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Integra Realty Resources Houston
Appraisal of Real Property
Bradshaw Nursery Rd. and League City Pkwy. Vacant Land NWC Bradshaw Nursery Rd. and League City Pkwy. League City, Galveston County, Texas 77573
Prepared For: City of League City
Effective Date of the Appraisal: May 5, 2015
Report Format: Restricted Appraisal Report
IRR ‐ Houston File Number: 155‐2015‐2144
Bradshaw Nursery Rd. and League City Pkwy. NWC Bradshaw Nursery Rd. and League City Pkwy. League City, Texas
Integra Realty Resources 5 Riverway Drive T 713.243.3300 Houston Suite 200 F 713.243.3301 Houston, TX 77056 www.irr.com
May 29, 2015 John Baumgartner Deputy City Manager City of League City 300 West Walker Street League City, TX 77573 SUBJECT: Market Value Appraisal Bradshaw Nursery Rd. and League City Pkwy. NWC Bradshaw Nursery Rd. and League City Pkwy. League City, Galveston County, Texas 77573 IRR ‐ Houston File No. 155‐2015‐2144 Dear Mr. Baumgartner: Integra Realty Resources – Houston is pleased to submit the following Restricted Appraisal Report containing an opinion of value of the fee simple interest in the referenced property. The report is intended to comply with the requirements for a Restricted Appraisal Report contained in Standards Rule 2‐2 (b) of the 2014‐2015 edition of the Uniform Standards of Professional Appraisal Practice (USPAP). As such, it presents no discussions of the data, reasoning, and analysis that were used in the appraisal process to develop the opinion of value. The opinions and conclusions set forth in the report may not be understood properly without additional information in the appraiser’s work file. Use of the report is restricted to the client.
Identification of Subject The subject is a parcel of vacant land containing an area of 0.7583 acres or 33,030 square feet. The property is zoned OS, Open Space, which permits recreational areas, utility easement areas, dedicated park and greenway areas, and marinas (certain other enumerated uses are permitted subject to the approval of a Special Use Permit by the City Council).
Expos
Brads
PropePropeAddre
Tax IDLegal D
PurpThe pthe pr2015.
IntenThe inuser imay uunaut
CurreThe ofrom Count
To theyears,or opt
DefinMarke
“The condiassuma sale
sure and Mar
shaw Nursery
erty Identificarty Namess
DDescription
ose of the Aurpose of theroperty as of The appraisa
nded Use anntended use os City of Leaguse a Restrictthorized use o
ent Ownerswner of recoAllsel Corp. oty Clerk’s reco
e best of our , and as of thtion to buy, n
nition of Maet value is de
most probabtions requisitming the pricee as of a speci
Buyer and
Both partiebest intere
A reasonab
Payment iscomparab
keting Times
y Rd. and Leag
tionBradshawNWC BradLeague CitR310588,Lots 35‐37
Appraisal e appraisal is the effectiveal is valid only
nd User of the appraisgue City. Accoed Appraisal of this report
ship and Salrd is City of Lon March 14, ord number 2
knowledge, ne effective danor is it listed
arket Value fined as:
le price whichte to a fair sale is not affectfied date and
seller are typ
es are well inests;
ble time is all
s made in terle thereto; an
gue City Pkwy
w Nursery Rd. andshaw Nursery ty, Texas 77573 R311041, & R37, Block 4, Secti
to develop an date of the ay as of the sta
sal is for propording to StanReport. Integ.
es Historyeague City. T2000, for an 2000012214.
no sale or traate of this appfor sale.
h a property sle, the buyer ted by undue d the passing
pically motiva
formed or we
owed for exp
ms of cash innd
y.
nd League City PRd. and League 310587on 2, The Oaks
n opinion of tappraisal, Maated effective
perty dispositndards Rule 2gra Realty Res
The City of Leaundisclosed p
nsfer of ownepraisal, the p
should bring and seller eastimulus. Impof title from
ated;
ell advised, an
posure in the
n U.S. dollars o
Pkwy.City Pkwy.
of Clear Creek S
the market vaay 5, 2015. The date or date
ion purposes‐2 (b) of USPAsources – Hou
ague City purprice. The tra
ership has ocroperty is not
in a competitch acting pruplicit in this dseller to buye
nd acting in w
open market
or in terms of
Subdivision, Gal
alue of the fehe date of thees.
s. The client aAP, no party ouston is not r
rchased the sunsaction is re
ccurred withint subject to a
tive and openudently and kndefinition is ther under cond
what they con
t;
f financial arr
lveston County,
ee simple intee report is Ma
nd sole intenother than thresponsible fo
ubject properecorded in Ga
n the past thran agreement
n market undenowledgeablyhe consummaditions where
nsider their o
rangements
2
Texas
erest in ay 29,
nded he client or
rty alveston
ree t of sale
er all y, and ation of eby:
wn
Expos
Brads
(SourcEvalu
PriorWe hathat isthis a
ScopWilliaDomi
We idabout
ValuaThe m
ApproApproCost ASales CIncom
We usapprosuffic
In the
We reof thedevel
sure and Mar
shaw Nursery
The price rcreative fin
ce: Code of Feation Guidelin
r Services ave not perfos the subject ssignment.
e of Work m L. Springerny, MAI, CRE,
dentified the st the characte
ation Methmethodology
oaches to ValuachApproachComparison Appe Capitalization
sed only the soach is applicaient sales dat
e sales compa
Location: L
Size: Less t
Use: Comm
Transactio
esearched ane sales with pop a value ind
keting Times
y Rd. and Leag
represents thnancing or sa
ederal Regulanes, Federal R
ormed any seof this report
r, MAI, condu, FRICS, condu
subject throueristics of the
odology employed in
e
proachn Approach
sales comparable to the suta is available
arison approa
League City, T
than 6 acres
mercial
on Date: Janua
d assembled arties to the tdication for t
gue City Pkwy
e normal conles concessio
ations, Title 12Register, 75 F
rvices, as an at within the t
ucted an on‐sucted an on‐s
ugh a legal dee property tha
this assignme
Applicabil ityNot ApplicabApplicableNot Applicab
ison approacubject because for analysis.
ch, we search
Texas
ary, 2012 to p
data for the mtransaction ohe subject.
y.
nsideration foons granted b
2, Chapter I, PFR 77449, Dec
appraiser or ihree‐year pe
ite inspectionsite inspectio
scription andat are relevan
ent is summa
y to Subjectble
ble
h to develop se there is an
hed for sale t
present
most relevanor secondary s
or the property anyone ass
Part 34.42[g]cember 10, 20
in any other criod immedia
n of the propen on other da
d tax records, nt to its proba
rized as follo
Use in AsNot Util izUtil izedNot Util iz
an opinion oactive marke
ransactions w
t sales, and csources. The
ty sold unaffeociated with
]; also Interag010, page 774
capacity, regaately precedin
erty on May 5ates.
and assemblable use and
ws:
signmentzed
zed
of value for thet for similar p
within the fol
confirmed thesales were th
ected by specthe sale.”
gency Apprais472)
arding the prong acceptance
5, 2015. David
ed informatiomarket value
he subject. Thproperties, an
lowing param
e arms‐lengthhen analyzed
3
cial or
sal and
operty e of
d R.
on e.
is nd
meters:
h nature to
Expos
Brads
The coproperenta
SigniIt is acconsistransawritin
HigheThe hsubje(inclulocate
Conc
ValueAppraMarke
Extra
1. Thbyowanne
The varesultbe fal
The d
ExpoBasedand m
ExpoExposMark
sure and Mar
shaw Nursery
ost approacherty, and the l income in it
ficant Apprcknowledgedsting of particactions involvng, under the
est and Besighest and bect property isding schools,ed along a po
clusion of Va
e Conclusionisal Premiseet Value
aordinary Ass
he subject propy the City of Leawned propertiend/or developeearby propertie
alue conclusiots. An extraordse as of the eff
ata and analy
osure and Md on the concmarketing tim
sure Time ansure Time (Moneting Period (M
keting Times
y Rd. and Leag
is not applicaincome appros current stat
raisal Assistd that J. Tyler cipating in theving comparasupervision o
st Use est use of thes currently zo libraries, hosrtion of the F
alue
umptions an
perty is currentague City. The aes with the OS ed by a privatees along Highw
ons are subjectdinary assumptfective date of
ysis used to d
Marketing Tiluded marketes are as follo
nd Marketingnths)Months)
gue City Pkwy
able becauseoach is not apte.
ance Davis made ae property inble propertieof the person
e subject as vaned PS, whichspitals, and gFM 2094 corri
InteresFee Sim
d Hypothetic
tly zoned as anappraisers wezoning designae owner, the usway 96 (League
t to the fol lowition is uncertathe appraisal
develop the o
mes t value statedows:
g Period1212
y.
there are nopplicable beca
a significant pspection, cones, performings signing the
acant land is ih permits moovernment oidor that is ho
st Appraisedmple
cal Condition
n Open Space Dre not able to fation. We assuable site area e City Parkway)
ng extraordinaain information, we reserve th
pinion of valu
d previously, i
o improvemenause the subj
professional cnducting reseg appraisal anreport.
its developmostly public anoffices). Howeome to subst
Date of ValueMay 5, 2015
ns
District (OS), afind a sufficienume that, werewould be re‐zo).
ary assumption accepted as he right to mod
ue are retaine
it is our opini
nts that contrject is not like
contribution tarch on the snalyses, and a
ent for commnd communitever, the subjantial comme
e
as are many otnt set of exampe the subject poned for comm
ons that may affact. If the assify our value c
ed in our wor
ion that the p
ribute value tely to generat
to this appraisubject and assisting in re
mercial use. Tty‐related useect property ercial develop
Value Conclus$99,
her propertiesples of privateroperty to be omerical use, as
ffect the assignumption is fouconclusions.
rk file.
probable expo
4
to the te
sal,
eport
he es is pment.
sion,000
owned ely‐owned are
nment und to
osure
Expos
Brads
CertiWe ce
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
sure and Mar
shaw Nursery
fication ertify that, to
The statem
The reportassumptioprofession
We have nand no per
We have nproperty tacceptanc
We have ninvolved w
Our engagpredeterm
Our compereporting oamount ofsubsequen
Our analysin conformapplicable
The reportprepared, Appraisal P
The use ofreview by
William L. report. Da
Significantsigned this
We have ethe Compe
As of the dhave compInstitute.
keting Times
y Rd. and Leag
the best of o
ments of fact
ted analyses, ons and limitinnal analyses, o
no present or rsonal interes
not performedhat is the sube of this assig
no bias with rewith this assig
gement in thismined results.
ensation for cof a predeterf the value opnt event direc
ses, opinions,mity with the state apprais
ted analyses, in conformityPractice of th
f this report isits duly autho
Springer, MAvid R. Dominy
t real propertys certification
experience in etency Rule o
date of this repleted the co
gue City Pkwy
our knowledg
contained in
opinions, andng conditionsopinions, and
prospective st with respec
d any servicebject of this regnment.
espect to thenment.
s assignment
completing thmined value pinion, the attctly related to
and conclusiUniform Stansal regulation
opinions, andy with the Coe Appraisal In
s subject to thorized repres
AI, made a pey, MAI, CRE, F
y appraisal asn.
appraising prof USPAP.
eport, Williamntinuing educ
y.
e and belief:
this report ar
d conclusionss, and are our conclusions.
interest in thct to the part
s, as an appraeport within t
e property tha
was not cont
his assignmenor direction itainment of ao the intended
ions were devndards of Profns.
d conclusionsde of Professnstitute.
he requiremeentatives.
rsonal inspecFRICS, has pe
ssistance was
roperties sim
m L. Springer, cation progra
re true and co
s are limited or personal, im.
e property thties involved.
aiser or in anythe three‐yea
at is the subje
tingent upon
nt is not contin value that fa stipulated red use of this a
veloped, and fessional App
s were develosional Ethics a
ents of the Ap
ction of the prersonally inspe
s provided by
ilar to the su
MAI and Davam for Design
orrect.
only by the rempartial, and u
hat is the subj
y other capacar period imm
ect of this rep
developing o
ingent upon tfavors the caesult, or the oappraisal.
this report hpraisal Practic
oped, and thisand Standard
ppraisal Instit
roperty that iected the sub
y J. Tyler Davis
bject and are
vid R. Dominynated Membe
eported unbiased
ject of this re
city, regardingmediately pre
port or to the
or reporting
the developmuse of the clieoccurrence of
has been prepce as well as
s report has bs of Professio
ute relating t
is the subjectbject.
s who has not
e in complianc
y, MAI, CRE, Fers of the App
5
port
g the ceding
parties
ment or ent, the f a
pared,
been onal
to
t of this
t
ce with
RICS praisal
Expos
Brads
15.
WilliaCertifTexas
sure and Mar
shaw Nursery
As of the dhave compAffiliates o
m L. Springerfied General Rs Certificate #
keting Times
y Rd. and Leag
date of this repleted the Staof the Apprais
r, MAI Real Estate Ap# TX‐1380120‐
gue City Pkwy
eport, Williamandards and Esal Institute.
ppraiser ‐G
y.
m L. Springer, Ethics Educat
DavidCertiTexas
MAI and Davtion Requirem
d R. Dominy, fied General s Certificate #
vid R. Dominyments for Can
MAI, CRE, FRReal Estate A# TX‐1321542
y, MAI, CRE, Fndidates/Prac
RICS Appraiser 2‐G
6
RICS cticing
Expos
Brads
AssuThis astand
1.
2.
3.
4.
5.
6.
This alimitin
1.
2.
3.
4.
5.
6.
sure and Mar
shaw Nursery
mptions anappraisal and ard assumpti
The title iseasementsmanageme
There are of the prop
There are render the
The revenucorrect rel
The propefederal, sta
The informaccuracy.
appraisal and ng conditions
An appraisproperty a
The concluno represe
No changelimitation,
No environappraisal, any subseqrequired bapproved
Unless othsubpoena without co
We have msuch mattepurposes ocovers theassumed t
keting Times
y Rd. and Leag
nd Limiting Cany other woions, except a
s marketable s and restrictent and is ava
no existing juperty.
no hidden or e property mo
ue stamps plaation to the a
rty is in compate and local
mation furnish
any other wos, except as ot
sal is inherentappraised.
usions stated entation is ma
es in any fede the Internal
nmental impaand we reserquent environby law, the apby the appro
herwise agreeor attend anyompensation
made no survers. Any sketconly and shoue property as o be correct.
gue City Pkwy
Conditionsork product reas otherwise n
and free and ions. The proailable for its
udgments or p
undisclosed ore or less va
aced on any dactual dollar a
pliance with alaws, regulat
hed by others
ork product retherwise note
tly subjective
in our appraiade as to the
eral, state or lRevenue Cod
act studies werve the right tnmental impappraisal assumpriate regulat
ed to in writiny court, goverelative to su
ey of the proch or survey ould not be condescribed in t
y.
elated to thisnoted in the r
clear of all lieperty is undehighest and b
pending or th
conditions ofluable. Furthe
deed referencamount of th
all applicable tions and cod
s is believed t
elated to thised in the repo
and represen
isal apply onlyeffect of sub
ocal laws, regde) are anticip
ere either reqto revise or react studies. Ifmes that suchtory bodies.
ng, we are notrnmental or ouch additiona
perty and assof the propernsidered to bthis report, a
s engagementreport:
ens, encumbrer responsiblebest use.
hreatened litig
f the land or oermore, there
ced herein toe transaction
building, enves.
to be reliable,
s engagementort:
nts our opinio
y as of the efbsequent even
gulations or cpated.
quested or mescind any of f any environm statement w
t required to other hearingl employmen
sume no resprty included inbe scaled accund the areas
t are limited b
rances, encroe ownership a
gation that co
of the improve is no asbest
o indicate the n.
vironmental, z
, but no warr
t are subject t
on as to the v
ffective date onts.
codes (includi
ade in conjunthe value opmental impacwill be favorab
give testimog with referennt.
ponsibility in cn this report iurately for sizand dimensio
by the follow
oachments, and compete
ould affect th
vements that tos in the pro
sale price are
zoning, and o
anty is given
to the follow
value of the
of the apprais
ing, without
nction with thinions based ct statement ble and will b
ny, respond tnce to the pro
connection wis for illustratze. The appraions set forth
7
ing
nt
he value
would operty.
e in
other
for its
ing
sal, and
his upon is e
to any operty
with tive isal are
Expos
Brads
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
sure and Mar
shaw Nursery
No opinionhave assumof such ma
We acceptconsideratas legal titelectrical, may also inlaws, regu
The distribonly underand improso used. Threport sha
Neither allthe identitdisseminatmeans of cmemorandwritten co
Informatiosources ar
Any incompurpose of
If the propthe appraieconomy, expire or o
Unless othlocated onthe real pr
The currenwe have as
The valuesforth in thand Limitin
The analysassumptioconditionsmatters. Sunanticipa
keting Times
y Rd. and Leag
n is expressedmed that the aterials, unles
t no responsibtions include,le, geologic cstructural annclude determlations and co
bution of the tr the reportedvements mushe appraisal rll be utilized
l nor any partty of the apprted through acommunicatioda and other nsent of the
on, estimates e assumed to
me and expensf estimating v
perty is subjecsal may be paof the real esotherwise ter
herwise statedn the premiseroperty has be
nt purchasingssumed that
s found hereine body of thisng Conditions
ses containedons regarding s, the absenceome estimateated events an
gue City Pkwy
d as to the vaproperty is nss otherwise
bility for cons but are not lonsiderationsd other enginminations of odes.
total valuatiod highest andst not be usedreport shall bseparately or
t of the conteraisers, or anyadvertising mon (including offering matepersons signi
and opinionso be reliable a
se estimates value and do
ct to one or marticularly affstate industryminate.
d in the repors or to the coeen considere
g power of theno extreme f
n is subject tos report but ws.
d in the reportproperty pere of material es or assumpnd circumsta
y.
lue of subsurnot subject tonoted in our
siderations reimited to, legs such as soilsneering and ecompliance w
on in the repod best use of td in conjunctbe consideredr out of conte
ents of this rey reference to
media, public rwithout limiterial providedng the report
s contained inand have not
contained in not constitut
more leases, afected by signy, or of the ap
rt, no consideost of moving ed.
e dollar is thefluctuations in
o these and towhich may ha
t necessarily rformance, gechanges in thtions, howevnces may occ
rface oil, gas o surface entryappraisal.
equiring expegal descriptios and seismicenvironmentawith zoning an
ort between lthe property.ion with any d only in its enext.
port (especiao the Appraisrelations medtation prosped to prospectt.
n the report abeen indepe
the appraisate predictions
any estimate nificant changppraised prop
eration has be or relocating
e basis for then economic cy
o any other aave been omit
incorporate neneral and loche competitivver, inevitablycur; therefore
or mineral rigy for the expl
rtise in otherons and other c stability; andal matters. Sund other fede
and and impr. The allocatioother appraisntirety. No pa
ally any conclusal Institute) sdia, news medectuses, privative investors
and obtained ndently verif
l report are us of future op
of residual vages in the conperty at the ti
een given to g such person
e values stateycles will occ
assumptions otted from thi
numerous estcal business ave environmey will not mate, actual resu
ghts, if any, anloration or re
r fields. Such legal mattersd civil, mechauch consideraeral, state, an
rovements apons of value fsal and are inart of the app
usions as to vshall be dia or any othate offering ) without the
from third‐pied.
used only for tperating resul
alue containendition of the ime these lea
personal propnal property;
ed in the apprur.
or conditions s list of Assum
timates and and economicnt and other erialize, and lts achieved d
8
nd we emoval
s such anical, tions nd local
pplies for land nvalid if praisal
value,
her
e prior
arty
the ts.
ed in ses
perty only
raisal;
set mptions
c
during
Expos
Brads
18.
19.
20.
21.
22.
23.
24.
sure and Mar
shaw Nursery
the periodmaterial.
The Amerimade a spof the impissues, andInasmuch conforminability anddetermine
The appraaffiliates. Iupon any i
No studiesmaterials oupon the aincluding, representaproperty. IVentures, subcontracenvironmerequired toenvironmeassessmen
The personin the appHazard Aredeterminaproperty, aexistent or
Integra ReHouston dproblems. recommen
The appracompletio
It is expresIntegra Paappraisal rresponsiblappraisal w
keting Times
y Rd. and Leag
d covered by o
cans with Disecific survey rovements md render no oas compliancg physical chd the cost to ce compliance.
isal report is t may not beinformation i
s have been pon the subjecassumption thwithout limitations or warIntegra RealtyInc. and/or actors or emplental conditioo discover whental conditiont of the subje
ns signing theraisal report wea. We are noations. The prand the valuer minimal.
alty Resourceoes not guaraMold may bended.
isal report ann of construc
ssly acknowlerties, arising reports, and/oe or liable forwas fraudulen
gue City Pkwy
our analysis w
sabilities Act (or analysis of
meet the ADA opinion regardce matches eaaracteristics ocure any defic
prepared for used or relien the report w
provided to usct property orhat the subjetation, hazardranties are my Resources –ny of their reloyees (the “Ions that do exhether such cons, the appraect property.
e report may whether the ot qualified toesence of floe conclusion i
es – Houstonantee that the present in t
nd value concction, repairs
edged that in out of, relatinor any other r any incidentnt or prepare
y.
will vary from
(ADA) becamf the propertyaccessibility ding complianach owner’s fof a propertyciencies woul
the exclusiveed upon by anwithout our w
s indicating thr in the improct property isdous wastes, tmade regardin– Houston, Intespective officntegra Partiexist or for anyconditions exiaisal report ca
have reviewesubject propeo detect suchod plain areas predicated
is not a builde subject prohe subject pr
lusions for anor alterations
any action wng to, or in anrelated work tal or conseqd with intent
our estimate
e effective Jay to determinguidelines. Wnce of the subfinancial ability, a specific std be needed
e benefit of thny other partywritten conse
he presence oovements, ans free and cletoxic substanng the environtegra Realty cers, owners,es”), shall noty engineeringist. Because wannot be con
ed available ferty is located areas and thas and/or weton the assum
ding or envirooperty is free roperty and a
n appraisal ass in a workma
which may be ny way pertaiproduct, theuential damational miscon
es, and the va
anuary 26, 19ne whether thWe claim no ebject with ADty with the cotudy of both tfor the Depa
he Client, its sy. All parties went do so at th
or absence ofd our valuatioar of any envnces and moldnmental condResources, In managers, dt be responsibg or testing thwe are not exnsidered as an
lood maps and in an identiherefore do ntlands may afmption that w
onmental inspof defects ora professional
ssume the satanlike manne
brought againing to this ee Integra Partiages or lossesduct. It is furt
ariations may
92. We have he physical asexpertise in ADA regulationsost to cure ththe owner’s frtment of Jus
subsidiaries awho use or reheir own risk.
f hazardous on is predicatvironment hazd. No dition of the snc., Integra Stirectors, agenble for any suat might be xperts in the fn environmen
nd may have fied Special Fot guaranteeffect the valuewetlands are n
pector. Integrr environmenl inspection is
tisfactory er.
nst any of theengagement, ies shall not bs, unless the ther acknowl
9
y be
not spects DA s. e non‐inancial stice to
and/or ely .
ted zards
subject trategic nts, uch
field of ntal
noted Flood e such e of the non‐
ra tal s
e the be
edged
Expos
Brads
25.
26.
27.
28.
sure and Mar
shaw Nursery
that the copaid for thprepared ware in relia
Integra Reprepared tthe appraiprovided. Ause and beunrestricteother worklimitation,clarificatioappraisal r
The concluforeseeabdata obtaicurrent macompletelyoccurrenceassignmenunanticipaopinion threpresent risk and unmarketing
All prospecprospectivcontingencsubstantiaeconomy, lenders, firdeed restrtime are co
The appra
keting Times
y Rd. and Leag
ollective liabilhe preparationwith intentionance upon the
alty Resourcethe appraisal sal report by Accordingly, tenefit unless wed right to wik product rela conclusions on, unless ourreport (even i
usions of this le future occuned in publicarket, and resy reliable. Thees that could nt. Furthermoated events mat our findingthat these esncertainty. Mfor the durat
ctive value opve in nature acies noted in lly alter the ointerest ratesre and other rictions, etc. Itonsistent or s
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ollowing:
n any such acunless the appis acknowledliability.
dently owneduse stated elsient is prohibdressed to anten consent. Wur disclosure oor any part th, to any third obtained, no teeable).
ed on known s are based paing trends, bud parties, and esponsible fon foreseen onme assumptioffect actual pen current machieved, as thpetent and efing period of
report are estrable risk and several evensuch as, but n, behavior of nges in title orons reasonabl
ction shall nopraisal was frged that the
d and operatesewhere in thbited except ad shall be solWe expresslyof the appraishereof includiparties. Statethird party m
current trendartly on propeuyer‐seller desuch data are
or these and on the effectiveons will not merformance. arket conditiohey are subjecffective manathis property
timates and fod uncertainty.nts may occurnot limited toconsumers, ir conveyancey foreseeable
ot exceed the raudulent or fees charged
ed company, hhe report. Theas otherwise lely for the Cly reserve the sal report or ing, without ed again for ay rely on the
ds and reasonerty informatecision criterie not always other future e date of thismaterialize anWhile we areons, we do noct to consideragement and y.
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ing extraordinain informatio, we reserve th
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11
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David R. Dominy, MAI, CRE, FRICS Houston Integra Realty Resources
irr.com
T 713‐243‐3300 F 713‐827‐8552
5 Riverway, Suite 200Houston, TX 77056
Experience Senior Managing Director of Integra Realty Resources Houston, a multi‐faceted real estate valuation and consulting firm with experience in properties including office buildings, single‐family and multi‐family residential, single and multi‐tenant retail centers, industrial facilities, subdivisions, billboard valuation, convenience stores/service stations, hospital/MOB properties and mini‐warehouse facilities. Other assignments include pipeline systems and rights of way including roadways, railroads, waterways, avigation and high voltage transmission corridors and salt cavern storage facilities. Clients include financial institutions, insurance companies, law firms, governmental entities, oil companies, developers, and private property owners, including many Fortune 500 companies. The practice features a litigation section assisting clients in many matters including general commercial litigation, property partitioning, estate tax matters, environmental contamination cases and eminent domain cases among others.
Professional Activities & Affiliations
Former President: Houston Realty Business Coalition Former President: C Club Former Vice Chairman: Integra Realty Resources; National Chairman: Accurity Qualified Analytics Board of Director: West Harris County Municipal Utility District #15 Member: International Right of Way Association Appraisal Institute, Member (MAI) Former President; Houston
Board Member: On Track Ministries Board Member: Yellowstone Academy
[email protected] ‐ 713.243.3333
Currently certified by the Appraisal Institute's voluntary program of continuing education for its designated members. Guest Lecturer: Rice University; CLE International; Harris County Eminent Domain Seminar; Harris County Appraisal District; Texas Association of Assessment Officers
David R. Dominy, MAI, CRE, FRICS Houston Integra Realty Resources
irr.com
T 713‐243‐3300 F 713‐827‐8552
5 Riverway, Suite 200Houston, TX 77056
Licenses
Education
Qualified Before Courts & Administrative Bodies
BBA – Baylor University – Major – Accounting/Finance Successfully completed numerous real estate related courses and seminars sponsored by the Appraisal Institute, accredited universities and others.
Alabama, Real Estate General Appraiser, G00659, Expires September 2015 Arizona, Certified General Real Estate Appraiser, 31937, Expires February 2017
Advisory Board Member: Baylor University ‐ Hankamer School of Business
Arkansas, State Certified General Appraiser, CG 1255, Expires September 2016 Colorado, Real Estate General Appraiser, CG40033015, Expires December 2015 Louisiana, Real Estate General Appraiser, G1033, Expires December 2015 Mississippi, Real Estate General Appraiser, GA‐740, Expires October 2016 Oklahoma, Real Estate General Appraiser, 11679, Expires February 2018 Texas, Real Estate General Appraiser, TX‐1321542‐G, Expires November 2015 Texas, Real Estate Broker, 341697‐13, Expires May 2016
County and District Courts: Texas – Harris, Montgomery, Fort Bend, Brazoria, Galveston, Chambers, Grimes, San Jacinto, Angelina, Polk, Liberty, Bexar, and Waller. Arkansas ‐ White County Louisiana – St. Tammany Parish Federal Courts: Houston and Sherman, Texas
Counselor of Real Estate (CRE) Former Chairman, Current Board Member; Houston Royal Institute of Chartered Surveyors, Fellow (FRICS)
William Springer, MAI Houston Integra Realty Resources
irr.com
T 713‐243‐3300 F 713‐827‐8552
5 Riverway, Suite 200Houston, TX 77056
Experience Mr. Springer is an Associate Director with Integra Realty Resources Houston, a real estate appraisal and consulting firm. Integra Realty Resources is a multi‐faceted real estate appraisal and consulting firm specializing in properties including regional malls, office buildings, single‐family and multi‐family residential, single and multi‐tenant retail centers, industrial facilities, subdivisions, convenience stores/service stations, mini‐warehouse facilities, schools, churches and other special purpose properties and rural properties. Other property types include right of way and utility corridors, easements and various property types for eminent domain proceedings. Prior to joining Integra, Mr. Springer was employed with ThoreenHale Commercial Real Estate Advisors, serving as a Senior Analyst.
Professional Activities & AffiliationsAppraisal Institute, Member (MAI), November 2014 Board of Governors: The Fondren Foundation Board of Directors: Houston Children’s Chorus
Licenses Texas, Certified General Real Estate Appraiser, TX‐1380120‐G, Expires January 2016 Louisiana, General Real Estate Appraiser, G3716, Expires December 2015
Education Bachelor of Business Administration in Real Estate – Baylor University Appraisal Institute Courses Completed: Real Estate Principles, Procedures and USPAP General Appraiser Market Analysis and Highest and Best Use Finance, Statistics and Modeling General Appraiser Sales Comparison Approach General Appraiser Site Valuation and Cost Approach General Appraiser Income Approach, Parts I and II General Appraiser Report Writing and Case Studies Advanced Income Capitalization Advanced Sales Comparison and Cost Approaches Advanced Applications
[email protected] ‐ 713‐243‐3341
Integra Realty Resources, Inc.
Corporate Profile
Integra Realty Resources, Inc. offers the most comprehensive property valuation and counseling coverage in the United States with 62 independently owned and operated offices in 34 states and the Caribbean. Integra was created for the purpose of combining the intimate knowledge of well‐established local firms with the powerful resources and capabilities of a national company. Integra offers integrated technology, national data and information systems, as well as standardized valuation models and report formats for ease of client review and analysis. Integra’s local offices have an average of 25 years of service in the local market, and virtually all are headed by a Senior Managing Director who is an MAI member of the Appraisal Institute.
A listing of IRR’s local offices and their Senior Managing Directors follows:
ATLANTA, GA ‐ Sherry L. Watkins., MAI, FRICS AUSTIN, TX ‐ Randy A. Williams, MAI, SR/WA, FRICS BALTIMORE, MD ‐ G. Edward Kerr, MAI, MRICS BIRMINGHAM, AL ‐ Rusty Rich, MAI, MRICS BOISE, ID ‐ Bradford T. Knipe, MAI, ARA, CCIM, CRE, FRICS BOSTON, MA ‐ David L. Cary, Jr., MAI, MRICS CHARLESTON, SC ‐ Cleveland “Bud” Wright, Jr., MAI CHARLOTTE, NC ‐ Fitzhugh L. Stout, MAI, CRE, FRICS CHICAGO, IL ‐ Eric L. Enloe, MAI, FRICS CINCINNATI, OH ‐ Gary S. Wright, MAI, FRICS, SRA CLEVELAND, OH ‐ Douglas P. Sloan, MAI COLUMBIA, SC ‐ Michael B. Dodds, MAI, CCIM COLUMBUS, OH ‐ Bruce A. Daubner, MAI, FRICS DALLAS, TX ‐ Mark R. Lamb, MAI, CPA, FRICS DAYTON, OH ‐ Gary S. Wright, MAI, FRICS, SRA DENVER, CO ‐ Brad A. Weiman, MAI, FRICS DETROIT, MI ‐ Anthony Sanna, MAI, CRE, FRICS FORT WORTH, TX ‐ Gregory B. Cook, SR/WA GREENSBORO, NC ‐ Nancy Tritt, MAI, SRA, FRICS GREENVILLE, SC ‐ Michael B. Dodds, MAI, CCIM HARTFORD, CT ‐ Mark F. Bates, MAI, CRE, FRICS HOUSTON, TX ‐ David R. Dominy, MAI, CRE, FRICS INDIANAPOLIS, IN ‐ Michael C. Lady, MAI, SRA, CCIM, FRICS JACKSON, MS ‐ J. Walter Allen, MAI, FRICS JACKSONVILLE, FL ‐ Robert Crenshaw, MAI, FRICS KANSAS CITY, MO/KS ‐ Kenneth Jaggers, MAI, FRICS LAS VEGAS, NV ‐ Charles E. Jack IV, MAI LOS ANGELES, CA ‐ John G. Ellis, MAI, CRE, FRICS LOS ANGELES, CA ‐ Matthew J. Swanson, MAI LOUISVILLE, KY ‐ Stacey Nicholas, MAI, MRICS MEMPHIS, TN ‐ J. Walter Allen, MAI, FRICS MIAMI/PALM BEACH, FL ‐ Scott M. Powell, MAI, FRICS
MIAMI/PALM BEACH, FL‐ Anthony M. Graziano, MAI, CRE, FRICS MINNEAPOLIS, MN ‐ Michael F. Amundson, MAI, CCIM, FRICS NAPLES, FL ‐ Carlton J. Lloyd, MAI, FRICS NASHVILLE, TN ‐ R. Paul Perutelli, MAI, SRA, FRICS NEW JERSEY COASTAL ‐ Halvor J. Egeland, MAI NEW JERSEY NORTHERN ‐ Barry J. Krauser, MAI, CRE, FRICS NEW YORK, NY ‐ Raymond T. Cirz, MAI, CRE, FRICS ORANGE COUNTY, CA ‐ Larry D. Webb, MAI, FRICS ORLANDO, FL ‐ Christopher Starkey, MAI, MRICS PHILADELPHIA, PA ‐ Joseph D. Pasquarella, MAI, CRE, FRICS PHOENIX, AZ ‐ Walter ‘Tres’ Winius III, MAI, FRICS PITTSBURGH, PA ‐ Paul D. Griffith, MAI, CRE, FRICS PORTLAND, OR ‐ Brian A. Glanville, MAI, CRE, FRICS PROVIDENCE, RI ‐ Gerard H. McDonough, MAI, FRICS RALEIGH, NC ‐ Chris R. Morris, MAI, FRICS RICHMOND, VA ‐ Kenneth L. Brown, MAI, CCIM, FRICS SACRAMENTO, CA ‐ Scott Beebe, MAI, FRICS ST. LOUIS, MO ‐ P. Ryan McDonald, MAI, FRICS SALT LAKE CITY, UT ‐ Darrin W. Liddell, MAI, CCIM, FRICS SAN ANTONIO, TX ‐ Martyn C. Glen, MAI, CRE, FRICS SAN DIEGO, CA ‐ Jeff A. Greenwald, MAI, SRA, FRICS SAN FRANCISCO, CA ‐ Jan Kleczewski, MAI, FRICS SARASOTA, FL ‐ Carlton J. Lloyd, MAI, FRICS SAVANNAH, GA ‐ J. Carl Schultz, Jr., MAI, FRICS, CRE, SRA SEATTLE, WA ‐ Allen N. Safer, MAI, MRICS SYRACUSE, NY ‐ William J. Kimball, MAI, FRICS TAMPA, FL ‐ Bradford L. Johnson, MAI, MRICS TULSA, OK ‐ Robert E. Gray, MAI, FRICS WASHINGTON, DC ‐ Patrick C. Kerr, MAI, SRA, FRICS WILMINGTON, DE ‐ Douglas L. Nickel, MAI, FRICS CARIBBEAN/CAYMAN ISLANDS ‐ James Andrews, MAI, FRICS
Corporate Office Eleven Times Square, 640 Eighth Avenue, 15th Floor, Suite A, New York, New York 10036 Telephone: (212) 255‐7858; Fax: (646) 424‐1869; E‐mail [email protected] Website: www.irr.com
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SPTB Description Area Market Ag Value
Type ValueEff YearAreaDescription Year Built
Bedrooms
2015 2014 2013 2012
Land Segments
Sales
Situs Address
FlooringRoofInteriorExteriorFoundationConstruction
Current Owner Legal Description Exemptions Market
CITY-LEAGUE CITY (O158065) 300 W WALKER ST LEAGUE CITY,TX 77573-3898
ABST 3 PAGE 17 LOT 36 BLK 4 THE OAKS OF CLEAR CREEK SEC 2
EX
Entities
GGA, S16, RFL, M18, C40
42,780
Assessed
42,780
History Information
Building Attributes
Improvements
Imp HS
Imp NHS
Land HS
Land NHS
Ag Mkt
Ag Use
Tim Mkt
Tim Use
HS Cap
-
Assessed
--
$42,780
-
-
-
-
-
$42,780
-
-
-
$36,570
-
-
-
-
-
$36,570
-
-
-
$36,570
-
-
-
-
-
$36,570
-
-
-
$36,570
-
-
-
-
-
$36,570
Date Volume Page Seller Name
Heat/AC Baths Fireplace Year Built Rooms
CITY-LEAGUE CITY
ALLSEL CORP 2000012214
HOWARD, LADDIE 2000009397
TARA GLEN LIMITED 011-86-0832
42,7809555FResidential LotC9
Page of1 1R311041
2015 05/29/2015
SPTB Description Area Market Ag Value
Type ValueEff YearAreaDescription Year Built
Bedrooms
2015 2014 2013 2012
Land Segments
Sales
Situs Address
FlooringRoofInteriorExteriorFoundationConstruction
Current Owner Legal Description Exemptions Market
CITY-LEAGUE CITY (O158065) 300 W WALKER ST LEAGUE CITY,TX 77573-3898
ABST 3 PAGE 17 LOT 37 BLK 4 THE OAKS OF CLEAR CREEK SEC 2
EX
Entities
GGA, S16, RFL, M18, C40
36,330
Assessed
36,330
History Information
Building Attributes
Improvements
Imp HS
Imp NHS
Land HS
Land NHS
Ag Mkt
Ag Use
Tim Mkt
Tim Use
HS Cap
$0
Assessed
$0$0
$36,330
$0
$0
$0
$0
-
$36,330
$0
$0
$0
$31,050
$0
$0
$0
$0
-
$31,050
$0
$0
$0
$31,050
$0
$0
$0
$0
-
$31,050
$0
$0
$0
$31,050
$0
$0
$0
$0
-
$31,050
Date Volume Page Seller Name
Heat/AC Baths Fireplace Year Built Rooms
CITY-LEAGUE CITY
ALLSEL CORP 2000012214
TARA GLEN LIMITED 2000011414
036,33010928FResidential LotC9
Page of1 1R310588
2015 05/29/2015
SPTB Description Area Market Ag Value
Type ValueEff YearAreaDescription Year Built
Bedrooms
2015 2014 2013 2012
Land Segments
Sales
Situs Address
FlooringRoofInteriorExteriorFoundationConstruction
Current Owner Legal Description Exemptions Market
CITY-LEAGUE CITY (O158065) 300 W WALKER ST LEAGUE CITY,TX 77573-3898
ABST 3 PAGE 17 LOT 35 BLK 4 THE OAKS OF CLEAR CREEK SEC 2
EX
Entities
GGA, S16, RFL, M18, C40
37,120
Assessed
37,120
History Information
Building Attributes
Improvements
Imp HS
Imp NHS
Land HS
Land NHS
Ag Mkt
Ag Use
Tim Mkt
Tim Use
HS Cap
$0
Assessed
$0$0
$37,120
$0
$0
$0
$0
-
$37,120
$0
$0
$0
$31,730
$0
$0
$0
$0
-
$31,730
$0
$0
$0
$31,730
$0
$0
$0
$0
-
$31,730
$0
$0
$0
$31,730
$0
$0
$0
$0
-
$31,730
Date Volume Page Seller Name
Heat/AC Baths Fireplace Year Built Rooms
CITY-LEAGUE CITY
ALLSEL CORP 2000012214
TARA GLEN LIMITED 2000011414
SPIERS, MARION 012-95-2218
TARA GLEN LIMITED 011-86-0829
037,12012547FResidential LotC9
Page of1 1R310587
2015 05/29/2015
Land Sale Profile Sale No. 1
Location & Property Identification
1.49 AC on FM 646Property Name:
Sub-Property Type: Commercial
FM 646Address:
League City, TX 77539City/State/Zip:
GalvestonCounty:
SuburbanMarket Orientation:
SWC of FM 646 (16th St) & Avenue F
Property Location:
IRR Event ID: 1138665
Sale Information
$235,000Sale Price:
$235,000Eff. R.E. Sale Price:
08/27/2014Sale Date:
Sale Status: Closed
$/Acre(Gross): $157,486
$/Land SF(Gross): $3.62
$/Acre(Usable): $157,486
$/Land SF(Usable): $3.62
Grantor/Seller: Susan V. Miller
Grantee/Buyer: ACV Investments LLC
Property Rights: Fee Simple
Exposure Time: 3 (months)
Financing: Cash to seller - buyer obtained financing
Document Type: Warranty Deed
Recording No.: 2014.50197
Verified By: Mr. John "Tyler" T. Davis
Verification Date: 5/27/15
Verification Source: Murlene Ware, Bayou Realtors, 281-337-4557
Verification Type: Confirmed-Seller Broker
Sale Analysis
Proposed Use Desc.: Commercial
Improvement and Site Data
Block 165, Moore's Addition to the Town of Dickinson, save and except Lots 6 and 12/ R165951
Legal/Tax/Parcel ID:
1.49/1.49Acres(Usable/Gross):
65,000/65,000Land-SF(Usable/Gross):
Usable/Gross Ratio: 1.00
Shape: Rectangular
Topography: Level
Vegetation: Grass and shrubs
Corner Lot: Yes
Frontage Type: 2 way, 2 lanes each way
Traffic Control at Entry: Turn lane
Traffic Flow: Moderate
AccessibilityRating: Average
Visibility Rating: Average
Zoning Desc.: Office Commercial
Flood Plain: Yes
Flood Zone Designation: X (Shaded)
Comm. Panel No.: 4854880030E
Date: 09/22/1999
Utilities: Electricity, Water Public, Sewer, Gas, Telephone, CableTV, Fiber Optics
Utilities Desc.: Utilities available along FM 646
Source of Land Info.: Public Records
1.49 AC on FM 646
Land Sale Profile Sale No. 2
Location & Property Identification
1.166 AC on E. WalkerProperty Name:
Sub-Property Type: Commercial
101 E. Walker St.Address:
League City, TX 77573City/State/Zip:
GalvestonCounty:
SuburbanMarket Orientation:
Southeast line of E. Walker Street, north of Highway 3
Property Location:
IRR Event ID: 1134032
Sale Information
$156,000Sale Price:
$156,000Eff. R.E. Sale Price:
11/14/2013Sale Date:
Sale Status: Closed
$/Acre(Gross): $133,756
$/Land SF(Gross): $3.07
$/Acre(Usable): $133,756
$/Land SF(Usable): $3.07
Grantor/Seller: Marion M. Ringo
Grantee/Buyer: Ming-He Huang and Hong Hu
Property Rights: Fee Simple
Financing: Cash to seller
Document Type: Warranty Deed
Recording No.: 2013072022
Verified By: Mr. John "Tyler" T. Davis
Verification Date: 5/12/15
Verification Source: Patrick McFarland, 713-857-2715
Verification Type: Confirmed-Seller Broker
Improvement and Site Data
Lot 1, Abstract 3, Ringo Special Subdivision/ R517599
Legal/Tax/Parcel ID:
1.17/1.17Acres(Usable/Gross):
50,803/50,803Land-SF(Usable/Gross):
Usable/Gross Ratio: 1.00
Shape: Rectangular
Topography: Level
Vegetation: Grass and shrubs
Corner Lot: No
AccessibilityRating: Average
Visibility Rating: Above average
Zoning Code: General Commercial
Flood Plain: No
Flood Zone Designation: X
Comm. Panel No.: 485488
Date: 09/22/1999
Utilities: Electricity, Water Public, Sewer, Gas
Source of Land Info.: Public Records
1.166 AC on E. Walker
Land Sale Profile Sale No. 3
Location & Property Identification
0.9 AC at 820 Louisiana AveProperty Name:
Sub-Property Type: Residential
820 Louisiana Ave.Address:
League City, TX 77573City/State/Zip:
GalvestonCounty:
SuburbanMarket Orientation:
E/L of Louisiana AvenueProperty Location:
IRR Event ID: 1138824
Sale Information
$90,000Sale Price:
$90,000Eff. R.E. Sale Price:
08/15/2013Sale Date:
Sale Status: Closed
$/Acre(Gross): $100,000
$/Land SF(Gross): $2.30
$/Acre(Usable): $100,000
$/Land SF(Usable): $2.30
Grantor/Seller: Michael D. and Ginger Sprouse
Grantee/Buyer: Justin and Lynsey Davis
Property Rights: Fee Simple
Exposure Time: 7 (months)
Financing: Cash to seller - buyer obtained financing
Document Type: Warranty Deed
Recording No.: 2013065831
Verified By: Mr. John "Tyler" T. Davis
Verification Date: 5/27/15
Verification Source: Ginger Sprouse, 713-933-8241
Verification Type: Confirmed-Seller
Sale Analysis
Proposed Use Desc.: Single Family Residence
Improvement and Site Data
Unrestricted Reserve E, Louisiana Plantation Addition, Galveston County, Texas/ R370746
Legal/Tax/Parcel ID:
0.90/0.90Acres(Usable/Gross):
39,204/39,204Land-SF(Usable/Gross):
Usable/Gross Ratio: 1.00
Shape: Rectangular
Topography: Level
Vegetation: Grass and shrubs
Corner Lot: No
Frontage Type: 2 way, 1 lane each way
Traffic Control at Entry: Turn lane
AccessibilityRating: Average
Visibility Rating: Average
Zoning Desc.: Single Family Residential
Flood Plain: No
Flood Zone Designation: X
Comm. Panel No.: 4854880013D
Date: 09/22/1999
Utilities: Electricity, Water Public, Sewer, Gas, Telephone, CableTV
Source of Land Info.: Public Records
0.9 AC at 820 Louisiana Ave
Land Sale Profile Sale No. 4
Location & Property Identification
SH 3 LandProperty Name:
Sub-Property Type: Commercial
1012 S. State Highway 3Address:
League City, TX 77573City/State/Zip:
GalvestonCounty:
SuburbanMarket Orientation:
E/S of Highway 3, S of Washington Street
Property Location:
IRR Event ID: 645408
Sale Information
$750,000Sale Price:
$750,000Eff. R.E. Sale Price:
01/17/2013Sale Date:
Sale Status: Closed
$/Acre(Gross): $133,476
$/Land SF(Gross): $3.06
$/Acre(Usable): $133,476
$/Land SF(Usable): $3.06
Grantor/Seller: John B. Daro
Grantee/Buyer: Adriana Weathers
Assets Sold: Real estate only
Property Rights: Fee Simple
% of Interest Conveyed: 100.00
Exposure Time: 12 (months)
Financing: Cash to seller
Document Type: Deed
Recording No.: 2013003890
Verification Source: Alliance Realty, Allen Cruitherds
Verification Type: Confirmed-Buyer
Improvement and Site Data
MSA: Houston-Sugar Land-Baytown, TX Metropolitan Statistical Area
Abstract 3, Page 16, S F Austin Survey, Tract 76/ R135141
Legal/Tax/Parcel ID:
5.62/5.62Acres(Usable/Gross):
244,763/244,763Land-SF(Usable/Gross):
Usable/Gross Ratio: 1.00
Shape: Irregular
Topography: Level
Corner Lot: No
Frontage Feet: 250
Frontage Desc.: 250 - Highway 3
Frontage Type: 2 way, 2 lanes each way
Traffic Control at Entry: None
Traffic Flow: Moderate
AccessibilityRating: Average
Visibility Rating: Average
NoEasements:
Environmental Issues: No
Flood Plain: No
Flood Zone Designation: X
Comm. Panel No.: 4854880030E
Date: 09/22/1999
Utilities: Electricity, Water Public, Sewer, Gas, Telephone, CableTV
Utilities Desc.: League City
Source of Land Info.: Broker
SH 3 Land
Adden
Brads
nda
shaw Nurseryy Rd. and Leaggue City Pkwyy.