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RESTRICTED APPRAISAL REPORT

Subject:

8701, 8705, and 8709 Sky Mountain Drive

Austin, Texas

EFFECTIVE DATE:

July 25, 2018

PREPARED FOR:

Chris Kappmeyer

Broker Network Realty

1011 Westlake Drive

Austin, Texas 78746

PREPARED BY:

David E. Jones

State Certified General Real Estate Appraiser

P.O. Box 152513

Austin, Texas 78715-2513

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DAVID JONES & ASSOCIATES LLC

David E. Jones Telephone (800) 551-2532

P.O. Box 152513

Austin, Texas 78715-2513

August 6, 2018

Chris Kappmeyer

Broker Network Realty

1011 Westlake Drive

Austin, Texas 78746

Reference: Restricted Appraisal Report of 8701, 8705, and 8709 Sky Mountain Drive, Austin, Texas.

Dear Mr. Kappmeyer:

As requested, I have prepared a restricted appraisal report for the above named property. Use of this report is

limited to the client. The rationale for how the appraiser arrived at the opinions and conclusions set forth in this

report may not be understood properly without additional information that is in the appraiser’s workfile.

Subject Address: 8701, 8705, and 8709 Sky Mountain Drive, Austin, Texas 78735

Legal Description: BLK M Mountain Shadows MH S#5646C; BLK Q Mountain Shadows, Travis County, Texas

Property Type: 6.5 acres of land containing a mobile home and several small outbuildings. The mobile home and

outbuildings do not have any contributory value to the property.

Client: Chris Kappmeyer, Broker Network Realty, 1011 Westlake Drive, Austin, Texas 78746

Intended Use: For potential sale. No other uses of this appraisal are intended by the appraiser.

Intended User: Chris Kappmeyer, Broker Network Realty. No other users of this appraisal are intended by the

appraiser.

Property Rights: Fee Simple

Type of Value: Market Value

Definition of Market Value: Although the appraisal communicated in this report was not prepared for a financial

institution, the commonly used definition of market value found in the federal regulations of the agencies that

regulate financial institutions has been used in this assignment.

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Conditions of Appraisal: The appraisal was performed “as if” the subject has been re-zoned to MF-1, Multifamily

Residence-Limited Density District zoning, and has a 55% impervious cover allowance; Additionally, because a

survey of the property was not available, we have made an extraordinary assumption in this report that there are

no adverse easements or encroachments affecting the subject.

Hypothetical Condition and Extraordinary Assumption Used in the Restricted Appraisal:

HYPOTHETICAL CONDITION: a condition, directly related to a specific assignment, which is contrary to what is

known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of

analysis.

Comment: Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics

of the subject property; or about conditions external to the property, such as market conditions or trends; or about

the integrity of data used in an analysis.

In this particular appraisal, the value is subject and contingent upon the subject re-zoned to MF-1, Multifamily

Residence-Limited Density District zoning, and allowing for a 55% impervious cover allowance. The use

of the hypothetical condition may have affected assignment results.

EXTRAORDINARY ASSUMPTION: an assignment-specific assumption as of the effective date regarding

uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or

conclusions.

Comment: Uncertain information might include physical, legal, or economic characteristics of the subject property;

or conditions external to the property, such as market conditions or trends; or the integrity of data used in an

analysis.

Because a survey of the property was not available, we have made an extraordinary assumption in this

restricted appraisal that there are no adverse easements or encroachments affecting the subject. If this

extraordinary assumption proves to be contrary to the truth, the assignment results would be affected.

General assumptions and limiting conditions can be found on Page 6 and 7 in this appraisal.

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Sale & Listing History: The client reported that there is no current agreement of sale, listing or option regarding

the subject property. Travis CAD indicated a deed transfer of the subject property took place on July 31, 2017

listing Harold & Roberta Hudson as the grantor and Roberta Jean Hudson as the grantee. Per the client this was

an internal transfer and not a sale. The client reported that there has been no listing history of the subject during

the past three years.

Scope of Work: Subject description was obtained from exterior inspection, county appraisal district, municipal

records, other public records and discussions with the client.

As detailed below, the Sales Comparison approach to value was developed. Comparable sales data was taken

from the local MLS, CoStar and company records. Sales were confirmed via public records and discussions with

parties to the transactions. The Income Approach and the Cost approach were not developed as these

approaches are not applicable. Exclusion of these approaches does not limit the credibility of the conclusion in

this report.

OPINIONS AND CONCLUSIONS

Highest and Best Use: To develop the subject acreage with a multifamily residential development

Exposure Time: The appraiser’s opinion of reasonable exposure time for the subject property is 1 year.

Effective Date of Value: July 25, 2018

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Result of Approaches to Value:

Sales Comparison Adjustment Grid

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Sales Comparison Adjustment Grid (Continued)

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Sales Comparison $2,000,000*

*The above value is based on the hypothetical condition that the subject has been re-zoned to MF-1, Multifamily

Residence-Limited Density District zoning, and has a 55% impervious cover allowance. The value is also subject

to extraordinary assumption that there are no negative easements on the subject site.

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Reconciliation:

The supporting documentation for the analyses and the development of the approaches to value is retained in the

appraiser’s workfile.

Opinion of Market Value: $2,000,000*

*The above value is based on the hypothetical condition that the subject has been re-zoned to MF-1, Multifamily

Residence-Limited Density District zoning, and has a 55% impervious cover allowance. The value is also subject

to extraordinary assumption that there are no negative easements on the subject site.

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GENERAL ASSUMPTIONS AND LIMITING CONDITIONS

This assignment was conducted, and the report presented, subject to the following assumptions and limiting

conditions. The use and acceptance of this report indicates that the client accepts these assumptions and

limiting conditions

GENERAL ASSUMPTIONS: According to the Appraisal of Real Estate 14th Edition, general assumptions are

statements that are used to help protect the appraiser and to inform the client and other intended users of the

report. General assumptions are generally straightforward and often apply to many typical appraisal

assignments, whereas extraordinary assumptions are specific to the assignment at hand. The general

assumptions found in a typical appraisal report deal with issues such as legal and title considerations, liens and

encumbrances, property management, information furnished by others (e.g., engineering studies, surveys),

concealment of hazardous substances on the property, and compliance with zoning regulations and local, state,

and federal laws. This appraisal has been prepared based on the following general assumptions.

1. The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the

title thereto, nor does the Appraiser render any opinion as to the title, which is assumed to be good and

marketable. All mortgages, liens, encumbrances, leases, and servitude have been disregarded unless specified

within the report.

2. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations

and laws, unless a non-conformity has been stated, defined and considered in the appraisal report.

3. A deed search is beyond the scope of this appraisal assignment. We, however, assume no deed restrictions

exist that would adversely affect the value, use or marketability of the subject site. If the subject site is restricted

by private deed restrictions not provided to the appraiser the impact on value could be significant.

4. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless

a non-conformity has been stated, defined and considered in the appraisal report.

5. 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 protrusion, encroachment or trespass unless noted within the report.

6. The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or

structures, which should render conditions of the property more or less valuable. This includes problems

relating to roofs, foundations, plumbing, electrical, HVAC, appliances and others, which require an evaluation by

experts in these respective disciplines. The Appraiser assumes no responsibility for such factors.

7. A real estate property inspection is recommended by any purchaser of real estate. It is also recommended

that this inspection be completed by a licensed professional. Real estate appraisers are not qualified to

complete a property inspection. This appraisal was completed without knowledge of an inspection. Should an

inspection report become available we reserve the right to revise the appraisal report and value.

8. It is assumed that the improvements meet all property zoning and building code unless a non-conformity has

been stated, defined and considered in the appraisal report.

9. If an ALTA survey was not provided to the appraiser, the appraiser assumes the information provided by the

client or property owner to be accurate. We do, however, assume typical utility easements with no adverse

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easements or encroachments. If there were significant information that was not disclosed to the appraiser at

time of the appraisal, the appraiser reserves the right to revise the report.

10. ENVIRONMENTAL DISCLAIMER: The value opinion in this report is based on the assumption that the

property is not negatively affected by the existence of hazardous substances or detrimental environmental

conditions. The appraiser's routine inspection of and inquiries about the subject property did not unveil any

information that signifies the presence of environmental contamination. If such a condition exists it may or may

not affect the property negatively. Due to the "Jurisdictional Exception" rule of the USPAP we cannot comment

on the existence of lead paint, asbestos or radon. It is possible that tests and inspections made by a qualified

hazardous substance and environmental expert would reveal the existence of hazardous materials and/or

environmental conditions on or around the property that would negatively affect its value. An Environmental Site

Assessment is recommended for any property constructed prior to 1979.

LIMITING CONDITIONS: The certification of the Appraiser appearing in the appraisal report is subject to the

following conditions and to such other specific and limiting conditions as are set forth by the Appraiser in the

report.

1. The property is appraised as though under responsible ownership and competent management.

2. Any sketch in the report may show approximate dimensions and is included to assist the reader in visualizing

the property. The Appraiser has made no survey of the property.

3. All references to square footage or dimensions of either land or improvement is considered to be

approximate.

4. An appraisal at a later date than that used in the report could indicate comparables that were unavailable to

the appraiser as of the date of value. The comparables used were considered to be the best the appraiser

could validate at the time of the assignment.

5. If improvements are located on the property, it should be noted that termites are prevalent in the area, and a

termite inspection and certificate is recommended.

6. Without prior agreement the Appraiser is not required to give testimony or appear in court because of having

made the appraisal with reference to the property in question.

7. Any distribution of the valuation in the report between land and improvements applies only under the existing

program of utilization. The separate valuations for land and building must not be used in conjunction with any

other appraisal and are invalid if so used.

8. Information, estimates, and opinions furnished to the Appraiser, and contained in the report, were obtained

from sources considered reliable and believed to be true and correct. A reasonable effort has been made to

verify such information; however, no responsibility for accuracy of such items furnished to the Appraiser can be

assumed by the Appraiser.

9. This appraisal report may not be reviewed by anyone other than the person(s) and/or organization for whom

the report was addressed without written permission from the undersigned appraiser. Compensation for the

appraisal report does not depend upon the acceptance of the report by a reviewer.

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10. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the

professional appraisal organization with which the Appraiser is affiliated.

11. Neither all, nor any part of the content of the report, or copy thereof (including conclusions as to the property

value, the identify of the Appraiser, professional designations, reference to any professional appraisal

organizations, or the firm with which the Appraiser is connected), shall be used for any purposes by anyone but

the client specified in the report, the borrower if the appraisal fee is paid by same, the mortagee or its

successors and assigns, mortgage insurers, any state or federally approved financial institution, any

department, agency, or instrumentality of the United States or any state or the District of Columbia, without the

previous written consent of the Appraiser; nor shall it be conveyed by anyone in the public domain, other

appraisers, real estate agents, news agencies, sales agencies, or other media, without the written consent and

approval of the Appraiser. Any person distributing any part of this report or any conclusion of this report to any

person or agency without permission from David Earl Jones will be held liable for damages caused thereof to

the signers of this report.

12. On all appraisals, subject to satisfactory completion, repairs, or alterations, the appraisal report and value

conclusion are contingent upon completion of the improvements in a workmanlike manner and in a timely

manner before market conditions change.

13. As part of the compensation agreement relating to this report the seller(s), buyer(s), lender(s) and/or anyone

else benefiting from the use of this report are required to thoroughly read this report and notify the appraiser in

writing within five working days of any errors or omissions, significant or otherwise, related to factual data or

reasoning. The appraiser has a reasonable time to respond to this notification and make adjustments, if in the

appraisers sole opinion corrections are necessary, without penalty. Those using or benefiting from this report

agree to hold harmless and defend the appraiser against liability arising from the users failure to comply with the

agreement.

14. Unplatted property located within the jurisdiction of a municipality may require permits, which may or may

not be obtainable, and extensive expenses to plat or develop. It is beyond the scope of this appraisal to obtain

bids for platting or developing. Any person or company relying on an appraisal of unplatted land and desiring to

develop the land should seek bids from qualified developer/builders and obtain a feasibility study before

accepting the opinion value herein. Sellers of unplatted land may be subject to fines, fees or assessments when

selling unplatted land to others within the jurisdiction of a municipality. This appraisal does not account for such

fines, fees or assessments (past, present or future) and assumes there are none. However, if fines are levied in

these situations there could be an impact on value not accounted for in this appraisal. These are legal matters

beyond the scope of this appraisal.

ACCEPTANCE OF THIS REPORT VERIFIES ACCEPTANCE OF ALL PROVISIONS TO THE CERTIFICATION

AND STATEMENT OF LIMITING CONDITION

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CERTIFICATION

(AS REQUIRED BY USPAP STANDARD RULE 2-3)

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 present or prospective interest in the property that is the subject of this report and no

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.

- Darren Neighbors made a personal inspection of the property that is the subject of this report.

David Jones did not conduct a physical inspection of the property.

- No one provided significant real property appraisal assistance to the person signing this

certification.

- I have performed no services, as an appraiser or in any other capacity, regarding the property

that is the subject of this report within the three year period immediately preceding acceptance of

this assignment.

Dated: August 6, 2018

Appraiser

TX 1322216-G

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DEFINITION OF MARKET VALUE

Market Value: a type of value, stated as an opinion, that presumes the transfer of a property (i.e. a right of

ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of

the term identified by the appraiser as applicable in an appraisal. (Source: 2018-2019 USPAP)

Both economic and legal definitions of market value have been developed and refined. A current economic

definition agreed upon by agencies that regulate federal financial institutions in the United States is:

Market Value means 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 own

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.

Source: This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the

Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and

August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal

Deposit Insurance Corporation (FDIC), and the Office of Comptroller of the Currency (OCC). This definition is also

referenced in regulations jointly published by the OCC, FRS, and FDIC on June 7, 1994, and in the Interagency

Appraisal and Evaluation Guidelines, as revised and updated December 2010.

Adjustment to the comparables must be made for special or creative financing or sales concessions. No

adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a

market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions.

Special or creative financing adjustments can be made to the comparable property by comparisons to financing

terms offered by a third party institutional lender that is not already involved in the property or transaction. Any

adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the

dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based

on the appraiser's judgment.

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ADDENDUM

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ENGAGEMENT LETTER

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SUBJECT PHOTOGRAPHS

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SUBJECT MAPS Location Map

(Approximate Boundaries - For Illustration Only)

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Tax map

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Flood Map

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Zoning Data

Comment: As noted previously in this report, although the current zoning is “RR-NP,” we concluded our opinion

of value based on the hypothetical condition that the subject is re-zoned to “MF-1” zoning and has a 55%

impervious cover allowance.

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Elevation Profile

Note: The arrow is at 989 feet.

Minimum above sea level: 975 feet

Maximum above sea level: 998 feet

Average: 991 feet

Note: The arrow is at 969 feet.

Minimum above sea level: 969 feet

Maximum above sea level: 1,006 feet

Average: 996 feet

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Subject Easement Map (Source: City of Austin GIS Map)

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Plat Map (Provided by Client)

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BARTON SPRINGS ZONE IMPERVIOUS COVER REQUIREMENT DATA

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SUBJECT PROPERTY ANALYSIS (FROM CLIENT)

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TAX DATA

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MAP OF COMPARABLE SALES

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COMPARABLE LAND SALES

Land Comparable Sale #1 For Sale Listing

Identification (CAD ID): 101501, 101502, 101505

Street Number: 8703

Street Name: Mountain Crest Drive

City: Austin

State: Texas

Legal Description: Blocks K, L and P, Mountain Shadows

County: Travis

Land Size (SF): 386813

Land Size (Acres): 8.88

Exposure Fair

Zoning: MF-1-NP

Multifamily- Limited Density, Neighborhood Plan Combining District

Configuration: Slightly Irregular

Topography: Rolling

Minimum Topography (Feet) 949

Maximum Topography (Feet) 997

Topography Percentage Change 5%

Access: 3 streets

Utilities: All available

Public Electricity, Public Water and Public Sewer

Flood Zone: X

out of 500-year flood plain

Use at Time of Sale: Land with single family residence

Data Source: Costar, Travis CAD

Current Owner: Judith Elaine Leggett

Listing Price: $1,200,000

Unit Price ($/SF): $3.10

Unit Price ($/Acre): $135,135.00

Property Rights Conveyed: Fee Simple

Condition of Sale Listing

Days on Market: 94

Impervious Cover Allowance: 55%

Maximum Units per Acre: 17

Additional Comments: Date of survey of this comparable was July 27, 2018. The property contains a fair condition single family residence which was not considered to contribute any value. Per our interview with the listing broker, the 15' wastewater easement than runs through the center of the property has been seen as a negative attribute to the property since it would affect potential for developing the site with building improvements. Like the subject, this property was platted in 1965, and therefore has the potential to be grandfathered to a 55% max impervious cover allowance. This comparable is located in the Barton Springs Zone, “Other Contributing Zone”, which would allow a 25% max impervious cover. However, like the subject, since it was platted in 1965 prior to annexation, it has the potential to be grandfathered into the 55% impervious coverage allowance. Therefore we used 55% impervious cover as the comparison unit for this comparable.

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Comparable #1

Easement Map

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Land Comparable Sale #2

Identification (CAD ID): 102839

Street Number: 1719

Street Name: Spyglass Drive

City: Austin

State: Texas

Legal Description: Lot 11, Block B, Resubdivision of Lot 1-3, Timberline, Section 2

County: Travis

Land Size (SF): 90,325


Exposure Average

Zoning: MF-2

Multifamily Residence Low Density District

Configuration: Irregular

Topography: Level to grade




Access: Inside



Flood Zone: X


Use at Time of Sale: Vacant land

Data Source: Reonomy, Travis CAD

Date of Sale: 12/15/2015

Recorded: 2015197987

Grantor: SA Challenge Inc

Grantee: Barnes Leverkuhn Llc

Terms and Conditions: Cash to seller

Lender Housing Capital Company

Sales Price: $1,968,750


Unit Price ($/Acre): $ 949,446.00


Condition of Sale Normal

Days on Market: Unknown

Original Listing Price: Unknown

Sale-to-List Ratio: N/A



Additional Comments:

This comparable is located in the Barton Springs Zone, “Recharge Zone”. According to our research on City of Austin Website, the subject has a proposed 55% impervious covers under Permit/Case:2017-020705 SP.

Comparable #2

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Easement Map

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Identification (CAD ID): 308035, 308036

Street Number: 4006 & 4010

Street Name: Banister Lane

City: Austin

State: Texas

Legal Description: N163.88 feet of Lot 17&18 less E10.6 feet AV Banister Heights & Abstract 8, Survey 20, Decker I 0.961 Acres

County: Travis



Exposure Average/Good

Zoning: SF-3-NP

Family Residence

Configuration: Regular





Access: Inside



Flood Zone: X


Use at Time of Sale: Land with improvement

Data Source: Austin MLS, Travis CAD



Grantor: Banister Cityhomes LP

Grantee: Banister Venture LP


Lender Unknown

Sales Price: $2,425,000


Unit Price ($/Acre): $1,294,712.00



Days on Market: 83

Original Listing Price: $2,950,000

Sale-to-List Ratio: 82%

Impervious Cover Allowance: 45.00%

Maximum Units per Lot: 1

Additional Comments: Two 1942 built houses on site. Considering the age and condition of the houses, we concluded that the improvements on site have no contributory value.

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Comparable #3

Easement Map

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Street Number: 1141

Street Name: Shady Lane

City: Austin

State: Texas

Legal Description: 1.9260 AC OF ABS 22 SUR 29 Tannehill J C

County: Travis



Exposure Average

Zoning: PUD-NP

Planned Unit Development






Access: Inside



Flood Zone: X



Data Source: Appraiser's database, Travis CAD, Travis County Clerk



Grantor: Thinkeast Austin LP

Grantee: Saguaro Holdings LLC


Lender American Bank

Sales Price: $900,000



Property Rights Conveyed Fee Simple


Days on Market: 270

Original Listing Price: Unknown


Maximum Units per Acre: Not specified

Additional Comments: Per our research regarding permitting of this property, we found that it has been approved for construction of a mixed use, 55,463 SF office, retail and 3 live work units.

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Comparable #4

Easement Map

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Identification (CAD ID): 783363, 783364

Street Number: 8718

Street Name: Southwest Parkway

City: Austin

State: Texas

Legal Description: Lots 1 & 2, BLK A Sutter Hall SUBD

County: Travis



Exposure Average

Zoning: MF-1-CO

Multifamily Residence Limited Density District-Conditional Overlay Combining District

Configuration: Irregular

Topography: Sloping down from south to north




Access: Inside



Flood Zone: X



Data Source: MLS, Travis CAD

Current Owner: Lynn C Sutter





Condition of Sale: Listing

Days on Market: 143



Additional Comments: The date of survey of this comparable was July 27, 2018. This comparable is located in the Barton Springs Zone, “Barton Creek Contributing Zone”, which would allow a 20% max impervious cover. This comparable has a water quality easement and privately maintained ponds which we deemed to be negatively impactful to this lot.

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Comparable #5

Easement Map

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Land Comparable Sale #6 Listing- Under Contract

Identification (CAD ID): 338271, 338272, 338273, 338274

Street Number: 7503, 7507, and 7509

Street Name: Cooper Lane

City: Austin

State: Texas

Legal Description: Lots, 1A, 2A, 3A, and Lot 5A

County: Travis



Exposure Average

Zoning: DR

Development Reserve

Configuration: Mostly regular

Topography: Mostly level




Access: Inside



Flood Zone: X


Use at Time of Sale: Land with single family residences

Data Source: Costar, Broker, Travis CAD

Current Owner: Nelma Mueller





Condition of Sale: Under contract

Days on Market: 231


Maximum Units per Acre: Not specified

Additional Comments: Date of survey of this comparable was July 31, 2018. Property is currently under contract. Per our correspondence with the listing agent, multiple offers have been received, and the selected offer is slightly above the asking price. Per the agent, the buyer will most likely petition for a zoning change to SF-6 zoning because the north and south abutting properties are zoned SF-6. SF-6 zoning would allow for townhouse and condominium residences. Property contains four small houses built between 1936 and 1976 on site. Considering the age and condition of the houses, we concluded that the improvements on site have no contributory value. 55% max impervious cover allowance.

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Comparable #6

Easement Map

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Street Number: 3901

Street Name: Valley View Road

City: Austin

State: Texas

Legal Description: Lot 1, Block A, Valley View Subdivision

County: Travis



Exposure Average/Fair

Zoning: MF-2

Multifamily Residence Low Density District






Access: Inside



Flood Zone: X



Data Source: Loopnet, Travis CAD

Current Owner: Haven Blue Development Inc



Unit Price ($/Acre): $1,067,079.00


Condition of Sale: Listing

Days on Market: 593

Original Listing Price: $1,750,000



Additional Comments: 60% max impervious cover allowance.

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Comparable #7

Easement Map

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QUALIFICATIONS OF DAVID E. JONES David E. Jones graduated in 1969 receiving his Bachelor of Science in Business Administration from Louisiana Tech University and later went on to complete graduate work at Texas A&M University, Corpus Christi. Mr. Jones worked as an Administrative Manager for Brown & Root, Inc. before moving into real estate. Mr. Jones obtained his real estate salesman license in 1974 and his broker's license in 1979. He formed DAVID JONES & ASSOCIATES LLC in 1986. The following year he earned his designation as a Master Senior Appraiser. In 1991 he added to his qualifications by acquiring a State Certified General Real Estate Appraisal Certification. Since 1974 he has been brokering and appraising commercial property throughout Texas. Mr. Jones has qualified and testified as an expert witness in District Court, Bankruptcy Court and State Court on several occasions. He has also been a guest lecturer at several real estate institutions. A partial resume of specific qualifications are outlines as follows: Educational Background Graduate Courses, Texas A&M, Corpus Christi (1991) B.S. Degree from Louisiana Tech University, Ruston, Louisiana (1969) Texas Real Estate Broker License #0190997 (1979) State Certified, Texas, General Real Estate Appraiser, TX-1322216-G (1991) Designations – Present and Former State Certified General Real Estate Appraiser (since 1991) State Certified Tax Consultant (1994) Texas Real Estate Broker (since 1997) Master Senior Appraiser, MSA (1987) Environmental Assessment Consultant, EAC (1993) Guest Lecturer / Teaching Experiences National Association of Master Appraiser Real Estate Institute Hall Institute of Real Estate Austin Institute of Real Estate Professional Memberships – Present & Former National Association of Master Appraisers National Association of Consultants National Society of Environmental Consultants Central Texas Commercial Area Realtors Texas Association of Realtors

National Association of Realtors Austin Board of Realtors Midland Odessa Board of Realtors Corpus Christi Board of Realtors Temple-Belton Board of Realtors

Specific Real Estate Courses and Seminars Subdivision Valuation Construction Details & Trends Land & Site Valuation Real Estate Appraising Effective Court Testimony

Financial Analysis Direct Capitalization Yield Capitalization Environmental Site Assessment Commercial Investment Appraisal

Community Service and Awards

Mr. Jones was a member of Rotary International for several years and served as a charter member and later, President of Optimist Club International. He was also an assistant Boy Scout Leader for two years and the coach for Little Dribblers Basketball Association. Mr. Jones was a parent volunteer for the elementary school his children attended. He also served two years on the Nueces County Appraisal Review Board.

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Types of Business Appraisals

Mr. Jones has appraised appliance stores, agricultural implement business, agricultural supply, an airport, athletic clubs, auto parts, auto service, bakery, bed and breakfast, building supply, cafeteria, camp ground, car wash, clothing store, computer center, construction company, convenience store, credit bureau, day care, dry cleaners, electrical contractor, electrical supply, employment agency, fabric store, farms, fast food restaurant, florist, food processing plants, franchises, gift shop, glass installation facility, grocery store, gun shop, imports, laundry, liquor store, locksmith, lots and acreage, lumber retailer, machine shop, manufacturing plants, marine sales/service, mobile home park, motels, office supply, oilfield service, pest control, plant nursery, plumbing, printing, private utility company, ranches, rental tools, restaurant, RV sales/service, service station, shopping centers, sports complex, engine repair, sports awards store, subdivisions, title company, tire store, travel agency, trucking business, truck stop, western wear, and wholesale distributor.

Special Assignments David E. Jones appraised the $22,000,000 Dodge Arena in Hidalgo for the City of Hidalgo and a $10,500,000 food related manufacturing facility recently. David E. Jones and Associates was awarded a contract to appraise three resort community golf course projects consisting of a golf course, country club, pro shop, driving range, condominiums, marina, subdivision lots and townhouse. The assignment was due in three months with locations in Texas, North Carolina and Florida. The firm added and trained additional staff members and accomplished the task on time and below budget. The firm has completed other special assignments such as an island in Corpus Christi Bay. References Fil Valderamma, First National Bank of Bastrop

Phone: 512-321-2561; Email: [email protected] Adam Ledlow, Texas First Bank

Phone: 254-751-0100; Email: [email protected] Mike Cullens, Sage Bank

Phone: 512-717-9296; Email: [email protected] Don Scott, Extraco Bank

Phone: 254-200-3636; Email: [email protected] Taylor James, First National Bank of Central Texas

Phone: 254-761-6016; Email: [email protected] John Turcotte, Commerce Bank

Phone: 210-679-3101; Email: [email protected]

48

Typical Recent Assignments

142 lot subdivision in Midland

300-unit housing project in Ft. Hood

46,000 acre ranch in West Texas

6,000 acre Working Cattle Ranch in Centerville

Apartment complex in College Station

Apartments in Bryan

Bank building in Odessa

Bank building Jarrell

Boat/RV storage in Round Rock

Boutique hotel in Dallas

Bowling alley in Big Spring

Commercial building Bryan

Commercial building in Andrews

Commercial land in Bryan

Condominium complex in College Station

Convenience store in Bryan

Independent motel conversion to LaQuinta in Mathis

C-store with retail strip in Dripping Springs

Dairy Queen restaurants in Gonzales and George West

Dentist office in Marble Falls

Downtown offices and residential lofts in Corpus Christi

Fast Food Franchise College Station

Funeral home in Elgin

Holiday Inn Express in Austin

Industrial in College Station

Jimmy’s Egg restaurant in San Antonio

Kroger building in Fort Worth

Land in Flower Mound

Land in Forney

Large retail strip center in Dallas

McDonalds restaurant in San Antonio

Motel in Killeen

Motels in Texas City and Aransas Pass

National brand motel in Corpus Christi

Office complex in Garland

Office condominium in Austin MSA

Office warehouse in Odessa

Oilfield Man Camps in Midland and Kenedy

Pawn shops (7) throughout Texas

Professional office in Round Rock

Proposed “man camp” in Dilley

Proposed hotel in Cedar Hill

Proposed office in Kingsville

Proposed veterinarian clinic Arlington

Regional shopping center in Austin

Retail center in Big Spring

Retail center with C-store anchor in San Antonio

Retail strip center in Austin MSA

Retirement home in Georgetown

Self-Storage in Bryan

Self-storage in Austin MSA

Showroom in San Marcos

Sorority house in Bryan

Subdivision in Andrews

Subdivision in Leander

Veterinarian Clinic in Copperas Cove

49 David E. Jones & Associates

Other Assignments

Large Industrial Complex proposed and existing buildings capable of lifting 50 tons, heavy truck yards located in industrial complex. Apartment building multiple buildings in declining neighborhood. Office Warehouse and pipe yard with over 10 acres of heavy truck loading yard located in Odessa. Neighborhood retail shopping strip located in Midland. Mini-Self Storage proposed on 9 acres located in Odessa. Subdivision proposed residential subdivision in Midland appraised to plans and specifications. Proposed motel & RV park located in the middle of the Eagle Ford Shale oil play. National Franchise, Full Service Lodging Facility with 165 units, lounge, restaurant, ballroom, meeting rooms and wedding chapel. Commercial buildings with three separate buildings located on major freeway. The building had four tenants with leases expiring from one month to three years. Appraised for buyer to make market value offer. Required all three approaches to value. Minor emergency clinic located in partially completed commercial subdivision in Abilene. Industrial office/warehouse with work/storage yard located in industrial park. Required all three approaches to value. Self-Service car wash appraised to plans and specifications. Required feasibility study and all three approaches to value. Six-story office building leased to state agencies. Prepared for litigation procedure. Neighborhood shopping strip with about 16,000 square feet located in sparsely developed market area. Required all three approaches to value. 49-unit independent motel located on I-35 in major metropolitan area. Appraised “as is” and “as if” renovated. Funeral Home located in small town and appraised to plans and specifications. Single-family residential subdivision with 250 proposed lots located in South Texas oil patch. The assignment required an estimate of cost to develop, marketing time, individual tract values, holding expense and discounted cash flow analysis. Coin laundry commercial building to be converted to coin laundry. Required all three approaches to value. Office/Auto shop located adjacent to residential subdivision. Appraised to find market value for purchase. Commercial land to be developed with Sonic Drive-in Restaurant in near future. This required special consideration for feasibility and zoning regulations. Feasibility study for 115 unit resort hospitality facility in resort community to be developed per plans and


specifications including community impact. Sports Arena 6,500 seating capacity multiple purpose arena for City of Hidalgo with Western Ice Hockey franchise considered for one to five years. Included analyzing the naming rights, advertising revenue, restaurants, concessions, sporting events, public events, parking revenue, etc. Heavy manufacturing and industrial building located in mix use area of commercial, retail and light industrial buildings. Required all three approaches to value. Office building with attached apartment located in small town. Required all three approaches to value. Convenience Store with Car Wash appraised to plans and specifications located in San Antonio. Special consideration given to required zoning change on site. Required all three approaches to value. Hi-Tech Manufacturing Plant Round Rock area, 50,000 square foot manufacturing facility with special features for that particular industry. Mini Storage existing facility with expansion planned. Also has yard storage for trailers and boats. Required all three approaches to value. Self-Service car wash with Laser Bay located in small town in Central Texas. Required all three approaches to value. Assisted Living Facility appraised to plans and specifications. Apartment Complex with 150 units near end of economic life with consideration for residual land value and changing land use. Dentist Offices and Lab appraised to plans and specifications. Appraised with and without condominium regime as possible option for developer. Three restaurants in one package with one location to be converted into small retail strip center. Required all three approaches to value. Two full service car wash facilities located in rapidly developing area. Required all three approaches to value. Downtown building conversion of vacant building to an architect’s office with attached apartment. Required all three approaches to value. Fast food existing restaurant with outside playgrounds and seating to be added as part of appraisal. Required all three approaches to value. Best Western Motel proposed 56-unit Motel in border town using plans and specifications. This assignment required special emphasis on feasibility of site and proposed project. Agriculture Implement facilities (multiple locations) with additional buildings being construction at two locations. Car Dealership with showroom, repair facility and large concrete parking surface. All three approaches to value required. Senior Care Center with multiple locations around Texas. A special research for Assisted Living facility,


both existing and proposed constriction was required.


COURSE STUDIES

YEAR COURSE HOURS YEAR COURSE HOURS

2018 How Technology can Ruin Your Real Estate Business 3 2007 Multiple Listing Service Update 3

2018 Introduction to Legal Descriptions 2 2007 Austin board of Realtors Orientation Update 3

2017 The Basics of Expert Witness for Commercial Appraisers 7 2007 Appraising Special Use Property 7

2017 National USPAP Update 7 2006 USPAP Update for 2006 thru 2007 7

2017 Damage Economic Seminar 7 2006 CCIM CI103 User Decistion Fin. Analysis Comm. RE 40

2017 Business Practice and Ethics 4 2006 CCIM CI101 Fin. Analysis Comm RE 40

2017 Real Estate Symposium 7 2006 Valuation of Hotels and Motels 7

2017 Broker Resposibilty #31450 6 2006 HP 12C Financial Calculator 7

2017 Positively Real Estate 3 2005 USPAP Update 7

2017 Commerical Title Insurance and Escrow Logistics for Realtors 2 2005 Construction Plans & Blueprints 7

2017 Legal Update II 4 2004 Commercial Construction Trends 30

2017 Legal Update I 4 2003 Subdivision Development 15

2017 Texas Real Estate Commission Legal Update 3 2003 Property Tax Evaluation 15

2016 Appraiser Supervisory Trainee 4 2003 USPAP Update 7

2016 Appraisal of Fast Food Facilities 7 2002 Business Valuation 30

2016 Appraisal of Self-Storage Facilities 7 2001 Income Property Appraising 15

2016 Appraisal of Land Subject to Ground Leases 7 2000 USPAP Update 15

2016 National USPAP Update 2016-2017 7 1999 M H Appraising 15

2015 Personal Performance Management 1 1999 USPAP Update 15

2015 Broker Resposibilty #27766 6 1998 Real Estate Math 0611 30

2015 The 411 of Working with Foreign Real Estate Investors 2 1997 Real Estate Contract Law 24

2015 Texas Real Estate Commission Ethics 3 1995 Real Estate Environmental Screening 7

2014 Construction Details and Trends 7 1995 Residential Environmental Screening 7

2014 Subdivision Valuation 7 1995 USPAP Update 7

2014 Land and Site Valuation 7 1994 Property Tax Law 24

2013 USPAP National Update 2014-2015 7 1994 Real Estate & ADA 7

2012 USPAP Update (2012-2013) 7 1992 Yield Capitalization 15

2012 Practice of Appraisal Review-FHA Protocol, No. 145 8 1992 Direct Capitalization 15

2012 Appraising in a Depressed Market, No. 125 8 1991 Real Estate Appraisal 0211 30

2012 Mortgage Fraud-Appraiser Risk Management, No. 027 5 1991 Standards of Professional Practice 30

2010 Valuing Commercial Green Buildings 7 1991 Real Estate Asset Management 15

2009 GIS Mapping 7 1991 Effective Court Testimony 15

2009 Advanced Internet Search Strategies 7 1987 Farm & Ranch Appraising 15

2008 Sales Comparison Approach Update 7 1987 Commercial Appraisals 45

2008 Residential Cost Approach Update 7 1987 Appraisal of Residential Property 45

2008 Income Approach Update 7 1987 Principals of Real Estate Appraising 45

2008 USPAP Update 7 1974 Principals of Real Estate 48

2007 Professional Ethics Update 3

211 709

920TOTAL

restricted appraisal report subject 8701, 8705, and 8709 sky …€¦ · 0 restricted appraisal...

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