lrre

appGisat

and.

when

.pptsr

descnbe

r0

3uppo'land r

(x)

crady and

oonspi@ous

y:

slale.lexiFordnalyaslmploNs

dhesssi0nmgnlGsuhs:

(x

)

nduderslsndn

edme{on

in a

PROPERTY RIGHTS APPRAISED

Popedy

dohb

appraised

re6

Fe6smpe'Fedsidplehdeflnedas

a

4y olheiiiletui

q

ktei subled on

y

io

lmiklions

oleminenl doma n

iAmedi

Indirde

or Ret *trt. Appraher The

Apptut

ot

Rear Enard, 8ih ed

:

chiego:

Amed*n lNrird.

of

RoalEnd6 AppE

so6) rhb appEissl, hserer onryooisld66

&dae

rishrs

Dw;d

E

Jar4

A tuetu,.,


15/95

co4us chrt.d- Retd Drtv

Ap.rtsEnrs- REvrsfD

'HREE

YEAR

OIIIJER3HIP HISTORY

The

Unrrom sldn&ds

or

pmtussionat

Appraisat

praori@

.equir6 d

I6

ysf

sstes

hisiory or

pmpeny

bins

appa60d.

w6

are

eqrircd

ro

6nsid

riwvnq

re

pbpedy

bns

appEis

su

and ddifdenlia

iy of re.tpmp.ny

sed

sa

s

prioes.

a

rcasonabte

oi'o

rr0 drenr ownffof|ns ptopeny

b Reid onw

Ap.nmoiG

Lrc

pdaxtocorns.

The

$pmhff

was @iraded in

odober 2013 by Ptains capJtlt B.ntq rha

inbnded

us.f, ro 6ndud an

aopEisar

fof

mafietBue.

lrre subjecr

popedy

s

9ena6[ydescdbed

as

mpt*.

Th6 sir6 dbds Botsfod

s.rrcer

& beroid

are

3iig etsmity

resrdenoes

d

.B

sinqre-famry restdonc6s to rhe so'nh,

Roid

Driw

&

b.yond

aru

ssw.a

Etaildewloprenis

lo rhe ssi

snd

a

us.ollrisappEEa

isro

heclieds

useasaroorrarm.kn0anundeMfttnodectsonusnofi6subledpropedascon.leE.Thtsitrh6oitynlended

ny

re3son. Ths ki0edqe

tew of ihe

c .nr

and inencdoner

of

rrs

pope

rcss.o{rddmaynolharhesame

knowredqe

reror

nlended

use.

Th

s

3

ma*6rins

ioot

by

lhe

Mer

b tr,

sererorrheragenb.LaidandbuitdiioszedftMsobrainedlmmqomrunlsourcesorfrcmreordspE

ded

nl

y

verired

by |re appE sef

Th6

a

ppsr

used

an apprcpiare a

ppma

dh es

andmdlhodoosyrocomprerarheassisrmmiandprcdu@orcdibterepo

ppfaiseas peeF

wih

simihr e&ed

appmaclres used

Nre iha sa

5 conpadson

Apprcaoh

and

the

In6m.

Appmach

The cosr apprcach was noi

@nsdared

sisni,iqnr

b*u$ ofrh6

ase

ofihe

pmpeny.

rhe

inc

u.ion

r0rhecEdto

iy

of

lrro appraisar

pm

cosr Appr@oh

in D s

pani@larapp

ft rule

rfiicn

slstes.Trre s6D6 or*ork

h

ac@dabre when

h

meers or

ex

are

resuraiy

niended

BeE

lof

sinitar

assionrenis:andwhatdi

sppmisels

peeE

o.ioNwou6 be

ii

pedom

Irre

dner.

Gadi srrushan, Epons

thal lhe sublecl

Dopeny

E not

und.r

curenr aqrceme oroprioi

andisdol

offaEd

for

sale

on ine open

nalci.

A@dins lo

plbtic

re@ds,

the

$bjeol

preperry

ias

nor

olhmise chansed

Da,d E

Joa6

&

Asao't4


16/95

c.rD6 chrlrd-

Rdd

DrlE ap.nmnte

REvrsED

ANO

HYPOIIIEIICAL

CONOMONS

wb

m

unablo

lo aess

lho insklo ot any otlho subjecr

unirs.

Tno subj.d s3s r 00%

otupi.d ar

rh. liru or

EnoodFod|n.ryasun'iodsol

hypo$eil

ondhlons Eoardhs $rs

appErsar

srsnmeil.

ETIII6 RULE

Tho

lppr.br Esgni@s

qnd

a@pG

hls

fduoi.ry

Elalionship {ilh rh orr6nt,

PbrB

c.pfrar &ik,

8id 6mDli6s

w h ine d6fln6d

ouiEnenls

ot sa

COMPE

ENCY iULE

USPAP

Comp.iancy

Rub :

'F{ior1o

s@ptins

an

sisnmenr

or

erierins

hb

an

agBgfttn

ro

prom

any

assEnmnrL.nappoberfruslpEerlyrdenhiftpDbEnlobdd6s.dandh.w$6knowld06and

o@enon6bomplde$e.s|onftntompelnt|yol.|lemat|l|y'musl:

1. dbclds.lhe

laor(

of knoerrdg6 rnd/or 6&6rien@ 1o rho crisnr b.roB a@ptins

lh. assisrmir;

2.

l.k .n .i.ps

noNry

or

.ppFpri.io

io @mplor6 rho $bnmft @mp.r.nlyr and

3

d6cdbe rhe

lao*

of kndl.dq.

.id/of 6xp.n.n.nd the sl.pd

trk.n

10

onplere d

assionmt

ompelenty

rn

ine Ep.rr.'

Tnr appdi$r

has ampr

oo.d6n@

rppEisinq simirfi

propirly

in

rh

market

aEa

and

lheEby satrsie

rhe

D4rid

E

Jor.,

&

A*aat-


17/95

CorDc

Chrr.t-

Rdd

Drlve

ApartnenF

RE1/ SED

sEcTtoN

3

Doid

E,

Jod.' A tutuaat4


18/95


19/95

c6r E

(trrs1r-

Rdd

DrlE

AlrrtlEnte

REvIsEo

Ih

qDhkt6@ia'r

bw+

4" .nE

qdoFdld{G

ddwr'rdq,6

b

drRtl.ba|*fi

.raEllrrurof

'n

nm

d.dd

ffi6 n drr.c5@ h.d nbh4{dr6

s'xFlsorft

ntl

hrmmttddt6ft

sdtHh

r'y&

.ld:.(nrtdll,rAd,*6FshEdiil'*..ift sdHod' bd

ib |d.ii

isiftir'g

th.I*m0r'l.

h

gd

rortudnlddr

Fld

lld6,9ob,*t

.'l[k'd

rql

tbRd*

tsilillrituoTnd'lg

rlrrs eqnrft-rft)otr

Ddl

E

J.n

'&AtaNa


20/95

Corpus chrrdr- neE Ddw

AD.rtisrts.

R:\.ISED

dq'rsh's

dhdbybebyMlcN'|Rtr.

4 4g2ql

^us.ror?

AB4 E

4s

,er,m 276Jd 1$m

r.3

et,e

5$,5m ,7jm 17

:03.ro re63m 6J00

r.2

|.'3,.0001.7r4.1m

@.ro

6rte

T'aF.uhd,

wdd'dEi'& Urilid6

Ddtd

E.

Joo4 A Asoadt8


21/95

cotD6

ctrld-

Rld DrlE

Ap.rt

rt

-

nEvIsED

Tlbb

4

T* Mtudlit

n

A@ Ile|l.d 6v &@lo6.nt

corih Ri.

A e n 2012 to

Aucr

2013

3 ItrllrePb.Flrying

4 lon

WonLArlingron

I

l|oGron-Sugdldd-8.'tom

6

A6riGR6und

Rdk-Sd

M.6

I

Lr.do

a.

l0

ColLg.

St

id-Brtd

16 McAlLcEdinldg-Mi .i6

la K

lmTen4l.-Fofr Hood

la BtlwillaHdtiigd

,0 so

A|lrdiGN*

Bnufels

22 Bam.6r-Pon

A'lh6

5,2

3.1

3.0

2.9

2.9

,,1

2.3

t.1

t.5

t.J

IJ

t2

t2

t.t

t,l

0.9

0.6

o2

o.l

Souc

TdE

Wortlm CoDnisid

tMd

E

Jtus

tt A'M.r


22/95

C..FE Chrt.[-

Rdd

Drtve

Atorrnnte

RElttliED

Trblc

5

& e'

M.toDourd

Ad

R&td

by Uldrlowht R r.. Au.6r

20ll

7

Austir-Roui

Rftt-Sd

Mffi

9

Coll.g.

sdtcB4d

ll

Wichib

Fltb

a.

12

Fon

Wdin

Atlngb

14

D.ll*Pbchi6g

14

Sd

Alroni+N*

Br.dfls

16

H6uIdn-Sugrl-&d-BryrM

2l

Killd-Td|plcFd Hood

24

Bffidt-Pon

Anlxr

25

Blt)Rtrvillefirdingd

26 M.All*Edinb@Misim

tuIl Mft A@

(JrerulMdt

R re. Pddt

a2

1.0

l.l

l.l

52

53

5J

5.6

5.8

5.9

5,9

6.0

6.1

6J

6.6

6,3

7.r

1.2

3,7

9.8

t0.0

t0.8

So|E:

T.a

Worlfrle

cmi.dd

DNda

J.na

&

ascci.*


23/95

corDE

orrbd-

Rdil DrtE

lErbEnr

REvtsED

CORPUA

CHRIS'I M3A PROfILE SUMMAiY

il3lrit

ilt3

tlt

t

lil;lt?

tlt

i

iii:

l;i3 t;,;

ii

Dqil

E Jod- & Asod.e


24/95

c.rDB chrl3d- Rdd

DrlE

a 6rt|Er+

RErrrsED

CORPUS CHR|aN SALES TAX

RECIEPN'

@

DN;d E JanB tt A'e'


25/95

Tlre

plDose

or

analyzrnq

the so

how fie

opeErioi

sowmm.riar,

and enviEnmonr.

rorcs nfluBi

prcpony

wr06s in rh6 spscmc

ares

n

wrrlcn

$e subjed

popny

ts bted

lne sutma*er aEa anayss

pro ,rd

prop.dy

ru6

and lhe study ot

a

panituhr

subjed

oop.ny.

A SUSMARXET

AREA

ts

de6n.d by

d1i3

app.sisBr

*

6

ponion

or s

le'ser

onmunity or

.i en|rc ommunity,

in

wh i.n lh6E is

.

h om

ognoous

otuuping

dt inrbiianl3, b

i

dinqs, or buirdiru

entorpdso

s nhabit nre ofa sub-

ofwekeineddbrid.hanoeiiHiduseofnlheohadderofllreinhabirrnrs.Thoarcam6rdos6yslmuodino

propedies.

ie red

a sutmsrkel

aEa A sub,ma(d

aDa nay

aso destsiare an are6

6npds6d sdt6

y

df

6mm0

rcir

o

r ind

Blria

ptupsdiG

atho

uq h th

e

lm

ldktid'

is

ono

i

used ro I such

prop.r]j.s.

Corpus

chdstr-

Rrd Ddv6

Ap.rtsEnrs-

nEvrSED

Trre obledrw amrysb

oi

obGetu be aid/or

qladrfabre

dab

iididrno

dismible

prlrams

of uroai

orcw$

6dfr.m

ofsrharce

prcpedyvatu6.

SU&MARKET

AREA

LIFE

CYCLE

-

aid dereropment si.bir(y, rransilro

n

(rewarrzatui)

.r whrcn

poid

$ 6 drrr6

b

m

oared

SUE-MARKET AREA

BoUNoARIES

aG

idonbfied by delemininq rh

ama n

whicn

lhe iorces

ope.ate on

prcpdd

es

in

rhe

sne

wy

tlrdt rhdy

opnts

0n

rh6 propny

being

dppmised

rlmaybeseensrgrcophq

or

prcpeds

wilrin

prrrsll

b0undari6s Fir]sica boundad* a6

lss

sisnif@

lnan.E Ihe

bouidrd6 or

DMdE

JaD.s

&

A'o.ar.'


26/95

corpG atdrtl- Rdd DrlE

aDrrtnante

tuyIsED

7

,

t

F

Chrl

ila.

*4e,

d@

SUB-IIIAiKET AREA OATA

LocAnON:

fte subjod sub-n.ricr sEs b

bt

d lislde rhe CoDus chridl Msq.

GENSUS IRACT: Th. srEna.lt

aF6

b $in

. i1.

iorTdhg

6mG

ra.t

13355-0021.00

BOUNOARIES

-

vr/.

hr

d.fndd

lh.

sbi{t sub.nrrk

t .Ea rilh

t|. ioll@iis b.undsd6:

Nodn

-

hi'craro

Hishusy

37

E.sl

-

oorpB ciri{i

BEy

sodh

-

qale

Hlshyy 353

WGt-SaieHrshmyfta

MAJoR

HIoIMAYB:

Major

hiqhMy sing-lh. dofisd

sub-ru*d

sF. ir

lH

37.

scHool oETilcT:

corDus christ

ridpnd

sonool ob{nd

ts

$a snd dr trid

dEdng tha

sbld

s/b-

DMtl

E

Jotu'

tt Arah..


27/95

Corpus Chnsfl- R.rd

orrE

Aprnrms

iIVISED

LIND

UsE

-

wd haw

suNyld

lrre suFmadcl arc6 and louid lhese

MurlrFam

ry

R*rdenl

at

-

10%

vaenl s%

zoNlNG: Thd

pdominsnt

&ninq

within the sub-ma*el arca is singefamiry sidediar. cnhor zonino

d60nar

oN hcrude

@mmeDid reia andindusrdar

nd

use hss

nor

crr.noed srqnfienfly

suB+lARKEr

AREA CHARACIER|STICS: T]le ronowhs dsonbes slE

Life

Sraio

-

rho subj6d suEma*oi a6a E

qEwins

at a stdady

pa6

at rrb rid6

Maint

n.nc.

a

condirion Maim6nanca and

prcprry

dnditdns dtu

genddrry

conlidered

P6Frty

Cdnpdrbrrhy

-

TheE a a vadBry

df

pmp.iy

Epes

Mhli lhls

sutmarker

area

wrrtorr

istypr6 dnd aEsa of othrsubna*siaBrs inrhe rsion

Thereforc,

App.d

aApp.adnco-Th.slLmalkalaahas.pp.alaid

appaBn

cops chrrsfi is subjed rd

tddins

Dev.lopmenral

Potcntiar

-

corDus chrini

has

soad

polentor

for

dewro

apFa ns

oharader

sti6

omand

is

sood

and

Eisir

Bnrar domand

rs aw96 ar thie

Plbllc

TEnspona{on

-

rre

slb-madGl rca has erase

pubrro

tsNponsdon

seM

poli.e

&

FrE

Prot

crion

-

r'orice

aid

irc

proreoion

is

@nsrdeEd

arcqe.

Dqvid E

JohB

& As.dau'


28/95

corDE

chrtsd- Retd Drtve

Apartnerts.

REvrsEo

&qu:re

munioipal

and

pdvate

uiit

y

lnh.sitoctuE 1o sddmodaie

@niinued

gro*ln.

The torrowinq

$ruic

arc avaiabte:

weler

.

Municlpal wdsr alons

malbr hi:qhways and

sh6ls

srer-

Mlnicipdrsewersrons

mrjor rriqhwsys end

ireec

Gas

-

NaruEr

qas

I n6 srone roior hiohMys .nd slreels

T6ophom

undeEDund orovemead

phoie

ii6

IYplcAL

RESTRCnONS:

fte

sutmali

srca

h.s

rlpi@r

priEiB

d6sd Gstridiois. ciy zoninq

snd bu dins

a

Eno.

in 8se tumolo50+

yesc

vaLUE RANGE

OF TMPROVEMENT:i Va u6 nqd f6m muhi-m rion dofar

shoppinq

nteE ro

ts0.000

sinste

vAcANcY

RANGE

AND

nME

-

F

@,

we

haF esih.ted

tho

fottowinq

a60e EBrcy

Eto

and rime on rhe

mslkd

single.Fam|y-5%90days

3E

no majo'

eoeni dewroprenis

in me .rca to Bp.d

apPARENT

EASEME

TA: Tne suEmadcl aEa has lypi@l uliriry snd

pubrc

eas.matu

DETRTMENIAT

TNFLUENCEg:

W3

n rhe subjed suLmarker aa.

coMMEflTS:

The s0bj6d

slEmafiel

a@ b wEse

snd twi@t

or surcunding .nd

6npliri6

s b.md*d

ror daFropmorn w[h

uririr6,

zoniig aid sasy

3l)l>s

A majodryorlho

buidhqs

nthesubjedsub-m.ridaGaat6nait-ouprd.suLma*eraarendssErwEqe.

Dqid E

Jor.,

&

tuftaat-


29/95

corD6 chrrrd- Rdd DrtE

aFrrmnte REvrsED

SECT|ON

4

D.d

E

Jot.'

& asoadrB


30/95

cor0E

chrtsd-

Retd Drtve aparrrEnts- nEvrSED

rndescdbigandofsiteswehawdraitsdatislotfaotuadsta.idudligat6gatdsmjptonaidnfomationdn

pednenl physr

chamcledslG.

L

used

fn rhe

purpdse

ror wnich lr was inrend.d

Asien have

ofr's{e imFovements

onry,suoh as

seweF

ut ily tin*, a

ilGadytofibinlendeduseorderopmeniorilnhawon.sileimpromsibsuorrasbuitdingsdrisways,

w0 stu

v

$udied fadm dala

tn rc

dsl

6

lhai

wsre,

enhan6,

or

dsrEd

rmm ih

uriiry and mrrk8bbiriry

oflh

Thsplrposeors[.o'iaiddoscriprionandaiatysEsropovid.rhstolowns{1).dBscdprionotihepmpsny

Fns

appc6ed:(2)a

bss

for

s.na

FG

or

ompabre sates

(3)

I

basisroratoc.lins

rlesro

bnd and

nprevemetui(.)an

undedsnd

i0

ofrhe

p6pny

beins

appdised.nd

ns

prcsedus6;and

(5)

a ioundalion ror

one

pindparobjodiw

ol.

taid or sir anatysi3 isro

qarh6r

lh dara

thar ronds ro

ind b

$6 hishj,nd

b6sr

nl

and

io opitoi taid tue

ilemsofihatuse.

Fee

sinols 0wne6hip

rsrh6 modmmnon rom ofpreEny ownererrip

I aftds

rtre

m6i

rtqhis ofome6hir.

we

rc'ninoy make

v:su3r dhdcks rDr $senenls

and

encrcdrmenrs

Hotrwr a

rire rcpod, deea

seaErr,

ded

by

lhe

useE

or$

s reporr

nh0ewrd]'deplh.nddhelladoG

Ereslandisihepodonoraprcp

ftrns imprcwmenls

L.ndicblitding

Dil;dE

JaD.'

&

A'e.bt.'


31/95

cortE

chrltlr-

Rcd

ortv.

Ac.rtriErte REnrsED

LOCANO{ MAP

(AppDrln.t

Boundai.+ Fd

rrru.tlton

Onty)

L

rd'

.

*.

,

SiiEDAIA

Tne n)rdric

d.i. s.tus

s

qsaEtd.s.rrte

ons ordE

uq..i

Arachsd m.FtunnrEn

y

o;d6.rse

$e

r GAI

OESCRTmON:

Tte

lolatdedlptoi

13

rlr

1, Btod( 11, L.date

Pdd( *,1,

Nuee c.u.tt,

T.s.

Dryia

E

J.r., e

A,tu


32/95

cortE

C|ln

d-

R.ld

Drl6 A .rtsngte

REursED

tOCAIroMrcCE33:

Th. s U6d

pop.ny

b r6r.d .t

s2a1

R.id Dd6,

C.lpc

Chrtsr. th s[ b .6sd

I'y

R.ld

Dri6 { Godo. aFd,

Th6

.N four

ditMy

inio

it itro- TE[lc

apsd

b

.pp@:jnn ty 20 frph

{t

lh

db

In.F.F

rwo

i.rrnc hn*

.l

$.

st

.

Tt6

3l|

b

.

@m6

tot_

w ob.md mod.n{.

and lrptccl

p5s.ngr

@t fic

on R6rd

Dds,

c.rdoi atd 6nd E

'rtibrd

stEt dunn our hepdton_ Th. Ts

Ht if.,

Dpnm6m

ns

tumtshd

u3

{]lh

.

T6fic

c.urn

t

.p

{ntdr

snM

3a0

Ehtd.s

p.r

day

Ntono

Botsibd

61Fl

s

otd.

2010lElfc dnl

pafod.

-I

..

;'.A,

S;]

a'

i1{138

@:

070\

r0

l.+

'';1*

2'

DMtl

Jtu'

tt ArMa


33/95

CorDc

chrtsd- R.td

Drtve

Apartsrms-

nEvrSED

PHYSTCAL CHARACTERTST]CS:

T r

0

0t 36 ac .@odino b Nuse

counly

r6x

naps a'd

[email protected]

popeny

s

haigubrii

shdp

s-lad n

rh6

prcpony

and

00iig

crookwiso

th6 dimnslons

a

appbntuloty 170

x

ntng

cirdon stet

and 355-reel

tr

and. Due

ld

rhe

tooalton

of

ine

Dri,

Godon

srcer

and

Boisl.d

s

@nmeda

vsibiliry.

The 3ite

paritns

has abo 1li 265 sqlaE

'eet

behg aspha[ sudae in

awEse 6ndfr]on.

Inis.noud

or

p8lkino

surrae dpp

nnorcguarons wlron.ppEisins

a

iihnoctunseinir eded

use bEins @ns ded

rheappntserEiosonlho

.ssumpr

on rhar

ured

dirir * arc a

fi.

ptopeny

owner

sid

on r*aEh

w|ththeappmpn:teuii|i|ycdnpanies

TOPOCRApHY&VEGETATTON:Thesubjeotsiresrewlosl@lqrade-rdpogphymspsshtr

resheiobe

alabod3Gleeiab.maiserlew.Thewser.riononsireisnaliveors&reesA

herimeofthesilevtsil.

we iouid

no

sr.ndinq fl00d wder

on lhe

suueci

11 e

arc

ior

qu.med

b 6

Fisher

'

Sch

L

Dq'jt1 E.

Jon*

& As.aatn


34/95

colDc

ctrrtd- netd

DrtE

A'lr flnte

RwISID

Flooo zo[E:

A@rdins

ro th6 Fod.Et Eh.E.ncy Ntnas.monr

(FE[ia)

conmunity

p.n.t

t435{0,10109c

daled

July

1 3,

1935, lhe 3u bj.I

.pp

dolminod to b. oulstd.

1 oo-yc.r

iood

pl.h.'

ouo

lo lho n.tuE ol our tsue, re E@mond r cMr .ngh..r 6u@y

thq siro.

Mod.r.t t

Low

Rl.k^r.a

h..ffirhFr4-hhrEdbltp-r*brFF .n:

,F,

isher

&.dndnr .dhud rhrn'fl

on*n.fui.4 D'i'dd

DddEJ.".,AAt@.,t6


35/95

CorDG Ctrrtd- R.td DdE

Arartnrr+

nruSED

APPARENT

EA:|EMENI&

EllcRoAcHMENTs: A

pr.i'$ionat

enoinenng

suNyls

not

pDvtd.d

and

Futd

b. neded

lo .sldblbh

a.nnb

or

th. .iro, Wb do, hwarr,

$m rypkd

diiry

Nem6nr5.

w.

a$ n.

Ddt

E

J6'.t &

AnAarB


36/95

corpus

chrt.fl-

itd

DdE

Ap.rtm6rs-

REvrsED

ZoNING: Tre ciry

ol coDus chrrsu

ptufied

us wirh zoniig m.ps, shich show

ihe subjeot ro b

t@led

h

.i

'RM-r

Muti'Fmiry

one' zoied aa

cenemt

y.

rhb zon ns desisiation

b iftended

b

0dids

a varjsiy or

housing ryp6s

5l

munr-famrry

d6ns

lo

be

.nowld by

th.

.Rfal'

zonino

Egurarions we

rouid no 3

qns

dr apprud

rn

ns change dn the subjed

prop.ny

or.dla6nr

pmpedies

ai

the

lme

orlhe

inspct on.

our

appmtsat E

subjed

io

therc

beins

no

zonhs

ch$oe

$ar

Mdd

afiecl lhe

subled

site

RM"1

UBJEC'T

D$id

E

J.r.,

A tueaata


37/95

c.tD6 cnd.d" R.Id

Drl6 atrtsm||e

lEvlSD

ABUnM,

PRoPERTY

.

W.

physielly

ob*id

tr.

.bulth

ptuprt

in

dl diGdjons to Epon

$. dlwin

l.nd Bo io tE nad6r

nonh - Botsfod srFd A

b.ylnd

.E

sinol.-hnily Eld.nc,

..sr

-

Rold Dli a beyond

aE s.wEl BLlld.wlop60nb

eulh -

Godm E6d

a

byoid

sd

sinslefamily Eil.tE

5nd

&sr

-

ap.ftnn. rh. su[jad

sie

snd rhe adj.@nl sies *em

o

6nfom

lo

*oh

orn4 rom. Gt*ohbnrv shndpor"r.

lnsE

b

no

neoa

vr

lmpsot

@glld

by

6e

$d

physllappeadi@ film

rh

.dja6

3n6-

ad

PhdogiDh

(Appreridb

B.uniLa*'

For

lllutlari.n

Orlyl

Ddd E Jd6& Aretu


38/95

Co.FE

Cndsd- Rdd Drtv

Ap.rtm.nte

IEVI5D

oFFlTE

latREErSl

TMPROVEMENftT:

Rerd

Drt

&

Gordoi SrFt

aF asph.Fp.Ed,

nrebn.

sr .b

wnh

6i@re

4ftq

srdfr

dElns 6nd

oncBia

sidsrtkr,

Bolsfoid

sfter

b .n $Dhrtl-oawd.

lwcbno stEt {lln

6ncFc

ort6.

Th*6

ofisit.

lmpBwn.nG .pp.{ ro b6

n

oood

sh sp .nd

.E

mdrnrh.d

flr

pubtio

us..

w.

obcqdd

no .r rE or

mllDd rtlrlt3-orsy on

or inoloh

rr.

site.

TEfic sp..d

b .pporiooGty

20 mneepF

hour

Tho

n6rEn

$op

stons

E

.t

th.

$o

@m6c

ot

lhd

subjed

s[8.

TAx DAIA Th.3ubi.d

pEprly

t5

6s63od tbr

pmpny

t*s

by

the

Nues

county appEbat

D|niid

(ccD)

as found

h

T*/|C@rn

*2 0r3d'

In.

Brt

pop.E

b

@mn{y ss63.d

.t

$ 19,65r. 11

t.nd

b

a$sed

at

12,730

nd

Uo

impEwm.iis

s6 alssqd

.l

1322,92,t.

Esttmst.d Mnud

pmpony

&6

rB

ta,e74

&3.d

on 2013 dt6

df25$5449{.

Bue

C,qDs

aE

Nblic

itrslitutions.

$68 .E

onen

hitetois

on thb

6mpr6Dre

dd8

whrch

rh. caD

frsy ue b s6s s

slpeny.

n

b nk.tyth6

cqD dtd not h8w

.c6

1o lrs

samo b.adn

ol@mplEbr. d.ta

$a1w had br nib Fpon.

I

b llet

ror

th.r Esn,

$al trr

my tsl2

yo6E

of sppdhins

pEp.n|4

in

Nu@s

couit

I haw @Fin.niy

ftlnd

tnd

.3.e.d

wtu6 E lypt6ly

50'9{

lo 200s{

lMrlhan

pEp.ny

salF

pri6

or

psndins

salc

pde${htn.

ln66Farijm

Fnod.

h3houts

b.

ided,

htueEr, $d mrny

ol nje b/ng

junsdidions

uihin {u*s

c.lntn

@leotwty

(whon

6mbtntn0

6 r't,

ctly,

sohool E s,

@lLse, etc) sE.monqthe htqhestGrmt.s in tne

$ele orTE. Br3.d

on my

dpad.nc

.nd

knovlds.

of thts m8dci tr ssms

EsoEbt

lo

@nclude ftat uc

Nu6

coudty

1 r

mr6s

ac

hioh

ro oiEer rh6 facl

nar lh. .ppEE t dtsxrtir

ts

un.bt io

s*s

pDortiB

st or

eEn

0166 to

tEif

maftet

Dryia

.

J.r.,

a A,tu t4


39/95

corp6

Chdsfl. Retd Ddv

ADirtnsrs. REVTSED

3UMMARY:

ln summary,

lhe

subject has ih

folowins

positw

.id nesariw

ch66derni6.

Lodron

hihrydenbe

n

smMh

sGa

io.r

gmptoymenl

@nleE

Good %

ol

u$bto

aea

G00d

tronrageidaprh

miio

,

6i3r

hcr,

to

r?mc

spsed

G@dvsib

irwirhout.esrddonsand

aiDad

smde

un

ikery

3ubjivid.bio

Irldsubjedsnebqpt@tandawBqeotsurcundhsstres

44rh aruqe

exposuE

and vistbflny, the

s[e

ts suired

tor is

@renl us6 The

frontaoe-bdepih

rario

ts

@nsided sdequale

for

\rj6i

ulitialon.

hq6ss

and egEss

hrs

been Elea

6

veEg6

6.om

or

obennion.

rch is beyoid th smpe ofihisappE

d sdwEety afed

rh.6tre

use

ormaderabmy

oftho slbjeol

sne

rrhe

slbjeot

sire

6 Bslrioied

by

pdEle

d ppBiser

ihe tmo.d

on

vatue @ td be

sisrir@

w6

hqw

rc ied

oi

lhe d

iih

de.d Bsrddjons dnd

ho rccetwd

HAZARDOUS

MATER|A|-S

i WASTE: Ws odsemd

io

maieist @N deEd

by us ro b6

ia4llols

HMewr,

ple.*

s6e ou

I Haa d ous

Maieda D sclaim er seol

on s el

to rrrr h iti

e

Linirins

coidilions

DATA SOURCVDI;CLA|MER:

D.ra 5d n

rh6

qppmisat

reporr cssdins

tho sha

Ms

prcvidod

frcm

dous

oursde soutus

deomedlo

be a@unre. HMew4 re

mrke no wamndes

expEss.d oIimp

ed. reqadingtfrta,

encrcschm.ds, si@,

zoi iq,rfic

dr

p

brio

and

privare

d riiies

vr,hd

n

appri@

bte

lhe

a

ppts

ser used

rlr

e

fouowrno so f6:

lhe dtenl,

Nuees

counl

y

Appiaisar

oieirid

Nues

bldhouse

reoods, the eeot

t

surey.nd

Nariorat

o@$ s6Rie

Federul

Emarsenoy

Manaoomenl

Aqency,

Tes

Depr'henr of rknsponalon,

cdy or corpus

chdxi utlt[y

odpadmenl

and

ciryof

corpuschndi

Ptainiig

Depsdmenl.

D4'd

E

J.r.,

&

A"oaatB


40/95

CorDG chrtsfl- R.td Drtv.

Ap.rtnnts.

RE\^SED

sa delims H

sh3sr

and

Bsn u$

as

fo(as:

'he ressqabty

etub.bb

ad

kast

R

ot 66.l tand at

&

in$aved

p.opan,

hror ts

phfdAnt

potsibte

a9snpridEty

supwled,

tua@ialy

teasibte,

md

d

Esuts

in

the histBst

vdt6.,

lmpi6dwjrhintesedeinlllonssGoqnhlonorrhemntdb ronorthdspeclicuselooommunityenvrcnmenior

cofrfrunilydewloped0oals]iaddii

lne

subiect

06p3dy

6

@mpalibre vrih

|re

slroundins sub'marker arca

slel and

Bfttu'n

$Ed E

predominantry

residenija.Inerc rs |me 6eni

rand

rhal

could be used lor

deve opnsnr inrhe inmedi.re

area.

lrre fom crieda is

h

shesl

nd besl use musr meer

6E

6s

fo

rows:

1Ph}3yPcsibeUse

3

Financiarry Feasibre use

ocalron

andbues ot rhe s[e

sqch as]

s

(opoqtuPhy,

o1c.)

& t lily

lin6

r

Lodion

-

nk6q6s-3 re arionshipa 6er haswirh dh6r and

Ges

Phy3icarry

F..sibr.:

Thesubied

pm

ln

shape Th.

roi

Ls rerarrvery 6wran

Id

snor

ocared aronsa majdrhomushfaE Arruririr 6 arc cumnly

ailabte ro the sile. TheEtore sire size,

qene6

r01id'. zonanq

@nf9ur31on, and lopogphy*ourd antu, bd idr

nffi$dry

be

riniied

rothe uses:

2

Lsoalpomirsbe

uso doars

wnh

6

d66opnd

3nd

coNirudtof oflho

.

zonins

(usuany

$e

pdnoipat

[email protected]

.

subdivsion nou arions

Deid

J.rct

a Aeoaar.'


41/95

Llsrlly

Pemissrue:

Leoa

iddons

as

fiey

appry ro rh subjeol

prcpdy

$e

pdEr6

Estidons

aid1he

slidions

aficlinq

ihe dere ooment of

ihes

eCilyotcorp6chrisii"RM,l'MutriFamiyOnezoninsEsuErionsg6nd6yalowswnelyolhoGins

typ6

d

muti.f.mrry

d6nsirss

risppo.F

thal ih ap.nn60b eE rnowgd

by

lhh zoning, bd dr6

omefshould

ook

ro

rris M inwsrodion

ro

@ni

wts hare no knowl.dqe

otdeed re$n hgEhdiryresidenliatusesappsrlo

belheon|yph'slyfgasib]e6nd|eo

3

r-inancrressrbretocusAonthet

ficu*srharaEphysEnyandtelaly

ColDc Chrts0- Rtd Drtve Apartnerrs.

REVTSED

P'lvste Etrdions

(easemenrs,

rc$ndw

ovenanrs, etc)

theH]ohesllndBeslUseo'lhesila

The Hrshesl 3nd

B8si

Use

or

re

p

developmeni. A tud

birtty

study slrou d be

@nduded berore.nlnqing

me clmnl

use.

Fimn.ially

F*ribr.

Use

TheEaE

many

raoloF

rhal

didare rnanc atreasibiiry

sudh as

supply. dem6nd, ulit

y

(use),

eononid

tends

avarrah ily

offinandno aid

oilre6 The suppry and

denand for Estdenrattand sound

lho

subj.ci

si'. is

moslry ri baran.

rh.

sil.

is iot rdcat d

on

a

tujof

lhoroushr.re. A5 shoyn in rh. batdnda or

lh6

pod rhe elrtiro

$anm6nb

when

pira

ized,

woutd exed tho

pradns

a nsw srruoime

the6 mdy nd

yierd

rhe histud dum.

4

Mdimum

pmd

udMy

dea rs wm1 rhe

judlnst

a

boui

whidt of rie

ftnancis

rly

feas bre uses

gene

6i6 tho hioh asr

Marimally

P.oducrive

U*:

For

s

siie

to

be used

ai ts hishesl

ond bst 0so,

ihat

us6

musr haw

lhe hjshesr iet

.d dgtopmed musr.lso

b6riaicrnv

of m n

-rsmiry

residenti deopme

DtudE

J.rct

a

A.eaar.s


42/95

Corpc cnrEd- Rdd DnE

Ap.rrmnts

REvrsED

M.iylin6s

M

do nol know rhe end 5so

ofih6

subjod

s imprcwmads.

H

a0 by msp$unq

rh6

ond

ion d

I

nomio itu is $e eslhared

poriod

owr

which

hprcvemeiG 6d nu6 ro

cmss

aree s dotmin6d by

physiet

mo.suEm6nis, uiross

otheRi*

noiod. Nr afta is ddeminod by

Loe

.lsloms

*n

forthd

uss

ofgto

or usab

6 spa h rha

bu

Etis, nel rEs s{uaB rodaoe

h used for easabre

OESCiIPNON OF IMPROVEMENT

EGLANATION OF 1ERMS

The

puDose

or

lhe

buitdinq dessipridn ssdion of

rhis repon is to

@ny

to rh6 rcsder

lhe

buitd

ngb

d*ign and

laloul

lnd

ils

oishctbn

delane.

Anaeu6i6Lrj|dnqd6qiplonisneededtoana|y4@mpalablesa|es'

Anin6.appmaoh6to

ud rery

lponihe a@moyo rre buiEhq ddscdpfon.

sryleandc$sfididniinosworckknr.mdaraptuvid.dbyrhsMs6rrateswmcosrHdndbook

Aborousrr

dEqipron

is

ptuvided

for each

ds

sanaryzed. Funcrional ob6o

esn 6r

b tound

ro be eilrrer

c bte or

modemrzalion or supe.sdequacy

4rcmenl

tn

I

me reasibility

of

cunns

lhe

in.dequac,

Inc mbtetunoltonarobsd*@n@

eBd by a superadoquacy

6 n$suEd by

apfta

izins the nel if@m6 tos due ro ihe

supeEdequ.cy.

dL onq

dmp4'o'rir

ream rhd rhe ."",

,

"""""-r"-'. """"'*,"

s fioqudly dimritshed

by inomparbiLly

old6iqn. conptbi[iy is inf,und

by

zonins

,

land

wlue.

prrysi@rcaturcs,

trnds

and

teohnotoqy.

r

olsirucluE cocpond Io ona

anolhsl

td/E

JonB

& a30aa63


43/95

corpus orrbu- Rdd

Drtv

aFrtmrrs

RrvrsEo

DEgCRIPNON

OF EXSNNG MPROVEMENTIt

rM folrowins

dara

s6Ms

qs

the

q

eneE d *crtplh n

or lie

s ubjad\ s)ds

rne subjectsie

rr*

eishi buirdinss

rtssdass.o.mu -ramity

r*idediart?e

buildiru

wnh

lppbrin

alery

1 1

.

a47

sq

ur

163r.

co

nshdron

crass

o

b

delrned

by

Ma

6

hat

va

tuqton

seMe

as

buirdi'io wilh ombusijbte

mod{ Fidedo.

watLs a ir?iny

non

bearjnq wood

o.

sandwbn p.ner,

or

ion-beadng

meonry n661 Ftdos 3nd mo6

ore suppoded

on

sood

o'srss

joins

o. irus6,

.stab onrh6smund Th3

qlatny

is r.r

and ths

ondijoi

r

fsir/

@or.

au.fty

rdldGr E{CELLENT, mGt

exponsive mstedarsvs

'bte:cooo

-

stighr,

rs

expns bd

befier rhan a60.

onpaEde

AERAGE

.

r r

or

madci:

FA|R -

srisrrty

b6tow

tyDtl

and.coo;rnd

PooR - m nimun mabda and m'imanship.

The subtect is 53

raE

otd

wirh an

ereciiE ase

of30yearndlsyeaEofremaininomnomictife.ThebuidinqisdivEedupiddfE,2b.drconv2barhuntrsi

ereEn,

I

bodmontl

bath uiirs rh.sa effdsncy

sludio

un

b

some unib hs edE

heal

aid

alr and othe6

rrave wan nouded

p.ss

thbugh hed

and e

I

The subjeot

has.sphan

pad

pd*inq

and bnd( Fncho arcund

"1

a4

@'s. @

4c

-N4 h.

0

B.d

# N

lrie

$bjed

blildins

has

a

EinroEn con.de

s sb round.rion.

me rcot b a na1 bu n{p br and

oEwl

I dry wall

pane

s. There.E

ridndssed

ghr

6niE

rhbugho'n $a idsrior

Th6 ir0o6 a cored

wirh

vnrl

and Ipd

thrcuqrroui rhe

The Eom are GnuEd

aid

paidad

dDrsl

owr

wood

fam iq

2 x

rr

c asuned

rhar

rio

3ubl6d

ersdri@t

wrdn

@mpti6 wih

ciiy

rr is

.ssumed rhai

lr0

subjeci s

prumbing

@mpries

w{h

cny buitding

Thewhdos arc

sho+huns,

slidlns

Dbt,l

E.

Jon6

&

r1*oa.u'


44/95

CoOUs Chtud-

Rdd

Drls

AD.rt

The Estrcoms haE nid

sink and

Tho subjocr d sdsF

no

.r6vrrol

Thore sre sr.ttu

r

onrh

exlorror

or

e.ch b rdino thd red

ro lhe 2d froof

The

subjod

pEridnq

aea

and

diwwsys

aE

sphah

pa@d.

Therc

rs lyp Br rrrds*ping

lhDugholr rhe

prcpq.

rho 3ubj0.1did nor appear

io @mpty rilh aDA Equirements.

Dqt.l

E

Jo..s A

A,.a.e,


45/95

corpB

cnd6d. Rtd

Ddn

aDart

4nts- nEvtsED

REPAIR NEEDS:

we

6sutu

iheE aE no repEf nds bqsod on rh.

subjo.t re

rcn.

olsct

AIMER: w. mak6

no wmf,ij6, hpl6d

or.rpBs.d,

regadins

tho

cond

.n or

slto.ruEt

soundno$ of

ssronmmt ts lmn6d ro

I

yatkrhroush

snd

s[. insp.djon. our

estror ot

dineNbns,

rrr5r1,

owdn

s|a,

6nd

oi,

dnd

nrud ft]

qorlty

shoutd not

b

enstd.Ed

lhe

tud

aulhority snd

si@b

rct l6k6

tr.

plac

or

a

prcrGiona

.nghs.dnq 6porr

tr b

a$ md, bu1

nol

{amnrd,

lat rhe

mpdemetu mdl

an

prcport,

-n

ig

rid

buidins

@d3s.

NUo6 couit

AppE

sat

oi*id

D.via

. J.D., &

A,ea4ra


46/95

colDc

chrrrn-

Rerd

Drre

Apartsnenrs-

REvrsED

sEcTtoN 5

Detr'E

Joo4

& A$oa'r.'


47/95

corDus

chdsd. Rerd Ddve

Apartstunrs.

RE\IISED

SALES COMPARISON

APPiOACI'

T]le

6ares

comFdson

Apprca.nb

bE

tnotuwd

D.ooedis.

tne sates a

anar,zedasromptoEmenrs,@Brrudtontyp.s,.26,ag6andcondilion.considrardnsshosiwnlothe

na

Fie

sndmalydoie

bybEaktno

doM

6npa6blesas

rnlo

unr

od

,diustndnb ap mad b rtu

q't

E

ues ro

ompnssre

for

dissimitadltes

in

oerion

aid

pD

ch,mdeijics.

rwo

iypes of

adjustm0nts

a6 6mmon -

pcntaoos

and dolaE Adtuslmgnb

ro.

mar{.r ondir

dns

srd toeiion

aE

usuany

deired

'n

pe@ni'ee

iom. we haw d6$

1o 6e

pe@tuse

sdjusrmm

t0 dolar

adJuslmenls

aroe

summlon

COMPARABLE

BUILDING SALES SEARCH AUMMARY

NlecesCouniy.ndco4us chdi

MsA

A

eqren@

of

adjustmmb b

requiEd

whenos

p.Eanraqo

3djlsenb

sre

6od.

r-na fiGr r*o adjlshtu

ae torfnrncing

t.ms and

condirons of s.to. ThBc ngluee

adiudnenl

tor

maftd mdiion

is made. Ma'ld ondirlm aqudm4b usulr

y

reprcsefr cnanoes n varue over

lme.

Frn.

v..dJudm{tsarcmade don.Ededsre

rhersunhsEue

epresenc

the.djusrd

s6res

pd@whidhen

b6 dnpadbrh{bFolprcpedy.Insoadhins

he

ro@tmadt

foneinq

omp8Ebre

butdinq

sa

es:

DNlE

Jana

& A$odar.'


48/95

OorFE

Cndld-

RCd

DrtE Aa.rtEnte

R VIs O

COIIPARABIE SAIES

MAP

D@:/

Jora

A A:ed'tu


49/95

corDE cnrl'd_

Rdd

cOMPARAAT.E 3UIIDING s,Cf ES

rrqlion:

1001 camd

tud$sy

r g.l D6.nnton:

Lor

1, Brd.l 1.

cemer\4th0, Nue@s courxr,

T.6

A*Es.

Unil sE r 149

squaE tsct

Euildh9

o.criprion:

ct.ss D,

Apartnsir conp 6x

B'ildinq

Condhro.:

Awse

u$

al

nm.

ot sder

apnfrenls

Data

souft.:

Loop Ner, Nu.6 cAo

R*ord.{: 201sa17332

Gndor

1001caretLTD

G{nt

.: Comc.pp c,msl

llanor [c

t

m..nd

condnioE:

c.eh

b

*ner

DrrE

a nrrte

iEvrsED

D.it E.

Jo..'

A A'ila,*


50/95

corp6

chrisd.

Retd Ddve a .rrrlgts- nEVrSED

bcation:1001

Nonh

wslef slreer

LtgEl

D.r.ndbn: Lob r a

2,

Btoc* 23, Beacn,

Nue6s counV T*s

Asds:

Unir

sier

s95

squrE

Jeel

tind ro Buildino

Rato:0 43

Buildins

D.criprion:

Four

lory apadneit

oomp ex

eilh lauidry rad lirn s*immin

p.ol

and eteror

Effcncy

ard ono bgdmom

uiirs

auardrng

condnion:

aveEoeto-Fatr

Edin.red

aqc

or

conntudbn:

1926

u$ at

rim.

or

aab: apartmd comprx

Dar souB.:

Loop

Nd, orh.rAppEisef

and Nuees cAD

T.me.nd

co.dnions:

cash to *16r

Da-/

E

Jon8

e A,..au,


51/95

corpu.

Cnn U-

ttdd OrlE

A .rtrEte I|ATISED

r 4ri6

10513 H6L.r

DriF

r g.r Ds.rinrlor

Lor 38,

Bro.t

1. Medtod AcEs, Nues counb

Lrnd

si6: 17.{41 sF

(o.4

acl

Avfro. Unir

sL.:

367

squ.E

6t

Burrdhg

ri..criprion:

Ct.s3

.D"

Ap.trn.nr codpt*

Euildns

Cdrdhlon:

AwsetcFalr

u*

fl rN

of

s.b:

Apand.il

cmptex

o.tl

sd@:

MLs Nuees

caD

shntoi

vtr LLc

cnnt

.: Lil

alM Invln.nb

Lm. .nd cddi.ioN:

Csh 10 s.n6r

Ddd E

Jona

at Arndrk


52/95

corp6

cnd6u-

t.td

DrtE

aDrrt@rts-

iAlsED

rrt

nrifidrio:

1$00e

& 20010s2

L Er

o.rcdprion:

Lot 35, Eb.r 14,

Bt Ai

Pali,

NUdc cou6"

r*g

Llnd

si-:

11,622 SF or 0 2a63

6G

AEalc

Unn sts.: 331

squaE feet

tlnd

b Bulldhg Rdio:

L65

Bulklhg tLcription:

trc

Lsl apadn.d

@mDlx wfth

bdlt wn*r

Buildins

Condfl

jon:

AwEqeteF.tr

Er{m.bd Ag6

ol coturion: 1930

Usa at

tu.

or

a.h: Apadmnls

Dd

48.:

Olher Appdisr,

Nces

cAD

Dlrc

or

s.b:

03/07/201

3

R.corrt

d:2013000237

o6tui

PNmonl HoldinOs

LLC

Ghnn

:

GDunds@tl Reaty

LLc

D.fit

E Jo|., A Bsod.b


53/95

Corpc cnrbd-

Rdd

DnE

Apdrt

rr'e

appEiser

ep

eried

adjudnenrs

rod

wh6i adluemems

reE

nol

rra,i(rano

condhions

U im.): R6a osla

w .s

t6id

to now

lpwad

or dowad

owf iim6

du6

lo @nomlc

ariat

.id iniM*ed

mariet

panidpaft

b

delemine ino 6fied of rhesE

rEnds 0i our subFcl

pmpedy.

Llke-Hid snalysls wrs

usod

lo

chad

fte*

time {ador from olher

'ado6

Io

pro

vynen we inleMewed mar.d

p.nicipsnb

such as buye6,

sene6

and

a06tu,wloundrhd muti.radily d8w

opmenc

ins in mid

2003 rh6n

blan

drcppins unfl mid-2010.

pdpsny

valles

have

mqease ai a

dre

or

roughty 3%

per,

sinend-2010.compambes.esweeadjusteda4o'linsty

4 3je :

Lo@ijon

adjuneds

are based on ma er

panicipanls (b r6.nd

s.[a6)

Eadion

ro

to@iioi.

suppty and demand,

serciry,

pDrnily

lo

te

oeron rh6n ih6 slbjeot.

then

il

rr

judsed

l0 be supBdor

lo

resubjeclandqnesal'wadjustnenlisn6odd.conva66viffiecomp.Ebehrs.

Dqwd

E

JoD.,

&

Asaaat.'


54/95

corD6

chrtslr-

Reld Drrve

ar.rthente

REvrsED

rh6 abFd.

a

pGirjw

adiusrnenr

c

n

oElion

adlusirnan we

@nsided

slch ladB

ss impad of neisrrbodnq

prcpedi*,

to@l

on oi or ofi of a malor

homusmare.

poplrdion

densiry, .

omparabto sate

*2

Bqurod

.

-s%

adjudnent

beuse h ts

oeted

tn downrown

corpu3 ch.jstiuhich

is o

glasi

rror oihe.radE

src equ.t,

tsaersir*

snd/orimprcwmristeid

and/or'mpmsmenis.rlrisfacrorsbassdonlhesuppyof@pi.t.FMrp8Dprehawata6amoudofpiral

there :E

lqer

quatined

nvesioE ror laQe

padilpanrs,

buyrc.

*neE

and

brc

arno n sz6a 1o%adjlslnen

o

re

oub ns n srze. a+10% adi smenl

rcfleots lrre lr?ie buy6Bafiirudeabout

varue adjusimenrs

trtu made

[email protected].

g g

BuyeF

.B lypica

y

molivated

to

pay

more ror hohs

qustily

imprcvements rhai

for

poor quetily

impoenenls

oua iry dr dneruorion

maiedat.nd

rcrm.nsh

p

tor e

ompared

lo ine subled.

The

slbjed s.s

red as ra hquary.

Machal

10%

dinarcie in rhe

oosl

of n

aEoe

quatiry

onsrrudio'

ctas

D

bu

diig

and a

sood

quatity

@nsltud on

c

6ss D blirdiiq Adjuslmenc

we

nade

8md

nsty

condrion

r{o

and

physie

condhon E atsd a

md%linq

rador

fof buye

mmpered

ro be subjecr.

Those

morcwmeft nsupddorcodd[onsereotwn3ieoiwsdilnmed.Th0so

adtushenr

The subiecr ms red rs

tsidcaE60. mqar{iig

mndition adludmnis

weF made s@ordingty

4EEsgg4l9j:si

B.sed on om s

D.vd

E J.D.t

e.

Astua.t4


55/95

Corpc chr|sll- Reld Drlve

Apartne'ns

RE\'ISED

ln ordertodoi6mielhe

mostappmpi.te unitvarue

welookalseEr

by

@mpak

blo sa

les

we

pa y

speois

lrenlio

n

lo

lhe

n

umber of orerr

adjuslhs

iE ndr

p.@ntao

a

a

djustn. db,

sus

peEdase

adjushenls

mesn

(swse),

and median adjusred w ua

adlushenls

hcrudhq econonic

adJunne s. TnF

b arr?rrand

rcasonabte

llJoEer

of

rdj0strionb

for

inb

TheneladjusiftenLng6dfiom17%ro10%ThisbalypiErqndEasonableE goradjuslmenbror$e

npMment(s) 0n lh6 subisd sile.

and look ns st iie

tobladlushe"ls.

rhe

qEs

adlusirunls Ensed

fiDm 11% to

42% ao6h, $ie h a

rFiErand

reasonable

@ e

for

lhe imprcrement(s)

on rhe subleot sire.

9s :

we haw rol'red

all

adjusted

varues

for

an

indicared

unir

Erue of

$31.034

per

unil

concl .lon:

Althinss

@nsidored,

i

is

our@idusioi

ihstlhe

b6sr

hdrefon

of

c

rdrrhslbjsd

pmpdy is

lheadjGredme.nprieof$31,[email protected],

ws

i4

muiipry ine rndrrad

prr6 pd

unh rrms rh6 numbor df

hirs

ro

$590,000

(Sales

Comparlson

Value)

Tne

onclusion

cil6d

abow

falrs withio Irre Ense orue oompar.bles bolh bro and afisrh adiudned

pmas

M.dhn: Trr.

ft

d

an

wlrc

wasround b'dlptrsrhef h6r rnd rowasr.djJsrsd ru6 ,'ich

r"i

s

rd'

-d

D$id

E

JoD6

& A$aaot4


56/95

cor 6

chrlstr- Rdd

Drrye A@rttunte

REvrsED

sEcfloN

6

Daid

E.

J.hn

&

Asaa.ta


57/95

colDc chrtsd-

Retd Drtve

Apartsnents. REvrsED

INCOME

APPROACH IO AN INO|CANON

OF

VATUE

ssunptionihallhereis

adeiiitetafonshipbtusirheamouniotdona.

in6ne a

ptupedy

wir

p.oduce

aid hs

ue.

Tlre indome app.oacn

is

delinod

as

lino rhe

prcsed

wodlr of

flru benefds accru

no ro rhe dohb d

li

ihk ana

Fis.

ruiurc

b6oerc'aF

defined as ihe inoome 1o be rc@id

fr.n

ddat0e60

orrhe

prcpe'ty.

a

nruoGd io oonverl fi s rcnlar inome

otrhisarrlrsisstod.r6mnsrhepEenrrueorsnincomeslBamrobeddunnqlhehotdisporiodI

Madct Em b defided

as The Ent rrn6methata

prcpony

woub

nosl

prcbabty@mmrid

on th6 op6n

malkd

o

r

ndicated by curent

rcnis beins

paid

ror 6 mpaEbr

spa.

(as

of ihe

efiedtF

date

of

lho apem

sa

r)

ftof61srEphro

sslim.G$ogtu$

aniua|iema|ra

popdny

en

d

ws

.stimat.d by sngtzinq

ompa.abte enrat

propedi.s

and aduat

@nrB.t

renr. if

apptbte.

effadiva

sm$

inome.Thd

oprar ns

*Tenses

qre

then

deducted

fiom$

pmjed

on

(rrotdin0) pedod

ordn6dty

epiErized

wrren a

h0

dins

peniod

is

nor

needed

"

Dqtd

E

JoD6

&

Asaaat4


58/95

corDus

ord3d-

Rtd Drtv.

ap.rrEntr,

REvrsED

CONINAC'IIARXET RENT

coilEol

rent ls

lhe .ctual

tuihl

ii@ne o@ins

lo o

pDpily

underGms of

r

16.36

0.6'nEd1.

Tnbamounl

n

b.

hiohs

q

Mf rhm madGr ed Ma*dt rd h rh.

ftdal

n@me

h.l

a

pmp.ny

soud nGr

pmbabty

dnnsnd

in lhe

opan

mafter as

iid

s

peEnlage

Enl

patd

oEr

.id

abo rh. r.r or a

qudEnleed

mlnimum

crcs

Bnllrbasrs 6rLe

torlho

tsor ro

py

sn opoEtins ep6ns.s.

Nd 6ds ha6

th rsnsn

payinq

al

suoh

5

yea6,

6.

tonorem

or

owr

5

y6aE.

glr|ghelun[|eseEle'

Lo6se aqreemsnh may

haw .

frred

p.yneni

. nd

tem3

or rhey may h 16 an 6e aljon

orauso. The

vdtualon

0ft6 sfirpl. int66sb

in Fal6tato Ls b.sod on llo

rolier B

in

pFpny

i.epabro dtachisvinq.

Bo& .xrsllno 6nta

d

rc nl

(rf

a

ppnde)

.nd ma*et

(porenlbr)

Ed b oislded

In fte

w

ulion

pre@ss.

c{n

er

u*,

tananl

impo6m6nrs,

purchase

odons

eskiton cEuses, cn*d

oprions

ard

rhc

d vsron

or

6&.ns6s

bervr6.n fi. lasr

and

r*e.

allof

the @mdeEuoN may

ha6

an

conpanble

le.ss

.6 d naryzed for

d bsimlradls in

chaEftin|B

such as stze rolton, I

pp.at,

ontudtoi

quaily.

@nditron,

erc.

Tn6 turrdwins

@mp3Eble

$ses

$6

anatrzed

qnd

taler adjuslod io .qd $6 3ubj.d

DMd

E

J.n.t

& A.a.ra


59/95

corDc

clrrld.

Rld

Drrv. Ararnnsn

.

REVISED

COMPARABLE LEA3E

Aromod.,

corp6

cbrisli,

ToKs Tr. apann6nt 6mpt.x otfsc

om

bgdFonvl b3$60m,

tvD

b.dmod

yo

brhnom

5

nd rhe

bedrcon t*5 b.rJr bofr a

patui

enls Radat

res Enoo n om

5340

ror 1,ir unir

sirion a E :,0

squsrc

r.r,

6750

ior

z2

unris

wnbn

aE

90o

sqlae

fod,

6nd 5330 for 3,2

untll shtch

ac

1

,000

squarc

Gel. The

site

amnitl

indlude

3n outdoor $jming

pool,

small

bGkltqll

@uds, smsn

pbygeun,

oa4bo

.nd talndry

UnATyp.

S+ R

Re

650

t6a0

ztt2b

900

1750

1000

t330

Dd,/ t

Joh-

& As,ci.d'


60/95

corD6

chrtsd- Rdd Drrve AFfioElrls

REvtiED

Lle

com E6br.

#2: The Fou nrains

s a

m ti-ftmity

a

prdmsnt

@m

ptex

tooled ar 1 Bo1 Airtin

Road,

corpus

chridi,

Tqa'

Ire

apatubd omplex

ottuF on., lwo and th6e b.d6on rpsnm.nts.

Renidr

Etes

Ei03 f'om

567s

p$

uin lo

iaTs

p6r

unil. Tls sils 3renili6s includo

ai ourdoor swlmmiiq

p.dt.

st25

ln5

Dtutl E

JnB

& Asociatu'


61/95


62/95

corlc orrbu-

Ndd

DnE AEnrent$

REvrsEo

ka.

condnbl.

tt:

Perchlr6

Apafin.nb

Ir

a m lFfam

iy ap.dm.nr

mm

ptex

t@red ar 31 50

p.ac]llG6

stBd, comus

chrJsti, T.s.

Th.

opadmenr

@mpt*

ofe6

on6

so

snd three bedrcom aoanmtu.

Ro.tll

Erss 6igd

trom

1.17s

pff

unir

to

9000

psr

unir.

Tho silo

5mmir6

in.ludd

an oddoor swhmhs

poot,

Msbbdr ourrs,

tmjs 6urts

md hundry f.dlty.

Urtt

Typs

Sq.

R.

Rsd

Elflb 390

5475

th,1b 672

$533

2nn6 1042

5315

3b/2b 1059

t90D

Dqrid

t. J.r., a

a,ha.rB


63/95

CoDB cnddt- Rtd DiE

A .dE|t.,

nE\|lsED

rlp. condrbb

rc:

HaQo/3

c.mer Ap.dnenrs b . mlnl.I.mity

apa henr omptox

to@t d at 6ao2

Ewfta(

corpG chri

i,

T*s. Th.

rprdnod

onptox

ot 6

on. .nd

r{o

bodtoon

apa menE. R.niat 6t6

rn6

tum

1645

pr

onir

lo

a315

p4

unt. Tr.

etr

.m[bs h.lud.

an

oddmr

stmnii

poot,

b$k.tD.tl

ouns,

leinrs 6uft

qid

hundry r3cfllty.

UijtType

S .

R.

R.ii

550

5645

1t/16 700

5515

ltlh fr5

StlE

2r'rb 350

t735

910

1315

bd. cmp.Ebr. sumn.qf

h

q.n6d

$.

mnprdbta dna

hsd .n Indh.r.d

d

de nge

oa$47s to

t9o0

p

unn

por

monlh. aodLg

to nre rent Ell, the subleot

ts.t

1co%

[email protected]

{tih 5 Enl.t

hoG

0t

a11.060

Fd

monih

or

4132,720

p.r y@.

sinF thc subl.or,s drcnr $khs

Et6

a6

wirhin the

Ens.

ofih.onrqdbtri

w6 ons b

rpply

fiose

fgoR

h od

Rotqna.

Ths E|n Dll also indtte

rl.t$e

loionrs

pydd

omt modhty

f66

forMler,

uhlh le 5n .ddilioi.l

11,223

por

morrlh or

114736

pryoor

ti

odeno

sdF

at th.

subj.d

pct,

w. dded

$e ..nu.r

pot

'rigl

bese

Enr

and

wasr

B|mbuEnnl

fe6

tor .

pct

of

i147,45a.

Ba*d

on our

3urey,

re

gEEo.

w@ncy Ete

for stml5r

|ldl *

In cotpu

chrElt b

1o*; hMFr,

5h@ $a subied hes

boi

opEfls

.r

10096

@p3nry,

m

.rFss

ro

.ppty

oniy

7.5%

w@noy

h

thrs

.r'pEbat snano.

Wb

oh6e

iol l0 use . dr3ou.t

d

@sh

nd 8ntFb

tor

st.bitzrtion b66.

thc aubjed has

B .n6d

sllblEaiion. Thc

ftrll@ino

Prchma

Etlqcb

on

y..r,

but with

.wE 6

enoy dG

snd

sEg6

opEUng

6sts,

D.rid t.

J.r.'

a and.tg


64/95

corpus

Chrlstl- idd orlve Apartrents

REVISEo

Do / E

Jor.,

e.

As.aatB


65/95

corpus

chrts

-

n

ld

Drt@ atrrrnnts,

RrvrsED

tNcoME APpRoAcH

(c.ntinedl

rhe

subjecl

prcped, as

ai

appEtserwe

musl

took.llrre

prcpedy

as

ifl

sab

A Dis@unied cd3h

Flow

An

itiry

has reaohed srrbitized

oeupancy

loma. An

n@me

sbl6mnr Prcroma

rorons

yoaris

round inrhs

tolowis

lain

rho

iIom.s ronNs:

Pd.dlar Gnss

r.cone(ecr)hde

roaresrpDpenydloo%ocupandy

ved

ai

an

eslimrrod

PGr

or

$r

47 |5a

ua

maftd @mpa6on

ot

simil4

eas*.

vacancy

and corrsction

L@.

tvcl)

is

detii.d

as

an at

dane

tof.edud

pmpedy

v

li likely

haw

.n

.vsBs

7 s% \,1c1.

Enedive

G@3 hcofr

{Ecl)is

dei.ed

ss the

ai[dpred

i@menofrslopeElionsoftheE.

propody

afr.r

pedodrc

ooe.dnurcs n.Gssary

lo

6me'ooelingE4emesaepqinedasronws:

Pb fty

rdoe s66

bssd oi

our

Frimeled

ase$ed

F

of

lhs

subjsd

prcpdy

anor

rcv.winq

omnt

l*

re@dsaididerui4iistheountyapp6sarDdridEadierinrhercpon{ees{mai.dannudldxesiobe93,971.

Lrlllid.

Erpn*s

include dedd

se charues my or may

nol be

paid

by

I aBa Va

a

surey ro drenine

wheiher lo esd

rh.

tandtod

orienanlto

P.op.r9 l.su6nco

osrs 6 p.ded byrhe

pmp.dy

oM.rwere

92.934

per

tar

or

t0

25

pe.

squ,e

roor

llr

s

ishrrMrlrrsi

wnd @

lypiny see rof nsursn@ oaenses ror $b

t6

of

poperly.

Based on orexpedene

r.p'rmenl

omderes

to

be

anwhe

nom

$0.35

r0

00.75

odrso a6tod.

Thsrerore.

we ha appri6d

l0

50

per

square roor of

i6.000

(ounded)

in this sppraisat

s@nario,

.s

a rt?i*l

Mai

ndnc..nd

R.pane4ensesare

Incured on

errprcpnywfi rmp6

fo.se6

yea6

and

found lhis

eipeBe

lo be

rcrdiG ro $e

@pancy

rale ollrre

spEEmenb

aid m

phFiq

Daid E

J.r.t

& As.d.r.'


66/95

Corpus

chrtst|-

Rerd Ddv6

ApnrrFdrs-

REVTSED

ondirion

ofrhe

impmvemeils.

oursuftylound rhsr

Ecrr

mes s%

i5 aEraqe and i itof simitar buitd nos in

lhhpadcusrsuEna

eia3.

Man.gmed ch3rs6

.rc

us0arry

e&sed

as

prcgntages

ot EGr 3

appiaisarsilual

on

w0

ftM6w6drd6rrdasi0aqeibandtolnduialtyprtylhechsrueroroutsdamanaqament

wnermanasdrhs *p6nse

ilmuslbe oonsidered in sn.po6halpmess

R.t.tosforReplac.m.d&p.rc.sprovdofodrr.padodicrpa6mirotbudinsoompoionislharsaroui

owr

a

pe.iod

or rine

sresierlhen

o

dnq.

*rpelino,

ptumbins

equipneni

ngeicesrorunroreseen

expen*s.we

Ms

id6drhdmlr'iptnq

r%1in6

EGr rs lypir

y

ampre

lor theso

@it

nsoncies.

Nel opalins Incne

(NoD

is re

vadablo 64nss ll does

notinorude

praiseF

qs

6 faoror in

pita

zaton to

0i e4ens6 mquned

b

bdns rhe

subjed

pDpeny

lo a ere| an@ino ihe

pdre

rartur100%ouFncy

weasumethereandeparneedsEq

iheE

be

Epairneedsrhd a uiknownrorhe appraisarM

6$rue$e

i

Tno roriowing

paq6

.spEsads

our

6rimsrod

inoome

prcrom.

ror ore

rcl

yad

or op3lng 6arw io rh6

DetlE

Joa6

& A,oa,r.'


67/95

Gro.s lncorc

A

Eadnat

d

Pobnt.lR.nt

l

lncomc

112,288 t14?.456

Pobntalcrcss

lncm.

ll't7,456

1..

Va@ncy Crcdit

Ls

iVCL)

7.5.%

sl't,069

1t35,397

Proportv

Td

{Esl Tax Ex

48,974

58,974

Udlltl 3

(Est

Utllld.. wh.n

vacano

t15,000

tt5,000

36,000

56,000

ftintenan@

&

R tr{5% ot

Ect}

56,820

t6,820

410,912

lt0,9t2

Mqc.llan6ou {t%l

3't,36,1

3'r,a64

R.leNe

ror

R.pl.c.ment

{2.5%

or

Ecl)

5:t,4't0

tot

l

Opehlnq

Expen*3

s52,479

483,917

V.lu.=NOldMded

by

cap R.ic

or

12.6%

1671,339

c.lDE

chrrsd- Retd

Drtve

aparbE.ts-

RfvtsED

ROUNDED TO:

t670,000 tAS

tsl

DMlE

Jar4

A Asoaar.,


68/95


69/95

CorPUs Chns

-

Rdd DnE AD.rt

caPrralzalloN

RArE

(conrinucd)

Th6

fonN

ng dara

reladiig

iho

Band of nvsslmenr Method and

th

Debt

s.MB

coBiass Tgchnique

ws

Fovded

by Realry

tuies. R6any

Rat nddp.ided search im specsru ns

in

sureys

of

d6@unt

16

and

epihrizarioi

6res

bu

ldins

m16s by addinq for fac{oE or

dsk

riquidtly

and

franasemeni The

ion mre. rre fomuta ts

(Lo$lo

varuo

Rdio x Modolse

condad)+

(r

Loai

ro

va us

Ralio) x

Eq

ry

Divdend Rde or

{M

r

Rm)

+

(i

-M}

r Re)

=

(r5%:6.6s13$l+ (25%

r

10.61r0%l

=

7..7%

Dtuid E

Jah4

a

A,edar.'


70/95

CorDus

Chirtl- Rdd

DdE

A .rbEne

REVTSED

pcl{

sste cee

f*hnrw. Tr

s

b

.

Eti.bto mo$od

0$d

to

d.ri

a @pilatEaiton Ete. Thts E o ts

lhc

Ele,

or E1io, of nr

opeEihq h@

.di@

cowEse R6lb

(Dsco

s3

ptovidod

by

lo*r Mnrs.

Tho

tomula Ir D6cR x Mdr$q. cd.t.ft

{Rj)

r

Lan

To

v.|[

Ra{o

(Ltvil

=

summsry

.id

conoluslon:

nr.

.ppE..has

pFMd.d

rh. tunowrn 6i0e

ol @pibt4ion Ei.s: 3.0s%

sEo.

basd 0n

Rally

Rabs n.iron.r suMyl 3.33%

aEg.

ba*d on

DcR Technlqlo

.nd

7.67% rw6ge brsed

o.

rhe

B.nd or h6mad

reonihu6.

hM cho*n i:r5* s

rh.

m.d'

appEpdat

epilali:ldon

nL. olr d.dsion

r*

h.&ily

intu.rFd

by our oprnton ot

trs subiedt

quafiy

.d

@ndition *

dlomin.d dudng in. 3it. impoctionr $ @rr * $6

asc

olthe

imptmmnis.

Dtua E

J.D.'

e. A'@ars


71/95

coDE chirstr- R.rd Drlve

aErurenrs-

REvrsED

sEcTtoN

7

Dd/E

Jona

a Ai.aaui


72/95

corpus

chllsu- ndd

DrtE

ap.rtlsrre

nEvrsED

Tnore

aE b.sEny ivo

moftets lor

E6r

papry -

$o Inwsw dnd th6

.nd

@r. InwstoE Bu.ny

purcn4

ftr

3p.@bri6

pulpse.

1r\6y

anlicipate that

pofiE

nlm

holdinq ltre

prcpoiydn

nd oit*od

o.d bol

tut

Etum

r*mpte,

rhey msy Inwsr

n.

shq

rdcr

.nd

*n

,ar

a nd

prcm

ar

$e

mos oFonune

{me. oL

thBy

mry hry

a

md

ol

tsnd, subdMd

(

s6l

subdi*Jed

rEcrs and

realie 6n orc

n@de

pruduoln pDpeny

sloh

.5

.n

dfie

or .Fftnnt

6mdq.

M.lk6dng lim.

h

o

laorof of ompmiG

pri6,

r.m,

ondilioi

of

rh.

prop.dy,

lo@ on of tno

prcpony,

appat,

numbr

dt 6frpoliti6 pDpniss

oi

rh.

madc

sbiriy

oJ

$. sls

asont

inr.Er Ele,

o.nat

and t@l

aononid o.ditions

and

o$er

raclo6.

Prcviously, re sbld simikrsalas

in our compaEble ssles Sedron. Those

s.re prsarl

a

Oood

sampte

oflhe

ontim.dsd* orlinilarprcpedies

ftrrhcpastte

yeF.

OmsuMyioundin lh6e

Compambb3 s.E on

ti. nqrior

b6rw@n

th6.

mnrhs

and

tvo

yoaE.

Tts rirc

rEmo

or rros.

ete .nd

rh6 iudh.r 6f onpdrng

p6pq$6

a rm us to estrmrre a rikely

na

*euns/e&osure

tide

for th

su

bjBd

pBFrty

or

on.

y.ar

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ot

6u6e,

is

bsd on rh. subjed

pDpedy

beins

daod

on

rh6 ma

et.l.

Mp. tha

DrrF

and sir,r

onoeriri*

End

Ea6

purchase

fo. .ddrlromr Ea3oB. Th.y, too,

.rp.cr a dun

on snd Etuh or ep[3t

Ty

may &id

r.as.

paynefis,

burrd

qullt

and dslmlz. lheh impDwmenrs lo hetr needs.

Ddd

E

Jdd.,

e.

A*adta


73/95

cor06

chdsd.

Retd

Ddv. Apartsftnrs-

REvrsED

CORRELANON

AND FINAL VALUE

@IICLUSION

To

d.lm

ie

lhe varu of a

prcpdy

an ppr6i5er id6lltm*

oarh6F,

ard aittz6

qnE

and

properry-specific

daia;doiminhishssrandbestuse:.ndspp69rh6sarascdnpadson,tnom6caoilstL,lton.nd/ofcosl

Appbad6,sswamded

t

rlren

lsinsmoBrhanon6apprcach,eachrp

Tno

s.r.s

compafton

Apprd.h

ro

vdtre

eriracrs madcr dsrs

from

ptopenios

itr

srm ra

r

na

delr. appEisa

pd

i

ctpbs of s

pply

and

oom and, Bata nd6

su bgriiurion

.nd En. mariris

s rhar rhe

vatue

ot a

ptupedy

rhsr ts

rcpls@8b|o h

rhe ms*or rnds

lo be set by lhe cosl of rclutdno

an equa

t

destBbt6 subdhlne

prcperty

I

slssls

lhrl wh8n

subsiilute

p6p.diss

aE nor

awllabte

in

lhe m5*6r rhe

ctia birily or lhe

*t6s

mmpadson

m3 ortur

app.oa

ches

rne s. es

c

dm

padson

ADDrcach

trs

mnsid e,d

sntr@nib0 $3lypq|b 'lw6sfanbuyingpd*rh6qua|ilvsnd

quanriyofrh6dar,

'wilabtsMs

adequab

wfth smpte

@mFEbtesatesdds sEitsberEmrh6tocatmafter

Tlre

IncoreApp@ch

h ba*d onmarfidEnratsrors

m

arorcompad

hone-pducins

pop.dy

b iyp@ny

purch.sed

by

$ inGior

tr ine

purto*

of

manmiziis

hb

Erum

Basi*rry,th6hioheflhoaminssdrshislrorflrovatuowtbe.Aninvsrorlmdosasumorpmssnrdora6rorihe

iq m lo le

w

tulu

re dorraG AppEisat

prjnc

ptes

or Aniicip.iton a nd

c

hqnse. suppty a Denand,

Subsiirurio

i.

ofAnricrpalion

suqssls

rsr Erue s

qeddd

byrhe

expedadonofbeneits

mav b. defnsd

s me oEe sonn

of a dshts

ro ftrl E bdnefG

Trre In @me ap

ptua

ch

was 6isid

ered sisn ffinr b6use apa

nmenls .

onen

usd

3s

in@ne

Foduciis

prcpenEs.

The quatiiy

dnd

q$diry

ofihe

dara

awikbto

ras

sdeqFG

wilh

dal,

t6ss

'nidmaion

nom tho msrtet

aa.

D4vid

t

J.rn

& A$,aoen


74/95

Cortus Chnsd- Rdd Drtye ADarr

CORRELANON AND FINALVATUECONCLUSION{COdiNU'dI

There@ndrafonsrepnlhevatuaronpm*ssisrhspro6snwhionanapprahreNdsEandsredsriom

.finatwuaopinion.w6hawweqhed.r

ihesiqiifiitand

apptiEbtedd.

6 lh6 lonow no

6uns

sares

co

mp. dson

Apprcach

we rraE cnos.n

ro use

|re

webnbd i@9

ro obra

n re fnalhdicaiion

reid drive apartments appraisal- october 2013

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