ST16-01A-ES220217Food Mar Inc.
101 E Belt Line Road
Coppell,TX 75019
Feb 17, 2022
To: City of Coppell
Re: S Belt Line Road Reconstruction Project
Sidewalk Easement
Respected Sirs;
This is to respond to the City of Coppell, requesting to use part of the Food Mart Inc. property, located
At 101 E Belt Line Rd. Coppell Tx 75019,for S Belt line Rd Reconstruction Project,sidewalk Easement.
After some study and research, Food Mark Inc. has no issue,letting The City of Coppell,use part of the
land for the project,as long as the compensation is fair.
We inquired 3 to 4 property in a very close vicinity, which is for sale.You may/may not go by that.
We have appraisal, which is 3 year old. Today the appraisal is a lot higher
Therefore the compensation for this should be $ 30 per Square foot. Anything less than that
would be unfair.
Thank you very much for your understanding consic ration.
FOOD MART INC
Nasim Shakeeb
Prestonwood PropertyAnalysisAPPRAISAL REPORT A 991 So. FT. (NRA) SINGLE-TENANT CONVENIENCE STORE WITH FUELING SERVICE (CHEVRON) LoCATEDON 0.7019ACRE OF LAND 101 EAST BELT LINE ROAD COPPELL,DALLASCoUNTY,TEXAS75019PREPaREDFOR: Ms. TINA CHAO AMERICANFIRSTNATIONALBANK,N.AA.9999 BELLAIRE BLVD. HoUSTON,TX 77036Inspection Date: September 19, 2019 ReportDate:October14, 2019 PREPAREDBY: PRESTONWOOD PROPERTY ANALYSIS 6764 ORANGEWOOD DRIVE DALLAS,TEXAS75248FILE No. 2019-1920.AFNB
Improved Property Sales Summary $/SF to the land Age RBA IB Ratio OAR Location720 South Fleishel Avenue Sep-2017 Date Acres GIM 8.34 6.91%| 2.87 7.17%0.39 11.76|6.66%13.706.38%13.86$77.251976/2017 Tyler, TX 2 820 SouthBelt Line Road ,700 0.52 Aug-2018 $46.861982/2015 7.02 Iring,TX 3 9995HarwinDrive2,400Oct-2018$76.281994 14.01Houston,TX 1,17620100.38 4 131 LavonDriveApr-2019$43.7314.26Garland,TX 4,9021.60 Indicators AverageOverallRate (OAR)AverageGrossinc. Muliplier (GIM).78% 13.05Mean High Low RangeAdi SalesPricePer SF $61.03 $77.25 $43.73 77% Valuation via SalesComparison The preceding summary of salescomparables were considered the best available for meaningful analysis. Thereare various physical differences among the individual salesand the subjectproperty. The subject was built in 1988 and has 991 squarefeet of building improvements, as well as a 766 square foot ancillary building used for State Inspections. The four comparables vary in geographic locationthroughout the Texas area. The subject convenience store is 991 square feet and includesthe sales area, merchandise areas, checkoutcounter,restrooms, and storagearea.The propertyoverallis considered in good condition. The four comparables were built from 1976 to 2010. Althoughcare was taken in this sectionto select sales in which the business value or intangible business asset value was not part of the sale, we made some adjustments for businessvaluation, as well as furniture, fixtures and equipment (F F & E) when necessary. Land to BuildingRatio:Due to its unusually small buildingsize of 991 square feet, the subject has a correspondingly high land-to-building ratio of 30.85:1.The comparables range from 7.02:1 to 14.26:1and were adjusted downward significantly (between 10% and 20%) due to their inferiorland to buildingratioswhen comparedto the subject.-97-
LocationAdjustment: Due to offsetting conditions, Sales 1 and 4 are considered to be relatively similarto the subjectand requireno adjustment. toward and leavingfrom LBJ freeway.Sale 2 is somewhatremovedfrom that type of trafficpatternand was adjustedupwardby 20% in order to compensate. Conversely, Sale 3 is within an urban area of Houstonwith high development densityon an extremely busy corner and was adjusteddownwardsignificantly by 20% in order to compensate for its superiorlocationwhen comparedto the subject. The subjectbenefitsfrom commutertrafficcomingAge/ Condition Adjustment: The subjectwas built in 1988 and the original construction quality was very good. Upon inspection, the improvements were free of deferredmaintenance itemsand the condition was rated as good. However,Sales1, 2 and 4 are superior to the subjectin terms of age and/or condition and were adjusteddownwardby 10% each accordingly. Althoughconstructed in 1994, after thesubjectwas constructed, Sale 3 has weathered hurricane and floodingconditions in Houstonand was adjustedupwardby 10% to account for its inferiorcondition. Building Size: Buildingsizesof the comparables ranged from 1,176 square feet to 4,902squarefeet,whilethe subject's size is 991 squarefeet.However,sincewe are determiningthe valuebasedon the combination of valuefor building and site it is inappropriate to make an adjustment for the buildingsize of each comparable. 98 -
Adjustments are considered in the following grid:ImprovedSale Adjustment ChartLoc Age/CondSize -10%| -10%| Total Adj. SSF Base Price/SLTB -20% -20% -10% -10% $54.0 $77.25$46.86 $76.28 0% 0% -30% $42.17$61.02 0% -10%|-20% 20% 10% -10% 20% 0% $43.730% 0% 20% $34.98 Adjus ted ValuesPer Square Foot AverageAdjustedValue/SFAdjusted High Value/SF|Adjusted Low Value/SFPercent Difference $48.06$61.02$34.98 74% Unadjusted ValuesPer SquareFoot AverageUnadjusted Value/SFUnadjusted High Value/SF Unadjusted Low Value/SF PercentDifference $61. $77.25 $43.73 77% Prior to any physicaladjustments the sales data indicated a price range from $43.73 to $77.25 per square foot, with an averageof $61.03 per square foot of land area and a range of difference of about 77%. There were variousdifferences amongthe sales comparables as noted in the preceding adjustment grid. These includedvaryingdegreesof land-to-building ratio, location, building age and condition and size. Adjustments were made to the comparables for all differing factorswhichcouldbe reliablymade.The net adjustedpricerangewas from $34.98 per square foot to $61.02 per square foot, with an averageadjustedvalueper SF of $48.06 of land area and a varianceof about74%. Based upon the preceding, and considering the subjectpropertywithinthe overallmarket,itis our opinionthat the appropriate sales price per square foot (as appliedto the land) for the subjectpropertyis within the range of $40.00 per square foot to $45.00 per square foot with the equal weight given to all of the sales,resulting in the following: Land Area SE Rate/SFIndicated Value30,573$40.00$1,222,920, roundedto $1,225,000 X 30,573$45.00S1,375,785, roundedto $1,375,000 Say $1,300,000 .99.