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Valuation Consultants VALUATION CONSULTANTS An Appraisal Report of an Existing Multi-Tenant Retail Center Known As: TROPICAL GARDENS Location: The Subject Wraps The Northeast Corner Of East Tropicana Avenue And South Nellis Boulevard. The Local Street Addresses are 5020 And 5030 East Tropicana Avenue Las Vegas, Nevada 89122 Prepared For ONE NEVADA CREDIT UNION ATTN.: Business Lending Department 2645 South Mojave Road Las Vegas, Nevada 89121 Prepared By Keith Harper, MAI Charlton Wood Valuation Consultants File Number RT-17-68 Date of Report December 21, 2017 Date of “As Is” Market Value Opinion December 11, 2017 4200 Cannoli Circle, Las Vegas, Nevada 89103 Telephone (702) 222-0018 Fax (702) 222-0047 December 21, 2017 One Nevada Credit Union ATTN.: Business Lending Department 2645 South Mojave Road Las Vegas, Nevada 89121 RE: An Appraisal Report of an existing multi-tenant retail center known as Tropical Gardens. The subject wraps the northeast corner of East Tropicana Avenue and South Nellis Boulevard. The local street addresses are 5020 and 5030 East Tropicana Avenue, Las Vegas, Nevada 89122. To Whom It May Concern, Per your request, Charlton Wood and Keith Harper, MAI, have performed an appraisal of the above referenced property. The appraisers have visited the site of the subject property and all of the comparable data used in the attached appraisal. The subject is actually two separate, but contiguous parcels that, according to the subject’s recorded Parcel Map in File 64, Page 11 of Parcel Maps, contains a total of 69,250 net square feet or 1.59 net acres. It is noted that the Clark County Assessor’s Office indicates that the two parcels have a total of 1.65 net acres. For the purposes of this appraisal, the appraisers have used a total land size of 69,250 net square feet or 1.59 net acres. The two parcels are improved with two multi-tenant retail buildings that have a total of 21,006 square feet of rentable area. There are two vacant spaces of 1,000 square feet (Suite A-7) and 540 square feet (Suite B-2). As a result, the subject property is currently 93% leased and occupied. Later in the attached appraisal report, the appraisers will conclude that the subject’s stabilized occupancy is 93%. The purpose of the attached Appraisal Report is to form opinions of value based upon the following valuation scenarios: “As Is” Market Value - Leased Fee Interest Insurable Cost ATTN.: Business Lending Department December 21, 2017 Page iii The intended user of the attached Appraisal Report is the client, Nevada One Credit Union. The intended use of the attached Appraisal Report is to assist the intended user in the mortgage lending process. To develop the opinions of value, the appraisers have performed an Appraisal Report as defined by the 2016-2017 Edition of the Uniform Standards of Professional Appraisal Practice (USPAP). This is an Appraisal Report, which is intended to comply with the reporting requirements set under Standards Rule 2-2(a) of the 2016-2017 Edition of USPAP for an Appraisal Report. After considering all of the available facts and subject to the underlying assumptions and limiting conditions contained herein, it is the appraisers’ opinion that the market value of the subject property is as follows: Value Identification Effective Date of Value Final Value Opinion “As Is” Market Value - Leased Fee Interest December 11, 2017 $3,450,000 Insurable Cost December 11, 2017 $1,940,000 Thank you for the opportunity to complete this appraisal assignment. Sincerely, VALUATION CONSULTANTS Keith Harper, MAI Charlton H. Wood Certified General Appraiser Certified General Appraiser License Number A.0000604-CG License Number A.0000873-CG State of Nevada State of Nevada Expires - March 31, 2018 Expires - November 30, 2018 EXECUTIVE SUMMARY Location: The subject wraps the northeast corner of East Tropicana Avenue and South Nellis Boulevard. The local street addresses are 5020 and 5030 East Tropicana Avenue, Las Vegas, Nevada 89122. Assessor’s Parcel Nos.: 161-21-411-064 & -066 Census Tract #: 1718 Site Area: According to the subject’s recorded Parcel Map, the subject contains a total approximately 69,250 net square feet or 1.59 net acres. Zoning: C-2 – General Commercial District (Clark County). Floodplain: The property is not in the 100-year floodplain (FIRM Panel #2580). Current Use: The 1.59 net acres mentioned above contains two, multi- tenant retail buildings that contain a total of 21,006 square feet. Highest and Best Use: As Though Vacant: Hold for future commercial development As Improved: Continued Use of the existing improvements. Purpose of Appraisal: To form an opinion as to the following valuation scenario: - “As Is” Market Value - Insurable Cost Date of “As Is” Value Opinion: December 11, 2017 Last Date of Site Visit: December 11, 2017 Date of Insurable Cost: December 11, 2017 Date of Appraisal: December 21, 2017 Intended Use/User: The intended user of this Appraisal Report is the client, One Nevada Credit Union. The intended use of this Appraisal Report is to assist the intended user in the mortgage lending process. Valuation Consultants 1 File No. RT-17-68 Interests Appraised: Leased Fee Interest Remaining Economic Life: Approximately 30 Years Exposure Time: Approximately 12 months Marketing Time: Approximately 12 months Summary of Final Value Opinion: “As Is” Market Value of the Leased Fee Interest: $3,450,000 Insurable Cost: $1,940,000 Valuation Consultants 2 File No. RT-17-68 TABLE OF CONTENTS Photographs of the Subject ..................................................................................................4 Property Introduction .........................................................................................................17 Las Vegas Area Analysis ...................................................................................................22 Immediate Subject Market Area Overview .......................................................................45 Retail Market Report..........................................................................................................50 Property Taxes and Assessor’s Values ............................................................................. 55 Site Data .............................................................................................................................61 Description of the Improvements ...................................................................................... 63 Highest and Best Use Analysis ..........................................................................................66 Method of Valuation ......................................................................................................... 70 Insurable Cost ....................................................................................................................71 Sales Comparison Approach ..............................................................................................73 Income Approach ...............................................................................................................88 Reconciliation of Final “As Is” Market Value – Leased Fee Interest ..............................118 Exposure Time and Marketing Time ...............................................................................119 Assumptions and Limiting Conditions ............................................................................120 Certification .....................................................................................................................122 Addenda Valuation Consultants 3 File No. RT-17-68 SUBJECT PHOTOGRAPHS Valuation Consultants 4 File No. RT-17-68 Facing West – A View of East Tropicana Avenue as it Intersects With South Nellis Boulevard - The Subject is on the Right Facing East – A View of East Tropicana Avenue – The Subject is on the Left Valuation Consultants 5 File No. RT-17-68 Facing South – A View of South Nellis Boulevard as it Intersects With East Tropicana Avenue - The Subject is on the Left Facing North – A View of South Nellis Boulevard - The Subject is on the Right Valuation Consultants 6 File No. RT-17-68 Facing Northeast – An Exterior View of 5030 East Tropicana Avenue Facing Southwest – An Exterior View of the Eastern Side of 5020 East Tropicana Avenue Valuation Consultants 7 File No. RT-17-68 Facing Northwest – An Exterior View of the Central Portion of 5020 East Tropicana Avenue Facing Northeast – An Exterior View of the Western Side of 5020 East Tropicana Avenue Valuation Consultants 8 File No. RT-17-68 Interior View – Space Occupied by Discount Market (5030 East Tropicana Avenue – Suite B) Interior View – Space Occupied by Servi-Mex (5030 East Tropicana Avenue – Suite A) Valuation Consultants 9 File No. RT-17-68 Interior View – Space Occupied by Boxing Gym (5020 East Tropicana Avenue – Suites 9, 10 & 11) Interior View – Space Occupied by Herbalife (5020 East Tropicana Avenue – Suite B-8) Valuation Consultants 10 File No. RT-17-68 Interior View – Space Occupied by Funds N Advance (5020 East Tropicana Avenue – SuiteB-6) Interior View – Space Occupied by El Cordobes Mexican Restaurant (5020 East Tropicana Avenue – Suite B-3 & 4) Valuation Consultants 11 File No. RT-17-68 Interior View – Space Occupied by Metro PCS (5020 East Tropicana Avenue – Suite A-6) Interior View – Space Occupied by Pocket Change (5020 East Tropicana Avenue – Suite A-2&3) Valuation Consultants 12 File No. RT-17-68 Interior View – Vacant Space (5020 East Tropicana Avenue – Suite A-7) Interior View – Vacant Space (5020
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