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Limited Summary Appraisal Rent Comparability Study on Townhouse Square Apartments 1966 Wagner Street Mobile, Alabama 36617 Date of Report May 21, 2019 Effective Date May 16, 2019 Prepared For Mr. Marvin Dismukes Royal Management Company, Inc. P.O. Box 161604 Mobile, Alabama 36616 Prepared By Gill Group, Inc. Jeffrey L. Hansen, AL# G01189 Samuel T. Gill, AL# G-00548 512 North One Mile Road * Dexter, Missouri 63841 Ph: 573-624-6614 * Fax: 573-624-2942 [email protected] May 21, 2019 Mr. Marvin Dismukes Royal Management Company, Inc. P.O. Box 161604 Mobile, Alabama 36616 RE: Rent Comparability Study Townhouse Square Apartments FHA# FHA_ Contract# AL09M000028 Dear Mr. Dismukes: Attached is the Rent Comparability Study (RCS) you requested for Townhouse Square Apartments in Mobile, Alabama. The purpose of the study was to estimate the market rents for the units within the subject property. Market rent is the rent that a knowledgeable tenant would most probably pay for the units as of the date of this report, if the tenants were not receiving rental subsidies and rents were not restricted by HUD or other government agencies. The following table lists the “as is” market rent I concluded for each Section 8 unit type, as of May 16, 2019. Estimated Market Size (Sq. Prepared Unit Type # of Units Ft) Rent $/Sq. Ft Grid? (Y/N) 2/1 40 700 $635 $0.91 Y 40 The RCS was prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) and Chapter Nine of the Section 8 Renewal Policy Guide. Market Rents were defined and estimated in accordance with Sections 9-8 through 9-13 and Appendix 9-1-2 of Chapter Nine of HUD’s Section 8 Renewal Policy Guide, and the RCS report was prepared in accordance with guidance in Chapter Nine. We understand that HUD/the Section 8 Contract Administrator (CA) and the project owner will use our estimate of market rents to determine: 1) the owner’s options for renewing the project’s Section 8 contracts; and 2) the maximum rents allowed under any renewal contracts. Additionally, as required by Section 9-14 of the Chapter Nine guidance, I compared the project’s median rent with HUD’s threshold and concluded that the project’s median rent is below the threshold, as shown on the following page. The subject property contains 40 units, all of which are covered by the HAP contract. The median falls on the average of Unit 20 and Unit 21 at $635. The median gross rent for the zip code is $807 with 140 percent of the median rent being $1,130. The median market rent concluded does not exceed 140 percent of the median gross rent for the subject property’s zip code, as can be seen on the following table: Property Townhouse Square Apartments County Mobile Zip 36617 Cumulative # Unit Type # of Units RCS Rent of Units 2/1 40 $635 40 Total # of Units 40 average of Unit 20 Median and Unit 21 Project's RCS-based median rent $635 HUD's Threshold: 140 percent of Median Gross Rent Estimate for Project's Zip Code $1,130 Test: Compare Project's Median Rent to Hud Threshold Below Should you have any questions or require more information, please contact me directly at the phone number listed on the previous page. Sincerely, Jeffrey L. Hansen Samuel T. Gill State Certified General Real Estate State Certified General Real Estate Appraiser Appraiser AL# G01189 AL# G-00548 TABLE OF CONTENTS TITLE PAGE LETTER OF TRANSMITTAL TABLE OF CONTENTS SCOPE OF WORK ............................................................................................................................................ 5 DESCRIPTION OF SUBJECT PROPERTY ............................................................................................................. 9 SUBJECT PHOTOS ......................................................................................................................................... 12 DEFINITION OF THE SUBJECT’S MARKET AREA ............................................................................................... 21 REGIONAL AND AREA DATA AND AREA MAPS ................................................................................................ 22 DESCRIPTION OF NEIGHBORHOOD .................................................................................................................. 27 HOW COMPARABLE PROPERTIES WERE SELECTED ........................................................................................ 29 LOCATOR MAP .............................................................................................................................................. 30 TWO-BEDROOM UNITS (700 SF) – AS IS ........................................................................................................ 31 RENT COMPARABLES .................................................................................................................................... 39 APPRAISER CERTIFICATION ........................................................................................................................... 49 CERTIFICATION.............................................................................................................................................. 50 EXHIBITS ....................................................................................................................................................... 51 APPRAISER LICENSE ..................................................................................................................................... 52 APPRAISER QUALIFICATIONS ......................................................................................................................... 54 LIMITED CONDITIONS AND ASSUMPTIONS ....................................................................................................... 60 UTILITY SCHEDULE ........................................................................................................................................ 66 FLOOD CERTIFICATE ..................................................................................................................................... 67 Gill Group Page 4 Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama Scope of Work The Scope of Work Rule requires us to gather and analyze information about those assignment elements that are necessary to properly identify the appraisal problem to be solved. According to the Standards Rule 1-2, identification of the problem to be solved requires us to identify the following assignment elements. • Client and any other intended users: The client for this appraisal assignment is Royal Management Company, Inc. The intended users of the report are Royal Management Company, Inc., U.S. Department of Housing and Urban Development (HUD) and/or its assigns. No other users are intended. • Intended use of the appraiser’s opinions and conclusions: The intended use of this appraisal assignment is to assist the intended user(s) to determine the market rental rates for the subject property “as is”. No other use is intended. • Effective date of the appraiser’s opinions and conclusions: The effective date of the rental estimate is May 16, 2019. • Subject of the assignment and its relevant characteristics: The subject property is an existing 40- unit apartment complex known as Townhouse Square Apartments. The subject is located on the north side of Wagner Street, west of Donald Street. Its physical address is 1966 Wagner Street. • Assignment conditions: Assignment conditions include assumptions, extraordinary assumptions, hypothetical conditions, supplemental standards, jurisdictional exceptions, and other conditions that affect the scope of work. The assumptions used in this appraisal assignment can be seen on the following pages. • An environmental audit was not provided. I am not qualified to complete an environmental audit. The stated opinion of rental rates is predicated on the assumption that no hazardous substances or conditions materially affect the subject property. • The Americans with Disabilities Act (ADA) became effective January 26, 1992. No specific compliance survey or analysis of the identified property has been made to determine whether it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property will not comply with one or more of the requirements of the Act. If so, this fact could have an adverse impact upon the value of the property. Since there is no direct evidence relating to this issue, it is assumed that no substantial immediate outlays will be mandated by governing authorities to meet ADA requirements. • The building improvements meet all governing codes, unless otherwise noted in this report. Gill Group Page 5 Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama An extraordinary assumption1 is defined as follows: An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information 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. An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions; • The appraiser has a reasonable basis for the extraordinary assumption; • Use of the extraordinary
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