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-the extent of data researched; and, <br />-the type and extent of analysis applied to arrive at opinions or conclusions. <br />The appraisal problem was to value a commercial site that had a limiting, narrow shape on one of <br />the major corridors in the city of Paris. The valuation relied on the sales comparison approach to <br />value. The cost and income approaches to value were not relevant and were excluded. <br />The land value was estimated using similar land sales from the North Main strip and supplemented <br />with sales data from competing corridors. In the sales comparison approach, our research included <br />the local multiple listing service, neighborhood property owners, and the files of Pat Murphy and <br />Associates. The market research into the area and neighborhood trends and the highest and best use <br />analysis included various government publications and agency records, investors, other similar <br />property owners, and the files of Pat Murphy & Associates. During the course of this appraisal, the <br />appraisers physically inspected the subject property; conducted research into its history, past and <br />present uses, the typical land use patterns and supply and demand in the neighborhood; searched for <br />comparable sales and listings; inspected and confirmed the comparable data with one of the <br />principals involved; determined its highest and best use; performed the valuation analyses; developed <br />a final opinion of value; and produced this report. The opinion of value was developed in conformity <br />with the Uniform Standards of Professional Appraisal Practice. <br />This Appraisal Report only summarizes the data and analysis leading to the appraisers' conclusions <br />and presents summarized discussions of the data, reasoning and analysis that were used in the <br />appraisal process to develop the opinion of value. Supporting documentation concerning the data, <br />reasoning and analysis, is retained in the appraiser's file. The depth of discussion is specific to the <br />needs of the client and the intended user to which this appraisal is directed and for the intended use <br />stated. Its use is restricted to that use and those users and the appraiser is not responsible for the <br />unauthorized use of this report. The format is permitted under Standards Rule 2-2 (a). <br />The physical inspection of the subject was held on the date of value. The date of this report was <br />March 15, 2024. <br />An exposure period of twelve months was assumed throughout this appraisal. <br />Both appraisers have previously completed numerous appraisals on similar properties. <br />There was no personal property included in this appraisal. <br />EMjronmen_..tal, Hazards <br />The appraisers are not environmental experts, and a fully qualified environmental engineer should <br />be employed if the risk tolerance of the client is low. Nevertheless, the appraisers inspected the <br />surface of the subject property for evidence of environmental problems such as dead vegetation, <br />areas of raw dirt, stains, seepage, and other such items. The subject was situated on a level site and <br />surface water drained into the streets from the subject. There were no obvious sources of <br />contamination on the immediately adjacent properties and there was no evidence of large spillages; <br />however, the site to the north across Santa Fe street had been a fuel distributorship, and the subject <br />PAT MURPHY & ASSOCIATES <br />