appraisal of a vacant former pre-school at
TRANSCRIPT
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Richard Moorefield Inc.
APPRAISAL REPORT
APPRAISAL OF
A Vacant Former Pre-School at
151 30th Avenue
Columbus, GA 31904
PREPARED FOR Kimberly A. Wright Executive Assistant
Operations & Facilities Division Muscogee County School District
PO Box 2427 Columbus, Georgia 31902-2427
PREPARED BY
Matt Moorefield, MAI, SRA Richard Moorefield, SRPA, SRA
2B Bradley Park Court 2B Bradley Park Court
Columbus, GA 31904 Columbus, GA 31904
DATE OF REPORT
September 8, 2016
EFFECTIVE DATE OF THE APPRAISAL
August 24, 2016
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Richard Moorefield Inc.
Richard Moorefield, Inc. #2B Bradley Park Court
Columbus, Georgia 31904
Tel. 706/576-4704
Fax 706/576-4705 September 8, 2016
Kimberly A. Wright
Executive Assistant
Operations & Facilities Division
Muscogee County School District
PO Box 2427
Columbus, Georgia 31902-2427
RE: Appraisal of a vacant former pre-school with 17,480 sf on 4.76 acres at 151 30th Avenue, Columbus, GA
31904 Purchase Order #P0018701
Dear Mrs. Wright:
Thank you for the opportunity to provide appraisal services. Based on our agreement with you, we have
performed an appraisal and reported our findings in this Appraisal Report. This report is intended to comply with
the reporting requirements under Standards Rule 2.2(a) of the Uniform Standards of Professional Appraisal
Practice (USPAP 2016-2017 edition).
The purpose of the following appraisal report is to develop an opinion of the 'as-is' market value of the fee simple
interest in the property as of August 24, 2016, for the intended use of estimating fair market value. The intended
user is Muscogee County School District. The subject property is a one-story, brick school building. The property
has 17,480 square feet for the school and includes offices and storage space. The building was constructed in 1963
and is located on a 4.76-acre site.
The value reported is qualified by certain definitions, assumptions and limiting conditions, and certifications that
are set forth in the attached report. Based on my analysis, the opinion of the 'as-is' market value of the subject
property, as set forth, documented, and qualified in the attached report under conditions prevailing on August 24,
2016, was
$405,000
Four Hundred Five Thousand Dollars Respectfully,
Matt Moorefield, MAI, SRA Richard Moorefield, SRPA, SRA
Georgia Certified CG309012 Georgia Certified CG783
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Table of Contents SUBJECT PHOTOGRAPHS ......................................................................................................................................................................... 4
HYPOTHETICAL CONDITIONS: ............................................................................................................................................................... 10
EXTRAORDINARY ASSUMPTIONS: ........................................................................................................................................................ 10
ASSUMPTIONS AND LIMITING CONDITIONS ........................................................................................................................................ 11
CERTIFICATION ...................................................................................................................................................................................... 15
PURPOSE OF THE APPRAISAL............................................................................................................................................................. 20
INTENDED USE/USER OF THE APPRAISAL .......................................................................................................................................... 20
EFFECTIVE DATE ................................................................................................................................................................................. 20
DATE OF REPORT ............................................................................................................................................................................... 20
DEFINITION OF VALUE ....................................................................................................................................................................... 20
EXPOSURE TIME ................................................................................................................................................................................. 22
MARKETING TIME .............................................................................................................................................................................. 23
IDENTIFICATION OF THE PROPERTY ..................................................................................................................................................... 24
HISTORY OF THE PROPERTY ............................................................................................................................................................... 24
SITE DESCRIPTION AND ANALYSIS ..................................................................................................................................................... 25
SITE IMPROVEMENTS: ....................................................................................................................................................................... 26
IMPROVEMENT DESCRIPTION AND ANALYSIS ................................................................................................................................... 31
REAL ESTATE TAXES ............................................................................................................................................................................... 36
REGION AND CITY OVERVIEW ............................................................................................................................................................... 37
ECONOMIC FORCES ........................................................................................................................................................................... 38
TRANSPORTATION ............................................................................................................................................................................ 39
TOURISM/CONVENTION/HISTORY ................................................................................................................................................... 40
MILITARY ........................................................................................................................................................................................... 43
CITY GOVERNMENT .......................................................................................................................................................................... 43
ECONOMIC DEVELOPMENT .............................................................................................................................................................. 44
SOCIAL FORCES ...................................................................................................................................................................................... 44
POPULATION ..................................................................................................................................................................................... 44
EDUCATION ....................................................................................................................................................................................... 46
ENVIRONMENTAL FORCES .................................................................................................................................................................... 46
WEATHER .......................................................................................................................................................................................... 46
DEMOGRAPHIC AND INCOME PROFILE OF THE CITY ....................................................................................................................... 47
HOUSING ............................................................................................................................................................................................... 48
NEIGHBORHOOD ANALYSIS .................................................................................................................................................................. 50
HIGHEST AND BEST USE ........................................................................................................................................................................ 60
DIRECT SALES COMPARISON APPROACH .......................................................................................................................................... 66
FINAL RECONCILIATION ..................................................................................................................................................................... 74
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SUBJECT PHOTOGRAPHS
ALL PHOTOGRAPHS WERE TAKEN ON EFFECTIVE DATE
Subject Front
Subject Alternate Front
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SUBJECT PHOTOGRAPHS
ALL PHOTOGRAPHS WERE TAKEN ON EFFECTIVE DATE
Subject Street
Subject Interior
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UBJECT PHOTOGRAPHS
ALL PHOTOGRAPHS WERE TAKEN ON EFFECTIVE DATE
Subject Interior
Subject Interior
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SUBJECT PHOTOGRAPHS
ALL PHOTOGRAPHS WERE TAKEN ON EFFECTIVE DATE
Subject Interior
Subject Interior
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SUBJECT PHOTOGRAPHS
ALL PHOTOGRAPHS WERE TAKEN ON EFFECTIVE DATE
Subject Interior
Subject Interior
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SUBJECT PHOTOGRAPHS
ALL PHOTOGRAPHS WERE TAKEN ON EFFECTIVE DATE
Subject Interior
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HYPOTHETICAL CONDITIONS:
The hypothetical condition is defined as, “That which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject
property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an
analysis.” There are no hypothetical conditions for this appraisal. EXTRAORDINARY ASSUMPTIONS:
The Extraordinary assumption is defined as, “An assumption, directly related to a specific assignment, which, if found to be
false, could alter the appraiser’s opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information
about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market
conditions or trends; or about the integrity of data used in an analysis.”
There are no extraordinary assumptions with this appraisal.
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ASSUMPTIONS AND LIMITING CONDITIONS
The signatory of this appraisal is a Member of the Appraisal Institute. The By-laws and Regulations of The
Institute require each Member to control the use and distribution of each appraisal report signed by such Member. Therefore, except as hereinafter provided, the party for whom this appraisal report was prepared may distribute copies of this appraisal report, in its entirety, to such third parties as may be selected by the party for whom this appraisal report was prepared. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of advertising media, sales media or for public communication without the prior written consent of the signatory of this appraisal report. Nor may any reference be made in such a public communication to the American Institute of Real Estate Appraisers, the Appraisal Institute, the MAI, SRPA, or SRA designation. No change of any item in the report shall be made by anyone other than the appraiser. The appraiser shall have no responsibility if any such unauthorized change is made.
Information furnished by others is assumed to be true, correct and reliable. A reasonable effort has been
made to verify such information, however, no responsibility for its accuracy is assumed by the appraiser. The comparable data relied upon in this appraisal report has been confirmed with one or more parties familiar with the transaction; all are considered appropriate for inclusion to the best of the appraiser's factual judgment and knowledge.
The contract for appraisal, consultation or analytical service, are fulfilled and the total fee payable upon
completion of this report. The appraiser or those assisting in the preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal, in full or in part, not engage in post appraisal consultation with Client or third parties except under separate and special arrangements and at an additional fee.
The sketches and maps in this report are included to assist the reader in visualizing the property and are
not necessarily to scale. Various photos, if any, are included for the same purpose and are not intended to represent the property in other than actual status, as of the date of the photos. Site plans are not surveys unless shown from the separate surveyor.
No responsibility is assumed for matters legal in character or nature, nor matters of survey, nor of
engineering nature. No opinion is rendered as to the title, which is presumed to be good and merchantable. The property is appraised as if free and clear unless otherwise stated in particular parts of the report. The legal description is assumed to be correct as used in this report as furnished by the client, his designee or as derived by the appraiser.
The appraiser has inspected as far as possible, by observation, the land and the improvements thereon;
however, it was not possible to personally observe conditions beneath the soil or hidden structural or other components. The appraiser has not critically inspected mechanical components within the improvements and no representations are made herein as to these matters unless specifically stated and considered in the report. The value estimate considers there being no such conditions that would cause a loss of value. The land or the soil of the area being appraised appears firm; however, a substance in the area is unknown. The appraiser does not warrant against this condition or occurrence of problems arising from soil conditions. No responsibility is assumed for any such conditions or for any expertise or engineering to discover them. All mechanical components are assumed to be in operable condition and status standard for properties of the subject type. Conditions of heating, cooling, ventilating, electrical and plumbing equipment is considered to be commensurate with the condition of the balance of the improvements unless otherwise stated. No judgment is made as to the adequacy of insulation, type of insulation or energy efficiency of the improvements and equipment. Any determination of the possible presence or absence of termites or other pests which may or may not affect the subject is outside the scope of this appraisal. Inspection by a qualified pest control expert would be required to determine if an infestation exists. No responsibility for
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such matters is assumed by the appraiser.
It is assumed the utilization of the land and improvements is within the boundaries or property lines of the property described and there is no encroachment or trespass unless noted within the report.
The fee received for this assignment is in no manner contingent upon the value estimate reported.
The appraisal is based on the premise that there is full compliance with all applicable federal, state and local
environmental regulations and laws unless otherwise stated in the report; further that all applicable zoning, building and use regulations and restrictions of all types have been complied with unless otherwise stated in the report; further, it is assumed that all required licenses, consents permits or other legislative or administrative authority, local, state, federal and/or private entity or organization has been or can be obtained or renewed for any use considered in the value estimate.
The distribution of the total valuation in this report between land and improvements applies only under the
existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used.
No environmental or impact studies, special market study or analysis, or feasibility study has been
requested or made unless otherwise specified in an agreement for services or in the report. The appraiser reserves the unlimited right to alter, amend, revise or rescind any of the statements, findings, opinions, values, estimates or conclusions upon any subsequent such study or analysis of previous study or analysis subsequently becoming known to him.
The value estimated, and the costs used, are as of the date of the estimate of value. All dollar amounts are
based on the purchasing power and price of the dollar as of the date of the value estimate. Furnishing and equipment or business operations except as specifically indicated and typically considered as a part of real estate, have been disregarded with only the real estate being considered in the value estimate unless otherwise stated.
Improvements proposed, if any, on or off-site, as well as any repairs required is considered, for purposes of
this appraisal to be completed in good workmanship manner according to information submitted and/or considered by the appraiser. In cases of proposed construction, the appraisal is subject to change upon inspection of the property after construction is completed. This estimate of market value is as of the date shown, as proposed as if completed and operating at levels shown and projected.
The estimated value is subject to change with market changes over time; value is highly related to exposure,
time, promotional effort, terms, motivation and conditions surrounding the offering, The value estimate considers productivity and relative attractiveness of the property physically and economically in the marketplace. The "Definition of Value" in the appraisal report is not based in whole or part upon the race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. In cases of appraisals involving the capitalization of income benefits, the estimate of market value is a reflection of such benefits and appraiser's interpretation of income and yields and other factors derived from general and specific market information. Such estimates are as of the date of the estimate of value; they are thus subject to change as the market is naturally dynamic.
All mortgages, liens, encumbrances, leases and servitudes have been disregarded unless so specified within
the report. The property is appraised as though under the responsible ownership and competent management. If the property is a vacant lot or land, it is assumed Health Department approval for septic tank sewage disposal could be obtained if the sanitary sewer is not available, unless otherwise stated in the appraisal. This is based on a visual inspection by the appraiser; however, a title opinion and/or survey would be required to determine this for sure.
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It is assumed that there are no hidden or in apparent conditions of the property, subsoil, or structures
which could render it more or less valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover such conditions. Unless otherwise stated in this report the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraisers, however, are not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, radon or toxic chemicals, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field if desired.
Possession of this report or any copy thereof does not carry with it the right of publications, nor may it be
used for other than its intended use; the physical report(s) remain the property of the appraiser for the use of the client, the fee being for the analytical services only. The report may not be used for any purposes by any person or corporation without the written consent of Richard L.Moorefield, SRPA.
Acceptance of, and/or use of, this appraisal report constitutes acceptance of the above conditions.
This appraisal assignment was not made, nor was the appraisal rendered on the basis of a requested
minimum valuation, specific valuation, or an amount which would result in approval of a loan.
No responsibility is assumed for the legal description provided or for matters pertaining to legal or title
considerations. I assume that the title is good and marketable unless otherwise stated.
We appraised the property free and clear of any liens or encumbrances unless otherwise stated.
We have assumed that the property is under responsible ownership and management.
We believe that information furnished by others is reliable, but I give no warranty for its accuracy.
We assume that all engineering studies are correct. The plot plans and illustrative material in this report are
included only to help the reader visualize the property. Any sketch in the report may show approximate
dimensions. I have not surveyed the property.
We assume that no hidden or unapparent conditions of the property, subsoil, and structures would cause
an increase or decrease in property value. I assume no responsibility for such conditions, or for obtaining
the engineering studies that might be required to discover such factors.
We assume the property is in full compliance with all applicable federal, state, and local environmental
regulations and laws unless noncompliance is stated, defined, and considered in this appraisal report. I
assume the property contains no hazardous waste or materials.
We assume the property complies with all applicable zoning requirements, use regulations, and other
restrictions unless a lack of conformity has been stated, defined, and considered in the appraisal report.
We assume all required licenses, certificates of occupancy, consents, and other legislative or administrative
authority from any local, state, or national government or private entity or organization have been or can
be obtained or renewed for any use on which the value opinion contained in the report is based.
We assume that the use of the site and improvements is confined within the boundaries or property lines
of the property described and that there is no encroachment or trespass unless noted in the report.
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We will not appear or give testimony in court in connection with this appraisal unless prior arrangements
have been made.
Any allocation of the total value opinion stated in this report between the site and improvements applies
only under the stated program of use. The separate values allocated to the site and improvements may not
be used in conjunction with any other appraisal and are invalid if so used. Any value opinions provided in
the appraisal report apply to the entire property and any proration or division of the total into fractional
interests will invalidate the value opinion unless such proration or division of interests has been stated in
the report.
Disclosure of the contents of the appraisal report is governed by the Code of Professional Ethics of the
Appraisal Institute and is subject to peer review.
No part of the appraisal report (nor any copy of it) shall be used for any purpose by any party except the
client without the previous written consent of the appraiser. No portion of the appraisal report may be
reproduced. The report shall not be used for advertising, public relations, news, or other media without the
consent and approval of the author.
On all appraisals subject to satisfactory completion, repairs, or alterations, the appraisal report and value
opinion are contingent upon completion of the improvements in a professionally competent manner.
Acceptance and/or use of this appraisal report by the client or any third party constitutes acceptance of the
previously stated assumptions and limiting conditions. My liability extends only to the stated client, not to
subsequent parties or uses of the report.
I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent on an action or event resulting from the analysis, opinion or conclusions in, or the use of, this review report. My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
No employee, director, officer or agent of the lender, or any other third party acting as a joint venture
partner, independent contractor, appraisal management company, or partner on behalf of the lender has influenced or attempted to influence the development, reporting, result or review of this assignment through coercion extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner. I have not been contacted by anyone other than the intended user (lender/client as identified on the first page of the report), borrower or designated contact to make an appointment to enter the property. I agree to immediately report any unauthorized contacts either personally by phone or electronically to vendor management.
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CERTIFICATION
USPAP Compliant Appraisal Report We certify that, to the best of our knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial, and unbiased professional analyses, opinions, and conclusions. We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. We have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. We have made a personal inspection of the property that is the subject of this report. Richard Moorefield, associate, and Lee Moorefield, associate, also inspected the property. Lee Moorefield, Associate Appraiser, provided significant real property appraisal assistance to the appraiser(s) signing this certification including market research; assist with the on-site observation and confirmation of market data. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, Richard Moorefield has completed the continuing education program for Designated Members of the Appraisal Institute. As of the date of this report, Matt Moorefield has completed the continuing education program for Designated Members of the Appraisal Institute.
We certify that, to the best of my knowledge and belief: our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Georgia Real Estate Appraiser Classification and Regulation Act and the Rules and Regulations of the Georgia Real Estate Appraisers Board.
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We hereby certify that I have the necessary knowledge and experience to complete the appraisal assignment competently.
Matt Moorefield, MAI, SRA Richard Moorefield, SRPA, SRA
Georgia Certified CG309012 Georgia Certified CG783
August 24, 2016 August 24, 2016
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Effective Date of AppraisalAugust 24, 2016
Property Interest Being AppraisedFee Simple
Report DateSeptember 8, 2016
Property Identification151 30th Ave, Columbus, Georgia, 31903
Property Description
The property has 17,480 square feet for the
school and includes offices and storage space.
The building was constructed in 1963 and is
located on a 4.76-acre site.
ZoningResidential Multifamily - 1 - Nonresidential
Use
Intended User / Intended Use
The intended use is for estimating fair market
value. The intended user is Muscogee County
School District
Legal
NITS BK A TOM KENDRICK SUR NT
30TH AVE SCHOOL
Title
The subject property has not been sold in the
past 36 months. The current ownership is
Muscogee County School District
Flood Map
The subject is located in a flood zone. Map
number is 1351580056F , dated 09/05/2007.
Land Size in AC 4.76 AC
Land Size in SF 207,346 SF
Exposure Time6 to 12 months
Marketing Time6 to 12 months
Highest and Best Use Conclusions
The highest and best use as vacant is
commerical use. The highest and best use as
improved is the current use.
SALIENT FACTS AND CONCLUSIONS
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COST APPROACH N/A
SALES COMPARISON APPROACH $405,000
INCOME APPROACH N/A
VALUE CONCLUSION
$405,000
MARKET VALUE
AS OF
August 24, 2016
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SCOPE OF WORK
The scope of work used in preparing this appraisal is included throughout this report in the various descriptions and analysis. The
following bullet points give a general overview of the scope of work while more detailed descriptions are included in the appropriate
sections of the report. The general scope is shown below:
A physical inspection of the property was undertaken on May 9, 2016. These inspections included the
subject site and current improvements. The inspection consisted of physically inspected the subject
improvements and photographing both the site and the interior and exterior of the improvements.
Interviews with market participants including real estate brokers, developers, property owners, tenants, and
commercial loan officers who were familiar with and active in the subject market.
The subject’s market was researched resulting in the gathering of information on comparable improved
sales, and comparable rentals. To find appropriate sales and rental data, a third-party’s in-house database as
well as the online sources of the local Navica (MLS), Loopnet Inc., the CoStar Group, and Muscogee
County records were reviewed. Sufficient comparable data in all categories was available in the subject’s
market. All comparable sales and rentals were verified by a third party and are assumed to be correct.
I analyzed data and applied the sales comparison approach to value to form an opinion of the “as is”
market value of fee simple interest in the subject property. The cost was not used because of the estimation
of depreciation and lack of recent comparable land sales. The income approach was not developed because
of the lack of comparable rents. The omission of these approaches does not affect the credibility of the
final value estimate.
I reconciled the one approach to value to reach my final opinion of the market value of the fee simple
interest in the subject property.
An analysis of market conditions, marketing time, and exposure time, as required by the Uniform Standards
of Professional Appraisal Practice was conducted. In this market, exposure and marketing time can be a
hard fact to verify; this is because many properties are sold through confidential marketing and listing
agreements. The marketing times and exposure times are presented in this report. Marketing time is
estimated at 6 to 12 months and exposure time is estimated at 6 to 12 months.
Communication of the development processes of this appraisal is found throughout this Appraisal Report
and is intended to conform to Standard Rule 2-2 (a) of the Uniform Standards of Professional Appraisal
Practice and to the requirements of the Appraisal Institute. Additionally, please review the attached
certifications, assumptions, and limiting conditions found in this report, which will further the
understanding of the reader relating to the limitations of valuation of real property which, by its nature, is
an inefficient market. It is highly important for the reader to understand the assumptions and limiting
conditions in order to fully understand the complexity of the processes and the rationale, of which, is the
foundation of the final value opinion.
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PURPOSE OF THE APPRAISAL
The purpose of the following appraisal report is to develop an opinion of 'as-is' market value of the fee simple
interest in the property as of August 24, 2016
INTENDED USE/USER OF THE APPRAISAL
The client and intended users of this appraisal report are Muscogee County School District. The intended use is to
estimate fair market value.
EFFECTIVE DATE The effective date of the appraisal is August 24, 2016
DATE OF REPORT The date of the appraisal report is September 8, 2016.
DEFINITION OF VALUE
Market Value
The most probable price that the specified property interest should sell for in a competitive market after a reasonable exposure time, as of
a specified date, in cash, or in terms equivalent to cash, under all conditions requisite to a fair sale, with the buyer and seller each acting
prudently, knowledgeably, for self-interest, and assuming that neither is under duress.
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Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to
buyer under conditions whereby:
Buyer and seller are typically motivated.
Both parties are well informed or well advised and
each acting in what they consider their own best
interest.
A reasonable time is allowed for exposure in the
open market.
Payment is made in U.S. dollars or in terms of
financial arrangements comparable thereto and
The price represents a normal consideration for the
property sold unaffected by special or creative
financing or sales concessions granted by anyone
associated with the sale.
This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial
Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24,
1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit
Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the
Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and
FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated December 10, 2010.
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PROPERTY RIGHTS APPRAISED
Fee simple estate. Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the
governmental powers of taxation, eminent domain, police power, and escheat.
EXPOSURE TIME
Exposure time as used in this appraisal report is defined as:
Exposure time. The estimated length of time the property interest being appraised would have been offered on the market prior to
the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an
analysis of past events assuming a competitive and open market.
Exposure time is linked to the value of any property by the amount of exposure time on the market before a sale
has been consummated. A study of the exposure time for the subject was made and properties were analyzed in
relation to their time on the market. Exposure time is different because each property is different. In the case of
the subject property, the time between the listing and the sale of similar properties has been insignificant. The
typical exposure period on properties similar to the subject is 6 to 12 months.
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MARKETING TIME
Marking time as used in this appraisal report is defined as:
Marketing time. An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market
value level during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which is
always presumed to precede the effective date of an appraisal. (Advisory Opinion 7 of the Appraisal Standards Board of The
Appraisal Foundation and Statement on Appraisal Standards No. 6, “Reasonable Exposure Time in Real Property and Personal
Property Market Value Opinions” address the determination of reasonable exposure and marketing time.
Marketing time is not intended to be a prediction of a date of sale. Considerations are given to prevailing monetary
conditions, local real estate market conditions, and opinions of market participants. Marketing conditions are not
expected to change in the short term, and it is the appraiser’s opinion that if the subject property was to be
immediately exposed and offered for sale on the open market, a marketing time of about 6 to 12 months could be
reasonably expected.
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IDENTIFICATION OF THE PROPERTY
The subject property is a one-story school building located on the north side of 30th Avenue, to the west of 30th
Avenue, and to the south of North Lumpkin Road. The physical address is 151 30th Avenue.
The property is described according to the Dictionary of Real Estate Appraisal as a building built to serve different
levels of grades and mostly comprised of classrooms, offices, bath facilities, education facilities, and general
activities for academic studies. The subject is an elementary school with an enrollment of 175 and a faculty of 15.
According to the Official Public Records of Muscogee County, the subject property is legally described as block A
Tom Kendrick sur nt 30th Avenue School.
HISTORY OF THE PROPERTY
The subject property is currently under the ownership of Muscogee County School District.
The property has been owned by MCSD since 1963. The property was erected in 1963. The subject property is
operating as a school with classrooms for an Elementary age kids. The subject was originally built in 1963.
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SITE DESCRIPTION AND ANALYSIS
Location/physical address Northern side of 30th Avenue. The address is 151 30th Avenue, Columbus, Georgia 31903
Site dimensions/shape The subject is an interior lot that contains approximately 4.76 acres. The site has 380 feet of frontage along 30th Avenue and is irregular in shape.
Land area 4.76 ac, or 207,346 SF
Topography Level
Drainage Drainage appears to be adequate.
Elevation Site elevation is above sea level at coordinates 32.44085°N --
84.95652°W and is approximately 237 feet (per
www.geoplaner.com).
Soil and subsoil The soil’s load-bearing capacity is sufficient to support the existing
improvements. No evidence to the contrary was observed during
the physical inspection of the property.
Visibility/access The subject site has adequate visibility from its frontage road, 30th
Avenue. The site is accessed by way of 30th Avenue.
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Street improvements
30th Avenue is a two-lane, two-way, asphalt paved, 60-foot right-of-
way with concrete curbing sidewalks, and adequate drainage (street
improvement picture below).
SITE IMPROVEMENTS:
Parking Asphalt paved parking for 20 cars. The minimum city requirement
for parking spaces is to be determined and requires a parking study.
The parking lot was observed to be in average condition.
Utilities/service:
Electricity/gas Georgia Power Company
Water/sewer Columbus Water Works
Police/fire City of Columbus
Medical St. Francis Hospital
Public education
Elementary: M. L. King, Jr. Elementary
Middle School: Baker Middle School
High School: Carver High School
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All public utilities have sufficient capacity to support commercial
development according to the respective authorities.
Flood zone The subject is located in a flood zone. Map number is 1351580056F,
dated 09/05/2007. The subject property appears to be in Zone AE.
Encumbrances None apparent
Encroachments None apparent
Off-site influences There are no known off-site influences, nuisances, hazards, or
environmental issues in the subject’s area that would have any
detrimental effect on the subject property at this time.
Environmental hazards No environmental or waste hazards affecting the subject site are
known. Identification of hazardous material is not within the scope
of this appraisal assignment, and I have assumed that no such
materials are present because no evidence to the contrary has been
provided.
Easements and setbacks These building setbacks appear to be typical of the area and are not
detrimental to the use or value of the site or improvements.
SITE CONCLUSIONS
The subject site is located on 4.76 AC. The subject also has frontage along 30th Avenue. The site has good
exposure and easy access. The subject is located south of North Lumpkin Road and north of Victory Drive..
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LOCATION MAP
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AERIAL MAP
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IMPROVEMENT DESCRIPTION AND ANALYSIS
The subject consists of a one-story school that is allocated to one building. The subject was constructed in 1963.
The building contains a gross building area of 17,480 SF. The exterior façade is brick.
Property type The property is classified in the Columbus market as a school
building.
Gross building area 17,480 SF
Net rentable area 17,480 SF
Number of stories One
Year of construction 1963
Site area The subject site is located on 4.76 AC.
Land-to-building ratio 11.86:1
Parking Asphalt paved parking for 20 cars.
Construction materials Brick structure. Interior partitions are wood framed.
Construction type Class C – Masonry Bearing Walls (Marshall Valuation Service)
Construction quality Visual inspection of exterior and interior surfaces indicated an
average quality of construction.
Foundation Poured in place reinforced concrete slab over compacted earth.
Exterior walls The exterior façade is brick.
Roofing The roof appears to be flat built up. The condition appears to be
average based on aerial photography.
Windows Double-paned, fixed-glass windows in aluminum frames.
Doors: Interior - Solid-core wood doors on wood and aluminum frames.
Interior walls 5/8” gypsum board, taped, floated, and painted; or covered with
wallpaper.
Floor cover Vinyl and linoleum tile in most areas. Bathrooms have asbestos floor
coverings.
Ceilings 9-foot -high suspended acoustical ceiling tiles in the classrooms and
hallways.
Window coverings Single-pane windows.
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Bathroom fixtures Commercial quality, standard fixtures. Plumbing fixtures include
commodes, sinks, and faucets in all baths.
HVAC Central heat and air with individual classroom units. All compressors
were assumed to be in working condition.
Electrical 3-phase assumed to be in good working condition and in
compliance with all applicable codes.
Lighting fixtures Lighting in the classrooms area is fluorescent as well as the offices
and halls.
Plumbing Assumed to be in good working condition and in compliance with
all applicable codes.
Overall rated condition Average.
Functional utility The building is well designed and functional for their intended use
as a school building.
ADA compliance The property was reported to be in compliance with ADA
requirements. An independent survey was not provided or
undertaken.
Environmental No obvious evidence of environmental hazards was observed and
none was reported during the physical inspection of the property. Economic Life Effective age is 35 years with an estimated
remaining economic life of 10 years. IMPROVEMENTS COMMENTS The improvements appear to be well designed for the purpose of a one story school building.
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BUILDING SKETCH
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The following is a graphical interpretation of the requirements for the subject’s zoning of RMF1.
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Subject's Zoning Abbr.
Residential Multifamily -
1 - Nonresidential Use
RMF1
Subject Zoning Requirements
207,346 SF 6,000 SF
SF 14.5:1
8.43% 50.00%
350 Feet 50 Feet
20 Feet 35 Feet
70 Feet 20 Feet
220 Feet 8 Feet
265 Feet 0 Feet
75.00 Spaces Parking StudyParking Spaces
Minimum Required Set Back for
Rear (Feet)
Property Development
Minimum Lot Size (SF)
Maximum Density (Units per AC)
Maximum Lot Coverage
Minimum Lot Width (Feet)
Maximum Building Height (Feet)
Minimum Required Set Back for
Front (Feet)
Minimum Required Set Back for
Side (Feet)
Zoning ChartZoning Description
County
Use Of Property
Muscogee
School, Vocational and Non-academic
Definition of Use
Parking Space Requirements
To be determined. Parking study
required.
The purpose of the RMF1 zoning district is to provide a high density
residential zoning district that allows a variety of dwelling types
and maintains an overall residential character by allowing a limited
number of commercial uses such as assisted or personal care
facilities and bed and breakfast inns; prohibiting other commercial
uses; allowing uses that enhance residential areas, such as places of
worship, elementary and secondary schools, and parks; and
establishing property development regulations that are consistent
with higher density residential concentrations. The RMF1 zoning
district is intended to be applied in areas that are: 1. Approved for
development at a density of up to fourteen and one-half units per
acre; 2. Existing with a density that may range from seven to
eighteen units per acre; and 3. Existing with a present or future
land use pattern that reflects an area suitable for families in
assisted and personal care facilities; detached, and zero lot line
dwellings; multifamily dwellings; two family dwellings; and School, vocational and nonacademic means a school that provides regularly scheduled classes and
instruction in business, commercial, self-improvement, technical, vocational subjects, including
automotive and aircraft mechanical and technological skills, building and construction trades, business
skills, computer technology, electronics, medical and dental technologies, personal services, art, music,
or karate schools and so forth, and related crafts and skills.
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ZONING COMMENTARY
The subject’s improvements conform well to the site and conform well to the market area.
REAL ESTATE TAXES
The subject property is located within the city of Columbus and Muscogee County, Georgia. However, property
taxes are not required for property used as schools.
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REGION AND CITY OVERVIEW
The subject property is located in west central Georgia in the city of Columbus, which is the county seat of
Muscogee County, the tenth-largest county in Georgia. As of the 2010 census, the population was 189,885. Its
county seat and only city is Columbus, with which it has been a consolidated city-county since the beginning of
1971. Muscogee County is part of Columbus, GA-AL Metropolitan Statistical Area. Situated at the heart of the
Chattahoochee Valley, Columbus is Georgia's second-largest city and fourth-largest metropolitan area.
Columbus lies 100 miles southwest of Atlanta. Fort Benning, home of the United States Army Infantry School and
a major employer, is located south of the city in Chattahoochee County. Columbus is home to museums and
tourism sites, including the National Infantry Museum, dedicated to the United States Army's Infantry Branch, as
well as the longest urban whitewater rafting course in the world.
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ECONOMIC FORCES
Columbus Georgia Metropolitan Statistical Area (MSA) Employment
The Columbus, Georgia Metropolitan Statistical Area, as defined by the United States Census Bureau, is an area
consisting of four counties in Georgia and one county in Alabama, anchored by the city of Columbus. As of the
2000 census, the MSA had a population of 281,768 (though a July 1, 2009, estimate placed the population at
292,795). The Columbus metropolitan area is a component of the Columbus-Auburn-Opelika (GA-AL) Combined
Statistical Area, a trading, and marketing region.
Columbus is the economic trade center for an area that includes Russell County, Alabama, and Chattahoochee,
Harris, Marion, Muscogee Counties in Georgia, which comprise Columbus Georgia Metropolitan Statistical Area
(MSA). The total MSA civilian labor force without seasonal adjustments is 126,400. From December of 2014 to
December of 2015, Columbus MSA saw an increase in 28,000 jobs. The current unemployment rate is
approximately 6.4% as compared to the state of Georgia at 5.5% and to the United States at 5.0%. The
unemployment rates for Columbus and Georgia have been decreasing. Historical employment trends for the
Columbus, GA MSA are presented in the following charts.
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According to information from the columbusgachamber.com, the top 10 employers in Columbus are as follows:
TRANSPORTATION
The Columbus Metropolitan Airport (IATA: CSG, ICAO: KCSG, FAA LID: CSG) is the metro area's primary
airport and the fourth busiest airport in Georgia. It is located just off of I-185 exit 8. Columbus is also served by
ExpressJet Airlines' Delta Connection service, offering several daily flights to Atlanta.
Interstate 185 (I-185) is a 49.30-mile secondary interstate in western Georgia. I-185 is also known as unsigned State
Route 411, and is named the Chet Atkins Parkway for its entire length. It provides a freeway connection between
the Metro Atlanta and Metro Columbus. Its southern terminus is at US 27, US 280, SR 1, and SR 520 in
Columbus, just north of Fort Benning; south of this interchange, a freeway continues onto the base. The interstate
continues north from Muscogee County into Harris County, going through the western part of the county in
relatively rural areas until it crosses into Troup County skirting the city of LaGrange to the east. Interstate 185
terminates at an interchange with Interstate 85 (I-85) near LaGrange, which continues northward to Atlanta.
Columbus also served by U.S. Route 27. U.S. Route 27 (US 27) runs south-to-north through the U.S. state of
Georgia near its western border with Alabama.
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The whole route is Governor's Road Improvement Program (GRIP) corridor EDS-27, providing the bulk of the
Tallahassee, Florida - Chattanooga, Tennessee corridor. All of US 27 in Georgia is designated State Route 1 (SR 1)
and is also designated as the Martha Berry Highway.
METRA Transit System is the primary provider of mass transportation in Muscogee County, currently operating
nine routes in Columbus. The current public transportation services are operated as a function of the Columbus
Consolidated Government under METRA.
Greyhound Lines provides intercity bus service with the Columbus station located on Veterans Parkway,
Downtown Columbus.
Columbus provides good access to transportation via airport, highways, U.S. routes, Georgia state routes, and
public transit.
TOURISM/CONVENTION/HISTORY
Once Georgia’s last frontier outpost, now its second largest city, Columbus is a true destination of choice. History,
Theatre, Arts & Sports – Columbus has it all. Columbus has a rich history with 8 historic districts in the city that
exemplifies southern heritage, architecture, culture, and society.
Founded in 1828 by an act of the Georgia Legislature, Columbus was situated at the beginning of the navigable
portion of the Chattahoochee River and on the last stretch of the Federal Road before entering Alabama. The city
was named after Christopher Columbus, its founders likely influenced by the writings of Washington Irving.
By 1860, the city was one of the more important industrial centers of the South, earning it the nickname "the
Lowell of the South" in deference to the industrial textile mill town in Massachusetts which is also along a river.
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Factories such as the Eagle and Phenix Mills were revived and the industrialization of the town led to rapid growth;
the city outgrew its original plan. The Springer Opera House was built on 10th Street, attracting such notables as
Oscar Wilde. The Springer is now the official State Theater of Georgia.
With the expansion of the city, the need for a university saw the establishment of Columbus College, a two-year
institution which would later grow into Columbus State University, now a comprehensive center of higher learning.
The city became consolidated in 1971 and became the first of its kind in Georgia (and one of only 16 in the U.S. at
the time).
As the city has turned from its initial industry of textiles, it has provided a home for other prominent industries
including the headquarters for Aflac, Synovus, TSYS and Carmike Cinemas.
With these improvements, residents and businesses began moving back to formerly blighted areas. Examples of
these municipal projects including the construction of a softball complex which hosted the 1996 Olympic softball
competition, construction of the Chattahoochee River Walk along the Chattahoochee River, construction of the
National Civil War Naval Museum at Port Columbus, construction of the Coca-Cola Space Science Center, the
expansion of the Columbus Museum, and road improvements to include a new downtown bridge crossing the
Chattahoochee River to Phenix City. During the late 1990s, commercial activity expanded north of downtown
along the I-185 corridor.
During the 2000s, expansion, and historic preservation continued throughout the city. An example of this is the
revitalization of South Commons, an area which combines the 1996 Olympic softball competition complex, A. J.
McClung Memorial Stadium, Golden Park, the Columbus Civic Center, and the recently added Jonathan Hatcher
Skateboard Park into a single complex area. Another addition to the city is the National Infantry Museum in South
Columbus, located just outside the Fort Benning main gate.
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Columbus has also established itself as a center for the fine and performing arts. RiverCenter for the Performing
Arts, which opened in 2002, houses Columbus State University's music department. In 2002, Columbus State's art
and drama departments moved to downtown locations. Such initiatives have provided Columbus with a cultural
niche and with vibrant and modern architecture mixed among older brick facades.
The "Ready to Raft 2012" campaign is a project that created an estimated 700 new jobs and is projected to bring in
$42 million annually to the Columbus area. The project resulted in the longest urban whitewater rafting venue in
the world. This, in addition to other outdoor and non-outdoor tourist attractions, led to around 1.8 million visitors
coming to Columbus during the fiscal year 2015, according to the Columbus Convention and Visitors Bureau.
In upcoming years, it is predicted that there will be an additional 30,000 soldiers trained at Fort Benning each year
due to base realignment and closure. As a result of this, Columbus is expected to see a major population increase.
Tourism remains the second largest industry in Georgia generating over $16.5 billion. Conventions and tourism
brought an economic impact of $348 million to Columbus along with 1.7 million visitors, and employing some
4,327 people according to economic studies provided by Columbus State University’s Abbott-Turner College of
Business.
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MILITARY
Fort Benning is a United States Army base straddling the Alabama-Georgia border next to Columbus, Georgia.
Fort Benning supports more than 120,000 active-duty military, family members, reserve component soldiers,
retirees, and civilian employees on a daily basis. It is a power projection platform and possesses the capability to
deploy combat-ready forces by air, rail, and highway. Fort Benning is the home of the United States Army
Maneuver Center of Excellence, the United States Army Armor School, United States Army Infantry School, the
Western Hemisphere Institute for Security Cooperation (formerly known as the School of the Americas), elements
of the 75th Ranger Regiment, 3rd Brigade – 3rd Infantry Division, and many other additional tenant units.
It is named after Henry L. Benning, a brigadier general in the Confederate States Army during the Civil War.
Since 1918, Fort Benning has served as the Home of the Infantry. Since 2005, Fort Benning has been transformed
into the Maneuver Center of Excellence, as a result of 2005 Base Realignment and Closure (BRAC) Commission's
decision to consolidate a number of schools and installations to create various "centers of excellence." Included in
this transformation was the move of the Armor School from Fort Knox to Fort Benning.
GOVERNMENTAL FORCES
CITY GOVERNMENT
The City of Columbus is structured under a mayor-council government, with 10 City Council districts and 10 City
Council seats. All 11 members of the City Council serve two-year terms and are elected citywide. The mayor, City
Council members, and city manager conduct the affairs of the city.
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ECONOMIC DEVELOPMENT
Columbus has a well-structured zoning ordinance policy that applies to areas inside the city limits as well as to
those surrounding the city within the extra-jurisdictional district. The city of Columbus codified numerous types of
allowable land uses and the zoning in which they are permissible. The City of Columbus Unified Development
Ordinance is flexible to accommodate the changing neighborhood dynamics and conditions that may necessitate a
zoning district change.
TAXES
The Georgia state sales and use tax rate is 4.00%, but local taxing jurisdictions (cities, counties, special-purpose
districts, and transit authorities) may also impose sales and use tax up to 4%, for a total maximum combined rate
of 8.00%. The only taxes generally applied to all types of Georgia businesses are ad valorem taxes, corporate fees,
and annual corporation franchise taxes. Certain businesses pay gross-receipt taxes, occupational taxes, and other
taxes depending upon the nature of the operation.
SOCIAL FORCES
POPULATION
The total population of the Columbus, GA-AL metro changed from 296,454 in 2010 to 314,005 in 2014, a change
of 17,551 (5.92%). Among all 917 metros, this metro was ranked number 161 in 2010 and 158 in 2014, based on
total population. This metro is projected to have a total population in 2020 of 346,555. The projected population
change from 2010 to 2020 is 50,101 (16.9%). The population ages 65 years and over is projected to change from
35,817 (2010) to 57,325 (2020), a change of 21,508 (60.0%).
Based on per capita personal income (PCPI), this metro was ranked number 387 in 2008 and 503 in 2014, among
the 917 metros for which personal income was estimated. The PCPI changed from $34,070 in 2008 to $36,683 in
2014, a change of $2,613 (7.7%). Per capita personal income (PCPI) is a comprehensive measure of individual
economic well-being.
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282 metropolitan statistical areas, of the total 381, experienced an increase in real Gross Domestic Product (GDP)
between 2009 and 2014. This metro ranked number 158 among the 381 metros based on 2014 GDP. The GDP
(millions of current dollars) changed from $11,693 in 2009 to $13,729 in 2014 a change of $2,036 (17.41%). Real
GDP (millions of real, inflation-adjusted, dollars) changed from $11,693 in 2009 to $12,515 in 2014, a change of
$822 (7.03%). GDP is the most comprehensive measure of metro economic activity. GDP is the sum of the GDP
originating in all industries in the metro.
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EDUCATION
The Muscogee County School District holds pre-school to grade twelve and consists of thirty-five elementary
schools, twelve middle schools, and nine high schools. The district has 2,068 full-time teachers and over 32,944
students.
Columbus has two major institutions of higher learning in the area. Columbus State University is a public
institution of higher learning located in Columbus, Georgia. Founded as Columbus College in 1958, the university
was established and is administered by the Board of Regents of the University System of Georgia, and is fully
accredited by the Commission on Colleges of the Southern Association of Colleges and Schools. Columbus
Technical College (commonly called Columbus Tech) is a two-year technical college located in Columbus, Georgia,
United States. It is governed by Technical College System of Georgia.
ENVIRONMENTAL FORCES
WEATHER
Columbus has a humid subtropical climate according to the Köppen climate classification system. Daytime
summer temperatures often reach a high in the mid-90s, and low temperatures in the winter average in the upper
30s. Columbus is often considered a dividing line or "natural snowline" of the southeastern United States with
areas north of the city receiving snowfall annually, with areas to the south typically not receiving snowfall every
year or at all.
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DEMOGRAPHIC AND INCOME PROFILE OF THE CITY
The following data comes from the Site to Do Business Online, a commercial data provider of demographic data.
The base data is derived from the U.S. Census. Using algorithms developed by ESRI, projections are made about
the future of the city of Columbus.
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HOUSING
Currently, 47.8% of the 137,872 households in Columbus are owner occupied, 39.7% are renter occupied, and
12.5% are vacant, according to Site To Do Business (STDB). Median home value in Columbus is $157,611
compared to a median home value of $157,913 for the United States. In five years, median home value in
Columbus is projected to increase 3.47% annually to $184,983.
CONCLUSION
The city of Columbus has a strong economic history and based on the social, economic, governmental and
environmental forces should continue to thrive. Based on the employment data and population trends, the city of
Columbus is expected to remain economically strong and continue to achieve.
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NEIGHBORHOOD ANALYSIS
The subject is located east of the Central Business District on 30th Avenue. This area is bounded on the west by
industrial property and zoning, and North Lumpkin Road to the north and east. See map.
The area is a mix of residential and commercial properties with a wide variety of uses to include single family use,
commercial use, retail use, and institutional uses. The main traffic corridor is North Lumpkin Road, which runs in
a north to south direction from Brown Avenue to Victory Drive.
The area is a well-established district with some properties used for commercial purposes. The subject has a strong
historical record of operations. It has been used for a school since construction in 1963.
Supply and demand appear to be in balance with most of the new developments taking place west and north of the
subject. A new Dollar General is being built on Cusseta Road and other developments are noted on Victory Drive.
No factors are known that would affect the marketability of the subject property. The subject has a good location
with good access and exposure (30th Avenue). The subject is well located within the neighborhood and conforms
to the overall use of the neighborhood. Most of the recent developments have been in residential with single-
family homes and apartments.
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The overall growth of the neighborhood appears to be stable with mostly a mix of residential and commercial uses.
No unfavorable factors are known that would affect the marketability of the subject. There is no indication that the
zoning base of this area will change to another type of use. This area should be attractive to residential use because
of its location, surrounding properties, and stable trends in this area. This area appears to be stable in growth and
market trends appear to be in balance. Several factors influence the forces of demand and the rate of growth.
These include social, economic, political, and physical factors. Based on the subject’s location and surrounding
properties, supply and demand appear to be in balance with future growth of population in this area.
This area should continue to grow and expand because of its good location, available utilities, and good access.
The following demographics are based on a 10 mile drive time from the subject.
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HIGHEST AND BEST USE
A Highest and Best Use (HBU) identifies the most reasonably probable and appropriately supported use of
the property appraised. Since market conditions change, a property's highest and best use may change as well.
This analysis is an essential step in the determination of market value. Market dynamics determines a
property's use and appraisal values that use. Practically speaking, a highest and best use analysis forms a
framework for the proper selection of comparable sales.
There are two types of highest and best use. The first is highest and best use of land as though vacant. If a
building already exists, the second variety is highest and best use as though now improved. The later considers
whether the existing building should be retained as-is, demolished, remodeled, renovated, repaired, enlarged,
or converted to an alternate use. Both types require separate analyses. Current usage may or may not be
different from the near future highest and best use
In estimating the Highest and Best Use, there are essentially four states of analysis:
1. Physically Possible Use: Uses which are physically possible for the site in question.
2. Legally Permissible Use: Uses legally permitted by zoning and deed restrictions on the site.
3. Financially Feasible Use: Possible and permissible uses which produce a net return to the owner.
4. Maximally Productive: Among the feasible uses, that one which will produce the highest net return of
highest present worth.
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The Highest and Best Use of land, if vacant and available for use, may be different from the highest and best
use of the improved property. This will be true when the improvement is not an appropriate use and makes a
contribution to total property value in excess of the site.
The following conditions must be met in determining the Highest and Best Use:
The use must be legal, the use must be probable and there
be a profitable demand for such use and return to land the
highest net return for the longest period.
The most likely buyer type is crucial to highest and best use. Different buyer types have different motivations
and different perceptions of risk. The buyer type must be identified to better understand applicable approaches
and the selection of cap rates and yield rates.
Different buyer types are defined below.
Owner-User Acquires real estate mostly for its use; vacancy & investment yield are not
primary criteria. Property suitability is the major objective.
Passive Investor Seeks an established income stream; usually does not change the property in any
meaningful way; generally prefers long-term ownership
Developer Acquires real estate to physically or legally change it in some significant fashion;
accepts substantial risk so expects major reward; short-to-medium holding period
Speculative Investor Buys real estate solely as an investment with most of the reward at
termination; property use is not a primary consideration; medium-to-long term
holding period; usually buys during weak market conditions, so accepts huge
risk.
Pure Speculator Buys real estate solely as an investment with most of the reward at
termination; property use is usually not a major consideration; buys during
conditions of rapidly appreciating prices; short-to-medium ownership period.
The most likely purchaser of the subject’s property would be a Developer.
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Ideal Improvement
Identification of the "ideal improvement" is an essential element of highest and best use. If the property
appraised is vacant land, the ideal describes what should be built. If the existing improvements (one or more
buildings and site improvements) have the same or similar attributes as the ideal, then the existing
improvements have no or minimal depreciation. Obviously, the opposite also applies. The described ideal
improvement is as specific as market data will allow.
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HIGHEST AND BEST USE OF THE PROPERTY
LEGALLY PERMISSIBLE: The subject is zoned RMF-1. Alternative uses suggested earlier would be a
church purchase, Government Housing, Apartment Use, or single family. These would be legally possible for
the site. The RMF-1 zoning would allow for multi-family uses to include Townhouses, Condos, Apartments,
Rental Houses, and Duplexes. The zoning could also be changed to SFR to allow for Single Family.
PHYSICALLY POSSIBLE USE: A constraint on the use of the property is dictated by the physical uses for
which the property can be developed. The subject site contains 4.76 acres with frontage on 30th
Avenue.
Access is good and exposure is adequate. The property has all utilities and is located in a flood hazard area.
Overall, the topo is considered adequate for many developments and a large number of projects are deemed
possible for the site. The property has been used as an educational structure since construction. The
improvements contain 17,480 square feet and have provided a use that was needed by the community.
However, based on the current condition of the improvements, its age, and possible future use, the
improvements no longer represent the highest and best use of the site. Consideration is given to updating the
current improvements. However, updating the facility would be too costly for today’s standards. Considering
the site size, level topography, and surrounding residential uses, a use consistent with the residential market
would be more appropriate for the site. More specifically, churches, Government Housing, Apartments, or
single family use would be physically possible for the site. The site could be developed into a site for a church
purchase.
FINANCIALLY FEASIBLE USE: The constraint on the use of the property is dictated by the probable and
reasonable use that the property could be developed. Surrounding land use patterns along 30th
Avenue have
been studied which reflect development mostly consisting of a residential use. In any case, the contribution of
the improvements is considered of little value because of the location on 30th
Avenue, the decreasing
enrollment of students in this area, and the cost of updating for a continued use as an educational structure. As
indicated earlier, a church, single family development, or apartments could be constructed on the site.
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If the land were vacant, the first inclination would be for an alternative use consistent with the current
zoning and location. A change of zoning could place the site in a more productive financial position such
as a residential use development. Also, some type of multi-family use would be consistent with the
neighborhood.
MAXIMALLY PRODUCTIVE: Based on the active and current use of properties similar to the subject, a
use of residential would place the site in an optimum position, based on terrain and size. If the subject site
were vacant and available for development, the optimal use would be for a use with residential factors and
trends. If the improvements have any value for a continued use, the term would be short because of the age and
design of the current improvements. This type of construction with high ceilings, open hallways, old bath
facilities, and inferior room arrangements wouldn’t provide for a long term use and wouldn’t be maximally
productive.
It is my opinion that the Highest and Best Use of the property is to demolish the current improvements
and sell the site to a developer for a residential use development or a church. This possible residential
development could include an apartment use of one, two, and three bedroom units. It could also provide
for a single family development for 15-20 lots. This area has good access to most parts of the city plus the
location is near shopping, work, recreational areas, and places of worship. All of these factors support a
good environment for a residential outlook. Further, a church site would conform to the neighborhood
and be permitted.
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VALUATION METHODOLOGY
I have considered three principle methods available for estimating the market value of the subject property in fee
simple estate. These are summarized as follows:
COST APPROACH: This approach considers the current cost of replacing the appraised assets less
applicable depreciation. The replacement cost new of the appraised assets is estimated on the basis of
current labor and material prices plus allowances for overhead, profit, and provisions for architect's fees,
supervision, and other miscellaneous fees. Interest during construction is also added. Accrued
depreciation, representing a loss in value due to physical deterioration, is then deducted from the
replacement costs in order to arrive at a depreciated replacement cost for the appraised fixed assets. To the
depreciated value of the appraised fixed assets is added the market value of the land, as if vacant, to arrive
at a value conclusion.
DIRECT SALES COMPARISON APPROACH: This approach is based on the principle of
substitution, that is, when a property is replaceable in the market, its value tends to be set at the cost of
acquiring an equally desirable substitute property, assuming no costly delay in making the substitution.
Since two properties are rarely identical, the necessary adjustments for differences in quality, location, size,
services and market appeal are a function of appraisal experience and judgment.
INCOME APPROACH: This approach gives consideration to the Net Operating Income expectancy
from the facility, and to the capitalization of this income in accordance with prevailing returns on
properties or investments of similar risks, to determine the amount at which ownership would be justified
by a prudent investor.
Consideration has been given to each of these methods to arrive at a final opinion of value. This report type is an
appraisal report in a Narrative format. I analyzed data and applied the sales comparison approach to value to
form an opinion of the “as is” market value of fee simple interest in the subject property. The cost was not used
because of the estimation of depreciation and the lack of recent comparable land sales. The income approach is
not developed due to lack of rentals. The omission of these approaches does not affect the credibility of the final
value estimate.
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SALES COMPARISON APPROACH
The Sales Comparison Approach is defined as that approach in an appraisal analysis which is based upon the
proposition that an informed purchaser would pay no more for the property than the cost of acquiring an existing
property with the same utility. Presumably, the potential purchaser considers the alternatives that are available and
then makes a rational decision based upon the information about those alternatives.
The application of the Direct Sales Comparison Approach involves selecting a number of competitive properties
which have recently sold on the market. The information derived from this section is analyzed through an
adjustment process which develops indications of what the competitive properties would have sold for if they
possessed all the important characteristics of the subject property.
The reliability of this approach is dependent upon the availability and verification of the comparable sales data.
Therefore, this approach is particularly applicable when an active market provides sufficient quantities of reliable
data which can be verified from authoritative sources.
A complete search was made for properties similar to the subject that sold. Several land sales were found in the
Columbus market judged similarly to the subject. This search included appraisers, government officials, brokers,
agents, and owners of other properties. Therefore, this approach will be developed in this analysis
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Land Sale No.1
Transaction
Record ID 40 Grantor Muscogee County School
District
Property Type Commercial Land Grantee Bright Meyers Manchester,
LLC
Property Name Daniel Elementary Sale Date March 04, 2015
Address 1042 Manchester
Expressway Deed Book/Page 11467/306
City Columbus Sale Price $1,200,000
State GA Financing Typical
County Muscogee Verification Tax Accessor
Tax ID 013 022 007 Confirmation Richard Moorefield
Property Rights Fee Simple Conditions of Sale Arm's Length
Site
Zoning General Commercial Main Frontage 750 Feet
Zoning Code GC 2nd
Frontage 360 Feet
Shape Irregular Front Feet 1,110 Total Feet
Latitude N 32.506341 Depth 450 Feet
Longitude W-84.977360 Utilities All
Topography Level Flood Info Zone X
Land Size in Acres 8.410 AC
Land Size in SF 366,340 SF Indicators
Sale Price/Gross Acre $142,687
Sale Price/Gross SF $3.28
Sale Price/Front Feet $1,081
Remarks
The improvements were demolished and a new retail center was constructed on the site. A neighborhood Wal-
Mart with several tenants was constructed.
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Land Sale No.2
Transaction
Record ID [RecordNo] Grantor Housing Authority of
Columbus
Property Type Commercial Land Grantee Bright Meyers Victory,
LLC
Property Name Baker High School Sale Date February 03, 2015
Address 1532 Benning Drive Deed Book/Page 11447/147
City Columbus Sale Price $1,241,200
State GA Financing Typical
County Muscogee Verification Seller
Tax ID 063 002 012 Confirmation Richard Moorefield
Property Rights Fee Simple Conditions of Sale Arm's Length
Site
Zoning Residential Multifamily
- 2 Main Frontage 223 Feet
Zoning Code RMF-2 2nd
Frontage
Shape Irregular Front Feet 223 Total Feet
Latitude N32.424858 Depth 1,300 Feet
Longitude W-84.943377 Utilities All
Topography Level Flood Info Zone X
Land Size in Acres 12.400 AC
Land Size in SF 540,144 SF Indicators
Sale Price/Gross Acre $100,097
Sale Price/Gross SF $2.30
Sale Price/Front Feet $5,566
Remarks
This is a former Baker High School. These improvements were demolished and a new Wal-Mart was built on
the site.
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Land Sale No.3
Transaction
Record ID 42 Grantor Solid Rock Asset
Management
Property Type Commercial Land Grantee Pine Tree Holding Group,
LLC
Property Name Sale Date June 08, 2015
Address 988 Farr Road Deed Book/Page 11551/126
City Columbus Sale Price $850,000
State GA Financing Typical
County Muscogee Verification Agent
Tax ID 089 022 002 Confirmation Richard Moorefield
Property Rights Fee Simple Conditions of Sale Arm's Length
Site
Zoning General Commercial Main Frontage 800 Feet
Zoning Code GC 2nd
Frontage
Shape Irregular Front Feet 800 Total Feet
Latitude N 32.434942 Depth 1,170 Feet
Longitude W-84.923587 Utilities All
Topography Level Flood Info Zone X
Land Size in Acres 17.560 AC
Land Size in SF 764,914 SF Indicators
Sale Price/Gross Acre $48,405
Sale Price/Gross SF $1.11
Sale Price/Front Feet $1,063
Remarks
This was a transfer of a mobile home park. The mobile homes were not considered in the transfer.
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LOCATION MAP
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Adjustment Grid Subject Sale 1 Sale 2 Sale 3
Distance From Subject 4.70 Miles 1.31 Miles 1.95 Miles
Sales Price $1,200,000 $1,241,200 $850,000
Land Size in AC 4.76 AC 8.41 AC 12.40 AC 17.56 AC
Date 8/24/2016 3/4/2015 2/3/2015 6/8/2015
Sales Price per AC $142,687 $100,097 $48,405
ADJUSTMENTS
Transactional Adj.
Property Rights Fee Simple Fee Simple Fee Simple Fee Simple
0.0% 0.0% 0.0%
$142,687 $100,097 $48,405
Financing Terms Typical Typical Typical Typical
0.0% 0.0% 0.0%
$142,687 $100,097 $48,405
Conditions of Sale Arm's Length Arm's Length Arm's Length Arm's Length
0.0% 0.0% 0.0%
$142,687 $100,097 $48,405
Expenditures After Sale 0.0% 0.0% 0.0%
$142,687 $100,097 $48,405
Market Conditions 8/24/2016 0.00% 0.0% 0.0% 0.0%
Property Adjustments
Location Average Superior Average Inferior
-25.0% 0.0% 25.0%
Site Size (AC) 4.76 AC 8.41 AC 12.40 AC 17.56 AC
-5.0% -10.0% -15.0%
Zoning RMF1 RMF1 RMF2 GC
0.0% 0.0% 0.0%
Topography Level Level Level Level
0.0% 0.0% 0.0%
Shape Slightly Irregular Irregular Irregular Irregular
0.0% 0.0% 0.0%
Total Net Adjustments -30.00% -10.00% 10.00%
Total Gross Adjustments -20.00% 10.00% 40.00%
Adjusted Price Per AC $99,881 $90,087 $53,246
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The sales indicate an unadjusted sales price per sf of $48,405 to $142,687. This is primarily a reflection of location,
site size (ac), zoning, topography, and shape. This, as well as other factors, is taken into consideration in this
analysis.
Location: Sale #1 is located on a major traffic route with a high traffic count. A new Walmart store was
constructed on the site. This location is judged superior to the subject. Sale #3 is located south of the subject on a
secondary traffic artery with a smaller traffic count and inferior access. Farr Road is judged inferior to the subject’s
site. The location adjustment is estimated at 25% each for Sales #1 and #3, respectively.
Site Size (AC): All three comparable sales have adjustments for site size. All three are larger and the adjustments
are based on the contributory value of the sites. They have adjustments 0f 5%, 10% and 15% respectively,
depending on the size.
The 3 sales indicate an Adjusted Price Per SF of $53,246 to $99,881.
Each sale has been confirmed and the data is believed to be reliable. The process of estimating a property’s value
is by comparing the subject property to other properties being similar in location, size, use and physical
characteristics, although no two properties are identical; the comparison is still possible by making percentage
adjustments for the differences in each sale. The adjustments are made based on market data. These factors are
normally used in the process and are based on market standards which can clearly reflect buyer and seller attitudes
and reasoning.
The focus was made on the similarities and dissimilarities between the comparable sales and the subject.
Consideration is placed on several areas such as location, highest and best use, and physical characteristics. The
purpose of this analysis is to present sales that are reasonable and appropriate that lead to a reliable estimate of
value.
Based on these factors and giving consideration to the subject’s location, condition, site size (ac), property type,
building size, and surrounding properties, a price of $85,000 per acre would be supported by this data.
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Number of Comps 3 Unadjusted Adjusted % Change
Low: $48,405 $53,246 10.00%
High: $142,687 $99,881 -30.00%
Average: $97,063 $81,071 -16.48%
Median: $100,097 $90,087 -10.00%
Reconciled Value/Unit Value $85,000
Subject Size 4.76 AC
Indicated Value $404,600
Value Ranges & Reconciled Value
ROUNDED TO
$405,000
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FINAL RECONCILIATION
The Cost Approach to Value is not developed because of the age of the improvements and the lack of
comparable land sales.
The Direct Sales Comparison is used and most of the weight is placed on the price per acre. This indicator was
based on the sales price divided by the acreage. The choice of comparables in the market will dictate the units of
comparison developed in the Sales Comparison Approach. The adjustment process indicated an Adjusted Price
Per AC of $85,000.
The Income Approach to Value is not developed because of the lack of comparable rentals in the market of
similar special use properties.
COST APPROACH N/A
SALES COMPARISON APPROACH $405,000
INCOME APPROACH N/A
VALUE CONCLUSION
$405,000
MARKET VALUE
AS OF
August 24, 2016
Richard Moorefield Inc.
EXHIBIT A
ENGAGEMENT LETTER
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EXHIBIT B
APPRAISER QUALIFICATIONS, LICENSES, E & O
Richard Moorefield Inc.
QUALIFICATIONS OF APPRAISER
MATT MOOREFIELD, MAI, SRA #2 BRADLEY PARK COURT
COLUMBUS, GEORGIA 31904
EDUCATION: Brookstone School, 2001 Andrew College, A.S., Business Management, Magna Cum Laude, 2003 Berry College, B.S., Sociology, 2005 APPRAISER EDUCATION: 2006 – State Registered Real Property Appraiser
Basic Appraisal Principles (30 Hours) Basic Appraisal Procedures (30 Hours) USPAP National Course (15 Hours) 2007 – State Licensed Real Property Appraiser Residential Report Writing and Case Studies (15 Hours)
Residential Market Analysis and Highest and Best Use (15 Hours) Residential Appraiser Site Valuation and Cost Approach (15 Hours) Residential Sales Comparison and Income Approaches (30 Hours) 2007 - Appraisal Institute – Associate member 2009 – State Certified Real Property Appraiser Real Estate Finance, Statistics, and Valuation Modeling (15 Hours) Advanced Residential Applications and Case Studies/Part 1 (15 Hours) Advanced Residential Report Writing/Part 2 (30 Hours) General Appraiser Sales Approach (30 Hours) General Site Valuation and Cost Approach (30 Hours) General Appraiser Income Approach (Part I) (30 Hours) General Appraiser Income Approach (Part II) (30 Hours) General Appraiser Market Analysis and Highest and Best Use (30 Hours) General Report Writing and Case Studies (30 Hours) Advanced Income Capitalization (35 Hours) 2010 – State General Certified Real Property Appraiser (GA) 2012 – State General Certified Real Property Appraiser (AL) 2013 – Real Estate Finance Statistics and Valuation Modeling (15 Hours)
Advanced Concepts and Case Studies (40 Hours) 2015 – General Demonstrative Report Writing (7 Hours) Condemnation Appraising: Principles & Applications (22 Hours) 2016 – Appraisal Institute – Designated member (MAI) Appraisal Institute – Designated member (SRA)
Richard Moorefield Inc.
DATE OF BIRTH: October 25, 1982 RESIDENCE: 3613 Austel Dr., Columbus, GA 31909 EXPERIENCE: (2006 – Present): I have appraised land, commercial, and residential properties in various counties in the states of Georgia and Alabama. Provided expert witness in Muscogee County Courts. CLIENTS: Fannie Mae, Wells Fargo, Synovus, Colony Bank, Auburn Bank, Phenix-Girard Bank, PGP Valuation Inc, PCV Murcor, F & M Bank, and numerous other financial institutions as well as other private individuals
Richard Moorefield Inc.
QUALIFICATIONS OF APPRAISER
RICHARD MOOREFIELD, SRPA, SRA #2 BRADLEY PARK COURT
COLUMBUS, GEORGIA 31904
DATE OF BIRTH: August 24, 1943 EDUCATION: Troy State University, B.S. Economics, 1968 Appraisal Institute: Courses 101, 201, 301 Instructor in Appraisal Courses: University of Georgia School for Continuing Education for Georgia Association of Assessing Officials. PROFESSIONAL DESIGNATION AND AFFILIATIONS: 1974 - S. R. P. A. Appraisal Institute - Senior Real Property Appraiser 1980 - Appraiser membership, Realty Multi-List, Columbus, Georgia 1981 - Affiliate - Phenix City Board of Realtors 1991 - Membership - The Appraisal Institute 1991 - Certified Real Estate Appraiser - State of Georgia #CG000783 1992 – Certified Real Estate Appraiser - State of Alabama #CG00335 President and owner of own appraisal company since 1975. Actively engaged in all types of appraisal assignments for governmental agencies, corporation, attorneys and private individuals. Qualified appraisal witness in Muscogee, Harris and Chattahoochee Counties, Georgia and Russell and Lee Counties, Alabama and Florida. I have served as past President and Officer of the Columbus Chapter of the Appraisal Institute.
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