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A P P R A I S A L R E P O R T O F :
15SouthMainStreetChambersburg,PA.17201
PREPAREDFOR:
Attn:PastorBowerman&TrusteesCentralPresbyterianChurch
40LincolnWayWestChambersburg,PA17201
Asof:May5,2015Preparedby:AushermanBros.RealEstate,Inc.
JohnD.Ausherman,SRAPAStateCertifiedGeneralRealEstateAppraiserDavidJ.Coletta,PAStateCertifiedResidentialRealEstateAppraiser
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TABLE OF CONTENTS
TITLE PAGE TABLE OF CONTENTS 2 LETTER OF TRANSMITTAL 3 SUMMARY
OF SALIENT FACTS 5 APPRAISAL SPECIFICS 6 APPRAISAL SCOPE 7 LIMITING
CONDITIONS & ASSUMPTIONS 9 AREA ANALYSIS 10 PROPERTY
DESCRIPTION 16
ASSESSMENT AND ZONING 22 HIGHEST AND BEST USE 24 VALUATION
METHODOLOGY 25 COST APPROACH TO VALUE 26 SALES APPROACH TO VALUE 27
INCOME APPROACH TO VALUE 36 RECONCILIATION AND FINAL ESTIMATE 40
CERTIFICATION STATEMENT 41 ADDENDA LEGAL DESCRIPTION TAX MAP FLOOD
MAP ENVIRONMENTAL ADDENDUM QUALIFICATIONS OF APPRAISER AND
CERTIFICATION
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Ausherman Bros. Real Estate Inc. 229 North Second Street
Chambersburg, PA 17201
www.aushermanbros.com 717-264-6715 717-264-4973
May 11, 2015 Central Presbyterian Church Attn: Pastor Bowerman
& Trustees
Re: 15 S. Main Street Chambersburg, PA 17201
To whom it may concern: Pursuant to your request, we have
prepared an appraisal for the above referenced property. The
purpose of this appraisal is to estimate the market value of the
subject propertys fee simple interest for internal review purposes,
as of May 5, 2015. This appraisal is intended for the use of the
client only. The summary report of a complete appraisal has been
completed in accordance with the Uniform Standards of Professional
Appraisal Practice (USPAP) and applicable Federal regulations. The
attached report details the scope of the appraisal, level of
reporting, definition of value, valuation methodology, and
pertinent data researched and analyzed in the development of this
appraisal. We certify that we have no present or contemplated
future interest in the property beyond this estimate of value. Your
attention is directed to the Limiting Conditions and Assumptions,
located on page 9. Acceptance of this report constitutes an
agreement with these conditions and assumptions.
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May 11, 2015 Page 2 In my opinion, the value of the subject
property, as of May 5, 2015, was as follows:
15 South Main Street $244,000
Respectfully submitted, Ausherman Bros. Real Estate Inc.
John D. Ausherman PA State Certified General Real Estate
Appraiser Certification #GA000148L
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Summary of Salient Facts
Subject Property: 15 South Main Street Chambersburg, PA
17201
Property Overview: Professional Office/ Bank Interest Appraised:
Fee Simple Interest
Highest and Best Use
As Improved: Commercial
Zoning: CC
Appraisal Effective Date: May 5, 2015
Cost Approach:
Not Developed
Sales Comparison Approach:
$ 244,000
Income Approach:
Reconciled Value:
$318,000
$ 244,000
THIS IS A SUMMARY APPRAISAL REPORT. This page is invalid as an
appraisal report if detached from the following detailed report
which contains 45 pages. This page nor any other section of this
report including addenda, may be removed from or used outside of
the full context of the report.
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Appraisal Purpose The purpose of this appraisal is to estimate
the market value of the subject property, as of May 5, 2015 to
establish an opinion of market value.
Intended Use The intended use of this report is to estimate the
market value of the subject property, in as is condition, as of May
5, 2015, for the Central Presbyterian Church, this report is not
being completed for financing purposes.
Intended User(s) This appraisal is intended the use of client
only, the Central Presbyterian Church.
Market Value Definition The term "market value" is defined as
"the most probable price in terms of money 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, 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:
A. Buyer and seller are typically motivated; B. Both parties are
well informed or well advised, and each acting in what he/she
considers
his/her own best interest; C. A reasonable time is allowed for
exposure in the open market; D. Payment is made in cash in U.S.
dollars or in terms of financial arrangements comparable
thereto; and; E. The price represents a normal consideration for
the property sold unaffected by special or
creative financing of sales concessions gained by anyone
associated with the sale."1
Five-Year Sale History Subject property has not transferred
within the previous five years. According to the Franklin County
Courthouse, the last recorded transfer was on July 26, 2000 for the
consideration of $425,000. This transaction is recorded in Franklin
County Deed Book 1538 page 174. A copy of the deed is included in
the addenda of this report.
Current Listing/Pending Contracts Local multi-list service notes
that the subject property is not currently listed nor under sales
contract agreement.
1 Title XI of FIRREA, 1989.
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Appraisal Scope According to the Uniform Standards of
Professional Appraisal Practice, it is the appraisers
responsibility to determine the appropriate scope of work. USPAP
defines the scope of work as:
The amount and type of information researched and the analysis
applied in an assignment. Scope of work includes, but is not
limited to, the following:
the degree to which the property is inspected or identified; the
extent of research into physical or economic factors that could
affect the property; the extent of data research; and the type and
extent of analysis applied to arrive at opinions or
conclusions.
SCOPE OF WORK
Appraisal Type: Summary Appraisal Report
Property Identification and Inspection:
The subject has been identified and inspected by the
appraiser(s) as follows:
Analysis of Physical Factors:
All pertinent physical factors were analyzed.
Analysis of Economic Factors:
All pertinent economic factors were analyzed.
The Extent of Data Research:
The appraiser(s) maintain a current and comprehensive database
of commercial sales and listings for the subjects market area. In
addition to market data developed in the course of previous
appraisal work and retained in the appraiser(s) work files, other
sources of information include: Courthouse MLS Property Owner
Property Inspection Where warranted, market data has been confirmed
by a party to the transaction, or other reliable source.
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The Type and Extent of Analysis:
Cost Approach: This approach is not applicable, nor necessary
and has not been developed. Sales Comparison Approach: This
approach is applicable, necessary and has been fully developed. In
this case, the income approach has been developed using data from
data provided by the current owner.
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Limiting Conditions and Assumptions Acceptance of and/or use of
this report constitutes acceptance of the following limiting
conditions and assumptions; these can only be modified by written
documents executed by both parties. This appraisal is to be used
only for the purpose stated herein. While distribution of this
appraisal in its entirety is at the discretion of the client,
individual sections shall not be distributed; this report is
intended to be used in whole and not in part. No part of this
appraisal, its value estimates or the identity of the firm or the
appraiser(s) may be communicated to the public through advertising,
public relations, media sales, or other media. All files, work
papers and documents developed in connection with this assignment
are the property of Ausherman Bros Real Estate Inc. Information,
estimates and opinions are verified where possible, but cannot be
guaranteed. Plans provided are intended to assist the client in
visualizing the property; no other use of these plans is intended
or permitted. No hidden or unapparent conditions of the property,
subsoil or structure, which would make the property more or less
valuable, were discovered by the appraiser(s) or made known to the
appraiser(s). No responsibility is assumed for such conditions or
engineering necessary to discover them. Unless otherwise stated,
this limited appraisal assumes there is no existence of hazardous
materials or conditions, in any form, on or near the subject
property. Unless stated herein, the property is assumed to be
outside of areas where flood hazard insurance is mandatory. Maps
used by public and private agencies to determine these areas are
limited with respect to accuracy. Due diligence has been exercised
in interpreting these maps, but no responsibility is assumed for
misinterpretation. Good title, free of liens, encumbrances and
special assessments is assumed. No responsibility is assumed for
matters of a legal nature. Necessary licenses, permits, consents,
legislative or administrative authority from any local, state or
Federal government or private entity are assumed to be in place or
reasonably obtainable. It is assumed there are no zoning
violations, encroachments, easements or other restrictions which
would affect the subject property, unless otherwise stated. The
appraiser(s) are not required to give testimony in Court in
connection with this limited appraisal. If the appraisers are
subpoenaed pursuant to a court order, the client agrees to pay the
appraiser(s) our regular per diem rate plus expenses. Appraisals
are based on the data available at the time the assignment is
completed. Amendments/modifications to limited appraisals based on
new information made available after the limited appraisal was
completed will be made, as soon as reasonably possible, for an
additional fee.
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AREA ANALYSIS OVERVIEW Franklin County was founded in 1784 by
Benjamin Chambers, and named in honor of Benjamin Franklin. The
county encompasses an area of 754 square miles. Located in the
south-central section of Pennsylvania, the county is comprised of
seven boroughs and fifteen townships. The boroughs include
Chambersburg (the county seat), Waynesboro, Greencastle,
Shippensburg, Mercersburg, Orrstown, and Mont Alto. The townships
include Antrim, Fannett, Greene, Guilford, Hamilton, Letterkenny,
Lurgan, Metal, Montgomery, Peters, Quincy, St. Thomas, Southampton,
Warren, and Washington.
LOCATION The south-central region lies north of the
Pennsylvania-Maryland border known as the Mason-Dixon Line, south
of Cumberland County, west of Adams County, and east of Fulton
County. The area is located at the edge of the Washington-Baltimore
Metropolitan area, near the hub of interstate highways,
Pennsylvania Turnpike, and state/federal highways. U. S. Route 30,
which runs east/west, and U.S. Route 11 running north/south flow
through the county and intersect in the downtown Chambersburg
commercial area. Interstate 81, which parallels U.S. Route 11,
provides three easy off/on ramps. The Pennsylvania Turnpike is a
distance of approximately 20 miles. Interstate 70 running east/west
parallels U.S. Route 40 and flows through Hagerstown, Maryland, a
distance to the south of 30 miles. The area is located
approximately 154 miles from Pittsburgh, 238 miles from New York,
140 miles from Philadelphia, 76 miles from Baltimore, 94 miles from
Washington, D.C. and 380 miles from Detroit.
CLIMATE Typical of continental moist climates, the area
experiences moderate weather. The average annual temperature is 51F
with summer average temperatures in July of 75F and winter average
temperatures in January of 32F. Normal annual rainfall is 42 inches
and the crop-growing season extends from May through October.
TRANSPORTATION The area is conveniently located to rail, air
freight and trucking terminals. Harrisburg International Airport is
55 miles from Chambersburg while Washington Country Regional
Airport is 30 miles. Both provide air parcel and cargo service to
major airports. Trucking firms with major terminals are located in
Hagerstown, Greencastle, Shippensburg, Chambersburg and Carlisle;
all within 15-30 minutes driving time. ConRail, CSX Transportation,
Inc. and Maryland Midland Railway, Inc. service rail transportation
with freight offices just outside Chambersburg. Norfolk Southern
operates a regional intermodal terminal just off exit 3 of I-81,
while CSX operates an intermodal terminal at exit 14, of I-81.
Pennsylvania & Southern Rail operates a short line service
within the Cumberland Valley Business Park while the Railroad
Associates Corporation (TRAC) operates a short line service within
the Chambers-5 Business Park. One-third of the major U.S. markets
in the
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Northeast, Midwest, and South can be reached within one-to-two
days travel time using the trucking industries available or the
rail network system.
LAND USE The land use within Franklin County is governed in most
cases by local zoning regulations. Land use in townships without
zoning laws, is controlled by deed restrictions. Land use covers a
wide range of allowable codes such as residential, commercial, and
light/heavy manufacturing.
POPULATION The population of Franklin County is experiencing
growth as illustrated by the Census data shown below:
1950 Population 75,927
1960 Population 88,172
1970 Population 100,833
1980 Population 113,629
1990 Population 121,082
2000 Population 129,313
2005 Population 137,409
2010 Population 149,618
The most recent data available indicates that from 2000 to 2010,
the population increased by 15.7%. The majority of this growth has
been realized in Greene Township with 36% increase, Southampton
Township with 30.1%, Montgomery Township with 23.5%, Washington
Township with 21.1%, and Hamilton Township with 20.5%.
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Population Growth Franklin County
149,618
121,082
113,629
100,833
88,172
75,927
129,313
0 50,000 100,000 150,000 200,000
Yr 1950
Yr 1960
Yr 1970
Yr 1980
Yr 1990
Yr 2000
Yr 2010
# of People
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HOUSING Styles of housing within the county are diverse and
prices are below the national average. Housing supply has increased
significantly during the past five years with new single family
residential developments established in most areas of the county.
According to statistics provided by the local Multi-List Service,
the average sales price for single family homes sold in 2007 that
were located in Franklin County was $201,205. The average sale
price for single family homes in Franklin County decreased during
2006 to 2007 by a factor of 2.46%. While in 2008 the average sales
price for single family homes sold and located in Franklin County
was $188,582. In other words, the average sale price for single
family homes in Franklin County decreased during 2007 to 2008 by a
factor of 6.27%, then from 2008 to 2009, the average sale price for
single family homes in Franklin County decreased by 7.65%. When
comparing 2010 to 2009 the decrease was 4.59%. The year end for
2011 shows the average sale price for single family homes in
Franklin County at $156,693. Thus, indicating that the average sale
price for singe family homes in Franklin County decreased 5.79%
when comparing 2011 to 2010. The most current end-year figures for
2012 reflects the average sale price for single family homes in
Franklin County to be $159,314; for a slight increase of 1.67% when
comparing the past two years. According to an article published in
The Herald-Mail newspaper on February 26, 2012 only 179 new
construction home building permits were issued for 2011 by the
Franklin County Planning Department. Updated information through
the Public Opinion newspaper indicates that 154 new construction
home building permits were issued for 2012. The following chart
illustrates the number of housing starts over the past thirteen
years.
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EDUCATION Educational opportunities in Franklin County begin
with numerous pre-school facilities operated by private companies,
the local YMCA, and by many local churches. In addition, there is
an operating Montessori school in Chambersburg. The public school
districts consistently score above national and state averages on
standardized tests. Over half of the graduates continue their
schooling at college or technical schools. The Franklin County Area
Vocational Technical School offers 25 three-year programs and
provides on-the-job training opportunities at businesses and
industries. Franklin County also has a center for learning disabled
people. In addition, there are several church sponsored schools
having kindergarten through twelfth grade classes. The Mercersburg
Academy is a private preparatory school, which offers classes for
grades 9-12. The Franklin County area has three excellent colleges
and universities. Wilson College in Chambersburg is a private,
liberal arts college committed to educating women. However, a
Continuing Ed Studies Division offers degree, intern programs,
certificate and professional development courses to both men and
women. The college recently voted to open the school to males for
full enrollment beginning with the class of 2014. The Pennsylvania
State University offers degree programs, graduate courses and
professional development at its campus in Mont Alto. The largest
college level facility is Shippensburg University, which maintains
an enrollment of over 8,000 students. The university offers 75
undergraduate degrees, 8 pre-professional programs, 17 post
graduate programs, and 3 post masters degree programs.
EMPLOYMENT The areas diversified terrain with topography ranging
from level and gently rolling to steeply sloping mountains has
provided a mainstay for agriculture, as well as, industrial and
manufacturing opportunities. The largest concentrations of
employment are in machinery, printing and publishing, food
products, lumber, wood, leather, stone-clay glass products and
transportation equipment. Letterkenny Army Depot is the largest
employer with an approximate workforce of 4300. Major employers in
Franklin County include Summit Health (2,800), Manitowoc Crane
Group (2000), Chambersburg Area School District (1,040), Franklin
County Government (940), Volvo Construction Equipment (800), Food
Lion (625), Target Distribution Center (600), Johnson
Controls/Frick Co (620), Waynesboro School District (510), Martins
Famous Pastry Shoppe (480), World Kitchens (400), Ventura Foods
(400), TB Woods (320), Tyco (300)2. Several new industries have
opened during the past few years; some of these include Bri-Mar
Mfg, MFG Properties (manufacturer of road machinery parts), Nursery
Supplies Inc., TBJ Industries, Olympic Steel, and several
distribution plants such as K-Mart and Ulta. The area has shown
recent growth with the opening of new motels, restaurants, and
retail stores.
Agriculture remains a stable base in the local economy with a
yield of more than $165 million annually. The Dairy industry
represents $94 million in yearly receipts. Local farmers have a
strong work ethic and maintain up-to-date technology. Local
orchards produce apple and peach crop yields that rank second in
the state.
__________________ 2 Data extracted from Herald Mail, June 6,
2011.
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The labor poll has a diversified workforce that is productive,
dependable and experiences very few strikes or work stoppages.
Traditionally, the unemployment rate for the county is lower than
the state average. During the past ten years, the Franklin County
annual average unemployment rate has fluctuated from a high of 8.2%
in 2009 to a low of 3.2% in 2006. The March 2013 unemployment rate
for Franklin County was 6.5% which is higher than the February 2013
rate of 6.4%. The state unemployment rate in March 2013 was 7.7%
while the United States rate was 7.6%. The chart on the following
page illustrates the average annual unemployment rate for the past
eleven years. Unemployment rates are misleading because many
builders are self-employed independent contractors who do not draw
unemployment compensation. With the downturn in the new housing
market many contractors are out of work.
REGIONAL DEVELOPMENT The Franklin County region has experienced
residential and commercial development. Some of the larger projects
are as follows:
New residential housing developments are located in Antrim,
Greene, Guilford and Washington Townships, as well as, Chambersburg
and Waynesboro Boroughs. These consist of single-family homes,
townhouses, and complexes geared toward senior citizens. Whitetail
Ski Resort has developed a townhouse complex and multi-story
condominiums; a golf course has been added.
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Chambers 5 Business Park Located just off I-81 at exit 14, the
park contains 250 acres, and is zoned heavy industrial. Some of the
sites have dual rail access and I-81 visibility. The Borough of
Chambersburg furnishes all utilities. The major industries are:
Ventura Foods, Nursery Supplies, Gates Rubber Co., Chambersburg
Cold Storage, Olson and Olson, Olympic Steel, Hirschmann
Headquarters, and several warehouse/distribution facilities. During
1998, Chambersburg Area Development Corp. (CADC) purchased
approximately 45 acres of adjoining land to enlarge the park. Both
the Franklin County Area Development Corporation (FCADC) and CADC
are actively pursuing new businesses. Kmart, Ingram Books, and
Target have constructed large distribution centers.
Continued growth is expected as the Gateway Center opened and
land along Walker Road sold for commercial development purposes.
The following is a portion of the recent or planned development:
Interstate 81's Exit 17 opened and Norland Avenue was extended to
connect the I-81 exit 17 to U.S. 11 in Chambersburg's north end. F
& M Trust Co., M&T Bank, Tower Bank, branches opened along
Norland Ave. The former Gabler farm west of Interstate 81 between
Exit 16, U.S. 30, and Exit 17 has experienced significant growth
during the past six years. The latest businesses would be adjacent
to the Gateway Center on Walker Road. Anticipated commercial
developments in the Gabler tract total more than $22 million:
Wolfes Furniture, Future Vision, and several eateries including
Brusters Ice Cream, Fuddruckers, Quiznos, Red Robin, and TGI
Fridays have opened since fall of 2006. Crest Ford opened a new
dealership on 4.4 acres at the corner of Walker Road and Gateway in
2005. A 70 room Country Inn and Suites at Beddington Blvd and
Walker Road is open. Chambersburg Crossing at Norland Ave and
Walker Road includes a Kohls Michaels, PetSmart, Giant, Target,
Sonic, and Sheetz. The shopping center has 419,000 sq ft; Target
opened in March 2007 followed by Giant in July. Several other small
businesses opened in the strip center along with a Panera Bread
Company eatery. Chipolte opened a restaurant as a pad site in the
area of Kohls in February 2013. The extension of Norland Avenue
joins existing professional and medical offices at Fifth Avenue to
Walker Road, Exit 17 and the current commercial development.
Jennings Auto Dealership constructed a new showroom/dealership at
the corner of Gateway and Norland Avenues. A Maryland developer has
built a shopping center across the street from Chambersburg
Crossing on Norland Avenue. The site encompasses 15.5 acres from
Gateway Avenue to Walker Road along Norland Avenue. This part of
the development is to be known as On the Avenue @ Chambersburg. The
first phase is to include the LongHorn Steakhouse, Olive Garden,
and Texas Roadhouse; which opened in the fall of 2012. Other plans
include two retail anchors, and eight storefronts. Additional
growth is underway on the south section of Chambersburg between
Country Road and Kriner Road. In fact, CSX has built a new
rail-truck yard that encompasses a 114 acre terminal. This will
increase the CSX rail-truck network permitting containers the size
of trailers to be unloaded from trains and then hauled by trucks. A
study completed by HDR/HLB Decision Economics Inc., Silver Spring,
Maryland estimated that initially the terminal will employ 35
people, but by 2017 the rail-truck yard will be responsible for
1,500 to 5,000 additional jobs along
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the Interstate 81 corridor (United Transportation Union,
4-10-07, from Chambersburg Public Opinion report). In Greencastle,
Antrim Commons Business Park located west of US 11 off Commerce
Avenue, is a 4 million square foot industrial park. The park is
owned by Atapco Properties, Inc of Baltimore, MD. Once the park is
completed, it is anticipated that at least 2,000 new jobs will be
offered. The park is a mixture of office space, retail, light
commercial, and industrial uses. Armada Supply Chain Solutions
began construction of a 400,000 square foot facility. This company
is based in Pittsburgh, PA and provides supply chain management for
food service and restaurant industries. In January 2013, a company
based in the United Kingdom purchased 1.8 acres of land in the
Antrim Commons Business Park in order to build a new 12,000 square
foot plant. The company known as Gate 7, Ltd supplies construction,
industrial, and agricultural based industries with decals and print
supplies. The plant is expected to be operational by the end of
July. Two of the major customers of this company are Manitowoc
Cranes and Volvo. On April 3, 2013, Waynesboro Hospital officials
announced that an expansion of the hospital with a projected cost
of $15 million was actively being pursued. The expansion will
provide space for physicians and an urgent care center. The
officials have requested help from the Waynesboro Borough Council
in obtaining a Redevelopment Assistance Capital Program grant of
$6.7 million towards the project. On April 9, 2013, Franklin County
Area Development Corporation (FCADC) announced that an India-based
manufacturer of hydraulic cylinders plans to open a facility at
1101 Sheffler Drive (the former Olson & Olson facility). The
new company, Wipro Infrastructure Engineering manufacturers of
cylinders used in material and cargo handling, construction and
earth-moving, agriculture, and mining equipment. It is a major
supplier to Volvo Construction Equipment in Shippensburg, which
just opened its $100 million expansion in March 2013. The total
project cost is approximately $11.7 million, which includes the
FCADC building purchase of $1.675 million. The new company will
create approximately 74 jobs.
In late 2014, it was announced that Dicks Sporting Goods, Petco,
and TJ Maxx are coming to the Franklin Center shopping plaza on
Lincoln Way East in Chambersburg.
CONCLUSION Generally speaking, the economy of the area, because
of its wide array of industries coupled with the agricultural base,
had been stable during the majority of the past decade. The most
recent unemployment rate data has Franklin County at 4.45
preliminary December 2014, which is below previous years, yet the
real estate market has continued to be slow and there are few new
homes are under construction. The economic forecast still appears
to be stable.
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Property Description
SITE Site Size: The subject property consists of parcel
05-1C57.-042. According to
the most current deed this parcel contains 0.26 ac.
Site Shape: Rectangular
Site Topography: At street grade, nearly level
Road Frontage/Access: The subject property has road frontage
along South Main Street. This provides ample ingress and
egress.
Flood Zone: The subject is located in an area mapped by the
Federal Emergency
Management Agency (FEMA). The subject property is not located in
a flood hazard zone. FEMA Map No.: 42055C0291E FEMA Map Date:
January 18, 2012 FEMA Zone Classification: C
Easements/ Encroachments:
No adverse encroachments were observed on or around the subject
property at the time of inspection.
Site Comments: The subject property site is improved with the
building, there is no off street parking.
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Improvements Property Type: Professional Office/ Bank
Description: The subject property consists of a brick exterior
building, originally
built in 1864. The overall current condition of the property is
considered average/ fair. The effective age of the property is
considered as 30 years old. Building contains approximately 9,811
square feet. There are double pane windows with storms,
down-spouting and gutters to direct rainwater away from the
foundation. There is a full basement. The front section of the
building is currently utilized as a full service banking facility.
There is an entrance lobby, reception area, several small offices,
teller area, and two vaults. There are plaster walls. Carpet and
marble floors. The rear of the first floor has an employee lounge,
additional offices, an office suite, conference room and two half
baths. The rear area appears dated and does not appear to be
utilized at this time. There is a basement has concrete, brick and
stone walls making up the foundation. There are concrete and tie
floors in the basement. There is ample storage in the basement
area, however there is evidence of dampness and water infiltration.
There are restrooms in disrepair. The HVAC is a gas steam heat
boiler and there is central air conditioning to this building. The
second floor has a large conference room, as well as several
offices, two of them quite large. There are plaster walls, carpet
and tile flooring and again, several examples of deferred
maintenance. Reference can be made to the accompanying photographic
addenda. The second floor is dated. Overall the building is
considered to be of average quality and in average to fair
condition as deferred maintenance is evident throughout. .
Foundation/Basement: The subject property building is
constructed on a stone, brick and
concrete foundation.
Exterior: Previously noted.
Roof: Membrane and shingle, however the appraiser has no
knowledge of the condition of said roof as it is not visible from
ground level .
MECHANICAL SYSTEMS Heating/HVAC: Previously noted.
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Electrical Systems: The subject property has adequate electrical
systems.
SITE IMPROVEMENTS Parking: None
Fencing: There is no perimeter fencing.
Drainage:
Appears adequate
Landscaping:
None
PROPERTY ANALYSIS
The subject property is located within an area that has
commercial, multi-family residential and office properties. The
subjects location is suitable for a downtown commercial mixed use
due to the Main Street, Chambersburg Borough location. The property
layout and design are considered average with an average appeal to
the market. Adequate ingress/egress to the subject property would
be accommodating. Overall, due to the location and property layout
or design, the subjects highest and best use is as the current use
for use as a Professional Office building. .
Functional Utility: Average
Design & Appeal: Average
Highest and Best Use: Professional Offices
The term Highest and Best Use is defined as that use which at
the time of the appraisal is most likely to produce the greatest
return to the property over a given period of time and,
consequently, indicates the highest present value. The highest and
best use of a property is that use which will create the greatest
utility for the land, be it in profit or in amenities, and that
which is permitted by the local municipal or township authorities,
and that which would not be unduly objectionable to the character
of the general neighborhood development. In estimating the highest
and best use, there are essentially three states of analysis: A.
Possible Use - uses to which it is physically possible to put the
site in question. B. Permissible use - legal uses permitted by
zoning and restrictions. C. Feasible use - possible and permissible
uses that will produce the highest net return, or present worth.
Based on the foregoing, it is my opinion that the highest and best
use of the subject property is as a Professional Office
building.
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Subject Photographs
Subject Building Front
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Subject Rear
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Assessment & Taxes
Tax Parcel ID# 05-1C57.-042 Tax Year: 2015
Assessed Value Land 49,550 Assessed Value Improvements:
129,730
Total Assessed Value: 179,280 Tax Rate: 0.14632
Real Estate Taxes: $26,232.25 Equalization Ratio: 6.90
Implied Market Value $1,237,032
Assessment Analysis Equalization ratio is based on the 2014
common level ratio for Franklin County developed by the
Pennsylvania Department of Revenue and is applicable from July 1,
2014 through June 30, 2015. Based upon the assessment data obtained
the implied market value: $1,237,032.
Zoning Analysis
District: CC (Central Core) Conforming: The Current use is a
conforming use.
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24
Highest and Best Use Highest and best use may be defined as:
the reasonably probable and legal use of vacant land or improved
property, which is physically
possible, appropriately supported, financially feasible, and
that results in the highest value.2
Permissible Use. What uses are permitted by zoning and other
legal restrictions?
Possible Use. To what use is the site physically adaptable?
Feasible Use. Which possible and permissible use will produce
any net return to the owner
of the site?
Maximally Productive. Among the feasible uses which use will
produce the highest net return, (i.e., the highest present
worth)?
Highest and Best Use As Improved After reviewing the property, I
have determined the highest and best use would be for current use
as a Mixed Use.
2 The Appraisal of Real Estate 11th Edition, Page 297, Appraisal
Institute
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25
Valuation Methodology Three basic approaches may be used to
arrive at an estimate of market value. They are:
The Cost Approach The Income Approach The Sales Comparison
Approach
This appraisal includes the following:
Cost Approach: This approach is not applicable, nor necessary-
due to the age and condition of the improvements, and the lack of
second and third floor inspection, and has not been developed.
Sales Comparison Approach: This approach is applicable,
necessary and has been developed to the extent that available sales
data allows. The appraiser could not locate any truly comparable
sales of properties improved with multiple buildings such as the
subject property.
Income Approach: In this case, the income approach has been
developed utilizing data from the previous report.
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26
Cost Approach The Cost Approach is based on the principle of
substitution - that a prudent and rational person would pay no more
for a property than the cost to construct a similar and competitive
property, assuming no undue delay in the process. The Cost Approach
tends to set the upper limit of value before depreciation is
considered. This approach in the valuation process has been
considered but deemed not applicable due to the age and condition
of the improvements, and the fact this report relies on exterior
only inspection, per client request, and has not been developed.
.
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27
Sales Comparison Approach The Sales Comparison Approach is based
on the premise that a buyer would pay no more for a specific
property than the cost of obtaining a property with the same
quality, utility, and perceived benefits of ownership. It is based
on the principals of supply and demand, balance, substitution and
externalities. The following steps describe the applied process of
the Sales Comparison Approach.
1. The market in which the subject property competes is
investigated; comparable sales, contracts for sale and current
offerings are reviewed.
2. The most pertinent data is further analyzed and the quality
of the transaction is determined.
3. The most meaningful unit of value for the subject property is
determined.
4. Each comparable sale is analyzed and where appropriate,
adjusted to equate with the subject
property.
5. The value indication of each comparable sale is analyzed and
the data reconciled for a final indication of value via the Sales
Comparison Approach.
We have researched and analyzed 3 comparables to analyze in this
approach. All sales have been researched through numerous sources,
inspected and verified by a party to the transaction.
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28
COMPARABLE SALE NO. 1
GRANTOR: Citizens National Bank
GRANTEE: Life Center Church
LOCATION: 35-41 North Carlisle Street, Greencastle Borough,
Franklin County
Greencastle, PA 17225
PARCEL NO.: 08-2B21-084, 08-2B21-085, 08-2B21-086, &
08-2B21-096
DATE: January 31, 2013
DEED REFERENCE: Franklin County Deed Instrument 2013-04133
CONSIDERATION: $450,000
SITE SIZE: 1.17 acres
DESCRIPTION: This property was previously used as a financial
operations building. The property was purchased to be used as a
religious place of worship. The building has multiple private
offices and conference rooms. The building is of masonry
construction with a brick exterior. The building was constructed
1956 and an addition was added in 1966. There is 16,022 square feet
of building area. At the time of sale approximately 3,100 square
feet of the building was being leased for an attorneys office. The
property has three carports and over half of an acre of paving. The
building has unfinished areas on the second floor above the old
office area. Sold for $28.09 per square foot.
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29
COMPARABLE SALE NO. 2
GRANTOR: Susquehanna Bank
GRANTEE: Hagers5, LLC
LOCATION: 55-59 W. Washington Street,
Hagerstown, MD 21740
PARCEL NO.: 030600002248
DATE: 11/14/2012
DEED REFERENCE: Washington County Deed Book 4404 page 455
CONSIDERATION: $285,000
SITE SIZE: 19,166 sq ft.
DESCRIPTION: This property was previously used as a branch bank.
The building has several private offices and conference rooms. The
building was constructed ~1967 and contains approximately 11,456 sq
ft. Sold for $24.87 per square foot.
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30
COMPARABLE SALE NO. 3
GRANTOR: Caledonia Gettysburg.
GRANTEE: Lin Son Wang & Yu Ying
LOCATION: 44 S. Franklin St Gettysburg, Adams County, PA
PARCEL NO.: 01-16010-0012A--00
DATE: 02/21/2013
CONSIDERATION: $280,000
SITE SIZE: 13,939 sf
DESCRIPTION: Built in ~1972, this building has 6,664 sf GBA,
masonry exterior. This office building is noted to have two floors.
Second floor was vacant at time of sale. Average location. Sold for
$42.02 per square foot land inclusive.
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31
Analysis Grid The above sales have been analyzed and compared
with the subject property. We have considered adjustments in the
areas of:
Property Rights Sold Financing Conditions of Sale
Economic Trends (time) Location Physical Characteristics
On the following page is a sales comparison grid displaying the
subject property, the comparables and the adjustments applied.
-
32
Indicated Value: $243,920 Rounded to: $244,000
Element Subject Comp #1 Comp #2 Comp #3 Address 19-23 S. Main
.
Chambersburg 35-41 N.Carlisle Greencastle
55-59 W. Washington Hagerstown
44 S. Franklin Gettysburg
Sales Price
$450,000 $285,000 $280,000
Price/Sq Ft
$28.09 $ 24.87 $42.02
Source
Inspection Deed Transfer Deed Transfer Deed Transfer
Financing
Conventional Conventional Conventional
Sale Date
01/31/2013 11/14/2012
02/21/2013
Location
Average Average Average Average
Site Size
0.25 ac. 1.17 ac -36,800
0.44 acres -7,600
0.32 ac. 0
Const. Quality Average
Average
Average
Average
Building Size
9,811 sq ft
16,022 sq ft -124,220
11,456 sq ft -33,480
6,664 sq ft +62,940
Condition
Avg./ Fair Avg./ Fair Avg./ Fair Good -50,000
Other Basement Basement Basement Basement
Net Adjustment
-161,020
-41,080
+12,940
Indicated Value
$288,980
$243,920
$292,940
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33
Adjustment Notes
No Conditions of Sale No adjustments were required for condition
of sale.
Economic Trends No adjustments were required for economic
trends.
Date Of Sale No adjustments were required for date of sale.
Location No location adjustments were required..
Site Size Site size adjustment applied to all sales.
Design No adjustment was required.
Building Size Size adjustments were utilized to make the
comparable sales the same size as the subject at a rate indicated
by current market trends. The building size adjustments were made
on a $20 per square foot basis.
Condition A condition adjustment was required for comparable
sale #3 as it is noted to have been in good condition at the time
of the sale.
Other No adjustment was required..
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34
Sales Comparison Approach Conclusion
In the completion of this approach to value, the appraiser has
spoken with local Realtors and property managers and notes what
appears to be an extended marketing time for properties such as the
subject. The most likely buyer for such a property would be an
investor. Based on the preceding analysis, we have reconciled to a
value of $244,000, as of May 5, 2015 , subject to the Limiting
Conditions and Assumptions of this appraisal. Most weight has been
given to sales #1 & #2 as they are both former bank buildings.
Appraiser also noted the sale of the former Grand Piano building
located at 20 West Washington Street, Hagerstown, MD. This building
had several office suites at the time of the sale and was in
similar condition. This 34,220 square foot building sold for
$600,000 or $17.53 per square foot, November 13, 2013.
-
35
INCOME APPROACH TO VALUE This procedure in the appraisal
analysis converts anticipated benefits (dollar income or amenities)
to be derived from the ownership of property into a value estimate.
The income is based upon monies received in the form of rental
payments for use of the building. The income approach is widely
applied in appraising income-producing properties. Anticipated
future income and/or reversions are discounted to a present worth
figure through the capitalization process. In the completion of the
report, the appraiser relied on actual expense and income
information provided by the borrower and the following projected
income statement was developed.
-
36
PROJECTED INCOME STATEMENT Annual Gross Income $62,074 Less 5%
vacancy and collection loss - 3,104 Effective Gross Income Per Year
$58,970 Less Estimated Expenses: Taxes $ 26,232 Management Fee $
6,207 Total Expenses and Replacement Reserves: $ 32,439 Net
Operating Income: $26,531 *No replacement reserves were calculated
as the appraiser was unable to view the entirety of the property.
The income figures were obtained from the church offices, expenses
were noted to be taken care of by the tenant..
-
37
INCOME STUDY The Income Approach considers the estimated income
of the property, making due allowance for expenses incurred in the
operation and capitalizing the net income which would represent an
attractive yield to an investor. I have examined the monthly
projection of rentals and feel that they reflect the market in its
current state. A review has been made of the current interest rates
being charged by local lending institutions such as Orrstown Bank,
and F&M Trust and I have determined that the current interest
rates would be 4.5% to 5.0. Taking a long look at the market, I
have set forth a possibility of 5.0% as a projected interest rate
at 80% of the value for a term of 20 years. I consider that an
investor contributing the balance of 20% would be attracted to an
investment with a return of 10% resulting in an overall rate of
.083356% as follows: Mortgage Rate 5.0% Loan Term 20 years Loan to
value Ratio 80 % Portion Rate Weighted (Constant) Rate Mortgage .80
X .079195 = .063356 Equity .20 X .0100 = .020000 Overall Rate
.083356 Projected Net Income of $26,531 capitalized at .083356 =
$318,285.42 Rounded to: $ 318,000.00 COMMENTS ON INCOME APPROACH In
the Income Approach, the appraiser viewed the subject property as a
potential investment for an investor. The appraiser utilized client
provided income/ expense figures.
-
38
Final Reconciliation The process of reconciliation involves the
analysis of each approach to value. The quality of data applied the
significance of each approach as it relates to market behavior and
defensibility of each approach are considered and weighed. In this
appraisal, three approaches to value were considered. Each approach
has been considered separately and comparatively with each
other.
Value Indications Cost Approach .
Sales Comparison Approach ... Income Approach..
Not developed $244,000 $318,000
Cost Approach The Cost Approach is based on the principle of
substitution - that a prudent and rational person would pay no more
for a property than the cost to construct a similar and competitive
property, assuming no undue delay in the process. The Cost Approach
tends to set the upper limit of value before depreciation is
considered. This approach in the valuation process has been
considered but deemed not applicable due to the age and condition
of the improvements, and the fact this report relies on exterior
only inspection, per client request, and has not been
developed.
Sales Comparison Approach In the Sales Comparison Approach, the
Appraiser researched sales over the past three years that would be
considered comparable to the subject property and through a series
of plus and minus to the comparable sales, arrived at the indicated
value. Typically this approach best represents the action of buyers
and sellers in the market place and is given the most weight.
Income Approach The Income Approach best portrays the value for
income producing properties and is developed on an income/expense
basis. This approach is developed based on income and expense
information provided by the client. .
Value Conclusion There based on the data and analyses developed
in this appraisal, we have reconciled to a value estimate of
$244,000 as of May 5, 2015, subject to the Limiting Conditions and
Assumptions of this appraisal and based on exterior only
inspection. Based upon the current market statistics, it is this
appraisers opinion that the subject property would require a
marketing time of approximately 100- 400 days marketing time to
sell if listed for sale at the indicated value.
-
39
Certification Statement 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,
unbiased professional analyses, opinions and conclusions.
I have no present or contemplated future interest in the
property that is the subject of this report, and I have no personal
interest or bias with respect to the parties involved.
My compensation is not contingent upon the reporting of a
predetermined value or direction in value that favors the cause of
the client, the amount of the value estimate, the attainment of a
stipulated result, or the occurrence of a subsequent event.
My analyses, opinions, and conclusions were developed and this
report has been prepared in conformity with the Uniform Standards
of Professional Appraisal Practice (USPAP).
I have made a personal inspection of the property that is the
subject of this report. No one provided significant professional
assistance to me in the development of the
conclusions contained in this report. The Appraiser has
established sufficient competence to appraise this property
through
education and experience, in addition to the internal resources
of the appraisal firm. My value conclusion and other opinions
expressed herein are not based on a requested
minimum value, a specific value or approval of a loan.
John D. Ausherman, SRA
I hereby acknowledge the assistance of David Coletta, State
Certified Residential Appraiser, in the collection, interpretation
and reconciliation of the data used in this report
David J. Coletta, State Certified Residential Appraiser
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40
Serving all of Franklin County since 1935
Ausherman Bros. Real Estate Inc.
229 North Second Street Chambersburg, PA. 17201-1641
717-264-6715 FAX 717-264-4973 Federal Tax #25-1552788
www.aushermanbros.com
QUALIFICATIONS OF JOHN D. AUSHERMAN
John D. Ausherman has been engaged in the general real estate
practice since 1977. He is experienced in the sale, management, and
appraisal of real estate. He obtained his Pennsylvania State
General Real Estate Appraiser Certification in 1991. He is
qualified as an expert witness for Federal Bankruptcy Court and
Assessment Appeals. The following represents a partial list of
appraisal clients serviced by Mr. Ausherman: - First Mariner
Mortgage Co. - M&T Bank - Metlife Home Loans - F & M Trust
Co. - Chase Manhattan Mortgage - Patriot Federal Credit Union -
Orrstown Bank - Adams Co. Natl Bank - Flagstar Approved Appraiser -
Sovereign Bank - ERA Home Loans - First Home Mortgage - Well Fargo
Mortgage Co. - FHA Certified Fee Appraiser - American Home Bank -
AgChoice Farm Credit - PCV / Murcor - Susquehanna Bank - Bank of
America - 1st American Equity - Hagerstown Trust Co. - First
Community Bank of Mercersburg - BB&T Bank - United States Dept.
of Agriculture, Rural Dev. - USAA - Veterans Administration (Panel
Member) - iMortgage Services (Since 1986) - Huntington Natl Bank -
Community Bank of Orbisonia - Northwest Savings Bank
EARNED DESIGNATIONS ASA - Accredited Senior Appraiser
Designation 1989 SRA - Senior Residential Appraiser Designation
1994
-
41
EDUCATIONAL COURSES Risky Business: Ways to Minimize Your
Liability, December 2014 Business Practices and Ethics, December
2014 Mortgage Fraud-Protect Yourself, December 2014 Review of Court
Decisions on Valuations Lessons Learned, November 2014
Supervisor-Trainee Course for Pennsylvania, November 2014
Introduction to Uniform Appraisal Dataset, October 2014 Land and
Site Valuation, May 2014 Appraising FHA Today, April 2014 The New
Appraiser Quality Monitoring Policy from Fannie Mae, February 2014
National USPAP Update Course, January 2014 Pennsylvania Appraiser
Regulations, December 2013 Pennsylvania State Mandated Law for
Appraisers, March 2013 National USPAP Update Course, March 2013
Appraising the Appraisal: Appraisal Review, March 2013 Construction
Details and Trends, April 2012 Foundations in Sustainability, April
2012 National USPAP Update Course, January 2011 Appraising
Manufactured Housing, December 2009 FHA and The Appraisal Process,
December 2009 Business Practices and Ethics, December 2009 National
USPAP Update Course, May 2009 Appraising for the Secondary Market,
May 2008 Construction Details and Trends, April 2008 The Client
Perspective on the Appraisal Profession, July 2007 Making Sense of
the Changing Landscape of Value, July 2007 The Real Estate Economy:
Whats in Store for 2008?, July 2007 Environmental Pollution and
Mold, February 2007 Pennsylvania State Mandated Law, February 2007
Fair Housing, April 2006 The Relocation Training Program, December
2006 US Real Estate Landscape, May 2004 Home Construction, May 2004
Business Practice and Ethics, February 2004 Fee Appraiser and Staff
Appraisal Review Meeting, July 2003 Factory built Housing, January
2003 PA State Mandated Course, December 2002 Real Estate Damages:
Assessment & Testimony, December 2002 Capitalization Theory and
Techniques, April 2002 Law & Order: USPAP & PA Law,
February 2001 FHA Appraisal Guidelines & Exam Prep, August
1999
-
42
Loss Prevention Seminar, September 1998 PA Appraisal Statutes,
Regulation and Policies, September 1998 Ethics, Doing The Right
Thing, May 1998 A Closer Look At Home Construction, April 1998
Standards of Professional Practice-Part B, November 1997
Residential Appraisal Review, April 1996 Standards of Professional
Practice, March 1995 Appraising Residential Real Estate & VA,
June 1995 Limited Appraisals Appraisal Institute, October 1994 Code
of Professional Ethics (SPP Part A), May 1993 Applied Sales
Comparison Approach, March 1993 Discounted Cash Flow Analysis,
March 1993 Appraising Residential Real Estate and VA, February 1993
Code of Professional Ethics (SPP Part B), March 1993 Certified in
Pennsylvania for General Appraising, 1991 Certified in Pennsylvania
for Residential Appraising, 1991 Narrative Report Writing Seminar,
May 1988 Society of Real Estate Appraisers Course 101, 1983 Course
102, 1987 Attendance at annual Veterans Administration Seminars,
1985-Present B.S. Degree Juniata College, 1977 PROFESSIONAL
AFFILIATIONS Appraisal Institute Central Pennsylvania Chapter
Franklin County Board of Realtors Past Director and President
Member of Franklin County Board of Realtors Pennsylvania General
Appraiser Certification #GA-000148L
-
43
Qualifications of David J. Coletta
David J. Coletta has been engaged in the practice of residential
real estate appraisal since 2002. He has a background in property
management and real estate sales dating to 1986. Mr. Coletta
obtained his Pennsylvania State Residential Real Estate Appraiser
Certification in 2002. Mr. Coletta was added to the roster of FHA
appraisers in 2008. Mr. Coletta is qualified as an expert witness
for Federal Bankruptcy Court and Assessment Appeals.
The following is a sampling of appraisal clients served by Mr.
Coletta: - Tower Bank Flagstar Approved Appraiser - The First
National Bank of Mercersburg M&T Bank - F&M Trust Company
National City Bank - Patriot Federal Credit Union Citizens National
Bank - Orrstown Bank Farmers & Mechanics Bank - Fulton County
National Bank & Trust Company Hagerstown Trust Company - Chase
Home Finance Citicorp Bank & Trust - Bank of America Corning
Federal Credit Union - Various Private Law Offices PCV/ Murcor -
United States Dept.of Agriculture, Rural Development -Appraisal
Management Companies - Relocation Companies including: Weichert
Relocation Services, Plus Relocation Services, and Primary
Relocation, LLC. -Various Corporate Clients including Bob Evans
Farms and Armstrong Industries, LLC
Educational Courses (Most recent courses listed first) Mortgage
Fraud, 2013 REO & Foreclosures, 2013 PA Mandated State Law for
Appraisers, 2013 Land & Site Valuation, 2013 National USPAP
Update, 2013 Introduction to the Uniform Appraisal Dataset,
2011
Serving all of Franklin County since 1935
Ausherman Bros. Real Estate Inc.
229 North Second Street Chambersburg, PA. 17201-1641
717-264-6715 FAX 717-264-4973
Federal Tax #25-1552788 www.aushermanbros.com
-
44
Foundations in Sustainability: Greening the Real Estate &
Appraisal Industry, 2011 Oddball Appraisals, 2011 PA Mandated State
Law, 2011 Essential Elements of Disclosures and Disclaimers, 2011
National USPAP Update Course, 2011 Relocation Appraisal is
Different, 2009 Income Capitalization Course, 2009 Pennsylvania
Mandated State Law, 2009 2008/2009 National USPAP Update, 2009 FHA
Current Appraisal Requirements, 2008 15 Hour National USPAP Course,
2008 FHA Appraisal Today, 2008 Environmental Issues in Real Estate
Practice, 2007 A Look at Home Inspections, 2007 National USPAP
Update Course, 2007 Pennsylvania Mandated State Law, 2007
Environmental Pollution & Mold, 2007 Art of the Appraisal
Review, 2007 Professionals Guide to the Uniform Residential
Appraisal Report, 2005 Principles of Real Estate Investment, 2005
National USPAP Compliance Course, 2004 US Real Estate Landscape,
2004 Land Valuation and Development, 2003 USPAP Update, 2003
Appraising Factory Built Housing, 2003 Principals of Real Estate
Finance, 2002 Reproduction/ Replacement Cost Course, 2001 Income
Property Appraisal, 2001
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45
Narrative Appraisal Report Writing, 2000 Sales Comparison
Approach, 1999 Uniform Standards Professional Appraisal Practice
& Procedure, 1999
-
The Central Presbyterian Church 15SMAIN15 S Main StChambersburg
Franklin PA 17201-2201The Central Presbyterian Church
APPRAISAL AND REPORT IDENTIFICATION
2-2(a)
2-2(b)
Comments on Standards Rule 2-3I 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.- Unless otherwise
indicated, 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.- Unless otherwise
indicated, 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.- I have no bias with respect to the
property that is the subject of this report or 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 that were
in effect at the time this report was prepared.- Unless otherwise
indicated, I have made a personal inspection of the property that
is the subject of this report.- Unless otherwise indicated, no one
provided significant real property appraisal assistance to the
person(s) signing this certification (if there are exceptions, the
name of each individual providing significant real property
appraisal assistance is stated elsewhere in this report).
Due to current market conditions, the uniqueness of the subject
property and the lack of truly comparable sales, the appraiser
estimates the opinion of reasonable exposure time to be 200-500
days.
Comments on Appraisal and Report IdentificationNote any
USPAP-related issues requiring disclosure and any state mandated
requirements:"I have not performed any services, as an appraiser or
in any other capacity, on the subjectproperty within the three-year
period immediately preceding acceptance of this
assignment."Exposure Time' as defined by USPAP is "the estimated
length of time that the property interest being appraised would
have been offered on the market prior to the hypothetical
consummation of a sale at market value on the effective date of the
appraisal.
John D. Ausherman, SRAPA Certified Residential Real Estate
Appraiser
GA-000148
PA 06/30/201505/15/2015
05/05/2014
05/05/2014
GA000148L
Form ID14E - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Borrower
Lender/Client
File No.
Property Address
City County State Zip Code
This Report is one of the following types:
Appraisal Report (A written report prepared under Standards Rule
, pursuant to the Scope of Work, as disclosed elsewhere in this
report.)
RestrictedAppraisal Report
(A written report prepared under Standards Rule , pursuant to
the Scope of Work, as disclosed elsewhere in this report,restricted
to the stated intended use by the specified client or intended
user.)
Reasonable Exposure Time (USPAP defines Exposure Time as the
estimated length of time that the property interest beingappraised
would have been offered on the market prior to the hypothetical
consummation of a sale at market value on the effective date of the
appraisal.)
My Opinion of Reasonable Exposure Time for the subject property
at the market value stated in this report is:
APPRAISER:
Signature:
Name:
State Certification #:
or State License #:
State: Expiration Date of Certification or License:
Date of Signature and Report:
Effective Date of Appraisal:
Inspection of Subject: None Interior and Exterior
Exterior-Only
Date of Inspection (if applicable):
SUPERVISORY or CO-APPRAISER (if applicable):
Signature:
Name:
State Certification #:
or State License #:
State: Expiration Date of Certification or License:
Date of Signature:
Inspection of Subject: None Interior and Exterior
Exterior-Only
Date of Inspection (if applicable):
-
15SMAINThe Central Presbyterian Church15 S Main StChambersburg
Franklin PA 17201-2201The Central Presbyterian Church
Form 69F2 - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Borrower
Lender/Client
ENVIRONMENTAL ADDENDUM
APPARENT * HAZARDOUS SUBSTANCES AND/OR DETRIMENTAL ENVIRONMENTAL
CONDITIONS
File #
Property Address
City County State Zip Code
* Apparent is defined as that which is visible, obvious, evident
or manifest to the appraiser.
This Environmental Addendum is for use with any real estate
appraisal. Only the statements which have been marked by the
appraiser apply to the Subject property.
This addendum reports the results of the appraiser's routine
viewing of and inquiries about the subject property and its
surrounding area. It also states what assumptions
were made about any observed evidence of any hazardous
substances and/or detrimental environmental conditions. The
appraiser is not an expert environmental inspector
and therefore might be unaware of existing hazardous substances
and/or detrimental environmental conditions which may have a
negative effect on the safety or value of the
property. It is possible that tests and inspections made by a
qualified environmental inspector would reveal the existence of
hazardous materials and/or detrimental
environmental conditions on or around the property that would
negatively affect its safety and value.
DRINKING WATER
Drinking water is supplied to the subject from a municipal water
supply which is considered safe. However, the only way to be
absolutely certain that the water meetspublished standards is to
have it tested at all discharge points.
Drinking water is supplied by a well or other non-municipal
source. It is recommended that tests be made to be certain that the
property is supplied with adequatedrinking water.
Lead can get into drinking water from its source, the pipes, at
all discharge points, plumbing fixtures and/or appliances. The only
way to be certain that water doesnot contain an unacceptable lead
level is to have it tested at all discharge points.
The opinion of value is based on the assumption that there is an
adequate supply of safe, lead-free drinking water.
Comments:
SEWER SYSTEM
Sewage is removed from the property by a municipal sewer
system.
Sewage is disposed of by a septic system or other sanitary
on-site waste disposal system. The only way to determine that the
disposal system is adequate and in goodgood working condition is to
have it inspected by a qualified inspector.
The opinion of value is based on the assumption that the sewage
is disposed of by a municipal sewer or an adequate properly
permitted alternatetreatment system in good condition.
Comments:
SOIL CONTAMINANTS
There are no apparent signs of soil contaminants on or near the
subject property (except as stated in Comments, below). It is
possible that research, inspection andtesting by a qualified
environmental inspector would reveal existing and/or potential
hazardous substances and/or detrimental environmental conditions on
or aroundthe property that would negatively affect its safety and
value.
The opinion of value is based on the assumption that the subject
property is free of soil contaminants.
Comments:
ASBESTOS
All or part of the improvements were constructed before 1979
when asbestos was a common building material. The only way to be
certain that the property is free offriable and non-friable
asbestos is to have it inspected and tested by a qualified asbestos
inspector.
The improvements were constructed after 1979. No apparent
friable asbestos was observed (except as stated in Comments,
below).
The opinion of value is based on the assumption that there is no
uncontained friable asbestos or other hazardous asbestos material
on the property.
Comments:
PCBs (POLYCHLORINATED BIPHENYLS)
There were no apparent leaking fluorescent light ballasts,
capacitors or transformers anywhere on or nearby the property
(except as stated in Comments, below).
There was no apparent visible or documented evidence known to
the appraiser of soil or groundwater contamination from PCBs
anywhere on the property (exceptas reported in Comments below).
The opinion of value is based on the assumption that there are
no uncontained PCBs on or nearby the property.
Comments:
RADON
The appraiser is not aware of any radon tests made on the
subject property within the past 12 months (except as stated in
Comments, below).
The appraiser is not aware of any indication that the local
water supplies have been found to have elevated levels of radon or
radium.
The appraiser is not aware of any nearby properties (except as
stated in Comments, below) that were or currently are used for
uranium, thorium or radium extractionor phosphate processing.
The opinion of value is based on the assumption that the Radon
level is at or below EPA recommended levels.
Comments:
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Form 69F2 - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
USTs (UNDERGROUND STORAGE TANKS)
There is no apparent visible or documented evidence known to the
appraiser of any USTs on the property nor any known historical use
of the property that wouldlikely have had USTs.
There are no apparent petroleum storage and/or delivery
facilities (including gasoline stations or chemical manufacturing
plants) located on adjacent properties (exceptas reported in
Comments below).
There are apparent signs of USTs existing now or in the past on
the subject property. It is recommended that an inspection by a
qualified UST inspector be obtained todetermine the location of any
USTs together with their condition and proper registration if they
are active; and if they are inactive, to determine whether they
weredeactivated in accordance with sound industry practices.
The opinion of value is based on the assumption that any
functioning USTs are not leaking and are properly registered and
that any abandoned USTs arefree from contamination and were
properly drained, filled and sealed.
Comments:
NEARBY HAZARDOUS WASTE SITES
There are no apparent hazardous waste sites on the subject
property or nearby the subject property (except as stated in
Comments, below). Hazardous Waste Sitesearch by a trained
environmental engineer may determine that there is one or more
hazardous waste sites on or in the area of the subject
property.
The opinion of value is based on the assumption that there are
no hazardous waste sites on or nearby the subject property that
negatively affect thevalue or safety of the property.
Comments:
UREA FORMALDEHYDE INSULATION (UFFI)
All or part of the improvements were constructed before 1982
when urea foam insulation was a common building material. The only
way to be certain that theproperty is free of urea formaldehyde is
to have it inspected by a qualified urea formaldehyde
inspector.
The improvements were constructed after 1982. No apparent urea
formaldehyde materials were observed (except as stated in Comments,
below).
The opinion of value is based on the assumption that there is no
significant UFFI insulation or other urea formaldehyde material on
the property.
Comments:
LEAD BASED PAINT
All or part of the improvements were constructed before 1978
when lead based paint was a common building material. There is no
apparent visible or knowndocumented evidence of peeling or flaking
Lead Paint on the floors, walls or ceilings (except as stated in
Comments, below). The only way to be certain thatthe property is
free of surface or subsurface lead based paint is to have it
inspected by a qualified inspector.
The improvements were constructed after 1978. No apparent Lead
Paint was observed (except as stated in Comments, below).
The opinion of value is based on the assumption that there is no
flaking or peeling Lead Paint on the property.
Comments:
AIR POLLUTION
There are no apparent signs of air pollution at the time of the
appraiser's viewing of the subject property, nor were any reported
(except as reported in Comments,below). The only way to be certain
that the air is free of pollution is to have it tested.
The opinion of value is based on the assumption that the
property is free of air pollution.
Comments:
WETLANDS/FLOOD PLAINS
The site does not contain any apparent wetlands/flood plains
(except as stated in Comments, below). The only way to be certain
that the site is free of wetlands/flood plains is to have it
inspected by a qualified environmental professional.
The opinion of value is based on the assumption that there are
no Wetlands/Flood Plains on the property (except as stated in
Comments, below).
Comments:
MISCELLANEOUS ENVIRONMENTAL HAZARDS
There are no other apparent hazardous substances and/or
detrimental environmental conditions on or in the area of the site
except as indicated below:
Excess noise
Radiation and/or electromagnetic radiation
Light pollution
Waste heat
Acid mine drainage
Agricultural pollution
Geological hazards
Nearby hazardous property
Infectious medical wastes
Pesticides
Other (chemical storage, drums, pipelines, etc.)
The opinion of value is based on the assumption that, except as
reported above, there are no other environmental hazards that would
negatively affect the value ofthe subject property.
When any of the environmental assumptions made in this addendum
are not correct, the opinion of value in this appraisal may be
affected.
03/10
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Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Subject Photo PageThe Central Presbyterian Church15 S Main
StChambersburg Franklin PA 17201-2201The Central Presbyterian
Church
Subject Front
Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal
BathroomsLocationViewSiteQualityAge
N/A
Subject Rear
Subject Street
Borrower
Lender/Client
Property Address
City County State Zip Code
-
Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Photograph AddendumThe Central Presbyterian Church15 S Main
StChambersburg Franklin PA 17201-2201The Central Presbyterian
Church
Interior Interior
Interior Interior
Interior deferred maintenance
Borrower
Lender/Client
Property Address
City County State Zip Code
-
Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Photograph AddendumThe Central Presbyterian Church15 S Main
StChambersburg Franklin PA 17201-2201The Central Presbyterian
Church
deferred maintenance deferred maintenance
deferred maintenance Interior
deferred maintenance Interior
Borrower
Lender/Client
Property Address
City County State Zip Code
-
Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Photograph AddendumThe Central Presbyterian Church15 S Main
StChambersburg Franklin PA 17201-2201The Central Presbyterian
Church
deferred maintenance deferred maintenance
Interior Interior
deferred maintenance deferred maintenance
Borrower
Lender/Client
Property Address
City County State Zip Code
-
Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Photograph AddendumThe Central Presbyterian Church15 S Main
StChambersburg Franklin PA 17201-2201The Central Presbyterian
Church
deferred maintenance Interior
deferred maintenance Interior
Interior Interior
Borrower
Lender/Client
Property Address
City County State Zip Code
-
Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Photograph AddendumThe Central Presbyterian Church15 S Main
StChambersburg Franklin PA 17201-2201The Central Presbyterian
Church
Interior Interior
deferred maintenance deferred maintenance
deferred maintenance Interior
Borrower
Lender/Client
Property Address
City County State Zip Code
-
Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Photograph AddendumThe Central Presbyterian Church15 S Main
StChambersburg Franklin PA 17201-2201The Central Presbyterian
Church
deferred maintenance deferred maintenance
Borrower
Lender/Client
Property Address
City County State Zip Code
-
Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Photograph AddendumThe Central Presbyterian Church15 S Main
StChambersburg Franklin PA 17201-2201The Central Presbyterian
Church
Borrower
Lender/Client
Property Address
City County State Zip Code
-
Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Location MapThe Central Presbyterian Church15 S Main
StChambersburg Franklin PA 17201-2201The Central Presbyterian
Church
Borrower
Lender/Client
Property Address
City County State Zip Code
-
Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Location MapThe Central Presbyterian Church15 S Main
StChambersburg Franklin PA 17201-2201The Central Presbyterian
Church
Borrower
Lender/Client
Property Address
City County State Zip Code
-
Form MAP.FLOOD - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
Flood MapThe Central Presbyterian Church15 S Main StChambersburg
Franklin PA 17201-2201The Central Presbyterian Church
Borrower
Lender/Client
Property Address
City County State Zip Code
-
Legal Description - Page 1
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE
-
Legal Description - Page 2
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. -
1-800-ALAMODE