BROKERS PRICE OPINION
Prepared Exclusively For:
1948 S GLENSTONE SUITE 107
SPRINGFIELD, MO. 65807
Prepared by: ED WESTERMAN
February 20, 2020
To Whom it May concern,
The following report is in response to the request for a Broker’s Price Opinion (BPO). The property is located at 1948-1950 S Glenstone Ave., Springfield, Mo. 65804 with a parcel Id of 88-12-32-206-102.
The property includes two buildings on approximately 1.1 acres in the business corridor of South Glenstone Ave and Sunshine Street.
This BPO is intended for financing purposes and should be kept confidential from all parties not involved in the financing decision. The analysis, opinions and conclusions based on information gathered from visual inspection of Green County Assessor Records, Realtor.Com and other commercial Realtors. It is believed that the subject property is zoned retail. All comparable properties and also zoned retail.
Based on the information contained in the following report, the Comparable Value of the Subject property is concluded as follows:
BPO INTEREST EFFECTIVE VALUE
PREMISES APPRAISED DATE CONCLUSION
AS IMPROVED FEE SIMPLE FEBRUARY 20, 2020 $2.1 TO $2.3 MILLION
The information contained in this report is based upon information received from other parties. Much of the information has been obtained from third party sources and such data is not always completely reliable. In addition, some assumptions have been made based on market conditions and the general economy which tend to vary and can be highly uncertain. Therefore, while the analysis was conscientiously prepared on the data available, no warranty is made that this represents the perception of value held by the seller(s) or potential buyers of the named property.
Harold E. Westerman
Country Lifestyle Realty, L.L.C.
BROKERS PRICE OPINION
Style of siding: Permanent—Brick and concrete block
Lot size: 1.1 AC.
Year built: APPROXIMATELY 1966
Exterior finish: concrete block and brick Roof: built up tar paper
Windows: metal permanent set in aluminum frames Foundation: Concrete slab
Driveway: Asphalt paved Garage: None
Sidewalk/steps: poured concrete
Total finished square footage: 2392
Number of rooms: 23 Number of baths: 5
Heating plant: FORCED AIR Fuel: Natural Gas
Central air: ELECTRIC
Electrical (circuit breakers or fuses): BREAKERS
Amperage: 200 AMP with several meters
Description: 1948-1950 S GLENSTONE AVE,
Tax I.D. Number (PID): #88-12-32-206-102, Greene County, MO.
Base taxes 2019: $
Taxes 2019: $16,000.00 (including installments for assessments)
Special assessments levied: $ NONE For:
Pending assessments: $ NONE For:
Current income from lease payments will support the valuation of $2,200,00.00 by providing a current cap rate of 6.6 percent. After improvements and rental increases the property will generate income to support a cap rate of 8.8 percent. See attached for current and purposed rent rolls and expenses.
The attached enhancement analysis and construction bid will increase the value of the property by improving the usability of the units and drives. These small improvements will make the units more attractive for current and new proposed tenants. See attached Analysis.
- 2744 E Chestnut Expressway. This building is the closest comparable building to the subject property. It is on the North side of Springfield, so the traffic is not as high and the land and building values normally run 20 to 25 percent less than the subject buildings.
This building at $150 per sq ft. comped would put our building at $175 to $180 per sq. ft. This would give us the proposed valuation as stated. Se attached for more details.
- 1494 Hiway 248, Branson, Mo. 65616. This strip center building is about twice the size of subject building. It compares in that it has the same kinds of tenants and approximately the same traffic count. The per sq. ft. price of this building is$233 per sq. ft. Adjusted for age of the building and the type of construction would comp subject property at about the $185 per sq. ft. value. This again gives us the proposed value of subject property. See attached for more details.