Taos Anna Sas THOMPSON APPRAISAL SERVICES a H.E. "Ki" Thompson, Jr. Post Office Box 778 Myrtle Beach, SC 29578 843-626-7625 843-626-7627 Fax March 13, 2024 Ms. Jessica Wnuk The Grand Strand Humane Society Property: Section of land adjacent to Piedmont Ave: ‘An estimated +/-5 Acres being part of PIN# 426-00-00-0170 Myrtle Beach, SC 29577 Ms. Wnuk, In accordance with your request, | have completed a study of the market area and have analyzed the data found. It should be noted that this is NOT an appraisal, as no opinion of value is discussed and/or analyzed. This assignment is to be a consultation, only concerning the potential affect that the construction of a Humane Society animal shelter would have on the marketability of surrounding properties, as well as to determine if any negative effects are noted that they might on the marketability of surrounding properties. This assignment is based on the study of properties that are in close proximity to properties most similar to the subject and their types of use. There were no “animal shelters” found within close proximity to residential properties in this immediate area Therefore, the appraiser studied local dog parks and “boarding facilities’ within close proximity to residential areas. Also, interviews were conducted with people known to be associated with animal shelters and their environs Within the report will be the description of properties studied, information of the immediate markets surrounding these properties and then the conclusion of the analyses, Ithas been a pleasure to assist you. Please do not hesitate to contact me if you have "eee and/or if | can be of any additional service to you H.E. *Ki" Thompson Jr. ‘Thompson Appraisal Services Office (843) 626-7625 Cell (843) 222-7628 Appraiser’s Lic. #CR-504 SC RE Broker ‘SC Appraiser Instructor's #81 AQB Certified USPAP InstructorPURPOSE OF THE ASSIGNMENT The purpose of this report is to determine if any effect, either negative and/or positive, would be caused by the construction of an Animal Shelter to the surrounding market area. (This is to be completed with the belief that the subject will be built to today’s competitive standards of interior insulation and sanitation). DATE OF THE ASSIGNMENT TI within the month of March, 2024. This is the effective date of the assignment, report is based on the assignment engagement of and completion of the analysis IE ASSIGNMENT This assignment is to be used by the Grand Strand Humane Society and their assigned for the purpose of developing an opinion as to construct a new facility within the boundaries of the property described within this report SCOPE OF THE ASSIGNMENT In this report process the following work was done: The site was Anvestigated, as was the surrounding neighborhood and community. The property was reviewed. EXTRAORDINARY ASSUMPTION: Various elements of fact were provided to me by agents of the Client, the local Multiple List Service and/or the County, including the property's improvements listings along with descriptions, the improvements’ dimensions and/or areas, plus other specific information given to me by agents for the Client. What was provided to me is stated within this report. This material and information is assumed to be true and accurate. The status of the Subject is treated, for analysis purposes, as being the construction of an Animal Shelter under modern standards. A variance from any of these assumptions could affect the conclusions of this assignment / report. A comparison and analysis was made relating properties of various price points within several different sections of the “Grand strand”.Studies concluded in the preparation of this assignment. It should be noted that this is not an appraisal, it is more of a study, consultation and analysis of the market and/or market areas surrounded by properties considered most similar to the purposed Humane Society Animal Shelter, Appraiser studied area “dog parks" and their surrounding properties / dwellings; Appraiser located and analyzed properties / dwellings around dog boarding faeilities; Appraiser interviewed individuals involved with the operation of similar Humane Societies; The conclusions of these studies are included in this report.Study of The Dog Park at Market Commons: A study was done of the properties within a block of the dog park. Research of sales between March of 2021 to March of 2024. These properties showed an increase of: High; Listings: 3.8% Sales: 6.5% Low; Listings: 24.6% Sales: 16.7% Average; Listings: 13.2% Sales: 11.4% Research of dwellings within the same complex more than a block away from the dog par High; Listings: 23.4% Sales: 20.% Low; Listings: 42% Sales: 42% Average; Listings: 32% Sales: 30% It should be noted that the research within a block of the dog park was extremely limited. The sales noted of sales similar in size were within a $6,000 of each other which is a 2.4% range. This is well within a reasonable range in the valuation of properties and indicates that no negative effects on marketability exist.Study of the Dog Park North; 5000 Claire Chapin Epps Dr. A study was done of the properties within a block of the dog park. Research of sales between March of 2021 to March of 2024. However, there was only 1 sale in 2024. This sale was larger than sales in 2021, 2022 or 2023. Therefore, the information below is of sales between sales between 2021 and 2023. These properties showed an increase of: High: Listings: 30% Sales: 32% Low: Listings: 23% Sales: 20% Average: Listings: 21.5% Sales: 21.7% Research of dwellings within the same complex more than a block away from the dog park: High: Listings: 13.% Sales: 11.3% Low: Listings: 17.5% Sales: 14.5% ‘Average: Listings: 11.2% Sales: 8.1% The sizes (GLA's) of these dwellings were similar throughout the sales periods and varied with price points. Even though these prices varied with size, they stayed consistent with size throughout the time frame. The differences between the percentages indicated were consistent of how many of the different "sizes" were sold in that time frame, Therefore, market research indicates that there is NO negative effects to marketability within this market due to the dog park.Study of the Surfside Beach Dog Park: A study was done of the properties within a 2 block radius of the dog park in Surfside Beach. Between March of 2021 to March of 2024; These properties showed an increase of: High: Listings: 27.7% Sales: 21% Low: Listings: 100.1% Sales: 100.8% Average: Listings: 23.7% Sales: 21.5% Research of dwellings within the same market more than 2 blocks from the dog park: High: Listings: -14.7% Sales) -17.7% Low: Listings: 18% Sales: 41% Average: Listings: 10.9% Sales: 9.9% In this market, it should be noted that the dwellings closest to the dog park did NOT. show any decline in values, as did the properties away from the dog park. As a matter of fact they continued to increase at a rate higher than the properties away from the park This may have to do with the greater market area that the properties away from the park covers. However, it does show that the properties within close proximity suffered no negative effects of the dog park and shows a more consistent in value growth that the other properties. Therefore, market research indicates that there is NO negative effects to the marketability within this market due to the dogStudies of Dog Boarding Facilities/Dog Kennels within close proximity to residential properties: Study of “A Dog's Way Inn” market area. “A Dog's Way Inn" consists of an estimated 5 to 7 acre tract that is su residential properties. This facility offers a Dog Park; Dock Diving; Agi FULL SERVICE BOARDING facility. ‘They have, according to information supplied, as many as 66 days to board overnight at atime. According to the same information, +/-35 dogs at a time is not unusual. ‘Therefore, this facility may be the closest overall f for comparison. However, it must be noted that due to the extremely limited sales date and/or information, these percentages appear to be very skewed. Due to the fact that there were no sales within the past year in close proximity to “A Dog's Way Inn’, this information is based on only the years of March of 2021 to March of 2023. unded by Trials and a Study of the market around and within close proximity to “A Dog's Way Inn” in Murrells Inlet SC.: ‘These properties showed as: High: Listings: -11.5% Sales: -18.5% Low: Listings: +13.5% Sales: +7.1% Average: Listings: - 7% Sales: -10.8% Study of the market further in proximity to “A Dog's Way Inn" within the same market: High: Listings: -11.1% Sales: -10.4% Low: Listings: +45% Sales: +49%The above numbers for the properties within close proximity appear to be skewed due to the fact that there were only 3 sales within the 21-22 year with one of those sales being 1,900 and 2,200 sq ft larger than the other 2 sales. It was also 1,425 and 3,000 sq ft larger than the sales in the 22-23 year. If this sale was not included, the information would be more in line with; High: Listings: 4.6% Sales: 3.8% Low: Listings: 15.4% Sales: 7.2% Average; Listings; 8% Sales; 5% In addition to this information, the properties “Away” from the dog facility may also be skewed. This is due to the fact that these figures include a developing subdivision with price increases from the developer. Therefore, considering all information, mat rch is interpreted indicate that NO negative effects to marketability within this market exist due to the dog boarding facilities.Another boarding facility is “Paws Inn Kennels & Pet Center” This property is situated at 2501 Hwy 17 S in North Myrtle Beach. This facility is an Animal Hospital that also includes boarding. It is situated between North Kings Hwy and Madison Dr and between 25" Ave S and 27" Ave S. Information supplied indicates that they can have as many as 36 dogs boarding, Study of “Paws Inn Kennels & Pet Center” market area: A study was completed of the properties within a 2 block area surrounding the Kennels between March of 2021 to March of 2024. These properties showed: High: Listings: 50% Sales: 60.7% Low: Listings: 34% Sales: 27.2% Average: Listings: 39.8% Sales: 40.4% Research of dwellings within the same market more than a block away from the facilities; High: Listings: 28.3% Sales: 22.2% Low: Listings: 0% Sales: -3.7% Average: Listings: 32.6% Sales: 27.2% The “eastern” boundaries of these two studies were Hillside Dr, to make sure that the “distance to the ocean” was consistent. This study shows and/or indicates that the properties closest to the facility actually increased in value more than those away from the facility. Therefore, market research indicates that there is NO negative effects to marketability within this market due to the dog kennels.!n conclusion, in reviewing and considering all information found in this research, it is the opinion that there would be no negative effects to marketability within the surrounding market by the construction and use of this structure. Please see attached the graphics of the site on which the shelter is to be placed. The surrounding market consist of residential properties, commercial properties (including but not limited to) car mechanics, cabinet and counter top shops, electrical substations and a gas turbine station.Sa i “@ \ oe i \. ea S Ba 4 Ne \¢ > ‘ q Z . \2 # e Site Option building cation at SW corner L©The enclosed report, and the related evaluation process, was made subject to and in accordance with the following Assumptions, Limiting Conditions, and Certification: ASSUMPTIONS AND LIMITING CONDITIONS The elements of the subject property, as shown and contained in the attached report, is made subject to certain assumptions and limiting conditions. Specifically, they are: 1. The date of which this assignment for the subject property applies is: 12 March, 2024; this is the date of the research for the subject being studi and it is the effective date of the report. 2. No responsibility for matters legal in character is assumed, nor is any opinion rendered as to the title, which is assumed to be good. Any liens or encumbrances (except for any lease encumbrance that might be referred to in the appraisal report) which may exist have been disregarded and the property has been studied as though no delinquency in the payment of general taxes or special assessments exists, and as though free of indebtedness. 3. Certain information in this report was furnished from sources believed to be reliable; however, such information is not guaranteed to be correct although it has been checked insofar as possible and is believed to be correct. 4, No survey of the subject property was made, or caused to be made, by the undersigned and no responsibility is assumed for the occurrence of such matters. 5. An exterior visual inspection of the property was made. No engineering test borings were made to determine soil bearing qualities. The soil of the area under appraisement appears to be firm and solid, unless otherwise stated. Subsidence in the area is unknown or uncommon, but the undersigned do not warrant against this condition or occurrence. 6. Subsurface rights (minerals and oil) were not considered in making this report, unless otherwise stated. 7. The undersigned, by reason of this report, are not required to give testimony in court with reference to the property herein examined, nor are they obligated to appear before any government body, board or agent. 8. Any plats or maps in this report are used merely to help the reader visualize the property and its surroundings, and are not certified to be accurate.9. Possession of this report, or copy thereof, does not carry with it the right to publication, nor may it be used for any purpose by any but the applicant without previous written consent of the undersigned. 10. Neither all, nor any part, of the contents of this report shall be conveyed to the public through advertising, public relations, news sales or other media, without the written consent and approval of the undersigned. 11. This study must not be used in conjunction with any other report, or intended use, and it is invalid if so used. 12. Use of this report for a stock offering is prohibited. 13. It is assumed that adequate utilities will continue to be available to the subject. 14, It is assumed herein that any improvements under construction and/or proposed, shall be completed in a competent, workman-like manner conforming with the referenced plans and specifications... 15. No responsibility is assumed for service or operating inspections of equipment in the buildings covered by the report. It is assumed that all mechanical items are in proper, working order. 16. Nor is any responsibility assumed for an inspection of weather tightness of the exterior or interior surfaces of any buildings. 17. No testing of material or equipment was made and no responsibility for same is assured. 18. By acceptance of this report, the orderer, owner, purchaser, seller, client, lender or any person subsequently receiving this report agrees and understands that the undersigned's liability is limited to the amount of the fee charged for preparing this report. This report is an study of marketability of the markets subject to the influences of animal facilities only and NOT for value. It is not an appraisal, engineering, structural, mechanical, feasibility or architectural study. 19. Users of this report are directed to obtain the services of an professional engineer to determine the presence and/or absence of hazardous materials including, but not limited to: asbestos and/or radon gas and/or urea formaldehyde foam insulation and/or pollutants, as well as the structural integrity of the building and the present condition of its mechanical systems, since the undersigned has made no such inspection expressly or implied and accepts no responsibility therefore.20. This report is specifically contingent upon, and the undersigned’s understanding that, there has been, or will be, a removal of any underground storage tanks which exist or which may have existed on the subject site; also, that there has been no contamination of soils. If contamination has occurred, the contaminated soils and the source of contamination will be removed and the contamination remedied on the subject site in accordance with all federal and state regulations. 21. Acceptance of, and/or use of, this report by client or any third part constitutes acceptance of the above conditions. The undersigned’s liability extends only to stated client, not subsequent parties or users of any type, and the total liability of appraiser and firm is limited to the amount of the fee received by the undersigned. 22. It is assumed herein that no pollutants are located on site and that nothing on the site has produced pollutants on adjoining sites. Unless specifically stated otherwise in this report, the subject exhibited no positive signs indicating either an existence of or an absence of pollutants or such pollution-creating elements. If the client would like to have assurances as to the existence of pollutants on the subject, then said client should retain. the services of a professional corporation designed to test for the existence of such problems.CERTIFICATION 1 certify that, to the best of my knowledge and belief, - this assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan ~ 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. = Thave no present or prospective 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 pre-determined 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 requirements of the Uniform Standards of Professional Appraisal Practice as adopted by the Appraisal Foundation, as well as the standards and reporting requirements of the Office of the Comptroller of the Currency. Ihave made a virtual inspection of the property that is the subject of this report, as made possible from extensive documentation provided to me; this is further possible since this is not an appraisal but a consultation concerning marketability. = _ no one provided significant professional assistance to the person signing this report other than any applicable assistant(s), who may have assisted in general secretarial duties and/or assisted with photographs and other non- evaluative functions regarding the subject of this report. LG HE. “Ki” Thompson, Jr.