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------Appraisal of
3701 Eck Drive
Raleigh, NC
iiiReal Estate Appraisers & Consultants
.Y'
..
I
1042 Washington Street- Raleigh,NC 27605-1258 - (919) 833-2075 -FAX (919) 833-7693
November 5, 2007
Brad Pollock, Sr. VPBranch Banking & Trust Company434 Fayetteville StreetPO Box 27961Raleigh, NC 27611
Re: 3701 Eck DriveA 4.543 acre siteRaleigh, NC 27604BC 07-180
Dear Mr. Pollock:
In accordance with your request for professional evaluation services we have prepared anAppraisal, Summary Report for the above captioned property. This report is for the exclusive useof the addressee. The appraiser is not responsible for unauthorized use of this report.
The following report presents the data and analysis along with the other material on which theestimate of value was predicated. The above estimated market value has taken into considerationall of the requirements of the Uniform Standards of ProfessionalAppraisal Practice as promulgatedby the Appraisal StandardsBoard of the Appraisal Foundation.
It is our opinion that the fee simple estimate of value for the 4.543 acre site as of October 9, 2007IS:
EIGHT HUNDRED SIXTY FOUR THOUSAND DOLLARS
..$864,000.
The estimated value is subject to the City of Raleigh approving a rezoning to the subject siteto permit the proposed density of 15 DUlAC. .
The estimated value is subject to the subject site having the proposed infrastructurecompleted.
Respectfully submitted,
\ ~..."'
/. .' .
( '.; "/. ,.:i),~ ij
, ~,\;;;;;;f: .~RobertM.BirchSRA ~~~~::')'»/NC State Certified General AppraiserCertificate No. A-822
BIRCH APPRAISAL GROUP
2600 (Jarver Street, Suite FDurham, NC 27705
(919) 471-6604
"",, 1~i6(?]~l 47! ~~301"~<~
1145-E Executive Circle
Cary, NC 27511(919) 460-7993
Fax (919) 460-7994
JOHN B. NEESE & COMPANY. INC.
File No. 27289
APPRAISAL OF
LOCATED AT:
1201 CARLTON AVENUE
RALEIGH, NC 27606
FOR:
CASA
BORROWER:
N/A
AS OF:
April 25, 2007
BY:
MARK M. HENSGEN
Small Residential Income Property Appraisal Report File No. 27289
OVes OONo
R.E.Taxes$ 1.921.98CensusTract37183-0524.05-1
HOASN/A Opervear Opermonth
I Odid Odid not analyze the contract for sale for the subject purchaseIransaction. Explain the results of the anaiysis of the conlract for sale... why the analysis was not peri...med,N/A
',' . ", ',','.
Built.U
MarketConditions(includingsupportfortheaboveconclusions)DEMAND AND SUPPLY APPEAR TO BE IN BALANCE IN THE SUBJECT AREA ANDPRICE RANGE AT THIS TIME. SELLER CONCESSIONS IN THE FORM OF POINTS AND/OR CLOSING COSTS PAID ARESOMETIMES MADE IN ORDER TO FACILITATE A SALE.
No
Shape IRREGULAR ViewAVERAGE
~ No. describe.
Utilities
No
Off.site1m ovemenls-T PublicSlreet ASPHALT XAll NONE
3720079300J FEMAMapDate5/212006
ffIf Ves. describe,
INTERIoR. ...,:::~~iiOnFlo..-s CPT,VINYLWalls DWTrim/Finish AVERAGEBathFloor VINYLBathWainscotFBRGLS
Car$tOl'a9'i.
Describe the condition of the property (iocluding neededrepairs. deteri...ation, renovations. remodeling. etc,). THE SUBJECT HAS BEEN ADEQUATELY
MAINTAINED WITH NO PHYSICAL, FUNCTIONAL. OR EXTERNAL INADEQUACIES NOTED.
,OOdieMac 'oon 7Z M...:" zoos-'"'" ACI""';:,":f".8121"''''''',''''
Fame""'" 'oon 10ZS-.. 20051025","""'"
Small Residential Income Property Appraisal Report File No. 27289
Page2'" ''''-''''''''
Asethere anyphysicaldeficieociesor adverseCOnditionslhataffectthe livability.soundness.or sbUCtll"alintegrityof theproperty? U Ves !XINo"Ves.describe
.Doesthepropertygenerailyconformtotheneighborhood(functionalutility.style.condition.use.construction.etc.)? !XIVesUNo "No.describe.Isthepropertysubjecttorentconlrol? 0 Ves !XINo If Ves.describe
ThefrnlowingpropertiesrepresentthemostclITentsimilar.and proximatecomparablerentalpropertiesto thesubjectproperty.Thisanalysisis intendedtosupporttheopinionof themarketrentlorthesubiectDrODertv.
FEATURE I SUBJECT COMPARABLERENTALNO.1 COMPARABLERENTALNO.2 COMPARABLERENTALNO.31201 CARLTON AVENUE 717 PEACH ROAD 6128 SPICE RIDGE LANE 2541 LAKE WHEELER RD.AddressRALEIGH RALEIGH RALEIGH RALEIGHProximitvtoSub'ect 2 MILES 1.75 MILES 3 MILESCurrentMonthivRent $ 1675 . :1$ 1700 lIS 2055 $ 2190RenVGrossBldo.Asea $ 0.65 so.ft. :1$ 0.63 so.ft. '.
lis 0.59 sq.ft. ".:;;;;:)L Ll$ 0.63 sq.ft.RentConlrol Ives IXINo Ives IXINo JVes lXJNo JVes lXJNo
. Data Source(s) INSPECTION MLS RECORDS MLS RECORDS MLS RECORDS
. DateofLeasefs) VARIED VARIED VARIED VARIEDLocation AVERAGE AVERAGE- AVERAGE AVERAGEActualADe 44 YRS 24 YRS 22 YRS 24 YRSCondition AVEARGE AVERAGE AVERAGE AVERAGEGrossBuiidinoArea 2594 2704 3500 3480
.. RmCount Size RmCount Size RmCount Size RmCount Size; UnitBreakdown Tot Br Ba So.Ft. Tot Br Ba So.Ft. MonthlyRent Tot Br Ba So.Ft. MonthlyRent Tot Br Ba So.Ft. MonthlyRent
. Unilt 1 3 1 1 630 3 1 1 676 $ 425 4 2 2 875 $ 495 4 2 2.5 870 $ 540.Unit#2 3 1 1 630 3 1 1 676 $ 425 4 2 2 875 $ 525 4 2 2.5 870 $ 550Unit'3 3 1 1 667 3 1 1 676 $ 425 4 2 2 875 $ 550 4 2 2.5 870 $ 550Unit'4 3 1 1 667 3 1 1 676 $ 425 4 2 2 875 $ 485 4 2 2.5 870 $ 550Utilities Included NONE NONE NONE NONE
Anaiysisof rentaldataandsupportforestimatedmarketrentsfa theindividualsubjectunilsreportedbelow(includingtheadequacyof thecomparables.rentalconcessions.etc.)ALL COMP RENTALS ARE QUADS FROM THE SUBJECTS MARKETING AREA. COMP RENTAL 11S SITUATED IN AN INFERIORLOCATION.
Rent Schedule, TheaDDraisermustreconciletheaODlicableindicatedmonthlvmarketrentsto ...ovideanoDinionofthemarketrentforeachunitinthesubiectDfOoertY.Leases
.. .'oDlniOl1ibiMSrketRent
ii'i
LeaseDate PerUnit Total PerUnit TotalUnit# B""in Date EndDate UnfUtnished FUtnished Rents UnfUtOished FUtOished Rents
1 8/15/2006 8/15/2007 $ 405 $ $ 405 $ 450 $ $ 450. 2 2/24/2006 2/24/2007 460 460 450 4503 1/19/2007 1/19/2008 415 415 450 4504 6/17/2006 6/1712007 395 395 450 450
Commentonleasedata Total Actual Monthly Rent $ 1675 TotalGrossMonthlyRent $ 1800.OtherMonthlylocome(itemize) $ OtherMonthlylocorne(itemize) $Total ActualMonthlyIncome $ 1 675 TotalEstimatedMonthl locorne $ 1800..Utilities included in estimated rents [JElectric L Water I.JSewer JGas I Jou I JCable IJTrashcrnleetlon LJOthe<fdescribe)
Commentsonactualorestimatedrentsand othermonthlyiocorne(includingper.;onalproperty) DEMAND IS STRONG FOR RENTAL PROPERTY IN THE
SUBJECT AREA AND THE SUBJECT UNITS SHOULD READILY RENT FOR THE ESTIMATED MARKET RENTS ABOVE.
I lXJdid U didnotresearchthesale0' Iransf...histayofthesubjectpropertyand comparablesaies.iI not.explain
MvresearchI Idid IX Ididnotrevealany...iorsalesorIransf....of thesub'eetoroo...tvforthethreeyearsDriortotheeffeetivedateofthisaDoraisal.
Datasourcelsl TRIANGLE MLS AND WAKE COUNTY REAL ESTATE DATA RECORDSMyresearchLJdid LxJdidnotrevealanyDriorsales0' transfersof thecomparablesalesforthe yearpriorto thedateofsaleof thecomparablesale.Datasourcefs)WAKE COUNTY REAL ESTATE RECORDSReDotttheresultsof theresearchandanalvsisof theDriorsalehistO'Yof thesubiect"'ODOIIYand comparablesales(reportaddilionalpriorsalesonpaQl 4).
ITEM SUBJECT COMPARABLESALENO.1 COMPARABlESALENO.2 COMPARABLESALENO.3Date01 PriorSaleITransl... NONE NONE KNOWN NONE KNOWN NONE KNOWNPriceofPriorSalelT,ansler
. Data SOUtcelsl WAKE CO. TAX WAKE CO. TAX WAKE CO. TAX WAKE CO. TAX. EffectiveDateofDataSourcefs) 4/2007' 4/2007 4/2007 4/2007
Analysisofpriorsalehistoryfa the subjectpropertyandcompa,ablesales THERE HAVE BEEN NO SALES LISTINGS OR TRANSFERS IN THE LAST. 36 MONTHS.
r ... Mac'001112M.",n2005 _......ACt_800-"'.8m__. 'anie__'025_2OO5
Small Residential Income Property Appraisal RE;!port FileNo. 27289
"odd. "'" 'om>72 '" 2005-"""N>~'::","27__""",
JohnB Neese & Company
, MaeFam1025 2005"",..SI'.2906
Thereare 41 comoarableorooertiescurrentlvofferedlor saleinthesubiectneiohborhoodranoinoinDlicefrom$ 84 000 10$ 359000Thereare 116 comoarablesalesinthesub'ectneiohborhoodwithinlIlecasttwelvemonthsran]ineinsaleoricefrom$ 63 000 10$ 540 900
FEATURE I SUBJECT COMPARABLESALENO.1 COMPARABLESALENO.2 COMPARABLESALENO.31201 CARLTON AVENUE 3901 GREENLEAF ROAD 1223 CARTON AVENUE 6128 SPICE RIDGE LANEAddressRALEIGH RALEIGH RALEIGH RALEIGHProximitVtoSubject 1 BLOCK 1/2 BLOCK 2 MILESSalePrice $ NIA ''"'>1; $ 184900 ":"'W"'.. ;"1$ 246 000 '. 1$ 269 900
SalePrice/GrossBlda.Area$ 0.00 sa.ft $ 63.76 sa.ft ,..'..',.. $ 82.00 sa. $ 77.11 sa.ftGrossMonthlRent $ 1 800 $ 1630 :,',' $ 1985 $ 2055 ,LGrossRentMultiaiier 113.44 ,.'.; ",' ;': 123.93 131PricePerUnit $ $ 61 633 ,;" ,..L' $ 82 000 F $ 67475PricePerRoom $ $ 15408 $ 17 571 $ 16 869M:;",.PricePerBedroom $ $ 30817
"k$ 30 750 m.." ... $ 33 738 ,
RentControi []yes IX]No "Ives rXl No lves !Xl No Ives IXINo
DataSourcels) INSPECTION MLS RECORDS MLS RECORDS MLS RECORDSVerificationSourcels) TAXI MLS TAX RECORDS TAX RECORDS TAX RECORDSVALUEADJUSTMENTS DESCRIPTION DESCRIPTION .C.)Adjustment DESCRIPTION .C.)Ad'ustment DESCRIPTION .C.)Adiustment
Saleor Financing NIA ' CONVN CONVN CONVNConcessions 1500 -1 500 11000 -11 000Date01Sale/Time NlA 6/5/2006 9/21/2006 31712007Location AVERAGE AVERAGE AVERAGE AVERAGELeasehold/FeeSimale FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLESite .35 ACRES .37 ACRES .32 ACRES .38 ACRESView AVERAGE AVERAGE AVERAGE AVERAGEDesian(Style) 2 STRY/QUAD 2 STRYITRIPLE>< 2 STRYITRIPLE>< 2 STRY/QUAD
.. QualitvofConstruction BLOCK/FRAME BRKlFRAME FRAMEISTUCCCO FRAME.44 YRS 35YRS -10000 29YRS -10000 22YRS -10000: ActualAoe
: Condition AVERAGE AVERAGE AVERAGE AVERAGEGrossBuildinoArea 2594 2900 -9200 3000 -12200 3500 -27200.
'BathsUnit Breakdown TOOl! Bdrms. Baths TOOl!Bdrms. TOOI!"'ms. Baths TOOI!"'ms. 8aIhs
: Unit # 1 3 1 1 4 2 1.5 -1 500 5 3 2 -3 000 4 2 2 -3 000Unit# 2 3 1 1 4 2 1.5 -1500 5 3 2 -3 000 4 2 2 -3 000. Unit#3 3 1 1 4 2 1.5 -1500 4 2 2 -3 000 4 2 2 -3 000Unit# 4 3 1 1 +3 000 +3000 4 2 2 -3 000
.. BasementDescrition NONE NONE NONE NONEBasementFinishedRooms NONE NONE NONE NONEFunctionalUtility AVERAGE AVERAGE AVERAGE AVERAGEHeatinaiCoolina WNDOI WNDO FWAJCAC -5 000 FWAJCAC -5 000 FWAJCAC -5 000EnorovEfficientItems AVERAGE AVERAGE AVERAGE AVERAGEParkinoOn/OffSite ONSITE ONSITE ONSITE ONSITEPorch/Patio/Deck PATIO NONE +1 000 DECK-2 -1 000 DECK-2 -1 000
NetAd'ustment(Total)"
':m24 700 r 1. 00. $ 35700 : 66 200
AdjustedSalePrice ('!';', NetAq." ..'1'4.5 %of Comoarables , r_d", 160200 'GrossAd. ,17,0,%' $ 210300 203 700
Adj,PricePerUnit 1M. SPCom.11d ComoUnits) $ 53400 $ 70100 W''',"' $ 50 925 ;."
Adi.PricePerRoom 11M.SPCom.lid ComoRooms) $ 13350 [W", $ 15021 k.m'.. $ 12 731 "Ad. Price Per Bdrm. IAdj.SPComo11d Com,Bed<ooms)$ 26 700 F '..'
$ 26 288 m", $ 25 463ValuePerUnit $ 52 000 X 4Units -$ 208 000 ValuePerGBA $ 80.00 X 2594GBA -$ 207 520ValuePerRm. $ 17 500 X 12 Rooms .$ 210000 ValuePerBdrms. $ 54000 X 4 Bdrms..$ 216000
SummaryofSalesComparisonApproachincludingreconciliation01theaboveindicalorsofvalue. ALL COMPARABLES ARE WITHIN THE SUBJECTSMARKETING AREA. COMPS 1 AND 2 WERE USED DUE TO THEIR CLOSE PROXIMITY TO THE SUBJECT. COMP 3 WAS USED
DUE TO ITS TIMELY SALE AND SIMILAR QUAD DESIGN.
IndicatedValuebvSalesComoarisonAODloach$ 203 000
Totalorossmonthlyrent$ 1 800 XarossrentmuiDtier(GRM) 120.00 -$ 216000 Indicatedvaluebvlhe IncomeApDloach
. Commentsonincomeapproachincludingreconciliation01theGRMTHE GROSS RENT MULTIPLIER IS DETERMINED BY ANALYZING A NUMBER OFMULTIFAMILY SALES IN THE SUBJECTS MARKETING AREA.
IndicatedValuebv: SalesComoarisonAnalvsis$ 203 000 IncomeAooroach$ 216 000 CostAooroachlifdevetooedl$ 222100SINCE THE SUBJECT IS PRESENTLY USED FOR THE GENERATION OF INCOME THE MOST EMPHASIS IS GIVEN TO THEINCOME APPROACH. THE COST APPROACH AND THE SALES COMPARISONAPPROACH ARE CONSIDERED SUPPORTIVE.
.Thisappraisalis made lXJ"asis.. U subjecttocompletionperplansandspecificationsonlIle basis01a hypollleticalconditionlIlallhe improvementshavebeencomPleted..0 subject to the following repairs or alterations on lhe basis 01a hypothetical condtion lIlat the repairs or alterations have been completed. or 0 subject 10the following required
. inspection based on lIle extraordinary assumption that the condition or defICiency does not require alteration or repair:
Based on a complete visual inspection of the interior and exterior areas of the subject property. defined scope of work. statement of assumptions and limiting
conditions. and appraiser's certification. my (our) opinion of the market value. as defined. of the real property that is the subject of this report is $ 210,000as of 4/25/2007 .which is the date of insoection and the effectivedate of this aooraisa!.
Small Residential IncomeProperty Appraisal Report FileNo. 27289
".""'" Mac Forni72 MaIch 200S
-''''ACI~'::'/'''''''--'~Fame"'" FomI1025"""" 2006
"".'""""
.
...
cpsT!iJ>.PROACH'IOVALUE'(nolreauiredjjvfnnieMile).
Provideadeauale informalionforthelender/clientto reolicatethebelowcostfiauresandcalculations.
Supportfortheopinionofsitevalue(summaryofcomparablelandsalesorothermethodsforestimalingsitevalue)
ESTIMATED l JREPRODUCTIONOR fXIREPLACEMENTCOSTNEW OPINIONOFSITEVALUE.................. ... .' $ 65000
Sourceofcosldala Dwellino 2593 SO.Ft.@$ 85.00............= $ 220 405
: Qualitv ralino from cost service Effective dale of cost dala So.Ft.@$ ... ...' $CommentsonCoslAooroach(orosslivinoareacalcufations.deoreciation.etc.! APPL PAT STRG 15000
GaraneiCamort Sn.Ft.@$ ...... ......' $.ESTIMATED SITE VAlUE BASED ON MARKET EXTRACTION TotalEstimateofCosl-New .. ... ... .' $ 235 405AND AREA LAND SALES. Less P"""'I I FunctionalI Externaf
Deoreciation37.5% I I . $1 88 277DeoreciatedCostofImorovernenlS........... ... ... .' $ 147128"As-is"ValueofSiteImorovemenlS...... ................... = $ 10000
EstimaledRemaininnEconomicLife(HUDandVAonlv\ 40 YearsINDICATEDVALUEBVCOSTAPPROACH...... ............ . $ 222 100
PROJECltNFORMJmON;I;PRPUDs(i(DDiTCiible)"
,, ..'- ,,'..IsthedeveloDer/builderincontrolDftheHomeowners'AssoclatiDn(HOA)? flves r -JNo Unittv""lsI r 1Delachedr 1AtlachedProvidethefollowinoinformationforPUDsONLVWthedevelooerlbuilderis incontrolof lheHOAandthesubiectorooon.isanattacheddwellinnunit.
Leoalnameoforo'ectTotalnumberofohases Talainumberofunits TatalnumberofunilSsold.
DalasourcelslTotalnumberofunitsrented TotalnumberofunilSforsale
WastheDroieclcreatedbvtheconversionofanexistinnbuild/nnls!intoa PUD?I IYesI No If Yes,dateofconversion.DoesIheDro/ectcontainanvmulti,dwellinounits? f Ives [INo DalasOUlcelsl
AIetheunits,commonelements.andrecrealionfacilitiescomplete? Dves DNa ff No.describetheSlatusofcompletion..AIe lhe common elemenlS leased to or by the Homeowners'Association? UVes UNo ff Yes. describe lhe renlal terms and options.
Describe common elemenlS and recreational facilities.
SUMMARYApPRAISAL OF
Highland Terrace, Lot 2 Highland Village Planned Community
Cary, North Carolina
OWNED BY
DHIC, Inc.
AS OF
March 13/ 2008
PREPARED FOR
DHIC, Inc.
113 S. Wilmington Street
Raleigh, NC 27601
PREPARED BY
I ~RAMOUNTAPPRAISAL GROUP, INC.
Diana K. Conn, MAI, CCIM
3900 Merton Drive, Suite 224
Raleigh, North Carolina 27609
telephone (919) 859-2666
facsimile (919) 859-2667
PAG File # 2008028
APPRAISAL GROUP, INC.
3900 Merton Drive, Suite 224Raleigh, North Carolina 27609
(919) 859-2666 telephone(919) 859-2667 facsimile
[email protected]~RAMOUNT
March 17, 2008
Natalie Connell
DHIC, Inc.
113 S. Wilmington Street
Raleigh, NC 27601
Re: Highland Terrace, Lot 2 Highland Village Planned CommunityCary, North Carolina
Dear Ms. Connell:
In response to your recent request, I have prepared an appraisal report of the abovereferenced property, which will hereafter be referred to as the subject property orsimply the subject. The purpose of this appraisal is to estimate the market value of thesubject property's fee simple interest. DHIC, Inc. will rely on this appraisal for theNorth Carolina Housing Finance Agency LIHTC application process. This appraisal isintended for the use by the client only. Paramount Appraisal Group takes no
responsibility for its unauthorized use. This letter must remain attached to the report inorder for the value opinion expressed above to remain valid.
The appraisal analysis, opinions, and conclusions were developed and this appraisal
report has been prepared in conformance with (and the use of this report is subject to)all regulations issued under Title XI of the Financial Institutions Reform, Recovery, andEnforcement Act of 1989 (FIRREA) and the Uniform Standards of Professional
Appraisal Practice (USPAP) 2008-2009 edition as promulgated by the AppraisalStandards Board of the Appraisal Foundation in Washington, DC. Under USPAP this isa summary report format.
The attached report details the scope of work, level of reporting, definition of value,valuation methodology, and pertinent data researched and analyzed in thedevelopment of this appraisal.
I certify that I have no present or contemplated future interest in the property beyondthis estimate of value. Your attention is directed to the "Limiting Conditions and
Assumptions" in this report; acceptance of this report constitutes an agreement withthese conditions and assumptions.
Natalie Connell
March 17, 2008
The subject property is identified as a 3.028-acre parcel located on the northeast comerof High House Road and Highland Village Drive, in Cary, Wake County, NorthCarolina. DHIC, Inc. is the owner of the property.
The effective date of this appraisal is March 13, 2008, the date of my inspection of the
property .
In my opinion, the value of the subject property as of March 13, 2008, is as follows:
- "<-
Righi.a. Terrace"lot 2 Highland Villag~1.anned ~([mIDunity
$8<lQ"OOO-'tit
lDiana K. Conn, MAl, CCIM
State Certified General Appraiser #A3737
Paramount Appraisal Group, Inc. - 3900 Merton Drive, Suite 224, Raleigh, NC 27609
~IA';>' ~~ rf!J-4
t, ill e, i 1J1~L I '::f:J . ~~uL J,,,~um
l~ ~
AN APPRAISAL IN A Sillvllv1ARYREPORT OF9.565 ACRES OF LAND
LOCATED AT THE CORNEROFHODGE ROAD AND :MINGOBLUFF BOULEVARD
KNIGHTDALE, WAKE COUNTY, NORTH CAROLINA
. AT THE REQUEST OF. MR. WILLIAMM. FLEMING, III
SENIOR VICE PRESIDENT, REAL ESTATE SUPPORTBRANCH BANKING AND TRUST COMPANY
4600 NEW BERN AVENUE, SUITE 101RALEIGH, NC 27610
AS OF
APIll, 9, 2007
PREPARED BY
LEATHERMAN REAL ESTATE SERVICES4006 BARRETT DRIVE, SUITE 201
RALEIGH,NORTHCAROLINA27609
PREPARED ON
AP~l?, 2007
Leatherman Real Estate ServicesReal Estate Appraisers. ConsUltants. Brokers
4006 BARRETT DRIVE' .5UITE."201 . RALEIGH, NORTH CAROLINA 27609(919)571-1244 (PHONE) (919) 571-466("CFAX)
I .
~~{~:~~~OR-(}l';'.'.Hodge Road
IFrank D. Leathennan, Jr., MAl, CCIM ...
,j~j
I'L=..,"~~o @
April 18, 2007
-JIJ
I\1r.William M. Fleming, illSenior Vice President, Real Estate SupportBranch Banking and Trust Company4600 New Bern Avenue, Suite I01Raleigh, NC 27610
1J!,
RE: Appraisal of 9.565 acres ofland located at the corner ofHodge Road and Mingo Bluff Boulevard, Knightdale.Wake County, North Carolina
, ,j.,1~, APPRAISAL ill: RJ\L070818-0R-01
BORROWER: Evergreen Construction
Dear I\1r.Fleming:
Per your request, we have made the necessary inspection and analysis to appraise. the above-referenced property. The attached appraisal in a summary report provides a summary of the data,analyses, reasoning and conclusions employed in the final value estimate.
This appraisal in a summary report has been completed in conformance with the requirements of theFinancial Institution Reform, Recovery and Enforcement Act (FIRREA), the Interagency Appraisaland Evaluation Guidelines; and Uniform Standards of Professional Appraisal Practice (USPAP),BB&T appraisal guidelines, and the appropriate government oversight agencies. The purpose of thefollowing report was to estimate the Fee Simple Interest in the property "as is" as of April 9, 2007.The function of the report was to estimate the market value of the property for a prospectivemortgage loan by Branch Banking and Trust Company.
The property being appraised is 9.565 acres ofland located at the corner of Hodge Road and MingoBluff Boulevard, Raleigh, Wake County, NC. The property is located south of New Bern Avenue(US 64/264), north of Poole Road and east ofI-440.
The value reported is qualified by certain definitions, limiting conditions, and certifications whichare set forth within the attached report. Based on the following analysis, the Market ValU:eof thefeesimple interest of the subject property, as set forth, documented and qualified in the attached report,under conditions prevailing on April 9, 2007 of the 9.565 acres "as is" was:
.~. ONE I\1ILLIONTHREE HUNDRED THOUSAND DOLLARS
-II
! ($1,300,000)
1Ij
1
The value estimate is supported by the data, analyses, reasoning and conclusions set forth in theattached narrative (in a summary format). Your attention is directed to the Assumptions and
. Liri:ritingConditions attached and made a part of this report. Neither our engagement to make this. appraisal(or anyfutureappraisal~for this client),nor any compensationtherefore,are contingentupon the reporting of a predetermined value or direction in value that favors the cause of the client,the amount of the value estimate,. the attainment of a stipulated result, or the occurrence of asubsequent event. We certify that we have no present or contemplated future interest in the propertyand that the fee for this assignment is in no way contingent upon the value estimate concluded.
1,'!J,iJ
We have performed within the context of the competency provision of the Uniform Standards of. ProfessionalAppraisalPractice.Thisappraisalis ina summaryreportformatcontaininga summary
of the data, analyses, reasoning and conclusions with the supporting documentation retained in the
office files. Thank you for the opportunity~tobe of service and please let us know if you have anyquestions or comments.
,;!i,
/~1}//i.lllJ.--~!3,jkjLA /J~" ~If
Carolyn B. Terry(North Carolina Licensed Residential Real Estate Appraiser #A5770)
, .
Leatherman Real Estate Services 3
.-
II
Birch Appraisal GroupII Real Estate Appraisers & Consultants
1042 Washington Street-Raleigh, NC 27605-1258-(919) 833-2075-FAX (919) 833-7693I
I
I December 11, 2007
I Tim MorganEvergreen Construction Co.7706 Six Forks Road, Suite 202Raleigh, NC 27615
I Re: 46 North Selma Road and adjacent landWendell, NC 27591BC07-208I
Dear Mr. Morgan:
I In accordance with your request for professional evaluation services we have prepared anappraisal Summary Report for the above captioned property. This report is for the exclusive useof the addressee. The appraiser is not responsible for unauthorized use of this report.IThe following report presents the data and analysis along with the other material on which theestimate of value was predicated. The above estimated market value has taken into considerationall of the requirements of the Uniform Standards of ProfessionalAppraisal Practice as promulgatedby the Appraisal Standards Board of the Appraisal Foundation.
II It is my opinion that the fee simple "As Is" estimate of value for the site as of November 18,2007
IS
I $525,000.
Respectfully submitted,
I
I
--Gerry R! ColemanNC State Certified GLicense No. A-4060
~1145-EExecutivec~e
Cary,NC27511 '\.(919) 460-7993\
Fax (919) 460-7994
2600 Carver Street, Suite FDurham, NC 27705
(919) 471-6604Fax (919) 471-6301
158 Mine Lake Court
Raleigh, NC 27615(919) 676-7888
Fax (919) 676-7999