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[Pages:93]APPRAISAL REPORT REAL ESTATE APPRAISAL
Of Boxwood Inn
10 Elmhurst Avenue Newport News, VA 23603
As of October 5, 2017 Prepared For Farmers Bank PO Box 90010 Suffolk, VA 23434
Prepared by VALUCENTRIC LLC, A TRICE GROUP COMPANY
Heather Placer, MAI, SRA, VA-400105440 File Name:
VALU-17-09-1760
October 10, 2017
Farmers Bank PO Box 90010 Suffolk, VA 23434
Re: Appraisal Report, Real Estate Appraisal The Boxwood Inn 10 Elmhurst Avenue, Newport News, VA 23603 VALU-17-09-1760
At your request, we have prepared an appraisal for the above referenced property. The purpose of this appraisal is to estimate the current 'as is' market value of the unencumbered fee simple interest of the subject property. The intended use is for making decisions regarding the underwriting of a loan secured by the property. This appraisal is intended for Farmers Bank.
The accompanying appraisal report of a complete appraisal has been completed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) and applicable Federal regulations. The attached report details the scope of the appraisal, level of reporting, definition of value, valuation methodology, and pertinent data researched and analyzed in the development of this appraisal. Additional information regarding the opinions and conclusions set forth in this report has been retained in the appraiser's work file. We certify that we have no present or contemplated future interest in the property beyond this estimate of value. Your attention is directed to the Limiting Conditions and Assumptions. Acceptance of this report constitutes an agreement with these terms. This report assumes the property is open and functional as an active event venue or similar type function.
As a result of the valuation procedure and analysis, it is our opinion that the current "as is" market value of the unencumbered fee simple interest of the subject property as of October 5, 2017 is:
As Is, Fee Simple
One Million Two Hundred Sixty Thousand Dollars $1,260,000
ADDRESS: 604 Bristol Village Drive, 307, Midlothian, VA 23114 PHONE: 888.440.8258 | FAX: 888.450.8258 | Web:
October 10, 2017 Page Two
The supporting data, analysis, and conclusions upon which this valuation is bases are contained in the accompanying appraisal report and in the work file. This letter must remain attached to the report in order for the value opinion set forth to be considered valid. Respectfully submitted, Valucentric LLC, A Trice Group Company
Heather Placer, MAI, SRA Certified General Appraiser VA-400105440 hplacer@
TABLE OF CONTENTS
Summary of Important Facts and Conclusions ............................................................................... 5 Location Map .............................................................................................................................. 6 Subject Photographs.................................................................................................................... 7
Appraisal Specifics ....................................................................................................................... 16 Scope of Work .............................................................................................................................. 19 Macro-Economic Analysis............................................................................................................ 21 Area Analysis................................................................................................................................ 25 Local Commercial Market Conditions.......................................................................................... 27 Neighborhood Analysis ................................................................................................................ 30
Location Map ............................................................................................................................ 33 Property Description ..................................................................................................................... 33
Summary ................................................................................................................................... 36 Assessment and Taxes .............................................................................................................. 37 Zoning ........................................................................................................................................... 37 Reasonable Exposure Period | Marketing Time............................................................................ 38 Highest and Best Use .................................................................................................................... 39 Valuation Methodology ................................................................................................................ 41 Analyses Applied ...................................................................................................................... 41 Sales Comparison Approach......................................................................................................... 42 Comparables Map ..................................................................................................................... 45 Analysis Grid ............................................................................................................................ 47 Comparable Sale Adjustments.................................................................................................. 48 Sales Comparison Approach Conclusion ? As Is ..................................................................... 49 Income Approach.......................................................................................................................... 51 Direct Capitalization Analysis .................................................................................................. 51 Potential Gross Income (PGI) ................................................................................................... 51 Market Rent .............................................................................................................................. 51 Comparables Map ..................................................................................................................... 57 Potential Gross Income Summary ............................................................................................ 58 Vacancy and Collection Loss.................................................................................................... 58 Effective Gross Income............................................................................................................. 58 Expenses ................................................................................................................................... 58 Capitalization Rate and Method................................................................................................ 59 Direct Capitalization Analysis Conclusion ............................................................................... 62 Final Reconciliation ...................................................................................................................... 63 Value Indications ...................................................................................................................... 63 Limiting Conditions and Assumptions ......................................................................................... 65 Glossary ........................................................................................................................................ 71 Addenda ..................................................................................................................................... 77
Summary of Important Facts and Conclusions
Subject Property: Boxwood Inn 10 Elmhurst Avenue Newport News, VA 23603
Report Date: October 10, 2017
Trice File No.: VALU-17-09-1760
Current Owner: John and Barbara Lucas
Property Overview: Special Purpose ? Event Venue, Bed and Breakfast with Restaurant Gross Building Area: 10,074 sq. ft. ?
Interest Appraised: Fee Simple
Highest and Best Use: Restaurant with special event venue
Zoning: C-1
"As Is" Market Value: $1,260,000
Effective Date (As Is): October 5, 2017
Appraiser: Heather M. Placer, MAI, SRA
The Trice Group, LLC
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