HomeMy WebLinkAbout05-03-07
.-J
15056041114
REV-1500 EX (06-05)
PA Department of Revenue
Bureau of Individual Taxes
PO BOX 280601
Harrisburg, PA 17128-0601
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death
INHERITANCE TAX RETURN
RESIDENT DECEDENT
OFFICIAL USE ONLY
County Code Year
~I O(P
File Number
O/~~
Decedent's Last Name
Suffix
Date of Birth
07281925
Decedent's First Name MI
LINWOOD B.
Spouse's First Name MI
ALICE R.
02022006
PHILLIPS, JR.
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix
PHILLIPS
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WillS
FILL IN APPROPRIATE OVALS BELOW
~ 1. Original Retum
o
4. Limited Estate
D
D
2. Supplemental Retum
D
~
2-
o
3. Remainder Retum (date of death
prior to 12-13-82)
5. Federal Estate Tax Retum Required
~
CJ
8. Decedent Died Testate
(Attach Copy of Will)
9. Litigation Proceeds Received
D
o
4a. Future Interest Compromise (date of
death after 12-12-82)
7. Decedent Maintained a Living Trust
(Attach Copy of Trust)
10. Spousal Poverty Credit (date of death
between 12-31-91 and 1-1-95)
8. Total Number of Safe Deposit Boxes
11. Election to tax under Sec. 9113(A)
(Attach Sch. 0)
CORRESPONDENT - THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name Daytime Telephone Number
ROBERT G. FREY
Firm Name (If Applicable)
717-243-5838
REGISTE
~
FREY & TILEY
First line of address
5 SOUTH HANOVER STREET
Second line of address
\.0
City or Post Office
State
ZIP Code
:--"~)
DATE FILED
CARLISLE
PA
17013
M DATE
t:t 2.
ADDRESS
200(
SIGNATURE OF PREPARER OTHER THAN REPRESENTATIVE
DATE
ADDRESS
PLEASE USE ORIGINAL FORM ONLY
Side 1
L
15056041114
15056041114
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-1
15056042115
REV-1500 EX
Decedent's Name: LINWOOD B. PHILLI PS, JR.
RECAPITULATION
1. Real estate (Schedule A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Stocks and Bonds (Schedule B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) . . . . .
4. Mortgages & Notes Receivable (Schedule D) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) . . . . . . . .
6. Jointly Owned Property (Schedule F) CJSeparate Billing Requested. . . . . . . .
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G) CJSeparate Billing Requested. . . . . . . .
8. Total Gross Assets (total Lines 1-7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Decedent's Social Security Number
1.
2.
3. NONE
4. NONE
5.
6.
7.
8.
9.
11802334.00
2312280.40
9520007.00
6046122.03
202954.00
29883697.43
716400.00
9. Funeral Expenses & Admin'istrative Costs (Schedule H) . . . . . . . . . . . . . . . . . . . ,
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) . . . . . . . . . . . . . . . 10.
11. Total Deductions (total Lines 9 & 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.
12. Net Value of Estate (Line 8 minus Line 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. Charitable and Governmental Bequests/See 9113 Trusts for which
an election to tax has not been made (Schedule J) . . . . . . . . . . . . . . . . . . . . . .. 13.
14. Net Value SubJectto Tax (Line 12 minus Line 13) . . . . . . . . . . . . . . . . . . . . . .. 14.
TAX COMPUTATION. SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable at
the spousal tax rate, or
transfers under Sec. 9116
(a)(1.2) X.O 0
16. Amount of Line 14 taxable
at lineal rate X .0 ~
17. Amount of Line 14
taxable at sibling rate X . 12
18. Amount of Line 14 taxable
at collateral rate X . 15
13 8 64 8 9 . 8 8 15.
2 7 7 0 7 1 0 5 . 5 6 16.
17.
18.
19. TAX DUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
Side 2
L
15056042115
73702.00
790102.00
29093595
29093595.43
0.00
1246820.00
0.00
0.00
1246820.00
m
15056042115
-1
REV-1500 EX Page 3 578-22-6930
Decedent's ComDlete Address:
DECEDENrs NAME
LINWOOD B. PHILLIPS, JR.
STREET ADDRESS
93 ENCKS MILL ROAD
File Number
21-06-0122
CITY
CARLISLE
STATE
PA
ZIP
17013
Tax Payments and Credits:
1. Tax Due (Page 2 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
(1)
1246820.00
1300000.00
62341.00
Total Credits ( A + 8 + C ) (2)
1362341.00
3. Interest/Penalty if applicable
D. Interest
E. Penalty
A. Enter the interest on the tax due.
(5)
(5A)
0.00
115521.00
0.00
Total Interest/Penalty ( 0 + E ) (3)
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
Fill In oval on Page 2, Line 20 to request a refund. (4)
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE.
B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (58)
Make Check Payable to: REGISTER OF WILLS, AGENT
0.00
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. D 0
b. retain the right to designate who shall use the property transferred or its income; . . . . . . . . . . . . . . .. 0 ~
c. retain a reversionary interest; or . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. D 0
D 0
[K]
D
~ D
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
d. receive the promise for life of either payments, benefits or care? . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . .. D
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? .. ~
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for
the use of the surviving spouse is three (3) percent [72 P .5. ~9116 (a) (1.1) (i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero
(0) percent [72 P.S. ~9116 (a) (1.1) (ii)]. The statute does not exemot a transfer to a surviving spouse from tax, and the statutory requirements for
disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for
the use of a natural parent, an adoptive parent, or a stepparent of the child is zero (0) percent [72 P .5. ~9116(a)(1.2)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half
(4.5) percent, except as noted in 72 P .5. ~9116(1.2) [72 P .5. ~9116(a)(1 )).
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve (12) percent [72 P.S. ~9116(a)(1.3)]. A sibling
is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption.
217
REV-1502 EX+ (6-98)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE A
REAL ESTATE
ESTATE OF FILE NUMBER
Linwood B. Phillips, Jr. 21-06-0122
All real property owned solely or as a tenant In common must be reported at fair market value. Fair market value is defined as the price at which property
would be exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts.
Real property which Is Jolntly-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
DESCRIPTION
21.58 Acres, Richland Road, Dickinson Twp, Cumberland County, PA
83 Acres, Encks Mill Road, Dickinson Twp, Cumberland County, PA
7.8 Acres, West Yellow Breeches Road, Dickinson Twp, Cumberland County, PA
139.3 Acres, Walnut Bottom Road, Dickinson Twp, Cumberland County, PA
36 Acres, Walnut Bottom Road, Dickinson Twp, Cumberland County, PA
90 Acres, Locust Lane, Dickinson Twp, Cumberland County, PA
10.1 Acres, Mont Sera Road, Dickinson Twp, Cumberland County, PA
61 Acres, Encks Mill Road, Dickinson Twp, Cumberland County, PA
1.5 Acres, Encks Mill Road, Dickinson Twp, Cumberland County, PA
Montsera Road, .22 Acres, Dickinson Twp, Cumberland County, PA
Lot 3, Clearview, .93 Acres on Old York Road, Dickinson Twp, Cumberland County, PA
41 Acres, Montsera Road, Dickinson Twp, Cumberland County, PA
6 Acres, West Yellow Breeches Road, Dickinson Twp, Cumberland County, PA
House, buildings and Land, 93 Encks Mill Road, Carlisle, PA
House, buildings and land, 2203 Walnut Bottom Road, Carlisle, PA
Richland Road Lots, Dickinson Twp, Cumberland County, PA
Clarendon Lots, Dickinson Twp, Cumberland County, PA
Kings Gap Estates Lots, Dickinson Twp, Cumberland County, PA
Heritage Valley lots, Dickinson Twp, Cumberland County, PA
Lot 35, Kings Gap Estates, sold 4n/06, contract price less charges
Lot 58, Clarendon, sold 4/24/06, contract price
Lot 31 Heritage Valley, sold 5/8/06, contract price
VALUE AT DATE
OF DEATH
129,000
374,000
70,000
557,000
154,000
405,000
145,000
305,000
19,000
400
42,000
221,000
54,000
3,077,000
542,000
557,000
2,315,000
1,494,000
1,133,000
65,134
77,900
65,900
TOTAL (Also enter on line 1. Recaoitulation) $
(If more space is needed, insert additional sheets of the same size)
11,802,334
217
REV-1503 EX+ (6-98)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE B
STOCKS & BONDS
ESTATE OF
Linwood B. Phillips, Jr.
FILE NUMBER
21-06-0122
All property jolntly-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
1.
2.
3.
4.
5.
6.
DESCRIPTION
Orrstown Financial Services common stock, 53149.6903 shares
Eaton Vance Insured Muni Bond Fund, 16250 shares
Evergreen Fundamental Large Cap Fund
Delaware Cty., PA bond, due 12/1/27
Delaware Cty., PA bond accrued interest
Adams County National Bank (ACNB), 3048 shares
VALUE AT DATE
OF DEATH
1,886,814
240,500
21,033
100,399
898
62,636
TOTAL (Also enter on line 2 Recsoitulation) $
(If more space is needed, insert additional sheets of the same size)
2.312280
217
REV-1508 EX+ (6-98)
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Linwood B. Phillips. Jr.
Include the proceeds of litigation and the date the proceeds were received by the estate.
All DroDertv lointlv-owned with riaht of survivors hiD must be disclosed on Schedule F.
FILE NUMBER
21-06-0122
ITEM
NUMBER
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
DESCRIPTION
Personal Property & Household furnishings. Appraisal attached.
Deer antler collection. Appraisal attached.
Bronze western art collection. Appraisal Attached.
Charles Denault paintings. Appraisal attached.
Orrstown Bank Account No. 578226930
Accrued interest on Orrstown Bank Acct 578226930
Farm equipment. Appraisal attached.
Refund of funds held by Broujos & Gilroy in escrow
Deer antler collection in possession of dealer for sale
Orrstown Account No. 106--1604
Orrstown Account No. 106214257
Orrstown Account No. 108000507
Orrstown Account No. 108202142
Janney Montgomery Scott money market account
Janney Montgomery Scott mma accrued interest
M& T account no. 015004200023858
VALUE AT DATE
OF DEATH
28.240
100,000
12,000
10,000
9,168,381
41,750
34,700
115
33,028
27,631
10,465
21 ,126
23,967
7,540
1
1,063
TOTAL (Also enter on line 5, Recapitulation) $
(If more space is needed. insert additional sheets of the same size)
9,520,007
217
REV.1509 EX+ (6-98)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE F
JOINTLY-OWNED PROPERTY
ESTATE OF
Linwood B. Phillips, Jr.
FILE NUMBER
21-06-0122
If an asset was made joint within one year of the decedent's date of death, it must be reported on Schedule G.
SURVIVING JOINT TENANT(S) NAME ADDRESS
RELATIONSHIP TO DECEDENT
A. Robert M. Frey 5 South Hanover Street, Carlisle, PA 17013
Business associate
B. Alice R. Phillips 93 Encks Mill Road, Carlisle, PA 17013
Spouse
C.
JOINTLY -OWNED PROPERTY:
LETTER DATE DESCRIPTION OF PROPERTY %OF DATE OF DEATH
ITEM FOR JOINT MADE INCL.UOE NAME OF FINANCIAl. INSTITUTION AND BANK ACCOUNT NUMBER OR SIMIL.AR DATE OF DEATH DECO'S VALUE OF
NUMBER TENANT JOINT IDENTIFYING NUMBER. ATTACH DEED FOR JOINTL. Y-HEL.D REAl ESTATE. VALUE OF ASSET INTEREST DECEDENrSINTEREST
1. A. 1/2 interest in Phillips & Frey Security Deposit Account 69,330 50.00% 34,665
2. A 1/2 interest in installment sale agreement, 11 Carter Place, Carli 54,910 50.00% 27,455
3. A 1/2 interest in installment sale agreement, 12 Carter Place, Carli 55,966 50.00% 27,983
4. A 1/2 interest in Phillips & Frey Orrstown aect 108-110248 41 ,292 50.00% 20,646
5. A 1/2 interest in Phillips & Frey Orrstown acct 280058 32,627 50.00% 16,314
6. A 1/2 interest in Phillips & Frey 2001 Chevrolet Silverado 7,610 50.00% 3,805
7. A 1/2 interest in Phillips & Frey 2000 Cadillac Escalade 0 50.00% 0
8. A 1/2 interest in Phillips & Frey equipment, 4 snowblowers 400 50.00% 200
9. A 1/2 interest in Phillips & Frey office equipment 1,500 50.00% 750
10. A 1/2 interest in Phillips & Frey maintenance inventory 9,600 50.00% 4,800
11. B Orrstown Account No. 106--1604 27,631 50.00% 13,816
12. A 12117/92 1/2 interest in M& T account no. 015004200010102 3,127 50.00% 1,564
13. B Construction Loan, Hoffman, Lot 8, Kings Gap 49,900 50.00% 24,950
14. A 1/2 interest, Lot on Spring Road, Carlisle, PA 17,100 50.00% 8,550
15. A 1/2 interest, 2 acres on Pine Road, Dickinson Twp, Cumberland 57,600 50.00% 28,800
16. A 1/2 interest, 100 Ac. on Wolfs Bridge & W. Middlesex Rd, Middl 720,000 50.00% 360,000
17. A 1/2 interest, 104 Ac. on Wolfs Bridge & W. Middlesex Rd, Middl 748,800 50.00% 374,400
18. A 1/2 interest, 12 lots in Annendale Development, Dickinson Twp, 651,600 50.00% 325,800
19. A 1/2 interest, Rockledge & Forest Ct., rental units, Carlisle, PA 1,440,000 50.00% 720,000
20. A 1/2 interest, Center Street & Burr Ave. rental units, N. Middleton 1,080,000 50.00% 540,000
21. A 1/2 interest, Walnut Bottom Road rental units, Carlisle, PA 652,500 50.00% 326,250
22. A 1/2 interest, Highland Court rental units, Carlisle, PA 1,260,000 50.00% 630,000
23. A 1/2 interest, Hamilton Court rental units, Carlisle, PA 810,000 50.00% 405,000
24. A 1/2 interest. landlocked mountain ground, York County 74,250 50.00% 37,125
25. A 1/2 interest, mountain ground. Mt. Holly Springs, PA 70,200 50.00% 35,100
26. A 1/2 interest, 6 acres on Adams Road, S. Middleton Twp, Cumbe 116,100 50.00% 58,050
27. A 1/2 interest, 117 acre farm, Adams Road, S. Middleton Twp, Cur 632,700 50.00% 316,350
28. A 1/2 interest, 23 acres, mountain ground, Gardners, Cumberland 124,200 50.00% 62,100
Additional Jointlv-Owned orooertv from Continuation Statement 1,641.649
TOTAL (Also enter on line 6 Recaoitulation) $ 6046.122
(If more space is needed, insert additional sheets of the same size)
F
Pa. Schedule ~ Continuation Sheet
Item Joint Date made Description of Property Date of Death %of 0.0.0. Value of
No Owner Join Value of Asset Interest Decedent's Interest
29 A 1/2 interest, 11 Acres near Allen Road, S. Mie 346,500 50% 173,250
30 A 1/2 interest, 24 acres on Walnut Bottom Roae 346,500 50% 173,250
31 A 1/2 interest, 25 acres, Allen Road & Walnut B 1,823,400 50% 911,700
32 A 1/3 interest, 3.3 acres off of Fairview Street, S 67,050 50% 33,525
33 A 1/2 interest, Clearview lot, Dickinson Twp, Cu 65,700 33% 21,681
34 A 1/2 interest, 1.83 Acres on Wertz Run Road, I 99,000 50% 49,500
35 A 1/2 interest, land on Cavalry Road, N. Middlet 441,900 50% 220,950
36 A Vacant land, 1007 Ritner Highway (1/6 intere! 104,400 50% 52,200
37 A 1/2 interest, Annendale Lot 9, sold 5/10/06. C 31,005 17% 5,169
38 A Met Life stock 849 50% 425
Total
1641.649
217
REV-1510 EX+ (6-98)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
ESTATE OF
Linwood B. Phillips, Jr.
FILE NUMBER
21-06-0122
This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV.1500 COVER SHEET is yes.
DESCRIPTION OF PROPERTY
ITEM INCLUOE THE NAME OF THE TRANSFEREE, THEIR RELATIONSHIP TO DECEDENT ANO THE OATE OF DATE OF DEATH % OF DECO'S EXCLUSION TAXABLE
NUMBER TRANSFER. ATTACH A COPY' OF THE OEEO FOR REAL ESTATE. VALUE OF ASSET INTEREST (IF APPUCABlEj VALUE
1. Evergreen Funamental Large Cap C, IRA 84,984 100.00% 0 84,984
2. Evergreen Equity Balanced Trust C, IRA 49,780 100.00% 49,780
3. M& T Bank Account 015004200060686, L. B. Phillips, Trustee 68,190 100.00% 68,190
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
TOTAL (Also enter on line 7 Recaoitulation) $ 202 954
(If more space is needed, insert additional sheets of the same size)
217
REV-1511 EX + (12-99)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
ESTATE OF
Linwood B. Phillips. Jr.
FILE NUMBER
21-06-0122
ITEM
NUMBER DESCRIPTION AMOUNT
A. FUNERAL EXPENSES:
1. Ewing Brothers Funeral Home 8,899
2. Wayne Noss Flowers 107
3. Cumberland Valley Memorial Gardens 1,150
4. Security at house 200
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Name of Personal Representative (s) Robert G. Frey
Social Security Number(s) I EIN Number of Personal Representative(s)
Street Address 5 South Hanover Street
City Carlisle State P A Zip 17013
Year(s) Commission Paid: 150.000
2. Attorney Fees 255,000
3. Family Exemption: (If decedent's address is not the same as c1aimanfs, attach explanation)
Claimant
Street Address
City State Zip
Relationship of Claimant to Decedent Surviving Spouse
4. Probate Fees 5,367
5. Accountanfs Fees 1,345
6. Tax Return Preparer's Fees
7. Advertising. Actual expense 137
8. Appraisal fees. Actual expense 33,625
9. Financial management and bookkeeping fees. Estimate based Estate Admin. to 4/30/08 30.500
10. Insurance. Actual expense 16,132
11. Lot sale and other transfer costs 0
12. Maintenance of real estate. Estimate based on Estate Admin. ending 4/30/08 18,500
13. Medical expenses. Actual expense 208
14. See continuation sheet of other Administrative Exoenses 195.230
TOTAL (Also enter on line 9 Recaoitulation) $ 716.400
Debts of decedent must be reported on Schedule I.
(If more space is needed, insert additional sheets of the same size)
Continuation sheet of other Administrative Expenses
Miscellaneous expenses. Actual expense.
Property management fees. Estimate based on Estate Admin. ending 4/30/08
Real estate taxes on real estate for sale. Est. based on Estate Admin. ending 4/30/08
Rent of office space. Actual expense
Utilities. Actual expense
Total OtherAdministrative Expenses
839
30,500
155,000
3,000
5,891
195 230
REV-1512 EX+ (12-O3)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
I
SCHEDULE I
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES, & LIENS
ESTATE OF FILE NUMBER
Linwood B. Phillips, Jr. 21-06-0122
Report debts InculT8d by the decedent prior to death which remained unpaid as of the date of death, Including unrelmbursed medical expenses.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1.
1/2 obligation on Phillips & Frey security deposits held
69,330
287
2.
Retail Services (final amount owed on Bon Ton credit card)
3.
Smith's Appliances (final amount owed for TV purchased
287
4.
Foremost Insurance (bill owed at time of death)
659
5.
M&T Bank (safe deposit rental due at time of death)
110
6.
Merle R. Phillips (replacement of checks outstanding at death)
250
7.
Affinity Networks (final long distance telephone bill)
317
8.
Concrete Jungle-bill owed for lawn statues bought prior to death
1,166
9.
Security deposits owed for duplexes, 95 Encks Mill Road
990
10.
Qwest communications (final telephone bill)
306
TOTAL (Also enter on line 10, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
73,702
217
REV-1513 EX+ (9-00)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
SCHEDULE J
BENEFICIARIES
NUMBER
t.
NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY
TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under
Sec. 9116 (a) (1.2)]
RELATIONSHIP TO DECEDENT
Do Not List Trustee(s)
FILE NUMBER
21-06-0122
AMOUNT OR SHARE
OF ESTATE
Linwood B. Phillips Jr.
1 Linwood B. Phillips, III Son 25% of income for life
2 Linda L. Stull Daughter 25% of income for life
3 Merle R. Phillips Son 25% of income for life
4 W. Alan Phillips Son 25% of income for life
5. Mark D. Phillips Grandson Trust remainderman
6. Linwood B. Phillips, III Grandson Trust remainderman
7. John C. Miller, III Grandson Trust remainderman
8. Kellie Diodato Granddaughter Trust remainderman
9. April Phillips Granddaughter Trust remainderman
10. Michael Phillips Grandson Trust remainderman
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE. ON REV-150Q COVER SHEET
II. NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
Alice Phillips
1,386,490
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
$
o
(If more space is needed, insert additional sheets of the same size)
217 -
REV-1647 EX + (9-001
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE M
FUTURE INTEREST COMPROMISE
Check Box 4a on Rev-1500 Cover Sheet
ESTATE OF FILE NUMBER
Linwood B. Phillips, Jr. 21-06-0122
This schedule is appropriate only for estates of decedents dying after December 12,1982.
This schedule is to be used for all future interests where the rate of tax which will be applicable when the future
interest vests in possession and enjoyment cannot be established with certainty.
Indicate below the type of instrument which created the future interest and attach a copy to the tax return.
[KIwm' DTrust DOther
I. Beneficiaries
'NAME OF BENEFICIARY RELATIONSHIP DATE OF BIRTH AGE TO
NEAREST BIRTHDAY
1. Alice Phillips Spouse 12/11/1940 65
2.
3.
4.
5.
II. For decedents dying on or after July 1, 1994, if a surviving spouse exercised or intends to exercise a right of withdrawal
within 9 months of the decedent's death, check the appropriate block and attach a copy of the document in which the
surviving spouse exercises such withdrawal right. DLimited right of withdrawal
DUnlimited right of withdrawal
III. Explanation of Compromise Offer:
Will and codicils granted to spouse the income on a trust with principal of $2 million and a life estate in a house having a
value not to exceed $175,000. In valuing these life interests, we used I.R.S. actuarial tables based on 110% of the
applicable federal rate. Copies of the tables are attached.
Based on the factor of .48495 from those tables, we valued, her interest in the trust at
1030090
Based on the factor of .48495 from those tables, we valued, her life estate in the house at
90133
The future interest going to lineal descendants was valued as the difference between the face value and the life interests
calculated above.
IV. Summary of Compromise Offer:
1. Amount of Future Interest .$ 2,175,000
2. Value of Line 1 exempt from tax as amount passing to charities, etc.
(also include as part of total shown on Line 13 of Cover Sheet) . $ 0
3. Value of Line 1 passi~o spouse at app~riate tax rate
Check One 6%, 03%, X 0% . . . .$ 1,120,223
(also include as part of total shown on Line 15 of Cover Sheet)
4. Value of Line 1 taxable at lineal rate
Check One 06%, ~4.5% . $ 1.054,777
(also include as part of total shown on Line 16 of Cover Sheet)
5. Value of Line 1 taxable at sibling rate (12%)
(also include as part of total shown on Line 17 of Cover Sheet) $ 0
6. Value of Line 1 taxable at collateral rate (15%)
(also include as part of total shown on Line 18 of Cover Sheet) $ 0
7. Total value of Future Interest (sum of Lines 2 thru 6 must equal Line 1) .$ 2.175.000
(If more space is needed, insert additional sheets of the same size)
Spousal share of Estate
Evergreen Funamental Large Cap C, IRA
Evergreen Equity Balanced Trust C, IRA
Orrstown Account No. 106-1604
Construction Loan, Hoffman, Lot 8, Kings Gap
Construction Loan, Hoffman, Lot 64 Kings Gap
Construction Loan, Hoffman Lot 74 Clarendon
Construction Loan, Shughart Custom Homes, Lot 7
Life estate in house wI value of $175,000
Income beneficiary on $2 million trust
Includible in Estate
84,984 84,984
49,780 49,780
27,631
49,900
67,900
68,900
48,675
90,133
1,030,090
Total Spousal bequests included in Federal Estate tax Return
And in Pa. Inheritance tax return
Total Spousal share
1 517 993
13,816
24,950
33,950
34,450
24,338
90,133
1,030,090
1 386.490
."
~" ..,:
LAST WILL AND TESTAMENT
OF
LINWOOD B. PIDLLIPS, JR.
I, LINWOOD B. PHILLIPS, JR., of Dickinson Township (mailing address: 93 Encks
Mill Road, Carlisle, Pennsylvania 17013), Cumberland County, Pennsylvania, being ~f sound
and disposing mind, memory and understanding, do hereby make, publish and declare this as and
for my Last WlII and Testament hereby revoking and making void any and all Wills by me at any
time heretofore made.
1. I direct my hereinafter named Executor or Executrix to pay all or my just debts and
funeral expenses as soon after my death as may be found convenient to do so. I further direct
that my funeral services be conducted by Ewing Brothers Funeral Home, 630 South Hanover
Street, Carlisle, Pennsylvania in a manner substantially similar to the arrangements which I made
for my wife Edna Lucille Phillips and that my body be interred beside her grave on my burial lot
in Cumberland Valley Memorial Gardens located along Governor Ritner Highway near the
Borough of Carlisle, PelUlSylvania. I further direct that on Lot 8C-l the same shall be reserved
for the burial of my wife, Alice Renee Phillips, her body to be located at the head of my body
and a headstone placed there substantially the same as the headstone marker at my grave.
2. I direct that all inheritance, transfer, succession, estate and death taxes which may be
payable on account of my death shall be payable from the assets. which give rise to such taxes
and charged to the person or persons receiving the assets.
3. I give, devise, and bequeath to my hereinafter Trustee, his successors and assigns, in
trust, the maximwn amount which will qualify for the unified credit for federal estate tax which
is presently SI,OOO,ooo.OO and scheduled to reach $3,500,000.00, to be divided into equal shares
for each of my four children who are LINDA L. STULL, LINWOOD B. PHILLIPS, ill, MERLE
R PHILLIPS AND ALLEN W. PHILLIPS, provided each one so sharing shall survive me by a
period of ninety (90) days, but should any of them fail to so survive me then the provision for
such deceased child shall lapse unless such deceased child shall have legitimate issue as
hereinafter defined who shall survive me by a period of ninety (90) days, in which case the
provisions for the deceased child of mine shall be divided between or among such legitimate
issue, per stirpes. The share allocated for each child of mine as above provided shall be invested
by my hereinafter named Trustee and each child of mine shall receive from income and principal
the sum of at least $12,000.00 per year or each child's share of the income, whichever shall be
greater. If the amount allocated for each child of mine shall be invested in any mutual fund or
funds, my Trustee is authorized and directed to allocate any ordinary income distributions and
any capital gain distributions partly or wholly to principal or to distributable income as the
Trustee shall deem best Upon the death of the child of mine for whom the share has been
allocated, any balance rem~;n;ng in that child's share shall be paid to his or her legitimate issue
as hereinafter defined who shall survive that child, per stirpes, and if there be no such legitimate
issue as hereinafter defined, then the same shall be added to the shares of my other children. If
one or more of the other shares have been distributed to the issue of that child for whom such
share was held, then the amount which would have been added to such share shall be distributed
to the then living legitimate issue as hereinafter defined of the child of mine whose share had
been distributed.
The meaning of "legitimate issue" as used above shall be limited to a child or children
whether legitimate of not who were born to a female descendant of Testator, and shall be limited
to a child or children born to a male descendant of Testator where the father of such child or
children was married to the mother either before or after the birth of such child or children. In
any case, the meaning of "child" or "children" or "legitimate issue" as used above shall not
include any adopted child or children.
No title in any Trust hereby created, or in the income accruing therefrom, or in its
accumulation. shall vest in ~y beneficiary and no beneficiary shall have the right or power to
transfer, assign" anticipate~oj:jencwnber his or her interest in said Trust, or the income therefrom
prior to the at'tual d~b~tion thereof by the Trustees to such beneficiary. Further, neither the
income nor the pnncipal of said.,Trust shall be liable in any manner, in the possession of the
Trustees, for,~~ ~Qtss:c.P~f!~s.or engagements of any of the beneficiaries.
G ~.J .'
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4. If at the time of my death I am married to Alice R. Phillips and if she survives me, I
give, devise, and bequeath to my hereinafter named Trustee, his successors and assigns, in Trust,
my residence at 93 Encks Mill Road in Dickinson Township in Cumberland County,
Pennsylvania, together with its curtiledge and in addition the duplex dwelling house adjacent
thereto, and a garden house and garage building but not the various farm buildings and acreage,
together with the sum of $2,000,000.00, (Two Million Dollars) the income from which shall be
used for the benefit of my wife, ALICE R. PIDLLIPS, she to have the right to occupy the
principal residence and the income to be used to pay real estate taxes and hazard insurance with
appropriate limits of coverage, make all necessary repairs and maintain both the buildings and
grounds, and the income in excess of that required for these purposes shall be paid at regular
intervals, at least annually, to or for the benefit of my wife Alice R. Phillips. Upon the death of
my wife, Alice R. Phillips, the assets of this Trust shall be retained by my hereinafter named
Trustee, his successors and assigns, in Trust and the income and principal distributed as provided
in the Trust established in paragraph no. 3 hereinabove.
I direct my Executor to elect Under Internal Revenue Code Section 2056 to qualify this
Trust set forth in paragraph no. 4 above for the Federal Estate Tax marital deduction, limited,
however to those assets which otherwise would qualify for the marital deduction if transferred to
my wife, Alice R. Phillips and to elect to have this Trust treated as a qualified terminable interest
Trust (QTIP).
5. All of the rest, residue and remainder of my Estate, real, personal and mixed, and
wheresoever the same may be situate, I give, devise and bequeath to my hereinafter named
Trustee, his successors and assigns, in Trust as a separate Trust to be held by him for the benefit
of my four children as provided in paragraph no. 3 above, and the income and principal of this
Trust shall be held and distributed in the same manner as provided in said paragraph number 3
above. Should the Trustee find it necessary or desirable to combine the assets of this Trust with
the assets of the Trust provided in paragraph number 3 above if such combining is advantageous
to the operation of the Trost and its beneficiaries.
6. Any share or portion of a share of any Trust created hereunder, or any other pro~rty
of mine that is not disposed of under any other provision of this Will, shall go and be distributed
to the persons who would constitute my heirs-at-law had I died ninety (90) days after my actual
date of death, intestate and unmarried.
7. If my wife and I should die under such circumstances that the order of our deaths
cannot be established by proof, it shall be presumed that my wife survived me.
8. I hereby nominate, constitute and appoint my friend's son, ROBERT G. FREY as
Executor of this my Last Will and Testament, but should he predecease me or fail to qualify or
cease serving as such, then in such event I nominate, constitute and appoint my daughter LINDA
A. STULL as alternate or successor Executrix and I further direct that neither of them shall be
required to post any bond to secure the. faithful performance of his or her duties in the
Commonwealth of Pennsylvania or in any other jurisdiction.
9. I hereby nominate, constitute, and appoint my friend's son ROBERT G. FREY as
Trustee of all the Trusts hereinbefore set forth. The compensation of said Trustee and of his
successors, shall be limited to a total of one-half of 1 % of the value of the corpus of the Trust
calculated annually as of December 31st of the immediately preceding year. In any year in
which said Trustee declines or fails to accept compensation, the same shall be deemed waived
and shall not be accumulated for payment in a future year.
10. In addition to the powers conferred by law, my hereinbefore named Executor and
Trustee, and his successors, are empowered:
a. To invest any part of the trust corpus in such securities, investments, or other
property as may be deemed advisable and proper, irrespective of whether the same are
authorized for the investment of trust funds under the laws of any govemingjurisdiction.
Page 2 of 4 Pages
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b. With respect to any corporation, the stocks, bonds, or other securities of which
may be held, to vote in person or by proxy on any shares of stock; to co~ent to the ID;erger,
consolidation or reorganization of such corporations; to consent to the leasmg, mortgagmg or
sale of the property of any such corporations; to make any surrender. exchange or substitution of
such stocks, bonds or other securities as an incident to the merger, consolidation or
reorganization of such corporations; to pay all assessments, subscriptions and other. sums of
money which may be deemed wise and expedient for the protection and maintenance of the
proportionate interest of the investment in such corporations; to exercise any option or privilege
which may be conferred upon the holders of such stocks, bonds. or other securities of such
corporations either for the conversion of the same into other securities or for the purchase of
additional securities, and to make any and all necessary payments which may be required in
connection therewith; and generally to have and exercise as to all such stocks, bonds and other
securities, the powers of an individual owner who is not under trust obligation.
c. To hold the trust corpus in one or more consolidated funds in which separate
shares shall have Wldivided interests.
d. To sell at public or.private sale for cash or upon credit, or partly for cash and
partly on credit, and upon such terms and conditions as shall be deemed proper, any part or parts
of my estate or the trust estate, and no pmcbaser at any such sale shall be bound to inquire into
the expediency or propriety of any such sale or to see to the application of the purchase moneys
arising therefrom.
e. To keep on hand and uninvested such money as may be deemed proper and for
such period as may be found expedient
f. To compromise, settle or arbitrate any claim or demand in favor of or against my
estate or the trust estate.
g. And authorized in the discharge of fiduciary duties, to employ counsel and to
determine and to pay such counsel reasonable compensation which shall be charged against the
principal or income of the trust fund, and shall further be entitled to charge against the principal
or income such other reasonable expenses and charges as may be necessary and proper to incur
for the proper discharge of fiduciary duties and for the proper management and administration of
the trust estate.
h. In making any division of property into shares for the purpose of any distribution
thereof directed by the provisions of the trust, to make such division or distribution, either in
cash or in kind, or partly in cash and partly in kind, as shall be deemed most expedient, and in
making any division or distribution in kind may allot any specific security or property or any
undivided interest therein to anyone or more of such shares, and to that end may appraise any or
all of the property so to be allotted and the judgment as to the propriety of such allotment and as
to the relative value -for purposes of distribution of the securities or property so allotted shall be
final and conclusive upon all persons interested in the trust or in the division or distribution
thereof.
i. And authorized to register any shares of stock or other assets of any trust in their
own names or in the name of a nominee.
j. To retain and invest in shares of stock of my Trustee.
Ie. To retain any investments including mutual funds which I may own at the time of
my death and in addition to invest any part of the Trust corpus in such mutual fund or mutual
funds as may be deemed advisable or proper, irrespective of whether the same are authorized for
the investment of trust funds under the laws of any governing jurisdiction.
1. To determine from time to time whether all or some portion of realized capital
gains shall be treated as ordinary income for distribution to a beneficiary or treated as principal
to be retained as part of the corpus, and such designation need not be consistent from one year to
another.
Page 3 of 4 Pages
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IN.WITNESS WHEREOF, I haVe~ere to set ~ ~~d _~d ~~al to tlJ,is my Last Will and
Testament written on three (3) pages, thi ayof 7 flt,(Jl.(JII,~
8C05
~ /3~?;~A- (SEAL)
Linwood B. Phillips, Jr.
Signed, sealed, published, and declared by LINWOOD B. PIllLLIPS, JR., the Testator
above named, as and for his Last Will and Testament, in our presence, who, in his presence, at
his request, and in the presence of each other, have hereunto subscribed our names as attesting
witnesses.
ff~~ f3~~
Page 4 of 4 Pages
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FIRST CODICIL TO LAST WILL AND
TESTAMENT OF LINWOOD B. PHILUPS-~~lBJ.:::
..... .. . '. ", "7
DATED MARCH 3, 2005' .
I, LINWOOD B. PHILLIPS, JR., of Dickinson Township (mailing address: 93 Encks
Mill Road, Carlisle, PA 17013), Cumberland County, Pennsylvania, being of sound and
disposing mind, memory and understanding, do hereby make, publish, and declare this as
and for a First Codicil to my Last Will and Testament dated March 3,2005.
4. I hereby revoke in its entirety paragraph number four (4) of said Last Will
and Testament dated March 3, 2005, and substitute therefore the following:
If at the time of my death I am married to Alice R. Phillips and if she survives me,
I give devise and bequeath to my Trustee named in paragraph number eight (8) of said
Last Will and Testament, his successors and assigns, whatever dwelling house and lot of
ground fmay have hereafter had constructed or acquired, it being my intention to have
constructed a dwelling house on one of my lots located in the Subdivision known as
Clarendon, in Dickinson Township, Cumberland County, Pennsylvania, which house and
lot of ground shall be used for the benefit of my wife, Alice R Phillips, she to have a life
estate in the same so long as she shall live, and in addition, I give devise and bequeath to
said Trustee the sum of $2,000,000.00 in trust, the income from which or 5% of the
principal thereof as of December 31 st of the year preceding the year of distribution to her,
whichever shall be larger, which shall be used for the benefit of my wife, Alice R.
Phillips, so long as she shall live, she to have the right to occupy said house and lot of
land and said income shall be used to pay real estate taxes and hazard insurance with
appropriate limits of coverage, and for the making of all necessary repairs and
maintenance of the buildings and land, and the income in excess of that required for these
purposes shall be paid to her or for her benefit at regular intervals, at least annually.
Upon the death of my wife Alice R. Phillips, the assets of this trust shall be retained
my said Trustee, his successors and assigns, in trust, and the income and principal
distributed as provided in the trust established in paragraph number three (3) of my sai
Last Will and Testament dated March 3,2005. In the event that I have not constructed
dwelling house on one of my lots in Clarendon, Dickinson Township, Cumberland ~ _
County, Pennsylvania, then I direct my Executor to do so for use by my wife, or to 3 i
acquire a suitable dwelling elsewhere in which she shall have a life estate, cost of Whi~
shall not exceed $300,000.00 if a new house is constructed or $350,000.00 if a house G.l!l
lot are purchased, which shall be in addition to the $2,000, 000.00 to be held in trust ~ ~
above provided. ! ~
I direct my Executor to elect under Internal Revenue Code Section 2056 to
qualify this trust as set forth in this paragraph number four (4) above for the Federal
Estate Tax Marital Deduction, limited, however, to those assets which otherwise would
First Codicil to Last Will and Testament of
Linwood B. Phillips, Jr.
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qualify for the marital deduction if transferred to my wife Alice R Philli ps and to elect to
have this trust treated as a Qualified Terminable Interest Trust (QTIP).
Except as hereinabove provided, I hereby ratify and affirm the provisions of my
said Last Will and Testament dated March 3,2005.
IN WITNESS WHEREOF, I have hereunto set my hand and seal1!!!1 First
~st Will and Testament, dated March 3, 2005, on this 1 day of
~ ,2005.
\
~R~ ..h '
LINWOOD B. PHILLIPS, JR. u
(SEAL)
Signed, sealed, published and declared by LINWOOD B. PHILLIPS, JR., the
Testator above named, as and for a First Codicil to his Last Will and Testament dated
March 3, 2005, in our presence, who in his presence, at his request, and in the presence of
each other haveher.eunto subscribed our names as attesting witnesses.
Jf,rt.v.. -I?J. ~ I
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First Codicil to Last Will and Tes.tamerit ,t;>f
Linwood B. Phillips, J~. -:.,'~: :.., ',} .'_'.~.~~'~;',..~~..!
Page 2 of2
SECOND CODICIL TO LAST WILL AND
:D:STAMENT OF LINWOOD B. PHILLIPS. .TJt.
DATED MARCH 31' 2005
I, LINWOOD B. PHILLIPS, JR., of Dickinson Township (mailing address: 93 Encks
Mill Road, Carlisle, PA 17013), Cumberland County, Pennsylvania, being of sound and di~posing
mind, memory and understanding, do hereby make, publish, and declare this as and for a Second
Codicil to my Last Will and Testament dated March 3.2005.
A. If at the time of my death I am married to Alice R. Phillips and if she survives
me, until such time as she shall actually occupy the dwelling house contemplated to be acquired
either by new construction or purchase of an existing house and lot of ground, etc., as provided in
the First Codicil to my Last Will and Testament which Codicil is dated November 17,2005,1
direct that Alice R. Phillips shall have the right to occupy my residence at 93 Encks Mill Road in
Dickinson Township, in Cumberland County, Pennsylvania, together with its curtilege and in
addition the duplex dwelling house adjacent thereto, and a garden house and garage building, and ;!-
garden area and pond located between said dwelling house and Encks Mill Road, but not the 29-
various farm buildings and acreage. During the time my wife Alice R. Phillips shall choose to 3.
occupy this property,. she shall be responsible for paying the real estate taxes and hazard Ii
insurance with the appropriate limits of coverage, make all necessary repairs, and maintain both! i
the buildings and grounds, applying the income from the duplex dwelling houses and any other ~ i
income generated by the premises to these expenses. All expenses in excess of that generated c ~
from said duplex dwelling house and any other income generated from the premises, shall be paiti ::a.
from the Trost fund provided for her as set forth in the First Codicil to my Last Will and
Testament dated November 17,2005.
It is my expectation that my said wife Alice R. Phillips shall choose to occupy the
residence contemplated to be constructed or acquired as set forth in said First Codicil to my Last
Will and Testament. and upon her choosing to do so, the right to occupy the property herein
provided at 93 Encks Mill Road shall terminate.
B. No title in any Trust created under any provision of my Last Will and Testament
dated March 3, 2005 or in the First Codicil to said Last Will and Testament dated November 17,
2005, or in the within Second Codicil to said Last Will and Testament, or in any future Codicil to
said Last Will and Testament, or in the income accruing therefrom, or in its accumulation, shall
vest in any beneficiar.y and no beneficiary shall have the right or power to transfer, assign,
anticipate or encumber his or her interest in such Trust or Trusts, or in the income therefrom prior
to the actual distribution thereof by the Trustee or Trustees to such beneficiary. Furthermore,
neither the income, nor the principal of any such Trust shall be liable in any manner, in the
possession of the Trustee or Trustees, for the debts, contracts or engagements of any of the
beneficiaries.
C. Except as hereinabove provided, I hereby ratify and affinn the provisions of my
said Last Will and Testament dated March 3,2005, and the provisions of the First Codicil to my
said Last Will and Testament dated November 17, 2005.
IN WITNESS WHEREOF, I have hereunto set my hand..!.nd seal to this Second Codicil
to my Last Will and Testament, dated March 3,2005, on this ~"~ay of No,t....lb'tr, 2005.
p~
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LINWOOD B. PHILLIPS, JR. ;f--
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26,944 RetUrn lists -Tables - Valu8tioD Tables'. ImputedInterestRates 2 1-29-2007
AlIlIIIIJl S~ Qrumm, Modl, Auilal SatimuauIl -Q..,.", MI1IIIId,
September 20015 0dDber 2005
(Rev. Rul. 2005-57, LR.B. 2lXJ5.36) (Rev. Rul. 2IJ05.66, LR.B. 20()5.41)
SJwrl-tll1'fft
AFR 3.90 3.86 3.84 3.83 3.89 185 3.83 3.82
1101AFR 4.30 4.25 4.23 4.21 4.28 U4 4.22 4.20
1201AFR 4.68 4.63 4.60 ' 4.59 4.67 4.62 4.59 4.58
l30IAFR 5.08 5.02 4.99 4.97 5.f11 5.01 4.98 4;96
MitJ.TII1'fft
AFR 4.19 4.15 4.13 4.11 4.08 4.04 4.02 4.01
1101AFR 4.62 4.57 4.54 4.53 ' 4049 4044 4.42 UO
12ll' AFR 5.04 4.98 4.95 4.93 4.91 4.85 4.82 4.80
l30IAFR 5.47 5.40 5.36 5.34 5.32 '5:25 5.22 5.19
1S01AFR 6.33 6.23 6.18 6.15 6.15 6:06 6.01 .5;98
1751liAFR 7.39 7.26 7.20 7.15 7.19 1.07 1.01 6.97
Lottg. TII1'fft
AFR 4.52 4041 4.45 4.43 4.40 4.35 4.33 '4.31
1101AFR 4;98 4.92 4.89 4.81 U5 4;79 4.16 4.74
\ ~AFR 5:43 5.36 5.32 . 5.30 5.29 5.22 5.19 5.l6
POI AFR 5.89 5.81 5.77 5.74 5.74 5.66 5.62 5.59
November 2005 : December 2005
(Rev. Rul. 2005-71, LR.B. 200545) . (Rev. Rul. 2005-77, LRB. 2Q05.49)
SJwrl-tll1'fft
AFR ..04 4.00 3.98 3.97 4.34 4.29 4.27 4.25
1101AFR 4.45 4.40 4.38 4.36 4.18 ;'4.72 4.69 4.67
i2oot. AFR 4.86 4.80 4.77 4.75 .s.22 5.15 5.12 .5.10
1301AFR '5.21 5.20 5.11 5.14 5.66 5.58 5.54 . ~:5.52
MitJ. TII1'fft
AFR 4.23 4.19 4.17 oj ' 4.15 4.52 4.47 4.45 4.43
1101AFR (66 '(;61 4.58 4.57 4.98 4.92 4.89 ;, '~87
~AFR 5.09 5.03 5.00, 4.98 5.43 5.36 5.32 '5.30
~AFR 5.52 5.45 5.41, 5.39 ' 5.89 5:81 5.77 .'.5.74
isolAFR 6.39 6.29 6.24 6.21 '6.82 '-6.7'1 6.65 ,6.62
175'1AFR 7.46 1.33 7.26 7.22 '7.97 '7,82 7.75 ;"1.70
Lo..TII1'fft
AFR 4.57 4.52 4049 4.48 -. 4.79 4.73 4.70 4.68
1101 AFR 5.03 4.97 4.94 4.92 .5.27 5.20 5.17 .' 5.14
1201 AFR 5.49 5.42 5.38 5.36 ";. 5.76 5.68 5.64 5.61
1301AFR '6.97 5.88 5.84.. ~t 6.24 6.15 6.10 ,,.' '"6.07
r-.;::- . ,~~. JlIIlUlIl'y 2006 . " FebIuary 2006
, (Rev. Rul. 2006-4, LR.B. 2006-2) (Ri!o;. Rul.2006-1.; LR.B. 2006-6)
SJwrl-tll1'fft
AFR 4'.38 4.33 4.31 . 4.29 .4.39 4.34 4.32 4.30
1l0lAFR 4.82 4.76 4.73 4.11 :4.83 4.77 4.74 4.72
1201 AFR 5.21 5.20 5.17 5.14 .5.28 5.21 5.18 . .. 5.15
l30IAFR .. 5.71 5.63 5.59 . , 5.57 5.72 5.64 5.60 . 5.51
MitJ.TII1'fft
AFR 4:48 4.43 4.41 ' 4.39 . 4:.40 '4.35 4.33 .4.31
1101AFR <:4.95 4.87 4.84 4.82 .. 4'.85 4.19 4.76 ~ 4.14
l20IAFR 5:39 5.32 5.29 5.26 .5.29 '5.22 5.19 .. 1<<.5.16
1301AFR 5.84 '5.76 5.72 5.69 5.74 5.66 5.62 '5.59
l50IAFR '&.76 6.65 6.60' 6.56 ..... '6.64 6.53 6.48 :6.44
175"AFR 7.90 7.75 7.68 7.63 1.75 7.61 7.54 ' -;'1.49
Lottg. TII1'fft
AFR 4:73 '''68 4.65 4.64 ;.. 4.61 4.56 4.53 4.52
1l0lAFR 5.22 5.15 5.12 5.10 '5.08 5.02 4.99 ,,'~4.9V
12I1K>AFR 5.70 5.62 5.58 . 5.56 5.54 5.47 5.43 o .',: 5.41
i.3OI AFR .6.17 6.08 6.03 :'. . 6.00 6.02 5.93 5.89 5.86
11 23~035
C2OO7 CelL All RilhiS'Resterved.
26~756 Return Lists. Tables · ValuatioD'Tables '!; Imputed Interest Rates
AGE 4.2% 4.4% 4.6% 4.8'16 5.q% 5.2'J6 5.4% 5.6% 5.8'16 6.0%
41 .25298 .23915 .22626: .21425 .20305 " , '.19259 .18282 .17368 .16514 .15715
42 .26178 .24782 .23478 ,.22f~2 ; , ..21125; , .~006~ ; .19069 .18138 .17267 .16450
43 .27087 .25678 .24360 .23129' ~ ", .21977 .20898 .19888 .18941 .18053 .17220
, ,44 .28025 ' .26603 .25273 .24027 .22860 .21766- 2JJ7 40 .19777 -.18873 .18023
'45 .28987 .2}555 .2.6212 -.24953 .237.7? _')2!>64- .~1~~~__.. .20614 .' ..i9J24 .l88&8
46 .29976 , .28533 .27179 ,25908 "".24714 ' .23591 , .,~2536 .21542 .206()6 .19725
47 .30987 .~535 .28171 .26889 .25682 .24546 ;23476 .~22468 .21518 .20621
48 '.32023 .30563 ' .29190 .27897 ..26678 .. . ;25530 .24447 '123425 ;,22460 .21549
. ;;49 ,.33082 , .,a1615 .30234 .28931 ! J~7702 .26543 . .25447 ,:;24412 ,;~~~ .22509
\ .50 .34166 .3,2694 . .31306 ' .29995 \.. .28756 .; .27586 ,26479 :',.2~2 .24441 .23502
\ ..;;51 .35274 .33798 ..32404 ,,- .31085 >". .29838 . ..28658 "\':.,27541 ;:26482 ,,25479 .~4528
". 52 .3640? i349-?4 (:,.~3,525 \;._,32200 '\',:.;..30946 ;, :;'JJ}757 ..;;'.28~0 ..,,27:?61 .26547 .25584
:,:53 .37.9ijO ; .36070 ' ~'..:l4668 ~~9 ,,;,'.f.~32078 .;.3Q882 ;';29746 .. ;2~667 ~~7M3 .26669
" .'.54 .38717 ;3'l237 '.. ,35833 .34500 -: ,,33234, :: .32031 ,/, .30888 \ ;29801 :~8~~ .27782
,I, 55 ,.39903 , :.,38:t24 i:..~7019 ;: .35683 ,,' ..$4413 ' .33205 ' ;:. .32056 ~3Q961 '~~8 .28925
,..:,,56 .Hl08 :;3~1 ~' .38227 ,"..36890 ":' ';35617 '>;~5 ~~' .33250 i';..3~H9 ~3)099 .30097
..../.57 A233() ;,A~7 .\0.: ,39455 '-..38118 ;,: ,::,:36844..,3,5629 '. .,34M>9 l::.3:,i-363 ;.3~306 .3l2~7
. 58 .43!266 : .42098 .,;~99 ",'_..,:39364 '.,,' ;,3B089:,~. ..36873 .:;35-710 ,,;34600 ::335~ .32522
.. 59 ~.~l;1 ' .43351 .::Al956 " .40623::;.,.39350 ,,;':.38133 .;0 '.36968 , .~5as5 ,~789 .33768
.,,~60 "1=60,6,6 ;,~.w;l3 :. , .:;4:3224 . '.:41896 'I.': ;40624, ' .39408 .38~43 .37;127 ,~6058 .~033
')u:61 A733Q :;45887 :,.,:~O5 ~>>,~182 ' .41914 . r;A0699 " .39535 ' .;;38.4:l.8 .~7,347 .36318
. 6.2 .48608 : .47175 .45802 .. ,.,44485 .. .43223 c', ;~011 ; :' .40848 .. ,39732 ~~~po .3.7629
.~" 63 .498~8 "A~78 ;47115 ,. '.45807 . '[" ;44550 .43343 . ;,~42184 ,',H069 ;,39997 ~966
. ,~';64 ~~OO ' ,.49,793 :;48142 .' ,.;:47143 .,' .45895 :. ,;44694 .' .43539 :.~.27 ..41357 A()326
.' 65 ,.S2512 _.,51~1 . ,.:49782 ' .48495 ,. A7255 .. ~46062 ,44912 ,.43805 .42'138 .41709
;' .69 .53.835 ,.52461 <".,.51137 . :~. .49862 .,48634 , . .47449 .46307 , .4~206 :.441:43 .43118
,..~7 ;~174 1~.53818 . " .52511 .51250 ;,50034,. .48860 --.47727 ;;:46633 ;455~6 .44.556
:..;,.68 ,..W524 '.55188 ' .53899 ' .52654 ': ,.51452 .5Q291 .49168 .' '.48083 .4;7Q34- .4g020
,69 ,.57882 .56568 '.55299 .54071 ' .52885 .51737 . ;,50627 :.: :,49.S52 ;18513 .47506
'.~70 ,.59242 .57951 ,i ".56703 .5P495 ..54325 : . .53193 : :...52096 ",51Q34 .50Q.04- .49007
I 71 .Q0598 : ;59332 ;....&8106 , ,.56918 :55767 :~ ;54651 .53569 .52520 :J;1503 .50516
, 72 '.6.1948 ." .60707 ..' '.59504 .58338 ;57206 ';~108 .55043 .5:4009 ~-53004 .52029
73 ;63287 !' .62073 ; ._;~~95 .. .59751 , ' ' .58640 . ' . ;57561 .56513 .55495 ',54505 .sa,543
". 74- .64621 : .1)3435 '.62282 .61162 ':,' ,;60073 ;', ,;5~15 , ....57985 .~ ..5,6984 :56009 .55061
.. '7.5 '..65953 ,.;P4796 ..'....63671 .62575 . ;61510 .60473 . . , .59463 ~'~ ;575.23 .5p591
,;..76 ....67.287 ':.66160 ' ~6.5963 .63995 ". ,,62954 :61940 ;1"~60952 . , .!ioo.89 ,59050 .58135
';.77 .()8622 . ,67526 '.66459 .65419 ,64404 ;:::.l~~415 ;' . ~-6~.450 .6~5Q9 .60590 .59694
,:,.7,8 :.,69954 :::;.p&892 , .67856 . .66845 ' .65858 .;~95 .63~55 ;.;63036 ".62140 .&1264
79 7.12'18 .70250 .69246 -' '.~265 .67308,.. .6Q372 ..65457 ;645G3 .~Q~O .62836
,;&0 ,72581 : .71588 .70618 .6f1668 , :,;68740 .67833 " .66945 , ',66077 ..6S2.27 .64396
81 .:73857 ' ;'(2899 . .71Q62 ~.. ,71045 ;70147 " .69268 :",.68408 .6;'(5.66 ~66741 .65933
82 ;75101 ' ,..14178 .73274 '82389 '.71522 .,70672 '.69840 .69024 :,~2S .67441
83 .7Q311 ; ..75423 . !74,553 .73700 .72864 .72044- :7;l.240 .70451 .6967e .68919
84 !.17. 4,97 .76645 .7S809 .74988 .74183 . .73393 .;72618 /l-~$7 ;7-1110 .70377
,.:-85 ;-78665 ' .77848 ;77047 , .76260 ,75487 .74728 '.73982 .73250 .n530 .71823
,'86 ~79805 : ,79025 ; .78258 ,77504 .76764 . .76036 ,75320 .7'4617 .73925 .73245
87 .80904- .80159 .79427 .78706 .77998 .77301 .76615 .75940 .75277 .74624
1(23,015 @2006.CCH. All'Rights Reserved.
Exbibit "A"
Diversified Appraisal Services
Real Estate Appraisers and Consultants
35 East High Street
Carlisle. PA 17013-3052
(717) 249--2758
,..'" ,.,..,." "t::~ A""A
r1V\ ...,..,.,,.~iR-f"/'fl1
October 26:t 2006
TO: The Estate of Linwood B. Phillips, Jr.
PM: Larry E. Foote
RE: Restricted Use Appraisal Report
Tracts of land in 'Dickinson Township
Cumberland County, Pennsylvania
At your reques~ I have appraised the captioned properties. The restricted use. ap-
praisal report of a limited appraisal, which follows this letter, is submitted in support of
.. [' ~ , ." T._! f fl. T" S' 1 In . fl..u . ""F '
my Up1WOflO IV1il:fK.~' Vwut;.o, wt7 ree. unp e- . ~t III we prupcrtic:s, C:!8'O!'\::OHlaIY:
2, 2006.
I hereby certify that, to the best of my knowledge and belief: the data, facts, and
opinions set forth therein, are accurate, subject to the Statement of Assumptions and Lim-
iting Conditions. tha1,~~ aI.SQ. made ~.paJto.fthe repo...rt,.and that the Jndicated.}.1afJcet. Value.
of the subject properties, as' of February 2, 2006 is: . .
21.58 ACRES ON RICHLAND ROAD
83.00 ACRES ON ENCKS MIIL ROAD
7.8 ACRES ON W. YELLOW BREECHES ROAD
139.30 ACRES ON WALNUT BOlTOM ROAD
36.00 ACRES ON WALNUT BOTIOM ROAD
90.00 ACRES ON LOCUST LA.NE
10.10 ACRES ON MONTSERA ROAD
61.00 ACRES ON ENCKS MILL ROAD
1.50 ACRE ON MONTSERA ROAD
.22 ACRE ON MONTSERA ROAD
.93 ACRE LOT #3 CLEARVlEW
41.00 ACRES ON MONTSERA ROAD
6.00 ACRES ON W. YELLOW BREECHES ROAD
$129,000
$374,000
$ 70,000
$557,000
$154,000
$405,000
$145,000
$305,000
$ 19,000
$ 400
$ 42,000
$221,000
$ 54~OOO
This restricted use appraisal has been made using the Departure Provision in ac-
cordance with the guidelines set forth by the Appraisal Standards Board and is in COD-
formity with the standards of professional practice of the National Association ofRea1..
3
tors Appraisal Section. I appreciate your having considered me for this assignment and
trust that you find the report entirely satisfactory.
Respectfully submitted,
e::~
Certified General Appraiser
GA-000014-L
4
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION:
Dickinson Township
Cumberland County, Pennsylvania
TAX PARCEL NUMBERS: 08-10-0628-002, 08-12-0334-001A, 08-12-0334-022,
08-10-0626-030, 08-10-0628..009, 08-10..0628-004,
08-11..0294-031C, 08-11-0296-004, 08..12-0334-085,
08-12-0334-086, 08-11..0290-036, 08-11-0294..031 and
08-12-0334-021.
OWNERSHIP: Linwood B. Phillips, Jr. No sales of the subject sites have
taken place Within the past three years.
ZONING: Agricultural District.
-.FLOOD HAZARD DATA: With the exception of the sites that have creek-frontage, the
subject sites are not located in a FEMA identified flood
hazard zone, according to map #421580..o002..A
PROPERTY RIGHTS: Fee simple interest.
SCOPE OF ASSIGNMENT: The scope of the assignment included an analysis of the
subject's are~ an inspection of the subject property, an es-
timation of the property's highest and best use, considera-
tion of all three approaches to value, and the application of
those relevant to the valuation of the subject
OBJECTIVE:
To estimate the market value of the subject properties as
unencumbered.
USE OF THE APPRAISAL: To establish estate settlement values.
EFFECTIVE DATE:
February- 2~ 2006.
mGHEST AND BEST USE: Use for agricultural and residential purposes or as lot addi-
tions for the sub-standard sized or land-locked sites.
VALlJECONCLUSIONS:. 21.58AC.ONRlCHI.,Ah1JRD. $1-29,000'
83.00 AC. ON ENCKS MilL RD. . - $374,000
7.8 AC. ON W. YELLOW BREECHES RD. $ 70,000
139.30 AC. ON WALNUT BOTTOM RD. $557,000
36.00 AC. ON WALNUT BOTTOMRd $154,000
9Q_OO_AC.._ ON LOCUST L~~1E $4D5J)OO
5
10.10 AC. ON MONTSERA RD.
61.00AC.ONENCKSMlLLRD.
1.50 AC. ON MONTSERA RD.
.22 AC. ON MONTSERA RD.
.93 AC. LOT #3 CLEARVIEW
41.00 ACRES ON MONTSERA-RD'.
6.00 AC. W. YELLOW BREECHES RD.
6
$145,000
$305,000
$ 19,000
$ 400
$ 42,000
$221,000'
$ 54,000
APPRAISAL CERTIFICATE
I hereby certify that upon application for valuation by:
THE ESTATE OF LINWOOD B. PHULIPS, JR.
the undersigned personally inspected the following described property:
All those certain tracts of land situate in Dickinson Township, Cumberland
County, Pennsylvania, more particularly bounded and described as follows:
TAX PARCEL 08-10-0628-002, 21.58 ACRES ON RICHLAND ROAD
TAX PARCEL 08-12-0334-001A, 83.00 ACRES ON ENCKS MTI.L ROAD
TAXPARCEL08-12-0334-022, 7.8 ACRES ONW. YELLOW BREECHES ROAD
TAX PARCEL 08:'10-0626;.030, 13930 ACRES ON"WALN-UT BonUM" ROAD-
TAX PARCEL 08-10-0628-009, 36.00 ACRES ON WALNUT BOTTOM ROAD
TAX PARCEL 08-10-0628-004, 90.00 ACRES ON LOCUST LANE
TAX PARCEL 08-11-0294-031C, 10.10 ACRES ON MONTSERA ROAD
TAX PARCEL 08-11-0296-004, 61.00 ACRES ON ENCKS MTI.L ROAD
.,.. '"'IT"" & ""eEL ^n 12 ^"'... A t'\n<:;: '1 ~t'\ '''"''RES O:t..T '1l ''''''''''''SERA '"'DAD
li'\A rfU\.\.....I:. \10-1- "Vjj~OJ, -l..JVft\-. _ __ ~ .lVIV1~-1 . . A:. -
TAX PARCEL 08-12-0334-086, .22 ACRE-ON MONTSERAROAD
TAX PARCEL 08-11-0290..036, .93 ACRE LOT NO.3 CLEARVlEW
TAX PARCEL 08-11-0294-031, 41.00 ACRES ON MONTSERA ROAD
TAX PARCEL 08..12..0334-021, 6.00 ACRES ON W. YELLOW BREECHES ROAD
To the best of my knowledge and belief the statements contained in this report are
true and correct, and that neither the employment to make this restricted appraisal report
nor the compensation is contingent upon the value reported, and that in my opinion the
Market Value as of February 2,2006 is:
21.58 ACRES ON RICHLAND ROAD
83.00 ACRES ON ENCKS MILL ROAD
7.8 ACRES ON W. YELLOW BREECHES ROAD
139":30 ACRES ON WALNUT BOTIOM'ROAD-
36.00 ACRES ON WALNUT BOTTOM ROAD
90.00 ACRES ON LOCUST LAND
10.10 ACRES ON MONTSERA ROAD
61.00 ACRES ON ENCKS MTI.L ROAD
-1.5{}-ACRE ON- iviOl~SERAROAD
7
$129,000
$374,000
$ 70,000
-$557~OOO
$154,000
$405,000
$145,000
$305,000
$-"19;000
.22 ACRE ON MONTSERA ROAD
.93 ACRE LOT #3 CLEARVIEW
41.00 ACRES ON MONTSERA ROAD
6.00 ACRES ON W. YELLOW BREECHES ROAD
$ 400
$ 42,000
$221,000
$ 54,000
The properties were appraised as a whole, subject to the contingent and limiting
conditions outlined herein.
8
x~
Larry E. Foote
Certified General Appraiser
GA-000014-L
Diversified Appraisal Services
Real Estate Appraisers and Consultants
35 East High Street
CatflSle, PA 17013-3052
(717) 249-2758
FAX (717) 258-4701
October 23, 2006
TO: The Estate of Linwood B. Phillips, !r.
FM: Larry E. Foote
RE: Restricted Use Appraisal Report
93 Encks MillRoad
2203 Walnut Bottom Road
Carlisle, Pennsylvania
At your request, I have appraised the captioned properties. The restricted use ap-
praisal report of a limited appraisal, which follows this letter, is submitted in support of
my opinion of Market Value of the Fee Simple Interest in the properties, as of February
2,2006. '
I hereby certify that, to the best of my knowledge and belief, the data, facts, and
opinions set forth therein, are accurate, subject to the Statement of Assumptions and Lim-
iting Conditions that is also made a part of the report, and that the indicated Market Value
of the subject properties, as of February 2,2006 is:
93 ENCKS MlLL ROAD:
2203 WALNUT BOTIOM ROAD:
$3,077,000
$ 542,000
This restricted use appmisal has been made using the Departure Provision in ac-
cordance with the guidelines set forth by the Appraisal Standards Board and is in con..
formity with the standards of professional practice of the National Association of Real..
tors Appraisal Section. I appreciate your having considered me for this assignment and
trust that you find the report entirely satisfactory.
Respectfully submitted,
~~~
Certified General Appraiser
GA-000014-L
3
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION:
93 Encks Mill Road
2203 Walnut Bottom Road
Carlisle, Pennsylvania
TAX PARCEL NUMBERS: 08-12-0334-002 and 08-10-0628-005.
OWNERSHIP:
Linwood B. Phillips, Jr. No sales of the subject sites have
taken place within the past three years.
ZONING:
Agricultural District.
FLOOD HAZARD DATA: The subject sites are not located in a FEMA identified flood
hazard zone, according to map #421580-0002-A
PROPERTY RIGHTS:
Fee simple interest.
SCOPE OF ASSIGNMENT: The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an es-
timation of the property's highest and best use, considera-
tion of all three approaches to value, and the application of .
those relevant to the valuation of the subject.
IMPROVEMENTS:
S~e-family dwellings, barns and other farm buildings.
OBJECTIVE:
To estimate the market value of the subject property as un-
encumbered.
USE OF THE APPRAISAL: To establish estate settlement values.
EFFECTIVE DATE:
February 2, 2006.
maREST AND BEST USE: Continued use as farms.
VALUE CONCLUSIONS: 93 Encks Mill Road: $3,077,000
2203 Walnut Bottom Road: $ 542,000
4
APPRAISAL CERTIFICATE
I hereby certify that upon application for valuation by:
THE ESTATE OF LINWOOD B. PHIlLIPS, JR.
the undersigned personally inspected the following described property:
All those certain tracts of land, with the improvements thereon erected, situate in
Dickinson Township, Cumberland County, Pennsylvania, more particularly described as.
follows:
TAX PARCEL 08-12-0334-002,93 ENCKS MILL ROAD
TAX PARCEL 08-10-0628-005,2203 WALNUT BOTTOM ROAD
To the best of my knowledge and belief the statements contained in this report are
true and correct, and that neither the employment to make this restricted appraisal report
nor the compensation is contingent upon the value reported, and that in my opinion the
Market Value as of February 2, 2006 is:
93 ENCKS MILL ROAD:
2203 WALNUT BOITOM ROAD:
$3,077,000
$ 542,000
The properties were appraised as a whole, subject to the contingent and limiting
conditions outlined herein.
~~~
Larry E. Foote
Certified General Appraiser
GA-000014-L
5
Diversified Appraisal Services
Real Estate Appraisers and Consultants
35 East High Street
Carlisle, PA 17013
(717) 249-2758
FAX (717) 258-4701
January 22, 1999
TO: The Estate of E. Lucille Phillips
I
I
,
\
FM: Larry B. Foote
RB: Restricted Appraisal Report
Agricultural and Residential properties
Dickinson Township
Cumberland County, Pennsylvania
At your request, I have appraised the captioned properties.
The restricted appraisal report, which follows this letter, is
submitted in support of my opinion of Market Value of the Fee
Simple Interest in the properties, as of November 1, 1998.
I hereby certify that, to the best of my knowledge and belief,
the data, facts, and opinions set forth therein, are accurate,
subject to the Statement of Assumptions and Limiting
Conditions that is also made a part of the report, and that
the indicated Market Value of the subject properties, as of
November 1, 1998, is:
.
244 Burnt House Road
Clarendon Lots .
Kings Gap Lots . . . . .
Bnck's Mill Road 88.66 acre site. .
Enck's Mill Road 60.898 acre site. .
Walnut Bottom Road 28.5 acre site.
Richland Road 21.58 acre site. . .
Walnut Bottom Road 139 acre site . .
Locust Lane 94 acre site . . . .
W. Yellow Breeches Road 7.8 acre site.
Montsera Road 1.723 acre site. . .
Montsera Road .22 acre site. ...
. . . $ 245, 000
$3,541,000
$1,823,000
. . $ 374,000
$ 274,000
. $ 64,000
. $ 79,000
$ 390,000
$ 264,000
.' $ 22 , 000
. $ 7,000
. $ 17,000
This restricted appraisal has been made using the Departure
provision in accordance with the guidelines set forth by the
Appraisal Standards Board and is in conformity with the
standards of professional practice of the Appraisal
Institute. I appreciate your having considered me for this
3
assignment and trust that you find the report entirely
satisfactory.
Respectfully submitted,
X~~
Larry E. Foote
Certified General Appraiser
GA-000014-L
LEF:sc
.
~
I
I
I
4
:w
:.-.
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
JW
LOCATION:
Dickinson Township
Cumberland County, Pennsylvania
JW
OWNERSHIP:
Lynwood B. Phillips, Jr. and E.
Lucille Phillips.
1W
ZONING:
Agricultural District.
II
I
I
I
I
I
I
,
FLOOD HAZARD INFORMATION: The subject is not located in a
FEMA identified flood hazard area
according to map #421580-0002~A.
PROPERTY RIGHTS: Fee simple interest.
SCOPE OF THE ASSIGNMENT: The scope of the assignment in-
cluded an analysis of the sub-
ject's area, an inspection of the
subject property, an estimation
of the property's highest and
best use, consideration of all
three approaches to value, and
the application of those relevant
to the valuation of the subject.
OBJECTIVE: To estimate the market value of
the subject property as unencum-
bered.
USE OF THE APPRAISAL: To establish property basis.
EFFECTIVE DATE: As of November 1, 1998.
HIGHEST AND BEST USE:
Agricultural and residential uses.
VALUE CONCLUSIONS:
244 Burnt House Road
$245,000
Clarendon Lots
$3,541,000
Kings Gap Lots
$1,823,000
Enck's Mill Road 88.66 acre site
$374,000
5
Enck's Mill Road 60.898 acre site
$274,000
Walnut Bottom Road 28.5 acre site
$64,000
Richland Road 21.58 acre site
$79,000
Walnut Bottom Road 139 acre site
$390,000
Locust Lane 94 acre site
$264,000
w. Yellow Breeches Rd. 7.8 ac. site
$22,000
Montsera Road 1.723 acre site
$7,000
...
Montsera Road 6 acre site
$17,000
!III
...
..
...
IIIiI
iIM
I
I
I
I
I
6
.
.
.
APPRAISAL CERTIFICATE
I hereby certify that upon application for valuation by:
THE ESTATE OF E. LUCILLE PHILLIPS
the undersigned personally inspected the following described
properties:
.
I
I
I
I
I
I
,
I
244 Burnt House Road
Clarendon Subdivision Lots
King's Gap Subdivision Lots
Enck's Mill Road 88.66 acre site
Enck's Mill Road 60.898 acre site
Walnut Bottom Road 28.5 acre site
Richland Road 21.58 acre site
Walnut Bottom Road 139 acre site
.
Locust Lane 94 acre site
W. Yellow Breeches Road 7.8 acre site
Montsera Road 1.723 acre site
Montsera Road 6 acre site
To the best of my knowledge and belief the statements
contained in this report are true and correct, and that
neither the employment to make this restricted appraisal nor
the compensation is contingent upon the value reported, and
that in my opinion the Market Value as of , 1998 is:
244 Burnt House Road. ... $ 245,000
Clarendon Lots . . .. . $3,541,000
Kings Gap Lots. . . . . $1,823,000
7
Enck's Mill Road 88.66 acre site $ 374,000
Enck's Mill Road 60.898 acre site. . $ 274,000
Walnut Bottom Road 28.5 acre site. $ 64,000
Richland Road 21.58 acre site. .. . $ 79,000
Walnut Bottom Road 139 acre site. $ 390,000
Locust Lane 94 acre site. . . . . . . . $ 264,000
W. Yellow Breeches Road 7.8 acre site. . $ 22,000
Montsera Road 1.723 acre site. . $ 7,000
Montsera Road 6 acre site. . . . . $ 17,000
The properties were appraised as a whole, subject to the
contingent and limiting conditions outlined herein.
M
5:n'~
Certified General Appraiser
GA-000014-L
-
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Exhibit "B"
Yahoo! Mv Yahoo! MID! Make Yahoo! your home Dace
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the (I..leb
t _ _. '\
!.~earc'L.
YllHOO'i FINANCE ~~~~s~~?~
Finance Home - HelD
Friday, February 17, 2006, 12:49PM ET - U.S. Markets close in 3 hours and 11 minutes. Dow -0.140/0 Nasdaq -0.32%
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~.... GO _~ Symbol Lookup I Finance Search
Orrstown Financial Services Inc. (ORRF .08)
'<""""""'-"LC._..."-n"~"',.'",,,,",==-.~,::::~l'O'"_l.lf~...: k ~...," 00" ,.~.,...,,... _..<'.,..
~~ .~~ FRElrRADES _ , , $.-',["'[;&0"":\/);;:' FREE TRADES
:;;;:~ .. + $100 CASK "A:.
Free Trades
On Feb 16: 33.30 0.00 (0.00%)
..
$7 stock trades
Now at Ameritrade
Trade for less.
Historical Prices
~q)
Get Historical Prices for:
Investment Plan Statement for Shareholders of 5772
SA VE THIS STATEMENT FOR TAX PURPOSES
ORRSTOWN
Financilzl Services Inc.
If you have any questions regarding your
account, please contact Investor Relations at
- 1-800-368-5948 or at info@rtco.com.
I Internet: rlco.com
LINWOOD B PHILLIPS JR
93 F~." .".8 MILL ROAD
CARLISLE PA 17013
jecurJ
:ommon Stoc 49424.0000
)Ian Account Activity
52911.0498
Issue#
5772
Account#'
0011010002
Stock Symbol
ORRF
Net Amount
8 465.77
Date Description Fees and/or Net Dollar Price per Transaction Total
Commlsslonsl$) I Amountl$) SharerS) Shares Shares in Plan
. . Balance FOlWard
364.9637
>1/28 SHARES PURCHASED / DIV. $5254.47 47.702500 110.1508 475.1145
)4/22 SHARES PURCHASED / DIV. $5674.08 41.050000 138.2236 613.3381
)6/01 POSITION TRANSFR CREDIT 100.5197 713.8578
16/29 STOCK DIVIDEND/SPLIT . . 2339.9500 3053.8078
16/29 STOCK DIVIDEND/SPLIT 35.6928 3089.5006
.7/29 SHARES PURCHASED / DIV. $7334.39 40.722500 180.1066 3269.6072
0/28 SHARES PURCHASED / DIV. $7904.04. 36.350000 217.4426 3487.0498
2/20 SHARES PURCHASED / DIV. ' $8465.77 35.475000 238.6405 3725.6903
a~T~Dmelnve~memSumma~
Total Tax Fees and/or Commissions Tax Reportable Company Paid
Dividends Wlthheld($) Paid by You($) Fees and/or Commlssions($) Total
::>34.632.75 .. ~34.632.75
tal Hoidlngs and Market Value
(Value of all shares are based on last purchase price)
urity Certificate Shares I Book Shares I Plan Shares I Total Shares Price per Share(S) Market Value($}
AMON STOCK 49424.00001 I 3725.6903 I
53149.6903 35.475000 $1885,485.26
ACCESS YOUR ACCOUNT ONLINE!
You can access and manage your account online through the Registrar and Transfer Company website. To login simply go to
www.rtco.com and click on "Online Services" to apply for a User to and password.
NWOOD B PHILLIPS JR Transaction Form
ENCKS MILL ROAD
RLISLE PA 17013
Partial Withdrawal Continue Plan participation
Issue a certificate for I I
this number of shares. .
Sell this number of shares I I
Full Withdrawal Te1.\ninate Plan participation
D Issue a certifj~ for all full shares and
a check for fra~nal shares
D Sell all Plan shares
ORRSfOWN
Financial Services Inc.
Issue#: Account#:
5772 OOl~010002
Signature(s) for Issuance or sale ~ndlor
change of address.
- Medallion Signature Guarantee required for sale request of
$10,000 or higher.
All joint owners must sign. Names must be signed exacIIy as
shown on this statement. (PartnerlOfllcerITru.tee must sign as
PartnerlOfflcerlTrustee.)
Address change or share transfer
Mark box and complete the appropriate _
11
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WSJ.com Stock Charting for MET
04/06/200709:51 AM
Date
2/2106
Price
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Low Volume
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49.61
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Feb
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Page 1 of 1
Exhibit "E"
ROWE'S AUCTION SERVICE
2505 RITNER IDGHW A Y
CARLISLE, PA 17015
717-249-2677 249-1978 697-4794
To: Robert G Frey Attorney
5 South Hanover St.
Carlisle, P A 17013
From: Rowe's Auction Service
2505 Ritner Highway
Carlisle, P A 17015
Re: Appraisal of Personal Property
Estate of Linwood B. Phillips
93 Encks Mill Rd.
Carlisle, P A 17015
Attic
5 Vacuum cleaners
7 Charles Renault Western prints
Misc. prints & modem paintings
Large box VCR movie tapes
7 Animal transport cages
Misc. small appliances and household items
Bedroom
Cherry 3 piece bedroom suite
Cherry ladies desk
Spinning wheel
4 white upholstered chairs and ottoman
3 shelves amethyst glass
Misc. lamps
Washbowl and pitcher set
10 collector dolls
2 cherry end stands
400 day clock & princess phone
Misc. decorator items
U DstairS Hallwav
Pr. Inlaid oval stands
July 16, 2006
$ 75~OO
140.00
50.00
100.00
70.00
50.00
250.00
125.00
50.00
80.00
30.00
10.00
35.00
50.00
20.00
15.00
25.00
100.00
2 large collector dolls, Duck House
Demilune table
Ship Painting & landscape painting
30.00
20.00
25.00
Bedroom
5 piece cherry bedroom suite
Demilune table
Modem French style clock
Misc. dolls & lamps
Panasonic VCR player
2 Ladder back chairs
Misc. items
125.00
20.00
20.00
20.00
15.00
25.00
20.00
Bedroom
French Provincial 5 piece bedfoom suite
Large oil painting, landscape, s. Henry Harvey
Sculpted area rug
Panasonic t.v. & vcr
3 shelves amethyst glass
10 collector dolls
Antique French courtyard print
2 antique cane seat chairs
Glass prism lamps
Fr. Provincial upholstered chair
150.00
100.00
35.00
10.00
30.00
80.00
50.00
20.00
10.00
10.00
Hallwav
Modem cherry 72" roll top desk, executive model
100 VCR movie tapes
2 red Queen Anne style wing chairs
Pro Cherry Queen.Anne style end stands
Cherry sofa table
Room size contemporary oriental rug
Cherry coffee table
White upholstered sofa-chair-ottoman
300 pieces (approximately) amethyst glass in wall unit
Shelf colored glass
15 collector dolls
Misc. lamps, etc.
Misc. amethyst glass
350.00
100.00
30.00
50.00
50.00
200.00
25.00
100.00
1500.00
15.00
150.00
20.00
20.00
Bedroom
10 piece cherry bedroom suite
Oriental contemporary style room size & area rugs
Misc. lamps
French style contemporary clock
29 collector dolls
400.00
250.00
20.00
20.00
290.00
House painting by Pucci
2 French style armchairs
White sofa and ottoman
Cherry coffee table and stand
Mahogany stand
Panasonic t.v.
4 shelves amethyst glass & tea set group
Red upholstered recliner
Misc. items
25.00
50.00
75.00
40.00
20.00
100.00
50.00
10.00
25.00
Bathroom
G.E. refrigerator/freezer
15 collector dolls
Cane seat chair & child's rocker
2 Shelves amethyst glass
50.00
150.00
15.00
20.00
Entrvwav
Mahogany demilune server
Gilt beveled glas$ mirror
2 white upholstered chairs
7 collector dolls
Portrait painting by Pucci
Mahogany grandfather clock, contemporary, Ken Heiser
Barber Pole
Amethyst glass, 100 pieces approximately, in cabinet
400 day clock
250.00
35.00
25.00
70.00
20.00
750.00
25.00
500.00
20.00
Livin!! Room
Room size oriental rug, contemporary
5 pieces white upholstered furniture
2 cherry coffee tables
3 cherry drop leaf end tables
White leather recliner
Pro Victorian vases
2 contemporary bronze Western Sculpture, after Remington
French style clock and candle holder set, contemporary
Cherry Shaker style cabinet wI drawers
2 oval gilt mirrors
New cradle
Upholstered vibrating chair
56 Madame Alexander dolls
15 misc. collector dolls
4 brass table lamps
Amethyst & misc. glass
Bronze wolf
250.00
175.00
50.00
100.00r50.00
50.00
200.00
35.00
100.00
50.00
20.00
10.00
1000.00
150.00
25.00
25.00
25.00
Office
Mountain Goat mount
Wild turkey mount
Wild B'oar mount
Deer Head mount
Pronghorn antelope mount
Black Bear head mount
2 Pheasant mounts
7 Western theme bronze sculptures, contemporary, after Remington
Antique walnut dropleaf table
2 white leather armchairs
4 white leather office chairs
Walnut office desk
Walnut custom made map cabinet
Black bear head mount
2 Whitetail deer mounts
5 metal file cabinets
2 walnut office desks
Office equipment, copier, fax, etc.
Dininsr Room
Cherry grandfather clock, newer
Custom cherry 4 door drysink
2 Custom cherry hutches wI 18 drawers & 6 doors each, 500.00 ea.
8' diameter cherry lazy susan table wI 12 chairs
Custom cherry comer cupboard wI open shelf
Set china, Haviland orty pattern
Misc. china
Maple tea cart
Stainless steel tea cart
Set German violet pattern china
Misc. china, bone dishes
75 pieces misc. silver plate
Misc. glass & china
Misc. decorative items
18 collector dolls
Bee hive radio, new
Kitchen
Brown upholstered sofa
2 recliners
French style end stands
Misc. knick knacks
T.V.
French style clock set
100.00
75.00
75.00
75.00
75.00
50.00
20.00
1200.00
150.00
25.00
15.00
10.00
75.00
50.00
50.00
25.00
20.00
50.00
100.00
200.00
1000.00
500.00
300.00
25.00
10.00
25.00
15.00
100.00
25.00
50.00525.00
'50.00
180.00
10.00
35.00
25.00
10.00
20.00
15.00
35.00
G.E. refrigerator/freezer
Misc. items
Usual kitchen wares
50.00
15.00
50.00
Livin2 Room
9 pieces red leather upholstered furniture, sofas and chairs
Wheelchair
4 cherry end stands
2 cherry oval coffee tables
Cherry sofa table
Nest mahogany stands
Cherry gun case
Cherry 4 drawer chest
Pro Cherry drum tables
Panasonic T.V. & VCR
6 bronze Western theme sculptures, after Remington
Misc. lamps
Antique coffee srinder & gypsy pots
Contemporary mantle clock
Cherry executive office desk
Cherry sideboard or office chest
Cherry doughtray on legs, contemporary
95 collector dolls, Duck House
2 radios
100 VCR movie tapes
Misc. items & knick knacks
500.00
15.00
100.00
50.00
50.00
50.00
100.00
50.00
50.00
150.00 .
600.00
10.00
25.00
25.00
125.00
100.00
100.00
950.00
10.00
100.00
50.00
SUD Room
3 T.V.'s
Cherry drop leaf table
Cherry Hutch
Stacked footstools
4 Cherry end tables
Cherry desk
Sofa, charcoal & red stripes
5 red upholstered recliners
Cherry coffee table
White leather recliner
Cherry sofa table
7' cherry drop leaf table w/2 benches
Large cherry drop leaf table w/8 chairs
5' bronze western theme sculpture, after Remington
Large cherry blanket chest
4 collector dolls
100 VCR movie tapes
Cherry magazine rack
125.00
50.00
150.00
10.00
100.00
50.00
50.00
100.00
25.00
35.00
50.00
200.00
350.00
350.00
100.00
40.00
100.00
10.00
Pro Prints
White leather power recliner
Room size oriental rug, contemporary
Cocktail sets & misc. items
~
16 piece iron patio set
Iron table & 6 chairs
T. V. and boombox
Outdoor patio set
JenAir grille
20.00
75.00
200.00
25.00
300.00
100.00
20.00
75.00
100.00
Basement
17 Charles Renault Wildlife prints
Cherry open hutch
17 recast bronze sculptures, after Remington
6 piece white . leather upholstered set
Cherry server
Cherry extension table and 12 chairs
6 bar stools
Panasonic T.V.
Treadmill
4 cherry end stands
10 Whitetail deer head mounts
Large bronze recast stage coach sculpture
Horse and cart white metal figure
340.00
150.00
1700.00
150.00
75.00
200.00
60.00
150.00
25.00
100.00
250.00
150.00
50.00
Back Basement
3 G.E. freezers, 75.00 ea..
G.E. refrigerator/freezer
Cedar chest
Exerciser
Barbie dolls in boxes, contemporary
20' wall of misc. house hold items
225.00
75.00
40.00
25.00
125.00
100.00
Outside
Patio set
Futon
Cast iron lawn jockey
2 porch Swings & table in Gazebo
Antique iron garden bench
Approximately 15 concrete garden statues, newer.
75.00
25.00
125.00
100.00
125.00
2250.00
Total $ 28,240.00
\JJ ~::dt-
THE ANTLER CONNECTION
Joe Geryak
Po Box 404
Morgantown, IN 46160
April 25, 2006
To: Rob Frey
Re: Lynn Phillips Estate
The antler collection belonging to the late LB Phillips, while large in
numbers, is comprised of mostly reproduction antlers. The natural antlers make up
only about 20% of the collection. Some of the natural antlers on shoulder mounts,
and most of the ones on wood panels, have been altered which has rliminished their
value. Some of the alterations include sand blasting, split skull caps, added or
removed points and alteration of the natural color. All of which make them less
desirable to a potential collector. Some of the shoulder mounts have shed antlers,
which are less valuable, as they are not recognized as a hunter killed buck. The
shoulder mounts, which most are 10-15 years old, are showing signs of age.
Reproduction antlers are all too common today, thus their value has decreased
greatly, compared to their introduction. Their existence has also served only to
deflate the natural antler market.
With a collection so heavy with reproduction antlers and so many altered
natural sets, this is a somewhat flawed collection. In today's market, with
everything I have listed above, this collection of antlers has a value of between
$90,000.00-$100,000.00.
Regards,
Joe Geryak
The Antler Connection
AAA ANIMAL EXCHANGE & T AXI.DERMY
Joe Geryak
Po Box 404
Morgantown, IN 46160
April 25," 2006
To: Rob Frey
Re: Lynn Phillips Estate
It appeared that the late Mr. Phillips had a passion for western art. His
bronze- collection is comprised of several artists' wor14 including Remington,
Russell, Fraser and several other lesser know artists. The unfortunate thing I see
with this collection is that they are at best first generation reproductions.
Although there are some second generation reproductions, I found no originals.
I'm- sure when' they were. purchase~ the' market was different than we- find it
today. Bronzes such as these used to be sold exclusively in art galleries and
jewelry stores. Today you can buy them in, stores such as Sam's Cluh,. Costco;.
and other warehouse type stores. They are also sold on internet sites such as
eBay and Amazon.com. I estimate the value' of this collection to- be between
$1 O~OOO~ 00-$12>000.00:.
Regards,
Joe Getyak
lEAUNGIN TAXIDERMY MOUNTS. WESTERNART..FJNE FURNITURE & SOUTHWESlERN DECOR
AAA ANIMAL EXCHANGE & TAXIDERMY
Joe Geryak
Po Box 404
Morgantown, IN 46160
April 25, 2006
To: Rob Frey
Re: Lynn Phillips Estate
The collection of Charles Denault paintings belonging to the late LB
Phillips, seems to be a complete collection of the artist's work. All are depicting
the whitetail deer as the subject of the paintings. Most of the collection consists
of prints, with only a few originals mixed in. The value of the collection is
between $8,00.00-$10,000.00.
Regards,
Joe Geryak
DEALING IN TAXIDERMY MOUNTS, WESTERN ART, FINE FURNITURE & SOUTHWESTERN DECOR
Farm Equipment Appraisal
L.B. Phillips Estate
Robert G. Frey
Frey & Tiley
Carlisle, P A 17013
IH 684 Tractor .$3,000.00
Serial Number B000922
1979 model, showing 2042 hours (not functioning), 2 wheel-drive, 2250
Loader, fair overall condition.
IH 684 Tractor $2,500.00
Serial Number B000506
1979 model, showing 1544 hours (not functioning), 2 wheel-drive, 2250
Loader, poor overall condition.
Case 1840 Skid Steer Loader' ,$4,700.00
Serial Number J AF0076813
1991 model, hours unknown, tach shows 68 hours (but has been replaced),
66" A TI bucket, 10.00 x 16.5 tires.
Case 1845C Skid Steer Loader ,$4,400.00
Serial Number 17955062
1987 model, 1568 hours, 73" utility bucket, 12.00 x 16.5 tires, old style,
bucket coupler.
Case 1845C Skid Steer Loader $8,200.00
Serial Number J AF0334340
2001 model, 2060 hours, 73" utility bucket, 12.00 x 16.5 tires.
McMillen x 1850 AUger
For Skid Steer Loader
With 6", 9", 12", 18" and 30" augers.
$800.00
ANSO Snowblade
Serial Number 172
For Skid Steer Loader
$300.00
Sweepster Power Broom
Serial Number 906295
For Skid Steer Loader
$400.00
Bradco 11 HD Backhoe
Serial Number 81H8H990
For Skid Steer Loader, 18" & 24" buckets
$1,600.00
Rockhound 60A Landscape Rake
Serial Number A 93091002
For Skid Steer Loader
$800.00
Rockhound 60A Landscape Rake
Serial Number A94051090
For Skid Steer Loader
,$800.00
Cadco Grapple Bucket
Serial Number 2306A
For Skid Steer Loader
$350.00
Erskine 2418 Snowblower
Serial Number 3324
For Skid Steer Loader
$450.00
Bradco Trencher
For Skid Steer Loader
,$500.00
Taylor Pittsburgh Rotary Mower
Serial Number 1046508H
$400.00
Taylor Pittsburah 940 Rota Tiller
Serial Number 0497
3 point hitch type
$300.00
Arps AB350 Blade
Serial Number 2547
3 poi nt h itch type
$150.00
2
Arps AB500 Blade
3 point hitch type
$300.00
Danuser F-8 AUger (Incomplete)
.$100.00
Danuser F-8 AUQer
$150.00
Danuser Post Driver (Incomplete)
$100.00
50vema 51805 Rota Tiller
Ser~INumber18242
$350.00
Danuser MS-l W oodspl itter
$150.00
Gill Soil Preperator
3 point hitch type
Woods BB700Boxscraper
$300.00
,$250.00
Hardi TR53 Sprayer
,$150.00
$150.00
Hard; TR53 Sprayer
5 - Cub Cadet Tractors
2 with baggers
Poor shape, high hours
.$ 2 ,200.00
3 - Utility Trailers
,$450.00
All other Misc. eQuipment ,$400.00
Includes - flat wagon, blade, cadet tillers, blades an~ mowers, cement
mixers, Gandy fertilizer spreader, etc., all loose equipment.
Toto; $34.700.00
3
A=M'
ORRSTOWN
BANK
February 16,2006
TO: Robert G. Frey, Executor
Frey & Tiley
5 S. Hanover Street
. Carlisle, PA 17013
FROM: Andrew G. Ott
CSO
24 S. Hanover St.
Carlisle, PA 17013
I '
, RE: ESTATE OF LINWOOD B. PHILLIPS
DATE OF DEATH: FEBRUARY 2, 2006
IT IS HEREBY CERTIFIED THAT THE ABOVE NAMED DECEDENT HAD, ON THE ABOVE DATE, THE,
FOLLOWING ACCOUNTS WITH ORRSTbwN BANK:
CHECKING ACCOUNTS
ACCOUNT NO; TITLE OF ACCOUNT. DATE OPENED PRINCIPAL & ACCRUED INTEREST
SAVINGS ACCOUNTS
ACCOUNT NO. TITLE OF ACCOUNT DATE OPENED PRINCiPAL& ACCRUED iNTEREST
CERTIFICATES OF DEPOSIT
ACCOUNT NO. , TITLE OF ACCOUNT DATE OPENED, PRINCIPAL & ACCRUED INTEREST
. 578226930
LINWOOD B. PHILLIPS 09/24/02
9.168.380.92 41.749.71
PO Box 250 · Shippensburg, PA 17257 · (717) 532-6114 · (717)532-4143 Fax. www.orrstown.com
----- - ---- --
~
ORRSTOWN
BANK
February 9, 2006
TO: Frey & Tiley
Attorneys at Law
5 South Hanover Street
Carlisle, PA 17013
FROM: Timothea Moose
Cust. Service Specialist
P.O. BOX 250
SHIPPENSBURG PA 17257-0250
RE: ESTATE OF Linwood Phillips
DATE OF DEATH: February 2, 2006
, IT IS HEREBYCERTiFIED THAT THE ABOVE NAMED OECEDENT HAD, ON THE ABOVE DATE, THE
, FOLLOWING ACCOUNTS WITH ORRSTOWN BANK: .
CHECKING ACCOUNTS
ACCOUNT NO.
106001604
106214257
108000507
108202142
tiTLE OF ACCOUNT
Linwood B Phillips
Alice R Phillips
Linwqod B Phillips
Linwood B Phillips
. Linwood B Phillips
DATE OPENED PRINCIPAL & ACCRUED INTEREST
10/11100 27,627.98 3.48
7/3/01
3/21/97
3/21/97
10,464.29
21,124.67
23,959.93
.29
1.27
7.22
SAVINGS ACCOUNTS
ACCOUNT NO. TITLE OF ACCOUNT DATE OPENED PRINCIPAL & ACCRUED INTEREST
CERTIFICATES OF DEPOSIT
ACCOUNT NO. TITLE OF ACCOUNT DATE OPENED PRINCIPAL & ACCRUED INTEREST
PO Box ~50 · Shippensburg, PA.17257 · (717) 532-6114 · (717) 532-4143 Fax · ~()rrs~owl'!-cOr!!
-----
Exbibit "F"
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s. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
...
~@~
January 29,2007
Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
RE: Spring Road, North Middleton Township
Carlisle, PA 17013
Dear Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, Ilwe believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
Value Reported:
Nineteen Thousand Dollars
$19,000
The appraiser/s also certify that there is no fmancial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~ ..J 11---#
Steven W. Barrett, SRPA, SRA, ASA
P A State Certified General Appraiser, GA-000298-L
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LAND APPRAISAL REPORT
File No. 06-0408C
LENDER DISCRETIONARY USE
Sale Price $
Date
Mortgage Amount
Mortgage Type
Discount Points and Other Concessions
Paid by Seller $
m m arv ReDort
)ropertv Address S Drina Road. North Middleton TownshiD Census Tract 0119.02
;llv Carlisle Countv Cum berland State PA ZiD Code 17013-1561
.eoal DescrlDtlon Deed Book 36Q. Paae 146: Tax Parcel 10 # 29-18-1369-033
)wnerlOCCUDanl Estate of Linwood B. PhilliDs Jr. & Robert M. Frev Ma Reference 18-1369
Sale Price $ N/A Date of Sale N/A Property Rights Appraised
.oan charoes/concessions 10 be paid bv seller $ Non e 1KI Fee Simple
~.E. Taxes $ 274.79 ~ Face Tax Year 2006 HOA $/Mo. N/A 0 Leashold
Lender/Client Robert G. Frev Ese. c/o Frev & Tilev Attornevs /6) Law I n Condominium (HUDNA)
5 South Hanover Street Carlisle PA 17013 . n PUD Source
LOCATION LJ Urban lKJ Suburban L Rural NEIGHBORHOOD ANALYSIS G..d A.,. fI~ Poor
BUILT UP (K) Over 75% 025-75% 0 Under 25% Employment Stability 8 P CJ =
GROWTH RA TE 0 Rapid [KJ Stable 0 Slow Convenience to Employment ~ i-=
PROPERTY VALUES B Increasing (!J Stable 0 Declining Convenience to Shopping ~ - -=
DEMAND/SUPPL Y Shortage (!J In Balance q Over Supply Convenience to Schools 0 ~ -= .....
MARKETING TIM E n Under 3 Mos. rxi 3-6 Mos. I lOver 6 Mos. Adequacy of Public Transportation 0 ~ ..... :
PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLE FAMILY HOUSING Recreation Facilities 0 ~ -=
Single Family ~ Not LIkely ~ OCCUPANCY PRICE AGE Adequacy of Facilities ~ ~ ~ :
2-4 Family ~ likely Owner 00 $(000) (yrs) Property Compatibility . ~ _ _
Mufti-Family ~ In process X Tenant 0 75 Low New Protection from Detrimental Cond, ~ ==
Commercial _~ To: Commercial Vacant (0-5%) IX) 250 High 100:t Pollee & Fire Protection 0 X. =-
-- 0 D~D~O~
IndustrIal 0% Vacant (over 5%) Predominant General Appearance of Properties r=i ~
Vacant 15% 150. 50:t ADDeal to Market I I X n n
Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS,The subiect orooertv is located ust
northeast of the borouah of Carlisle in North Middleton Townshln. Havlna frontaae on SDrina Road. Pa. Rt. 34. The direct
nelahborhood Is am Ixture of residential and com m erclal uses. To the rear of the site is the Carlisle Fair Grounds. There are
no aDDarent adverse econom Ic factors In the direct neiahborhood.
DImensions 50' X 150' :t Topography BasicallY Level
Site Area 7 .500 SQ.Ft. Corner Lot No Size Sub Standard
Zoning Classification Highway Com m ereial (HC) Zoning Compliance Yes Shape Rectanaular
HIGHEST & BEST USE: Present Use Vacant Land Other Use Lot addition to abutter Drainage ADDearS Adeauate
UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View TYDlcal
Electricity OCJ Public. PPL Street Asphalt [KJ B Landscaping TYDical for neiahborhood
Gas OCJ Public. UGI Curb/Gutter None 0 Driveway None
Water OCJ Public NMTMA Sldawalk None f&iOx RO Apparent Easements None excent R/W & Elec.
Sanitary Sewer I&:! Public NMTMA Street lights Overhead.ln street FEMA Flood Hazard Yes. No X
Storm Sewer I I None Allev None FEMA. Man/Zone 420387 Zone C
Comments (Apparent adverse easements, encroachments, special assessments, slide aress. etc.): There are no annarent adverse easem ents.
encroachm ents or other adverse conditions. The subjects lot size is sub standard. current zoninQ reauires 100' minim um lot
width and 15 000 sa. ft. minim um lot area. A variance would be reauired to develoD this Darcel.
The undelllgned hal reclled throe recent .el.. af praperlle. maal .1l.llier Ind prallmlle la .ubjecl and ha. canlldlred Ihe.e In Ihe markel Inalyal.. The d..criplion Includl' I dollar
ad/u.lmanl, ,.f1.cling markal reaclian 10 tho.. lIema of .ignlllcenl uri.tlan b.l.een Iha ublecl and comparable praperli... If I algnlflcenlllam i. the camparlbl' properly I. .uperlar
to, or mare fnarebla lhen, Ihe lubjecl property, a mlnu. (.) ad/u.lmenl.. mede, Ihue reducing the indlceled value 01 ,ublecl; If e .lgnlficenlllem In Ihe comparable la Inlerlor la,
ar Ie.. 'avor.ble Ihan, Ihe .ubject properly, . plu. (+) .dju.tmenl I. made, thus Inc....lng Ih. Indlcal.d .elue allhe sub/ect.
SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Spring Road West Suncrest Drive, Carlisle 1550 Ritner Highway 12-14 N. Front St.
Address Carlisle North Middleton Twp. Carlisle Worm levsbura
Proxim/tvtoSubiect;i - 0.58MIENE 2.6MIWSW 15.4MIE
Sales Price $ N/A I>"~; $ 162.500~."t;:j;Z' $ 200,000" --c-o......... $
Pricel Per Sa. Foot $ 1tI $ 4.491t1):",:\,-:. $ 4.46ltl:..,;-' .... . $ 7.711t1 ..
Data Source Insoection Court House Records Court House Records Court House Records
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION I +(.)$ AdJu,'menl DESCRIPTION +(.\$ Adlu.tmenl DESCRIPTION I +'.1$ Adlu.tmenl
Sales or Financing> '~';" Unknown 0 Unknown I 0 Unknown : 0
Concessions ., Unknown : 0 Unknown : 0 Unknown ' 0
Date ofSalelTime N/A 8/2006/-2%: -0.09 12/2002/ +12.7%: 0.57 9/2005/+1.7% : 0.13
Location Suburban Suburban I 0 Suburban I 0 Urban -200/0 ' -1.54
SltelVlew AveraQe AveraQe : 0 Average : 0 Averaae : 0
Lot Size 7 500 Sa. Ft. 36.155 SF : 0 44 867 SF : 0 7 500 SF : 0
Utilities Public Public : 0 Public 0 Public 0
Zonina Hiahwav Com. Com m ere/al 0 Com m ereial: 0 Com m erc/al :
Other Sub Stand. Lot Utllitv -50% : -2.24 Utility -50% : -2.23 Slm iliar :
~n~tlc~~~:t~:~~\e';>;i>::.'.~::':':,~$ 2.33 ~~:8tj $ 1.66 ~"~!~;f?:!;';j;f~~;~'~1; i $
of SUblect":'";i ~$ 2.16~,~~;~n::A;;~;;:}~S;7;in $ 2.80 :N~t;11~;i;~;,;:.:;,;~.c~~1~8:~3d $
Comments of Sales Comparison: Adiustm ents: Tim e adiustm ent Is based on annual aooreciation rate of 40k each com oarable was
adiusted accordinolv. Location adiustment. sale # 3 is located In the eastern oortion of county. considered sUDerlor. An
overall lot utilitv adlustm ent was taken for sub standard lot size for sales # 1. & 2. No other market adiustm ents were reauired.
Comments and Conditions of Appraisal: Property has been aooraised in Its "AS IS" state under market conditions at tim e of analvsls.
Retrosoectlve Value. the "AS 0 F" value of this analvsis Is 02/02/2006
Final Reconciliation: Three com Darable land sales were analysed. before adiustm ents a oer sauare foot ranae of $4.46 to $7.71 was
indicated after adiustm ents a ranoe of $2.16 to $6.30 was determ Ined. Most weicht was aoolied to sales # 1 & 2. Chosen value
indicator $2.50. Therefore. 7 500 SQuare feet X $2.50 = $18.750 SAY$19 000.
I(WE)ESTIMATETHEMARKETVALUE,ASDEFINED,OFTHESUBJECTPROPERTYASOF February 2. 2006 000 tobe$ 19000
, (We) certify: that to the best of m;1Jour knowledge and belief. the facts and data used herein are true and correct; that I (we) personally Inspected the subject property
and inspected ~ble :Jelte!1 his report; and thai I (we) have no undisclosed interest, present or prospective therein.
Appraiser(s) ~ -==- - f-I--- Review Appraiser ODid 0 Old Not
Steven W. Barrett SRPA. SRA ASA (If applicable) Inspect Property
ITEM
57.066
,.,,-- .'
ielary Land Farm 04/88 PAC e rtifie d G en e ra I A P P ra is e r pr.dgc.d g.ln, ACI..llw"..IDa.23U727 .........b.c...
S.W. Barrett Real Estate & Appraisal Services
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S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage . Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
~
-~.~
~I
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
I
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January 29,2007
I
Robert G. ~rey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, P A 17013
I
RE:
Pine Road
Carlisle, P A 17013
I
Dear Mr. Frey;
I
The appraiserls certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Sununary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
I
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I1we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
I
Value Reported:
Sixty-Four Thousand Dollars
$64,000
I
The appraiserls also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
I
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Sununary Appraisal.
I
Sincerely yours,
I
~Q.~wr~\
Stan A. Skowronek
PA State Certified Residential Appraiser RL-001572-L
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Steven W. Barrett, SRP A, SRA, ASA
PA State Certified General Appraiser, GA-000298-L
1
~ PropertvAddress Pine Road Census Tract 0127.00
Citv Carlisle County Cum berland State PA ZiD Code 17013
Leaal DescriDtion Deed Book S-33 page 621. Tax 10 # 08-12-0334-025 Dickinson Twp.
.j Owner/Occupant L. B. Phillips Jr. & Robert M. Frey Ma Reference 12-0334
'~~ f. Sale Price S N/A Date of Sale N/A Property Rights Appraised
Loan charges/concessions to be paid bv seller $ N/A 00 Fee Simple
R,E. Taxes S 75.00 Tax Year 06/07 HOA $/Mo. N/A ~ Leashold
Lender/Client Frev & Tilev Condominium (HUDNA)
5 South Hanover Street Carlisle PA 17013 PUD Source
LOCATION = Urban ~ Suburban L. Rural NEIGHBORHOOD ANALYSIS
BUILT UP = Over75% ~ 25-75% P Under 25% Employment Stability
GROWTH RATE Rapid X Stable :- Slow Convenience to Employment
PRO.PERTY VALUES :&: Increasing Stable ?- Declining Convenience to Shopping
DEMAND/SUPPL Y Shortage ~ In Balance i== Over Supply Convenience to Schools
MARKETING TIM E >x Under 3 Mos. I I 3-6 Mos. Over 6 Mos. Adequacy of Public Transportation
: PRESENT LAND USE "I. LAND USE CHANGE PREDOMINANT SINGLEFAMILYHOUSING Recreation Facilities
Single Family ~ Not Likely ~ OCCUPANCY PRICE AGE Adequacy of FacRities
2-4 Family ~ Likely Owner 00 $(000) (yrs) Property Compatibility
I Multi-Family ~ In process X Tenant 0 150 Low New Protection from Detrimental Condo
Commercial ~ To: Residential Vacant (0-5%) 00 325 High 100 Pollee & Fire Protection
Industrial 0% Vacant (over 5%) 0 Predominant General Appearance of Properties
. Vacant 40% 275 - 15 ADDeal to Market
Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS,The subject Is located In an area of
mixed residential and aarlcultural uses. It Is within reasonable driving distance to am m enltles such as shopping, schools and
em ploym ent.
SUM MARV APPRAISAL REPORT
LAND APPRAISAL REPORT
File No. 06-0410
LENDER DISCRETlONARV USE
Sale Price $
Date
Mortgage Amount
Mortgage Type
Discount Points and Other Concessions
Paid by Seller $
G.._
P
1-
:-
1-
~
-
-
....
=
=
=-
i~~
I~~
i~: ~
X = 0
X = 0
Dimensions See leaal descrlDtJon Topography Level to sloping
Site Area 2 Acres m /I Corner Lot No Size Tyolcal for area
Zoning Classlflcation A. Aarlcultural Zoning Compliance Ves Shape Rectanaular
HIGHEST & BEST USE: Present Use Residential Other Use N/A Drainage Appears Adeauate
UTILITIES P~lic Other SITE IMPROVEMENTS Type Public Private View Residential
Electricity ~ Street Macadam ;:it B Landscaping N/A
Gas >- Curb/Gutter None ~ ~ Driveway N/A
Water :=- To be well Sidewalk None i="= Apparent Easements None Apparent
Sanitary Sewer :=- To be septic Stre.t Lights None i=- FEMA Flood Hazard Ves" * No X
Storm Sewer Alley None FEMA. MaDlZone 421580 0002B/Zone X
Comment. (Apparent adyer.. easements, .ncroachm.nts, special as....m.nts. slid. ar.as, ItC.): Private water and sanltarv svstem s are com m on to
the area and have no adverse affect upon m arketabllltv. Rear portion of site In Flood Zone AE.
Th. und.rllln.d h.. rull.d thr.. neont 1.1.. of properli.. mo.t limill.r .nd proxlmlt. to lubJICt Ind haa conllderld thu. In th. ...rk.t .nIIYIII. Th. d..crlpllon Includ.. I doHlr
Idjullm.nl, r.lI.cling markll r.lclion to tho.. 11..11 of Ilgnillclnt varlllion b.twun tho lub/.ct .nd compar.bll prop.rli.l. If I Ilgnlflcant It.m in Ih. complnbl. proplrly II lup.rior
10, or m or. lavonbl. lh.n, tho IUbJut prop.rty, I mlnu. (.j .dJuII...ftt II ...d., thuI r.duclng the Indloal.d valu. of IUbl.at; If. .Ignlllcant lI.m in lh. comp.nbl. il Inf.rlor to.
or I... f"onbl. then, lh. lubjul proparly, . plul (OJ IdJullmenl II mId., thuI Incrullng th. Indlcahd ulue 01 tho IUbjlct.
ITEM
SUBJECT
Pine Road
Carlisle
Address
Proximity to Sublect
Sales Price
Prlcel Acre
9 Data Source
IVALUE ADJUSTMENTS
Sales Dr Financing
I Concessions
rf!I Date of SalelTim.
Location
SitelView
W a te r
Sanitary
.
COMPARABLE NO.1
1986 Walnut Bottom Road
Carlisle
......... 2.5 MI N
N/A;.. ........./.,\:".::. $
ttJ S 32.110/Acr81t1:,~:,".:,'>:> ~ ~"rr::6:i}~~&ti~:.:
Courthouse
DESCRIPTION I o(.}$Adlultm.nt
Unknown
COMPARABLE NO.2
994 Pine Road
Carlisle
0.83 MI E
COMPARABLE NO.3
982 Pine Road
Carlisle
10.84 MI E
58 900'.:...:;:: ..: .:,i.::';:' $
$ 32,972/Acre
Courthouse
DESCRIPTION I 0(.)$ Adlultm.nl
Unknown
69,900
:'.:...,.....
S
$
Inspection
DESCRIPTION
<;,< .....:.p
..,... ... ..<>;,:.t<,
N/A
Suburban
2 Ac/Avg
To be well
To be septic
70.000
$
$ 31.164/Acre 1tI
Courthouse
DESCRIPTION
Unknown
I +1-\$ Adlullm.nt
03/30/2005 ,
I
Suburban ,
2.18 Ac/Ava I
r
To be well I
.
To be sentlc
:
.
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05/10/2005
Suburban
1.89 Ac/Avg
To be well
To be se.ptlc
10/26/2005
Suburban
2.12 Ac/Ava
To be well
To be seotlc
Net Adi.ltotal) ... .. lXJ+ I I. '$ 0 Ixl+ I I- :$
Indicated Value II..... ... ;....'.'..i .':)~ro~~::':;/>>::;;.Q{q,1 .,gros~;. :>,,<'):P~QJ
of Subiect I..'...'... .'<: Net:'.,'?';"O;ol $ 32.110 NeE .}:'^;;:o~o'<h
Comments of Sales Comparison: Price per acre ran~es from $31 164 to $32.972.
o IX J + I J - ' $
31.164 ;e:~~Sfft\i?,:~{,;~.:~~,g~~<i $
o
32 972
Comments and Conditions of Appraisal: Pro~erty has been aooraised In "as Is" condition. No im orovem ents were considered In the
value reDorted. AODralser assum es all necessarv perm Its for future building on site are available.
Final Reconclliatlon:Prlce per acre ranges from $31.164 to $32.972: SAY $32.000/acre. ODlnlon of value Is 2 acres x $32 0001 acre =
$64000. Market Analvsls consistently SUODorts the estimated market value.
I (WE) ESTIMATE THE MARKET VALUE.AS DEFINED, OF THE SUBJECT PROPERTY AS OF February 2. 2006 to b. $ 64 000
, (We) certify: that to the best of my (our) knowledge and belief, the facts and data used herein are true and corr . t I (we) personally inspected the subject property
and inspected all comparable sales cited in this report; an~ that I (we) have no undisclosed ~sent :4petve herein.
Appraiser(s) ~.L.. G. S~"r;f')AJjy--' Review Appraiser ~ ----. H ODid 00 Did Not
I Stan A. Skowronek (ifapplicabl.) Steven W. Barrett. SRA. SRPA. ASA Inspect Property
'opri.'"ry ludForm 04/11 C ertlfled R esld en tlal Appraise r Pr......_ ..101 "CI._....IOO.2,..I727w..u.Iw.~...1I Certified G en eral Ap praiser
S.W. Barrett Real Estate & Aopralsal Services
S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
!
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January 29, 2007
..
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Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, P A 17013
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RE:
Wolfs Bridge Road & West Middlesex Road
Carlisle, PA 17013
)
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Dear Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
The value shown bas been arrived ~t after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
Value Reported:
Eight Hundred Thousand Dollars
5800,000
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
?~1L-ryL
Steven W. Barrett, SRP A, SRA, ASA
P A State Certified General Appraiser, GA-000298-L
Sum m arv Reoort
Prooertv Address Wolfs Bridae Road& West Middlesex Road Census Tract 0118.03
City Carlisle County Cum berland State PA ZiD Code 17013
LeaalDescriotion Deed Book 33S. Paae 622: Tax ParcellD # 21-06-0019-002
Owner/Occupant Estate of Linwood B. Phillios Ma Reference 06-0019
II Sale Price $ N/A Date of Sale N/A. "AS OF" date 2/2/2006 Property Rights Appraised
Loan charaes/concessions to be oaid bv seller $ N/A 00 Fee Simple
R.E. Taxes $ 594.48 (Face/CG) Tax Year 2006 HOA S/Mo. N/A 0 Leashold
Lender/Client Robert G. Frev Esa. cIa Frev & Tilev Attornevs-At-Law R Condominium (HUDNA)
5 South Hanover Street Carlisle. PA 17013 PUD Source
LOCATION U Urban .1XJ. Suburban C Rural NEIGHBORHOOD ANAL YSIS
BUILT UP 0 Over 75% (K) 25-75% 0 Under 25% Employment Stability
G ROWTH RATE 0 Rapid (K) Stable 8 Slow Convenience to Employment
PROPERTY VALUES (KJ Increasing 0 Stable Declining Convenience to Shopping
DEMAND/SUPPL Y 0 Shortage ~ In Balance 0 Over Supply Convenience to Schools
MARKETING TIM E n Under 3 Mos. IX I 3-6 Mos. n Over 6 Mos. Adequacy of Public Transportation
: PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLE FAMILY HOUSING Recreation Facilities
V~ Single Family ~ Not Likely B OCCUPANCY PRICE AGE Adequacy of FacUities
~ 2-4 Family ~ Likely Owner (K) $(000) (yrs) Property Compatibility
~ Multi-Family ~ In process (K) Tenant 0 100 Low New Protection from Detrimental Condo
~ Commercial ~ To: Residential Vacant(O-5%) 00 500 High 100 t Police & Fire Protection
I Industrial 0% Vacant (over 5%) 0 Predominant General Appearance of Properties
Vacant 35% 200 - 30 t ADDeal to Market
Note: Race or the racIal composition of the neighborhood are not considered reliable appraisal factors. COMMENTSSublect site Is located in an
expanding area of of single fam \ly horn es and farm s between Carlisle and M echanicsbura. Shopping and other am enlties are
within a short drivlna distance. School system Is Cum berland Vallev School District and students are bused. SM SA 42-3240
J Site is located on the north west & north east corners of Wolfs Bridae & West Middlesex Roads.
~
Dimensions Refer to leaal descriotlon in addenda of this reoort Topography Level to Rollina
Site Area 100:t Acres per tax mapping records Corner Lot Yes Size Laraer than norm al
ZonIng Classification RF. 75% t & RC 25% t Zoning Compliance Yes Shape Rectanaular
HIGHEST & BEST USE: Present Use Vacant Land Other Use Residential Drainage Appears Adeauate
UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View Good
Electricity [K] Street Asphalt !Xl 00 Landscaping None
Gas 0 N/A Curb/Gutter None 0 Driveway None
Water 0 None Sidewalk None 0 0 Apparent Easements None. exceot R/W & Elec.
Sanitary Sewer 0 None Street Lights None 0 Q FEMA Flood Hazard Yes' No X
Storm Sewer n None Allev None n I I FEMA'MaD/Zone 420363 Zone C
Comments (Apparent adverse easements, encroachments, special assessments, slide areas, etc.): There are no aooarent adverse easem ents.
encroachm ents or other adverse conditions. Public water and sewer are aDoroxlm atelv 1 m lie from site and would need to be
extended to maxim ize future develoom ent of site. North Middleton M.A. will not extend farther into this area.
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LAND APPRAISAL REPORT
File No. 06-0411
LENDER DISCRETIONARY USE
Sale Price $
Date
Mortgage Amount
Mortgage Type
Discount Points and Other Concessions
Paid by Seller $
GHd A.g. Fl. Poor
OClODO
~tE~O
00008
000008
OClO
~~~~
00000
R~RR
i:
~!
Tho underaignod h.. roeitod Ihroo rocont all.. of proportila moal aimilllr Ind proximlto to lubloel ond hla conaidlrod thl.. in thl mlrklt Inllyail. Thl dOleription ineludOl I dolllr
Idlultmont, rlflleling merklt rOletion to Ihol. itlml of lignificlnt voriltion blt.lln thl lubjlet Ind .omplrlbl. propertila. If I lignificlnt itlm in thl comparabll properly il luporior
10, or mora hvorabll Ihan, Ihl lubllct proplrty, I minuI (-) Idjultmonl il midi, IhuI raducing Ihl indlellld valul of lubjlCt; if I lignifielnt illm in Ihl eomparebll la inforior to,
or II" hvorlbll thin, Ihl subjlct proplrty, I plua (+). Id]ultmlnt il mIdI, thuI Iner,,"ing Ihl Indlcltld valul of Ihl lubjlCI.
ITEM
SUBJECT COMPARABLE NO.1
Wolfs Bridge R. 231 N. Middlesex Rd. (Rear)
Carlisle Carlisle
1.2 MI N
COMPARABLE NO.2
415 East Old York Rd.
C a rlis Ie
6.3 MI SSW
-: .
COMPARABLE NO.3
The Preserve
Mechanlcsbura
8.4 MI ENE
$
$ 10.003ttJ
Court House Records
DESCRIPTION I +(.)$ Ad;ultmlnl
Unknown 0
Unknown : 0
1/2004 I 6% : 600
Suburban 1-10% -1.000
Sim liar : 0
60.88 Acres: 0
RC 0
Inferior +10% : 1.000
1m o. -10% : -1.000
L J+ Ixl- '$ 400
Gross: 36.0 I
Net: -4.0 $ 9.603
Address
~ Proximltv to Sublect
,ii.
~ Sales Price
Price/ Per Acre
Data Source
:!. VALUE ADJUSTMENTS
· Sales or Financing
. I Concessions
Date of SalelTime
~. Location
~ SIte /VIew
~ Lot Size
Zoning
Road Frontaae
Other
Net Adj, (total)
~
Indicated Value
of Sublect
~ Comments of Sales Comparison:
565.000
670.000
609,000
$ N/A $
$ N/A 1tI $ 7.185 ttJ
Insoection CH Records/M LS Data
DESCRIPTION DESCRIPTION 1 +l-)$Adlultmlnt
None
None
2/2005 I 3%
Suburban 1-10%
Sim itar
78.64 Acers
RF
Inferior +10%
CF +10%/Im 0-5% :
fx1+ r 1- '$
28.0 I
Net: 8.0 $
See Attached Addendum.
$
$ 7.354 ttJ
Court House Records
DESCRIPTION T +(.)SAdjuBtmlnl
Unknown 0
Unknown 0
1/2006 : 0
Suburban ' 0
Slm ilar 0
91 .11 Acre 5: 0
AC Aa Con +5% 368
Inferior +10%: 735
1m o. -10% : -735
fx1+ r 1- :$ 368
Gross: 25.0 T
Net: 5.0 $ 7.722
212006
Suburban
Good
100tAcres
RC & RF
Adea uate
o
o
216
-718
o
o
o
718
359
575
Gross:
7760
F
Comments and Conditions of Appraisal: Prooertv has been aooraised in its "AS IS" state. under market condition at tlm e of analvsis.
Retrospective Value the "AS OF" date for this aooraisal analvsis is 2/2/2006.000.
Final Reconciliation: After adisutm ents. a ranae from $7.722 to $9.603 Der acre was indicated chosen value indicator $8 000 Der
acre. Therfore 100 acres tlm es $8.000 = $800 000.
I(WE)ESTIMATETHE MARKETVALUE,AS DEFINED.OFTHE SUBJECT PROP ERTYASOF February 2,2006 DOD tobe$ 800.000
I (We) certffY~: that to the best of m~nowledge and belief, the facts and data used herein are true and correct; that I (we) personally Inspected the subject property
and Inspected all c arable sales citer in ~iS report; and that I (we) have no undisclosed interest, present or prospective therein.
Appraiser(s) -c:::.... vJ !-... ti-- Review Appraiser 0 Did 0 Did Not
Steven W. Barrett. SRPA. SRA ASA (If applicable) Inspect Property
:_,
ropriotlry Lind Form 04/88
Produced ullng ACl1Oftwar., .00.23.....727 www.lciw.b.com
S.W. Barrett Real Estate & Appraisal Services
]
]
s. W. BARRETT REAL ESTATE. & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
]
J
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
I
I
I
A
~@~
January 29, 2007
Robert G. Frey, Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
I
I
I
I
I
I
I
I
I
RE: Wolfs Bridge and West Middlesex Roads
Carlisle, Cumberland County
Dear Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP).
The value shown has been arrived at after careful study of the location and type of improvements, their
.present physical condition and their present use. Therefore, J/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
Value Reported:
Eight Hundred Thirty-Two Thousand Dollars
$832,000
The appraiser/s also certify that there is no fmancial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~~'3~~
P A State Certified General Appraiser, GA-000298-L
Sum m arv ReDort
S. W. Barrett Real Estate & Appraisal Services
LAND APPRAISAL REPORT
FRe No. 06-0412
LENDER DISCRETIONARY USE
Sale Price $
Date
Mortgage Amount
Mortgage Type
Discount Points and Other Concessions
Paid by Seller S
,
Prooertv Address Wolfs Bridae Road & West Middlesex Road Census Tract 0118.03
Citv Carlisle County Cum berland State PA ZiD Code 17013
Leaal Descriotion Deed Book 33S. Paae 621: Tax Parcel fD # 21-06-0019-006
Owner/OCCUDlInl Estate of Linwood B. PhllllDs Ma Reference 06-0019
.. Sale Price $ N/A Date of Sal. NIA. "AS OF" date 2/2/2006 Property Rights Appraised
Loan charoes/concessions to be oald bv seller $ NIA . lXJ Fee Simple
R.E.Taxes$ 616.88 Face/CG) TaxYear 2006 HOAS/Mo. N/A ~ Leashold
Lender/Client Robert G. Frev Esa. c/o Frev & Tilev Attornevs-At-Law Condominium (HUDNA)
5 South Hanover Street Carlisle PA 17013 PUD Source
LOCATION 0 Urban ,2i. Suburban ~ Rural NEIGHBORHOOD ANALYSIS G..d A ~
BUILT UP 8 Over 75% ~ 25-75% ?= Under 25% Employment Stability :[ ~ :-
GROWTH RA TE Rapid ~ Stable :- Slow Convenience to Employment ===~; _
PROPERTY VALUES ~ Increasing .... Stable ~ Declining Convenience to Shopping _....
DEMAND/SUPPL Y Shortage ~ In Balance ~ Over Supply Convenience to Schools ==
MARKETING TIM E Under 3 Mos. X 3-6 Mos. Over 6 Mos. Adequacy of Public Transportation i ==
: PRESENT LAND USE%. LAND USE CHANGE PREDOMINANT SINGLEFAMILYHOUSING Recreation FacIlities a. ==
I Single Family ~ Not Likely ~ OCCUPANCY PRICE AGE Adequacy of FacUlties _
2-4 Family ~ Likely Owner ~X S(OOO) (".) P'opo'" Compollbl!1y ; ~ _
· ~ M 01lH' om IIy --..Qli ,. p..,... X T 000" 1 00 lo. Now P..'o,lI.. horn Oo"m..'o' C"d. i- X _
Commercial ~ To: Residential Vacant (0-5%) 500 High 100:t Police & Fire Protection ~ ~OO ~
Industrial 0% Vacant (over 5%) 0 Predominant General Appearance of Properties ~ X
Vacant 35% 200. 30:t ADDeal to Market X ~
Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS.sublect site is located In an
eXDandlna area of of slnale farn IIv horn es and farm s between Carlisle and Mechanicsbura. Shoooina and other am enitles are
within a short drivina distance. School system is Cum berland Vallev School District students are bused. SMSA 42-3240
Site Is located on the south west & south east corners of Wolfes Bridge & West Middlesex Roads.
POD'
P
=-
=-
=
=-=
==
=-
-
==
==
l=
~
~
Dimensions Refer to leaal descriotion in addenda of this reDort Topography Level to Rolflna
Slle Area 104:t Acres per tax mapping records Corner Lot Yes Size Laraer than norm al
Zoning Classification RF-Residentlal Farm District Zoning Compliance Yes Shape Rectanaular
HIGHEST & BEST USE: Present Use Vaca nt La nd Other Use Resldentla I DraInage A ooesrs Adea uate
UTILITIES P)!.!!lIc Other SITE IMPROVEMENTS Type Public P~te View Good
Electricity ~ Street Asphalt [&J ~ Landscaping None
Gas _ N/A Curb/Gutter None 0)= Driveway None
Water ~ None Sidewalk None ~:-= Apparent Easements None. exceot R/W & Elec.
Sanitary Sewer i== None Street Lights None :=- FEMA Flood Hazard Yes" X No X
Storm Sewer None Aile v None FEMA" MaDlZone 420363 Zone C & X
Comments (Apparent adverse easements, encroachments, special assasaments, slide areas, etc.): There are no aooarent adverse easem ents
encroachm ents or other adverse conditions. Public water and sewer are approxlm atelv 1 m lie from site and would need to be
extended to maxim Ize future develoom ent of site. North Middleton M.A. will not extend farther into this area.
Thl underllgned hu rlcltld Ihnl rlcenl III.. 01 proplIll.. mOil Ilmilllr end proxlmlte 10 IU'llcI and hu coftlldllld Ih..1 In Ihl marklt Ina'YI'I. Till ducripllon Inelud.. I dolllr
Idju.lnunl. rellacllng markat nlcllon 10 Ihou 1111I.. 01 Ilgnifleanl Vlrlltlon bll...n Ihl lubjlel and COllp.,lbll prOplrtlll. II I Ilgnllleanlltllll in Ihl eOlllpl,.bll proplrly II IUPlllor
10. or mOil Inorlbll tllan, Ihl IUbjecl prop Illy, I .lnuI (.) Idjuelnlanl II IIIldl, Ihue ,.ducing Ihl Indicated value 01 .ublacl; If I Ilgnlllnnlll.m In thl complrlbll I. inlerlor 10.
or I... lIyon'll Ihan. Ihl IU'fUI prop Illy. I plu. (+) Id/ullmlnl I. m.dl. IhuI InCl.IIlng Ihl Indlcllld Vllul ollhl lubleel.
ITEM
SUBJECT COMPARABLE NO.1
Wolfs Bridge R. 231 N. Middlesex Rd. (Rear)
Address Carlisle Carlisle
Proximitv to Subiect . ..' . 1.2 M N
Sales Price $ N/A i<~.'.".; " $
Pricel Per Acre $ N/A !tI $ 7.185 !tI:S',..
Data Source Insoection CH Records/M LS Data
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION I +(O)$Adlultmlnt
Sales or Financing.... ........' j' None : 0
Concessions ..,...~,'\;'.:, :.;. None : 0
DateofSalelTime 2/2006 2/2005/3%: 216
~ Location Suburban Suburban / -10% : -718
~ SlteNiew Good Slm liar : 0
! Lot Size 104 :t Acres 78.64 Acres: 0
Zonlnn RC & RF. RF : 0
Road Frontaae Adeauate Inferior +10%: 718
Other CF+10'/olm D-5%: 359
NetAdl.ltotal\/'!:"."";>.'. fXI..., I. '$ 575
~~~::\:~tValue ....,i..:~~.~i~~::;'i;:~,W)iitl~~I~c~l~ $ 7 760
Comments of Sales Comparison: See Attached Addendum.
565.000
COMPARABLE NO.2
415 East Old York Rd.
Carlisle
5.9 MIS
....:.,;.,'.;..:.,':.:'".,:<: $
7 354""'" . ~,'?;-:-.i,"'-':::;;'"
S \LJ'~ .;.:_.:};...~.;;,
Court House Records
DESCRIPTION I +1-l$'Adluslm.nl
Unknown :
Unknown :
1/2006 :
Suburban :
Similar :
91.11 Acres :
AC Aa Con +5%
Inferior +10%
1m P. -10%
IXJ~I. :$
je~~;~~\t!.:;!~i~;'':1;~'~;Jg?1 $
COMPARABLE NO.3
The Preserve
M echanlcsbura .
8.4 M I ENE
670.000
,"."'
.;,....'v,. $
$ 10.003 tlI;::' '"
Court House Records
DESCRIPTION J +(-)$ Adlusrm.nl
o Unknown , 0
o Unknown : 0
o 1/2004/6% : 600
o Suburban /-100k -~ -1.000
o Similar : 0
o 60.88 Acres: 0
368 RC : 0
735 Inferior +10% ' 1.000
-735 1m o. -10% : -1.000
36 8 fl + r X I - ' S 400
7 .72 2 ;:~~~~\~;~'1-'~;~~i;'5';~~~g.il $ 9 .6 0 3
609.000
Comments and Conditions of Appraisal: Prooertv has been aooralsed In Its "AS IS" state under market conditions at tlm e of analvsis.
RetrosDectlve Value. the "AS OF" date for this aDoralsal analvsls Is 2/2/2006.000.
Final Reconciliation: After adlustm ents a ranae from 57.722 to $9.603 per acre was determ ined chosen value Indicator $8.000 Der
acre. Therefore 104 acres times $8.000. $832 000. Gross acreaae from courthouse records.
I(WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE SUBJECT PROPERTY AS OF February 2. 2006 to be $ 832 000
I (We) certify: that to the best of my~nowI8dg. and belief, the facts and data usad herein are true and correct; that I (we) personally inspected the subjecl property
and Inspected ~ble ::;)cilr~~epo;;Jd that I (we) have no undisclosed interlllt, prlllent or prospective therein.
Appraiser(s) ~ -==-. f) . 7 / Review Appraiser ODid 0 Did Not
Steven W. Barrett. ~RPA. SRA (If applicable) InspeclProperty
opti.._" Lind Form 04/11 C e rtlfl e d G en e ra I A P P ra I s e r Pt.....~ ..iIIg ACt..n..... 101.234.1727 .........b.....
S.W. Barrett Real Estate & Appraisal Services
S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals . Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
.
~~~
January 29, 2007
Robert G. Frey, Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, P A 17013
RE: Annendale Development
Carlisle, Cumberland County
Dear Mr. Frey;
The appraiserls certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP).
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
Value Reported:
Seven Hundred Twenty-Four Thousand Dollars
$724,000
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~y.. ~.J
Cassandra J. Crockett
PA State Certified Residential Appraiser RL-OOI348-L
~5TL--r)
StevenW. Barrett, SRP A, SRA, ASA
P A State Certified General Appraiser, GA-000298-L
]
S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
J
Steven W. Barrett, SRPA. SRA, ASA
State Certified General Appraiser
1..'.'.'.'.'
~~.
;w.
A
~@~
II,i.....1~....
)-d:.
'.> ;
@
ri;.,.
~
January 29, 2007
lit
qs
Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, P A 17013
RE: 910-942 Rockledge Drive
920-943 Forest Court
Carlisle, PA 17013
Dear Mr. Frey;
The appraiser Is certify that the subject property has personally been inSpected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I1we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
Valne Reported:
One Million Six Hundred Thousand Dollars
$1,600,000
The appraiser/s also ceJiify that there is no fmancial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~ LrJTLIj-
Steven W. Barrett, SRPA, SRA, ASA
PA State Certified General Appraiser, GA-000298-L
fll~'i;
f"i"'<~..
~,~r
Client
Property Use
Property Address
City
Building Name
Owner/Occupant
Summary Report
File No. 06-0377C
PAGE 1
UNIFORM COMMERCIAL/INDUSTRIAL SUMMARY APPRAISAL REPORT. SMALL PROPERTY
File Number 06-0377C
Summary Report
Map Reference 04-22-0481
Zip Code 17013
Census Tract 0124.00
APN 208A & 210
S. W. Barrett Real Estate & Appraisal Services
State P A
Intended User(s) of Report The Intended User of this appraisal report is the Client. No additional Intended Users are perm itted
without the permission of the appraiser(s).
Intended Use of Report The Intended Use is to evaluate the property that is the subject of this appraisal for current market value.
Scope of Work Standard Rule 2-2 of the Uniform Standards of Professional Appraisal Practice and the Standards of
Professional Practice of the Appraisal Institute. require that the extent of the process In which data are collected,
confirmed and re orted be described' and the Definition of Market Value as stated on a e 9 of this re ort.
X Complete Appraisal Limited Appraisal due to the following departures from Standard 1 No departures Invoked. this property is beina
appraised in its current liAS IS" condition. Retrospective Value, the liAS OF" value of this analysis is 02/02/2006.
~ Summary Appraisal Report
THREE YEAR OWNERSHIP HISTORY
Owner Recording Reference Date
Most Recent Phillips & Frey 29M -998 08/04/1981 $
Previous Phillips & Frey 23E-311 04/18/1969 $
Previous $
~~ $
Current Contract U Option: U listing Price $
Buyer N/ A Contract Price $
Seller N/A Closing Date N/A
Analysis/Comments: The legal description / deed has been reviewed and there appears to be no known unusual title
discrepancies. A copy of the deed Is In the addenda of this report.
Price Paid
1.00
1,200
Terms of Sale
Outright Sales Transaction
Outright Sales Transaction
N/A
N/A
.,i,,'n,fNEIGHBORHOODDESCRIPTION:;F;,: . ......
Boundaries: Subject Is bounded on the north by 1-81. on the east by Hanover Street. on the south by Marsh Drive, on the west
b Walnut Bottom Road.
Neighborhood Built Up
land Use: Single Family
Industrial
Single Family
Multifamily ........
Office .. : : : : : : : : :
Retail
Industrial' . . . . . . . . .
75 %
45 % Office -ll % Multifamily ----1! %
o % Retail --1.Q. % Vacant 25 %
und~UPPIy Ba~lced ove~ply Vacancy
X 0-5 %
X ---0:5%
5-10 %
X 5-10 %
0%
1 Mile t Miles
.25 Mile Miles
.50 Mile
Location
Development trend' . . . . .
Value Trend . . . . .
Vacancy Trend . . . . . . . .
Rental Demand :::::::
Distance.CBD
/SFlYear
rowth to
Analysis/Comments: The Borough of Carlisle is centrally located in Cumberland County on the west side of the Susquehanna
River. It is bounded on the north and east by Route 76--Pennsylvania Turnpike, on the south by Interstate 81. and on the
west by U. S. Route 11. The neighborhood appears stable. with no apparent adverse conditions. A full neighborhood as
well as regional analyses will be retained in the appraisers files.
"'''-''''8 IT E . OESeR I PT I 0 N:P.!,;:~;G:0:~0;;:';~'ilS.;;,: .
legal Desaiption A copy of the current legal description is In the addenda of this report.
Environmental Problems Known or Suspected Yes U No l.!J
Site Size 4.08 Acre Usable land Area 4.08 Acre Excess Land Area
Site Dimensions Irregular, refer to legal description
Street Frontage Rockledge Dr. 436', Garland Dr. 310' + 341' arc
00 See Addenda
None N/A
e Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced uainll ACIIOftw.,I, 100.234.1727 www.lCiwlll.com
S. W. Barrett Real Estate & Appraisal Services
..':. ':;:(.:S;j..:;':t.N:SI:tef,~D'E~GRI~e,TtQ:N$r;tCin'trn:'u:ea:W~.~~;!;~~if.!
Street Improvements:
Street Width . 35' :t
Street Paving : : : :: Asphalt
Sidewalks Concrete
Curbs & Gutters. . .. Concrete
Storm Sewers' None
lighting ...:::: Overhead in street
Soil Conditions Appears stable from su ace Inspection
Easements None observed, with the exception of publiC utilities
Encroachments None observed
Current Zoning R.3 High Density Residential District
Zoning Change: Not Likely . X' Likely . To N/A
Uses Allowed Under Current Zoning Five Permitted Uses: Four Accessory Uses: Five Special Exception Uses:
Current Use Townhouse I Garden apartments are permitted. under permitted uses.
Analysis/Comments: There are no apparent adverse easements, encroachments or ot er adverse conditions.
In addenda of report.
Utility:
Electricity
Gas ..:::::::
Water
Sewer
Telephone' : : : : : :
Ingress/Egress . . . . .
Street Frontage
Shape .....::::
Functional Utility ....
Visibility ........
landscaping . . . . . .
Drainage . . . . . . . .
Adequacy of Utilities ..
Traffic Pattern
Traffic Volume
Provided By:
Public,PPL
Public, UGI
Public, CBMA
Publlc,CSA
Public, Em barq
TOPOgraPh~
level X Mod Slope 8 Steep Slope 8
At Grade X Above Grade Below Grade
Corner Lot . . . . . . . . . . . . . . . . ~ i
Underground Utilities ..........
Railroad Access . . . . . . . . . . . . .
Earthquake Zone ............
FloodHazanlAroa............ y ~
Map # 425382 00048 Date 02/03/1982
Describe:
Legally Conforming Yes l!J No U
Food
ap located
. ..::~.~/:;:..:\-_:...;;
:,;0~;~S'S!ESS;M'EN1m~~'.N,Dttr~IE:. .
AssessmentYear 2006 APN 208A & 210
Total $ 1,435,000
Land ............ $ 377 ,360
BulldingCs) . . . . . . . . .. $ 1 ,057 ,640
Other .. . : : : : : :: :: $ N/ A
Special Assessments: here are no spec a
Reassessment Issues: Cum berland County was reassessed in 2004, effective for tax year 2005. No new reassessment has been
scheduled.
Analysis/Comments: T e subject property current y IS un er assesse , ased on current market condit ons.
Year Taxes
Current Taxes 2006 $ 24,663.35
Estimated Taxes. . . . . . N/A $ N/A
Tax Assessment . . . . . . - $ .59
Year of Next Reassessment' 001<" . .
/SF
Property Type Multi Family
Building Floor
One Two
Six Two
Gross SF
5,100
36,720
Construction Type
.Net SF
Total
.Usable Area
41 ,820
Rentable Area X
1971
Year Built ..........................
Building Efficiency Ratio . . . . . . . . . . . . . . . . . .. 20
Effective Age. . . . . . . . . . . . . . . . . . . . . . . .. 50
Total Economic Life ..................... 30
Remaining Economic Life ..................
Floor Area Ratio . . . . . . . . . . . . . . . . . . . . . . .
Ground Coverage Ratio ...................
0%
24 %
12 %.
Row, Townhouse
Use Type
Office
Retail ...............
Warehouse. . . . . . . . . . . . .
Manufacturing. . . . . . . . . . . .
Distribution . . . . . . . . . . .
Research I Development . . . . . .
Multi Family . . . . . .
#Buildings Seven
Net SF
#Stories Two
Use %
Unknown
100
Parking:
On Site . . . . . . . . . . . .
Adequacy . . . . . . . . . . .
Covered . . . . . . . . . . . .
Parking Garage . . . . . . . .
Paved ............
Number of Spaces ......
Industrial Only
# Overhead Doors . . .
Floor Height . . . . .. - FT
CelUng Height . . . .. - FT
Column Spacing
-FT x -FT
e Copyright 2001 by The Appraisal Foundation. All rights reserved.
ProdU<:ad uaing ACloollw.... 100,23<4.8727 www.aciwah.com
S. W. Barrett Real.Estate & Appraisal Services
. ...."I\IIPR;OXtE.ME.Nts:.~D.ESl~RIRtl0Nf.t7c8n.fin)(..6a;'.;i;i:L:<;.j,:,:..:.,:-:-?,':;.;;)"
Building Description
Improvement Rating
d
Foundation
Frame
Floor/Cover" . . . . . . . . .
Ceiling . . . . . . . . .
Exterior Wails. . . . . " . . .
Interior Partitions. . . " . . .
Roof Cover . . . " . "
Plumbing .:::::::::
Heating
A'r Condifioning . . " . . . .
Electrlcai . . . . . . .
Elevators ..........
Parking ..........
Insulation" . . . . . . . . . .
Sprinkler ..........
Roof Support' : : : : : : : :
Concrete
Wooden
Hardwood, Vinyl
Drywall
Brick
Drywall
Asphalt
Kitchen, Full Bath
Electric baseboard
None
100 amp
None
Asphalt paved/two spaces per unit
Adequate
None
Wooden Trusses
Appeal/Appearance
Floor Pian/Design ...."....".
Construction Qualify. . . . . . . . . . .
Exterior Condition . . . . . . . . . .
Interior Condition ...........
Roof Cover . . . . . . . . . . . .
Plumbing ...............
Heating ................
Air Conditlonrng . . . . . . . . . . . . .
Electrical . . . . . . . . . . . . .
Elevators . . . . . . . . . . . . . . . .
Parking Area. . . . . . . . . . . . . . .
Insulation . . . . . . . . . . . . . .
Sprinkler ................
Landscaping' : : : : : : : : : : : : : :
Site Improvements: Concrete sidewalks, asphalt 0 street parkmg area, lawn. and mature landscaping.
Personal Property or Other Non-Realty Interests Included in Valuation: (K] No
included in this appraisal analysis.
DYes
No personal property. or non realty interests are
Summary Report
File No. 06-0377C
PAGE 3
HIGHEST AND BEST USE AS IF VACANT:
Legally Permissible Uses: The site currently Is zoned R-3, High Density Residential District. The use represents a legally
conforming use and would be compatible with the established character of the neighborhood.
Physically Possible Uses: PhYSical aspects of.the site impose the first constraints on the possible uses of the property. Size,
shape and topography are key determinants of physically possible uses.
Financially Feasible Uses: The site is located In an area developed with similar uses. Development of the site with townhouses
would be likely, given the location. and would represent a financially feasible use.
Maximally Productive Use: The most productive use of the site given the location is townshouses.
Analysis/Comments: The highest and best use of the appraised site presuming It to be vacant and available Is townhouses.
HIGHEST AND BEST USE AS IMPROVED:
Legally Permissible Uses: The legal possibilities that place controls on the use are zoning, deed restrictions and set back
regulations. The Improvements represent legally conforming use and compatible with surrounding properties. Current
building codes appear to have been met as well as environmental reaulatlons: therefore. a permitted use.
Physically Possible Uses: Physical aspects of the property "As Improved", Include the size, design and condition. The
1m rovements a arentl meet re uirements and are not excessive relative to the site's ca aci . The h slcalla out is
designed to provide a equate safety and allow easy ingress and egress rom the site and mprovements.
Financially Feasible Uses: The Improvements provide a return In excess of the land value as vacant and available. No other
alternative use could economically justify demolition of the subject improvements.
Analysis/Comments: The subiect property as currently Improved, meets current highest and best use guidelines as stated above.
Copyright 2001 by The Appraisal Foundation. All rights reserved.
oduced utino ACllOllw.., 800.234.8727 www.......b.com
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06-0377C
PAGE 4
,,'" ':"'.. . :', >,"':;"':;f:;~ntV~'~:OATIOt~fM"E:rHOOS1SEEE~m:El)~"s':?~'f~j.jr~~~' ,
Cost Approach 0 Income Approach 00 Direct Sales Comparison Approach [K)
Reasons for Excluding an Approach: The Income and Direct Sales Comparison Approaches were used to estimate market value. The
Cost Approach was found not to be applicable for this analysis.
MARKE:t'VAtlfEiESrFIM:A'T:E:11F:':N'G;N-r~REA]12l:j~im:EMS;'t'.',;;~;ii:) -,
]
Market Value of Personal Property $
Market Value of Other Non-Realty Interests .Ndrie" rncru"aecJ" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$
Total Market Value of Non-Realty Interests . . . . . . . . . . . . . . . . . . . . . . . . . . $
........ ...... ......................................
Analysis/Comments: No non-realty items were considere
N/A
N/A
o
]
. ,. ..r:.-":' ,,~;. '~: ;" ";
: :;/-;:~;~@i;Mr
~d"-
:~;::'
;,
Data Sheets AU 00 Subject
Location/Address Rockledge & Forest Ct.
Proximity to Subject N/A
Map Reference 04-22-0481
Deed Reference 29 M - 998
Date of Sale N/A
Exposure Time None
Data Source Inspection
Site Size SFO Aaes 00 4.08
Frontage 436' & 310'+341'arc
Zoning R-3 High Density Reside
Utilities Public, W S G'& E
Site Improvements Concrete Sidewalk
ft
~
D.-
~
~,":
'l>
I)'
~..'..
~
~.:.!
m
I!,....
fI
~.
~
I
Total Adjustments . . . . . . . . . . . . . . . _ . . . . . . . . $
Indicated Value Per Unit ....................
Comparable #1
Post & Claremont Rds.
2MI NE
29-08-0575-001
275-1220
06/21/2006
3 Months
Owner & C. H. Records
7.09 Acres
821' & 340'
R-1. Residential
Public. W S G & E
None
74.048
Fee Simple
o
Bank Loan
o
Outright Sale
o
Time
o
Similar
Level
Rectangular 1 Averaae
Public
None
Slm liar
o
74.048 $
Comparable #2
Beech & Pine Streets
1.5 MI NE
40-22-0487 -117
257 -2933
06/13/2003
One Year :I:
Realtor & C. H. Records-
3.09 Acres
500' Main Frontage
Village
Public. W S G & E
None
$115.000
$
37.217
Fee Slm pie
o
Cash
o
Outright Sale
o
Time +7.8%
2,903
Similar
Level
Rectangular 1 Average
Public
None
Slm liar
2.903
40.120 $
Comparable #3
West Louther Street
0.70 MI N
29-20-1794-028
271-1228
10/04/2005
None
Court House Records
2.65 Acres
425'
R-2. Residential
Public. W S & E
None
$160.000
$ 60,377
Fee Slm pie
o
Unknown
o
Outrlaht Sale
o
Time
o
Similar
Level to Rolina
Slightly Irregular 1 Avg.
Public
None
Similar
o
60,377
~
Analysis/Comments: Ad ustments: Time ad ustment was based on a 3% annual a reciation rate. No other ad ustments were
required. After adjustments a ranae of 74,048 was determined. Chosen value indicator 60.000 per acre.
Unit of Comparison Per Acre
Sales Price . . . . . . . $525.000
Priee Per Unit" . . . . . . . . . . . . . . . . . . . . . . . . . . $
Property Rights .Conveyed . . . . . . . . . . . . . . . . . . . .
F' ~djustment ....::::::::::::::::::::
Inanelng
Adjustment. . . . . . . . . . . . . . - - . . . . . . . . .
Conditions of Sale . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment . . . . . . . . . . . . . . . . . . . . . . .
Market Conditions . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment .:::::::::::::::::::::::
Other Adjustments
Location
T opograp~y. . . . . . . . . . . . . . . . . . . . . . . . .
ShapelUtllity . : : : : : : : : : : : : : : : : : : : : : : :
Utilities
ZSite,lmprovem-ents . : : : : : : : : : : : : : : : : : : : :
on ng
Total Site Units: Acre
Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . . $
Estimated Site Vallie" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . . . . . - . . . . . . . . . . - . . . . . . $
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .EXc:r:~~ (A~[f . . . . . . . . . . . . . . . . . . . . . . . - . .
Excess Land Area Units: N/A
Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Estimated E:xcess la.nd ~alue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . - . . . . . $
............... ............................... ... ..........
~
3
]
] .. CopyrJghl2001 by The Appra;sal Found,!;o.. AI rights reserved.
~
Ptoduced using ACllOllWn, 800.23...727 www.lICiweb.com
4.08
60,000
244,800
None
N/A
None
1
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06-0377C
PAGE 5
. ~:. ~.~ .'
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1
.... 'i/COS!;;~~'PPR.()'A'CH:~;::i;~;';\'~:;::'i;,.i,'
Cost Source Marshall Valuation Services. and supported bv local contractors
Component No. Size Unit Cost
$ $
$ $
$ $
$ $
$ $
$ $
Reproduction U Replacement ITCost New of Improvements $
Plus: Indrect (Soft Costs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Plus: Entrepreneurial Profit ............................................ %. .. . . . . . . . . . . . . . . $
Total Cost New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Less: Physical Deterioration' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . %. . . . . . . . . . . . . . . . .
Less: Functional Obsolescence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . % . . . . . . . . . . . . . . . . .
Less: External Obsolescence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '.' '.' . %. . . . . . . . . . . . . . . . .
Total Accrued Depreciation (DeterioraEion & Obsolescence)" . . . . . . . . . . . . . . . . . . . . . .. . . $' . . . . . . . . . . . . .
Depreciated Value of BuDdlng(s) . . . . . . . . . . . . . . . . . . . . . · . . . . . . . . . . . . ... . . . . . . . . '($ )
Plus: Contributing Value of Site Improvements' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Depreciated Value of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 . $
........... ..... .... ... ........ ........ ......................
Analysis/Comments: Cost new from Marshall Swift Valuation Service Handbook and local cost analysis was considered, but
deemed not credible due to the age of the improvements. Land value from Market Data Comparison. Depreciation based
on agellife observed condition and Market Data Analysis. Estimated Remaining Economic Life is 35 years. Value reported
within the Cost Approach section of this report is for "Land Only".
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Cost
N/A
. Estimated Site Valus $
Plus: Estimated Excess'Land 'Villus' . . . . . . . . 0 0 0 0 0 . 0 0 0 0 0 0 . . . . . . . . . . 0 . . . 0 0 0 . 0 0 . . . 0 0 0 . . . . . . . . . . . 0
Plus: Depreciated Value of Improvements' . . . 0 0 0 0 0 0 . 0 0 0 0 0 0 . 0 . . . 0 . . . . . . 0 0 0 00 0 0 0 0 0 . 0 0 0 0 . . . 0 . . . . 0 . . 0
Plus: Market Value of Personal Property anH)tner l-Ion-Ftealfy lnlerests . 0 . . . . . . . . . . 0 . . . . 0 0 . . 0 . . . . . 0 . . . . . . . . 0 . . .
Indicated Value Before Adjustmentfor Interest Appraisal 0 . . . . . . . . . . 0 . 0 0 . ~ . . 0 0 0 0 0 0 . . . 0 . . 0 . . . 0 0 . . $
Less: Adjustment for Interest Appraised . . 0 0 . . 0 0 . . 0 . . . . . . 0 0 00 . . 0 . 0 0 0 . . . . . . 0 . 0 . . . . . . . 0 . . .
Value Indication. Cost Approach . . . . . 0 0 0 0 0 0 . 0 0 0 0 . . 0 . 0 . . 0 0 . . 0 . 0 . . 0 . 0 0 0 0 0 0 0 . 0 0 . . . 0 . 0 0 .0 0 0 . $
Rounded: . 0 0 . .' . . . . .. 0 . . . . . 0 0 0 0 . . 0 . 0 . 0 . . 0 . . . . . . . 0 0 0 0 0 0 0 0 0 . 0 0 . . . . . . 0 0 0 0 0 S
................. ............ ... ................ ..... ... ...... .........
44.800
None
N/A
o
245,000
N/A
245,000
245.000
Tenant Name
Beginning Date
Term
Lease Type.
Tenant Size (SF)
Rent Per SF
Rent Concessions Adj.
Adjusted Rent Per SF
Adjustment for
Market Conditions
Adjusted Rent Per SF
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
I~...~."....'
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Data Sheets
Address
Proxlmity to Subject
Map Reference
Year Built
Gross Building Area
Number of Stories
Current Vacancy %
Construction Type
ConstructIon Quality
Condition
Parking
Date of Rent Survey
Asking Rent
Lease Period
Tenant Improvement
Allowance
Concessions
# Units Complex
,
g
I
~
1
i,;';:",INi'G:aMf~E:;~ip;RIB'0"~~mift{REt
Att 0 Subject
Rockledge & Forest Ct.
N/A
04-22-0481
1971
Comparable #1
F~ Loop Avenue
5 iles t
29-16-1094
1976
Comparable #2
W. Ridge Street
.5 Mile t
04-22-0483
1976-78
Comparable #3
Eo Willow Street
0.14 Miles t
03-22-0485
1975
16,000:1:
0-5%
Two
22.000:1:
0-5%
41 ,820.00 46.080:1:
Two Two
0-5% 0-5%
Row. Townhouse Row. Townhouse
Average AveraQe
Average Average
90:1: Spaces Adequate
08/2006 08/2006
$6.720 per unit ($560) $6240 Der unit ( 520)
Annual Annual
Two
Row, Townhouse
Average
Average to Good
Ade~uate
08/2 06
$7,680 per unit ($640)
Annual
Row. Townhouse
Average
Average
Adequate
08/2006
$6.960 per unit ($580)
Annual
None None None None
None None None None
41 Units 48 Units 16 Units 22 Units
ar.ous ar ous arlous arlous
Varies Varies Varies Varies
Annual Annual Annual Annual
(N) Net (N) Net eN) Net 970 (N) Net
1,020 960 1 ,000
$ 6.59 $ 6.50 $ 7.92 $ 6.96
None None None None
$ 6.59 $ 6.50 $ 7.92 $ 6.96
None None None None
$ 6.59 $ 6.50 $ 7.92 $ 6.96
ProcIllC8IIlII1ng ACllOllw.l. 100.23""727 _..ciwebAlI'I
S. W. Barrett Real Estate & Appraisal Services
'1" .....M: 'E' ..' .p..... .. . ". ':'.:;. .': . /.......... ................':.)i...,..."...~~;.....v..,.........;,>. ....."...>....,.:.....",...:........... :....:.:.;....;.".:...,;...:...>
NCO '.AP.ROACH\I.REN':r'AL COMP'AR'ABliE;;B'UIEDING;;::ANAbMSIS'.:conbnued
location Average Average Average Average
Quality Average Average Average Average
Condition Average Average Average Average
Unit Rm. & Bath 5-2-1 Similar -.79 ( -10% )Superlor Similar
Total Adjustments 0.00 0.00 -0.7.9 0.00
Indicated Market Rent $ 6.59 $ 6.50 $ 7.13 $ 6.96
]
'lease Types: Gross lease (G). Net Lea~e (N), Triple Net Lease (TN). Modified Gross (MG), Expense Passthroughs (P),
Sales Overa e Rents 0 Common Area Mainfenan e C Renewal 0 tions R
Analysis/Comments: Pro e owners landlords and real estate mana ers were contacted within the eneral market area to
determine rental/lease rates. It should be noted that lease data Is not public Information. This nformation, and other
miscellaneous data is maintained In the office files to comply with the request for confidentiality. All three market
rentals/leases are from the greater market area, and verified through the leasing agent or property owner.
]
)
~
Tenant
Name
Various
Rented
Area (SF)
41 ,820
Beginning
Date
Varies
lease
Tenn Types
Unk. IN) Net
Current
Actual Rent
6.59
Effective
Rent / SF
0.00
:~'~.
i:~~
d
B
~
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~
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Analysis/Comments: Renta Income IS a mIxture 0 actual and sta I ized cash flows. ons dere It air market under current
stable conditions. Each unit Is currently leased @ $560 per month / $6.59 per square foot. . There is a $25.00 monthly pet
fee with approximately 50% of the units participating, considered "additional income".
I.:.,...........
&
Income:
~m ~
Gross Potential Income $
Vacancy and Collection . . . . . . .
LOss'_ % ($
Other Income . . . . . . . $
Effective Gross.'ncome. : : : : : :: $
~".'...'"
~.
F
$
Actual Comments and Calculations Stabilized
Actual Income; based on per unit income $ 275,520
Pet Income $ 6,000
$
o ) Projected V & CLoss. 5% ($ 14,076 )
Projected Effective Gross Income $
O. $ 267,444
Actual R.E. taxes based on assessment & tax rates $ 24,633
Actual insurance expense, provided by agent $ 5,320
Estimated from current market, 4.75% EGI $ 13,372
Water, Sewer, Electric $ 3,980
Trash $ 5,498
Actual10vided by owner $ 19,577
Payroll 56,168, Administrative $13,720 $ 69,888
Estimated based on overall property condition ca>. 2% $ &,349
$ 147,617
0 3.53 $ 119,827
hiS estimate IS
m,C.".,
~
~....'..'
~
~
$
J
~J C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced using ACI software. BOO.23H727 www.lciweb.com
~
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No 06-0377C
J
PAGE 7
': . d""" . ':.: ..:i?""/:;.YIEED'C:A:PltAt;;IZAf:IGfN~.'W;i<t:;i'.:t~~('::;::::~;:::.;:::":.t~~S;;Ex:';r:J':;;;":: ,~ ;{:;:~:~:~. ." ' ';
'. '"7/'::;/":':':"( ;.. " ~
Cash Flow Analysis in Addenda Yes 0 No l!l Market Rent Scenario Contract Rent Scenario
Forecast Holding Period . . . . . . . . . . . . . . .
Beginning NOI . . . . . . . . . . . . . . . . . . . . . $ $
NOI Pattern
Reversion Assumption' . . . . . . . . . . . . . . .
Yield Rate . . . . . . . . . . . . . . . . . . . . . . . . . .
Value Estimate' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ N/A N/A
. . . . . . . . . . . . . . . . . . . . . . . . . . $
Analysis/Comments: Not utIlized for this analysis.
. . " ';:Atld lJSm'MENT~\F:O'RI;iIN;T,EREs1tf.~RP.~A'I:SE[);;,L,;,;t~i;"i:&'~*L
. . . '. :;"! ;'l;"'j./~\;~>/::<.:::~'X;:<::,.:,:~:~. ;.' '. .-'" . - ,..~';.
. ,'; .. . -,-. '. ,~"".;
Value Estimate - Market Rent Scenario $ N/A
Value Estimate - Contract Rent Scenario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '$ N/A
Difference (Adjustment for Interest Appraised). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '$ 0
.... ..... .... .............................,.. ......
Analysis/Comments: Market rent and contract rent for the subiect are at the same level: therefore. no adTustment is reauired
difference for interest appraised.
Value Indicated by Direct Capltallzation/Yield Analysis (excluding excess land) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,585,182
Plus: Estimated Excess land Value '$ None
Value Indication - Income Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 1 ,585,182
Rounded . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . :$ 1,585,000
. . . . . - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
01 R E CT" sALES"coM PARIS:O\N:1:A:ee'R'dA.(t;Hte7.0]"":B1(:R~B'.:LrEtB:tl'ltftjlf(G?:AfNWI]~stS."?:;(~;it'\]<~;' '.
Camp Sheets Att l:KI Subject Comparable #1 Comparable #2 Comparable #3
Address RockledQe & Forest Ct. S. Washington, Mech. Chester Rd., E. P. Twp. Hamilton St., Carlisle
Proximity to Subject N/A 9.3 MI E 14.5 MI ENE 1 MIN
Map Reference 04..22-0481 20.24..0785-227 09-16-1052-052 06-19-1641-105
Data Source Inspection Court House Records Court House Records CH Records & Owner
Gross Building Area 41 ,820 12,064 9.540 9.000
Net Building Ar~ Unknown Unknown Unknown Unknown
Site Size SF Aaes 00 4.08 1.05 1.20 0.62
land-to-Building Ratio 4.25 3.79 5.48 3.00
Year Built 1971 1995 1998 1965
Construction Type (6) 6 Unit & (1) 5 Unit (2) 6 Unit Townhouse (1) 10 Unit Townhouse (2) 4 Unit Townhouse
Construction Quality Average Average AveraQe Average
Condition Average Average Average Average
Parking 90:1: Spaces Adequate Adequate Adequate
Other # of Units 41 12 10 8
Sale Price $ N/A $ 800,000 $ 664.000 $. 450,000
Date of Sale N/A 07/26/2005 10/01/2002 04/09/2001
Exposure Tame None Unknown Unknown None
Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Slm pie
Adjustment 0 0 0 0
Financing Unknown Conv. Bank Terms Unknown Conv. Bank Terms
Adjustment 0 0 0 0
Conditions of Sale N/A Outright Sale Outriaht Sale Outright Sale
Adjustment 0 0 0 0
Excess land None None None None
Adjustment 0 0 0 0
Non-Realty Interests None Considered None Considered None Considered None Considered
Adjustment 0 0 0 0
CElTerms Adjusted Price $ 0 $ 66,667 $ 66,400 $ 56.250
Other Adjustments: None I Typical Time +1.5% Time +9.8% Time +14.3%
Market Conditions
Adjustment 0 1,000 6,507 8,044
location Average Superior -10% Superior -10% Similar
Adjustment 0 -6,666 -6,640 0
Quality Average Similar Similar Similar
Adjustment 0 0 0 0
Condition Average Superior-10% Superior -10% 81m liar
Adjustment 0 -6,666 -6,640 0
Econ. of Scale Laraer Com plex Superior -10% Superior -10% Superior -10%
Adjustment 0 -6.666 -6,640 -5,625
Total Other Adjustments 0 ..18.998 -13,413 2.419
Indicated Value Per 52.987 $ 58.669
Per Unit $ 0 $ 47,669 $
Produced UIi\g ACllllllw.., 800.234.8727 www.aciweb.tonl
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. C Copynght 2001 by The Appraisal Foundation. All nghts reserved.
S. W. Barrett Real Estate & Appraisal Services
''::DtRE'C;P;'SAl2ES}:~'OM'PARISD~N:AfA~eRO'~Gff\lG~O''M:BlfR}\Td>m81BiurEt:(5);N:Gi:~iN;~
Analysis/Comments: Ad ustments: Time ad'ustment is based on annual a reciation rate of 3%. Location ad'ustment for sales
# 1 & 2 beln'g located In eastern Cumberland ounty. Condition adjustment was taken for sales # 1 & 2, being newer
construction. Economy of Scale adjustment was taken for all three market sales, a larger complex normally sells for Jess
per unit, than a smaller complex. No other market adjustments reauired.
.......:F.E.E;.s.,.lVre.l2s"OR1.1dil:t)\SE;[j;f.E~e8}Q.e:E~;Et.RGi;rB~];t~'~~N;bJJ;R~riIQ'SJJ.~~';0:;;;:r:3:;::".;.:'
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Comparable #1
Fee Simple or Leased Fee Fee Slm pie
Gross Potential Income . . . . . . . . . . . . . . . . . . . . . . . $
Vacancy and Collection Los; % . . . . . . . . . . . . . . . . . . . . .
Effective Gross Income . . . . . . . . . . . . . . . . . . . . $
Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . $
Expenses/SF Gross Buildil;g'ATea' . . . . . . . . . : . . . . . .. ~ . $ .
Expense Ratio . . . . . . . . . '. . . . . . . . . .
Net Operating Incom'e' . . . . . . . . . . . . . . . . . . . .' . . . . . $
EGIM . . . . . . . . . . . . . . . . . . . . . . . .
Overall Rate' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity Dividend ({ate : : : : : : : : : : : : : : : : : : : : : : : : : :
Analysis/Comments: Insu flclent market data available to complete this portion 0
Comparable #2
Fee Simple
$
Comparable #3
Fee Simple
$
$
$
o $
$
o
$
. . $
o $
$
0.00
0.00
0.00
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the analYSIS.
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Building Units Per Unit
Value Per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Value Estimate : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : $
Effective Gross Income $
Effective Gross Income Murtiplier(~G"ltJ>" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x
Value Estimate . . . . . . . . . . . . . : : : : : : : : : : : : : : : : : : : : : : : : : : : : :: : : : : : : : : : : : : : : : : : : : : : $
/Unit
~
55,000 per unit.
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.,
Value Indicated by Direct Sales Comparison Approach (excluding excess land) .
Plus: Estimated Excess Land Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plus: Adjustment for Interest Appraised : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :
Value Indication. Direct Sales Comparison Approach
Rounded . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 2,17 ,000
$ 0
$ 0
$ 2,173,000
$ 2,173,000
$ 245,000
$ 1,585,000
$ 2,173,000
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Estimated Exposure Time: The exposure time, based on current market conditions, for a property such as the subject Is between
six months and one year In accordance with Standard 6 of USPAP.
J
Extraordinary Assumptions, Hypothetical Conditions, and Limiting Conditions: ere are no extraor mary assumpt ons, ypothet cal conditions, or
special condition for this analysis. Refer to assumptions and limiting conditions on next page or addenda of this report.
]
Estimated Market Value "As Is"
Effective Date of Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
......d..... J................................................
Market Value of Personal Property Inclu ed in Appra sal ... I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Market Value of Other Non-Realty Interests Included In Appraisa .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
1
Produced using ACllO/lwll'e, 800.234.'727 www.lCiwelI.com
1
S. W. Barrett Real Estate & Appraisal Services
j
trl'(j"N':~'N;Dr:;F:r'N;J\;IZ~V~:b'u"E~J.ES:t'IM1(T'Esr;cb:nfrn'il~'ia'
~ vJ J r{J /J Date
Steven W. Barrett. SRPA, SRA, ASA 01129/2007
No.: GA-000298-L
State: PA Exp. Date: 06/3012007
s~~~~~
Donna K. Shultz ~ 01/29/2007
No.: -
State: Exp. Date:
Assistant to the State Certified General A raiser
. :.:;'),j/::';;!>~', i.),C 0 N:t EN:nS~bF2A[j:D'EN'bA~~f;:;t~b;,.<<f;;;:':~~Wij:;'i'.~t{~.1f;{i!j\i6';S?:;i'~:
Appraiser #1
Signature
Name
Certifica tion
Property
Inspected
Yes 00 NoD
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Appraiser #2
Signature
Name
Certification
Yes (!) NoD
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. _ ~_~.:_'. ~~;::.;f';"':'f:"'; .,; ,."',
Legal Description
Subject Photographs' . . . . . . . . . . . . .
Area Map . . . . . . . . . . . . .
Neighborhood"Map . . . . . . . . . . . . . . .
Zoning Map . . . . . . . . . . . . . . .
Flood Zone Map . . . . . . . . . . . . . . . .
Topographic Map' . . . . . . . . . . . . . . .
Site Sketch . . . . . . . . . . . . . . .
Site Plan . . . . . . . . . . . . . . . . . .
Building Plans' . . . . . . . . . . . . . . . . .
Tax Assessment ~a;'d' . . . . . . . . . . . . .
Land Sales Data Sheets . . . . . . . . . . . .
Land Sales Map . . . . : : : : : : : : : : : :
II
~
Land Lease
Segregated ~ost"Sneei . . . . . . . . . . . .
Soils Survey Map . . . . . . . . . . . .
Subject Leases ................
Rental Comparab1e'Oata Slle'ets' . . . . . . .
Rent Location Map . . . . . . .
DCF Analysis . . . . . . . . . . . . . .
Improved PropertY ~iles bata ~heets . . . . .
Building Sales location Map . . . . .
Copy of Deed . .........
Contract of Sale . . . . . . . . . . . . . . . .
Construction Cost ~.ntrict" . . . . . . . . . .
Support for Personal PropertY ~a'uatron : : : :
Support for Non.Realty Interest Valuation
Support for Adjustment for Interest Appraised' .
Copy of Easement .
Appraiser QualificatIOns' : : : : : : : : : : : :
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:.;"... ,". ., . ,,"'" " . :. "'1,,,::,:":~"':"''''.D'E~.1 K11;r'1 t;\kl'{/.';'\'~~M'~A'R~v'E;r;.<.. .TA:11!t-I(IE'9!:
;- ';-,":"~;'.y,:::.._'-:,;: :/::,v,,::::.,,;,..~...,1-'-:1_:':,.;;:;1~t.i~-..-<;l: ":(:::;"I~; <<;1:\ ::~:I:""".,l\i;l'.F~~: :1-\ .:: ~ ':fl:~<11 ..JI-\:':;,t:I: i~';'
The most probable price which a property should bring In a competitive and open market under all conditions requisite to a fair sale, the buyer and seller
each acting prudently and knowledgeably and assuming the price Is not affected by undue stimulus. 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: (1) buyer and seller are typically motivated; (2) both
parties are well Informed or well advised, a.nd acting in what they consldir their best Interests; (3) a reasonable time Is allowed for exposure
In the open market; (4) payment is made In terms of cash In U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price
represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated
with the sale.1
1 USAP 2001 GJosgy
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1. As agreed up'On with the client prior to the preparation of this appraisal, unless otherwise Indicated, this Is a Limited Appraisal because It Invokes
the Departure Provision of the Uniform Standards of Professional Appraisal Practice. As such, information pertinent to the valuation has not been
considered and/or the full valuation process has not been applied. Depending on the type and degree of limitations, the reliability of the value
conclusion provided herein may be reduced.
2. Unless otherwise indicated, this is a Summary Appraisal Report which is Intended to comply with the reporting requirements set forth under Standard
Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it might no.t include full
discussions of the data, reasoning and analyses that w.re used In the appraisal process to develop the appraiser's opinion of value. Supporting
documentation concerning the data, reasoning and analyses Is retained In the appraiser's file. The Information contained In the report Is specific to
the needs of the client and for the intended use stated in this report. The appraiser Is not responsible for unauthorized use of this report.
3. No responsibility is assumed for legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated
in this report.
4. The property is appraised free and clear of any or all liens and encumbrances unless otherwise ,stated in this report.
5. Responsible ownership and competent property management are assumed unless otherwise stated In this report.
6. The information furnished by others Is believed to be reliable. However, no warranty Is given for its accuracy.
7. All engineering is assumed to be correct. Any plot plans and Illustrative material in this report are Included only to assist the reader In visualizing
the property.
8. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render It more or less valuable. No
responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them.
9. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated
in th is report.
10. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated,
defined, and considered in this appraisal report.
11. It is assumed that all required licenses, certificates of occupancy or other legislative or administrative authority from any local. state, or national
governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in
this report are based.
12. Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. Maps and exhibits found
in this report are provided for reader reference purposes only. No guarantee as to accuracy is expressed or implied unless otherwise stated in this
report. No survey has been made for the purpose of this report.
13. It is assumed that the utilization or the land and improvements Is within the boundaries or property lines of the property described and that there is
no encroachment or trespass unless otherwise stated In this report.
(Continued)
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I C Copyright 2001 by The Appraisal Foundation. All rights r e
A S'brt~llp I"f'I
S. W. Barrett Real Estate & Appraisal Services
A:SS UM ptlt)'N.~f.AND~l]MrtrN-(f;eoJ'~brtttlN:SY .Co.n'tln!tied'.
14. The appraiser is not qualified to detect hazardous waste and/or toxic materials. Any comment by the appraiser that might suggest the possibility
of the presence of such substances should not be taken as confirmation of the presence of hazardous waste and/or toxic materials. Such
determination would require investigation by a qualified expert in the field of environmental assessment. The presence of subtances such as
asbestos, urea-formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The appraiser's 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 unless otherwise stated
in this report. No responsibility is assumed for any environmental conditions, or for any expertise or engineering knowledge required to discover
them. The appraiser's descriptions and resulting comments are the result of the routine observations made during the appraisal process.
15. Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine
if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and
communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value,
marketability, or utility.
16. Any proposed improvements are assumed to be completed in accordance with the submitted plans and specifications.
17. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization.
The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used.
18. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other
than the party to whom It Is addressed, and in any event, only with the proper written qualification and only in its entirety.
19. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the
appraiser is connected) shall be disseminated to the public through advertising, public relations, news sales, or other media without prior written
consent and approval of the appraiser.
The appraiser/s Is not required to give testimony or appear In court because of having made the appraisal with the
reference to the property In question. unless arrangements have been previously made thereof. Disclosure of the contents
of the appraisal report Is governed by the Bylaws and Regulations of the Professional Appraisal Organizations with which
the appraiserJs Is affiliated. On all appraisals. sublect to satisfactory completion. repairs or alterations. the appraisal report
and value conclusion are contingent upon completion of the Improvements in a workmanlike manner. Any changes to this
report required by the client must be addressed within 30 days of receipt of written appraisal. Acceptance of and/or use of
this appraisal report constitutes acceptance of the foregoing assumptions and limiting conditions.
~
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.......\...;'i...;;.:'....'::;;'?~<>;:'!;r.~:::{};!~.:;;0I).~~[~f~~~~~~~i0lseE:RfRI'EI'~Amla'"".
I certify that, to the best of my knowledge and belief:
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Apprals.r', Slgnal.r. ~ ~ J 1 -:tj-
Steven W. Barrett, SRPA, SRA, ASA
State Certification # GA-000298-L
State Certified General Appraiser
Date 01/29/2007
, Ie Copyright 2001 by The Appraisal Foundation. All rights reserved.
uIing ACI...... 800.234.1727 _ACiweb_
D
S. W. Barrett Real Estate & Appraisal Services
~]
Summary Report
File No. 06-0380C
J
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APPRAISAL OF
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LOCATED AT:
125-138 Center Street & 902-924 Burr Ave.
Carlisle, PA, 17013-1703
.m....'.:...
~
FOR:
Robert G. Frey Esq. clo Frey & TIley Attorneys-At-Law
5 South Hanover Street
Carlisle, PA 17013
J
1
AS OF:
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'I
February 2, 2006
BY:
Steven W. Barrett, SRPA, SRA
State Certified General Appraiser
s. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
A
~@~
January 29, 2007
Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
RE: 125-136 Center Street
902-924 Burr Avenue
Carlisle, PA 17013
Dear Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, Vwe believe it to reflect a true measure .of the
present-day market value "AS OF" February 2, 2006.
Value Reported:
One Million Two Hundred Thousand Dollars
$1,200,000
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The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
StevenW. Barrett, SRPA, SRA, ASA
P A State Certified General Appraiser, GA-000298-L
Client Robert G. Fre Es . c/o Fre & Tile Attorne s-At-Law
Property Use Office Commercial. Industrial X Apartment Com p ex
Property Address 125-136 Center Street & 902-924 Burr Ave.
City Carlisle County Cumberland State PA
BuDding Name Crogan Court
Owner/Occupant Estate of Linwood B. Phllll s Jr.
Typical Buyer: O~r/User X vestorN/A
Property Rights Appraised l!J Fee Simple Leased Fee U Leasehold U Other N/A
Purpose of Appraisal Estimate current fair market value of the above described property. Four tax parcels were combined for
appraisal purposes for this complex. Tax 10 #'s ,29-20-1794-69, parcel # 60, parcel # 67, & parcel # 62.
Intended User(s) of Report The Intended User of this appraisal report Is the Client. No additional Intended Users are permitted
without the permission of the appraiser(s).
Intended Use of Report The Intended Use Is to evaluate the property that is the subject of this appraisal for current market value.
Summary Report
File No. 06-0380C
PAGE 1
'u NIFORM". COMMERctALJINoustRl:Al.,s.LJMM~R*~Aee;RAIS'AtE'rREe'oRi\:i';4:;,SM:1{Elli'~B'RaPERt:yC'"",
File Number 06-0380C
Summary Report
Map Reference 20-1794
Zip Code 17013-
Census Tract
APN
S. W. Barrett Real Estate & Appraisal Services
29-20-1794-59 & 60
Scope of Work Standard Rule 2-2 of the Uniform Standards of Professional Appraisal Practice and the Standards of
Professional Practice of the Appraisal Institute, re9uire that the extent of the process in which data are collected,
confirmed and re orted be described. and the Defmltion of Market Value as stated on a e 9 of this re ort.
X Complete Appraisal Limited Appraisal due to the following departures from Standard 1 No departures invoked, th s property Is being
appraised in its current "AS IS" condition. Retrospective Value, the "AS OF" date for this appraisal analysis is 02/02/2006
l!J Summary Appraisal Report
Owner Recording Reference Date
Most Recent Phillips & Frey 21J-1084 10/21/1964 $
Previous Phillips & Frey 21 L-1 002 01/13/2006 $
Previous Phillips & Frey 31X-0095 05/22/1986 $
Previous Phillips & Frey 21J-1086 10/20/1964 $
Current Contract U Option: U Listing Price $
Buyer N/A Contract Price $
Seller N/A Closing Date N/A
Analysis/Comments: The legal description 1 deeds has been reviewed and there appears to be no known unusual title
discrepancies. A copy of the deeds are in the addenda of this report. Four combined tax parcels, for appraisal purposes.
Price Paid
1,500
250
2,500
1,800
N/A
NIA
Terms of Sale
Outright Sales Transaction
Outright Sales Transaction
Outright Sales Transaction
Outright Sales Transaction
75 %
65 % Office ~ % Multifamily ~ %
o % Retail 0 % Vacant 26 %
Undersupply Balanced ove~u ply Vacancy
Single Family ~ ~ 0-5 %
Multifamily ........ X --o:s %
Office . . . . . . . . . 5-1 0 %
RetaH . . . . . . . . . . . X 5-10 %
Industria!" : : : : : : : : : N/ A %
,^i~~
Boundaries: Sublect is bounded on the north by PA Turnpike, Rt. 76; on the east and south by 1-81; on the west by McClures
Ga Road.
Neighborhood Built Up
Land Use: Single Family
Industrial
Location
Development Trend. . . . . .
Value Trend . . . . .
Vacancy Trend . . . . . . . .
Rental Demand .......
Urban
Down
Down
Down
Down
o Likely
DistanceoCBD
Distance-Freeway: : : : : : : : : : : : : : : : : : : : : :
1 Mlle:t Miles
2 Mlle:t Miles
1 Mile :t
/SFNear
Legal Description A COpy of the current legal descriptions are in the addenda of this report.
Parcel # 59 II .52 Acre. Parcel # 60 II 1.72 Acres, Parcel # 67 II .62 Acre, & Parcel # 62:1 .34 Acre
Environmental Problems Known or Suspected Yes U No l!J
Site Size 3.10 AE:!. Usable Land Area 3.10 Acre Excess Land Area
Site Dimensions Refer to legal descriptions
Street Frontage Center Street II 125'
00 See Addenda
None N/A
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced Ulillll ACllOtlw.... '00.23-4.1727 www....b.com
.'....-:c;;.;.,'...:,"..:.::....
S. W. Barrett Real Estate & Appraisal Services
:';::;,::;;:!tS:IX;6;!DESCRreT-r:o;~jr',Eahliifu!;~Ci..
Ingress/Egress . . . . .
Street Frontage ....
Shape .........
Functional Utility ....
Visibility
Landscaping' : : : : : :
Drainage . . . . . . . .
Adequacy of Utilities ..
Traffic Pattern
Traffic Volume
Utility:
Electricity
Gas ..:::::::
Water
Sewer
Telephone' : : : : : :
Provided By:
Public,PPL
Public, UGI
Public, NMA
Public, NMA
Public, Embarq
TOPOgraPh~
Level X
At Grade X
Mod Slope 8 Steep Slope 8
Above Grade Below Grade
Describe:
Corner Lot . . . . . . . . . . . . . . .. ~ I
Underground Utilities .......... X
Railroad Access . . . . . . . . . . . . . X
Earthquake Zone ............ X
FloodHazardArea............ X
Map # 42036700108 Date 04/01/1982
35':1:
Asphalt
Concrete
Concrete
None
5011 Conditions
Easements
Encroachments
Current Zoning
Yes l!J No U
Vear Taxes
Current Taxes 2006 $ 13,230.58 (Face)
Estimated Taxes' . . . . . ~ $ N/A
Tax Assessment . . . . . . - $ .53 /SF
Vear of Next Reassessment' Onl<: . .
Special Assessments: here are no spec a
Reassessment Issues: Cumberland County was reassessed in 2004, effective for tax year 2005. No new reassessment has been
scheduled.
Analysis/Comments: he subject property currently is under assesse I based on current market conditions. AI our tax parcels
were combined for analysis purposes. Individual assessment information Is on property tax cards in addenda.
Property Type
Building
One
Two
Three
Four
Multi Family
Floor
Two
TWO
TWO
Two
#Bulldings Four
Net SF
#Stories Two
Use %
Construction Type Row, Townhouse
-Net SF Use Type
Office
RetaD ...............
Warehouse' . . . . . . . . . . . .
Manufacturing' . . . . . . . . . . .
Distribution . . . . . . . . . . .
Research I Develo'pmenl . . . . . .
Multi Family / Apt: . . · . .
Gross SF
6,120
6,120
6,120
6,120
24,480
Rentable Area X
fotal
'Usable Area
Unknown
100%
196
94
0%
Parking:
On Site .... . . . . . . . .
Industrial Only
# Overhead Doors . . .
Floor Height . . . . .. - FT
CeDing Height . . . .. - FT
Column Spacing
-FT x -FT
., ear Built ..........................
~uilding Efficiency Ratio . . . . . . . . . . . . . . . . . .. 20
:ffective Age. . . . . . . . . . . . . . . . . . . . . . . .. 50
rotal Economic Life ..................... 30
~emainlng Economic Life ..................
=Ioor Area Ratio . . . . . . . . . . . . . . . . . . . . . . .
3round Coverage Ratio ...................
18 %
12.5 %
:opyright 2001 by The Appraisal Foundation. All rights reserved.
P,aduced IIIing IOflwl/'l, 800.234.8121 www.aciweb.com
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S. W. Barrett Real Estate & Appraisal Services
IlVfe.'R.Q~E;M{EN'tS.~'[jES'GRrefr:lO"N;;~O,r1tirH:iea.{.('~;;:~HE'.l;"
Improvement Rating
d
Foundation
Frame
Floor/Cover" . . . . . . . . .
Ceinng . . . . . . . . .
Exterior Wails . . . . . . . .
Interior Partitions. . . . . . .
Roof Cover . . . . . .
Plumbing .:::::::::
Heating
Air Conditioning . . . . . . .
Electrical . . . . . . .
Elevators ..........
Parking ..........
Insulation. . . . . . . . . . .
Sprinkler ..........
Roof SuppOrt. : : : : : : : :
Building Description
Concrete
Wooden
Hardwood, Vinyl
Drywall
Brick
D rywa II
Asphalt
Kitchen, Full Bath
Electric baseboard
None
100 amp
None
Asphalt paved/two spaces per unit
AdeQuate
None
Wooden Trusses
Appeal/Appearance
Floor Plan/Design ...........
Construction Qualify. . . . . . . . . . .
Exterior Condition . . . . . . . . . .
Interior Condition ...........
............
Roof Cover
Plumbing ...............
Heating ................
AIr CondCtiOnfng . . . . . . . . . . . . .
Electrical . . . . . . . . . . . . .
Elevators . . . . . . . . . . . . . . . .
Parking Area. . . . . . . . . . . . . . .
Insulation . . . . . . . . . . . . . .
Sprinkler ................
Landscaping. : : : : : : : : : : : : : :
Site Improvements:
Personal Property or Other Non-Realty Interests Included in Valuation: (!] No
included In this appraisal analysis.
DYes
No personal property, or non realty interests are
HIGHEST AND BEST USE AS IF VACANT:
Legally Permissible Uses: The site currently Is zoned R-2 High Density Residential. The use represents a legally conforming use
and would be com patible with the established character of the neighborhood.
Physically Possible Uses: Physical aspects of the site impose the first constraints on the possible uses of the property. Size.
shape and topography are key determinants of physically possible uses.
Financially Feasible Uses: The site Is located in an area developed with similar uses. Development of the site with townhouse
use would be likely, given the location. and would represent a financially feasible use.
Maximally Productive Use: The most productive use of the site given the location is townhouses.
Analysis/Comments: The highest and best use of the appraised site presuming it to be vacant and available is townhouses.
No other
~axima/ly Productive Use: The property as currently improved would be the maximum productive use and generate the highest
'eturn; therefore. considered productive.
,nalysis/Comments: The subject property as currently improved, meets current highest and best use guidelines as stated above.
~pyright 2001 by The Appraisal Foundation. All rights reserved.
ProduCld uling ACllOftwlrl, 100.23<1.1727 www.lCiwlb.cam
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No, 06-0380C
PAGE 4
. . ..::;.,'.:./..;' .::.:;:i~~":r;0j'~Bv~bla7tr[:r~;, 'fJt&J;~~B~Ee:lr
Cost Approach 0 . Income Approach .. [!) Direct Sales Comparison Approach 00
Reasons for Excluding an Approach: The Income and Direct Sales Comparison Approaches were used to estimate market value. The
Cost Approach was found not to be applicable for this analysis. . .
...I\t1AR'k-E:T:V~rgW!.E;;.ES;Tr;M!A[[E}iQ':E~'N:o:Ni~RE~'11:i
Market Value of Personal Property $
Market Value of Other Non-Realty Interests' Aorie" rnchicfecr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Total Market Value of Non-Realty Interests ..........................$
............ .......... ..............................
Analysis/Comments: No non-realty tems were considered or this analysIs.
N/A
N/A
o
Data Sheets AU 00 Subject
Location/Address Center St. & Burr Ave.
Proximity to Subject NI A
Map Reference 20-1794
Deed Reference 21J-184 & 21J-186
Date of Sale N/ A
Exposure Time None
Data Source Inspection
Site Size SFO Aaes 00 3.10
Frontage 125' Main Frontage
Zoning High Density Residentla
Utilities Public, W S G & E
Site Improvements Concrete Sidewalk
Comparable #1
Post & Clarmont Roads
2 MI NE
29-08-0575-001
275-1220
06/21/2006
3 Nonths
Owner & C. H. Records
7.09 Acres
821' & 340'
R-1, Residential
Public, W S G & E
None
Unit of Comparison Per Acre
Sales Price " . . . . . . $525,000
Price Per Unit" . . . . . . . . . " . . . . . . . . . . . . . . . . $
Property Rights 'Con'veyed' . . . . . . . . . . . . . . . . . . . "
Adjustment . . . . . . . . . . . " . . . . . . . .
Financing . . . . . . . . . . . . . . . . . . . . . . . .
AdJustment' . . . . . . . . . . . . . . . . . . . " . . . .
Conditions of Sale . . . . . . . . . . " . . . . . . " " " . . . .
Adjustment " " . . . . . . . " . . . . . . . . . . . . .
Market Conditions . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment ... . . . . . . . . . . . . . . . . . . . .
Other Adjustments . . . . . . . . . . . . . . . . . . . . . . . .
Location
Topography' : : : : : : : : : : : : : : : : : : : : : : : :
Shape/Utility .."....................
Utilities
Site Improvements . . . . . . " . . . . . . . . . . . . . .
Zoning . . . . . . . . . . . . . . . . . . . .
Total Adjustments . . . . . . . " . . . . . . . . . . . . . . . . $
Indicated Value Per Unit ....................
74,048
Fee Simple
o
Bank Loan
o
Outright Sale
o
Time
o
Similar
Level
Rectangular J Averaae
Public
None
Slm i1ar
o
74.048 S
Comparable #2
Beech & Pine Streets
2.8 MI SSE
40-22-0487 -117
257 -2933
06/13/2003
One Year t
. Realtor & C. H. Records
3.09 Acres
500 Main Frontage
Village
Public, W S G & E
None
$115,000
$
37.217
Fee Simple
o
Cash
o
Outright Sale
o
Time +7.8%
2,903
Similar
Level
Rectangular I Average
Public
None
Similar
2,903
40,120 $
Comparable #3
West Louther Street
.02 M I E
29-20-1794-028
271-1228
10/04/2005
None
Court House Records
2.65 Acres
425'
R-2, Residential
Public, W S & E
None
$160,000
$
60,377
Fee Slm pie
o
Unknown
o
Outright Sale
o
Time
o
Similar
Level to Roiling
Sliahtly Irregular 1 Avg.
Public
None
Similar
o
60,377
Analysis/Comments: Ad'ustments: Time ad'ustment was based on a 4% annual a reclatlon rate. After ad ustments a ran e
from $40.120 to $74 048 was determined. Chosen value indicator $60.000 per acre. No other adjustment were required.
Total Site Units: Acre
Unit Value . . . . . . . . . . . . " " . . . . . . . . . . . . . . . . . . . . $
Estimated Site Value" . . . . . . . . . . . . . . . . . . . . . . . . . . . . " " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
. . . . . . . . . . . . . . . " . . . . . . . . . . . . 'EXt~$~ (AtJtS . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess Land Area Units: N/A
Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Estimated ~xce'ss (and V'alue' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . . $
... ................... II................. .....................
3.10
60,000
186,000
None
N/A
None'
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced ulling ACllllflw..e. 800.23-4.8727 www..ciweb.com
J
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06-0380C
PAGE 5
;.,,1,'-.;.,..:"\.::;,0..
::;':H;.t:c'C)s1;~~p,e'Re1'i'~r"'::'
Cost Source Marshall Valuation Services, and supported bv local contractors
Component No. Size Unit Cost
$ $
$ $
.$ $
. $ $
$. $
$ $
Reproduction U Replacement ITCost New of Improvements $
~:~:~ ~~::~~~~~~I~~~~~~t ...........................::::::::::::::::: ~: : : : : : : : : : : : : : : : : ~
Total Cost New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Less:. Physical DeterioratiOn' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . %. . . . . . . . . . . . . . . . .
Less: Functional Obsolescence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ . . . . . . . % . . . . . . . . . . . . . . . . .
Less: External Obsolescence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . % . . . . . . . . . . . . . . . .
Total Acaued Depreciation (Deterioration "& 'Obsoiescen'ce)' . . . . . . . . . . . . . . . . . . . . . " . (S' . . . . . . . . . . . . .
Depreciated Value of Bullding(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .'. . $ )
Plus: Contributing Value of Site Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . $
Depreciated Value of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S NI A
.......... .............. ...... .......... ....................
Analysis/Comments: The Cost Approach was deemed not approbate for this analysis. due to age and total depreciation of the
existinQ improvements. Land value is estimated using local market sales information. and reported within this section of
the appraisal. Value reported within the Cost Approach section of this report is for "LAND ONL V".
J
]
~.:
~
~
~
J
J
Estimated Site Value $
Plus: Estimated Excess'Land "alue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plus: Depreciated Value of Improvemen'ts' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plus: Market Value of Personal Property ana btluir }.lon'.~ealfy lnlerests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Indicated Value Before Adjustment for Interest Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Less: Adjustment for Interest Appraised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Value Indication. Cost Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Rounded: ...........::::::::::::::::::::::::::::::::::::::::::::.:::::::::::::::: $
Cost
186. 00
None
N/A
o
186.000
o
186.000
186.000
. ":~,(:tf{,i~~~;';~ffi,;;nN;m.SMa'
AttO
Data Sheets
Address
Proximity to Subject
Map Reference
Year Built
Gross Building Area
Number of Stories
Current Vacancy %
Construction Type
Construction Quality
Condition
Parking
Date of Rent Survey
Asking Rent
Lease Period
Tenant Improvement
Allowance
Concessions
# Units Complex
Comparable '1 Comparable #2 Comparable #3
Fry Loop Ave. W. Ridge Street E. Willow Street
3 Miles :t 1 Mile :t 1 Mile :t
29-16-1094 04-22-0483 03-22-0485
1976 1976.78 1975
46.080:1: 16.000:t Two 22.000:1:
Two Two
0-5% 0-6% 0-5%
Row. Townhouse Row. Townhouse Row. Townhouse
Average Average Average
Average Average to Good A veraQe
Adequate Adequate Adequate
08/2006 08/2006 08/2006
$6240 per unit ( $520) $7.680 per unit ($640) $6.960 per unit ($580)
Annual Annual Annual
Subject
Center St & Burr Ave.
N/A
20-1794
1967 & 94
Two
24.480.00
0-5%
Row. Townhouse
Average
Average to Good
28 Spaces
08/2006
$7 .320/610&$ 6.720/560
Annual
None None None None
None None None None
24 48 Units 16 Units 22 Units
arlous arlous arlous ar ous
Varies Varies Varies Varies
Annual Annual Annual Annual
(N) Net (N) Net (N) Net eN) Net 1.000
1.020 960 970
$ 7.18 $ 6.60 $ 7.92 S 6.96
None None None None
$ 7.18 S 6.60 $ 7.92 $ 6.96
None None None None
$ 7.18 S 6.50 $ 7.92 $ 6.96
Tenant Name
Beginning Date
Term
Lease Type*
Tenant Size (SF)
Rent Per SF
Rent Concessions Adj.
Adjusted Rent Per SF
Adjustment for
Market Conditions
Adjusted Rent Per SF
C> Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced Ullng ACllDlIw... 800.234.8727 www.IICiwIll.com
s. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06..0380C
PAGE 6
I N CO ME .AP'PROACH .'JREN;TAt:?CdM~P~~R}\'B'~E!~B!B'f~:el.tlG~:jN!~~lli~stst:cd':iitiliii'~CI
Location Average Ave-rage Average Average
Quality Average Average Average Average
Condition Average Average Average Average
Unit: Rm. & Bath 5..3..1 Similar ..0.19 (10%,'Superlor) Similar
Total Adjustments 5.00 0.00 ..0.79 0.00
Indicated Market Rent $ 12.18 $ 6.50 $ 7.13 $ 6.96
*Lease Types: Gross Lease (G), Net Lease (N), Triple Net Lease (TN), Modified Gross (MG), Expense Passthroughs (P),
Sales Overa e Rents 0 Common Area Maintenance C Renewal 0 tions R
Analysis/Comments: roperty owners, landlords, and real estate managers were contacted within the aenera market area to
, determine rentalllease rates. It should be noted that lease data is not public information. This information, and other
miscellaneous data is maintained in the office files to com I with the re uest for confidentialit . All three market
rentals/leases are rom the greater market area, and verified through the leasing agent or property owner. The 7.18 per
square foot is slightly higher per square foot, but considered within an acceptable range.
Tenant
Name
Various
Rented
Area (SF)
24,480
Beginning
Date
Varies
Lease
Term Types
Unk. (N) Net
Current
Actual Rent
7.18 & 6.60
Effective
Rent I SF
0.00
Estimated
Market
Rent I SF
N/A
Income: Actual Comments and Calculations Stabilized
From to Actual Income: based on per unit Income $ 168,480
Gross Potential Income $ Pet Income $ 3,600
Vacancy and Collection ....... S
Loss _ % ....... ($ 0) Projected V & Closs, 5% ($ 8,604 )
Other Income $ None $
Effective Gross"lncame' : : : : : :: $ 0 Projected Effective Gross Income $ 163,416
Expenses:
Property Taxes S Actual R.E. taxes based on assessment & tax rates $ 13,231
Insurance . . . . . . . . . . . $ Actual insurance expense, provided by agent $ 3,268
Property Management . . .. . ... $ Estimated from current market, 5% $ 8,174
Utilities . . . . . . . . $ Water, Sewer. Electric S 1,844
Janltorlal...............S Trash $ 3,111
Maintenance. . . . . . . . . . . . .$ Actual, provided by owner $ 11,460
. " . . . . . . . . . . . $ Administrative & Miscellaneous $ 31,969
Reserves $ Estimated based on overall property condition @ 2% $ 3,270
Total Expenses' . . . . . . . . . . . $ Total Owner Projected PropertvExpenses $ 16,981
Net Operating Incame"(r'J61) : : : : : $ 0 Expense/SF $ 3.14 Expense Ratio 47.09 % $ 86,489
Analysis/Comments: Actual income and stabilized ex enses were used to arrive at net 0 eratm income . This estimate s
considered fair under current market conditions.
0.05 to 0.10
0.075
NOI
Estimated Value
Equity Dividend Rate Range
Mortgage 0.80 x
Equity 0.20 x
Overall Rate (Ro)
NOI
0.05 to
0.0967 =
0.0800 =
Overall Rate Range
Overall Rate (Ro)
=
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced using AClsallWare, 800.234.8727 WWW.aciweb.GOm
....<VIElD:;C;AJ:jI,..At.Tz~TI0:N,;':'>;:
Yes 0 No [Xl
I
I '
S. W. Barrett Real Estate & Appraisal Services
Cash Flow Analysis in Addenda
Forecast Holding Period
Beginning NOI
NOI Pattern . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .
Reversion Ass ump fion ,. . . . . . . . . . .. . . . . .. . . . . .~ . . . . . ", . ,,', .
Yield Rate . . . . . . . . . . . . . . ~ . . . . . . . . .: . . . . . '. ,.
Value Estimate' . . . . . . . . . . . . . . . . . . . . .,. . .'. . . .. . . . . .... ..
. ........... ... .............. ......
Market Rent Scenario
Contract Rent Scenario
$
$
$
N/A
$ N/A
Analysis/Comments: Not utilized for this analysis.
"~'Bj(j,sm:ME'Ntlt;E~Q.R::;fNi,I:EfREs,m;~;~ee:Ri@ts;E;DI:ii~&,~~t;'~ti;;S.a.g"f?-jJ;,::;::.<.:.::::i~.:',
;' :;::......:.~~...,,;~.,.
Value Estimate. Market Rent Scenario $ N/A
Value Estimate. Contract Rent Scenario' . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . .' . . $ N/A
Difference (Adjustment for Interest Appraised). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0
, . . . . . . . . . . . . . . . . . . . . .'. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Analysis/Comments: Market rent and contract rent forthe su ject are at the same level; t ere ore, no adjustment is required
difference for Interest appraised. ' .
Value Indicated by Direct CapitalizatlonNleld Analysis (excluding excess land) . $ 1,144,166
Plus: Estimated Excess Land Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ None
Value Indication. Income Approach . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1 ,144,166
Rounded . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1 ,144,000
. . . . . . . . . . . . . . . . . . . . . e, . III ... . . . . . . . . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . . . . . . . . .
:~:..;-~ t;~'~~::;~.<~:';-.:>r
\.;...[j'fRE'tif;:.S1\''EESk~'OMTe~R"~m;R
Att 00
Comp Sheets
Address
Proximity to Subject
Map Reference
Data Source
Gross Building Area
Net Building Ar,n,
Site Size SFU AaesOO
Land-ta-Building Ratio
Year Built
Construction Type
Construction Quality
Condition
Parking
Other # of Units
Subject
Center St. & Burr Ave.
N/A
20.1794
Inspection
-24i480
Unknown
3.10
5.52
Comparable #1
S. Washington, Mech.
10.5 MI E
20-24-0785-227 .
Court House Records
12.064
Unknown
1.05
0.00
Comparable #2
Chester Rd. E.P. Twp.
15.5 MI ENE
09.16-1052-052
Court House Records
9,540
Unknown
1.20
0.00
Comparable #3
Ham ilton St. Carlisle
1.7 MI ENE
06-19.1641-105
C H Records & Owner
9,000
Unknown
0.62
0.00
1967 & 94
(4) 6 Unit Townhouse
Average
Average to Good
28 Spaces
24
1995
(2) 6 Unit Townhouse
Averaae
Average
Adequate
12
1998
(1) 8 Unit Townhouse
Average
Average
Adequate
10
1965
(2) 4 Unit Townhouse
Average
Average
Adequate
8
Sale Price $ A S 800,000 $ 664,00 450, 00
Date of Sale N/A 07/26/2005 10/01/2002 04/09/2001
Exposure Time None Unknown Unknown None
Property RIghts Conveyed Fee Sim pie Fee Slm pie Fee Simple Fee Simple
Adjustment 0 0 0 0
Financing Unknown Conv. Bank Terms Unknown Conv. Bank Terms
Adjustment 0 0 0 0
Conditions of Sale N/A Outright Sale Outright Sale Outright Sale
Adjustment 0 0 0 0
Excess Land None None None None
Adjustment 0 0 0 0
Non-Realty Interests None Considered None Considered None Considered None Considered
Adjustment 0 0 0 0
CEfrerms Adjusted Price S o $ 66,667 $ 66,400 $ 56,250
Other Adjustments: Tim e +1.5% Time +9.8% Time +14.3%
Market Conditions None I Typical
Adjustment 0 1 ,000 6,507 8,044
location Average Superior .10% Superior .10% Similar
Adjustment 0 .6,666 .6,640 0
Quality Average Similar Similar Similar
Adjustment 0 0 0 0 I
Condition Average to Good Superlor.5o/.' Superlor.50/. Inferior +50/. ~
Adjustment 0 -3,333 .3,320 2,813
Econ. of Scale Larger Com plex Superior -10% Superior ..10% Superior .10% !
Adjustment 0 .6,666 -6,640 ..5,625 il
Total Other Adjustments 0 -15,665 .10,093 5.232 :1
:,
Indicated Value Per II
Per Unit $ o $ 51 ,002 $ 56,307 $ 61,482
Copyright 2001 by The Appraisal Foundation. All rights reserved. Pl1lduced IIIing ACllllJl\w.., 100.234.1727 www.lciweb.carn il
il
ij
h ,.t~
If ;.1.1
ILl!
S. W. Barrett Real Estate & Appraisal Services Sumniary Report
File No. OS.0380C
PAGE 8
. "DlR'ECt:sALES'GO'MPA:r~lso.N.tAPRRO'~e.Hle~O:Mp:ARA'B'EE;~'Bt1H12DitN:G?'~:N)~"lii~sIs;::'eo~nfinil:ecf'"
:,'F' .E"E',.S' 'I'M 6(.S.... ::~o.':i'E. .' 3A:.S.:E....":ri;\i'i~.;:E...' ;::~;ri:E"~:R. 'Ji',ii']:~';~;,"~;:A~,..!A",'rA(ii)n(i~lA~~']':~(
.. .,/,. 'w ':' :E:..... :;ig1~'.,~Li.--: K. ; ~Lilhi.E;'w: 'y,~~:r;>c ,,'. ~BIX~ ~1.':(~':Il::r::IJ:'.'Ll.}~:I~~U:.,,~~I:t\Mkt~ :;~';..
]
. Comparable #1
Fee Simple or Leased Fee Fee Sim pie
Gross Potential Income . . . . . . . . . . . . . . .. . . . . . . . . $
Vacanand Collection loss % . . . . . . . . . . . . . . . . . . . . .
Effectl~ Gross Income . . . . . . . . . . . . . . . . . ~ . . $
Operating Expenses . . . . . . . . . . . . . . . ... . . . . . . . $
Expenses/SF Gross Builaing.Afea. . . . . . . . . . . . . . . . . . . . $
Expense Ratio . . . . . . . . . . . . . . ~ . . . .
Net Operating Incom.e. . . . . . . . . . . . . . .. . . . . . . . . . . . $
EGIM . . . . . . . . . . . . . . . . . . . . . . . .
Overall Rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity Dlvidena ~ate : : : : : : : : : : : : : : : : : : : : : : : : : :
Analysis/Comments; Insu iClent market data available to com plete t is portion of the analysis.
Comparable #2
Fee Slm pie
$
~
$
$
o $
o
$
0.00
0.00
0.00
i
~..
~
~,'
~.!
a
Building Units Per Unit
Value Per Unit
Value Estimate
24
66.000.00 /Unit
$1 ,344.000
I
N/A
I
~
Value Indicated by Direct Sales Comparison Approach (excluding excess land)' $
Plus: Estimated Excess Land Value .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $
Plus: Adjustment for Interest Appraised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $
Value Indication - Direct Sales Comparison. Approach . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $
Rounded . . . . . . . . . . . · . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $
. 44.000
o
o
1,344,000
1,344,000
Cost Approach Indication . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. S$
Income Approach Indication
]
Estimated Exposure Time: The exposure time, based on current market conditions, for a property such as the subject Is between
six months and one year in accordance with Standard 6 of USPAP.
Extraordinary Assumptions, Hypothetical Conditions, and Limiting Conditions: There are no extraordinary assum ptions. hypot etica con it ons. or
special condition for this analysis. Refer to assumptions and limiting conditions on next page or addenda of this report.
Estimated Market Value "As Is.
Effective Date of Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Market Value of Personal Pro arty .'n'clud'ea m A. falsa'. . . . . . . . . . . . . . . . . . . . . . . . . - . . . - . . . . . . . . . . . . . . . . .
Market Value of Other Non-R~alty Interests Inc'::ed In Appraisal : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced using AClsoflware, 100.234.8727 www"ciweb,com
Appraiser #1
Signature
Name
Certifica tion
Appraiser #2
Signature
Name
Certifica tion
Legal Desaiption ...............
Subject Photographs
Area Map . . . . . . . . . . . . .
Neighborhood.Map : : : : : : : : : : : : : : :
Zoning Map ..................
Flood Zone Map
Topographic Map. : : : : : : : : : : : : : : :
Site Sketch
Site Plan
Building Plans. :; : : : : : : : : : : : : : : :
Tax Assessment I",ard
Land Sales Data Sheets . . . . . . . . . . . .
Land Sales Map . . . . : : : : : : : : : : : :
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06-0380C
PAGE 9
..:TIO:N';:AND!K:FJN~t!l;bX/AHzdEi:E:S<JiIM~i:ES\K.c'6t1:trrto:e:d:.',{jj;;;/'j.f1:!J,.
. :" .' :.; :. :.~.' . '.
Date
Property
Inspected
Yes 00 NoD
01/29/2007
01/29/2007
Yes 00 NoD
Land Lease
Segregated ~sfSheef . . . . . . . . . . . .
Soils Survey Map . . . . . " . . " . . .
Subject Leases ."..."......"..
Rental Comparable"c>ata .She"ets" " " . " . . "
Rent Location Map . " . " . . .
DCF Analysis . . . . . . . . . . . . . .
Improved PropertY Sales bata ~heetS " . " . .
Building Sales Location Map . " " " .
Copy of Deed . " . . . . . . .
Contract of Sale . . . . . . . . . " . . . . . .
Construction Cost ~(jn6-ict. . . . . . . . . . .
Support for Personal PropertY \ialuatTon : : : :
. .;.:..":~>;~;:;'~:;'tY;i:;(UC:,"~;~.'.i:~iM;~12!fD:EF;f~;nnr(1:N~j't1aM~Rlf.(!E_~lm
The most probable price which a property should bring In a competitive and open market under all conditions requisite to a fair sale, the buyer and seller
each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus. 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: (1) buyer and seller are typically motivated; (2) both
parties are well informed or well advised, and acting In what they consider their best Interests; (3) a reasonable time is allowed for exposure
in tlie open market; (4) payment is made In terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price
represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated
with the sale.'
1 USAP 2001 GIoaaary
.....: '..";;::;.~(?r:~F}:;);:i:;;';;~~:~;:(:if};~~;;;;~~~S'S':DMfeml'0fN1S~~NB~mrM~'lmIN:~i~~N'mijjt~Q;"~
1. As agreed upon with the client prior to the preparation of this appraisal, unless otherwise Indicated, this Is a Limited Appraisal because It invokes
the Departure Provision of the Uniform Standards of Professional Appraisal Practice. As such, information pertinent to the valuation has not been
considered and/or the full valuation process has not been applied. Depending on the type and degree of limitations, the reliability of the value
conclusion provided herein may be reduced.
2. Unless otherwise Indicated, this' is a Summary Appraisal Report which Is Intended to comply with the reporting requirements set forth under Standard
Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, It might not include full
discussions of the data, reasoning and analyses that were used In the appraisal process to develop the appraiser's opinion of value. Supporting
documentation concerning the data, reasoning and analyses Is retained In the appraiser's file. The Information contained .in the report is specific to
the needs of the client and for the intended use stated In this report. The appraiser Is not responsible for unauthorized use of this report.
3. No responsibility is assumed for legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated
in this report. .
4. The property is appraised free and clear of any or all liens and encumbrances unless otherwise stated in this report.
5. Res p 0 n 5 ib Ie own ersh Ip and co mpete n t pro p erty mana gem ent are ass u med unless 0 therwise sta ted In th is re port.
6. The Information furnished by others Is believed to be reliable. However, no warranty Is given for Its accuracy.
7. All engineering is assumed to be correct. Any plot plans and illustrative material In this report are included only to assist the reader in visualizing
the property..
8. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No
responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them.
9. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated
in this report.
10. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated,
defined, and considered In this appraisal report.
11. It is assumed that all required licenses, certificates of occupancy or other legislative or administrative authority from any local, state, or national
governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained In
this report are based.
12 Any sketch in this report may show approximate dimensions and is included to assist the reader In visualiZing the property. Maps and exhibits found
. in this report are provided for reader reference purposes only. No guarantee as to accuracy Is expressed or implied unless otherwise stated in this
report. No survey has been made for the purpose of this report.
13 It is assumed that the utilization of the land and Improvements is within the boundaries or property lines of the property described and that there Is
. no encroachment or trespass unless otherwise stated In this report.
(Continued)
:opyright 2001 by The Appraisal Foundation. All rights r e
:1~
in
H1
S. W. Barrett Real Estate & Appraisal Services Summary Report
File No. OS-0380C
PAGE 10
. ASSU'M,'PT'ld NS;'-)iNtj.:;,[jIMttIN;'G~';G;Q'Nt)r*t€n;JS~i,:"G6rn'li:nir:.~(r"f&:;;;;.}:n:';~;,lj;.8j;~?,;ilEfD;,.,\~,.;:i^~":;'r?/~', ':
14. The appraiser is not qualified to detect hazardous waste andlor toxic materials. Any comment by the appraiser that might suggest the possibility
of the presence of such substances should not be taken as confirmation of the presence of hazardous waste andlor toxic materials. Such
determination would require investigation by a qualified expert in the field of environmental assessment. The presence of subtances such as
asbestos, urea.formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The appraiser's 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 unless otherwise stated
in this report. No responsibility is assumed for any environmental conditions. ,or for any expertise or engineering knowledge required to discover
them. The appraiser's descriptions and resulting comments are the result of the routine observations made during the appraisal process.
15. Unless otherwise stated in this report. the subject property is appraised without a specific compliance survey having been conducted to determine
if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and
communications barriers that are structural in nature that would restrict access by disabled Individuals may adversely affect the property's value,
marketability, or utility.
16. Any proposed improvements are assumed to be completed in accordance with the submitted plans and specifications.
17. The distribution, if any. of the total valuation in this report between land and Improvements applies only under the stated program of utilization.
The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used.
18. Possession of this report, or a copy thereof. does not carry with It the right of publication. It may not be used for any purpose by any person other
than the party to whom it Is addressed. and In any event, only with the proper written qualification and only in its entirety.
19. Neither all nor any part of the contents of this report (especially any conclusions as to value. the identity of the appraiser, or the firm with which. the
appraiser Is connected) shall be disseminated to the public through advertising, public relations, news sales. or other media without prior written
consent and approval of the appraiser.
The appraiser/s is not reQuired to give testimony or appear in court because of having made the appraisal with the
reference to the property in Question. unless arrangements have been previously made thereof. Disclosure of the contents
of the appraisal report is governed bv the Bylaws and Regulations of the Professional Appraisal Organizations with which
the appraiser/s is affiliated. On all appraisals. subject to satisfactory completion. repairs or alterations, the appraisal report
and value conclusion are contingent u~on completion of the Improvements In a workmanlike manner. Any changes to this
report reQuired by the client must be addressed within 30 days of receipt of written appraisal. Acceptance of and/or use of
this appraisal report constitutes acceptance of the foregoing assumptions and limiting conditions.
I certify that. to the best of my 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 are my personal, impartial,
and unbiased professional analyses. opinions and conclusions.
I have no (or the specified) present or prospective Interest In the property that Is the subject of this report and no (or the specified)
personal interest with respect to the parties involved.
I have no bias with respect to the property that is the subject of this report or to the parties Involved with this assignment.
my engagement in this assignment was not contingent upon developing or reporting predetermined results.
my 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.
my analyses. opinions, and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of
Professional Appraisal Practice.
I have (or have not) made a personal inspection of the property that is the subject of this report. (If more than one person signs this certification.
the certification must clearly specify which individuals did and which individuals did not make a personal Inspection of the appraised property).
no one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions. the name of each individual
providing significant real pro pert appraisal assistance must be stated). .
All conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by the
appraiser/s whose Signature appears on the report. unless indicated as "Review Appraiser". No changes of any Ite,. m In the
a raisal re ort shall be made b an one other than the a ralserls and a ralser7s shall have no res onsiblli for an
such unauthor zed change. As of the date 0 this appraisal, teven W. arre~ the undersigned appraiser. has com pleted
the reQuirements of the Continuing Education Program of the Appraisal Institute and the American Society of Appraisers.
All state certifications and licence requirements. to legallv Dreform this appraisal, have been met and are current under
present regulations.
:s:- ~ 11 ._-L..J_
"""-- ~ { I -
Appraise", Signalure -
Steven W. Barrett, SRPA, SRA, ASA
State Certification # GA-00029S-L
State Certified General Appraiser
Date 01/29/2007
@ Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced uling ACI IOflwIfl, 100.234.8727 www.aciwtb.CllfII
J
S. W. Barrett Real Estate & Appraisal Services
)
Summary Report
FHe No. 06-0381C
J
APPRAISAL OF
J
)
I
I
LOCATED AT:
231-265 Walnut Bottom Road
Carlisle, PA, 17013-3740
FOR:
Robert G. Frey Esq. c/o Frey & Tiley Attorneys-At-Law
5 South Hanover Street
Carlisle, P A 17013
AS OF:
February 2, 2006
BY:
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
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S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
.
~~~
January 29, 2007
Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
RE: 231-265 Walnut Bottom Road
Carlisle, PA 17013
Dear Mr. Frey;
The appraiser/s certify that the subject propeqy has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006. '
Value Reported:
Seven Hundred Twenty-Five Thousand Dollars
$725,000
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours.,
~_~lL,If-.
Steven W. Barrett, SRPA, SRA, ASA
PA State Certified General Appraiser, GA-000298-L
:"']""
ill
Client
Property Use
Property Address
City
Building Name
Summary Report
File No. OS-0381C
PAGE 1
. ~U N IFO RM"C()MMERbIAl/INDUStRIJ\t:i:'Sl.JM'MAR~i;A.'F:~PR:AISALFREPORT:;.:SMALI1PROPER'tY")'.<;:'
File Number 06-0381 C
Summary Report
Map Reference 22-0483
Zip Code 17013-3740
Census Tract 0124.00
APN 04-22-0483..014
s. W. Barrett Real Estate & Appraisal Services
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State P A
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:;-,:4
Intended User(s) of Report The Intended User of this a
without the ermiss on of the a raiser s .
Intended Use of Report The Intended Use is to evaluate the property that Is the subject of this appraisal or current market value.
Scope of Work Standard Rule 2-2 of the Uniform Standards of Professional Appraisal Practice and the Standards of
Professional Practice of the Appraisal Institute, require that the extent of the process in which data are collected,
confirmed and re orted be described. and the Definition of Market Value as stated on a e 9 of this re ort.
X Complete Appraisal Limited Appraisal due to the following departures from Standard 1 No departures invoked, this prope~ is being
appraised in Its current 'AS IS" condition. Retrospective Value, the "AS OF" date for this appraisal analys s Is 02/02/2006
~....
'~{~:
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~
l!J Summary Appraisal Report
;'R"':':"?R'" ''YE'"E''' '~"'-E"::AJR";tfFjW' ...."i:fE...'R."S"'..ii1i,.1.61'*Bl''''S.'':~8.R'...'.,,\ij~(}/t:<t';;,~;~;g;-}itii'~';
.:' .'.". ," ~-~:?I/i: '.~..,:,:;,\:.I., ~I~':' '-...' no' 'G;A41R: .?I;:~~: ',' tl~0;lir.\~~~~~,1;.W:~-!h~t;y<&
.~'.~.':".;.'.'.'.".'
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'~:.!r~
50
8,500
50,000
Terms of Sale
Outright Sales Transaction
Outright Sales Transaction
Outright Sales Transaction
~.-.~.'."
~
Owner Recording Reference Date
Most Recent Phillips & Frey 31W..607 05/10/1986 $
Previous Phlliips;Frey,Meals 20N..626 06/01/1962 $
Previous Phillips & Frey 21A-543 11/08/1963 $
Previous $
Current Contract U Option: U Listing Price $ N/A
Buyer N/A Contract Price $ N/A
Seller NI A Closing Date H/ A
Analysis/Comments: The leaal description / deed has been reviewed and there appears to be no known unusual title
discrepancies. A copy of the deeds are in the addenda of this report.
Price Paid
i~".~'
.'..;."..'.}..'
~~
.:::, . ":;.-Z(7::t/,~:;;,.'?~:!,';'l2';-;i\}f~;;~bd~~:'FJ'E'I'G'A'B:Q'R'A'0e:B%DiE'S"e:R'fB:nI~'FJiJ~{:;;i~::i[~~AX,i~:;i,~i;;:'2:::tfr,'jW:1'fi~~,~!{:t*ir.~,;.?'~}~~~i;i;i,;Bi?~:.;~~/r:'::~;[~:r,;i~0~~):t:*~;lf.~'
Boundaries: SubJect Is bounded on the north by High Street on the east by Hanover Street, on the south by 1-81 , on the west by
Mooreland Avenue.
~~.~.
'tct
"~"l"~
Neighborhood Built Up
Land Use: Single Family
Industrial
Single Family
Multifamily . : : : : : : : :
Office
RetaO . . . . . . . . . . .
Industrial. : : : : : : : : :
Dlstance-CBD
75 %
45 % Office ~ % Multifamily ---1Q. %
o % Retail 10 % Vacant 25 %
und~PPIy Balance. d ove~ply Vacancy
~ 5?1~ :
X 5.10 %
~%
1 M lIe:l: Miles
1 M lIe:l: Miles
.50 :I:
Location
Development Trend. . . . . .
Value Trend . . . . .
Vacancy Trend . . . . . . . .
Rental Demand :::::::
Urban
Down
Down
Down
Down
fI..........~.ili........:
\i
il"
I:
[~c
00 Likely
IS FNear
I
D
tI
~
Neighboring Property Use:
commercial.
Analysis/Comments: The BorouQh of Carlisle is centrally located in Cumberland County on the west side of the Susquehanna
River. It is bounded on the north and east by Route 76--Pennsylvanla Turnpike. on the south by Interstate 81 , and on the
west by U. S. Route 11. The neighborhood appears stable, with no apparent adverse conditions. A full neighborhood as
well as realonal analyses will be retained in the appraisers files.
J
SI'JtEtD1ES~G;R'I'B:fi10"'"
Legal Description A copy of the current legal description is in the addenda of this report.
Environmental Problems Known or Suspected Yes U No l!J
Site Size 1.10 Acre Usable land Area 1.10 Acre. Excess land Area
Site Dimensions Irregular shaped, see site plan, and/or legal description in the addenda.
Street Frontage 407' %
00 See Addenda
p
U
None N/A
] Q Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced ulling II IlOftw..., loo.23U727 -.. ,lGiweb.GOIII
,
JI
Street Improvements:
Street Width 50't
Street Paving: : : :: Asphalt
Sidewalks Concrete
Curbs & Gutters' . .. Concrete
Storm Sewers Yes
Lighting ...:::: Overhead in street
SoU Conditions Appears sta Ie rom su ace nspection
Easements None observed, with the exception of public utilities
Encroachments None observed
Current Zoning R-3 High Density Residential
Zoning Change: Not Likely ~ Likely U To N/A
Uses Allowed Under Current Zoning Five Permitted Uses: Four Accessorv Uses: Five Special Exception:
Current Use Townhouse apartments are a permitted use.
Analysis/Comments: here are no apparent adverse easements, encroachments or other adverse conditions. Flood Map located
in addenda of report.
....,.:.Sllt:EfDESCR.j ptJ0N,);..colitin'a.fJa;':t:.,.,.
~.:: '1)' ..; .:
S. W. Barrett Real Estate & Appraisal Services
II
Describe:
T oPOgraPh~
level X Mod Slope 8 Steep Slope 8
At Grade X Above Grade Below Grade
Comer lot . . . . . . . . . . . . . . .. ~ I
Underground Utilities .......... X
Railroad Access . . . . . . . . . . . . . X
Earthquake Zone ............
Flood Hazard Area . . . . . . . . . . . . ~
Date 02/03/1982
Map # 425382 00048
IngresslEgress . . . . .
Street Frontage ....
Shape .........
Functional Utility ....
Visibility ........
Landscaping . . . . . .
Drainage . . . . . . . .
Adequacy of Utilities ..
Traffic Pattern
Traffic Volume
Utility:
Electricity . . . . . . .
Gas .........
Water ........
Sewer
Telephone' : : : : : :
ProvIded By:
Public,PPL
Public, UGI
Public, CBMA
Public, CSA
Public, Embarq
11
~I
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Legally Conforming
Yes~ No U
~I
m
ml
~I
Special Assessments:
ere are no specla
Tax Rate
Total 0.01718700
County' . . . . 0.00237700
City . . . . 0.00281000
Other' . . . . . 0.012 School
assessments n e ect, or anticipate .
Year Taxes
CurrentTaxes 2006 $ 9,624.72
Estimated Taxes' . . . . . ~ $ N/A
Tax Assessment . . . . . . - $ .59
Year of Next Reassessment. 0 nl<.' . .
/SF
Assessment Year 2006 APN 04-22-0483-014
Total $ 560.000
land ............ $ 124,860
BUlldlng(s) . . . . . . . . . . $ 435,140
Other . . . . . . . . . $ N/ A
~l
I.r.,.;.,.~.
;t;
" I
Reassessment Issues: Cumberland County was reassessed in 2004, effective for tax year 2005. No new reassessment has been
scheduled.
Analysis/Comments: The subject property currently is under assessed, based on current market conditions.
i
Property Type Multi Family
Building Floor
One Two
Two Two
Gross SF
8,160
8,160
i
Total . . . . . . 16,320
*Usable Area Rentable Area
Year Built ..........................
Building Efficiency Ratio ........... . . . . . . . .
Effective Age. . . . . . . . . . . . . . . . . . . . . . . . .
Total Economic Life .....................
Remaining Economic Life ..................
Floor Area Ratio . . . . . . . . . . . . . . . . . . . . . . .
Ground Coverage Ratio ...................
Construction Type Row, Townhouse
*Net SF Use Type
Office
Retail ...............
Warehouse' . . . . . . . . . . . .
Manufacturing' . . . . . . . . . . .
Distribution ...........
Research / Developnllinl . . . . . .
Multi Famllv I Apt: . . . . .
#Buildings Two
Net SF
#Stories Two
Use %
~.:
~
Unknown
100
~
0% ~~ Industrial Only
30 # Overhead Doors . . .
50 Floor Height . . . . . . -FT
20 CeiUng Height . . . . . -FT
34 % Column Spacing
- FT x -FT
17.5 % 30 Ra~~spur c:J
2 Yes No
two 0 street
~
U
]
j 0:> Copyrlghl2ll01 by The Appraisal Foundelion. All rights reserved.
PradUClId using AClaollwlre. 100.234.1727 wwwAcinb.com
j
S. W. Barrett Real Estate & Appraisal Services
:,"IM'P:RtjVEMENTSiD'ES"CR'le-rfON:;:" 'c:(jhtin'(j;eCl.;'
-. ",:":.::..'-,
Building Description
Improvement Rating
Foundation
Frame
Floor/Cover . . . . . . . . .
Ceiling . . . . . . . . .
Exterior Walls. . . . . . . . .
Interior Partitions. . . . . . .
Roof Cover . . . . . .
Plumbing .:::::::::
Heating . . . . . . . . . . .
Air Conditioning
Electrical ...:::::::
Elevators
Parking ..........
Insulation' . . . . . . . . . .
Sprinkler. : : : : : : : : : :
Roof Support .. . . .. . .
Concrete
Wooden
Hardwood, Vinyl
Drywall
Brick
Drywall
Asphalt
Kitchen, Full Bath
Electric baseboard
None
100 amp
None
Asphalt paved/two spaces per unit
Adequate
None
Wooden Trusses
Appeal/Appearance
Floor Plan/Design ...........
Construction Qualify. . . . . . . . . . .
Exterior Condition .::::::::::
Interior Condition
Roof Cover
Plumbing . : : : : : : : : : : : : : : :
Heating . . r . . . . . . . . . . . . . .
Ai Condltiomng
Electrical . . . . . . . . . . . . .
Elevators . . . . . . . . . . . . . . . .
Parking Area. . . . . . . . . . . . . . .
Insulation . . . . . . . . . . . . . .
Sprinkler ::::::::::::::::
Landscaping ..............
Site Improvements: Concrete Sidewalks, asp
Personal Property or Other Non-Realty Interests Included in Valuation: IKI No
included In this appraisal analysis.
DYes
No personal property. or non realty interests are
Summary Report
File No. 06-0381 C
PAGE 3
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HIGHEST AND BEST USE AS IF VACANT:
Legally Permissible Uses: The site currently Is zoned R.3 High Density Residential. The use represents a legally conforming use
and would be compatible with the established character of the neighborhood.
Physically Possible Uses: Physical aspects of the site impose the first constraints on the possible uses of the property. Size,
shape and topoQraphy are key determinants of physically possible uses.
Financially Feasible Uses: The site is located In an area developed with similar uses. Development of the site with townhouse
use would be likelv, given the location, and would represent a financially feasible use.
Maximally Productive Use: The most productive use of the site given the location Is townhouse use.
Analysis/Comments: The highest and best use of the appraised site presuming it to be vacant and available is for townhouses.
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Analysis/Comments: The subject property as currently Improved, meets current highest and best use guidelines as stated above.
Copyright 2001 by The Appraisal Foundation. All rights reserved.
duced uainll ACtlOlIw... 100.234.112 www.8CiWlb.com
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S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06-0381 C
]
. PAGE 4
.~'~' _....:~-~:~~~~~m~~~W~0~.~:..\~-~j~? ..~.~~
Cost Approach 0 Income Approach 0 Direct Sales Comparison Approach 00
Reasons for Excluding an Approach: The Income and Direct Sales Comparison Approaches were used to estimate market value. The
Cost Approach was found not to be applicable for this analysis. I
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MarketValueofPersonaIPropertY'__"'N"'r.'f'di~"""" .......... .. ..... .....$$ NNI1AA
Market Value of Other Non-Realty Interests one .nc u eu
Total Market Value of Non-Realty Interests. ....... ... ..... ... . .::.:"::...:::::'::: :::: $ 0
Analysis/Comments: No non-realty items were conSidered for this analysis.
s
~
.'. '. ....:..r..'q::
. ,. ,,: _... r:.~ ~';
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Data Sheets AttOO Subject
Location/Address 231-265 Walnut Bottom
Proximity to Subject N/ A
Map Reference 22-0483
Deed Reference 31W-607
Date of Sale N/A
Exposure Time None
Data Source Inspection
Site Size SF 0 Acres 00 1.10
Frontage 407'
Zoning R-3 High Density Reside
Utilities Public, W S G &E
Site Improvements Concrete Sidewalk
Comparable #1
Post & Clarmont Roads
.60 MI E
29-08-0575-001
275-1220
06/21/2006
3 Nonths
Owner & C. H. Records
7.09 Acres
821' & 340'
R.1 , Residential
Public, W 8 G & E
None
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,~
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Unit of Comparison Per Acre
Sales Price . . . . . . . $526,000
Price Per Unit" . . . . . . . . . . . . . . . . . . . . . . . . . . $
Property Rights 'cOnveyed . . . . . . . . . . . . . . . . . . . .
Adjustment . . . . . . . . . . . . . . . . . . . .
Anancing . . . . . . . . . . . . . . . . . . . . . . .
Adjustment .. . . . . . . . . . . . . . .. .....'
Conditions of Sale . . . . . . .. ...............
Adjustment .. . . . . . . . . . . . . . . . . . . . . .
Market Conditions .......................
Adjustment . . . . . . . . . . . . . . . . · . . . . . .
Other Adjustments . . .. ..... ....... .....
Location
T opograp~y' . .. .... ...............
ShapelUtillty. . . . . . . . . . . . ,. . . . . . . . . . . . .
Utilities ...... . . . . . . . . . . . . . .
Site Improvements. ... . ........... .
ZonlnQ . . . . . . . . . . . . . . . . . .
74,048
Fee Simple
o
Bank Loan
o
Outright Sale
o
Time
o
I..~
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Ii.'.?...'...
,,~
off
IJ
~
Similar
Level
Rectangular 1 Average
Public
None
Similar
I
. "".~I~'~" ';i~~;,'~':''-''':;, ~"'_::
Comparable #2
Beech & Pine Streets
.60 MI NE
40-22-0487 -117
267 -2933
06/13/2003
One Year :I:
Realtor & C. H. Records
3.09 Acres
500 Main Frontage
Village
Public, W S G & E
None
$115,000
$
37 ,217
Fee Simple
o
Cash
o
Outright Sale
o
Time +7.8%
2,903
81m liar
Level
Rectangular 1 AveraQe
Public
None
Slm i1ar
~,'/:;):)~:/:' ~'::;}' '.. :'.'::; ,.' ':::. ;.;:,;,.....'j... ,.,., ....... ;.',.'"
Comparable #3
West Louther Street
0.67 MI NE
29-20-1794-028
271-1228
10/04/2005
None
Court House Records
2.65 Acres
425'
R-4, Residential
Public, W S & E
None
$160,000
$
60,377
Fee Simple
o
Unknown
o
Outright Sale
o
Time
o
Similar
Level to Rolling
Slightly Irregular 1 Avg.
Public
None
81m i1ar
Total Adjustments 0 2,903 0
Indicated Value Pe~'Una . : : : : : : : : : : : : : : : : : : : : $ 74,048 $ 40,120 $ 60,377
Analysis/Comments: Adlustments: Time adjustment was based on a 3% annual appreciation rate. No other ad~ustments were
required. After adlustments a range from $40,120 to $74,048 was determined. Chosen value indicator $60.000 per acre.
Total Site Units: Acre
Unit Value . . . .. ............... - ........... $
Estimated ~Ite Value' . . . . . . . . . . . . . . . . . . . . . . .. .... ..... ....................... .... $
. . . . . . . . . . . .. . . .. .... 'exl:: I:$~ (A~ tS . . . . . .. .............. ...
Excess Land Area Units: N/A
Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .... $
Estimated E:xcess (aOna <;Ilslue' . . . . . . . . . .. ..... 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .... ... $
............ ..... ...................... ............. ...
Produced IIIin9 ACloaflw..... 800.234.1727 www.ac:iwell.com
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1
1.10
60,000
66,000
None
N/A
None
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S. W. Barrett Real Estate & Appraisal Services
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Cost Source Marshall Valuation Services, and supported by local contractors
Component No. Size Unit Cost
$ $
$ $
$ $
$ $
$ $
$ $
Reproduction U Replacement U Cost New of Improvements $
Plus: Indi'ect (Soft Costs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Plus: Entrepreneurial Profit ............................................ %. . . . . . . . . . . . . . . . . $
Total Cost New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . $
Less: Physical DeterioratIOn. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ., . . . . . . . . . . . %. . . . . . . . . . . . . . . . .
Less: Functional Obsolescence . . : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : ::' % . : : : : : : : : : : : : : : : :
Less: External Obsolescence %
Total Acaued Depreciation (Deteriorafion & 'Obsoiescen.ce)' . . . . . . . . . . . . . . . . . . . . . .. . .(s. . . . . . . . . . . . . )
Depreciated Value of Bullding(s) ..............::::::::::::::::::::::::::::::::::::::::::::::
Plus: Contributing Value of Site Improvements .................................................... N/ A
Depreciated Value of Improvements .......................................................... $
Analysis/Comments: The Cost Approach was deemed not approbate for this analysis, due to age and total depreciation of the
existing im provements. Land value is estimated using local market sales information, and reported within this section of
the appraisal. Value reported within the Cost Approach section of this report is for "LAND ONL V".
Cost
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Data Sheets
Address
Proximity to Subject
Map Reference
Year Bunt
Gross Building Area
Number of Stories
Current Vacancy %
Construction Type
Construction Quality
Condition
Parking
Date of Rent Survey
Asking Rent
Lease Period
Tenant Improvement
Allowance
Concessions
# Units Complex
Tenant Name
Beginning Date
Term
Lease Type-
Tenant Size (SF)
Rent Per SF
Rent Concessions Adj.
Adjusted Rent Per SF
Adjustment for
Market Conditions
Adjusted Rent Per SF
~ Copyright 2001 by The Appraisal Foundation. All rights reserved.
';~!~.~~J'" '
66, 00
None
N/A
o
66,000
N/A
66,000
66,000
Estimated Site Value $
Plus: Estimated Excess .Land Villue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plus: Depreciated Value of Improvements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . .
Plus: Market Value of Personal Property anH)t'her 'Non"..~ealfy 1nlerests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Indicated Value Before Adjustment for Interest Appraisal . . . . . . . . . . . . . . . . . . . . . . .,. . . . . . . . . . . . . . . . $
Less: Adjustment for Interest Appraised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .'
Value Indication. Cost Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Rounded: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subject
231-266 Walnut Bottom
N/A
22-0483
1962
Comparable #1
Fry Loop Ave.
3 Miles :t
29-16-1094
1976
Comparable #2
W. Ridge Street
1 Mile :t
04-22-Q483
'1976-78
Comparable #3
E. Willow Street
0.46 MI E
03-22-0486
1975
Two
16,320.00
Two
46,080:t
0-5%
Two
16,OOO:t
0-5%
Two
22,OOOt
0-5%
0-5%
Row. Townhouse
Average
Average
30 Spaces
08/2006
$6,720 per unit ($560)
Annual
Row. Townhouse
Average
Average
Adequate
08/2006
$6,240 per unit ( $520)
Annual
Row, Townhouse
Average
Average to Good
Adequate
08/2006
$7,680 per unit ($640)
Annual
Row, Townhouse
Average
Average
Adequate
08/2006
$6,960 per unit ($680)
Annual
None None None None
None None None None
16 Units 48 Units 16 Units 22 Units
arious arious aflOUS aflOUS
Varies Varies Varies Varies
Annual Annual Annual Annual
(N) Net (N) Net (N) Net (N) Net
1,020 960 970 1.000
$ 6.69 $ 6.50 $ 7.92 $ 6.96
None None None None
$ 6.69 $ 6.60 $ 7.92 $ 6.96
None None None None
$ 6.59 $ 6.50 $ 7.92 $ 6.96
Produc:ed using ACllOftw.l. 800.23<1.8727 www....b.com
S. W. Barrett Real Estate & Appraisal Services
....IN.COM,E,.:A.P:~ROC)AC,H':4IR1=:.N'Tld~;.;GbMP~.R:A:B;J],Ej,;B.Oltl:Dn~'G'>:A"NAl~Ysts;:i 'cora'tWrued
Total Adjustments
Indicated Market Rent $
Average Average Average Average
Average Average Average Average
Average Average Average Average
5-2-1 Sim ilar -.79 (-10% Superior) Similar
0.00 0.00 -0.79 0.00
6.59 $ 6.50 $ 7.13 $ 6.96
Location
Quality
Condition
Unit Rm. & Bath
]
Tenant
Name
Various
Rented
Area (SF)
16,320
Beginning
Date
Varies
Term
Unk.
lease
Types
(N) Net
Current
Actual Rent
6.59
Effective
Rent I SF
0.00
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:,'~:i,\';.:$lN'~ee:M'rEr.~fN[Bjf,E~E:~:SE0R;js\t{e:RttJE~Ii.mlEl:11RE;~~sttMf.:5:~:;j::.:::~;':, . ,
:. ';.\ .. :,;(:'::)-~;;::i!tfi~;,;~a ~~'::;::~:-;;.~
',-"/ :.:........:.:,.'-
. . - : '. /'..". ~ '... "t. . ..' '". ,. :
::::.~./::.::;,<:',:. :;.;
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Income:
From to
Gross Potential Income $
Vacancy and Collection . . . . . . .
loss _ % ( $
Other Income . . . . . .. $
Effective GrosslncOme' : : : : : :: $
Actual
Comments and Calculations
Actual Income, based on per unit rental income
Pet Income
$
$
$
($
$
$
Stabilized
107 ,520
2,400
5,496 )
104,424
~
U
0) Projected V & CLoss, 6%
None
o Projected Effective Gross Income
$
Actual R.E. taxes based on assessment & tax rates
Actual Insurance expense, prOVided by agent
Estimated from current market, 5%
Water, Sewer. Electric
Trash
Actual, provided by owner
Administrative $5.353 & Payroll $15.959
Estimated based on overall ro e condition 2%
Tota Property Expenses
Expenae/SF $ 3.14 Expense Ratio
9,626
2,018
5,221
1,229
2,145
7 ,640'
21,314
2,088
51 ,280
53,144
IS estimate IS
o
J c Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced using ACllOflwore, 800.2304.8727 www.eciweb.com
]
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S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06-0381 C
PAGE 7
1
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.:.\....;.:..;..'.:.:;i..vl. E))O' ".;~:A:'P""'I"..fA:I:::I"Z'."" ij(+I.O...N.......\,(~;?U'.(..';;;.>:;.:.
. <-:,:'. .'.-., .',,:,"':., :>"'~I ~" ..\11 1-'- .:: \ t::":M, Li.: 1'\.:.1 ", ";~.' C,.'.' :.:.>'; ': ::.,.::- . ~:~, ~. .~:'
Yes 0 No [!J Market Rent Scenario
;. ,~f;:f:!-t~:::\:.~:..- ~~::;.:.:::.:,_1:,:." ,........>;. ;~:::;:;.; '-:.'~ u ;
,..
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Cash Flow Analysis in Addenda
Forecast Holding Period
Beginning NOI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NOI Pattern . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . .
Reversion Assumption. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Yield Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Value Estimate' : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :
Analysis/Comments: Not uti Ized or this analys s.
Contract Rent Scenario
$
$
$
N/A
$
N/A
J
'~~~~~~\(00~G~~0~~'S-~M~~E~~R~I~N~~E~~E~~S.~R':~lqS~7E'1D~~~~0~.h00.;.~......J~~:i~n<
.,-,..-,:-,.:,.,-,..,.,:;..!-..:.:.-~-..~.--,..:,.~:,'J.;..~';';:,:.;.,,~;,M;IJ."..U' r-IJ~ : .1:~GI.{::-:,';17:;-U... ,t ,)Ii~ "~ . :~:.lh,:.Krn;,rn-.., .M.- . : ..;~'.'r.";,~,'.l:,~... ,
:;..;. f :;:.~:~~::~j?t~<r';~:::':;
~
Value Estimate - Market Rent Scenario $ N/A
Value Estimate - Contract Rent Scenario' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ N/A
Difference (Adjustment for Interest Appraised). : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : $ 0
Analysis/Comments: arket rent and contract rent or the subject are at the same eve , there ore no adjustment IS required
difference for interest appraised.
Value Indicated by Direct CapltallzatlonlYleld Analysis (excluding excess land) $ 703,042
Plus: Estimated Excess Land Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ None
Value Indication. Income Approach ... . . . . . . . . . . · . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 703,042
Rounded. . . . . . . . . . . . . . . : : : : : : : : : : :: : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : $ 703,000
~.'
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Comp Sheets Subject Comparable #1 Comparable #2 Comparable #3
Address 231-265 Walnut Bottom S. Washington, Mech. Chester Rd. E.P. Twp. Hamilton St. Carlisle
il Proximity to Subject N/A 9.7 MI E 14.9 MI ENE 1.4 MI NE
~: Map Reference 22-0483 20-24-0785-227 09.16-1052-052 06-19-1641-1 05
,>
Data Source Inspection Court House Records Court House Records C H Records & Owner
Gross Building Area 16,320 12.064 9,540 9.000
Net BuIlding Ar~ Unknown Unknown Unknown Unknown
~ Site Size SF Acres 00 1.10 1.05 1.20 0.62
~
Land.to-Bulldlng Ratio 2.94 0.00 0.00 0.00
Year Built 1962 1995 1998 1965
Construction Type (2) 8 Unit Townhouse (2) 6 Unit Townhouse (1) 8 Unit Townhouse (2) 4 Unit Townhouse
I Construction Quality Average Average Average Average
It. Condition Average Average Average Average
Parking 30 Spaces Adequate Adequate Adequate
Other # of Units 16 12 10 8
~ Sale Price $ 64,0 0 $ 450.00
Date of Sale N/A 07/26/2005 10/01/2002 04/09/2001
Exposw-e rune None Unknown Unknown None
~ Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Simple
Adjustment 0 0 0
Financing Unknown Conv. Bank Terms Unknown Conv. Bank Terms
Adjustment 0 0 0
Conditions of Sale Outright Sale Outright Sale Outright Sale Outright Sale
Adjustment 0 0 0
Excess Land None None None None
Adjustment 0 0 0
Non-Realty Interests None Considered None Considered None Considered None Considered
I' Adjustment N/A 0 0
CE/Terms Adjusted Price $ o $ 66.667 $ 66,400 $ 56.250
Other Adjustments:
Market Conditions None 1 Typical Time +1.5% Time +9.8% Time +14.3%
Adjustment 0 1 ,000 6,507 8.044
Location Average Superlor.10% Superior ..10% Similar
Adjustment 0 ..6.666 -6,640 0
Quality Average Similar 8im liar Similar
Adjustment 0 0 0 0
Condition Average Superior-15% Superior .15% Similar
Adjustment 0 .10.000 -9.960 0
Adjustment
Total Other Adjustments 0 -15,666 ..10,093 8,045
Indicated Value Per
Per Unit $ o $ 51.001 $ 56,307 $ 64,295
C Copyright 2001 by The Appraisal Foundation. All rights reserved. PnMlUC8d IISing ACIIOftw.., 100.234.1727 www....b.COIII
S. W. Barrett Real Estate & Appraisal Services Summary Report
File No. 06-0381 C
PAGE 8
DI REct':SAL.ES\:CO.'M.'RA'RISO:'N:;';~FfPRO'A'C:HIC'(j"f,n]~~R:A'B[je;;~B'tJl~DIN.G('J\N'AIiliYSrSY:C;bnfi'nu'eli"')',< ......
Analysis/Comments: Ad ustments: Time ad ustment is based on annual a reciation rate of 3%. location ad'ustment for sales #
1 & 2, being located in eastern Cum erland County. Condition adjustment was taken or a sales # 1 & 2, berng newer
construction. No other adjustments were required.
. .....:.,.:.FEE((;S;IM:I?:EEJ:e:.RrE.e~~S:EDIj;EE.E~:SP;ER~7FrN'Gj;e~AH'F"~AN:D.:i'R:AT:'fQS;;.':E;':.0.':;}~,~.\i:ii';iBv;.;.<,U:;>;:.;.};;':}~:,...
j
Comparable #1
Fee Simple or Leased Fee Fee Simple
Gross Potential Income . . . . . . . . . . . . . . . . . . . . . . . $
Vacancy and Collection Loss % . . . . . . . . . . . . . . . . . . . . .
Effective Gross Income . . . . . . . . . . . . . . . . . . . . $
....................... .$
Operating Expenses . a . . . . . . . . . . . . . . . . . . . . . . . . $
Expenses/SF Gross Bui! ing Area
~~~~~:r~r~: Income. . : : : : : : : : : : : : : : : : : : : : : : : : $
EGIM
OveraU Rafe. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity Dlvldena f{ate : : : : : : : : : : : : : : : : : : : : : : : : : :
Analysis/Comments: Insu IC ent mar et data ava lable to comp ete this portion 0
Comparable #2
Fee Slm pie
$
Comparable #3
Fee Simple
$
$
$
o $
$
o
$
$
o $
$
0.00
0.00
0.00
the analvs s.
j
~
Building Units
Value Per Unit
Value Estimate
Per Unit
/Unit
~
~
~
Value Indicated by Direct Sales Comparison Approach (excluding excess land)
Plus: Estimated Excess Land Value
Plus: Adjustment for Interest Appraised . . . . . . . . . . . . . . . . . . . . · . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Value Indication. Direct Sales Comparison' Approach . . . . . . . . . . . . . . . . . . - . - . . . . . . . . . . . . . . . . . . . . . . . . . . .
Rounded . . . . . . . . . . . . . . . . . . - . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
... .......,... ............... ... ...... ........... ........................
. ... .... ........ ....................
~
, 1~mJEiE~w;fM"l~Et..
$ 896,000
$ 0
$ N/A
$ 896,000
$ 896,000
$ 66,000
$ 703,000
Estimated Exposure Time: The exposure time, based on current market conditions, for a property such as the subject Is between
six months and one year In accordance with Standard 6 of USPAP.
Extraordinary Assumptions, Hypothetical Conditions, and Limiting Conditions: There are no e'xtraord nary assum ptlons, hvpothetlcal conditions, or
special condition for this analysis. Refer to assumptions and limiting conditions on next page or addenda of this report.
Estimated Market Value .As Is. $ 72 ,0 0
Effective Date of Valuation . . . - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 02/02/2006 000
MarketValueofPersonaIProperiy.'n"cJiid'edfnAppralsaJ...................... -. -...................... $ N/A
Market Value of Other Non-Realty Interests Included In Appraisal. . . . . . . . . . . . . . - . . . . . . . . . . . . . . . . . . . . . . . . . .. $ N/A
.. ...................................... ...
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced using ACIIOftw"e, 800.234.1727 www.aGiweb.com
]
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06-0381 C
PAGE 9
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Appraiser #1
Signature
Name
Certification
''TIO'N';':~'NDJF'I.'NAfIJVli.;t(rE{;'E'S:*,'rJL4\fE;:sl:ecfntln'u'e'Cf
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Steven W. Barrett, SRPA, SRA, ASA
No.: GA-000298-L
State: PA Exp. Date: 06/30/2007
Sta Certified General Iser
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Appraiser #2
Signature
Name
Certification
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Date
Property
~pected
Yes l!J NoD
01/29/2007
Yes lKJ NoD
J
Donna K. Shultz 01/29/2007
No.:
State: Exp. Date:
Assistant to the State Certified General A raiser
'. ""~'.~," :;;":;:"'i. . .....,';:;;'!':>;',<;.;;;i''';.:.:.~C(j.NttEN:t:SM!O:F;.A'[j;D;END'~tj~;~~;?:~f,,;th;..:~;HE5;'!{~.;.
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legal Description
Subject Photographs. . . . . . . . . . . . . .
Area Map . . . . . . . . . . . . .
Neighborhood.Map . . . . . . . . . . . . . . .
Zoning Map . . . . . . . . . . . . . . .
Flood Zone Map . . . . . . . . . . . . . . . .
Topographic Map' . . . . . . . . . . . . . . .
Site Sketch . . . . . . . . . . . . . . .
..................
Site Plan
Building Plans' . . . . . . . . . . . . . . . . .
Tax Assessment ~a;.d. . . . . . . . . . . . .. X
land Sales Data Sheets . . . . . . . . . . .. X
Land Sales Map . . . . : : : : : : : : : : : :
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,. ~.;" ; .' :., .. '.' ;".; .,.. -;-..; ..:. '. ..,.;.;. .
land lease
Segregated dost"Sneef . . . . . . . . . . . .
Soils Survey Map .. . : : : : : : : : : : : :
Subject Leases :'0. . . . t. . . . . . . . . . .
Rental Comparable Data Sneets
Rent Locatl~n Map .......:::::::
DCF AnalySIS
Improved PropertY Sales bilta Sheets . . . . .
Building Sales location Map . . . . .
Copy of Deed . . . . . . . . : : : : : : : : :
Contract of Sale
Construction Cost to.nia.ct. . . . . . . . . . .
Support for Personal PropertY ~aluatfon : : : :
Support for Non-Realty Interest Valuation
Support for Adjustment for Interest Appraised' .
Copy of Easement . . . . . . . . . . . . . . :
Appraiser QuaRficatlons ............
"~'E:E!lN~f~:iifNg\0fEifAfR~Em~~~If.Ur' ..
The most probable price which a property should bring In a competitive and open market under all conditions requisite to a fair sale, the buyer and seller
each acting prUdently and knowledgeably and assuming the price Is not affected by undue stimulus. 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: (1) buyer and seller are typically motivated; (2) both
parties are well Informed or well advised, and acting in what they consider their best Interests; (3) a reasonable time Is allowed for exposure
in the open market; (4) payment Is made In terms of cash In U.S. dollars or In terms of financial arrangements comparable thereto; and (5) the price
represents the normal consideration for the property sold unaffected by special or creative financ'lng or sales concessions granted by anyone associated
with the sale.1
1 USAP 2001 GIouary
1. As agreed upon with the client prior to the preparation of this appraisal, unless otherwise Indicated, this Is a limited Appraisal because It invokes
the Departure Provision of the Uniform Standards of Professional Appraisal Practice. As such, Information pertinent to the valuation has not been
considered and/or the full valuation process has not been applied. Depending on the type and degree of limitations. the reliability of the value
conclusion provided herein may be reduced.
2. Unless otherwise Indicated, this Is a Summary Appraisal Report which Is Intended to comply with the reporting requirements set forth'under Standard
Rule 2.2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it might not include full
discussions of the data, reasoning and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting
documentation concerning the data. reasoning and analyses Is retained in the appraiser's file. The information contained in the report Is specific to
the needs of the client and for the Intended use stated In this report. The appraiser is not responsible for unauthorized use of this report.
3. No responsibility is assumed for legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated
in this report.
4. The property is appraised free and clear of any or all liens and encumbrances unless otherwise stated in this report.
5. Responsible ownership and competent property management are assumed unless otherwise stated in this report.
6. The information furnished by others Is believed to be reliable. However, no warranty Is given for its accuracy.
7. All engineering is assumed to be correct. Any plot plans and Illustrative material In this report are included only to assist the reader In visualizing
the property.
8. It is assumed that there are no hidd,en or unapparent conditions of the property, subsoil. or structures that render It more or less valuable. No
responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them.
9. It is assumed that there Is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated
in this report.
10. It Is assumed that all applicable zoning and use regulations and restrictions have been c'omplied with, unless a nonconformity has been stated,
defined, and considered In this appraisal report.
11. It Is assumed that al/ required licenses, certificates of occupancy or other legislative or administrative authority from any local. state, or national
governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in
this report are based.
12. Any sketch in this report may show approximate dimensions and Is included to assist the reader in visualizing the property. Maps and exhibits found
in this report are provided for reader reference purposes only. No guarantee as to accuracy Is expressed or implied unless otherwise stated in this
report. No survey has been made for the purpose of this report.
13. It is assumed that the utilization of the land and Improvements Is within the boundaries or property lines of the property described and that there is
no encroachment or trespass unless otherwise stated In this report.
(Continued)
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e Copyright 2001 by The Appraisal Foundation. All rights r e
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ervlces
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S. W. Barrett Real Estate & Appraisal Services
File No.
..<.:';.7A.S~StJ.lVfptIONS~i~N'D~'1f11.lVntft~;G~tc;oiN:[)rJffd'Ns';' :ContiHiied:
15.
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I certify that, to the best of my knowledge and belief:
Appral",~ Signalur. ~ - ~ I . 2. ~
Steven W. Barrett, SRPA, SRA, ASA
Slale Certification # GA-000298-L
State Certified General Appraiser
Date 01/29/2007
e Copyright 2001 by The Appraisal Foundation. All rights reserved.
....aGiwell.com
S. W. Barrett Real Estate & Appraisal Services
Summary Report
FOe No. 06-0382C
i
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i APPRAISAL OF
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I LOCATED AT:
483-530 Highland Avenue
I Carlisle, PA, 17013-3935
I FOR:
Robert G. Frey Esq. c/o Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013 /
I AS OF:
I February 2, 2006
BY:
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
1
J
s. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals . Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8~27
J
Steven W. Barrett, SRPA, 8RA, ASA
State Certified General Appraiser
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January 29, 2007
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Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, P A 17013
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RE:
483-530 Highland Avenue
Carlisle, PA 17013
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Dear Mr. Frey;
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The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
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The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
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Value Reported:
One Million Four Hundred Thousand Dollars
$1,400,000
.,'.,~,~.'I'.'
'11
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
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This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
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Sincerely yours,
Ii:!'
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Steven W. Barrett, SRPA, SRA, ASA
PA State Certified General Appraiser, GA-000298-L
1
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Client
Property Use
Property Address
City
Building Name
Owner/Occupant
Typical Buyer:
Summary Report
File No. 06-0382C
PAGE 1
UN I FO RM CO M M ERC fAL/1 NO USTRIAt>SUM MARYfAP'P'R:A1SA'e~REI?:bR:t;:;:;::S"IVfABt::'PR(j'PERtY
File Number 06-0382C
Summary Report
Map Reference 22-0485
Zip Code 17013-3935
Census Tract 0124.00
APN 03-22-0485-024
S. W. Barrett Real Estate & Appraisal Services
]
1
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State P A
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Intended User(s) of Report The Intended User of this appraisal report is the Client. No additional Intended Users are perm itted
without the perm ission of the appraiser(s).
Intended Use of Report The Intended Use is to evaluate the property that Is the subject of this appraisal for current market value.
1
1
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l!J Summary Appraisal Report
"TH RE E.,YEAR!OWNERS fiI'R::HfSi;GRY,:":
~..~..
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Owner Recording Reference Date
Most Recent Phillips & Frey 21 P-827 05/29/1965 $
Previous $
Previous $
Previous $
Current Contract U Option: U LIsting Price $
Buyer N/A Contract Price $
Seller N/A Closing Date N/A
Analysis/Comments: The leaal description 1 deed has been reviewed and there appears to be no known unusual title
discrepancies. A copy of the deed Is in the addenda of this report.
Price Paid
4,500
Terms of Sale
Outriaht Sales Transaction
~
~
N/A
N/A
~
'. ':''';:,::,::::,::,,:-:~.:'':'';
. "','<;~':;';: .: ,.....:;:'~..:~?:..:p~'i.;..:.:..":;'::0\"'.f':~~:NiEr.G1;tB15n~~~IfIt)t>;e1D'ESf~R?f'8mrer'
Boundaries: Subject is bounded on the north by Hlah Street, on the east and south by 1-81 and on the west by Hanover Street.
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~
Change I~and Use:
X Unlikely 0 Likely nTaklng Place
From NI To N7A
Rental Rate Range (Exclude Extremes) for Subject Property Type:
Distance-CBD .5 Miles From $ 500.00 /SFlYear To $ 650.00
Distance-Freeway: : : : : : : : : : : : : : : : : : : : : : .5 Miles Age Range (Exclude Extremes) for Subject Property T~POe:y
Distance-Public Transportation .............. .5 Miles From New To 5 ears :t
Neighboring Property Use: e ne ghborhoo surroundIng the su Ject IS occup e y resl ential, institutional as wel as
commercial.
75 %
45 %
o %
und~r upply
Single Family. . _ . _ . _ .
Muttlfamily _ . . . . . . . .
Office . _ . . . . . . . . .
Retail
Industrial' : : : : : : : : :
Neighborhood Built Up
Land Use: Single Family
Industrial
Office --1Q. % Multifamily ---1Q. %
Retail --1Q. % Vacant 25 %
Balnced ove~ply Vacancy
X 0-5 %
X -0:5%
s::ro %
5-10%
0%
Location
Development Trend' . . . . .
Value Trend - - . . -
Vacancy Trend - - . . - . . .
Rental Demand :::::::
Urban
Down
Down
Down
Down
~
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/SFlYear
Analysis/Comments: There are no adverse factors to affect marketabilitv of the subiect. Diverse stable em ployment and all
supporting amenities are within easy driving distance. MSA 3240
. .:. '.:'~' .'.: ::; :>':'~':'i':t';~;~i;t~t1[;:J1~";!'r-t~'WS ITEg[j'ES 'CRIBTI O:N~;~f~~1:,>.~::1h~~;';;:,:F.tt'JVf\i:,".;:(~1i:-:~~i:~'$.~"-;~'1(:;:;'~'~:,}:'.:::;~:t: .,' ';:..' ".
Legal Description A copy of the current legal description Is In the addenda of this report. Acreaae amount from 00 See Addenda
tax records.
Environmental Problems Known or Suspected Yes U No L!J
Site Size 3.00 Acre Usable Land Area 3.00 Acre Excess Land Area None N/A
Site Dimensions Refer to legal descri~tion -
Street Frontage 99' + 224' + 81':t No formal frontage, these measurements run thru parking lot area.
o Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced usilg AClsallwllrll, 800.2304.1727 www..ciweb.com
S. W. Barrett Real Estate & Appraisal Services
r
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Street Improvements:
Street Width 35' :f:
Street Paving: : : :: Asphalt
Sidewalks Concrete
Curbs & Gutters' . .. Concrete
Storm Sewers None
lighting ...:::: Overhead in street
Soil Conditions Appears sta Ie rom su ace inspection
Easements None observed, with the exception of public utilities
Encroachments None observed
Current Zoning R-3 High, Density Residential
Zoning Change: Not Likely I!l Likely U To N/A
Uses Allowed Under Current Zoning Five Permitted Uses: Four Accessory Uses: Five Special Exception:
Current Use Townhouse I Garden apartments are a legal permitted use
Analysis/COmments: here are no aPtlarent adverse easements, encroachments or other adverse conditions.
In addenda of report.
Ingress/Egress . . . . .
Street Frontage ....
Shape .........
Functional Utility ....
Visibility ........
Landscaping . . . . . .
Drainag e . . . . . . . .
Adequacy of Utilities ..
Traffic Pattern
Traffic Volume
'.'SITE!.tlESCRII)TION';c()'rt'thiueCl
Summary Report
File No. OS-0382C
PAGE 2
]
Utility:
Electricity . . . . . . .
Gas
Water
Sewer
Telephone' : : : : : :
Provided By:
Public, PPL
Public, UGI
Public, CBMA
Public,CSA
Public, Embarq
Describe:
TOPOgraPh~
Level X Mod Slope 8 Steep Slope 8
At Grade X Above Grade Below Grade
Corner Lot . . . . . . . . . . . . . . .. ~ i
Underground Utilities .......... X
Railroad Access . . . . . . . . . . . . . X
Earthquake Zone ............ X
Flood Hazard Area . . . . . . . . . . . . X
Map # 425382 00048 Date 02/03/1982
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Legally COnforming
Yesl!.J No U
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100 Map located
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Assessment Year 2006
Total
Land ... >. . . . . . . . . $ 277 ,960
Buildin . s' . . . . . . . . . . $ 772,040
g() ......... $NJA-
Other . . . . . . . . . . . .
Special Assessments: here are no spec,a
Reassessment Issues: Cumberland County was reassessed in 2004, effective for tax year 2005. No new reassessment has been
scheduled.
Year Taxes
Current Taxes 2006 $ 18,046.35
Estimated Taxes' . . . . . ~ $ N/A
Tax Assessment . . . . . . - $ 34.45
Year of Next Reassessment' Dill<:: . .
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Analysis/Comments: he subiect property currently is under assessed, based on current market condit ons.
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..,,:.,.~::., ,.17; ~~,r~vr~c- ,", :iJ~, .;+;.t;J,. . .D,~..c:b~IMU 1'~'.~:.,'''W,,~~~''f.''- ,.:;",....~t.~...~;.N _ ",- " <<,., '_',' ':"'::,>,,_,,<'-;''':,.:' .
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Building
One
Two
Three
Four
Floor
Two
Two
Two
Two
Gross SF
6,000
8,160
8,160
8,160
30,480
Rentable Area X
Construction Type Row, Townhouse
*Net SF Use Type
Office
Retail ...............
Warehouse' . . . . . . . . . . . .
Manufacturing. . . . . . . . . . . .
DIstributIon . . . . . . . . . . .
Research I Develo'pmeni . . . . . .
Multi Family I Apt: . . . . .
#Buildings Four
Net SF
#Stories Two
Use %
Property Type Multi Family
I
Total
*Usable Area
0%
~~
70 :t
2
Unknown
Industrial Only
100
~
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Parking:
On Site . . . . . . . . . . . .
Adequacy . . . . . . . . . . .
Covered. . . . . . . . . . . .
Parking Garage . . . . . . . .
Paved ............
Number of Spaces ......
Spaces /1 OOOSFBA .....
A al sslCo en' our town ouse apartment u Ings, containing 30 renta Units. net s x Unit
e~g~~ unrt"Mu~'dings 30' x 136', all units have full basements and two off street parking spaces.
buildings has a partiallv finished walk out basement. All units are in average condition.
Year Built ..........................
Building Efficiency Ratio .. . . . . . . . . . . . . . . . .. 25
Effective Age. . . . . . . . . . . . . . . . . . . . ... . .. 50
Total Economic Life ..................... 25
Remaining Economic Life ..................
Floor Area Ratio . . . . . . . . . . . . . . . . . . . . . . .
Ground Coverage Ratio ...................
1968
~~'
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23 %
11.5 %
-FT
-FT
-FT
ree,
9
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C Copyright 2001 by The Appraisal Foundation. All rights reserved.
J
Produced using ACllIIllware,IOO.234.1727 www.aciweb.com
~
J
S. W. Barrett Real Estate & Appraisal Services
]
Appeal/Appearance
Floor Plan/Design ...........
Construction Quality. . . . . . . . . . .
Exterior Condition . . . . . . . . . .
Interior Condition ...........
Roof Cover . . . . . . . . . . . .
Plumbing ...............
Heating ................
Air Conditlonfng . . . . . . . . . . . . .
Electrical . . . . . . . . . . . . .
Elevators . . . . . . . . . . . . . . . .
Parking Area. . . . . . . . . . . . . . .
Insulation . . . . . . . . . . . . . .
Sprinkler ................
Landscaping' : : : : : : : : : : : : : :
Summary Report
File No. 06-0382C
PAGE 3
I MPRO VEMENTS,O ESCRI PTJb'N'," 'contihued
J
Foundation
Frame
Floor/Cover" . . . . . . . . .
Ceiling . . . . . . . . .
Exterior Wails . . . . . . . .
Interior Partitions' . . . . . .
Roof Cover . . . . . .
Plumbing .:::::::::
Heating
Air Conditioning . . . . . . .
Electrical . . . . . . .
Elevators ..........
Parking ..........
Insulation" . . . . . . . . " .
Sprinkler ."......."
Roof Support' : : : : : : : :
Concrete
Wooden
Hardwood, Vinyl
Drywall
Brick
Drywall
Asphalt
Kitchen, Full Bath
Electric baseboard
None
100 am p
None
Asphalt paved/two spaces per unit
AdeQuate
None
Wooden Trusses
Building Description
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Site Improvements: Concrete sidewal
~
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Personal Property or Other Non-Realty Interests Included In Valuation: (!J No
included in this appraisal analysis.
DYes
No personal property. or non realty Interests are
~,.',"'.".
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HIGHEST AND BEST USE AS IF VACANT:
Legally Permissible Uses: The site currently is zoned R-3 High Density Residential. The use represents a legally conforming use
and would be com patible with the established character of the neighborhood.
Physically Possible Uses: Physical aspects of the site im pose the first constraints on the possible uses of the property. Size,
shape and topography are key determinants of phvslcally possible uses.
Financially Feasible Uses: The site is located in an area developed with similar uses. Development of the site with townshouses
would be likely. given the location, and would represent a financiallV feasible use.
Maximally Productive Use: The most prOductive use of the site given the location Is townhouses.
I
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Analysis/Comments: The highest and best use of the appraised site presuming it to be vacant and available is townhouses.
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Maximally Productive Use: The property as currently improved would be the maximum prOductive use and generate the highest
return; therefore. considered productive.
Analysis/Comments: The subject property as currently improved, meets current highest and best use guidelines as stated above.
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced uling ACI saf\w.,., 800.234.8727 www,eciweb.ClOIII
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06-0382C
PAGE 4
V ALUATIO N.METH b eSSE LECTE'[j". '.,' .
. '. .
Cost Approach 0 Income Approach 00 Direct Sales Comparison Approach rKl
Reasons for Excluding an Approach: The Income and Direct Sales Comparison Approaches were used to estimate market value. The
Cost Approach was found not to be applicable for this analysis.
..' , MARKETVA.LU'E'.ESTJMATE'HOEHNb"N~R'E'At:T;yaTEM;siiE:'i::(:::~:;:f~Y>~i'. :'.' "., ,:.,"."...::....
,- ~. . .
Market Value of Personal Property $ N/A
Market Value of Other Non.Realty Interests .None" rncru.d'ecr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ N/A
Total Market Value of Non-Realty Interests . . . . . . . . . . . . . . . . . . . . . . . . . . : : : : : : : : : : : : : : : : : : : : : : : : : :$ 0
Analysis/Comments: No non-realty items were considered for this analvsis.
. . ",',':<.:J,C'O MAAR~:(:~UE;;;slffi81:iNt~~~:SlS~gs.r!t*~2~.~1f~r'>":':~"'" ....J.. 'i.:t'~:::':i '..,.;.' ,.;'.: ','
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Data Sheets Att(K] Subject Comparable #1 Comparable 12 Comparable #3
Location/Address 483-530 Highland Avenu Post & Clarmont Roads Beech & Pine Streets West Louther Street
Proximity to Subject N/A 1:t M NE .25:t M E .5:!: M NW
Map Reference 22-0485 29-08-0575-001 40-22-0487 -117 29-20-1794-028
Deed Reference 21P 827 275-1220 257 -2933 271-1228
Date of Sale N/A 06/21/2006 06/13/2003 10/04/2005
Exposure Time None 3 Nonths One Year :t None
Data Source Inspection Owner & C. H. Records Realtor & C. H. Records Court House Records
Site Size SF 0 Acres (K] 3.00 7.09 Acres 3.09 Acres 2.65 Acres
Frontage 409' 821' & 340' 500 Main Frontage 425'
Zoning R-3 High Density Reside R-1. Residential Village R-2. Residential
Utllltles Public. W S G & E Public. W S G & E Public. W S G & E Public, W S & E
Site Improvements Concrete Sidewalk None None None
Unit of Comparison Per Acre
Sales Price ....... $525.000 $115,000 $160,000
Price Per Unit" . . . . . . . . . . . . . . . . . . . . . . . . . . $ 74.048 $ 37.217 $ 60,377
Property Rights 'Conveyed . . . . . . . . . . . . . . . . . . . . Fee Simole Fee Simple Fee Sim pie
Adjustment . . . . . . . . . . . . . . . . . . . . 0 0 0
Financing . . . . . . . . . . . . . ~ . . . . . . . . . . Bank Loan Cash Unknown
Adjustment' . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0
Conditions of Sale . : : : : : : : : : : : : : : : : : : : : : : : Outright Sale Outright Sale Outright Sale
Adjustment 0 0 0
Market Conditions . . . . '. . . . . . . . . . . . . . . . . . . . Time Time +7.8% Time
Adjustment ............ ...... ..... 0 2,903 0
Other Adjustments .. .... ....... ...........
Location Similar Sim liar Similar
Topography. . . . . . . . . . . . . . . . . . . . . . . . . Level Level Level to Rolling
Shape/Utility . : : : : : : : : : : : : : : : : : : : : : : : Rectangular I Average Rectangular I Average Slightly Irregular I Avg.
Utilities Public Public Public
Site Improvem'erits . . . . . . . . . . . . . . . . . . . . . None None None
Zo n In g . . . . . . . . . . . . . . . . . . . . Similar Sim ilar Similar
Total Adjustments 0 2,903 0
Indicated Value PerUnit . : : : : : : : : : : : : :. : : : : : : : $ 74,048 $ 40.120 $ 60,377
Analysis/Commen ts: Adjustments: Time adlustment was based on a 3% annual aDDreclation rate. No other adjustments were
reauired. After adjustments a ranae of $40.120 to 474.048 Der acre was determined. Chosen value Indicator 560.000. Der
acre.
Total Site Units: Acre 3.00
Unit Value ....... ..... ...................... $ 60,000
Estimated ~lte Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 180,000
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .e"xc:::I:~~ (AtJd . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess Land Area Units: N/A None
Unit Value ......................... ......... $ N/A
Estimated f:xcess (a.nd Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ . . . . . . . . . . . . . . . . . . . . . . . . $ None
............................ ............ .... -...............
Produced using ACI aoIIwn. 100)34.8727 WWW.ICiweb.CIlIll
C> Copyright 2001 by The Appraisal Foundation. All rights reserved.
',~~~,:::..'.:':~:;.:+~:O'OS.J]i:~FfPR'(jA:c:FI:~f;:!~~:~~;:;.;~~0;~::};F:;'}:n'::ic;~"~~;~~~,:V:::;.:;;j:::~:':;jr.
Marshall Valuation Services, and supported by local contractors
Component No. Size Unit Cost
$ $
$ $
$ S
$ S
$ $
$ $
Reproduction U Replacement crcost New of Improvements $
~:~:~ ~~::~~~;~~i;~~:~~t ...........................::::::::::::::::: ~: : : : : : : : : : : : : : : : ::
Total Cost New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S
Less: Physical Deterioratkin. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ., . . %. . . . . . . . . . . . . . . . .
Less: Functional Obsolescence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . % . . . . . . . . . . . . . . . . .
Less: External Obsolescence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . % . . . . . . . . . . . . . . . .
Total Acaued Depreciation (Deteriorafion & .ObsoiesCEln.ce). . . . . . . . . . . . . . . . . . . . . . .. . (s. . . . . . .. . . . . . '\
Depreciated Value of Buildlng(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ }
Plus: Contributing Value of Site Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Depreciated Value of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S NI A
............................. .......................... ...
Analysis/Comments: The Cost Approach was deemed not approbate for this analysis, due to age and total depreciation of the
existing improvements .Land value is estimated using local market sales Information, and reported within this section of
the appraisal. Value reported within the Cost Approach section of this report is for "LAND ONLY".
]
J
Cost Source
]
]
]
1
J
I
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06-0382C
PAGE 5
, "
.-' . . ~.. '.,- > . .
......;1:::- '.
Cost
Estimated Site Value $
Plus: Estimated ExcessLillld \talue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plus: Depreciated Value of Improvements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plus: Market Value of Personal Property ana bther '}.Jon..~eaICy 1nterestS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Indicated Value Before Adjustment for Interest Appraisal . . . . . . . . . . . . . . . . . . . .,. . . . . . . . . . . . . . . . . . .S
Less: Adjustment for Interest Appraised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Value Indication. Cost Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Rounded: ...........:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: $
~
i
J
Data Sheets
Address
Proximity to Subject
Map Reference
Year Built
Gross Building Area
Number of Stories
Current Vacancy %
Construction Type
Construction Quality
Condition
Parking
Date of Rent Survey
Asking Rent
Lease Period
Tenant Improvement
Allowance
Concessions
# Units Com plex
I
Tenant Name
Beginning Date
Term
Lease Type"
Tenant Size (SF)
Rent Per SF
Rent Concessions Adj.
Adjusted Rent Per SF
Adjustment for
Market Conditions
Adjusted Rent Per SF
180,000
None
NIA
o
180,000
o
180,000
180,000
'I.NC7oM;E;;~eeRtm~~m~~~fRE;N;~}~ni:1~
Att 0 Subject
483-530 Highland Avenu
NIA
22-0485
1968
{1~jjf9;sf)iI~~S1fsi:1'~;A~;~L\: .,- ,:,'......:":',~,,.,
Comparable #1
Fry Loop Ave.
3 Miles :I:
29-16-1094
1976
Comparable #2
W. Ridge Street
0.25 MI WSW
04-22-0483
1976-78
Comparable #3
E. Willow Street
0.08 MI WNW
03-22-0485
1975
Two
30.480.00
0-5%
0-5%
46,080:1:
0-5%
16.000t
0-5%
Two
Two
22,000:1:
Two
Row, Townhouse
Average
Average
70 t Spaces
08/2006
$560 & $580
Annual
Row. Townhouse
Average
Average to Good
Adequate
08/2006
$7.680 per unit ($640)
Annual
Row, Townhouse
Average
Average
Adequate
08/2006
$6240 per unit ( $520)
Annual
Row. Townhouse
Average
Average
Adequate
08/2006
$6,960 per unit ($580)
Annual
None
None
30 Units
None None None
None None None
48 Units 16 Units 22 Units
arlous ar ous ar ous
Varies Varies Varies
Annual Annual Annual
(N) Net (N) Net (N) Net
1e016 960 970 1,000
.60 $ 6.50 $ 7.92 $ 6.96
None None None None
6.60 $ 6.50 $ 7.92 $ 6.96
None None None None
6.60 S 6.50 S 7.92 $ 6.96
arlous
Varies
Annual
(N) Net
$
$
$
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced ulilO AClsoflwllfe. 800.234.8727 www.eclweb,GOlIl
]
s. W. Barrett Real Estate & Appraisal Services
I N'CO M E'APPROAC'tfI;;R:E'N\t~b\:coiVfe;~R:1t!B1JiES8~m'tb;D1N'G~:'~NiA"If~S!rs?fc:ontini.l'ea'
location Average Average Average Average
Quality Average Average Average Average
Condition Average Average Average Average
Unit Rm. & Bath 6-2-1 Similar -0.79 (10% Superior) S im i1ar
Total Adjustments 0.00 0.00 -0.79 0.00
Indicated Market Rent $ 6.60 $ 6.50 $ 7.13 $ 6.96
-1
J
"Lease Types: Gross lease (G), Net Lease (N), Triple Net Lease (TN), Modified Gross (MG), Expense Passthroughs (P),
Sales Overa e Rents 0 Common Area Maintenance C Renewal 0 tions R
Analysis/Comments: Property owners. landlords, and real estate managers were contacted Within the genera mar et area to
determine rental/lease rates. It should be noted that lease data Is not public information. This information, and other
miscellaneous data is maintained In the office files to com I with the re uest for confldentiali . All three market
renta slleases are from the greater market area, and veri ied through the leasing agent or property owner.
~l
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~~.
'{u"
"1'
.,,,:.,
lM'-',.
.- . ',," :.'~.
;',z.;tS;g!M:Mr~8t~lQlis;[).:B~:"'"
;~;;';.:..\'.:\~;:.:::,' :~~::',
:.;.-..,~.:,-~:::,;': :.:;;:,.'.:..:~:.~ '';'':_'''''''~
Beginning
Date
. Varies
Current
Actual
Lease
Types
(N) Net '
Rented
Area (SF)
30,480
Tenant
Name
Various
Rent
6.60
Term
Unk.
O-.'!
;t;
I
~~'
~.::,',~
~i)
'Q+'
~J! '..
,,-,,'
Income:
From to
Gross Potential Income $
Vacanr:f and Collection - - . - - . .
Loss _ % ($
Other. Income . . . . . .. $
Effective Gross IncOme- : : : : : :: $
Comments and Calculations
Actual Income; based on per unit rental income
Pet In com e
0) Projected V & CLoss, 5%
None
o Projected Effective Gross Incom e
~,',~,I..; .
JtI
Expenses:
Property Taxes $ Actual R.E. taxes based on assessment & tax rates
Insurance . - - . . . . . - . . $ Actual insurance expense, provided by agent
Property Maruigemenf - . - . - - - . $ Estimated from current market, 5%
Utilities - - . . . . . . $ Water, Sewer, Electric
Janitorial' . . . . . . . . . - - . . - $ Trash
Maintenance. . . . . . . . . . . - - $ Actual, provided by owner
. . . . . . . . . . . . . $ Administrative $10 039 Pa roll $29 922
Reserves $ Estimated based on overall ro ert condition 2%
Total Expenses. . . . . . . . . . . . $ Total Property Expenses
Net Operating IncOme-(~61) : : : : : $ 0 Expense/SF $ 3.16 Expense Ratio 48.73 %
Analysis/Comments: ctuallncome an stabl ize ex enses were used to arrive at net 0 eratm income N I.
considered fair under current market conditions with the exception of payroll belna sliahtly excessive.
IJ
~g
'~~
Y'.",'..
~i;:
'ffl
0.06 to
=
x
X
Estimated Value
Cl Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced ulling ACllOftw.e, 800,234.8727 www.aciweb.com
",....]....
~i:\
i("
Effective
Rent I SF
0.00
Estimated
Market
Rent I SF
N/A
er
$
$
$
($ 10,401)
$
$ 197,619
$ 18,046
$ 3,806
$ 9,881
$ 2,306
$ 4,023
$ 14,325
$ 39,961
$ 3,962
$ 96.299
$ 101,320
This estimate s
0.05 to
0.0967 =
0.8000 =
0.15
0.0774
0.1600
0.2374
Estimated Value
426,790
Cash Flow Analysis In Addenda
Forecast Holding Period
Beginning NOI .....
NOI Pattern .. . . . " "
Reversion Assumption. . . .... " " .
Yield Rate ." ". . . "" .. ." " " .
Value Estimate" . " : . : . : . : : : : . : : . . : .: ::..":"" : " :
Analysis/Comments: Not utilized for this analysIs.
Value Estimate - Market Rent Scenario $
Value Estimate - Contract Rent Scenario . - "." "- . - " " " . . . . . .. . .. . . ................. $
Difference (Adjustment for Interest Appraised)" .. .. "...".. ". .......... . . . . . .. ... .. ... $
. .... ..... ... ..... ... .. .. .. ..
Analysis/Comments: Market rent and contract rent for the subject are at the same level; therefore, no adjustment IS required
difference for interest appraised.
Value Indicated by Direct CapitallzationlYield Analysis (excluding excess land) $
Plus: Estimated Excess Land Value .. . .... . . . . . . . . . . . . . . . . . . $
Value Indication - Income Approach - . - - - -......... .. . . . . . . .... . . . . . . . .. .. - . .. ... $
Rounded . .. .. ...... .. . . ...". ..... . . . . . - .. . .....".. $
...... ..... ....... .......... .. .. ..... .. .. ... ......... .... ...
.. .... .. .J:jIREC;r;::S:A~:ES~aO]QI(R:~RISG(Nfll!:e:e;Re~I1;1'~G:tS:M;l:~iIR~B!IB~B;;W;IUIlI~ili~~rSIS~~~};~\':f;'::;'.:,;;::;;..::
Att 00
1
J
I
-,
1
"
;1
.,
.
.'.'
.
,
j
]I
J
] ;
:J
Comp Sheets
Address
Proximity to Subject
Map Reference
Data Source
Gross BuDding Area
Net BuDding ArA
Site Size SFU Aaes 00
Land-to-Building Ratio
Year Built
Construction Type
Construction Quality
Condition
Parking
Other # of UnIts
J
.~
B
]
Sale Price
Date of Sale
Exposure TIme
Property Rights Conveyed
Adjustment
Financing
Adjustment
Conditions of Sale
Adjustment
Excess Land
Adjustment
Non-Realty Interests
Adjustment
CElTerms Adjusted Price
Other Adjustments:
Market Conditions
Adjustment
Location
Adjustment
Quality
Adjustment
Condition
Adjustment
Econ. of Scale
Adjustment
Total Other Adjustments
Indicated Value Per
Per Unit
~
s. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06-0382C
PAGE 7
.:.:,.:::. .
'C-
. ...: .. . .. . .... ...'):~.,.:'j,~::;:~.YI EE!Df:G1\PI.T~blZ;~TJON~:f:ir;~i;;::;;f5;,':
Yes 0 No l!J Market Rent Scenario
'::.:-:;.,~-';~:r_~ '-;':'
. ,.",.":;' ~,
-"~/:;<-;',:.;'
,~':-:\'I./, "/i.::;-:.: .', ::..::::",-;
Contract Rent Scenario
$
$
$
N/A
$
N/A
'..:;i -::-.
..;....,~'. :,;,'
:'.:..;:':'A:D;actsttavrE'Nm);F'a;R~INtttERES7F~~P]?;Rt6!IS~E;ID~);:t;'?:t~~~;;~1~rM~:;'?2~~,'r(:h~ij:..:::;':Yi:<;:i~,~Hl::~..,:~:~.".';.;f:;:~...
N/A
N/A
o
1,340,351
None
1,340,351
1 .340,000
Subject
483-530 HIQhland Avenu
N/A
22-0485
Inspection
Comparable #1
S. Washington, Mech.
9.2 MI E
. 20-24-0785-227
Court House Records
12,064
Unknown
1.05
3.79
Comparable '2
Chester Rd. E.P. Twp.
14.4 MI ENE
09-16-1052-062
Court House Records
9,540
Unknown
1.20
5.48
Comparable #3
Hamilton St. Carlisle
1.2 MI N
06-19-1641-105
C H Records & Owner
9,000
Unknown
0.62
3.00
30,480
Unknown
3.00
4.29
1998
Row Townhouse
Average
Average
Adequate
10
1966
(2) 4 Unit Townhouse
Averaae
Average
Adequate
8
1968
(3)8 Unit & (1 )6 Unit TH
Average
Average
70 :t Spaces
30
1996
(2) 6 Unit Townhouse
Average
Average
Adequate
12
$
N/A
None
Fee Simple
Unknown
N/A 1$ 800,000 $ 664,000 $ 450,000
07/26/2006 10/01/2002 04/09/2001
Unknown Unknown None
Fee Simple Fee Simple Fee Simple
0 0 0 0
Conv. Bank Terms Unknown Conv. Bank Terms
0 0 0 0
Outright Sale Outright Sale Outright Sale
0 0 0 0
None. None None
0 0 0 0
None Considered None Considered None Considered
0 0 0 0
o $ 66,667 $ 66,400 $ 66,250
Time +1.6% Time +9.8% Tim e +14.3%
0 1 .000 6,507 8,044
Superior -100/. Superior -100/. Similar
0 -6.666 -6,640 0
Similar Similar Sim liar
0 0 0 0
Superior-10% Superior -10% Similar
0 -6,666 -6,640 0
Superior -10% Superior -10% Superior -10%
0 -6.666 -6,640 -5.625
0 -18.998 -13,413 2,419
o $ 47,669 $ 52,987 $ 58,669
Outright Sale
None
None Considered
$
None I Typical
Average
Average
Average
Larger Com plex
$
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced IlalO ACllOftwn. 800.23<4-8727 _.._b.cam
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06-0382C
PAGE 8
. DIRECTSALES.COMRARISoN:A'PI?RO'A.CH1CtfM'p'A1RA.~al~E!~BljlliiDJ"N'GItA:FJ'AI1YSlS:'JcOhHn tie ell i.'
Analysis/Comments: Adiustments: Time adjustment is based on annual appreciation rate of 3%. Location adjustment for sales #
1 & 2, being located in eastern Cumberland County. Condition adjustment was taken for sales # 1 & 2, being newer
construction. Economy of Scale adjustment was taken for all three market sales, a larger complex normally sells for less
per unit than a smaller complex. No other adjustments reauired.
,.
.:," '.. . ...... FEE:.SI:M PIiE::Ot~.C8~SE[j/F;EE:::OEER);iJNG;D'AmJ\f~.~nj~%FfA:rtQS;:h:;r;.!,!(,.i,~,;,:" ':';':.::: ..'
]
Comparable #1
Fee Simple or Leased Fee Fee Sim pie
Gross Potential Income . .. . . . ... $
Vacancy and Collection Loss %. ... ... . . . . .
Effective Gross Income . ... . . .. . . . $
Operating Expenses . . . ~... . .. . . $
Expenses/SF Gross Builalng'Area' . .. ...... $
Expense Ratio .. . . . . . . . . . .
Net Operating Incom'e' . . . . .. ... .. . . . . . .. . $
EGIM . . . . . ... . . . .
Overall fiate' . . . .. .... . .......... .....
Equity Dlvldena ~ate : : : . : : . : : :: .:::::::::'::
Analysis/Comments: Insufficient market data available to complete this portion 0
$
$
o $
]
$
Comparable #3
Fee Simple
$
$
$
o $
$
o
0.00
0.00
0.00
]
the analysis.
1
Building Units Per Unit 30
Value Per Unit . ............... .. . .... .. ....... . . . . . .. .. $ 63,000 /Unit
Value Estimate :::::.::.:::. . : : : : : : : : : : : : : : : : : . : : :.: : : : : : : : : : : : : : : . :. :::::::::: $ $1,690,000
Effective Gross Income $ N/ A
Effective Gross Income Muftiplier'(!:GIM}' .............................. ........ .......... x N/A
Value Estimate .. ... . . . . . : : . : : . : : : : : : . : : . : : : : : : : : . : . . : : . :. ::::::::::::::::. $ $0
Analy~ls/Comments: Three market sales were selected and analyzed. Before adiustments a ranae Of $66.250 to $66,667 was
Indicated. Afteradlustments a ranae of $47.669 to $58.669 was determined. The most likelv value range for the subject in
its current condition is $50,000 to $66,000 per unit. Chosen value Indicator, $63,000 per unit. Therefore 30 units times
$63,000 equals $1 ,690,000.
Value Indicated by Direct Sales Comparison Approach (excluding excess land) $
Plus: Estimated Excess Land Value .. .... . ... .... .... .. ..... $
Plus: Adjustment for Interest Appraised . . . . . .. . .. . . . . . . . . . .. ................. . . .. $
Value Indication. Direct Sales Comparison' ApproaCti . . .. . .................. ... ...... ..... .. .. $
Rounded .... ........ .... .. : : : : : . : . : : : : : .. :: :. :.:::..::::::::.: . :.:. :: $
51,590,000
o
o
1 ,590,000
1,590,000
" " ....
.
.'. .....:.... ..i .......<REGC)'f~l:G'ngrAi'i:Gj~N;t(:NTt)~ErN:ilfiiV~l!m;EkESrEfM~mBSi\iV:tQ!;,;~~;E;'&0;;;;,n.~,;,,;t;;:!;.;,;i~.;:';:.
:i;'::::::-;/'l~-'l .';'_~'_'.::'V
....".,.. '"y"'.',-' .-:;
Cost Approach Indication . . . . . . . . . . . . . . . . . . . . . . . . . .. ............... .................. : 180,000
~:~~~~ie:r~~: I~~~:.tl~n rOaclllndlcatlon ................................. ................. $ ~ :::~:~~~
p pp . . . . .. ............ ...... ................... .....
Reconciliation: The Income and Direct Sales Comparison Approaches were utilized to arrive at the estimated fair market value of
the subject property. In conclusion, conslderlna the purpose of this appraisal and the type of property being appraised,
the Income approach warrantls most emphasis with the Direct Sales Comparison approach supportina the value, therefore
arriving at a final reconciled value of $1,400,000.
r
Estimated Exposure Time: The exposure time, based on current market conditions, for a propertY such as the subject is between
six months and one year in accordance with Standard 6 .of USPAP.
Extraordinary Assumptions, Hypothetical Conditions, and Limiting Conditions: There are no extraordinary assurn ptlons, hypothetical conditions, or
special condition for this analysis. Refer to assumptions and limiting conditions on next page or addenda of this report.
Estimated Market Value "As Is"
Effective Date of Valuation .... . . . .. ... . . . . . . . . . .. .. . . . . . . . .. .... ........
Market Value of Personal Property'ln'cludea in Appralsal' .. .. . . ... . .. . . .. ... . . .. .. .
Market Value of Other Non-Realty Interests Included in Appraisal : : . : . .' . ..' .. ::..::.' :: ..:'::::: .:.
$ 1 ,400,000
02/02/2006 000
$ N/A
$ N/A
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced usmg ACllOllwere. 800.234.3727 www.acitrelJ.cam
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S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. OS-0382C
PAGE 9
c'ontiri'tfed
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Appraiser #1
Signature
Name
Certification
RECONCILI TION AND FINAL'VALUE.E.'STIMATES'
<~~ Ii :/1
Steven W. Barrett, SRPA, SRA, ASA
No.: GA-000298-L
State: PA
Sta Certified Genet
Property
Inspected
Yes 00 NoD
Date
01/29/2007
'1
1:
Appraiser #2
Signature
Name
Certification
n."....:...
fJ
onna K.
No.:
State: Exp. Date:
Assistant to the State Certified General A raiser
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u
Legal Description
Subject Photographs - . - - . . . . . . . - . .
Area Map - - . . . . " " . " " . .
Neighborhood- Map - - . . . . . . . . . . . . .
Zoning Map . . . . . . . . . . . . . . .
Flood Zone Map . . . . . - . . . . . . . . . .
Topographic Map - . . . . . . - . . . . . . . .
Site Sketch ...:::::::::::::::
Site Plan
Building Plans. . . . . . . . . . . . . . . . . .
Tax Assessment Card" " . . " . . . . . . . . .
Land Sales Data Sheets . . . . . . . . . . . .
Land Sales Map . .. . : : : : : : : : :,: : :
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The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale. the buyer and seller
each acting prudently and knowledgeably and assuming the price Is not affected by undue stimulus. Implicit In this definition is the consummation of a
sale as of a specified date and the passing of title from seller tn buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both
parties are well informed or well advised, and acting in what they consider their best interests; (3) a reasonable time is allowed for exposure
in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price
represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated
with the sale.'
1 USAP 2001 Glouary
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01/29/2007
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Land Lease
Segregated ~os(Sheef . . . . . . . . . . . .
Solis Survey Map . . . . . . . . . . . .
Subject Leases ...............
Rental Comparatiie.Oata .She.ets. . . . . . . .
Rent Location Map . . . . . . .
DCF Analysis . . . . . . . . . . . . . .
Improved PropertY Sales bata sneets . . . . .
Building Sales Location Map . . . . .
Copy of Deed . . . . . . . . .
Contract of Sale . . · . . . . . . . . . . . . .
Construction Cost ~o.ntrict" . . . . . . . . . .
Support for Personal PropertY 'ialuatJon : : : :
Support for Non-Realty Interest Valuation
Support for Adjustment for Interest Appraised. .
Copy of Easement .
Appraiser Qualifications. : : : : : : : : : : : :
'1_~',;-:.:.,;. ,~:'
1. As agreed upon with the client prior to the preparation of this appraisal. unless otherwise indicated. this Is a Limited Appraisal because it invokes
the Departure Provision of the Uniform Standards of Professional Appraisal Practice. As such. Information pertinent to the valuation has not been
considered and/or the full valuation process has not been applied. Depending on the type and degree of limitations, the reliability of the value
conclusion provIded herein may be reduced.
2. Unless otherwise indicated, this is a Summary Appraisal Report which Is intended to comply with the reporting requirements set forth under Standard
Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, It might not include full
discussions of the data, reasoning and analyses that were used in the appraisal process to develop the appraiser's opinIon of value. Supporting
documentation concerning the data, reasoning and analyses Is retained in the appraiser's file. The Information contained in the report Is specific to
the needs of the client and for the intended use stated In this report. The appraiser is not responsible for unauthorized use of this report.
3. No responsibility is assumed for legal or title considerations. Title to the property Is assumed to be good and marketable unless otherwise stated
In th is report.
4. The property Is appraised free and clear of any or all liens and encumbrances unless otherwise stated in this report.
5. Responsible ownership and competent property management are assumed unless otherwise stated In this report.
6. The information furnished by others is believed to be reliable. However, no warranty Is gIven for its accuracy.
7. All engineering is assumed to be correct. Any plot plans and illustrative material In this report are Included only to assist the reader In visualizing
the property.
8. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No
responsibility Is assumed for such conditions or for arranging for engineering studies that may be required to discover them.
9. /I is assumed that there Is full compliance with all applicable federal. state, and local envIronmental regulations and laws unless otherwise stated
In this report.
10. It is assumed that all applicable zoning and use regulations and restrictions have been complied with. unless a nonconformity has been stated,
defined. and considered in this appraisal report.
11. It is assumed that all required licenses, certificates of occupancy or other legislative or administrative authority from any local. state. or national
governmental or private entity or organization have been or can be obtained or renewed for any use on which the value est/mates contained In
this report are based.
12. Any sketch In this report may show approximate dimensions and Is Included to assist the reader in visualizing the property. Maps and exhibits found
in this report are provided for reader reference purposes only. No guarantee as to accuracy Is expressed or implied unless otherwise stated in this
report. No survey has been made for the purpose of this report.
13. It Is assumed that the utilization of the land and Improvements Is within the boundaries or property lines of the property described and that there Is
no encroachment or trespass unless otherwise stated In this report.
(Continued)
]
S. W. Barrett Real Estate & Appraisal Services
ASSU M PTIONS.AND .LIM ITI NG:CON 0 ITIONS..Cohthiu ad
Summary Report
File No. OS-0382C
PAGE10
14. The appraiser is not qualified to detect hazardous waste andlor toxic materials. Any comment by the appraiser that might suggest the possibility
of the presence of such substances should not be taken as confirmation of the presence of hazardous waste andlor toxic materials. Such
determination would require investigation by a qualified expert in the field of environmental assessment. The presence of subtances such as
asbestos, urea.formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The appraiser's 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 unless otherwise stated
in this report. No responsibility is assumed for any environmental conditions, or for any expertise or engineering knowledge required to discover
them. The appraiser's descriptions and resulting comments are the result of the routine observations made during the appraisal process.
15. Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine
i( the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and
communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affecUhe property's value,
marketability, or utility.
16. Any proposed improvements are assumed to be completed in accordance with the submitted plans and specifications.
17. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program ot utilization.
The separate allocations for land and buildings must not be used In conjunction with .any other appraisal and are invalid If so used.
18. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used (or any purpose by any person other
than the party to whom it is addressed, and In any event, only with the proper written qualification and only in its entirety.
19. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the
appraiser is connected) shall be disseminated to the public through advertising. public relations, news sales, or other media without prior written
consent and approval of the appraiser.
The a raiserls is not re uired to Ive testimon or a ear In court because of havin made the a raisal with the
reference to the ro e in uestion unless arran ements have been reviousl made thereo . Disclosure of the contents
of the appraisal report is governed by the Bylaws and Regulations of the Professional Appraisal Organizations with whlc
the appralserls is affiliated. On all appraisals. subject to satisfactory completion. repairs or alterations, the appraisal report
and value conclusion are contin ent u on com letlon of the im rovements in a workmanlike manner. An chan es to this
report required by the client must be addressed with n 30 days of rece pt 0 wr tten appraisal. Acce tance of and/or use of
this appraisal report constitutes acceptance of the foregoing assumptions and limitina conditions.
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I certify that, to the best of my 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 are my personal. impartial,
and unbiased professional analyses, opinions and conclusions.
- I have no (or the specified) present or prospective Interest In the property that is the subject of this report and no (or the specified)
personal interest with respect to the parties involved. .
I have no bias with respect to the property that Is the subject of this report or to the parties involved with this assignment.
- my engagement in this assignment was not contingent upon developing or reporting predetermined results.
- my compensation for completing this assignment Is not contingent upon the development or reporting of a predetermined value or direction In value
thai 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.
- my analyses, opinions, and conclusions were developed, and this report has been prepared In conformity with the Uniform Standards of
Professional Appraisal Practice.
. - I have (or have not) made a personal inspection of the property that Is the subject of this report. (If more than one person signs this certification,
the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property).
- no one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual
providing significant real propert appraisal assistance must be stated). .
All conclusions and opinions concernina the real estate that are set forth In the appraisal report were prepared by the
appraiserls whose signature ap~ears on the report, unless Indicated as "Review Appraiser". No changes of any Item In the
appraisal report shall be made by anyone other than the appralser/s, and appralser/s shall have no responsibility for any
such unauthorized change. As of the date of this appraisal, Steven W. Barrett. the undersigned appraiser, has completed
the requirements of the Continuing Education Proaram of the Appraisal Institute and the American Society of
Appraisers.AII state certifications and licence requirements, to legally preform this appraisal, have been met and are
current under present regulations. .
~
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Appral.e~. Signalu" - ~ I -
Steven W. Barrett, SRPA, SRA. ASA
State Certification # GA-000298-L
State Certified General Appraiser
Date 01/29/2007
J
, 0 Copyrighl2001 by The Appr.lsal Found.lion. All righl> reserved.
Produced using A IlOllwIn, '00.234.8727 WWW..owell.COlIl
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Sum mary Report
FHe No. 06-0383C
APPRAISAL OF
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LOCATED AT:
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751-793 Hamilton Street
Carlisle, PA, 17013
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FOR:
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Robert G. Frey Esq. Cia Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
AS OF:
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February 2, 2006
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BY:
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
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S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
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Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
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January 29,2007
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Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
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RE:
751-793 Hamilton Street
Carlisle, PA 17013
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Dear Mr. Frey;
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The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
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The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, IJwe believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
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Value Reported:
Nine Hundred Thousand Dollars
$900,000
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The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
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Sincerely yours,
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Steven W. Barrett, SRP A, SRA, ASA
P A State Certified General Appraiser, GA-000298-L
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Client
Property Use
Property Address
City
Building Name
Owner/Occupant
Summary Report
File No. 06-0383C
PAGE 1
UN f FO RM COM MERe fAL/1 N DUSTRIAt('s UlVfMA'RY;Ap.PRAIS'AlLn:'~EPORT<:~:'sMAllt2:PR()PERTY
& Tile Attorne s-At-Law File Number 06-0383C
Industrial X Apartment Complex Summary Report
Map Reference 20-1800
Zip Code 17013
Census Tract 0120.00
APN 06-20-1800-070
S. W. Barrett Real Estate & Appraisal Services
County Cum berland
State P A
Intended User(s) at Report The Intended User of this appraisal report Is the Client. No additional Intended Users are permitted
without the ermission of the a raiser s .
Intended Use of Report The Intended Use is to evaluate the property that is the subject of this appra sal for current market value.
Scope of Work Standard Rule 2-2 of the Uniform Standards of Professional Appraisal Practice and the Standards of
Professional Practice of the Appraisal Institute, require that the extent of the process In which data are collected,
confirmed and re orted be described. and the Definition of Market Value as stated on a e 9 of this re ort.
X Complete Appraisal limited Appraisal due to the following departures from Standard 1 No departures Invoked, this property is beinQ
appraised in its current "AS IS" condition. Retrospective Value, the liAs or' value of this anal sis is 02/0212006
....:;:;" ';;:'ir'H.RE,Ef~YE~'Rr0W~N'E'R'sH1R;~lHrs:tGfRM~~;~{.1~1;~,20):::I'>'2~)~j;:~'i;/:;;f\t'.;;;.);;?L'(:<}V;X"';'.'.,'
Recording Reference Date Price Paid Terms of Sale
Most Recent 21A-545 11/8/1963 $ 1,000 Outright Sales Transaction
~.~ $
Previous $
~.~ $
Current Contract U Option: U Listing Price $ N/A
Buyer N/A Contract Price $ N/A
Seller N/A Closing Date N/A
Analysis/Comments: The legal description I deed has been reviewed and there appears to be no known unusual title
discrepancies. A copy of the deed Is In the addenda of this report.
......':.................:.:,:.....,!:'.;.i;....:~...;.:';E:T...:.'.';.;r'yCi::,i~:~~0\~:,~rJJ4~~~~~n4..E'I.(;!FfB:0'RWGrG:Dft!fE:S:~Rl'Rmt€);'.
Boundaries: Subject is bounded on the north by PA Turnpike CRt. 76); on the east and south by 1-81 on the west by College St.
75 %
45 %
5 %
und~r upply
Single Family. . . . . . . .
Multifamily . . . . . . . . .
Office ...........
Retail
Industrial" : : : : : : : : :
Neighborhood Built Up
Land Use: Single Family
Industrial
Office --1.Q. % Multifamily --..1Q. %
Retail ---1.Q. % Vacant 20 %
Balanced ove~ply Vacancy
I 0-5 %
X -0:5%
5-10 %
5-10 %
X 5-10 %
Location
Development trend' . . . . .
Value Trend . . . . .
Vacancy Trend . . . . . . . .
Rental Demand :::::::
Urban
Down
Down
Down
Down
Dislance-GSD
Dlstance.Freeway: : : : : : : : : : : : : : : : : : : : : :
1 Mile:l: Miles
2 Mile:l: Miles
.50 Mile
/SFNear
Analysis/Comments: The BorouQh of Carlisle Is centrally located In Cumberland County on the west side of the SUSQuehanna
River. It is bounded on the north and east by Route 76--Pennsylvania Turnpike. on the south by Interstate 81b and on the
west by U. S. Route 11. The neighborhood appears stable. with no apparent adverse conditions. A full neigh orhood as
well as regional analyses will be retained in the appraisers files.
."l1fE'<.D'l:~s'e]:~IBtFlaN..
A copy of the current leQal description Is In the addenda of this report.
Environmental Problems Known or Suspected Yes U No lXJ
Site SIze 1.17 Acre Usable Land Area 1.17 Acre Excess Land Area
Site Dimensions Irregular shaped, see site plan, and/or legal description in the addenda.
Street Frontage 238.6':1:
None N/A
Cl Copyright 2001 by The Appraisal Foundation. All rights reserved.
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Produced uling ACllOftw.... 100.2304.1727 www.aciwab.com
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s. W. Barrett Real Estate & Appraisal Services
Street Improvements:
Street Width 35' :I:
Street Paving: : : :: Asphalt
Sidewalks Concrete
Curbs & Gutte;s . . .. Concrete
Storm Sewers None
lighting ...:::: Overhead in street
Soil Conditions Appears stable rom su ace Inspection
Easements None observed, with the exception of public utilities
Encroachments None observed
Current Zoning R-2 Medium Density Residential District
Zoning Change: Not Likely X Likely To N/A
Uses Allowed Under Current Zoning Six Permitted Uses: Three Special Exception: One Conditional Use
Current Use Townhouse I Garden apartments are permitted, under special exception
Analysis/Comments: ere are no apparent adverse easements, encroachments or other adverse conditions.
in addenda of report.
SITEDESCRIPTIONcorifinued ..
Summary Report
File No. 06-0383C
PAGE 2
Describe:
TOPOgraPh~
Level X Mod Slope 8 Steep Slop"8 8
At Grade X Above Grade Below Grade
Comer Lot . . . . . . . . . . . . . . .. ~ i
Underground Utilities ..........
Railroad Access . . . . . . . . . . . . .
Earthquake Zone ............
Flood Hazard Are. ............ y ~
Map # 425382 0004 B Date 02/03/82
Ingress/Egress . . . . .
) Street Frontage ....
Shape .........
~__....._.-. VLF~bdci~:~na:.u~i1~ty.::::
~1 an sea ping . . . . . .
1 Drainage........
J ~~:~~!~~rt~s ..
Utility:
Electricity . . . . . . .
Gas
Water
Sewer
Telephone. : : : : : :
Provided By:
PUblic,PPL
Public, UGI
Public, CBMA
Public, CSA
Public, Em barq
Legally Conforming
Yesl!.J No U
Flood Map located
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Assessment Year 2006 APN 06-20-1800-070 Tax Rate
Total $ 770,000 Total 0.01718700
Land............ $192,130 County-... -0.00237700
Bullding(s). . . . . . . . . . $ 577,870 City. . . . 0.00281000
Other .. . : : : : : : : :: $ N/A Other. . . . . .0.012 *School
Special Assessments: ere are no spec,a assessments In e ect, or ant c pate
Reassessment Issues: Cumberland County was reassessed in 2004, effective for tax year 2005. No new reassessment has been
scheduled.
Anaiysjs/Co~ments: The subject property is current y under ass esse , base on current market con itions.
Year Taxes
Current Taxes 2006 $ 13,233.99
Estimated Taxes. . . . . . N/A $ N/A
Tax Assessment . . . . . . - $ .59
Year of Next Reassessment. Onl(: . .
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'i-i:"i~;~1;U~'::;i'I'M.p:ReVEMiE'Nm~DES~R:f'emf.(tj<iN~~~:).;h:+:;:i)ii~Ei%:';;t')':;V~';t;;:;A;(\;,:~%:~j;"':!n;;s';'~:~\'i::~";i:X.':'~'.';:.,'.',,(:,,:
#Stories Two
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Property Type Multi Fam lIy
Building Floor Gross SF
[ ~~~ +:~ ::~~~
I Three Two 8,160
L Total . . . . . . 22,440
B ~~::~::e~ . . . . . . . . . .R~~~~ ~~ . ~ . . . . .. 1965
Building Efficiency Ratio . . . . . . . . . . . . . . . . . .. 25
Effective Age. . . . . . . . . . . . . . . . . . . . . . . .. 50
25
Construction Type
*Net SF
Row, Townhouse
Use Type
Office
Retail ...............
Warehouse. . . . . . . . . . . . .
ManUfactUring. . ... . . . . . . . .
Distribution . . . . . . . . . . .
Research I Developmenl . . . . . .
Multi Family 1 Apt: . . . . .
#Bulldings Three
Net SF
Use %
Unknown
100
0"
-FT
-FT
-FT
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C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced uling ACIIOlw... 800.2301.1727 _.lCiweb.ClllII
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Concrete
Wooden
Hardwood, Vinyl
Drywall
Brick
Drywall
Asphalt
Kitchen, Full Bath
GFHA
None
100 amp
None
Asphalt paved/two spaces per unit
Adequate
None
Wooden Trusses
Building Description
Summary Report
File No. OG-0383C
PAGE 3
I MPRO,VEM'EN:tS~()ESCRIPtIO'NYCcintirfUed!
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Foundation
Frame
Floor/Cover . . . . . . . . .
Ceiling . . . . . . . . .
Exterior Walls' . . . . . . . .
Interior Partitions' . . . . . .
Roof Cover . . . . . .
Plumbing .:::::::::
Heating
A'r Condifioning . . . . . . .
Electrical . . . . . . .
Elevators ..........
Parking ..........
Insulation' . . . . . . . . . .
Sprinkler ..........
Roof Support' : : : : : : : :
Improvement Rating
d
AppeaVAppearance
Floor Plan/Design ...........
Construction Quality. . . . . . . . . . .
Exterior Condition . . . . . . . . . .
Interior Condition ...........
Roof Cover . . . . . . . . . . . .
Plumbing ...............
Heating ................
Ai Conditlonrng . . . . . . . . . . . . .
Electrical . . . . . . . . . . . . .
Elevators . . . . . . . . . . . . . . . .
Parking Area' . . . . . . . . . . . . . .
Insulation . . . . . . . . . . . . .. .
Sprinkler ................
Landscaping' : : : : : : : : : : : : : :
Site Improvements: Concrete sidewalks, asphalt 0
ing area, lawn, and mature landscap ng.
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Personal Property or Other Non-Realty Interests Included in Valuation:
Included in this appraisal analysis.
lKl No
DYes
No personal property, or non realty interests are
Physically Possible Uses: Physical aspects of the site impose the first constraints on the possible uses of the property. Size,
shape and topography are key determinants of physically possible uses.
Financially Feasible Uses: The site is located in an area developed with similar uses. Development of the site with townhouse
use would be likely, given the location, and would represent a finanCially feasible use.
Maximally Productive Use: The most productive use of the site given the location is townhouse use.
Analysis/Comments: The highest and best use of the appraised site presuminQ it to be vacant and available Is for townhouses.
No other
n Maximally Productive Use: The property as currently improved would be the maximum productive use and generate the highest
~ return; therefore, considered productive.
Analysis/Comments: The subject property as currently improved, meets current highest and best use guidelines as stated above.
~ Copyright 2001 by The Appraisal Foundation. All rights reserved.
I
Proauced using ACllOftw_. 100.23<4.1727 _..dwell.com
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. 06-0383C
PAGE 4
-:.'VALUA'TlbN:',ME"PHo'DS~SEliEcmED:;":,,,:,/:,:,:j,::,:,,~::::::;::'::'
."'].' Cost Approach 0 Income Approach 00 Direct Sales Comparison Approach 00
. Reasons for Excluding an Approach: The Income and Direct Sales Comparison Approaches were used to estimate market value. The
Cost Approach was found not to be applicable for this analysis.
J
'.MA RKET".V:4tUE,~ESTIMATE~:OF,N.dN~RE'Al..TY:JtEfv1:s:~';\i..:";~;:,,":',::: ',:,':'
~.[-, Market Value of Personal Property . $
_ Market Value of Other Non-Realty Interests 'N6rierncru~crecr""""""""""""""""""."'$
". Total Market Value of Non-Realty Interests . . . . . . . - . . . . . . . . . . . . . . . . . '$
. .'. . . . . . .. . . . . . . . . . .. .. . . . . .. . . . .. . . . . . . . . . . . . . . .. . . . . . . . ..
Analysis/Comments: No non-realtv items were considered for this analysis.
".' ,:";,,,':'<;CQIVIR~R~'B~E~;:Sl~:sr~N~'~~S:IS;{~qfgf;:il4:~
l.,{f-'
, \~~;;:
~~.~
:;'~:.\:
~
~,
r:.
Data Sheets Att(K) Subject
Location/Address 751-793 Hamilton Street
Proximity to Subject N/A
Map Reference 20-1800
Deed Reference 21A-645
Date of Sale N/ A
Exposure Time None
Data Source , Inspection
Site SIze SFO Aaes 00 1.17
Frontage 283.6':1:
Zoning R-2 Medium Density ReI
Utilities Public, W S G & E
Site Improvements Concrete Sidewalk
Comparable #1
Post & Claremont Roadt
0.25 MI NE
29-08-0575-001
275-1220
06/21/2006
3 Months
Owner & C. H. Records
7.09 Acres
821' & 340'
R.1, Residential
Public, W S G & E
None
Unit of Comparison Per Acre
." Sales Price . . . . . . . $525,000
r~ Price Per Unit" . . . . . . . . . . . . . . . . . . . . . . . . . . $
~ Property Rights 'Conveyed . . . . . . . . . . . . . . . . . . . .
~ Adjustment . . . . . . . . . . . . . . . . . . . .
Financing . . . . . . - . . - . . . . . . . . . . . . . .
!.......'.:.;.~..... Adjustment' . . . . . . . . . . . . . . . . . . . . . . . .
:f Conditions of Sale . . . . . . . . . . . . . . . . . . . . . - . .
r" . Adjustment -. . . . . . . . . . . . . . . . . . . . . .
r Market Conditions . . . . . . . . . . . . . . . . . . . . . . . .
,\_ AdJustment' . . . . . . . . . . . . . . . . . . . . . .
~ Other Adjustments . . . . . . . . . . . . . . . . . . . . . . . .
r::'i! Location
~ Topography' . . . . . . . . . . - . . . . . . . . . . . . .
Shape/Utility . . . . . ... . . . . . . . . . . . . . . . . .
ifi Utilities . . . . . . . . . . . . . . . . . . . . . . .
:~ Site Improvements . . . . . . . . . . . . . . . . . . . . .
~:~ Zonlnp . . . . . . . . . . . . . . . . . . . .
;::... Total Ad ustments
r:~ IndicateJ Value Per'Unit . : : : : : : : : : : : : : : : : : : : : $
74,048
Fee Simple
o
Bank Loan
o
Outright Sale
o
Time
o
Slm liar
Level
Rectangular / Average
Public
None
Similar
o
74.048 $
reQuired.
Comparable #2
Beech & Pine Streets
0.36 MI NE
40-22-0487 -117
257 -2933
06/13/2003
One Year:l:
Realtor & C. H. Records
3.09 Acres
500" Main Frontage
Village
Public, W S G & E
None
5115,000
$
37,217
Fee Simple
o
Cash
o
Outright Sale
o
Time +7.8%
2.903
Sim liar
Level
Rectangular I Average
Public
None
Similar
2,903
40,120 $
N/A
N/A
o
Comparable #3
West Louther Street
0.36 MI SSW
29-20-1794-028
271-1228
10/04/2006
None
Court House Records
2.65 Acres
425.3'
R-2, Residential
Public, W S & E
None
$160,000
$'
60,377
Fee Simple
o
Unknown
o
Outright Sale
o
Tim e
o
Sim liar
Level to Rolling
Slightly Irregular I Avg.
Public
None
Sim ilar
o
60,377
60,000 per acre.
1.17
60,000
70,200
'> Total Site Units: Acre
~~: Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
.~, Estimated ~Ite Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 'E'xl::~~~ ('A~[f . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess Land Area Units: NJA
.i;;, Unit Value,' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
:;.~ Estimated ~xcess (a'na (.1alue' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
'. f . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .,. . . . . . . . . . . . . . . . . . . . . . . . .
~ Copyright 2001 by The Appraisal Foundation. All rights reserved. Prod__IllingACIIOIIw...IOO.23oI.l727_.aciweb.eam
~.~.
a
None
NJA
None
l
I
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. OS.0383C
PAGE 5
;::,:.;~ .::',:. ~;.. ~:..: t~:.
^ ...'.....~L:..;).'..:.;.~d.}~,\:;~,';"G.~G.s:f~l~~e:Rt).~'Gt4.~0.;,f~f~m;%fi~~.,~~.:~~,~}~Z;~;?jIEtlS~:a:t~;;!;ij:;;:.t::;:~j{g2:~;1..;iE:j:Z>/
Cost Source Marshall Valuation Services, and supported by local contractors
Component No. Size Unit Cost
n I I
~ Reproduction U Replacement ITCost New of Improvements ................................... $
Plus: Indirect (Soft Costs) S
Plus: Entrepreneuriaf Profit ........,....,..."......................... %. , . . . . . . . . . . . . . , . $
~;: Total Cost New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s
~ Less: Physical Deterioration' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . %. . . . . . . . . . . . . . . . .
Less: Functional Obsolescence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . % . . . . . . . . . . . . . . . . .
n; Less: External Obsolescence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . % . . . . . . . . . . . . . . . .
't', Total Acaued Depreciation (Deterioration & "obsoiescence)' . . . . . . . . . . . . . . . ~ . . . . . .. . (S. . . . . . . . . . . . . )
Depreciated Value of Bullding(s) . . . . . . . . . . . . . . . . . . . , . . , . . , . . . . . . . . . . . . . . . . . . . $
1 Plus: Contributing Value of Site ImprovemEtn'ts' . . , . , . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . $
S ::=:;~n:~fl;:~::~ AP~~~~"h: ~~~ ~~;~~~ ~~; ~~~r~~~I~~ io~ ~~l~ :a~~i~i;, ~~~ :t~ ~~~ ~~~ :t~~; ~~~~ciatlon of the N/A
I existing Improvements. Land value is estimated using local market sales information, and reported within this section of
~ the aPl1ralsal. Value rel10rted within the Cost Approach section of this re{!ort Is for "LAND ONLY".
Cost
Estimated Site Value $
Plus: Estimated Excess .Land Value' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plus: Depreciated Value of Improvemen'ts' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plus: Market Value of Personal Property anH)tlllir }.lon.~ealfy lnlerests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Indicated Value Before Adjustmentfor Interest Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Less: Adjustment for Interest Appraised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Value Indication. Cost Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S
Rounded: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . $
... ................. ...... ..... .... ........ ... .... ... ... ................
r..i::S!;':?':f:?:g~~;i~";j~'t~,(g,:::':j::';if:~~XNI:NiGe:M!Eii~:P1R1R:ajl~FiI:fl;RIBt}r:
~fVf' ~::.~:e.b AU c:J
. Proximity to Subject
~ Map Reference
I Year Built
Gross Building Area
~.' Number of Stories
~ Current Vacancy %
Construction Type
Construction Quality
Condition
Parking
Date of Rent Survey
Asking Rent
Lease Period
Tenant Improvement
Allowance
Concessions
# Units Complex
70,200
None
N/A
o
70,200
N/A
70,200
70,000
Subject Comparable #1
761-793 Hamilton Street Fry Loop Ave,
N/A 0.36 MI NE
20.1800 29-16-1094
1966 1976
Comparable #2
W. Ridge Street
1.0 MI SSW
04-22-0483
1976-78
Comparable #3
E. Willow Street
0.91 MIS
03-22-0485
1975
Two
22,440.00
Two
46,080:t
0.5%
16,OOO:t
0-5%
Two
22,OOO:t
0-5%
Two
0.5%
Row, Townhouse
Averaae
A veraae
50+ Spaces
08/2006
$6,720per unit ($560)
Annual
Row, Townhouse
Average
Average
Adequate
08/2006 .
$6,240 per unit ( $520)
Annual
Row, Townhouse
Average
Average to Good
Adequate
08/2006
$7,680 per unit ($640)
Annual
Row, Townhouse
Average
Average
Adequate
08/2006
$6,960 per unit ($580)
Annual
None None None None
None None None None
22 Units 48 Units 16 Units 22 Units
arlous arlous ar ous arlous
Varies Varies Varies Varies
Annual Annual Annual Annual
(N) Net (N) Net (N) Net (N) Net
1,020 960 970 1,000
$ 6.59 $ 6.50 $ 7.92 $ 6.96
None None None None
$ 6.59 $ 6.50 $ 7.92 $ 6.96
None None None None
$ 6.69 S 6.50 $ 7.92 $ 6.96
Tenant Name.
Beginning Date
Term
Lease Type*
Tenant Size (SF)
Rent Per SF
Rent Concessions Adj.
Adjusted Rent Per SF
Adjustment for
Market Conditions
Adjusted Rent Per SF
Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produald using ACllOllwn. 800.234.8727 www.aciweb.com
S. W. Barrett Real Estate'& Appraisal Services Summary Report
File No. 06-0383C
PAGE 6
IN COM E.AP P RO AC H4:RE NtAi::;'ctj:MeJ.\t{~elitEi1B~ori!li,[)TN~G\l~:N~'i2MSls;r'eonffi.1i:.u'~CJ: ";;~::.,::/?:';:.;,/,."..
Location Averaae Averaae Averaae Average
Quality Averaae Averaae Average Average
Condition Average Average Average Average
Unit Rm. & Bath 5-2-1 Similar -.79 (10% Superior) Similar
l Total Adjustments 0.00 0.00 -0.79 0.00
Indicated Market Rent $ 6.59 $ 6.50 $ 7.13 $ 6.96
*Lease Types; Gross Lease (G), Net Lease (N), Triple Net Lease (TN), Modified Gross (MG), Expense Passthroughs (P),
Sales Overa e Rents 0 Common Area Maintenance C Renewal 0 tions R
Analysis/Comments: Comparable sale No.2 has more rooms/baths there ore. superior 1000. Property owners, landlords. and real
estate manaaers were contacted within the aeneral market area to determine rentalllease rates. It should be noted that
lease data is not public information. This Information. and other miscellaneous data Is maintained In the office files to
comply with the request for confidentiality. All three market rentals/leases are from the greater market area. and verified
through the leasina aaent or property owner.
..: .~..;~~.,:- <:,~:..:;:::.,~'.~'./
:::~;{;,: .' t.';':' -.:
'.;'5"U' M;M":~'ACRY:in'~/S"":tJ'~ 'B'}IE" '~~'"r"/lrE'TJt(S"'7E' .:S....,~'.:,'!.';:i;,:.:.;.>:y'''-.
j;::,k~~_~9 . . #,\'. -, '~;j.I<1b~ J'::$ " ': ,i"I.; "'~f::I%';1:I!:. .,.I'\~. :. .. ~J!jtA,~;:ttf.si11~\~;f:{f~.
Tenant
r Name
Various
I
Rented
Area (SF)
22.440
BegInning
Date
Varies
lease
Term Types
Unk. (N) Net
Current
Actual Rent
6.59
"f'..;:,..:,",'"
'.;..".,'. .'
;1~~;;:/,:fJ<f,:~2~;~:';';<<';:/f:~~:~:i;;~i;~~:
Effective
Rent / SF
0.00
Estimated
Market
Rent / SF
N/A
Equity Dividend Rate Range 0.05 to 0.15
Mortgage 0.80 x 0.0967 = 0.0774
Equity 0.20 x 0.8000 = 0.1600
Overall Rate (Ro) = 0.2374
~ Nor (Ro) Estimated Value NOI (Ro) Estimated Value
~~ $ 64.716 / 0.075 =$ 862.880 $ 64,716 / 0.2374 =$ 272.603
_. Analysis/Comments: Advanced mortaaae eQuity met odoloQY sta I zed the capitalization rate. utlllz na the sinking fund actor
over the projected holding period, see addenda for complete analysis. A overall capitalization rate of .0.0755919 was
m indicated. divided into a net operating income (NOn of $64.716 equals a value of $856.126.. SAY 856.000. This estimation
f~ falls within the above indicated range.
;;~~#'::,;;j;I'N;e:QIVfEfA1.N"D1E:}cBEN5BmJrSI;S;R~faNBlll~t.'
Income:
From ro
I;'. Gross Potential Income . . . . . . . $
': Vacancy and Collection
Loss _ % ( $
Other Income . . . . . . . $
Effective Gross'h;come' : : : : : : : $
Actual
Comments and Calculations
Actual Income; based on per unit rental income
Pet Income
O) Projected V & CLoss. 5%
o Projected Effective Gross Income
Expenses:
, Property Taxes $ Actual R.E. taxes based on assessment & tax rates
Insurance . . . . . . . . . . . $ Actual insurance expense. provided by agent
i. Property Maiuigement . . . . . . . . $ Estimated from current market. 5%
. Utilities . . . . . . . . $ Water. Sewer, Electric
Janitorial' . . . . . . . . . . . . . . $ Trash
Maintenance' . . . . . . . . . . . . $ Actual provided by owner
. . . . . . . . . . .. . $ Adm inlstrative $7 .362 & Payroll $30.139
~' Reserves $ Estimated based on overall property condition @2%
~ Total Expenses' . . . . . . . . . .. $ Total Property Expenses
~ Net Operating IncOme"(~61) : : : : : $ 0 Expense/SF S 3.51 Expense Ratio 54.93 %
Analysis/Comments: Actual Income an stabilized expenses were used to arrIVe at net operatina income (NO ).
I considered fair under current market conditlons with the exceptlon of payrol, being sUlIhtl}! excessive.
.....,>:';.::....:;;::';:::,:';(~~.;if?tc4*2J.r~!.iDIR~E'G4fle~RIm~l!I~:6;~rGr~'
.0.10
0.075
J Overall Rate Range
, Overall Rate (Ro)
0.05 to
=
1 Copyright 2001 by The Appraisal Foundation. All rights reserved.
J
Produc:.d uaing ACllOftw_. 800.23<4.8727 www..ciWllb.CGlII
]
Stabilized
$ 147.840
$ 3,300
$
($ 7 .557 )
$
$ 143.583
$ 13.234
$ 2,797
$ 7.179
$ 1 .829
$ 2~950
$ 10,505
$ 37.501
$ 2.872
$ 78,867
$ 64.716
is estim ate is
Cash Flow Analysis in Addenda
Forecast Holding Period
Beginning NOI
NOJ Pattern . . . . . . . . . . . . II . . . . . . . . . . . . . . . . . .. . . . .
Reversion Assumpfion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Yield Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Value Estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. ......... ....... ... ........ .......
S. W. Barrett Real Estate & Appraisal Services
",:'"YI E12D'X:CA'P]"tAL.:IZATlt)N:~j}:i;t::\."?K;l:';;{(~,:~;;;r;jU:,:,' " ,
Yes 0 No (!)
Market Rent Scenario
$
$
N/A
Analysis/Comments: Not utilized for this ana ys s.
1
III Comp Sheets
Address
Proximity to Subject
I ~::'a ~~~;:;ce
Gross Building Area
Net Building Ar,9, IV1
Site Size SFU Aaes L!J
j ~:~~-~~:uilding Ratio
Construction Type
~'.'.'. Cons~~ction Quality
i Condlbon
i Parking
Other # of Units
Sale Price
Date of Sale
Exposure Time
Property Rights Conveyed
l Adjustment
Financing
Adjustment
Conditions of Sale
I Adjustment
I Excess land
Adjustment
Non-Realty Interests
Adjustment
CE/Terms Adjusted Price
Other Adjustments:
Market Conditions
Adjustment
location
Adjustment
Quality
Adjustment
Condition
Adjustment
Econ. of Scale
Adjustment
Total Other Adjustments
Indicated Value Per
Per Unit
Summary Report
File No. 06-0383C
PAGE 7
"I."
I ^ ':-.' /' -;_ " I" "
Contract Rent Scenario
$
$
N/A
ADd U StM ENTFO R,I N;T'ERESTiAP,PRAls~tr ",
Time +1.5% Time +9.8% Time +14.3%
0 1,000 6,607 8,044
Superior .10% Superior .10% Sim i1ar
0 -6.666 -6.640 0
Similar Similar Similar
0 0 0 0
Superlor-10% Superior -10% Similar
0 -6,666 -6,640 0
Superior -10% Superior .10% Superior -10%
0 -6.666 -6,640 -6,625
0 -18,998 -13.413 2,419
o $ 47,669 $ 52,987 $ 58,669
rod\lCed IIIiIIg ACIIOllw... 100.234.8727 www.lCiweb.com
Value Estimate - Market Rent Scenario $
Value Estimate - Contract Rent Scenario. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Difference (Adjustment for Interest Appraised). : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : $
Analysis/Comments: Market rent and contract rent or t e sub eet are at the same eve. t erefore. no ad.ustment is re
.. difference for interest appraised.
Value Indicated by Direct CapitallzationlYield Analysis (excluding excess land) $
'......1 Plus: Estimated Excess land Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Value Indication - Income Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Il Rounded . . . . . . . . . . . . . . . ~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
...................................................................... .
DI RECt'>SAtE,S:COM'.P~RJsCfN~)\1eRRt5:NGYfl'le'!G,'t~1:'R~R~B:~Eli'B~I!:U!~,[~n:fJ;GJffi~'N,1JJm~Sr';'
AU (KJ Subject
751-793 Hamilton Street
N/A
20-1800
Inspection
22.440
Unknown
1.17
2.27
Comparable #1
S. Washington, Mech.
8.9 MI E
20-24-0785-227
Court House Records
12.064
Unknown
1.05
3.79
Comparable #2
Chester Rd. E.P. Twp.
13.7 MI ENE
09-16-1052-052
Court House Records
9,540
Unknown
1.20
5.48
1965
(2)8 Unit & (1) 6 Unit TH
Average
Average
50+ Spaces
22
1995
(2) 6 Unit Townhouse
Average
Average
Adequate
12
1998
(1) 10 Unit Townhouse
Average
Average
Adequate
10
$
N/A
None
Fee Simple
Unknown
$ $ 664. 00
07/26/2005 10/01/2002
Unknown Unknown
Fee Simple Fee Slm pie
0 0 0
Conv. Bank Terms Unknown
0 0 0
Outriaht Sale Outright Sale
0 0 0
None None
0 0 0
None Considered None Considered
0 0 0
o $ 66.667 $ 66,400
Outright Sale
None
None Considered
$
None I Typical
Average
Average
Average
larger Complex
;opyright 2001 by The Appraisal Foundation. All rights reserved.
$
N/A
N/A
o
uired for
856.126
None
856,126
856.000
Comparable #3
Hamilton St. Carlisle
0.03 MI W
06-19-1641-105
C H Records & Owner
9.000
Unknown
0.62
3.00
1965
(2) 4 Unit Townhouse
Average
Average
Adequate
8
4 0, 00
04/09/2001
None
Fee Sim pie
0
Conv. Bank Terms
0
Outright Sale
0
None
0
None Considered
0
$ 56,250
S. W. Barrett Real Estate & Appraisal Services Summary Report
File No. 06-0383C
PAGE 8
DIREct SALES"eO I\iIp ARISbN"APPROJ\cHJCO'NlPARABLE:j~(Jll!DINGAAN:All.YS'IS';:'c6rithl'u'ed"
Analysis/Comments: Adjustments: Time adjustment is based on annual appreciation rate of 2%. Location adjustment for sales #
1 & 2, being located in eastern Cumberland County. Condition adjustment was taken for sales # 1 & 2, being newer
construction. Economy of Scale adiustment was taken for all three market sales, a larger complex normally sells for less
per unit than a smaller complex. No other adiustments required.
FEE 81M PLE,OR:LEAsED::'F:EE:bPERATINt~i.:DATA~:I(ND::':RJ(:t10S'<";;',":
Comparable #1
1 Fee Simple or Leased Fee Fee Sim pie
Gross Potential Income . . . . . . . . . . . . . . . . . . . . . . . $
.... Vacancy and Collection Loss % . . . . . . . . . . . . . . . . . . . . .
E ffactlve Gross Income 0 . . . . . . . . . . . . . . . . . . . $
Operating Expenses . . 0 . . 0 . . . 0 . . . . . . . . 0 . 0 . . . $
",.\.:.:, Expenses/SF Gross Builail;goAfeoa 0 . 0 0 0 0 0 . . . . 0 . 0 . . . . . 0 $
. Expense Ratio 0 0 0 0 0 0 0 . 0 . 0 . . . 0 . . . .
Net Operating Incom'a' . . . . 0 0 . . 0 . 0 . . . 0 . . . 0 . . . . . . S
EGIM . 0 0 . . 0 0 . 0 . 0 0 0 . . 0 0 . . . . . . .
l Overall Rate' . . . 0 . . . . . . 0 . 0 . 0 . 0 0 . . . 0 0 . . . . . . .
~ :~~:I:~::'::~ i~s:u; :i~,~~i ~~; :e; ~~~ ~~:II~~ :e: {o complete this poroon of the ana yo 8.
~
Comparable #2
Fee Simple
$
$
$
o $
o
$
0.00
0.00
0.00
Building Units Per Unit
Value Per Unit . . . . . 0 0 . 0 . . . . . . . 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Value Estimate :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: $
Effective Gross Income $
I Effective Gross Income Murtlplier '(~GIM)' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x
Value Estimate .. . . . . . . . . . . . : : : : : : : : : : : :: : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : $
~
f
/Unit
in
Value Indicated by Direct Sales Comparison Approach (excluding excess land) $
Plus: Estimated Excess Land Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $
~.i Plus: Ad'ustment for Interest A praised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $
.~ Value In~ication . Direct Sales ~omparison' Approach . . . . . . . . . . . . . . . . . . . . 0 . . . 0 . . . . . . . . . . . . . . . . . . . . . .. $
Rounded . . . . . . . 0 . . . . 0 . . . . . . . . . : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :: $
1,166,000
o
o
1,166,000
1,166,000
:1
-: ..~,:', .: ",,: .,";
~. :',;
;;.....'.
1
j
70,200
856,000
1,166,000
such as the sub ect Is between
Extraordinary Assumptions, Hypothetical Conditions, and LimIting Conditions:
special condition for this analysis. Refer to assumptions an
Estimated Market Value "As Is.
Effective Date of Valuation . . . . . . . . . . . . . . . . 0 0 . . . 0 . . . . . . . . . . . . . . . . . . . . . . . . . 0 . . . . . 0 . . . . .
~ ......0. fl...... 0......0.........................000... 0......
~ Market Value of Personal Property Inclu ed n Appraisal ... I 0 0 . . . . . . . . . . . . . . 0 . . . . . . . . . . . . . . 0 0 . 0 . . . . . . .
.~ Market Value of Other Non.Realty Interests Included In Appralsa . . . . . . . . . . . . . . ~ . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 90 , 00
02/02/2006 000
$ N/A
$ N/A
Cl Copyright 2001 by The Appraisal Foundation. All rights reserved.
1
.
Produced uling ACllOflwlrl, 100.234.1727 WWW.lCiwlb.com
onna K. Shultz 01/29/2007
No.:
State: Exp. Date:
Assistant to the State Certified General A raiser
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.... i;:,,:s~':(",:'i~N:'f~"?(;e'{~~;};i~;Y~'1m':EFrf.l:l17it;jN;1~t:)1F~:M~R'~:E}T~\tJ\.~~Ilt' d
-'1
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Appraiser #1
Signature
Name
Certification
Appraiser #2
Signature
Name
Certification
J........,
~
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~
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;;.; .~
legal Desaiption
Subject Photographs' . . . . . . . . . . . . .
Area Map . . . . . . . . . . . . .
Neighborhood"Map . . . . . . . . . . . . . . .
Zoning Map . . . . . . . . . . . . . . .
Flood Zone Map' . . . . . . . . . . . . . . . .
Topographic Map" . . . . . . . . . . . . . . .
Site Sketch . . . . . . . . . . . . . . .
Site Plan . .. . . . . . . . . . . . . . . . .
Building Plans" . . . . . . . . . . . . . . . . .
Tax Assessment Carl . . . . . . . . . . . . ·
Land Sales Data Sheets . . . . . . . . . . . .
Land Sales Map . . . . : : : : : : : : : : : :
S. W. Barrett Real Estate & Appraisal Services
Summary Report
File No. OS-0383C
PAGE 9
Date
Property
Inspected
Yes 00 NoD
01/29/2007
Yes 00 NoD
Land Lease
Segregated ~osfSneef . . . . . . . . . . . .
Solis Survey Map . . . . . . . . . . . .
Subject Leases ...............
Rental Comparab"i15ata Sheets' . . . . . . .
Rent Location Map . . . . . . .
DCF Analysis . . . . . . . . . . . . . .
Improved PropertY Sales Data ~tieets . . . . .
Building Sales Location Map . . . . .
Copy of Deed . . . . . . . . .
Contract of Sale . . . . . . . . . . . . . . . .
Construction Cost ~o"nfract . . . . . . . . . .
Support for Personal PropertY ~a'uatfon : : : :
Support for Non-Realty Interest Valuation
Support for Adjustment for Interest Appralsea' .
Copy of Easement .
Appraiser Qualifications' : : : : : : : : : : : :
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller
each acting prudently and knowledgeably anda.ssumlng the price is not affected by undue stimulus. 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: (1) buyer and seller are typically motivated; (2) both
parties are well Informed or well advised, and acting In what they consider their best Interests; (3) a reasonable time Is allowed for exposure
in the open market; (4) payment Is made in terms of cash In U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price
represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated
with the sale. t
1 USAP z001 Glossary
'.':~::~';;i:.':;l*-2Y!~W~:;;';t~:0;~iiN#i;iig;:,1t):A:S'SlJMR;ml'ORs'~N;m;~~iMlm:f:f:iG~Gf~N;B;fm'I'GI}~t'. .
6':,...1.... As agreed upon with the client prior to the preparation of this appraisal, unless otherwise Indicated, this Is a Limited Appraisal because it Invokes
.' the Departure Provision of the Uniform Standards of Professional Appraisal Practice. As such, Information pertinent to the valuation has not been
f considered and/or the full valuation process has not been applied. Depending on the type and degree of limitations, the reliability of the value
conclusion provided herein may be reduced.
r 2. Un Ie os 0 Ih erwi.. ind i.a led. this I. a Summa ry Apprei..i Re pori wh I.h I. "In Ie n d ed 10 '0 m plY w IIh Ihe .. porting ,eo ui,ement. ..t forth under SI.ndard
h:.._...,'....:.....J......,'. Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, It might not include full
!C discussions of the data. reasoning and analyses that were used In the appraisal process to develop the appraiser's opinion of value. Supporting
documentation concerning the data, reasoning and analyses Is retained in the appraiser's file. The information contained in the report is specific to
the needs of the client and for the intended use stated in this report. The appraiser Is not responsible for unauthorized use of this report.
f, 3. No responsibility Is assumed for legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated
_ in this report.
~1 4. The property is appraised free and clear of anyor all liens and encumbrances unless otherwise stated In this report.
,.. 5. Responsible ownership and competent property management are assumed unless otherwise stated in this report.
6. The information furnished by others Is believed to be reliable. However, no warranty Is given for its accuracy.
~ 7. t~~ ~~:~~~f;ing is assumed to be correct. Any plot plans and illustrative material In this report are included only to assist the reader in visualizing
8. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render It more or less valuable. No
responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them.
n",'.' 9. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated
d in this report.
iG 10. It Is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated,
defined, and considered In this appraisal report.
1...... 11. It is assumed that all required licenses, certificates of occupancy or other legislative or administrative authority from any local, state, or n~tional
governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in
this report are based.
12. Any sketch in this report may show approximate dimensions and Is Included to assist the reader In visualizing the property. Maps and exhibits found
in this report are provided for reader reference purposes only. No guarantee as to accuracy Is expressed or implied unless otherwise stated in this
1 report. No survey has been made for the purpose of this report.
. 13. It is assumed that the utilization of the land and improvements Is within the boundaries or property lines of the property described and that there Is
! . no encroachment or trespass unless otherwise stated In this report.
(Continued)
i Copyright 2001 by The Appraisal Foundation. All rights r e
S. W. Barrett Real Estate & Appraisal Services
File No.
. ASS.tJ M.RTIO.NS.~.)Sa'~D;!;I!IM.tmIN.G.~.'o'd'N'Di:FJO:'t~;S;iCi():riffn?u:eCl
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14. The appraiser is not qualified to detect hazardous waste andlor toxic materials. Any comment by the appraiser that might suggest the possibility
of the presence of such substances should not be taken as confirmation of the presence of hazardous waste andlor toxic materials. Such
determination would require investigation by a qualified expert in the field of environmental assessment. The presence of subtances such as
asbestos, urea-formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The appraiser's 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 unless otherwise stated
In this report. No responsibility Is assumed for any environmental conditions, or for any expertise or engineering knowledge required to discover
them. The appraiser's descriptions and resulting comments are the result of the routine observations made during the appraisal process.
15, Unless otherwise stated In this report, the subject property is appraised without a specific compliance survey having been conducted to determine
if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and
communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value,
marketability, or utility.
16. Any proposed improvements are assumed to be completed in accordance with the submitted plans and specifications.
17. The distribution. if any, of the total valuation In this report between land and improvements applies only under the stated program of utilization.
The separate allocations for land and buildings must not be used in conjunction with any other appralsa and are invalid If so used.
18. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other
than,the party to whom it Is addressed, and. In any event, only with the proper written qualification and only In its entirety.
19. Neither all nor any part of the contents of this report (especially any conclu.ions as to value, the identity of the appraiser, or the firm with which the
appraiser is connected) shall be disseminated to the public through advertising, public relations, news sales, or other media without prior written
consent and approval of the appraiser. .
The appraiser/s Is not required to give testlmonv or appear In court because of having made the appraisal with the
reference to the property In Question. unless arrangements have been prevlouslv made thereof. Disclosure. of the contents
of the appraisal report is governed by the Bvlaws and Regulations of the Professional Appraisal Oraanizations with which
the appraiser/s is affiliated. On all appraisals. sublect to satisfactory completion. repairs or alterations. the appraisal report
and value conclusion are contingent u~on completion of the Improvements In a workmanlike manner. Any changes to this
report required by the client must be addressed within 30 days of receipt of written appraisal. Acceptance of and/or use of
this appraisal report constitutes acceptance of the foreaoing assumptions and limiting conditions.
.<.jER~t1E;te~ifijet;.
I certify that, to the best of my knowledge and belief:
~"~.,'<
.~,",
.~:..,:"."
;.y;.
~~:
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:':if
1 !
Date 01/29/2007
roduced UIing ACllOlIw..... 800.234.8727 www.lciwllb.com
O,',,!':':
iI
"'
~;~I
s. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Ie
;..~:.
Ji'
I
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
I
.
~@~
I
January 29, 2007
I
Robert G. Frey, Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
I
RE:
Fickes Road
Dillsburg, PA 17019
I
Dear Mr. Frey;
I
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP).
I
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
I
Value Reported:
Eighty-Two Thousand Five Hundred Dollars
$82,500
I
The appraiser/s also certify that there is no fmanciaI interest, present or contemplated, in this. property, and
that neither the employment to make the appraisal nor the compensa~on there from is contingent upon the
value reported.
I
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
I
Sincerely yours,
I
~~\).~
Cassandra J. Crock~
PA Certified Residential Appraiser RL-001348-L
~~/}-ff
Steven W. Barrett, SRPA, SRA, ASA
P A State Certified General Appraiser, GA-000298-L
I
SUMMARY APPRAISAL REPORT
LAND APPRAISAL REPORT
File No 06-0392
J..
Properly Address Fickes Road
City Dlllsbura County York State PA
Leaal Descriotion Deed Book 104-S' Paae 346' Warrinaton TWD
Owner/Occupant Robert M. Frev Mal Reference 49-000-ND
Sale Price $ N/A Date of Sale N/A Property .Rlghts Appraised
Loan charges/concessions to be oaid by seller $ N/A 00 Fee Simple
R.E. Taxes $ 35.40 rc & G1 Tax Year 06/07 HOA $/Mo. N/A 0 Leashold
LenderlCllent Frev & Tllev fl Condominium (HUDNA)
5 South Hanover Street. Carlisle. PA 17013 r 1 PUD Source
LOCATION '- Urban f)fl Suburban = Rural NEIGHBORHOOD ANALYSIS Qoo~ A F.~ Po"
~ ~ ~~
BUILT UP = Over75% ~ 25-75% = Under 25% Employment Stability I;&J?- ~
GROWTH RATE -= Rapid ~ Stable .... Slow Convenience to Employment :I :-
PROPERTY VALUES ~ Increasing _ Stabl. .... Declining Convenience to Shopping .... ~:- .
DEMAND/SUPPL Y = Shortage ~ In Balance ~ Over Supply Convenience to Schools - ~ i==
MARKETING TIM E Under 3 Mos. X 3-6 Mos. Over 6 Mos. Adequacy of Public Transportation = ~ ~
PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLEFAMILYHOUSING Recreation Facilities .. ~ =
Single Family ~ Not Likely ~ OCCUPANCY PRICE AGE Adequacy of FacRities : !. :
2-4 Family ~ Likely Owner ~X $(000) (yrs) Property CompallbBlty _ ~ _
Multi.Famlly ~ In proceaa X Tenant 100 Low New Protection from Detrimental Condo === ~ ==
Commercial ~ To: Residential Vacant (0-5%) 300+ High 100 Pollee & Fire Protection ..... ~ -= 8
Industrial 0% Vacant (over 5%) Predominant General Appearance of Properties = ~ == ;===;
Vacant 40% 165 - 20 ADDeal to Market X I I
Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTSSublect DroDertv Is located In an
expandlna area of slnetle fam IIv horn es and farm s between DlIlsbura and Wellsyllle. ShoDDlnet and other am enltles are within a
short drlvina distance. School system is Northern York District and students are bused. SMSA 42.9280.
Census Tract 0203.00
ZiD Code 17019
LENDER DISCRETIONARY USE
Sale Price $
Oat.
Mortgage Amount
Mortgage Type
Discount Points and Other Concessions
Paid by Seller $
I
I
.
-
I~
~
~
,.
~~
m
Dimensions See leaal descrlDtlon/tax maD
Sit. Araa 23.5 Acres MIL Corner Lot No
Zoning Classification Rural Agricultural Zoning Compliance Yes
HIGHEST & BEST USE: Present Use Yes. Other Use Aaricultural
UTILITIES Public Other SITE IMPROVEMENTS Type P'!.!?!'c
Electricity 8 Street ASDhalt ** !.
WGaaSter ~ Curb/Gutter None ...
Sidewalk None ==
Sanitary Sewer Street Lights None _
S.lorm Sewer Alley None
Comments (Apparent adyerse easements, encroachments, special assessments, slide areas, ItC.):
Pr!!!.tl
-
==
==
-
Topography SloDlna to level
Size TVDleal for Area
Shape Rectanaular
Drainage ApDears Adeauate
View Residential/Wooded
Landscaping N/ A
Driveway N/A ..
Apparent Easaments None ADDarent
FEMA Flood Hazard Yes* No X
FEMA* MaDllone 422232/Zone C
See Attached Addendum.
Th. und.r.ign.d h.. ,.cit.d Ihr.. r.c.nl III.. 01 prop.rll.. moel 111111111 Ind proximll. 10 IUbl.cl and h.. conaldl,.d Ih... In the marht anal,ll.. Till ducrlpllon Includ.. I dolllr
Idlultm.nt, nlleellng mukel neel/on 10 thou /I.m. of .Ignlllcanl ",1111011 blt.l.n Ih. IUbJ,ol Ind oOlllpulbl. prop.rll... II I .lgnIlIOlnlll.m In Ih. oomp.nbl. properl, II Iup.rlor
la, or m 0,. lavorabll Ihu, the IUbllct propul" I Illnul (.) IdlnlllllAl il mad.. IhuI reducing lh. Indlcal.d nlUt olaubleel; II. Ilgn'flgant 111m In the oomplrabl. I. Inl"lor 10,
or ,... 'norabl. Ihln, Ih. IUbjeel prop"I,. I plul (+) .dlullm.nt It m.d., IhuI lncr",'n, Ih. Indlcll.d value ollh. .ubJ.d.
~~
ITEM
SUBJECT COMPARABLE NO.1
FIckes Road Garrlston Road
Dills b ura Ette rs
,,/.,',A,'.'{';<>;V'.:. ;'i"/;i 7.9 M I ENE
$ N/A $ 90.000
$ tzJ $ 5 0561 A e re ltl0:'~;;1.;:\;::i~(!'~~~:t\'i{"ZBi:j,?{
Courthouse Ree Courthouse Records
DESCRIPTION DESCRIPTION I +I-\$Adlu.lmllll
.'" None, Conv :
,'. .:', ,,:'., :
COMPARABLE NO.2
Blue Hili School Raad
Wellsyille
2.6 MI SSE
COMPARABLE NO.3
Pinetown Road
Lewlsberrv
6.3 MI NE
Address
J Proximltv 10 Sublect
M Sales Price
P ricII
~ Data Source
Il! VALUE ADJUSTMENTS
I- Sales or Financing
, Concessions
· Date of SalelTime
,. _ Location
__ ;I~:~e: ra D h V
U tllltv
Access
\ti!t,:;!li:J,f:::1,\:$~5!fKJiA};~~;;~ S 1 55.000 $ 1 50 000
$ 2 719/Acre ltl~[;K~1;;t}\i'<~"\:i.l;;1'{{;;tt;r;t $ 5 OOO/Acre !tit:o::T~\".(':2:i'>;';'"
Courthouse Records M LS/Courthouse Records
DESCRIPTIO N .'-1$ "dlu.llII.nl DESCRIPTION I +(.1$ Adlu,'m.nl
None, Conv! None, Cony !
1/05 5% :
Suburban Suburban .
23.5 Acres+/- 17.8 Acres+l- :
SloDlna SloDlno :
Wooded Wooded ,
Llm Ited Public St. 30% ,
.
,
,
274
1/05 5% I
,
Suburban I
57 Acres+l- I
,
Rollinl'l ,
,
Al'lrlcultural ,
Sim liar :
:
147
12/04 5% :
Suburban I
30 Aeres+/- .
.
SloDlna :
Agricultural ,
Public St. 30% :
.
,
292
-1.517
o
-1 500
" Net Adi. (lotal)..::<':.."",:.;...).,'........'....:.',.....+ .... ..' .,....".:..L...,. X....'.... I." ':..'.. .~.: $ 1.243,T:......x....<...:.,....:...'...~....fii....,.. 1:..:......... ,.,..,:' S 147.'... + lXl;.;.. .,/.' S 1 208
Ilndicated Value i'",.'" ":.,0';' :~~,~.~(:)\+t4if:{Jl~i~J.' ;,~{~~~~. ;r-~;I I;@.';.;J
of Subiect .';'Net::':f:\i/"("[".24':S". S 3.81'3:Nlitf';':,~4h 2.866 ;Nli..;2i1 $ 3 792
'.~.. Comments of Sales Comparison: All com Darables tracts are slm liar In location to the sublect site are verified closed sales and are the
~ best currentlv available. Llm Ited sales of laroer tracts with 11m Ited access have recently occurred. reaulrlna an expanded
search. Annual adiustm ent taken at 5% for sales over one vear.
Comments and Conditions of Appraiul: ProDertv has been aDDralsed In "as Is" condition. No 1m Drovem ents were considered In value
~ reDorted.
~ Final Reconciliation: Market Analysis consistentlv SUDDorts the estlm Bted market value. G RM analvsls and Cost A DDroach were
!!!- ~ found Inappropriate for this analvsls. SUDDDrtlna file Inform atlon substantiates this estlm ate. Adlusted ranae of yalue Is $2.866
to $3 813/acre say $3.500 x 23.5 acres = $82.250. sav $82.500.
I (WE) ESTIMATE THE MARKET VALUE,AS DEFINED. OF THE SUBJECT PROPERTY AS OF Februarv 2. 2006 to be $ 82 500
f ~ I (WI) certify: that to the best of my (our) knowledge and belief, the facts and data used h~reln ar!Jli'le and c,.- i~t1~~t I (w.e) personally inspected the subject property
~'. ,,' 'oo,,,t., .11 "","'bI' "',, ,tt., ,. thl. ",,,t; ,,' th,t 1 Cw.) hm .. "d1"~"'~ :::";:;)'l; ~"'''.
Appraiser(s) tJ"(..LA.'-'Af~A () ~J{, -#-- Review Appraiser -- - #- OOid 00 Did Not
"":' Cassandra J. crock~ (ifappllcable) Steven W. Barrett s'RA. SRPA. ASA InspeclProperty
~;: ropr/.lory LandF....m 04111 Certified R esld entlal Ap p ra Iser P.N...~.....ACI..l\w....IOO.23um ............. C e rtltled G en era I A P praise r
...
S.W. Barrett Real Estate & Appraisal ServIces
~.I.:
~I
1
~
S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals . Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243.8627
H
11
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
I~.
,~.'~
~
.
~@~
I
January 29, 2007
I
Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
.
I
RE:
South Baltimore Avenue
Mt. Holly Springs, P A 17065
.
I
Dear Mr. Frey;
I
I
I
I
I
I
,
The appraiser/s certify that the subject property bas personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
The value shown bas been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2,2006.
Value Reported:
Seventy-Eight Thousand Dollars
$78,000
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~C.~r~\(-
Stan A. Skowronek
PA State Certified Residential Appraiser RL-OO1 572-L
~..J V-'if
Steven W. Barrett, SRP A, SRA, ASA
P A State Certified General Appraiser, GA-000298-L
SUMMARY APPRAISAL REPORT
LAND APPRAISAL REPORT File No. 06.0393
Propertv Address South Baltim ore Avenue Census Tract 0126.00 LENDER DISCRETIONARY USE
City M t. Hollv Sprinas Countv Cum berland State P A ZiD Code 17065-1022 Sale Price $
LeQal Description Deed Book Q-36. paae 146 Tax 10# 23-35-2316-042 Date
Owner/Occupant Ph illi ps L. B. Jr & Robert M. Frey Ma Reference 35-2316 Mortgage Amount $
" Sale Price $ N/A Date of Sale N/A Property Rights Appraised Mortgage Type
Loan charQes/concesslons to be Daid bv seller $ N/A 00 Fee Simple Discount Points and Other Concessions
R.E. Taxes $ 482.00 Tax Year 06/07 HOA $/Mo. N/A ~ Leashold Paid by Seller $
Lender/Client Frey & Tilev Condominium (HUDNA)
5 South Hanover Street. Carlisle. PA 17013 PUD Source
LOCATION W Urban ~ Suburban b Rural NEIGHBORHOOD ANALYSIS Good A'g. Fa. Poor
BUlL T UP DOver 75% [K) 25-75% o Under 25% Employment Stability O[K]OO
GROWTH RATE o Rapid 00 Stable o Slow Convenience to Employment ~~~~
PROPERTY VALUES [XJ Increasing lij Stable o Declining Convenience to Shopping
DEMAND/SUPPL Y o Shortage X In Balance o Over Supply Convenience to Schools
MARKETING TIME n Under 3 Mos. ['Xl 3-6 Mos. n Over 6 Mos. Adequacy of Public Transportation
. PRESENT LAND USE .". LAND USE CHANGE PREDOMINANT SINGLE F AM IL Y HOUSING Recreation Facilities
. ~~~~
[ Single Family ~ Not Likely 0 OCCUPANCY PRICE AGE Adequacy of Facilities
2-4 Family ~ Likely 0 Owner 00 $(000) (yrs) Property Compatib i1ity
Multi-Family ~ In process 00 Tenant 0 1 00 Low New Protection from Detrimental Condo
Commercial ~ To: Residential Vacant (0-5%) 00 250+ High 100 Police & Fire Protection OOCJOO
Industrial . 2% Vacant (over 5%) 0 Predominant General Appearance of Properties R~RR
Vacant 40% 165 - 40 ADPeal to Market
i Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS.The subiect is located on the Mt.
Holly Sprlnas and South Middleton Township border and is wooded land. It is located in an area of wooded acreaae
interspersed with residential uses. It is within reasonable driving distance to am m enitles such as schools. shoppina and
~1 em ploym ent.
i Dimensions See leaal descriDtion Topography Level to SIODina
Site Area 5.76 Acres mil Corner Lot No Size Laraer than norm al
~t Zoning Classification R.1 Residential Zoning Compliance Yes Shape IrreauJar
~ HIGHEST & BEST USE: Present Use Residential Other Use N/A Drainage ApDearS Adeauate
., UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View Open country
Electricity ~ Street Macadam [3 8 Landscaping N/A
Gas Curb/G utt~r None Driveway N/A
Watsr B to be well Sidewalk None R Apparent Easements None Apparent
Sanitary Sewer to be septic Street Lights None R FEMA Flood Hazard Yes. No X
Storm Sewer n Allev None FEMA. Map/Zone 420366 0001 C/Zone X
Comments (Apparent adverse easements, encroachments, special assessments, slide areas, etc.): There are no aPDarent adverse easem ents.
encroachm ents or other adverse conditions.
The underligned hal recited three recont lelol 01 properli.. mo.1 .imiliar ond proximate 10 lubject and he. cOnlidered the.e in tho market analy.i.. The doacriplion includes. dollar
ad/u.lm.nt. raflacling markel reaclion 10 tho.e Item. 01 .ignificonl .arietion balwaen tha lubj.cl and comparable proparlie.. If a .ignillcanl lIem in Ihe comper.ble proporly ia auporior
10, or more favorable than, Ihe lubjecl properly. a minuI (-) adiullment il made, thuI reducing Ihe indiceted value of lub/ect; if e .igollieaot item in Ihe comp..lble il inlerior 10,
or Ie.. I.vorable than, the .ubjecl property, a plu. (+) adju.lmenl il mede. IhuI increallng the indiclted value of the aubjeel.
ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
South Baltim ore 08-33-1928-026 08-16-0210-155 08-16-0210-050
Address Mt. Holly Spring Cold Springs Rd. Carlisle M verstown Rd G ardners Ball Park Drive. Gardners
Proxlmltv to Sublect 3.4 MI W 3.9 MI SSW 4.5 MI SSW
Sales Price $ N/A $ 50.000 $ 66.700 $ 50 000
Prlcel acre $ ~ $ 13 123 ~ $ 13.753~ $ 10.638 ~
Data Source Inspection Courthouse Courthouse
...: VALUE ADJUSTMENTS DESCRiPTION DESCRIPTION I +(-)$ Adju.lmenl DESCRIPTION I +(-)$ Ad;u.lment DESCRIPTION I +(-)$ Adjultm.nt
I~ Sales or Financing Unknown I Unknown Unknown I
.
Concessions I ,
, I
Date of SalelTlme N/A 12/20/2004 : 656 06/30/2004 : 688 02/17/2004 : 532
f Location Suburban Subu rban Suburban : Suburban .
Slte/View 5.76 Ac/Ava 3.81 Ac/Avg : 4.85 A cIA va 4.7 Ac/Ava :
Water to be well to be well : to be well : to be well :
San itarv to be seDtic to be septic to be septic : to be septic ,
: : :
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D N.t Ad!. ..t," Ix 1+ I I . ' $ 656 Ix 1+ I 1- :$ 688 fxJ+ I I. : $ 532
Indicated Value Gross: 5.0 I Gross: 5.0 Gross: 5.0 I
ofSublect Net: 5.0 $ 13.779 Net: 5.0 $ 14.441 Net: 5.0 $ 11.170
I: C.mm ..t, .f S".. C.m,,,'"'' T 'm e od' uslm enls 0 re mod e 01 5% per 0 n n u m b rin. In. Ihem within 12 months of the as of date of the
appraisal. These are the best com parables known to be available.
Comments and Conditions of Appraisal: Property has been appraised in "as is" condition. No im provem ents were considered In the
value reported. Appraiser assum es all necessarY Derm its for future buildina on site are available.
n Final Reconciliation: The adiusted price per acre range is $11.170 to $14.441. SA Y $13,500/Acre. --
· Subiect acreaae of 5.76 x $13.500/acre = $77 760. SAY $78.000. The Sales Com parison Approach is the best indicator of value.
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t I(WE) ESTIMATE THE MARKET V ALUE, AS 0 EFlNEO, OF THE SU aJECT P ROPERTV AS OF F ebruo rv 2, 2006 10 be $ T 8 .000
. '(w.) "n,ly' th" to th. b"tof my ('"n '"'''''' ,,' be';,', ", ,,," ,,' ,," ,,,' h"". '" .,,, ,,' - - ~:t' (..) ,,,,,",i1y ,,,,,,.,, Ih, "b)"t ,to,,,ty
, ," ,,,'''''' ,i1 "~''''b1' ..,.. ,Il.' 10 thi. "poot; ,,' Ih" 1(.,) hm ""di"'''~''''~''l'' ''''''''ff
Appraiser(s) ~~, G t ~~,~ Review Appraiser ""'--- -- ODid 00 Did Not
Stan A. Skowronek (If applicable) Steven W. Barrett. SRA. SRPA Inspect Property
I."""'" ""' ,,,. ~.. C e rtilied Reside nl'ol A p proiser -......." ..~... m,,,..,,, -....... C ertitle d G enerol A p pro ise r
S.W. Barrett Real Estate & Appraisal Services
s. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
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January 29, 2007
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Robert G. Frey, Esquire
Frey &. Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
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RE: Adams Road
Carlisle, Cumberland County
Dear Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP).
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
Value Reported:
One Hundred Twenty-Nine Thousand Dollars
$129,000
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~).~.Jf
PA State Certified Residential Appraiser RL-001348-L
~ vJ TJ-ij-
Steven W. Barrett, SRPA, SRA, ASA
P A State Certified General Appraiser, GA-000298-L
SUMMARY APPRAISAL REPORT
LAND APPRAISAL REPORT
Property Address Adam s Road Census Tract 0125.00
City Carlisle County Cum berland State PA ZID Code 17013
Leoa) DescrIption Deed Book 33-S: Paqe 621: Tax Parcel 10 # 40-24-0744-060
File No 06-0395
~ Owner/Occupant Estate of L. B. Phillios Jr. & Robert M. Frey Ma Reference 24-0744
II Sale Price $ N/A Date of Sale N/A Property Rights Appraised
Loan charQes/concessions to be paid by seller $ N/A 00 Fee Simple
R.E. Taxes $ 10.00* Tax Year 05/06 HOA $/Mo. N/A 8 Leashold
Lender/Client Frey & Tilev r==; Condominium (HUDIVA)
~ 5 South Hanover Street Carlisle. PA 17013 I I PUDSource
." LOCATION U Urban ~ Suburban L: Rural NEIGHBORHOOD ANALYSIS G.od ~ Fl. Poor
BUILT UP W Over 75% ~ 25-75% 0 Under 25% Employment Stability ~X == : 0
GROWTH RATE 0 Rapid ~ Stable B Slow Convenience to Employment == ..... ~
! PROPERTY VALUES (K) Increasing Stable Declining Convenience to Shopping !. .....
~'. DEMAND/SUPPLY 0 Shortage X In Balance OverSupply Convenience to Schools ~ ==
i.,. MARKETING TIM E n Under 3 Mos. fX'j 3-6 Mos. n Over 6 Mos. Adequacy of Public Transportation ~ == ~
~ PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLEFAMILYHOUSING Recreation Facilities X ==
.. Single Family ~ Not Likely ~ OCCUPANCY PRICE AGE Adequacy of Facilities 7' =-
,. 2-4 Family ~ Likely Owner ~X $(000) '(yrs) Property CompatlbUlty >i"
~,~ Multi-Family ~ In process X Tenant 10 Low New Protection from Detrimental Condo 7' ~
~ Commercial ~ To: Residentlall Vacant (O-S%) 500+ High 100 Pollee & Fire Protection 0 0Cl 0
Ellndustrial 10% Com mercial! Vacant (over 5%) 0 Predominant Genera/Appearance of Properties q f.Kl 0 R
~Vacant 30% Industrial 170- 30 ADDealtoMarket I I rxi n
~ Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS.suibiect property Is located in an
expandlna area of sinale fam lIy hom es. farm s and businesses between Carlisle and NewYille.iwlth a m Ix of residential and
com m ercial/industrlal usaae. Shopping and other am enltles are within a short driYina distance. New com m unity hoscltal is
within one mile. S'chool system Is South Middleton District and students are bused. SMSA 4243240.
LENDER DISCRETIONARY USE
; Sale Price $
Date
,M ortgage Amou nt
Mortgage Type
Discount Points and Other Concessions
Paid by Seller $
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t!f' Dimensions See leaal descriotion/tax map Topography Rolling
Site Area 6 Acres M /L Corner Lot No Size Laraer than norm al
Zoning Classification Residential Moderate Densitv Zoning Compliance Yes Shape Irreaular
j HIGHEST' BEST USE: .",,", U" Yes 0,"" U" Re.'d e.tlal O""'g. A. 0" r. aden uale
UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View Residential/Com m IIndust.
1 g;:~.w" ~; ;;~;;; ~gl~E::. mr ~ R~ ~~~~;;;~:::;, g.: AD.are~~x
f!I;' Storm Sewer n Alley None I I FEMA* MaD/Zone 40371A/Zone C
Comments (Apparent adverse easements, encroachments, special assessments, slide areas, etc.): There are no apparent adverse easem ents
encroachm ents or other adverse conditions. · Site Is taxed in Pa.'s Clean & Green proaram for; oreservatlon of aarlculturalland.
There is an additional access lane from Annendale Drive to this tract. .
I.'. Th. undlrll,nld hll rlcllld Ihrll rlclnl 11111 of proplrli.. malt .imllllr Ind pro.lmlll 10 IUbjlct Ind h.. conlidlrld Ih... In Ihlimorklt InllYIII. Th. dllorlpllon includll I dolllr
Idlu.lmlnl, roll.cling mlrkll r..clion 10 Iho.. IIlml of Il,nlllclnl nrialion bol.lln thl lubllcl Ind complrabll proplrllll. 1/ I .it/nlt/clnllllm In Ihl complrlbl. prop.rly II Iuplrlor
10, or marl IIvorlbll Ihln. Ihl .ubllcl proplrly, I mlnul (-) .djullmlnlh madl. IhuI rlducln, Ihl indicllld volul of lubjlcl; If a Il,nlllconllllm In Ihl complrabll il inlorlor 10,
or II" !ovorlbll Ihln. Ihl lubllcl prop..ly. I plul (+) Idjullmlnl I. midi, thUl incrl..ing Ihl Indlcllld volul of lhl lubllcl.
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ITEM
SUBJECT
Adam s Road
Carlisle
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COMPARABLE NO.1
976 Pine Road
Carlisle
3.9 MI SSW
N/A .................. .... $ 98.900
1tI $ 16.107/Acre 1tI ........ "....:..
Courthouse Records
DESCRIPTION I +(.)SAdjultmlnl
None. Conv 1
COMPARABLE NO.2
Tanger Road
Bollina SDrinas
5.3MIESE
".:,',.,..'c;.<_.. .::.;0 $ 125.000
$ 20.730/Acre 1tI .'.........;.. ., <i.
Courthouse Records
DESCRIPTIO N +(-\$ Adlull"""nl
None, Cony I
COMPARABLE NO.3
Walnut Bottom Road
Carlisle
1.7MISW
.:....,. .... -:,....".,:-..,. $
$ 17.857/Acre [tJ ...
Courthouse Records
DESCRIPTION I +(-)$ Adlullmlnl
None, Conv
160.000
.
Address
Proxlmltv to SUbiect
Sales Price
Price/ Acre
Data Source
$
$
VALUE ADJUSTMENTS
i: ~:~:e::I~~:nclng
:; Date of SalelTime
i Location
~ SltalVlew
~. Topoaraphv
1\ Utilities
DESCRIPTION
4/06 :
Suburban Suburban ,
6 Acres+/- 6.14 Acres+/- :
Rollina Rollina :
Public W/S On site 20% : 3 221
:
:
6/06 . I 2/06 :
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Suburban Suburban !
6.03 Acres+l- : 8.96 Acres+l- :
Rollina : . Rollina :
On site 20% 4 146 On site 20% : 3.571
Net Ad!. (total)
hidlcated Value
of Sublect
Comments of Sales Comparison:
currentlv available.
Ix I... r 1- :$ 3.221 rxl... I I. :$ 4.146 IXI... I 1- '$ 3.571
Gross: 20.01 Gross: 20:0 I Gross: . 20~0 I
Net: 20;01 $ 19.328 Net: . . 20.0 $ 24.876 Net: .'20.0 $ 21.428
All com DarabJes are sim liar in utilitv to the subiect tract are verified closed sales and are the best
I Comments and Conditions of Appraisal: ProDertv has been aODralsed In "as is" condition. No im orovem ents were considered in value
reported. Appraiser assum es all necessarv oerm Its for future bulldinq on site are available. j
" Final Reconciliation: Market analvsis supports m v estim ate of market value. Althouah sales #1 & 2 occurred after the date of this
" reoort the value per acre would not have chanaed. Adjusted ranae of value is $19 328 to $24.8!76/acre say $21 500 x 6 acres =
'. $129.000.
~ I(WE)ESTIMATETHEMARKETVALUE.ASDEFINED.OFTHESUBJECTPROPERTYASOF February 2. 2006 I tobe$ 129.000
~ I (We) certify: that to the best of my (our) knowledge and belief, the facts and data uses~ true and Civ' at I (w:e) personally Inspected the subject property
c, and Inspected all comparable sales cited in tp\' report; and that I (we) have no undisclo~re~se~os,e e therein.
I Appralser(s) /2, ;/...I.;J/1J~'.A V _.~............ /),/{ eview Appraiser -- -:tI- 0 Did (K) Old Not
Cassandra J. CrocKett''/ (if applicable) Steven W. Barrett S~:A. SRA. ASA Inspect Property
:.........,.:1..... rletary Lond Form 04/88 Certified Res Ide ntla I A P P ra IS e r Produ..d .Ilnl ACI,.nwara. .OO.23U727w....clw.b..... C e rtlfle d G en e ra I A pp ra IS e r
'~ S.W. Barrett Real Estate & Appraisal Services
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s. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
~
~@~
January 29, 2007
Robert G. Frey, Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
RE: Adams Road
Carlisle, Cumberland County
Dear Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP).
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
Value Reported:
Seven Hundred Three Thousand Dollars
5703,000
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~;. fLdJ.df
PA State Certified Residential Appraiser RL-001348-L
~ ~51L""1f
Steven W. Barrett, SRPA, SRA, ASA
P A State Certified General Appraiser, GA-000298-L
SUMMARY APPRAISAL REPORT
LAND APPRAISAL REPORT File No. 06-0396
PrODertv Address Adam s Road Census Tract 0125.00 LENDER DISCRETIONARY USE
City Carlisle County Cum berland State P A ZiD Code 17013 Sale Price $
.., LeoalDescrlDtion Deed Book 34-H' Paae 137' Tax Parcel 10 # 40-10-0632-009 Date
Owner/OccuDant Estate of Linwood B. PhllliDs Jr & Robert M. Frev Me Reference 10-0632 Mortgage Amount $
.. Sele Price $ N/A Date of Sale N/A Property Rights Appraised Mortgage Type
Loan charaes/concesslons to be Dald by seller $ N/A 8 F.. 5'mp" Discount Points and Other Concessions
R.E. Taxes $ *764.00 Tax Year 05/06 HOA $/Mo. N/A Leashold Paid by Seller $
Lender/Client F rev & Tilev Fi Condominium (HUDNA)
~. 5 South Hanover Street. Carlisle. PA 17013 PUD Source
j'i LOCATION U Urban l!J Suburban b Rural NEIGHBORHOOD ANALYSIS Goo. A'I. FI~ Paor
BUlL T UP DOver 75% 00 25-75% o Under 25% Employment Stability ~~~~
GROWTH RA TE ~ R.pW ~ 5,.bI. D Slow Convenience to Employment
PROPERTY VALUES X Increasing Stable .~ 000""" Convenience to Shopping
I DEMAND/SUPPL Y Shortage ~ In Balance Over Supply Convenience to Schools
MARKETING TIME n Under 3 Mos. X 3.6 Mos. Over 6 Mos. Adequacy of Public Transportation ~xB8
. PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLE FAMILY HOUSING Racreatlon Facilities
.
. Single Family ~ Not Likely ~ OCCUPANCY PRICE AGE Adequacy of Facilities I~~
. 2-4 Family ~ Likely Owner ~ $(000) (yrs) Property Compatibility
" Multl.Family ~ In process Tenant 1 50 Low New Protection from Detrimental Condo
Commercial ~ To: Residential! Vacant (0-5%) CKl 500+ High 100 Police & Fire Protection ~~~iI
~ Industrial 5% Com m erciall Vacant (over 5%) 0 Predominant General Appearance of Properties
j(
'Ii Vacant 35% Industrial 250 - 35 ADDeal to Market
Note: Race or the racial composition of the neighborhood are not conSidered reliable appraisal factors. COMMENTSSublect orooertv is located In an
exoandina area of slnale fam jJv hom es and farm s between Carlisle and Newville. with a m Ix of residential and com m erclall
Industrial usaee. ShooDlnQ and other am enlti.es are within a short drivine distance. New com m unitv hosoltal com olex is within
two miles. School svstem is South Middleton District and students are bused. SM SA 42-3240.
Dimensions See leoal descrintion/tax m ao Topogra phy Rolllna
Site Area 117.2 Acres MIL Corner Lot No Size Laraer than norm al
Zoning Classification A!:Hicultrual & Conservation Zoning Compliance Yes Shape Irreaular
HIGHEST & BEST USE: Present Use Vacant Aarie. Land Other Use Residential Drainage Aooears adeauate
UTILITIES P~lIc Other SITE IMPROVEMENTS Type Public Private View Res identlallCou ntryside
Electricity ..... l& Street Street Asohalt ~ B Landscaping N/A
Gas -= Curb/Gutter None Driveway N/A
Water ""'" on site Sidewalk None ~ ~ Apparent Easements None ADoarent
1 Sanitary Sewer = on site Street Lights None FEMA Flood Hazard Yes. No X
Storm Sevier Allev None FEMA. MaD/Zone 420371 A/Zo ne C
Comments (Apparent adverse easements, encroachments. special assessments. slide areas, etc.): Aaricultural & Conservation zonina 11m it the
num ber of horn es for future residential develoom ent according to the size of the existln!::! tract as of 1/1/1999: See Attached
Addendum. .
The underligned hu reciled Ihree reclnt 181.. of properll.. moal Ilmlllar and proximate 10 lubJect end hu conlldered th..e in Ihe markel analYlil. The ducripllon includu a dollar
edju.lmenl. reflecling market reaclion 10 Iho.. Iteml of .Ignlfieanl varialion belween Ihe lubjecl and camparabl. prap.rtlu. II e Ilgnlllc,"llhm in Ihe comparable prop.rly I. lup.riar
to. or more favorable Ihan, Ihe eubjecl praperly, a ...lnuI (-) adjultment fl made. lhuI reducing the indicated ulue of lubJect; If a Ilgnlllcant ilem In lhe compl/ablo II Inforlor 10.
. or Ie.. fl.orebll lhen, lhe lubj'CI properly, e plua C-) edjullmlnlll mede, IhuI Increallng lhe indicIled velue of lhe Iubject.
JL ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Adam s Road Roxbury Road Walnut Dale Road Long's Gap Road
Address Carlisle Newville ShlDDensbura Carlisle
Proximity to Sublect ,.... 13.1 MI WNW 14.6 MI WSW 7.7 MI NE
Sales Price $ N/A "','y/:;.i;;X'., $ 1.635 000 };'(', $ 775.000 ,.,c.,',:..:..,.: ':',i' '.'i;.....':.: $ 577.507
I Pricel Acre $ 1tI $ 6.987/Acre 1tI :,.:,:,>'.;" ',',::;.....,;,. $ 9.304/Acre 1tI~'",;:',:;:,.,.;?:>:;:' $ 3 503/A cre 1tI.i' .:.:,;:,....:,..":::",,.::::,
!;; Data Source Insoeetion/CHR M LS/Courthouse Records Courthouse Records Courthouse Records
ml!i VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION I +(-1$ Acljualm enl DESCRIPTION +(-1$ AdJultment DESCRIPTION I +(-)$ Adjullmenl
. Sales or Financing .... "':.':' None, Conv I None. Conv , . None, Conv
." , I
... Concessions '.' .' '.:: I I
ft! Date of SalelTlme 9/05 : 1/06 I 8/04 3% : 158
,
. location Suburban/Ava Suburban/Ava ! Suburban/Ava Suburban/A va I
SlteNlew 117.2 Acres+/. 234 A cres+l- : 83.3 Acres+/. : 164.8 Acres+/. :
Toooaraohv Aerie/Wooded Aaric/Wooded I Aarie/Wooded : Aarlc/Wooded ,
I I
Utilities o n site On site : o n 5 ite On site
Clean & Green Yes Yes I Yes I Yes :
I
Zonln!::! Aarie/Conserv. Aarlcultural , Villaae Cntr/-25% : -2.326 Aarlcultural :
,
Net Adl. Clotal) '.' . Ix J+ r T. '$ 0 I 1+ rxl. . $ 2.326 Ix 1 + I 1- '$ 158
Indicated Value Gros~:' 0.01 Gross: 25.0 I Gross: 4.51
of Sublect Net: 0.0 $ 6.987 Net: ...-25.0 $ 6.978 Net: .:" ....4~5 $ 3 661
lit Comments of Sales Comparison; All com Darables are sim liar In utllitv to' the subiect tract are verified closed sales. and are the best
currentlv available. Lim ited sales of larae tracts of aaricultural land have recentlY occurred. reauirina an exoanded search.
Comments and Conditions of Appraisal: Prooertv has been aDDralsed in "as Is" condition. No im orovem ents were considered in value
reoorted. Aooraiser assum es all necessarv oerm Its for future bulldlna on site are available.
Final RecQnclllallon: Market Analvsls conslstentlv SUDDorts my estim ated market value. Greatest weiQht is aoolied to the Market
:; Data Analvsls. SUDDortina file information substantiates these estimates. Adiustedranae of value is $3 661-$6.978/acre. sav
~I $6.000 x 117.2 acres = $703.200 Say $703.000.
I (WE) ESTIMATE THE MARKET VALUE.AS DEFINED. OF THE SUBJECT PROPERTY AS OF February 2. 2006 to be $ 703.000
I (We) certify: that to the best of my (our) knowledge and belief. the facts and data used herein are true and correct; that I (we) personally inspected the subject property
~t ". ''''00,...11 oom,,,.b1' ..,.. tI,,,,, 'hI. ;""'; ". th."(..) h... " "d1""~"":.s1L:.'
Appralser(s) /J A./ .A .; _~ "'" D a ---- .IL...JJI- Review Appraiser -~ &-: ODld 00 Old Not
.,.., Cassandra J. Crock"eH (If applicable) Steven W. Barrett SRPA. SR~. ASA Inspect Property
i roprilllryLlnd Form 04188 Certified Residential Appraiser Produced u.ing ACI IOrtw.". 100.234.8727 www..ctw.b.com Certified General Appraiser
*~ S.W. Barrett Real Estate & A raisal Services
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s. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett. SRPA. SRA, ASA
State Certified General Appraiser
.
~@~
January 29, 2007
Robert G. Frey, Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
RE: 500 Baltimore Pike
Gardners, Cumberland County
Dear Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP).
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, Ilwe believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
Value Reported:
One Hundred Thirty-Eight Thousand Dollars
$138,000
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~ p. f2-.J.-dI--
Cassandra J. Crockett
P A State Certified Residential Appraiser RL-OO 1348-L
~~/7-H--
Steven w. Barrett, S~ ;RA, ASA
P A State Certified General Appraiser, GA-000298-L
I
LAND APPRAISAL REPORT
File No. 06-0397
" Prooertv Address 500 Baltim ore Pike Census Tract 0126.00 LENDER DISCRETIONARY USE
Cltv G ardners Countv Cum berland State P A Zip Code 17324 Sale Price $
leaalDescrlotlon Deed Book 36-Q: Paae 146: Tax Parcel 10 # 40-13-0124-012 Date
.owner/occunant Estate af L. B. Phillios. Jr. & Robert M. Frey Ma Reference 13-0124 Mortgage Amount $
II Sale Price $ N/A Date of Sale N/A Property Rights AppraIsed Mortgage Type
'~-loan charaes/concessions to be oald bv seller $ N/A (K) Fee Simple Discount Points and Other Concessions
. R.E. Taxes $ 32.60 * Tax Year 05/06 HOA$/Mo. N/A ~. leashold Paid by Seller $
Lender/Client Frev & Tilev Condominium (HUDNA)
5 South Hanover Street Carlisle PA 17013 PUD Source
LOCATION U Urban !.&J Suburban t Rural NEIGHBORHOOD ANAL YSIS G... ~ F.. POOl
BUlL T UP DOver 75% (K) 25-75% Under 25% Employment StabUlty (K)~ 0
GROWTH RATE ~ R.p. ~ Sta ble 8 Slow Convenience to Employment 8f ~
PROPERTY VALUES X Increasing Stable Declining Convenience to Shopping
~J DEMAND/SUPPL Y Shortage (K) In Balance R Over Supply Convenience to Schools
MARKETING TIME n Under 3 Mos. fXi 3.6 Mos. Over 6 Mos. Adequacy of Public Transportation
. PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLE FAMILY HOUSING Recreation Facilities
. t~
I~ Single Family ~ Not Likely ~ OCCUPANCY PRICE AGE Adequacy of FacUlties
2-4 Family ~ Likely Owner ~ $(000) (yrs) Property Compatlbmty ~
Multi-Family ~ In process Tenant 100 Low New Protection from Detrimental Condo ~
Commercial ~ To: Residential Vacsnt (0-5%) 00 250+ High 100 Police & Fire Protection ~~~R
Industrial 2% Vacant (over 5%) 0 Predominant General Appearance of Properties
i Vacant 40% 165- 40 Anneal to Market
~. Note: Race or the racial composItion of the neighborhood are not considered reliable appraisal factors. COMMENTSSubiect orooertv is located In an
exoandina area of sinale fam i1y hom es and farm s between Mount Hollv Sorings and Gardners. adiacent to the residential sub-
division of Libertv Woods. ShoDDina and other am enities are within a short drivina distance. School system is South Middleton
, District and students are bused. SMSA 42-3240.
Dimensions See leaal descriotion/tax m ao - 3 tracts Topography Slooina ***
Site Area 23AcresM/L Corner lot No SIze Laraer than norm al
Zoning Classification Woodland Conservation Zoning Compliance Ves Shape Irreaular
HIGHEST & BEST USE: Present Use Yes Other Use Residential Drainage ADoearS adeouate
- . UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View ResidentiallW ooded
Electricity 8 @ street SlI:eet Asphalt 00 0 landscaping N/A
Gas Curb/Gutter None 0 0 Driveway N/A
Water o on site Sidewalk None .~ 0 Apparent Easements None A DDarent
Sanitary Sewer R on site ** Street Lights None R FEMA Flood Hazard Yes. No X
Storm Sewer AIle v None FEMA. MaD/Zone 420371A/Zone X
Comments (Apparent adverse easements, encroachments, special assessments, slide areas, etc.): Site consists of three steeolv slooina tracts on
both sides of Rt.94 rBaltim ore Pikel. See Attached Addendum.
..-. Th. underllan.d h.1 r.ciled lhre. r.c.nt lalal of properti'l mOlt limllllr Ind proximll. 10 .ub/lcl Ind hi' cOnlldered Ihe.e In Ihl markll Inaly.ll. Th. dllcrlpllon Includll I dollor
ad/ullm.nl, r,".cllng markll r..cllon to Ihol. llaml of Ilgnlllclnt varllllon b.l..en the Iubject Ind complrable prop.rll... If I lignlflclnlll.m in Ih. comparabll property II luperlor
10, or more Inorebl. lhln. lhe lubjact properly, I mlnul (.) IdjuIlmenl II midi, IhuI reducing lhl indiclled valul of .ubject; II . .Ig""lu"t 111m in thl comparlbll I. Inferior 10.
or II" favorable Ihln. the lub/ect prop.rtr. a plu. (+) .d/u.lm.nl il mid., IhuI ineralling the Indicll.d Vllul of Ihl lub/ICt.
ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
'Add"" 500 Baltim ore P 955 South Ridge Road 986 Pine Road W.Vellow Breeches Road
Gardners H untinaton-G ard ners Dickinson-Carlisle ~ickinson-Carlisle
Proxlmltv to Subiect ..:..:..<.j.:~" .....:..<> :','. .>:;.: 10.8 MI ESE 4.1 MI W -6:71.11 W
Sales Price $ N/A :.': .;.,....""...... $ 130 000 t>: :::"..'. S 134.900 .;;,.;/ S 136.000
-.., Price/ $ CtJ $ 5.660/Acre \U .:.,.... ,;""".::;,'.;.. $ 6 639/Acre ItJ $ 6 647/Acre CtJ':i',
E Data Source Insoection Cou rthouse Records Courthouse Records Courthouse Records
~ VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION I +(.\$ Adlu.lm.nl DESCRIPTION +(.\$ Adlullmlnl DESCRIPTION J +1.\$ Adlu.tmlnl
II Sales or Financing I.'... ,:>,",:i''-'. '..;:.,~,.~:,'..., ',....:::"',..: None, Conv None,Conv J None, Cony
'" J I
Concessions '. J I
r;jJ Dete of SalelTime 2/06 : 3/05 : 3/05 :
1""110' Suburban Suburban Suburban I Suburban I
SlteNlew 23 Acres+/- 22.97 Acres+/- : 20.32 Acres+/- : 20.46 Acres+/- :
Toooaraohv Slooina/Wooded Slooina/Wooded : Sloolna/Wooded : Rolllna/Aaric10% : -665
- , Utilities o n site On s ita o n site o n site
: : I
I
: : :
Net AdJ. (totall . fxl+ f I. : $ 0 IX + r 1- :$ 0 r T+ Txl- ~ $ 665
_. Indicated Value Gross: 0.01 Gross: O.O'J Gross: . Jg':~:I$
of Sublect Net:' Oio $ 5 660 Net: "0;0. $ 6.639 Net:. 5 982
Comments of Sales Comparison: All com oarable tracts are sim liar in utility and location to the subiect Drooertv. are verified closed
sales. and are the best currentlv available.
-, Comments and Conditions of Appraisal: Prooertv has been aooralsed in "as is" condition. No im orovem ents were considered In value
reoorted. Annralser assum es all necessary Derm its for future buildina on site are available.
Final Reconclliatlon: Market Analvsis consistentlv SUDoorts m v estim ated market value. Greatest weiaht is anolied to the Market
Data Analvsis. Suooortlna file inform ation substantiates these estim ates. Adlusted ranae of value is $5 660 to $6 639/acre. say
$6.000 X 23 acres = $138 000.
I (WE) ESTIMATE THE MARKET VALue, AS DEFINED, OF THE SUBJECT PROPERTY AS OF Februarv 2. 2006 to be $ 138 000
, (w.) "ri'ly, th.". 'h. ,..t .f m, em) '"o"'g' U, '.Ii,f, th. f..t. U, '''~ u..' hmi. ... . U, '~"~ 1(0.') p"....II' '..p"t., th. "'I"t p"p""
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I Appraiser(s) 4 A...I .- _A ~/., iIo _ _ '..,.""" IJ~ ~Review Appraiser /" 0 Did 00 Old Not
Cassandra J. CrockettV' (If applicable) Steven W. Barrett SRPA. SRA. ASA Inspect Property
. .
I.prillary Lind F.rm 04/88 C e rtifie d Res id entia I A p p ra is e r Pr.docld uslna ACIIOIlw,,". "0.234.1727 wWW...IwI~,'O" C ertlfle d Gene ra I A P P ra Ise r
S.W. Barrett Real Estate & Appraisal Services
B
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S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124~126 N. Hanover Street Carlisle, PA 170l3~2455
Phone (717) 243-6646 FAX (717) 243-8627
J
~.~.....
f.:t
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
!'
~
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I
January 29, 2007
Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, P A "170 13
I
I
I
RE: Alexander Spring Road, South Middleton Township
Carlisle, P A 17013
Dear Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
I
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
.
Value Reported:
Three Hundred Eighty-Five Thousand Dollars
$385,000
~
"-iJ
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
1.-.
ti
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Sununary Appraisal.
I
Sincerely yours,
~
~vJ ij-7t
Steven W. Barrett, SRP A, SRA, ASA
P A State Certified General Appraiser, GA-000298-L
I
S. W. Barrett Real Estate & Appraisal Services
J Summary AODraisa LAND APPRAISAL REPORT
Propertv Address Alexander Sprlnn Road. South Middleton Two. Census Tract 0125.00
Citv Carlisle County Cum berland State PA Zip Code 17013-9148
Leaal Description Deed Book H 34 Pane 140~ Tax Parcell.D. # 40-08-0579-016
1 Owner/OccuDanl Estate of Llnwod B. Phillips & Robert M. Frev Ma Reference 08-0579
.' II Sale Price $ N/A Date of Sale NIA Property Rights Appraised
-P;;- Loan charaes/concessions to be paid bv seller S N/A [KJ Fee Simple
R,E, Taxes S 486.97 (Face Tax Year 2006 HOA S/Mo. NIA B Leashold
'""1 Lender/Client Robert G. Frev Esa. c/o Frey & Tilev Attornevs ~ Law Condominium (HUDNA)
5 South Hanover Street. Carlisle. PA 17013 0 PUD Source
LOCATION W Urban ~ Suburban !.::: Rural NEIGHBORHOOD ANALYSIS
BUILT UP o Over 75% IX) 25.75% ~ Under25% EmploymentStabHlty
GROWTH RATE : Rapid ~ Stable Slow Convenience to Employment
PROPERTY VALUES ::! Increasing Stable Declining Convenience to Shopping
DEMAND/SUPPL Y == Shortage X In Balance Over Supply Convenience to Schools
M ARKETIN G TIM E Under 3 Mos. n 3-6 Mos. IX1 Over 6 Mos. Adequacy of Public Transportation
· PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLEFAMtLYHOUSING Recreation Facllilles
is Single Family ~ Not Likely ~ OCCU PANCY PRICE AGE Adequacy of FacUitles
~ ~ 2" '.mlly ~ ,&.1, OW"" 1KJ $(000) (Y"l Prop.rty Comp.Ilb'1ly
f. Multi-Family ~ In process X Tenant 0 100 Low New Protection from Detrimental Condo
Commercial ~ To: Industrial & Vacant (0-5%) ~ 500 High 100+ Police & Fire Protection
~..l.'..:.',,;.'. Industrial 10% Com mere ia I Vacant (over 5%) Predominant General Appearance of Properties
,., Vacant 25% 250 - 35 ApDeal to Market
~ Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS.The subiect Is located south west of
the Borounh of Carlisle In South Middleton TownshlD. This Dortlon of the township Is belno develooed Into a com m erclal and
~J Industrial area. belna located neartwo exits of Interstate Rt. 81. There Is residential develooment to the east of the site. The
. neighborhood apoears stable. with no adverse conditions aoparent. There Is no frontaae on Alexander Sorlna Road due to
hlahwav Intersectlno.
Dimensions 605.45' X 1 700' X 1 530' :t Topography Level to sllahtlv roiling
Sile Area 11.00 Acre :t Corner Lot No Size Tvolcal for tVDe of site
#1' Zoning Classification 1-3 Industrial-Transportation Zoning Compliance Ves Shape Irregular I Pie Shaped
~~j HIGHEST & BEST USE: Present Use Vacant Land Other Use Industrial Drainage A PDears adeQuate
~ UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View Tvolcal for area
Electricity (K) Not Connected Street None B 8 Landscaping Minim al to none
Gas (K) Not Connected Curb/Gutter None Driveway None
Water (K) Not Connected Sidewalk None RO RO Apparent Easements Unknown. none observed
Sanitary Sewer {KJ Not Connected Street Lights None FEMA Flood Hazard Yes. No X
"I Storm Sewer ii None Aile v None FEMA. MaplZone 420371/ Zone X
Comment. (Apperent adverae easements, encroachments, speclal.neumants, slide areas, etc.): There are no aODarent adverse easem ents
r.....~,;,:.,.....'..,. encroachm ents, or sDeclal assessm ents apparent to this site. There Is minim al access to this site off Logistics Drive: a R/W
iI' aareem ent thru abutter Is the main access to site. All oubUc utilities are available but would need extended to site.
File No. OG-0398C
LENDER DISCRETIONARY USE
Sale Price $
Date
Mortgage Amount
Mortgage Type
Discount Points and Other Concessions
Paid by Seller $
~i~~
~!~~
RJ:~
Thl undl,.lgned hu Itclted thr.. recent ul.. 01 properU.. mOil Ilmllllr Ind proxlmlte to IUblecl end h.. couldered Ihl.. in Ihe market Inl/flll. TIte ductlpllon Inc'ud.. . dolllr
.dlullmenl. reflecting markel ructlon 10 tlto.. lIam. 0' a',nUlclnl variation bet.een Ihl Iublect .nd complubll prop.,II... II. Il,nllloentltem In Ihl complubll property II Iuplrlor
I..,. 10. or mall hvo..bll Ihen, thl lublect proplrlf, I mlnu. (oj edluh..nl II m.dl. IhuI reduollI, Ihl Indicated velul OllUbJlct; II e Ilgnlticantlhm In lhe comperlble II lnhrior /0,
or II" Inouble Ihln. Ihl lubll.1 properl,. I plul (+j .dlUl/mlnl II mlde, Iltul 'lIcre..lng Ihe Indlcltld ulut Dltha aublect.
ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Alexander Spg Allen & Alexander Spring Rds Allen Road 1190 Royer Road
Address Carlisle Carlisle Carlisi. Carlisle
~ Proxlmit~ to SUbiect'>,':</,','o,', 0;6!",~ I,~W ;~,:s.,~",~":!,~~'~j,, 0.48 M I E
~. Sales Price $ N/A 1/:: ""'''',.,< $ 615.000 ""'",bT""':~'V;\",,',-'?"{~<'J\ S 1.500 000 $ 6 098.052
Prlce/PerAcre $ ttJ $ 86.037ttJ' ,;",'~':t:/::':, S 56 991ttJ;t~:i S 31.113ttJ;:,,7::',;/"':</')
Data Source Inspection Court House Records Court House Records C.H. Records & Attorney
~ VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION I +(.)SAdlustmlnl DESCRIPTION I t/.\$Adlultmenl DESCRIPTION I +(-)$AdJuslllllnl
ltfa SalesorFinanclng Unknown' 0 Unknown : 0 None : 0
~.~ Concessions ...,.'. ..... " ,Unknown : 0 Unknown : 0 None ' 0
Date of SalelTlme N/A 04/2005 +4.5%: 3.872 06/2005 +4.0%: 2.280 09/2001 +13%: 4.045
Location Suburban Suburban ' 0 Suburban · 0 Suburban ' 0
SiteNiew Pie ShaDed I A. Superior -20% : -17207 Superior .200/. : -11.398 SUDerlor,-20% : -6223
.... Lot Size 11 Acres :t 7.09 : 0 26.32 : 0 196.001+20% : 6 223
r Utilities Pub. Available Public · 0 Public I 0 Public : 0
~, Zonlna Industrial 1-3 Industrial: 0 1-3 Industrial: 0 1-3 Industrial: 0
I Other R/W Access Superior -20% : -17.207 Superior -20% : -11.398 Superior -20%: -6223
1~ NetAdl.(total) ."i;'~>:;, l J+ (xl-:$ 30.542 l~X - '$ 20.516 ~+ XJ-:$ 2.178
Indicated Value ',":L;;'X:"t.'f": ~.t~~J~ll 'G Gi" ,;~g;J
of Sublect';.:;,":" ,'.Net~,:\&1;Jl;:Jij'..35:5!1 $ 55.495 Ne, . $ 36.475 ' e .o';h 28.935
tII Comments of Sales Comparison: AdJustm ents: Tim e adlustm ent Is based on annual appreciation rate of 3%. each sale was adlusted
~. accordlnalv. Site adJustm ent. all three sales are suoerlor In overall lot utility. -20%. Lot size adlustm ent sale # 3 Is adlusted for
1 econ. of scale -20%. R/W off LOQlstlcs Dr. All three sales have direct street access. -20%. No other adlustm ents were reaulred.
,I Comments and Conditions of Appraisal: Prooertv has been aDoralsed In Its "AS IS" state. with no additional conditions considered.
';i Retrospective Value. the "AS 0 F" value of this analvsls Is 02/02/2006.
;', Final Reconciliation: Three com parable land sales were analvsed before adjustm ents a ~er acre ranQe of $31.113 to $86 037 was
:5'> Indicated. after adJustm ents a ran ge of $28.935 to $55 495 was determ Ined. Most welg ht was aODlled to sales # 2 & 3. Chosen
~ value indicator $35 000. Therefore 11 acres X $35.000 = $385 000.
.11 I (WE) ESTIMATE THE MARKET VALUE.AS DEFINED. OF THE SUBJECT PROPERTY AS OF Feburarv 2. 2006 000 to be $ 385,000
.':~ I (We) certify: that to the best of my (our) k~~and belief, the facts and data used herein are true and correct; that I (we) personally Inspected the subject property
"'1._'..... and inspected all co~ales c~thi1 re rt; and thjtl }we) have no undisclosed Interest. present or prospective therein.
Appralser(s) ':::> ~ -It- Review Appraiser DDid 0 Did Not
Steven W. Barrett. SRPA. SRA (if applicable) Inspect Property
:; oprll.ar, Land Form U"I PAC e rtltle d G en e ra I A P P ra 15 e r """...d .a"t ACI aotllIara. ..a.2SU727w.......Ib..llII
~ S.W. Barrett Real Estate & Appraisal Services
I
S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
I
I
Steven W. Barrett. SRPA, SRA. ASA
State Certified General Appraiser
,.
I
A
~@~
I
~
I
...
January 29,2007
~
,.
,.
'W
Robert G. Frey, Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, P A 17013
RE:
Walnut Bottom Road
Carlisle, Cumberland County
Dear Mr. Frey;
-
I
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP).
I
I
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
I
Value Reported:
Four Hundred Eighty-Five Thousand Dollars
$485,000
The appraiserls also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there" from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~~. 'tLCLif
Cassandra J. Crockett
PA State Certified Residential Appraiser RL-OOI348-L
~.,J----;L-H--
i
Steven W.Barrett, SRP A, SRA, ASA
PA State Certified General Appraiser, GA-000298-L
J
SUMMARY APPRAISAL REPORT
LAND APPRAISAL REPORT
File No 06-0399
J Property Address Walnut Bottom Road Census Tract 0125.00 LENDER DISCRETIONARY USE
Cltv Carlisle County Cum berland State P A Zip Code 17013 Sale Price $
LeoaJ Descriotion Deed Book 33-S; Page 621; Tax ParceIID#40-09-0527-018 Date
].. Owner/Occupant Estate of Linwood B. Phillips, Jr. & Robert M. Frev Ma Reference 09-0527 Mortgage Amount $
Sale Price $ N/A Date of Sale N/A Property Rights Appraised Mortgage Type
Loan charges/concessions to be paid bv seller $ N/A 00 Fee Simple Discount Points and Other Concessions
R.E. Taxes $ 95.00* Tax Year 06/07 HOA $/Mo. N/A ~ Leashold Paid by Seller $
] Lender/Client Frev & Tiley Condominium (HUDNA)
,} 5 South Hanover Street, Carlisle PA 17013 PUD Source
LOCATION Durban ~ Suburban b Rural NEIGHBORHOOD ANALYSIS Good A... fair Poor
BUlL T UP Over 750,4 lKJ 25-75% o Under 25% Employment Stability ~OOO
,GROWTH RATE o Rapid lKJ Stable o Slow Convenience to Employment B~~~
PROPERTY VALUES (K) Increasing ~ S"bl. o Declining Convenience to Shopping
: DEMAND/SUPPL Y o Shortage X In Balance o Over Supply Convenience to Schools
MARKETING TIME n Under 3 Mos. X 3-6 Mos. n Over 6 Mos. Adequacy of Public Transportation OOOX
. PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLE FAMILY HOUSING Recreation Facilities 00000
Ii Single Family ~ Not Likely 0 OCCUPANCY PRICE AGE Adequacy of Facilities ~~~~
2-4 Family ~ Likely ~ Owner ~ $(000) (yrs) Property Compatibility
Multi-Family ~ In process Tenant 100 Low New Protection from Detrimental Condo
Commercial ~ To: Residential! Vacant (0-5%) 00 500+ High 100 Pollee & Fire Protection OOClOO
ill" Industrial 10% Com m erclall Vacant (over 5%) 0 Predominant General Appearance of Properties R~RR
Vacant 30% Industrial 170 - 30 ADDeal to Market
Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTs.Subject property Is located In an
expandina area of slnale fam lIy hom es, farm s and businesses just west of the Borouah of Carlisle. Shopplna and other
am enltles are within a short driving distance. New com m unity hospital Is within one m lie. School system Is South Middleton
~. District and students are bused. SM SA 42-3240.
Dimensions See leaal descrlotlon/tax map Topogra phy Basically level
Site Area 24.26 Acres M /L Corner Lot Yes Size Tvolcal for Area
Zoning Classification Residential Moderate Density Zoning Compliance Yes Shape Rectangular
HIGHEST & BEST USE: Present Use Vacant land Other Use Residential Drainage ApDears Adeauate
UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View Typical
Electricity ~ @ street Street Asphalt fK] 0 La ndsca ping Tvplcal
Gas Curb/Gutter None 0 0 Driveway N/A
Water (KJ @ street Sidewalk None 0 0 Apparent Easements None ADDarent
Sanitary Sewer (KJ @ street Street Lights None R _8 FEMA Flood Hazard Yes* No X
Storm Sewer Ii Alley None FEMA* MaDTZone 420371A/Panel not printed
Comments (Apparent adverse easements, encroachments, special assessments, slide areas, etc.): There are no acparent adverse easem ents,
encroachm ents or other adverse conditions. .Site is currently taxed In Pa.'s Clean & Green Droaram for Dreservation of
aarlculturalland.
The underalgned h.. recited three recent aale. of properties most aimiliar and proximate to .ubject Ind hi. con.idered th..e in the market anllyail. The ducripliDn Includ.. I dollar
adju.tment, ralllcling marklt raactlon to thola itema of aignifi.ant ..rlation between the aUbJect and complrable properliel. If I aignillcant Item in the comparable prDperty i. auperlor
to, or mora favDrable than. the IUbject proparty. a minua (-) adJuatmant ia made, thua reducing the Indicated volue of aubject: if I significant itlm in thl complrlbll ia infarior tD,
Dr I... favorlble than, thl aubject prop..ty. I plua (+) IdJultmenf i. madl. thua incr..sing thl indicated value of the aubject.
ITEM SU BJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Walnut Bottom Long's Gap Road West Old York Road Walnut Bottom Road
Address Carlisle Carlisle Carlisle Carlisle
Proximltv to Subiect 4.9 MI NNE 2.1 MI SSE 2.0 MI SW
Sales Price $ N/A $ 500.000 $ 159 000 $ 160 000
Pricel Acre $ lZJ $ 18,911/Acre llJ $ 12,137/ Acre llJ $ 17 ,857/Acre llJ
Data Source Inspectlon/CHR A p DID ata/Crths .Records Courthouse Records A pplD ata/Crths.Records
!ll . VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION I +(-)$ Adluatment DESCRIPTION I +(-\$ Adiu.tment DESCRIPTION I +(-)$ Adiustmenl
I ~ Sales or Financing None,Conv None, Cony None, Cony
Concessions , , ,
I: Date of SalelTime 3/06 : 8/06 : 2/06 :
. Location Suburban Suburban I Suburban Suburban :
SltelVlew 24.26 Acres+l- 26.44 Acres+l- 13.01 Acres+/- , 8.96 A cres+/-
I
TODoaraphv Rol/lna Rollina : Rollina : Rollina :
U ti/ities Public W/S Public WIS : On site 20% I 2427 On site 20% : 3,571
Frontage 2 streets 1 street 5% , 946 1 street 5% : 607 1 street 5% , 893
: : :
Net Adl. (total) Ix 1+ r 1- :$ 946 LXJ+ l J- :$ 3034 fx 1+ r 1- :$ 4_,464
Indicated Value Gross: 5.0 I Gross: 25.0 I Gross: 25.0 I
of Subiect Net: 5.0 $ 19 857 Net: 25.0 $ 15 171 Net: 25.0 $ 22,321
Comments of Sales Comparison: All com parables are slm i1ar In utilitv to the subiect site, are verified closed sales and are the best
currently available.
Comments and Conditions of Appraisal: Property has been aooralsed In "as Is" condition. No 1m Drovem ents were considered in value
reDorted. A ppra/ser assum es all necessarv oerm Its for future building on site are available.
Final Reconciliation: Market analvsis supports m v estim ate of market value. Although sale Nos. 1 & 2 occurred after the date of this
. report. the value per acre would not have chanaed. Adlusted range of value per acre Is $15.171 to $22321. say $20 000 x 24.26
acres = $485 200, say $485.000. Most weight given to sale #1 with slm liar size tract and Dublic water/sewer.
I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE SUBJECT PROPERTY AS OF Februarv 2, 2006 to be S 485_.000
. I (We) certify: that to the best of my (our) knowledge and belief, the facts and data used herein are true and correct; that I (we) personally inspected the subject property
i <0' I",,,t.' .11 oom,,,.bl. ..I.. ,"., t, thl, ",,,t, <0' thot I (w.)"m " ",""I"=S:' '''':5''i''1::''I''
Appraiser(s) 4-1/.A..<~ ~A J 5J.. e~4~. Review Appraiser -- -:-1-1- ODid (K] Did Not
Cassandra J. Crocke1V (if applicable) Steven W. Barrett, SRPA, SRA, ASA Inspect Property
ropriotary Land Form 04/88 C e rtifle d Res Id entia I A p P ra is e r Prod..od ..lng ACI.oltwaro. 800.234.8727 ..w.aclwob.com Certified General Appraiser
S.W. Barrett Real Estate & A ppralsal Services
Sum mary Appraisal
File No. 06-0400C
APPRAISAL OF
1
71
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LOCATED AT:
~
Corner Walnut Bottom & Allen Roads /1417 & 1431 Walnut Bottom Rd
Carlisle, PA, 17013
1:1
FOR:
Robert G. Frey Esq. clo Frey & Tiley Attorneys-At-Law
5 South Hanover Street
Carlisle, PA 17013
rj
AS OF:
'...,.-..,
....
~'1
February 2, 2006
,
BY:
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
~
'~I
'II
-1
- - "--.".-~.'- -~.- "'-~'---"-~""""-~''''~~'--~-::''-'f'';'_--:'::''-:_._''',:",,,:'<''-'::t:.:_'.,:"",*~-=*,":;'~"...i.o.~:.:;-~,;,;,:",
S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals . Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett, SRPA. SRA. ASA
State Certified General Appraiser
.
~~~
January 29,2007
Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
RE: Walnut Bottom Road & Allen Road
1417 & 1431 Walnut Bottom Road
Carlisle, P A 17013
Dear Mr. Frey;
The appraiserls certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
Value Reported:
Two Million Twenty.Six Thousand Dollars
$2,026,000
The appraiserls also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~vJF--jf-
Steven W. Barrett, SRPA, SRA, ASA
PA State Certified General Appraiser, GA-000298-L
Client
Property Use
Property Address
City
Building Name
Owner/Occupant
Summary Apprais.
File No. 06-0400C
PAGE 1
UNIFORM COMMERCIAL/INDUSTRIAL SUMMARY APPRAISAL REPORT. SMAll PROPERTY
File Number 06-0400C
Summary Appraisal
Map Reference 09-0527
Zip Code 17013
Census Tract 0125.00
APN * 40-09-0527-080
S. W. Barrett Real Estate & Appraisal Services
Intended User(s) of Report The Intended User of this a erm itted
without the ermission 0 the a raiser s .
Intended Use of Report The Intended Use is to evaluate the property that is the sUbject of this appraisal for current market value.
Scope of Work Standard Rule 2-2 of the Uniform Standards of Professional Appraisal Practice and the Standards of
Professional Practice of the Appraisal Institute. require that the extent of the process in which data are collected.
confirmed and re orted be described' and the Definition of Market Value as'stated on page 9 of this report.
X Complete Appraisal limited Appraisal due to the following departures from Standard 1 No departures invoked. this property Is being
appraised in Its current liAS IS" condition. Retrospective Value. the "AS Of' value of this analysis is 02/02/2006.
*This appraisal combines three tax parcels for analysis purposes. based on the Hiahest & Best Use of the combined sites.
The main APN is 40-09-0527-080. plus 40-24-0746-001. & 40-24-0744-048.
~ Summary Appraisal Report
I
ii
THREE YEAR OWN ERSHIPHISTORYT
i
Owner Recording Reference Date
Most Recent Phillips & Frey 33S-621 12/20/1988 $
Previous *Philiips & Frev 259-4107 10/09/2003 $
Previous *Phlllips & Frev 265-198 09/02/2004 $
~~~ $
Current Contract U Option: U Listing Price $ N/A
Buyer N/A Contract Price $ N/A
Seller N/A Closing Date N/A
Analysis/Comments: The legal description/deed has been reviewed and there appears to be no known unusual title
discrepancies. A COpy of deed is In the addenda. * Two abuttina properties purchased after original purchase also included.
Price Paid
Unknown
160.000
192.000
Terms of Sale
Outright Transaction
Outright Transaction
Outright Transaction
~
N EIG H BORH 00 D DESCRIPTIO N.
-i:j~\-:':~c':-?/.:U:)::j:?
Boundaries: Subiect is bounded on the north and east by I 81. on the south and west by West Old York Road.
Neighborhood Built Up
Land Use: Single Family
Industrial
65 %
30 % Office ~ % Multifamily ---! %
10 % Reta" -1! % Vacant 35 %
und~PPIy Ba;lced ove~PIY Vacancy
Single Family X 0-5 %
Multifamily ........ --o:s %
Office . . . . . . . . . --o::ro %
Retail . . . . . . . . . . . 0-10 %
Industrial" : : : : : : : : : 0-10 %
Distance-CBD 2 Miles t Miles
.5 M lIe:l: Miles
.5 Mile :I:
location
Development Trend. . . . . .
Value Trend . . . . .
Vacancy Trend . . . . . . . .
Rental Demand :::::::
Urban
Down
Down
Down
Down
/SFNear
Neighboring Property Use:
Analysis/Comments: The subject property is predominately vacant land. existing improvements most likely will be razed for
future development; therefore. the rental range and age were not analyzed.
" SITEDESCRIPTION;\i"i:
-><:~:::i<;-'
Legal Description COpy of deeds In addenda of this report. Main acreage · 23.395 Acres. 1417 Walnut Bottom
Rd. = .69 Acre. and 1431 Walnut Bottom Rd. · 1.15 Acres. Combined lot slze · 25.235 Acres
Environmental Problems Known or Suspected Yes U No l.!J
Site Size 25.235 AC. Usable Land Area 25.235 AC. Excess land Area
Site Dimensions 450' x 3.000' t See Plot In addenda
Street Frontage 450' X 3.000' t Corner Lot. with multiple frontages
00 See Addenda
None N/A
C> Copyright 2001 by The Appraisal Foundation. NI rights reserved.
ProclUCld uIing ACllOftw... .00.234.1727 www..ciweO.cam
S. W. Barrett Real Estate & Appraisal Services
Summary Apprais;
File No. 06-0400C
PAGE 2
SITE DESCRIPTION continued
J
Ingress/Egress . . . . .
Street Frontage ....
Shape .........
Functional Utility .. . .
Visibility ........
Landscaping . . . . . .
Drainage . . . . . . . .
Adequacy of Utilities ..
Traffic Pattern
Traffic Volume
Utility:
Electricity . . . . . . .
Gas
Water
Sewer
Telephone . : : : : : :
Provided By:
Public.PPL
UGI - Possible
Public. SM MA
Public. SMMA
Em barq
Street Improvements:
Street Width 50 Ft. :t
Street Paving: : : :: Asphalt
Sidewalks None
Curbs & Gutte;s . . .. None
Storm Sewers . .. No
lighting ...:::: None
Soil Conditions Appears stab e rom su ace nspect on
Easements None observed. with the exception of public utilities
Encroachments None observed
Current Zoning I - 3 Industrial
Zoning Change: Not Likely l!.J Likely U To N/A ..
Uses Allowed Under Current Zoning 16 Permitted Uses. 5 Conditional Uses. 5 Prohibited Uses
Current Use Main site area is vacant around ready for future development. plus two residential houses.
Analysis/Comments: There are no apparent adverse easements. encroachments. or spec al assessments apparent to this s Ie.
Current zoning has numerous permitted uses. that could be adapted to this site. Other potential uses would be for hlahwav
commercial. which would require special exception from the municipality.
I
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~
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Describe:
TOPOgraPh~
level Mod Slope 00 Steep Slope 8
At Grade X Above Grade 0 Below Grade
Comer lot . . . . . . . . . . . . . . . . ~ i
Underground Utilities ..........
Railroad Access . . . . . . . . . . . . .
Earthquake Zone ............
Flood Hazard Aree . . . . .. . . . . . . y ~
Map # 420371 0015C Date 1/6/1996
Legally Conforming
Yesl!.J No U
I
>w.L'.0;4;'i.,;.);~:.iiASSE:SS M ENT;j'AND(TAXES~~+j~!~:;&;!t8'!NW;:i'fi'!M1.
Tax Rate
Year
Current Taxes 05-06
Estimated Taxes . . . . . . ~
I
Assessment Year 2006
Total ............
Land
Buildlng(s} . . . . . . . . . .
Other . . . . . . . . .
I
I
.~: ';i~~:,~q:.~?/~?
ISF
as
No new reassessment has been
Refer to county tax record cards In addenda of
I
Property Type Residential Owellinas
Building Floor Gross SF
1417 1.486
1431 2,144
IMP ROVEMENTSD ESCRlpTIO N;'
Construction Type B & A 1 Sty. & Fr. 2 Sty.
*Net SF
1.486
2.144
#Stories 1 & 2
Use %
Total . . . . . . 3.630
*Usable Area Rentable Area X
Year Built ..........................
Building Efficiency Ratio . . . . . . . . . . . . . . . . . . .
Effective Age. . . . . . . . . . . . . . . . . . . . . . . . .
Total Economic Life .....................
Remaining Economic Life ..................
Floor Area Ratio . . . . . . . . . . . . . . . . . . . . . . .
Ground Coverage Ratio ...................
3.630
1967/1900
100 %
20/35
50
30
20/30 %
N/A %
;:' :~;:;, :_~ ;:';! ):~;,\:,~"
..:)::.,::;;:;::,".",:::::>"
';';'~:;'::::\;,
#Buildings Two
Net SF
Use Type
Office
Retail ...............
Warehouse . . . . . . . . . . . . .
Manufacturing' . . . . . . . . . . .
Distribution . . . . . . . . . . .
Research I Devilopmenf . . . . . .
Residential . . . . . .
3,630
o
o
o
o
o
o
100
6~r~~~: . .. . . . . .. . .. ~ ~
Adequacy . . . . . . . . . . .
Covered . . . . . . . . . . . .
Parking Garage . . . . . . . .
Paved ............
Number of Spaces ...... 0
-FT
-FT
-FT
(C) Copyright 2001 by The Appraisal Foundation. All rights reserved.
PrOlluced UIing ACllOllwIra, '00.234.'127 WWW.aciwab.cam
]
-"J
S~ W. Barrett Real Estate & Appraisal Services
IMPROVEMENTS DESCRIPTION continued
]
Building Description
Stone. Concrete block
Wood. Wood
Vinyl, w/w carpet, wood - Vinyl, w/w carpet, wood
Plaster. Drywall
Aluminum, frame. Brick, frame
Plaster - Drywall
Standing seam metal - Shingle
1.5 Baths. kitchen - 2.5 Baths, kitchen
011 Hot Water - Electric
N/A
100 - 200 amp
N/A
Off Street - 2 Car garage
Unknown
N/A
Wood Trusses
AppeaVAppearance
Floor Plan/Design ...........
Construction Quality. . . . . . . . . . .
Exterior CondItion . . . . . . . . . .
Interior Condition . : : : : : : : : : : :
Roof Cover . . . . . . . . . . . . . . .
Plumbing
Heating . : : : : : : : : : : : : : : : :
Air Condltlomng
Electrical . . . . . . . . . . . . .
Elevators . . . . . . . . . . . . . . . .
Parking Area. . . . . . . . . . . . . . .
Insulation . . . . . . . . . . . . . .
Sprinkler ................
Landscaping' : : : : : : : : : : : : : :
Improvement Rating
d
Foundation
Frame
Floor/Cover . . . . . . . . .
Ceiling ..:::::::::
Exterior Walls
Interior Partitions. : : : : : :
Roof Cover
Plumbing ........ .
Heating . : : : : : : : : : :
Air Conditioning
Electrical ...:::::::
Elevators
Parking ..........
Insulation. . . . . . . . . . .
Sprinkler. : : : : : : : : : :
Roof Support ........
1
.~
J
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'.,-.q.:........-..
'c-
i":.:.
Ii)
i Site Improvements:
p..:'~
~
JIl
Personal Property or Other Non-Realty Interests Included in Valuation: (KJ No
included In this appraisal analysis.
DYes
No personal property, or non realty interests are
Summary Appraisi
File No. 06-0400C
PAGE 3
Fr
N/A
Analysis/Comments: The Improvements are In average condition with some deferred maintenance. The effective age, based on
inspection is estimated at approximately 20 to 30 years. Estimated remaining economic life Is the periOd during which
improvements continue to contribute to property value and is calculated by subtracting effective age from total economic
life. Based on current design as well as use of the subject, Its utility, location In the marketplace and physical attributes as
noted above, the property's total economic life is estimated at 55-60 years. The remaining economic life of the buildings is
estlm ated at 30-40 years.
HIGHEST AND BEST USE AS IF VACANT:
Legally Permissible Uses: The site currently Is zoned 1-3 Industrial. The use represents a legally conforming use and would be
compatible with the established character of the neighborhood.
Physically Possible Uses: Physical aspects of the site 1m pose the first constraints on the possible uses of the property. Size,
shape and topography are key determinants of physically possible uses.
Financially Feasible Uses: The site is located in an area developed with similar uses. Development of the site with Industrial use
would be likely, given the location, and would represent a financially feasible use.
Maximally Productive Use: The most productive use of the site given the location is industrial.
~.'
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..'.... " .:'.,-.. ,- ...........:..;'....-.-. ..-::',. ::....-.,.. """-"""".,'" :,:: -':'-", .,'-.',.:..'.:-..
;HIGHESTANDBESrOSE .
~
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,
;-
I
Analysis/Comments: The highest and best use of the appraised site presuming It to be vacant and available is industrial.
Current
Maximally Productive Use: The property as vacant and available would be the maximum productive use and generate the highest
return; therefore, considered productive.
Analysis/Comments: The su ect ro e as vacant and available would be the hi est and best use' however the interim use
before site Is developed or redeve oped Is as Improved or current use.
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Produced IlIing IlOftwlfll, 80!l.234.8727 www.KiWelI.COI\\
S. W. Barrett Real Estate & Appraisal Services
Summary Apprals;
Fila No. 06-0400C
PAGE 4
]
VALUATION METHODS SELECTED
Cost Approach 0 Income Approach 0 Direct Sales Comparison Approach 00
Reasons for Excluding an Approach: Comparable Site Analysis only.
]
MARKET VALUE ESTIMATE OF NON-REAL TV ITEMS
]
Market Value of Personal Property $
Market Value of Other Non-Realty Interests. Norie rnchicfecf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Total Market Value of Non-Realty Interests ..........................:::::::::::::::::::::::::: $
Analysis/Comments: No non-realty items were considered for this analysis.
N/A
N/A
o
11
dl
','~;":
:.1:,
,~A:
~j
COMPARABLE SITE ANALYSIS
Data Sheets AU 00 Subject
Location/Address Wal. Bottom & Allen Rd
Proximity to Subject N/ A
Map Reference 09-0527
Deed Reference 33S-621
Date of Sale N/A
Exposure Time Unknown
Data Source Inspection
Site Size SF 0 Acres 00 25.235
Frontage 3,000' :I:
Zoning I . 3 Industrial
Utilities Public, W S & E
Site Improvements Minimal
Existing Improvemt 2 Residential Houses
.
I""
:~7'
ff
Comparable #1
Allen Road
Abutting
09-0527
264-4466
08/27/2004
Unknown
Property Owner
67.57
3,333':1:
1-3 Industrial
Public, W S & E
Minimal
None
Comparable #2
Allen Road
.25 Mile :I:
09-0527
269-2109
06/17/2005
Unknown
Court House Records
26.32
675';1:
1-3 Industrial
Public, W S & E
Minimal
None
Comparable #3
Allen & Alexander Spr.
.25 Mile :t
09-0627
268-1604
04/06/2006
Unknown
Court House Records
7.09
1 ,016';1:
1-3 Industrial
Public, W S & E
Minimal
None
I..,.;:....
~
~
I
Unit of Comparison Per Acre
Sales Price . . . . . . . $4,586,000
Price Per Unit" . . . . . . . . . . . . . . . . . . . . . . . . . . $
Property Rights .Conveyed . . . . . . . . . . . . . . . . . . . .
Adjustment . . . . . . . . . . . . . . . . . . . .
Financing . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment. . . . . . . . . . . . . . · . . . . . . . . . .
Conditions of Sale . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment . . . . . . . . . . . . . . . . . . . . . . .
Market Conditions . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment .. . . . . . . . . . . . . . . . . . . . . .
Other Adjustments . . . . . . . . . . . . . . . . . . . . . . . .
location
Topography. . . . . . . . . . . . . . . . . . . . . ~ . . .
Shape/Utility . . . . . . . . . . . . . . . . . . . . . . . .
Utilities . . . . . . . . . . . . . . . . . . . . . . .
Site Improvem.ents . . . . . . . . . . . . . . . . . . . . .
Zoning . . . . . . . . . . . . . . . . . . . .
Existing Improvements 6,786
$1,500,000 $616,000
67 ,866 $ 56,991 $ 86,742
Fee Simple Fee Sim pie Fee Sim pie
0 0 0
Unknown Unknown Unknown
0 0 0
Outright Sale Outright Sale Outright Sale
0 0 0
Time + 6.61% Tim e +4.0% Time +4.5%
4,417 2,280 3,903
Similar Similar Sim ilar
Similar Sim ilar Similar
Sim liar Sim ilar Similar
Public Public Public
Minimal Minimal Minimal
Slm liar Similar Similar
+10% Inferior 5,699 +10% Inferior 8,674 +10% Inferior
11 ,203 7 ,979 12,577
79,069 $ 64,970 $ 99,31-9
I
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Total Adjustments
Indicated Value PerU;,it . : : : : : : : : : : : : : : : : : : : : $
Analysis/Comments: Refer to next page analysis/comments section.
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Total Site Units: AC.
Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Estimated ~it'e Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .EXc:I:$~ C.Alild . . . . . . . . . . '. . . . . . . . . . . . . . . .
Excess Land Area Units: N/A
Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Estimated ~xcess (a.na ~alue. : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : $
25.235
o
]
None
o
@ COPYright 2001 by The Appraisal Foundation. All rights reserved.
ProdllC:ed uling ACIIOIIw... 800.23<4.8727 www.leiwlb.com
;:]
~..;~
.;
S. W. Barrett Real Estate & Appraisal Services
1
]
Comparable #4
Summerfield
.5 Mile :!:
09-0529
274-1013
04/26/2006
1 Year t
Court House Records
31.99
29619.43' t'
Neigh. Commercial
Public. W S & E
Minimal
Farm Buildings. P.Cond
COMPARABLE SITE ANALYSIS 456
Data Sheets AttOO Subject
Location/Address Wal. Bottom & Allen Rd
Proximity to Subject N/A
Map Reference 09-0527
Deed Reference 335-621
Date of Sale NJ A
Exposure Time Unknown
Data Source Inspection
Site Size SFO Acres 00 25.235
Frontage 3.000' :t .
Zoning I - 3 Industrial
Utilities Public. W S & E
Site Improvements Minimal
Existina Improvemt 2 Residential Houses
Comparable #5
Alexander Spring Road
.5 Mile :t
22-0479
247-2111
07/13/2001
Unknown
Court House Records
4.22
235'%
Commercial
Public, W S G & E
Minimal
None
:]
~
~
HI
,~
Unit of Comparison er Acre
Sales Price . . . . . . . $2.239.300
Price Per Unit" . . . . . . . . . . . . . . . . . . . . . . . . . . $
.....d................... .
Property Rights Conveye ....................
Adjustment
Financing . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment' . . . . . . . . . . . . . . . . . . . . . . . .
Conditions of Sale . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment .. . . . . . . . . . . . . . . . . . . . . .
Market Conditions . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment .:::::::::::::::::::::::
Other Adjustments
Location
Topography' . . . . . . . . . . . . . . . . . . . . . . . .
Sha elUtllity . . . . . . . . . . . . . . . . . . . . . . . .
Utili~es . . . . . . . . . . . . . . . . . . . . . . .
Site 1m rovements . . . . . . . . . . . . . . . . . . . . .
Zonin: . .. . . . . . . . . . . . . . . . . . .
Existing 1m provem ents
70.000
Fee Simple
o
Unknown
o
Outright Sale
o
Time +1.5%
1.050
Similar
Similar
Similar
Public
Slm liar
~
til
~
~
g
7 .000 +10 Inferior
~
Total Adjustments
Indicated Value Per'Unit . : : : : : : : : : : : : : : : : : : : : $
8,050
78.050 $
J
$290,000
$
$
68,720 $
Fee Simple
o
Unknown
o
Outright Sale
o
Time +15.75%
10.823
Similar
Similar
Slm ilar
Public
81m liar
6.872 +10% Inferior
17.695
86.415 $
Summary Appraisi
File No. 06-0400C
Comparable #6
Therefore; 25.325 acres times $80.000 eauals $2.026.000. Final value conclusion of market value. "AS OF" is $2.026.000.
C Copyright 2001 by The Appraisal Foundation. All rights reserved.
Procluced Uling ACllOlIwIt., 100.23<4.8727 www.eciw.ll.cam
S. W. Barrett Real Estate & Appraisal Services
Summary Appraisi
File No. OS.0400C
PAGE 9
I LIATld'N':>AJ~JD'"J:IN''AIZ;.VA12tJE'<ESTIMAt.ES?Z.c:oHfiHijea
J
Appraiser #1
Signature
Name
Certification
J
Appraiser #2
Signature
Name
Certification
"'.'-".-';'.;:. "-".;-.",,,....,
.-f.~~{};.:;:~i:~:/-'(/"~>:~::;'
Date
Property
Inspected
Yes 00 NoD
01/29/2007
r
~
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Donna K. Shultz 01/29/2007
No.:
State: Exp. Date:
Assistant to the State Certified General A raiser
,...., "):'i~;F:;.,::,~...'.i;'.'~:}!(';1\~t;~~1;i~;I@~e:O'N,ttiENmS~~O:E~;~'O'm:E' .
~~.~.i.'
~fl
,
. Legal Description
Subject Photographs' . . . . . . . . . . . . .
Area Map . . . . . . . . . . . . .
Neighborhood"Map . . . . . . . . . . . . . . .
ZOI ning Map ...:::::::::::::.::
Food Zone Map
Topographic Map. . . . . . . . . . . . . . . .
Site Sketch . . . . . . . 0 . . 0 0 . . .
Site Plan . . . 0 . . . 0 0 00 0 . . . 0 0 .
Bulldin Plans.. 0 . . 0 . . 0 . 0 ~ . 0 0 . . .
Tax As~essmenl Ca;'d. 0 . . 0 . . . . 0 ... . .
Land Sales Data Sheets . . . . . . . . 0 . . .
Land Sales Map . . . . : : : : : : : : : : : :
I.".
rA
~
II
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Yes 00
NoD
Land Lease
Segregated Cost .sneef 0 0 . 0 0 0 . . 0 . 0 .
Solis Surve Map . . . . 0 . 0 0 0 0 0 .
b' Y . . 0 0 . 0 0 . . 0 . . 0 0 0
Su Ject Leases . . . ... ~ . . .. . . 0 0 . .
Rental Comparable Data Sneets
Rent Location Map . . . 0 . . .
DCF Analysis . . . . . . . . . . . . . .
Improved PropertY Sales bata Sheets . 0 . 0 .
Building Sales Location Map '. . . . . .
Cop of Deed ... . . . . . 0 .
Con~act of Sale . . . . . . . 0 . . . 0 . ~ 0 .
Construction Cost Q)"ntract... . . . . . . .. !
Support for Personal PropertY 'ValuatIOn :: : :
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller
each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus. 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: (1) buyer and seller are typically motivated: (2) both
parties are well Informed or well advised, and acting In what they consider their best interests; (3) a reasonable time Is allowed for exposure
in the open market; (4) payment is made In terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price
represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated
with the sale.' .
1 USAP 2001 G/oasary
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; ;",'.' .\'-:"':- '/F>,;:;"~-"":'"
1. As agreed upon with the client prior to the preparation of this appraisal, unless otherwise Indicated, this Is a Limited Appraisal because it Invokes
the Departure Provision of the Uniform Standards of Professional Appraisal Practice. As such, information pertinent to the valuation has not been
considered and/or the full valuation process has not been applied. Depending on the type and degree of limitations, the reliability of the value
conclusion provided herein may. be reduced.
2. Unless otherwise Indicated, this is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standard.
Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such,lt might not Include full
discussions of the data, reasoning and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting
documentation concerning the data, reasoning and analyses Is retained in the appraiser's file. The Information contained In the report is specific to
the needs of the client and for the Intended use stated In this report. The appraiser Is not responsible for unauthorized use of this report.
3. No responsibility Is assumed for legal or title conslderatlo.ns. Title to the property Is assumed to be good and marketable unless otherwise stated
in this,report.
4. The property is appraised free and clear of any or all liens and encumbrances unless otherwise stated in this report.
5. Responsible ownership and competent property management are assumed unless otherwise stated In this report.
6. The information furnished by others Is believed to be reliable. However, no warranty is given for its accuracy.
7. All engineering is assumed to be correct. Any plot plans and Illustrative material In this report are included only to assist the reader in visualizing
the property. .
8. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No
responsibility Is assumed for such conditions or for arranging for engineering studies that may be required to discover them.
9. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated
in this report.
10. It Is assumed that al/ applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated,
defined, and considered in this apprals,al report.
11. It is assumed that all required licenses, certificates of occupancy or other legislative or administrative authority from any local, state, or national
governmental or private entity or organization have been or can be obtained or renewed for any use on which the valile estimates contained In
this report are bued.
12. Any sketch in this report may show approximate dimensions and Is included to assist the reader In visualizing the property. Maps and exhibits found
in this report are provided for reader reference purposes only. No guarantee as to accuracy Is expressed or implied unless otherwise stated in this
report. No survey has been made for the purpose of this report.
13. It is assumed that the utilization of the land and improvements Is within the boundaries or property JInes of the property described and that there is
no encroachment or trespass unless otherwise stated In this report.
(Continued)
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C Copyright 2001 by The Appraisal Foundation. All rights r e
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S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals . Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
I
.
SteVen W. Barrett, SRPA, SRA, ASA
State Certifred General Appraiser
..
-,;
A
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January 29, 2007
I
Robert G. Frey, Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
I
RE:
Fairview Street & Wood Lane
Carlisle, Cumberland County
l
(
Dear Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP).
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, IJwe believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
Value Reported:
Seventy~Four Thousand Five Hundred Dollars
$74,500
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~~;. t2cJdI
Cassandra J. Crockett
PA State Certified Residential Appraiser RL-001348-L
~- <-J I) - rr-
Steven W. Barrett, SRPA, SRA, ASA
PA State Certified General Appraiser, GA-000298-L
;;;;
~
SUMMARY APPRAISAL REPORT
LAND APPRAISAL REPORT
File No 06-0402
-
1 Property Address Falrvlew Street and Wood Lane Census Tract 0125.00 LENDER DISCRETIONARY USE
City Carlisle Countv Cum berland State P A ZiD Code 17013 Sale Price $
Leaal Description Deed Book 34-N: Paae 372: South Middleton TWD Date
~ Owner/Occuaant Estate of L. B. PhIIliDS. Jr. & Robert M. Frev Et AI Ma Reference 23-0592 Mortgage Amount $
:=-1;:11 Sale Price $ N/A Date of Sale N/A Property Rights Appraised Mortgage Type
Loan charaes/concessions to be Daid bv seller S N/A ~ Fee Simple Discount Points and Other Concessions
R.E. Taxes S 286.00 Tax Year 05/06 HOA S/Mo. N/A Leashold Paid by Seller $
__ Lender/Client Frev & Tllev Condominium (HUDNA)
!! 5 South Hanover Street Carlisle PA 17013 PUD Source
J LOCATION ..... Urban ~ ~~~~~" L Rural NEIGHBORHOOD ANALYSIS Good ,.v.. Folr Poor
BUlL T UP !. Over 75% ~ U,d" ". Employment Stability ~~~~
GROWTH RATE == Rapid X Stable Slow Convenience to Employment
- PROPERTY VALUES !. Increasing Stable Declining Convenience to Shopping
- DEMAND/SUPPL Y Shortage ~ In Balance n Over Supply Convenience to Schools
=
MARKETING TIME Under 3 Mos. X 3-6 Mos. Over 6 Mos. Adequacy of Public Transportation
~ PRESENT LAND USE Vo LAND USE CHANGE PREDOMINANT SINGLE FAMILY HOUSING Recreation Facilities ~~~~
-e ~
i S"g_ F.mi, ~ Not Likely OCCUPANCY PRICE AGE Adequacy of Facilities
=,~ 2-4 Family 0% Likely Owner ~ $(000) (yrs) Property Compatibility
" Multi-Family -0% In process Tenant 60 Low New Protection from Detrimental Condo
~ 8
Commercial ~ To: Residential/ Vacant (0-5%) 250+ High 100 Police & Fire Protection _~O
~r Industrial 10% Com m erclal/ Vacant (over 5%) Predominant General Appearance of Properties =~RR
Vacant 15% Industrial 135. 40 ADDeal to Market
- Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors., COMMENTS.Sublect DrODertv Is located In an
I expandlna area of slnale fam i1v horn es. both detached'and attached. alona the 1-81 corridor in Carlisle. Shopping and other
am enltles are within walking or short drlvlna distance. New shoDDlna com Dlex recentlv created within the direct nelahborhood.
= School system Is South Middleton District and students are bused. SM SA 42-3240.
-
I Dimensions See leaal descrlDtion/tax maD Topography Rollina
Site Area 3.3 Acres MIL Corner Lot No Size Laraer th'an norm al
- Zoning Classification Villaae District Zoning Compliance Yes Shape Irreg u lar
i HIGHEST & BEST USE: Present Use Yes Other Use Res Id/B us Iness/O fflce Drainage ADDearS adeauate
UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View Residential/Com m ercial
Electricity ,- @ Street Street Asphalt ~ ~ Landscaping N/A
:--
Gas :== Curb/Gutter None Driveway Private lane to site'
Water 1=== @ Street Sidewalk None ~ Apparent Easements None ADDarent
Sanitary Sewer :- @ Street Street Lig hts None FEMA Flood Hazard Yes' No X
Storm Sewer AIle v None FEMA'MaD/Zone 420371A/ZoneC
Comments (Apparent adverse easements, encroachments, special assessments, slide areas, etc.): There are no aDDarent adverse easem ents,
encroachm ents or other adverse conditions. ' Private Daved/aravellane to site from Daved Dublic street.
Th. undllllgnld h.. rnit.d thr.. r.e.nt III.. 01 praplrll.. mOIl .Imillu and praxlmat. to eubJ.et and h.. eanlldlrod thlla In lh. mark.t analYIII. Th. dllerlptian Ineludll . dollar
adjultm Inl, rall.etlng muk.1 roaetlan to thoal Illml 01 .Ignlllcanl vulallon b.I...n Ih. lublact and comparabla proparll... If a algnlllcanlll.1I In Ih. comparabll proplrty il luplrior
to, or mar. ,"vorlbll than, Ihl lublnt property, a mlnul (-J ad.Jull...nt II mad., thuI raduclng th. Indleatld valu. oleubllct; II a lillnllleantlla.. In thl oompulbll II Inlarlor 10,
or II" favorable than, thl lubJ.et property, a plUl (+J adJultm.nt II mid., thua Iner...lng the Indlcalld value of the aublect.
. ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Falrvlew Street Petersburg Road 1489 York Road Tanger Road
Address Carlisle C a rlls Ie Carlisle Boiling Sprinas
Proximity to Sublect 0.90 MI SW 3.6 MI ESE 4.2MISSE
Sales Price S N/A S 110.000 S 47.000 tl~Yfi~a.~ $ 125.000
Price/ Acre $ 1tI S 20 333/Acre ItI $ 20.085/Acre S 20.730/Acre
Data Source Inspection Courthouse Records Courthouse Records Courthouse Records
VALUE ADJUSTMENTS DESCR'PTiON [ DESCR'PT'ON I +(.\$ Adluatm.nt DESCRIPTION I +/-\$ Adlullmlnt DESCRIPTION I +(-)$ "dlultment
~ Sales or Financing l~rr(i" None.Conv , Non.. Cony Non..C 0 n v ,
Concessions I , I
I'i', ,':, ,,'i'; I I I
of! Date of Sale/Time 7/06 : 1/06 : 6/06 :
e Location Suburban Suburban I Suburban I Suburban ,
SiteNiew 3.3 Acres+l- 5.4 Acres+l- : 2.34 Acres+l- I 6.03 Acres+l- I
I I
TODoaraphv Rollina Rolllna : Rollina : R.olllna I
I
Utilities Public W/S ' o n site 20% : 4.067 o n site 20% I 4.017 o n site 20% I 4 146
Access Private lane Public St 10% I -2.033 Public St 10% I -2.009 Public St 10% I -2 073
I I I
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Net Adj. (total) ~$ 2.034~$ 2.DD8~1 2073
Indicated Value
of Sublect ' S 22 367,; S 22 093 S 22 803
Comments of Sales Comparison: All com Darables are slm liar In utllltv to the sublect site. are verified closed sales. and are the best
currently available. · Public waterlsewer available at Falrvlew Street. lines to be extended alona Drlvate lane to site.
Comments and Conditions of Appraisal: ProDertv has been aDDralsed In "as is" condition. No 1m Drovem ents were considered In value
reported. Appraiser assum es all necessarv Derm Its for future buildlna on site are available.
Final Reconciliation: Market A nalvsls conslstentlv SUDDorts the estlm ated market value. Greatest weight Is aDDlled to theM arket
'! Data Analvsis. SUPDortlna file Inform atlan substantiates these estlm ates. Adlusted ranae of value Is $22,093 to $22 803 Der
~ acre. say $22.500 X 3.3 acres = $74.250 sav $74.500.
! I (WE) ESTIMATE THE MARKET VALUE,AS DEFINED, OF THE SUBJECT PROPERTY AS OF Februarv 2, 2006 to be $ 74.500
e , (w.) "rtn" th.", th. boo' .f m, (m) k,..,.dg. .., b.II... ,". .".. ..d d... u.., II..." ." .,"' ..d ,.~' (..) ,,,..,,11, ...,,,,.d th. ..bl'" ".,.rt,
..d '..p",.d .11 "m,,,.b'. ..,.. ".d " ,";' "p.'" ..d th.. '(w.) "'" " ",d;",..~..".:~:)',.t "",In.
. "",..,(.) ~4'~'/-.A - .;. ~~ R"'.. '"'''''' -.;:::. ~ ~t/- ODid IXJ Did Not
Cassandra J. Crocke (ifappllcable) Steven W. Barrett. SRPA SRA ASA Inspect Property
roprl.tary Land Form 04/11
ProduCld .liI. ACI,onw,.., 100.234.1727 ....IIlw.b.....
S.W _ 8arrAtt ~.:.. I=ct~t.. R. 4 nn.",t..",. Q.....I......
]
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S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett, SRPA, SRA. ASA
State Certified General Appraiser
~
.
~@~
January 29, 2007
Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
RE: Clearview Place
Carlisle, PA 17013
Dear .Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
VaIue Reported:
Seventy-Three Thousand Dollars
$73,000
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~~G..~~.-~
Stan A. Skowronek
. P A State Certified Res~dential Appraiser RL-001572-L
~~lL-ff-
Steven W. Barrett, SRPA, SRA, ASA
. P A State Certified General Appraiser, GA-000298-L
SUM MARY APPRAISAL REPORT
LAND APPRAISAL REPORT
File No 06-0403
ProDertv Address Clearvlew Place Census Tract 0127.00
City Carlisle County Cum berland State PA ZiD Code 17013
leaal DescriDtion Deed Book Q-36. oaae 146 Tax 10 # 08-11-0290-042. Dickinson Two.
~ Owner/OCCUDant L. B. Phillios. Jr & Robert M. Frev Ma Reference 11-0290
9 Sale Price $ N/A Date of Sale N/A Property Rights Appraised
,Jlloan charaes/concessions to be Daid bv seller $ N/A lKl Fee Simple
R.E. Taxes $ 625.00 Tax Year 06/07 HOA $/Mo. N/A ~ leash old
ii lender/Client Frev & Tilev Condominium (HUDNA)
.5 South Hanover Street Carlisle PA 17013 PUD Source
.. LOCATION U Urban l2SJ Suburban b Rural NEIGHBORHOOD ANALYSIS
BUILT UP 0 Over 75% [K) 25-75% ~ Under 25% Employment Stability
;;;;;; GROWTH RA TE ~ Rapid ~ Stable Slow Convenience to Employment
;; PROPERTY VALUES X Increasing Stable Declining Convenience to Shopping
. DEMAND/SUPPLY Shortage ~ In Balance Over Supply Convenience to Schools
MARKETING TIM E rxi Under 3 Mos. I I 3-6 Mos. n Over 6 Mos. Adequacy of Public Transportation
-=; PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLEFAMILYHOUSING Recreation Facilities
~ Single Family ~ Not likely ~ OCCUPANCY PRICE AGE Adequacy of Facilities
fit 2~4 Family ~ likely Owner lKl $(000) (yrs) Property CompatibUlty
~ Multl.Family ~ In process X Tenant 0 200 low New Protection from Detrimental Condo
I~! Commercial ~ To: Residential Vacant (0-5%) 00 550 High 100 Police & Fire Protection
c Industrial 0% Vacant (over 5%) 0 Predominant General Appearance of Properties
Vacant 25% 400 - 15 ADDeal to Market
,I- Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS.The sublect Is located In an
established residential area of uoscale hom es. It Is within close oroxlm It V to am m enlties such as schools shooolna and
_ em Dlovm ent.
'.
i.
Dimensions See leaal descrlotlon
Site Area 1.49 Acre mil Corner lot No
:. Zoning Classification Low Densltv Residential Zoning Compliance Yes
. HIGHEST & BEST USE: Present Use Residential Other Use N/A
d. UTILITIES Public Other SITE IMPROVEMENTS Type
n. Electricity lKJ Street Macadam
'1- Gas 0 Curb/Gutter None
~ Water B To be well Sidewalk None
] Sanitary Sewer ?===: To be seotlc Street lights None
Storm Sewer I I Allev None
'i. Comments (Apparent adverse easements, encroachments. special assessments, slide areas, etc.):
,'. the area and have no adverse affect uoon m arketabilitv.
.
lENDER DISCRETIONARY USE
Sale Price $
Date
Mortgage Amount
Mortgage Type
Discount Points and Other Concessions
Paid by Selier $
'G004 A". Flit Poo,
p~~o
:t~~
:t~~
.... X"
:a: =-
= !.
=000
=~RR
Public
~
R
Private
Q
1==
1==
1==
Topography Level to sloDina
Size Tvoical for Area
Shape Irreaular
Drainage Aooears Adeauate
View Residential
landscaping N/A
Driveway N/A
Apparent Easements None AODarent
FEMA Flood Hazard Yes" No X
FEMAo Mapllone 4215900001 B/Zone X
Private water and sanitarv svstem s are com m on to
'--
Thl und.'lignld hll rlcltld Ihr.. ncenl 1.111 01 proplrtlll mOil Ilmlllar Ind proxlmlll 10 lubjlel Ind hll eonlldlnd Ihl.. in Ihl markll InllYIII. Thl dllerIptlon'lncludll I dolllr
- adJultment, rlllacling marklt nactlon 10 Iho.. IlIma of Ilgnllleant variltion bll..1ft Ih. .ubJ.el .nd complrabl. prop.rtill. If I Ilgnlflcllllltilll In ,,,. eompl(abla prop.", II Iuplrlor
10, or mon hvonbll than, Ihl IUbjocl proparl" I mlnul (.) adlullllllnl II midi, IhuI nduolng Ihl Indlcllld valul of lubJlet; II I Ilgnlllcanl Itllllln Ihl comparlbl. II Inf.rlor 10,
or la.. hvorabll Ihan, Ihl lubllCl proparl" I plUt (t) IdjUllm.nl II mid., IhuI Inenlllng Iha Indlellld valul of Ihl IUbllel. '
ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Clearvlew PlaCE 18 Ashton Street 19 Bradford PI.ace 103 Ashton Street
Address - .. . C a'rflsle Carlisle,'. ' Carlisle
~. Proximltv to Sublect 3.4 MI WNW 3.1 MI WNW 3.3 MI WNW
~
Sales Price S N/A $ 67.900 $ 68.900 $ 75.000
Price/ Acre $ It! $ 49 203/Acre It! $ 47 847/Acre $ 53191/Acre
Data Source Insoectlon Courthouse Courthouse Courthouse
il VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION I .(.\$ Adlullmlnl DESCRIPTION 1 .(-)$ Adlullmlnl DESCRIPTION I .(.IS Adlultmlnl
i
, Sales or Financing "":"::< ,.:::,."y,:.?'" Unknown I Unknown I Unknown I
, ,
j. Concessions c',,':,;':"",:',""':":",,?:, I , ,
':: I I
I: Date of SalelTime N/A 0610312005 : 06/07/2005 I 09/16/2005 :
I
r location Suburban Suburban ! Suburban ~ Suburban :
~; SiteNlew 1.49 Ac/Ava 1.38 Ac/Ava , 1.44 Ac/Ava I 1.41 Ac/Ava .
, I
Water To be well To be well I To be well : To be well I
I I
Sanltarv To be seotic To be seDtic ! To be seotlc ! Tobe seotic ~
. . . . " I , I
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Net Adl.ltolaJ) ~+ 1-:$ o~+. ~S
Indicated Value
of Sublect .. .' $ ; 49:203 . . . $
Comments of Sales Comparison: The Drlce oer acre ranae Is $47.800 to $53.200
" ,-
o~s
47.847~$
o
53.191
.
Comments and Conditions of Appraisal: Prooertv has been aooraised in "as Is" condition. No 1m orovem ents were considered in the
value reoorted. Aooralserassum es all necessary Derm Its for future bulldina on site are available.
Final Reconciliation: Price per acre ranaes from $47.800 to $53 200: SAY $49 000. 1.49 Acres x $49.000/ acre == $73.010.
SA Y - $73 000. Market Analvsls conslstentlv sUDoorts the estim ated market value.
"
I(WE) ESTIMATETHEMARKETVALUE,AS DEFINED. OF THE SUBJECT PROPE RTYASOF Februarv 2. 2006 lobeS. 73.000
I (We) certify: thaI to the best of my (our) knowledge and belief, the facts and data used herein are true and co , t I (we) personally inspected the subject properly
f .., ;",,,,., .U ..m,mb;' ..,.. ,i1., " 'hi. ",,,,;.., 'h." (w.) hm ,. ",d1",...~...nt~"ltI" '~-II-
I A 00';;"'(') ~C .~uJ~\l.. Rpvl.wAoo";'.' - -,
Stan A. Skowronek (if applicable) Steven W. Barrett. SRA. SRPA. ASA
i oprio'"ry llnd Form 0.188 Certified Residential Appraiser P'odu..d..InIAC"olhrlra."O.23U727..u.hro~.co. .:Cer~lfled ~ eneral Appraiser
S.W. Barrett Real Estate & Appraisal Services
o Old lKl Old Not
Inspect Property
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S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
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~@~
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January 29, 2007
Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
RE: Wertz Run Road, North Middleton Township
Carlisle, PA 17013
I
I
Dear Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uriiform Standards of Professional Appraisal
Practice (USP AP)
I
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, Ilwe believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
I
. Value Reported:
One Hundred Ten Thousand Dollars
$.110,000
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The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
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This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
I
Sincerely yours,
I
~~p-ij-
Steven W. Barrett, SRPA, SRA, ASA
P A State Certified General Appraiser, GA-000298-L
I
.. S W Barrett Real Estate & Appraisal Services
L Summary AODraisal LAND APPRAISAL REPORT
~ Prooertv Address Wertz Run Road. North Middleton TownshlD Census Tract 0119.01
Cltv Carlisle County Cumberland Slate PA Zip Code 17013-8100
.. leoal Descrlolion Deed Book 33S Pane 621' Tax Parcel 1.0. # 29-15-1251-028
.. Owner/Occuoant Estate of LInwood B. PhilllDs Jr. & Robert M. Frey Ma Reference 15-1251
-jJ II Sale Price $ NJA Date of Sale N/A Property Rights Appraised
loan charau/concessions to be oaid bv selier $ N/A 00 Fee Simple
R.E. Taxes $ 271.11 Tax Vear 2006 HOA S/Mo. N/A ~ leashold
~ lenderlClient Robert G. Frev Esa. c/o Frey & Tilev Attornevs~ Law Condomlnlum(HUDNA)
f' 5 South Hanover Street, Carlisle. PA 17013 PUD Source
i LOCATION D Urban ~ Suburban l. Rural NEIGHBORHOOD ANALYSIS ~d
BUILT UP 0 Over 75% ; 25-75% ~ Under 25% Employment Stability ~ ~ ~
~ GROWTH RATE ~ R.,~ X St.bI. Slo. C.."'.,,, to Em,loym..' .... ~~... F.k Poor
~ PROPERTY VALUES Increasing X Stable Declining Convenience to Shopping
~ DEMANDlSUPPL V Shortage ~ In Balance Over Supply Convenience to Schools 1-
MARKETING TIM E n Under 3 Mos. IX I 3-6 Mos. n Over 6 Mos. Adequacy of Public Transportallon i==
· PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLE FAMILY HOUSING Recreation FacUillea i== ~ ~
~ Single Family ~ Not Likely ~ OCCUPANCY PRICE AGE Adequacy of FacUlties :: X _
i ~ ~.',;'~m", ~55~ ILikelY X Towner ~x $(0001)00 (yrNs) Property Compatibility =- X _
u - amlY ~ n process enant low ew Protection from Detrimental Condo ... X
Commercial ~ To: Residential Vacant (0-5%) 500 High 100+ Police & Fire Protection (K) ~ ~
m Industrial 0% Vacant (over 5%) Predominant General Appearance of Properties =- iXl """"
I Vacant 25% 250 - 25:!: ADDUl to Merket .... iXl
if Note: Race or the racial composillon of the neighborhood are not considered reliable appraisal factors. COMMENTS.The sublect DroDertv Is located
aDoroxlm atelv 3 m lies northeast of the borouah of Carlisle, lust off Pa. Rt. 34 In North Middleton TownshlD. This area Is
IDredom Inatelv residential In character. with ODen SDace belnn develoDed slm lIarlv, There aDDears to be no adverse econom Ic
factors in the direct sublect neiahborhood.
Dimensions 400' X 200' m /I
Site Area 80,000 SQ.Ft. /1.83 Acre Corner lot No
I.:. Zoning Classification Hlg h Densltv Residential (R-2) Zoning Compliance Yes
f,' HIGHEST & BEST USE: Present Use Vacant Land Other Use Residential Multi Fam ilv
Iii UTILITIES P~lIc Other SITE IMPROVEMENTS Type Public Private
Electricity ~ Public PPL Siraet ASDhalt ~ ~
Gas ~ Public. UGI Curb/Gutter None
Water ~ Public, NMA Sidewalk None
Sanitary Sewer ~ Public. NMA Street lights None ;=="'i t==i
Storm Sewer None Aile v None I I I I
Comments {Apparent adverse easements, encroachments, special assessments, slide areas, etc.}:
.' encroachm ents. or sDeclal assessm ents aDDarent to this site.
t
File No. 06-0404C
LENDER DISCRETIONARY USE
Sale Price $
Date
Mortgage Amount
Mortgage Type
Discount Points and Other Concessions
Paid by Seller $
Topography Level to above arade
Size Tvolcal for Area
Shape Rectanaular
Drainage ADoears Adeauate
View Tvolcal for area
landscaping Minim al to none
Driveway None
Apparent Easements Unknown none observed
FEMA Flood Hazard Yes' No X
FEMA- MaIllZone 420367 Zone C
There are no aDDarent advers,e easem ents.
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Th. und.rsign.d h.. reeil.d lhr.. ree.nl '1'" 01 proplrll.. mOIl .Imllllr Ind pruJ.III 10 ,ubJecl .nd hu consldlred lh... In Ih. mart.1 tnaly.I.. Th. ducrlpllon Ineludu a doll.r
adju.lmanl, reflecting ..ert.1 naotlon 10 Ihou 11.11I. of 'Ignlllunl urlalloll bOI.un Ihl subl.ol Ind eOllplnbl. proparll... If a .Ignllleanllllm In Ihl comparabl. proporly I. IUperior
10, or mort 'avorablt Ihln, Ihl sub/ocl prop.rly, a .'nue (.j ad/v.lmlnl It modi, lhv. rtdUelnglhl Indlc.lod ..Iu. oj aubjlel; If I .Ignlfleanlll.m In lh. oomp.ubl. ,. Inltrlor 10,
or I... 'nor.bl. thtn, Ih. .ubl..' properly, . plu. (t) .djullm.nl It m.d.. lhue Inenl.lng lb. Indlcat.d ulul o. Ihl ubl..t.
ITEM
I Address
Proximitv to Sublect
Sales Price
Pricel Per Acre
Data Source
~. VALUE ADJUSTMENTS
i. Sales or Financing
, Concessions
Date at SalelTime
~ . location
SltelView
Lot .Size
I' Utilities
Zonlno
~~
I
$
S
InsDection
DESCRIPTION
SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Wertz Run Rd, Post Rd, Carlisle 190 Petersburg Rd. Carlisle W. Louther St, Carlisle
Carlisle NorthM Iddleton TWD. South Middleton Two. North Middleton Two.
2.5 MI SSE 3.8 MI S 3.3 MI SW
N/Aj~4l_.1 $ 525.000 S 696 000 $' :m: . S 160.000
~ $ 74.048 ~mi~~ S 59 033 ~m:.~ . ~ "'. $ 60.377 jz)~lz:f~;;;r;!IJi~f.~~"t!.1
C H Records & Owner C H Records & R E Aaent Court House Records
DESCRIPTION I t(.ISAdlu.llIIlnt DESCRIPTION I t/.)Udlvtlm.nt DESCRIPTION I t/.lSAdlu.lm.nl
None : 0 None : 0 Unknown :
None : 0 None : 0 Unknown :
06/2006 : 0 06/2006 : 0 10/2005 :
Sub. I SUD -5%' -3.702 Suburban ' 0 Suburban '
Average : 0 Averaae : 0 Averaae :
7.09 Acres : 0 11.79 Acres: 0 2.65 Acres :
Public ' 0 Public ' 0 Public '
Residential: 0 Vil/aae 1 SUD,-5% : -2.952 Residential :
o
o
o
o
o
o
o
o
NJA
Suburban
AveraQe
1.83 Acres
Public
Residential
NeIAdl.ttotal).':'.'" ~....~.'iO..t..i'$ 3.702 r~s 2.952~$ 0
~~d~~ab\:~tValue., !-- ;~i'~r~~t~;'f~~~~lJa $ 70 346 ~~$ 56.081~$ 60.377
Comments of Sales Comparison: Ad ustm ents: TIm e adiustm ent no adrustm ent reaulred since all three sales were within six months
of the "as of" date, with no slonlflcant market change. Sales Nos. 1. & 2 were neaotlated orior to their transfer dates Der
owners. Location No.1 sUDerlor due to close Droxlm Itv to am enltles. -5%: Zonlna Vlllane zonintl Is slJahtlv sUDerlor, -5%.
Comments and Condilions of Appraisal: ProDertv has been aDoralsed In Its "AS IS" state. with no additional conditions considered.
RetrosDective Value the "AS 0 F" value of this analvsls Is 02/02/2006.
Final Reconciliation: Three com Darable land sales were analvzed. before adlustm ents a Der acre ranae of $59.033 to $74.048 was
· Indicated: after adiustm ents a ranae of $56.081 to $70.346 was determ Ined. Most weight was aDDlied to sale No.3 havlna no
-.I market adiustments. Chosen value indicator $60,000. Therefore. 1.83 acres X $60.000 == $109 800 SAY $110 000.
1.-I(WE)ESTlMATETHEMARKETVALUE,ASDEFINED,OFTHESUBJECTPROPERTYASOF Feburarv 2, 2006 000 tobeS 110000
t..;. ' (We) cerllfy: that to the best Ofru:our> knowledge and belief, the facts and data used herein ar. true and correct; that I (we) personally inspected the subject property
!. and inspected a~ble~ ci ed n this report; and that I (we) have no undisclosed Interest, present or prospective therein.
Appraiser(s) ~ '- -H- Review Appraiser DDId 0 Old Not
Ii Steven W. Barrett' SRPA SRA (lfappllcable) Inspect Property
'rIprl.l'" Lind Form 04/11 PAC e rtlfled G en era I Ap P ra Ise r P,...."..Io.AC'...........23U727........b....
S.W. Barrett Real Estate & Appraisal Services
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S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
B....:..'
i:
t
I
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
I
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~~~
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January 29, 2007
I
Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
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RE:
505 Cavalry Road
Carlisle, PA 17013
I
Dear Mr. Frey;
I
The appraiserls certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional.Appraisal
Practice (USP AP)
I
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I1we believe it to reflect a true measure of the
present-day market value "AS OF" February 2, 2006.
I
. VaIue Reported:
Four Hundred Ninety-One Thousand Dollars
$491,000
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The appraiserls also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
I
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, . all of
which constitute this Summary Appraisal.
I
Sincerely yours,
I
~ <-5rL7/-
Steven W. Barrett, SRPA, SRA, ASA
P A State Certified General Appraiser, GA-000298-L
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S. W. Barrett Real Estate & AppraIsal ::.erVllOtn.
nary ReDort LAND APPRAISAL REPORT
lertv Address 505 Cavalrv Road. NorthM Iddleton Township Census Tract 0119.02
Carlisle Countv Cum berland State PA ZiD Code 17013-1610
alDescrlotion Deed Book 33S Paae 621: Tax ParcellD # 29-18-1367-022
m/OCCUDant Estate of Linwood B. PhilliDs Jr. & Robert Frev Ma Reference 18-1367
~ Price $ N/A Date of Sale N/A Property Rights Appraised
n charaes/concessions to be Dald bv seller $ N/A [&J Fee Simple
..Taxes$ 715.76 Tax Year 2006 HOA$/Mo. N/A 0 leashold
Ider/Client Robert G. Frev Esa. clo Frev & Tilev Attorneys @ Law 0 Condominium (HUDNA)
South Hanover Street Carlisle PA 17013 n PUD Source
!CATION W Urban ~ Suburban c: Rural NEIGHBORHOOD ANALYSIS G..d Ava FIIr Poor
ilL T UP 0 Over 75% [&] 25-75% 0 Under 25% Employment Stabillty~ [&]X ~:'~ 0 ~
~OWTH RATE 8 Rapid 00 Stable 0 Slow Convenience to Employment
tOPERTY VALUES Increasing [&] Stable B Declining Convenience to Shopping
:MAND/SUPPL Y 0 Shortage [&] In Balance Over Supply. Convenience to Schools
ARKETING TIM E n Under 3 Mos. fXi 3-6 Mos. n Over 6 Mos. Adequacy of Public Transportation lKl ~
~ESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLEFAMILYHOUSING Recreation Facilities 0 lKl ~
ngle Family ~ Not Likely 0 OCCUPANCY PRICE AGE Adequacy of Facilities ~ ~
4 Family ~ Likely 00 Owner 00 $(000) (yrs) Property Compatibility X
ultl-Family 5% In process 0 Tenant 0 100 Low New Protection from Detrimental Condo
ommercial ~ To: Residential Vacant (0-5%) 00 300 High 100:t Police & Fire Protection lKl 0
Idustrial 0% Vacant (over 5%) 0 Predominant General Appearance of Properties 0 lKl 0 0
acant 30% N/A 150 - 50:t ADDeal to Market n f'XI n n
lote: Race or the racial composition of the neighborhood are not consldere'll reliable appraisal factors. COMMENTS.The sublect is located In North
"Iddleton Township. northeast of the Borouah of Carlisle. Across the street from Pa National Guard Arm orv and lust south of
he PA Turnpike. The nelahborhood appears stable with no adverse econom Ic conditions.
File No. 06-0405
LENDER DISCRETIONARY USE
Sale Price $
Date
Mortgage Amount
Mortgage Type
Discount Points and Other Concessions
Paid by Seller $
! i
)Imenslons Refer to leaal descriotion In addenda of this report. (Parcel E\ Topography Basicallv Level
Site Area 8.19 Acres:t Corner Lot No Size Tvpical for Area
Zoning Classification Suburban Residential Zone (R-1) Zoning Compliance Yes Shape Rectanaular
HiGHEST & BEST USE: Present Use Vacant Land Other Use Residential Drainage Appears Adequate
UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View Tvpical
Electricity OCJ Public, PPL Street Asphalt [KJ 8 landscaping TVDlcal
Gas OCJ Public. UGI Curb/Gutter None 0 Driveway None
Water [&] Public. NMTMA Sidewalk None 0 0 Apparent Easements None except RIW & Elec.
Sanitary Sewer [&] Public, NMTM A Street lights None R 0 FEMA Flood Hazard Yes* No x
Storm Sewer n None AIIev None n FEMA* MaD/Zone 420367/ Zone C
Comment. (Apparent adverse easements, encroachments. special assessments, slide areas, etc.): There are no aDDarent adverse easem ents,
encroachm ents or other adverse conditions.
Thl underllunld h.. reeitld Ihr.. nClnl ..I.. 01 properll.. mOil limllllr end proximlte 10 eubjlcl end h.. conlidered Ihe.. In Ihe m erhl lnolyele. The ducrlption Inolud.. I doller
Idluelm'"t; reflecting merkll rllclion 10 thou lIema of lianiflcenl vorllllon blt.un the .ubJecl Ind comperlble proporti... Ifl elunlficent lIem in Iha comp"lble properly il luperlor
10, or mon hvorlble Ihln, Iha .ubjlcl prop.rly. I mlnua (.j Idjullmant Ie mlde, Ihua reducing the Indlcoled value of aubjeot; if I a'anifleanl item in Ihe comper.bl. iI Inferior 10,
or la.. hv.rable Ihen, Ihe aubjeel properly. a plua (+j adjullmanl il m.dl, Ihue incr..aing Ih. indic.hd vllua of tha eub/eel.
SUBJECT COMPARABLE NO, 1
505 Cavalry Rd. Post Road, Carlisle
Carlisle North Middleton Twp.
.' ". .........'..< '.' ;'. ....,..... 0.62 MISE
$ N/A"<Lii:',"',' $ 525.000
$ 1ZI $ 74.048 \LI","">" "'"
Inspection C H Records & Owner
U~"l,;KI/" IIUN DESCRIPTION I +(.)$ Adlu.tmenl
".r;.:' \'o;'('<'V,i<"",v, Non e I 0
;,':...:;,........,;.<>'c.;'" None I 0
N/A 06/2006 : 0
Suburban Suburban 0
Average Averaae : 0
8.19 Acres 7.09 Acres : 0
Public Public 0
Suburb. Res. Residential: 0
Var. ADorov -5%: -3.702
NetAdl.(total}.';":';" r 1+ rxl. '$ 3.702 rl+ [Xl.:$
Indicated Value "., "", ',~~O?ll;:;ro~F ';.'si'dj
of SubJect ." .. ""'IN'~t;:, , ..~sit).il $ 70.346N~t~': '<)5101 $ 57.358;"""" $ 56.081
Comments of Sales Comparison: Adjustm ents: Tim e adiustm ent. no adiustm ent required. all three sales were within 6 months of "as
of" date. Sales # 1, & 3 were neaotlated orlor to transfer date. Zonina adiustm ent for sales # 2. & 3 for m ore intense usaae.
_Sale # 3 was further adlusted for a variance aranted for a m ore intense use. No other market adlustm ents were reaulred.
Comments and Conditions of Appraisal: Prooertv has been appraised In its "AS IS" state under market conditions at tim e of analvsls.
Retrospective Value. the "AS OF" value of this analvsis is 02/02/2006
Final Reconciliation: Three com parable land sales were analvzed before adiustm ents a Der acre ranae of $59.033 to $74.048 was
JndlcatedL after adjustm ents a ranae of $56 081 to $70346 was determ ined. Chosen value indicator $60000. Therefore. 8.19
j!cres X . $60-,000 = $491 400. SA Y $491 000.
I(WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE SUBJECT PROPERTY AS OF Februarv 2, 2006 to be $ 491.000
I (We) certify: that to the best of my (our) knowledge and belief, the facts and data used herein are true and correct; that I (we) personally Inspected the subject property
and Inspected~a0~ed In this rellort: and that I (we) have no undisclosed interest, present or prospective therein.
Appraiser{s) ~ -===- ./ \ L- -r-f- Review Appraiser 0 Did 0 Did Not
Steven W. Barrett, SRPA. SRA ASA (If applicable) Inspect Property
ITEM
COMPARABLE NO.2
West Louther St. Carlisle
North Middleton Twp.
2.2 MI WSW
Address
Proximity to SUbject
Sales Price
Price/ Per Acre
Data Source
VALUE ADJUSTMENTS
Sales or Financing
Concessions
Date of Sale/TIme
Location
SlteNlew
Lot Size
Utilities
Zonin~
-. ',. , :. '-;:~ii.-t:.:':r~/::~:::;t:;"~.'. $
$ 60.3111Z1,ii',&\,),
C H Records & R E Aaent
DESCRIPTION I +(.\$ Adluatmlnt
None
None
10/2005
Suburban
A veraae
2.65 Acres
Public
Residentlall -5% :
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letery L.nd Form 04188 PAC e rtif!e d G e n e ra I A P P ra is e r pr...cod ..ito ACI..n..,., 800.234.8727 ......Iw.b...m
S.W. Barrett Real Estate & Appraisal Services'
COMPARABLE NO.3
190 Petersburg Rd. Carlisle
South Middleton TWD.
2.2 MI SSE
160.000
;' . ..N.,y.:,., $ 696.000
$ 59 033 m;,,,';'
C H Records & Owner
DESCRIPTION I +(-\$ Adluatmenl
None , 0
None I 0
06/2006 : 0
Suburban 0
Averaae : 0
11.79 Acres : 0
Public 0
Vlllaae/ -5% : -2.952
o
o
o
o
o
o
o
-3.0 1 9
3.019fl+
rxl- : $
2.952
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S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
.
~@~
January 29, 2007
Robert G. Frey Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, P A 17013
RE: 1007 Ritner Highway
Carlisle, PA 17013
I
I
Dear Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP)
I
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I1we believe it to reflect a true measure of the
present-day market value "AS OF" February 2,2006.
Value Reported:
One Hundred Sixteen Thousand Dollars
$116,000
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
s:: ...Jfl-7I-
Steven W. Barrett, SRPA, SRA, ASA
PA State Certified General Appraiser, GA-000298-L
~- S W Barrett Real Estate & Appraisal Serv ces
. SummarvAODraisal LAND APPRAISAL REPORT
:~ ProoertvAddress 1007 Ritner Hlahwav Census Tract 0124.00
Cltv Carlisle Countv Cum berland State PA Zio Code 17013-1749
Leaal DescriDtion Deed Book 273 Paae 3413: Tax Parcel 1.0. # 49-08-0579-015
Owner/OCCUDant GFCG LP Et AI (Estate of L. B. Phllllos 1/6 Owner) Ma Reference 08-0579
" Sale Price $ N/A Date of Sale N/A Property Rights Appraised
Loan charoes/concessions to be paid bv seller $ N/A IX] Fee Simple
R.E. Taxes $ 2.117.44 (Face) Tax Year 2006 HOA $/Ma. N/A ~ leashold
.: Lender/Client Robert G. Frev Esa. c/o Frey & Tiley Attornevs lii> Law Condominium (HUDNA)
:; 5 South Hanover Street. Carlisle PA 17013 PUD Source
LOCATION U Urban (!J Suburban L Rural NEIGHBORHOOD ANALYSIS
BUILT UP IX] Over 75% 025-75% 0 Under 25% Employment Stability
" GROWTH RATE ~ Rapid ~ Stabl, B Slow Convenience to Employment
PROPERTY VALUES Increasing X Stable Declining Convenience to Shopping
i DEMAND/SUPPLY Shortage X In Balance OverSupply Convenience to Schools
MARKETING TIM E n Under 3 Mos. fXi 3-6 Mos. n Over 6 Mos. Adequacy of Public Transportation
~ PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLE FAMILY HOUSING Recreation Facilities
~~ Single Family ~ Not Likely ~ OCCUPANCY PRICE AGE Adequacy of Facilities
t~ 2-4 Family ~ Likely Owner 00 $(000) (yrs) Property Compatibility
" Multi-Family ~ In process X Tenant 0 100 Low New Protection from DetrimentalCond.
Commercial ~ To: Mixed Use. Vacant(0-5%) 00 500 High 100+ Police & Fire Protection
!'; Industrial 10% Com m ercial and Vacant (over 5%) 0 Predominant General Appearance of Properties
~\ Vacant 20% Residential 200 - 25 ADDeal to Market
Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS.Located In the western oortion of
the Borouah of Carlisle alona amain com m erclal corridor. This Is a mixed use area with com m erclal & residential uses. Easy
access to Interstate Rt. 81. All m alor am enltles are within short com m utlna distance. There aooears to be no adverse
conditions within the aeneral nelahborhood.
File No. 06-0409
LENDER DISCRETIONARY USE
Sale Price $
Date
Mortgage Amount
Mortgage Type
Discount Points and Other Concessions
Paid by Seller $
Goo.
X
==
.....
-
....
....
....
-
.....
?=
>==
:==
~ ~ Poor
X..... : ~
~
i"
i"-=O
i":O
i" ~
I:tJ
~~~
.~
~
1
Dimensions Refer to leaal descrlotlon In addenda of this reoort for metes & bounds. Topography Basically Level
Site Area 1.33 Acres:l: or 57.935 SF :I: Corner Lot No Size TVDlcal for Area
~ Zoning Classification C-3 General Com m erclal Zoning Compliance Yes Shape Pie Shaoed
'" HIGHEST & BEST USE: Present Use Com m ercial Other Use None Drainage Appears Adeauate
UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View TVDlcal. RIR to rear
Electricity ~ Public. PPL Street Asphalt ~OX ~ Landscaping TVDlcal
I G.. X Public. UGI C..b/Gun" None O"".'Y Asohalt & Gravel
t Water X Public. CMA Sidewalk None Apparent Easements Unknown, none observed
Sanitary Sewer /Xi Public. CMA Street Lights Overhead In street ~ R FEMA Flood Hazard Yeso No X
Storm Sewer n None AIle v None I I FEMA- MaolZone 425382. Zone C
Comments (Apparent adverse easements, encroachments, special assallments, slide areas, etc.): There are no aODarent adverse easem ents
encroachm ents. or soeclal assessm ents aooarent to this site. There are railroad tracts to the rear of site above arade. no sour
connection available to this site. Tax m aoolna Indicates that lot size Is .90 acre which Is the useable area due to Irreaular shaDe.
. .
Th. und.rlign.d h.. r.cll.d thr.. rec.nt III.. of properli.. 1I00t 11m Iller .nd pruimal. to lubl.ct and hu cOnllderod th... In Ih. marklt InlIYI'I. Th. dllorlplion Includll a dollar
Idju.lmlnl, rlfllcting markol rllcllon 10 Ihcua IlImo of Ilgniflnnl varlallon b.lw..n Ihl IUbl.ct and comparebl. properll... If a Ilgnllleanllllm In Ih. eomp.rabl. prop.rly II lup.rlor
10, or moro hvor.bl. then, Ih. .ubl.el proparly, a minul (-) .dlultmnt II mid., thuI reduclngth. Indlcat.d valu. of lubject; if. I Ilgniflcanlll.m In Ih. complrebl. II inflrlor 10,
or I... Inorabll Ihln, Ihl aubj.el proplrly, I plul (t) Idjullmenl II m.d.. IhuI Incrllllng th. Indlcltld nlu. of Ih. I.UbjlCt.
ITEM
SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
1007 Ritner Hwy 1550 Ritner Highway 230 Alexander Spring Road 735 N. Hanover St.
Carlisle Carlisle Carlisle Carlisle
(;',....,.......;..... 0.95 MI WSW 1.2 MI SSW 1.5 MI ENE
$ N/A $ 200 000 $ 170.000 .~m~laf_l:.f $ 110 000
$ N/A 1tI $ 4.46 $ 7.65 IoU $ 10.52
Insoection Court House Records Court House Records Court House Records
DESCRIPTION DESCRIPTION I +(.IS Ad....tm.n1 DESCRIPTION I t(.lS Adlultmont DESCRIPTION I t(.)S Adlu.lmonl
Unknown I 0 Unknown , 0 Unknown I 0
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Unknown I 0 Unknown I 0 Unknown I 0
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N/A 12/2.002 : 0.57 1/2006 . 10/2002 , 1.38
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Suburban Suo.I-10% , -0.45 Suo. /-20% I -1.52 Suo.I-20% : -2.10
Pie Shaoed 1 Av Suo. I- 50% , -2.23 Suo.I-50% I -3.83 Suo.I-50% I -5.26
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1.33 Acre :I: 1.03 Acres . 0 .51 Ac. 1 -10% I -0.76 .24 Ac. 1 -10ok , -1.05
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Public Public 0 Public I 0 Public : 0
Com m erclal Com m erelal I 0 Com m erclal : 0 Com m erclal : 0
,
Address
Proxlmitv to Subiect
Sales Price
i Price/ Per Sa. Foot
~ Data Source
1 VALUE ADJUSTMENTS
C Sales or Financing
, Concessions
: Date ofSalelTime
Location
SiteNlew
Lot Size
;, Utilities
I Zonina
~ :::
I Net Adl. (total) ~x - '$ 2.11~X . '$ 6.11i1idiX . '$
Indicated Value
of Sublect $ 2.35. $ 1.54 $
Comments of Sales Comparison: AdTustm ents: Tim e adlustm ent Is based on annual aooreclatlon rate of 4%. sales 1 & 3 adlusted
accordlnaly. Location adlustm ent all 3 sales are suoerior. sales 2 & 3 are more suoerlor. Site adlustm ent the shape of the
sublect 11m its Its ootentlal develoDm ent. Lot size adlustm ent Is based on the econ. of scale. No other adlustm ents reaulred.
Comments and Conditions of Appraisal: There Is a lona term "Land Lease" In effect for this site. no value Is alven for exlstina site
1m Drovem ents. Lease In addenda. "Site Analvsls" onlv. RetrosDectlve Value the "AS 0 F" value of this analvsls Is 2/2/2006.
Final Reconciliation: Three com parable land sales were analvsed. before adlustm ents a per sauare foot ranae of $4.46 to $10.52 was
indicated. after adlustm ents a ranae of $1.54 to $3.49 was determ Ined. Most welaht was aoolied to sales 1 & 2. Chosen value
Indicator $2.00. Therefore. 57.935 SF X $2.00 = $115 870. SAY $116.000
I(WE) ESTIMATETHEMARKETVALUE,AS DEFINED,OF THE SUBJECT PROP ERTYASOF Febuarv 2,2006 000 tobe$ 116.000
I (We) certify: t~at to the b I of my (OU~!J.edge and belief, the facts and data used herein are true and correct; that I (we) personally inspected the subject property
and Inspected all ~~~d! s r:ort; a,d 1at I (we) have no undisclosed interest, present or prospective therein.
Appralser(s) {7- Review Appraiser DDid 0 Did Not
Steven W. Barrett. SRPA. SRA (ifapplicable) Inspect Property
7.03
3.49
opriola" Lind Form 04188 PAC e rtlfle d G en e ra I A P P ra IS8 r PreoI...~ utili ACI,o"'"ro. 101.234.1717 www.o.hrO~...1I
S.W. Barrett Real Estate & Aooralsal Services
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s. W. BARRETT REAL ESTATE & APPRAISAL SERVICES
Appraisals · Brokerage · Counseling
124-126 N. Hanover Street Carlisle, PA 17013-2455
Phone (717) 243-6646 FAX (717) 243-8627
Steven W. Barrett, SRPA, SRA, ASA
State Certified General Appraiser
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March 6, 2007
Robert G. Frey, Esquire
Frey & Tiley Attorneys At Law
5 South Hanover Street
Carlisle, PA 17013
RE: Lot 46, Dannah Drive
Carlisle, PA 17015
Dear Mr. Frey;
The appraiser/s certify that the subject property has personally been inspected, as you requested, to estimate
its present value in a Summary Appraisal accordance with the Uniform Standards of Professional Appraisal
Practice (USP AP).
The value shown has been arrived at after careful study of the location and type of improvements, their
present physical condition and their present use. Therefore, I/we believe it to reflect a true meastn"e of the
present-day market value "AS OF" February 2,2006. -
Value Reported:
'Forty Thousand Dollars
$40,000
The appraiser/s also certify that there is no financial interest, present or contemplated, in this property, and
that neither the employment to make the appraisal nor the compensation there from is contingent upon the
value reported.
This report in its entirety includes the Analyzes, Certification, Special Conditions and Addenda, all of
which constitute this Summary Appraisal.
Sincerely yours,
~SJ.~
P A Certified Residential Appraiser RL-OO 1348-L
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S"-~_ ~ /J~--If
Steven W. Barrett, SRPA, SRA, ASA
PA State Certified General Appraiser, GA-000298-L
!SUM MARY REPORT
S. W. Barrett Real Estate & Appraisal Services
LAND APPRAISAL REPORT
File No 07-0102
... ProDertv Address Lot 46. Dannah Drive Census Tract 0127.00
1 Cltv Carlisle Countv Cum berland State PA ZiD Code 17015
leaalDescriDtlon See leaal descrlDtlon/tax maDrDarcel #08-11-0294-1381 Deed bk 32~W Page 434
~ Owner/OCCUDant L. B. PhlllIDs, Jr. & Robert M. Frev Ma Reference 11-0294
R Sale Price $ N/A Date of Sale N/A ~operty Rights Appraised
=-1_ Loan charaes/concessions to be Daid bv seller $ N/A ~ Fee Simplel
R.E. Taxes $ 75.00 Tax Year 05/06 HOA $/Mo. N/A :- Leashold
Lender/Client Frev & Tllev :- Condominium (HUDNA)
I 5 South Hanover Street. Carlisle PA 17013 PUD Source
~I._ LOCATION ... Urban ,!. Suburban ... Rural NEIGHBORHOOD ANALYSIS Go04 A..!!:, ~
BUILT UP !. Over 75% 25-75% _ Under 25% Employment Stability X _ _
GROWTH RATE ... Rapid X Stable _ Slow Convenience to Employment I _ _
.. PROPERTY VALUES !. Increasing _ Stable _ Declining Convenience to Shopping _ !. _
~. DEMAND/SUPPLY _ Shortage X In Balance _ Over Supply Convenience to Schools _ ~ _
iii MARKETING TIME Under 3 Mos. X 3-6 Mos. Over 6 Mos. Adequacy of Public Transportation _
Q PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLE FAMILY HOUSING Recreation Facll,ltles : X' _
i Single Family 65% Not Likely ~ OCCUPANCY PRICE AGE Adequacy of Facilities _ '~ _
iil2.4 Family 0% Likely Owner ~X $(000) (yrs) Property Compatibility _ ~ _
';;:a Multi-Family 0% In process X Tenant 150 Low New Protection from Detrimental Condo ~ _
&I Commercial 0% To: Residential Vacant (O.S%) 500+ High 100 Police & Fire Protection - JS. _
~ Industrial 0% Vacant (over 5%) Predominant General Appearance of Properties X ~ _,
- Vacant 35% 300 - 15 ADDeal to Market X X
=Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS.sublect DroDertv Is located In an
eXDandlna area of slnale fam IIv hom es and farm s between Carlisle and Newville. ShoDDlna and other am enltles are within a
short drlvlna distance. School svstem Is Carlisle District and students are bused. SM SA 42-3240.
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LENDER DISCRETIONARY USE
Sale Price $
Date
Mortgage Amount
Mortgage Type
Discount Points and Other Concessions
Paid by Seller $
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I Dimensions 25x208.80x262.59x245x279.48 Topography Rolllna
Site Area 1.54 Acres+/- Corner lot No Size TVDlcal for Area
~..:: Zoning Classification Aarlcultural Zoning Compliance Yes Shape Rectanaular
ill HIGHEST & BEST USE: Present Use Vacant land Other Use Residential Drainage ADDearS Adeauate
""!! UTILITIES Public Other SITE IMPROVEMENTS Type P~ic Pr!!!te View Residentlal/Countrvslde
n_ Electricity ~ Street ASDhalt !. _ Landscaping N/A
~ Gas Curb/Gutter None _ _ Driveway N/A
'ii Water on site Sidewalk None _ _ Apparent Easements *Dralnaae swale
;;;; Sanitary Sewer on site S. treet Lights None _ _ FEMA Flood Hazard Yeso No X
-~ Storm Sewer' Alley None FEMA* Man/Zone' 421580A/Zone X
Comment. (Apparent adverse easement., encroachments, special assessments, slide areas, etc.): Well/SeDtlc com m on for area and have no adverse
~ affect on marketability. There are no adverse eaSem ents. encroachm ents or other adverse conditions.
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Tha undarllgnad hal raclled Ihroa roconl lalal 01 proparllol malt Ilmlllar and prollmato to Iublacl and hao conlldarad thaoa In Iho markol, Inl'yala. Tha dalorlpllon Includal a dollar
adjullmant, rollactlng markat raacllon to thoaa llama 01 algnlflcant varlallon bal.aan Iha IUbjacl and comparabla proparll..,. If a Ilgnlflcantltam In tha comparabla proparly II auparlor
-la, or mora Inonbla than, Iha lublact proparty, a mlnul (.) adlult..ant II mada, thuI reducing tha Indlcatad valua 01 Iubjact; If a algnlll~ant Ilam In tho comparabla II Inlorlor to,
~i or la.. lavonbla than, tha lublaot pro'porty, a plua (+) adjultmant II mada, thuI Incrolllng tha Indlcaled valua 01 tha ubjact.
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ITEM
I SUBJECT COMPARABLE NO.1
Lot46/Dannah 0 Lot 33/Dannah Dr/Heritage Ct
Carlisle Carlisle
0.36 M I SSE
N/A{f.,~J.1if.~-~~~ $
ItI $ 43.161/Acre ~
Courthouse Records
DESCRIPTION I +(.)$ Adlullmant
None. Conv i
COMPARABLE NO.2
18 Beverly Court
Carlisle
0.46 MI W
COMPARABLE NO.3
Lot 36/Herltage Court
Carlisle
0.51 MI SE
58 900 $ 47.900
d"~~"''i''''liif~~~~V}1
m $ 30.705/Acreltl;;w~~~~L~1i
-Courthouse Records
DESCRIPTION I +(.\SAdlultment
None, Conv !
Address
;II Proxlmitv to Sublect
. Sales Price
-: Price/ Acre
~Data. Source'
$
$
InsDectlon
DESCRIPTION
66.900 "'$
$ 25 171/Acre
Courthouse Records
DESCRIPTION I +1-1SAdlualmant
None. Conv i
i- VALUE ADJUSTMENTS
I Sales or Financing
Concessions
'Date of Sale /Time 4/05: 7/05 : 10/04
~ Location Suburban Suburban' Suburban' Suburban
SlteNiew 1.54 Acre+/- 1.55 Acre+I-: 2.34 Acres+I-: 1.56 Acre+/-
TODoaraDhv Rolllna/lnterlor Rolllna/Corner-5': -2 158 Rolllna/lnterlor : Rolllna/lnterlor :
Utilities TB on site TB on site I TB on site I TB on site !
E..em ent O.ralnaae .wale SUD8rlor .20%: -8.632 SUD8rior -20%: -5.034 SUD.rlor -20%:
Zonina A rlculture Aariculture: Aarlculture: Aarlculture
Ne,tAdUtotal\ t.~ . ", 'ml~ + X '$ 10790lllllllX - '$ 5.034~X - '$
Indicated Value .
of Sublect $ 32 371 $ 20.137 $ 26 202
Comments of Sales Comparison: All com Darabl.s are slm liar In utllltv to the sub1ect site, are verified closed sales. and are the best
currentlv available. Adiustmenttaken for a dralnaae swale that runs throuah the site. Annualadlustment taken at 4% for sale
over one vear.
Comments and Conditions of Appraisal: ProDertv has been aDDralsed In "as is" condition. No 1m Drovem ents were considered In vslue
reDorted. ADDralser assum eS all necessary Derm Its for future bulldlna on site are available.
Final Reconciliation: Cost and GRM analvsls were found inaDDroDriate for this analvsls. Greatest welaht Is aDDlled to the Market Data
Analvsls. SUDDortlna file Inform atlon substantiates these estlm ates. Adlusted range of value Is $20.000 to $32 500 Der acre: Sav
$26.000. $26.000 x 1.54 acres · $40.040. Sav $40 000.
I(WE) ESTIMATE THE MARKETVALUE,AS DEFINED,OF THE SUBJECT PROP ERTYASOF February 2. 2006 tobeS 40000
I (We) certify: that to the besl of my (our) knowledge and belief, the facts and data used herein are true and COr~rect. that I (we) personally inspected the subject property
, ."d i",p"t'd'lI "mpm". ",.. ,iI.d '" thi. "P'~"d ihot i Cw.} hm "' ""dJ"i"'~"~''7ti ..:::. 4-L.
Appraiser(s) /1~ 1_A,u ~~.h 0, (.tJ.....- L.. .-If-Review Appraiser ' / . 0 Old [K) Old Not
Cassandra J. CrocketV./'.... (If applicable) Steven W. Barrett SRPA SRA. ASA Inspect Property
lFlatary Land Form O~/18 C e rtitie d Res id e n tiar A p Ii ra is e r Prod..od ..lng ACllOllwaro, 110.234.1727 ......iwob..om C e rtitle d G en era I A P P ra Is e r
S.W. Barrett Real Estate & Appraisal Services '
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1.638
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