HomeMy WebLinkAboutProperty Value Impact Study(NH-003)
IMPACT STUDY
Impact Study - Cell Tower
Valley Brook Road
Wilmington, New Hanover
County, North Carolina 28412
Type Report: Impact Study
Effective Date
March 3, 2026
Project ID – US 1020333
MPB REAL ESTATE, LLC
1100 SUNDANCE DRIVE
CONCORD, NORTH CAROLINA 28027
(NH-003)
Real Prope rty Appraise rs an d Consul tants
1100 Sund ance D rive, Concord, North Carolina 28027
Telephone: 704-605-0595
March 6, 2026
Mr. Ted Uminski
Senior Project Manager
Everest Infrastructure Partners
Two Alleghany Center
Nove Tower
Suite 1002
Pittsburgh, PA 15212
RE: Impact Study for Proposed Telecommunications Facility located Valley Brook Road,
Wilmington, New Hanover County, North Carolina.
Dear Mr. Uminski:
I have completed a study of the proposed tower. The scope of the assignment is to provide an
analysis and conclusions addressing items within my field of expertise associated with an
application for a special use permit. We performed a study of the proposed development with an
effective date of June 13, 2021 and amended in November 2021. This study provides additional
data and analysis for the current application.
The location of the proposed tower is on a property owned by Southeastern Enterprises, Inc,
according to the New Hanover County GIS. The site is a 5.945-acre tract of land encumbered with
floodplain and wetlands. The subject is located adjacent to a golf course. The surrounding land
uses are contributing factors in the development of conclusion regarding the potential impact of
the tower.
The impact study is intended to conform to the Uniform Standards of Professional Appraisal
Practice (USPAP), the Code of Professional Ethics, and the Standards of Professional Appraisal
Practice of the Appraisal Institute. The impact study is not an appraisal as it does not report the
value of any property nor quantify any impact if any; however, the study employs appraisal
methodology to reach our conclusions of the impact of the proposed development. The impact
study is of real property as this is the field of our expertise.
The conclusions of this study are supported by the data and reasoning set forth in the attached
narrative. Your attention is invited to the Assumptions and Limiting Conditions section of this
report. The analysts certify that we have no present or contemplated future interest in the proposed
Mr. Uminski
March 6, 2026
Page 2
(NH-003)
development, and that our fee for this assignment is in no way contingent upon the conclusions of
this study.
EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS:
It is an extraordinary assumption of this report that the improvements described within this report
are compliant with the appropriate ordinance including but not necessarily limited to setbacks,
landscaping, access, wetlands and other items outside our field of expertise for this assignment.
These items will be addressed as part of the application by others with expertise within their
respective fields.
It is an extraordinary assumption of this report that the proposed development will be constructed
as detailed in the report. Further, it is an assumption of the study that the proposed access will be
in accordance with all local and state regulations. Maintenance will occur through a non-exclusive
easement that we assume is legal access. Given access will be required for the development, we
consider the assumption reasonable for the purpose and intended use of this study.
The content and conclusions of this report are intended for our client and for the specified intended
uses only. They are also subject to the assumptions and limiting conditions as well as the specific
extraordinary assumption set forth in this report.
It is our opinion that the proposed development will not substantially injure the values of adjacent
or abutting properties.
Thank you for the opportunity to be of service. If you have any questions or comments, please
contact our office.
Sincerely yours,
MICHAEL P. BERKOWITZ
MPB REAL ESTATE, LLC
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 5 of 49
(NH-003) MPB REAL ESTATE, LLC
TABLE OF CONTENTS
SCOPE OF THE ASSIGNMENT ....................................................................................................................... 6
PREMISES OF THE STUDY ............................................................................................................................. 7
Identification of Subject..................................................................................................................................... 7
Client, Purpose, and Intended Use and Intended Users ..................................................................................... 7
Analyst ............................................................................................................................................................... 7
Property Inspection ............................................................................................................................................ 7
Extraordinary Assumptions of Report ............................................................................................................... 8
Effective Date of Study...................................................................................................................................... 8
Date of Report.................................................................................................................................................... 8
Type Report ....................................................................................................................................................... 8
Study Development and Reporting Process ....................................................................................................... 8
PROPOSED FACILITY ...................................................................................................................................... 9
Tower ................................................................................................................................................................. 9
Site Improvements ............................................................................................................................................. 9
Access .............................................................................................................................................................. 10
Location ........................................................................................................................................................... 11
SURROUNDING LAND USES ......................................................................................................................... 12
NEW HANOVER COUNTY UNIFIED DEVELOPMENT ORDINANCE .................................................. 16
MARKET RESEARCH ..................................................................................................................................... 17
Qualitative Analysis ......................................................................................................................................... 36
ADDENDA .......................................................................................................................................................... 39
Certifications ................................................................................................................................................... 40
Qualifications of the Analyst ........................................................................................................................... 48
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 6 of 49
(NH-003) MPB REAL ESTATE, LLC
SCOPE OF THE
ASSIGNMENT
In accordance with our agreement with the client, this impact
study is specific to the needs of our client as part of an
application for a special use permit to be considered by New
Hanover County officials. Our study and the reporting of our
study is in agreement with our client as follows:
The proposed development requires a special use permit. The
report is intended to address items relevant to the application.
The following criteria for approval were extracted from the
New Hanover County Unified Development Ordinance.
These items are associated with the approval of the special use
permit.
The scope of the assignment focuses on item 3 from Section
10.3.5.D. of the New Hanover County Unified Development
Ordinance. The study includes research of existing towers in
the County. The neighborhoods and their surrounding
developments are researched to determine whether the
proposed development, referred to as the “The Cape
Boulevard” site, is consistent with the location of other towers
and their impact, if any, on property values.
This impact study includes information provided for a
previous study performed for a previous special use permit
application. The study includes information from the previous
assignments. The market has provided additional data that
supports our previous conclusions.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 7 of 49
(NH-003) MPB REAL ESTATE, LLC
The impact study provides an analysis of the surrounding
properties. The analysis includes existing improvements,
zoning designations and likely development patterns. The
study includes quantitative and qualitative analyses of the
impact of the proposed tower. The existing uses as of the
effective date of this report in concert with the market data
provided are contributing factors to the conclusions of this
study.
PREMISES OF THE STUDY
Identification of Subject The Cape Boulevard Site
Valley Brook Road
Wilmington, New Hanover County, NC 28412
New Hanover County Tax Parcel: RO8500-002-070-000
Client, Purpose, and
Intended Use and Intended
Users
Mr. Ted Uminski
Senior Project Manager
Everest Infrastructure Partners
Two Alleghany Center
Nove Tower
Suite 1002
Pittsburgh, PA 15212
The client and intended user are Mr. Ted Uminski and
representatives. The intended use is as an aid to assist New
Hanover County officials in rendering a decision regarding an
application for a special use permit for the proposed
development. The study is not intended for any other use or
users.
Analyst Michael P. Berkowitz
MPB Real Estate, LLC
1100 Sundance Drive
Concord, NC 28027
Property Inspection Michael Berkowitz inspected the property and neighborhood
surrounding the proposed development for the previous
assignments. Details of surrounding land uses, and
observations are provided throughout the report. I also
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 8 of 49
(NH-003) MPB REAL ESTATE, LLC
performed off-site visual inspections of several towers in New
Hanover County. I consider my observations in the context of
the market data. They are a contributing factor to my
conclusions.
Extraordinary
Assumptions of Report
It is an extraordinary assumption of this report that the
improvements as described within this report are compliant
with the appropriate ordinance including but not necessarily
limited to setbacks, landscaping, access, wetlands, and other
items outside our field of expertise for this assignment. These
items will be addressed as part of the application by others
with expertise within the respective fields.
It is an extraordinary assumption of this report that the
proposed development will be constructed as detailed in the
report. Further, it is an assumption of the study that the
proposed access will be in accordance with all local and state
regulations. Maintenance will occur through a non-exclusive
easement that we assume is a legal access. Given that access
will be required for the development, we consider the
assumption reasonable for the purpose and intended use of this
report.
Should the extraordinary assumptions not exist, we reserve the
right to amend this study.
Effective Date of Study March 3, 2026
Date of Report March 6, 2026
Type Report Impact Study Report
Study Development and
Reporting Process
In preparing this study, the analyst:
Analyzes physical affects, if any, of the proposed
construction on surrounding properties;
Reviews plans for the proposed development to determine
whether it is in compliance with the New Hanover County
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 9 of 49
(NH-003) MPB REAL ESTATE, LLC
Unified Development Ordinance (UDO) and criteria for a
special use permit for items within my field of expertise;
Reviews site plan provided by our client with respect to
the physical characteristics of the proposed development;
Research market data around existing cell towers in New
Hanover County to determine whether the proposed
development is consistent with other telecommunications
towers and/or provide evidence to meet the criteria of the
special use permit.
PROPOSED FACILITY
Tower Based on information provided to the analyst, the proposed
tower will consist of a 130-foot canister communications
tower. The tower will be in the center of the site within a
heavily wooded portion of the site. The following is a site plan
showing the proposed development.
SITE PLAN
Site Improvements The site improvements include an eight-foot chain link fence
with three strands of barbed wire. The site improvements will
include a 25-foot-wide landscaping buffer. The site is heavily
wooded. Based on the drawings, the only trees that will be
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 10 of 49
(NH-003) MPB REAL ESTATE, LLC
disturbed will be the areas for the development. The existing
vegetation is a consideration in the analysis.
The side of the proposed tower compound will be carved out
of a wooded area in the southeastern part of the site. The base
of the tower will be obscured in all directions. The following
exhibit shows the existing vegetation that will encompass the
proposed development.
Access According to the site plan, the access to the site will be via a
30-foot-wide utility/access easement extending from Valley
Brook Road, which runs along the southern boundary of the
subject. The following exhibit was extracted from the site
plan. Valley Brook Road is the primary feeder road for the
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 11 of 49
(NH-003) MPB REAL ESTATE, LLC
subdivision providing access to US Highway 421 or Carolina
Beach Road to the east.
We assume that the access for the proposed development is in
accordance with all local and state regulations. Given the
consistency with other access drives and nominal traffic
generation by the development, the assumption is reasonable.
Location The tower will be located close to the center of the site. The
siting of the tower will to the extent possible reduce the visual
impact of the proposed tower. As we will discuss, the
residential properties to the east and west potentially have an
adverse visual impact from the tower. The tower will be in a
heavily vegetated area. As shown on the aerial, the entire site
has vegetation.
The subject has a zoning designation of R-15, Residential
District. In the New Hanover UDO, we found that this
designation is intended to insure for orderly residential
development in areas without access to municipal water and
sanitary sewer service. The majority of the properties in the
immediate area including all of the adjacent or abutting
properties have the same designation.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 12 of 49
(NH-003) MPB REAL ESTATE, LLC
A factor in the analysis is the limited utility of the parent
parcel. The site is encumbered with floodplain and a
significant portion identified as wetlands. Areas with
diminished utility are commonly used for open space
requirements for subdivisions. Diminished utility can be the
product of a variety of physical or legal characteristics.
Local residents have referred to the area as a nature preserve.
Conservation areas are typically defined by conservation
easements. We are unaware of any conservation easements
that would limit the legally permissible uses of the parent
parcel. Regardless, the parent parcel has limited legally
permissible uses because of restrictions including but not
necessarily limited to floodplain and wetlands. The legal
permissibility of the proposed development will be addressed
by representatives of the developer with the appropriate
expertise.
SURROUNDING LAND USES
The proposed development is located on a 5.95-acre tract of
land off Valley Brook Road. To the east of the subject are
single family dwellings constructed in the mid-1990’s. To the
west of the subject are a cluster of duplexes that are part of the
same subdivision constructed in the mid 2000’s. To the north
of the subject is a portion of the golf course for the
development. To the south there are two parcels that have
limited utility. One parcel is under the same ownership as the
parent parcel and is not included in the analysis. The second
is owned by Telfair Summit HOA and is classified as open
space by New Hanover County.
The presence of land identified as open space or limited utility
including the subject is a factor in the analysis. The utility of
these properties is imparted on the remainder of the
subdivision. The duplex developments have a higher density
than many developments, which is a common development
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 13 of 49
(NH-003) MPB REAL ESTATE, LLC
pattern for sites with areas of limited utility. Clustered
development allows for higher densities as portions of the
gross land area are dedicated for open space.
The following provides an analysis of the adjacent properties
in each direction. We provide additional information on
potential visual impact from the tower later in the report.
Golf Course (North) – The Cape Golf and Racquet Club is a
private recreational area. Golf courses have traditionally been
the location of infrastructure including but not necessarily
limited to water towers, electrical transmission lines and
telecommunication towers. The infrastructure is located as to
not interfere with the intended use of the recreational areas.
The proposed development will be located south of the golf
course and will not interfere with the current use.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 14 of 49
(NH-003) MPB REAL ESTATE, LLC
Vacant Land (South) – The two parcels across the street from
the site are dedicated for open space and/or have limited
utility. The value of open space is typically imparted on the
developable areas of the subdivision. The limited utility of the
site is a consideration of the potential impact of the tower.
Residential Development (West) – To the west of the proposed
development is a cluster of duplexes. The improvements are
located on pad sites. Surrounding the pad sites is a separate
tax parcel identified as common area for this portion of the
development. While the duplexes are not adjacent to the site
of the proposed development, we do consider these properties
in the analysis.
Residential Properties (East) – The residential properties to
the east of the proposed development are single family
dwellings. There is a creek that runs along the eastern
boundary of the proposed development. The vegetative buffer
includes more mature trees than to the west. The adjacent
properties to the east may have a partial view of the tower
depending on the individual tree cover on the respective sites.
The proposed tower will be approximately 400 feet from the
nearest improvement.
As we will detail later in this report, the impact of the
proposed development focuses on the visual impact of the
proposed tower. The siting of the tower within the existing
trees will obscure a significant portion, if not all, of the tower.
The existing vegetation will provide some level of screening
of the tower from surrounding properties.
The following simulated photographs were provided as a tool
to show the potential visual impact of the proposed tower on
adjacent/abutting properties. We were provided with
simulated photographs for the previous assignment. The
analysis is based on a compilation of the information
obtained.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 15 of 49
(NH-003) MPB REAL ESTATE, LLC
The tower will not be visible from locations 3, 6 and 7. The
highest levels of visibility are from locations 1, 2 and 4. The
highest level of visual impact is from the other open space
parcels along the subject’s portion of Valley Brook Road. For
the residential properties, the visual impact of the tower will
be limited to the portion visible above the respective
vegetative buffers.
For the previous assignment, the producer of the photographs
concluded that the tower would have to have a height of 213
feet to be visible from the duplexes to the west. The proposed
cannister pole will have a height of 130 feet.
As we will discuss in the following section, the scope of the
assignment is to determine whether the proposed development
is in accordance with New Hanover County’s Unified
Development Ordinance regarding the approval of a special
use permit and the development of a telecommunications
facility. The items within our field of expertise are detailed in
the following section.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 16 of 49
(NH-003) MPB REAL ESTATE, LLC
NEW HANOVER COUNTY UNIFIED DEVELOPMENT ORDINANCE
As part of the assignment, I reviewed applicable items of the
Section 4.3.3C of the New Hanover County UDO regarding
development standards for wireless facilities and Section
10.3.5D regarding the approval criteria for a special use
permit. This section identifies several items that will be
addressed by others and included in the application.
Therefore, the remainder of the report focuses on the items
provided in the Scope of Work section. We provide the
following excerpt from the UDO for reference purposes.
Based on our review of the ordinance, the remainder of the
study focuses on the visual impact on adjacent or abutting
properties and potentially injurious effect of the facility on
real property values. The potential impact on these properties
is the visual impact of the proposed tower.
We will discuss property values later in the report. We
acknowledge that the proposed 130-foot tower will have a
visual impact on some of the surrounding properties. The
visual impact of the tower is diminished by the trees on the
parent parcel as well as some of the adjacent properties. The
visual impact of the tower is limited to a portion of the tower
above the existing tree canopy. The location in the center of
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 17 of 49
(NH-003) MPB REAL ESTATE, LLC
the site will minimize to the extent possible the visual impact
on surrounding residential properties.
Summary The items within our field of expertise focus on the aesthetic
impact of the proposed development. This is based on the
existing developments as detailed earlier in the study. The
limited utility of the subject and the properties to the south are
a factor in the analysis. The operations of the golf course will
not be impeded by the proposed tower. Some of the residential
properties in the area will have a partial view of the tower
while others will be totally obscured from the tower because
of existing vegetation.
MARKET RESEARCH
A potential issue associated with the impact of the proposed
development is on real property values in the immediate
vicinity and the neighborhood. We researched towers in New
Hanover County and identify the development patterns
around these towers. After analyzing the market data, we
compare this information to the proposed site and the physical
characteristics and development patterns surrounding the
proposed development.
New Hanover County
Towers
During our research, we visited several towers in New
Hanover County. The comparability of towers to the proposed
development is a significant factor in developing a credible
conclusion of the study. Towers are selected for a variety of
reasons including but not necessarily limited to:
Location – The parent parcel has limited utility and is
adjacent to a golf course. Recreational areas are
common locations for infrastructure.
Surrounding Developments – The surrounding
developments include residential and recreational
uses. The surrounding uses are common for areas off
primary transportation corridors.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 18 of 49
(NH-003) MPB REAL ESTATE, LLC
Construction Type/Height – The proposed tower is a
unipole tower with a proposed height of 130 feet.
For the research of towers, we rely on information from
antennasearch.com, which we consider a reliable source of
information. We cross-referenced this data with information
on the New Hanover County GIS. We found 37 towers within
proximity to the tower. We excluded towers listed that were
part of electrical transmission lines, which is inconsistent with
the proposed tower. Some of the towers were not visible
during our tour of the area. We also excluded the towers over
250 feet which require lighting. The following chart provides
a summary of the comparable towers studied in the area.
Several of the towers are located on commercial or industrial
properties, which is not comparable to the proposed location.
The following provides a summary of the analysis of towers
found with visual impact and/or locations in residential areas.
The following provides information on towers in New
Hanover County on properties abutting residential
developments.
Tower Type Location Year Built Address Height (Feet)
Monopole Commercial 1995 4502 Park Avenue 95
Registered Institutional 2016 3310 South College Road 150
Monopole Commercial 2002 5515 Carolina Beach Road 160
Lattice Commercial/Industrial 2004 434 Raleigh Street 180
Monopole Industrial 2003 5501 Greenville Loop Road 156
Registered Institutional 2015 5591 Marvin K Mosss Lane 195
Registered Institutional NA Halyburton Memorial Parkway 140
Monopole Industrial NA River Road 199
Monopole Commercial/Residential NA Off Willowick Park Drive 170
Monopole Commercial/Industrial NA Pickard Road & Shipyard Blvd. 115
Monopole Residential/Vacant Land NA Behind Deer Hill Drive 147
Monopole Electrical NA Pine Grove Dr. & Beasley Rd. 108
Monopole Residential/Vacant Land NA Antietam Dr. & Appomattox Dr. 199
Lattice Commercial/Industrial NA Raleigh St. & Carolina Beach Dr. 200
Monopole Residential 1999 Behind Cypress Village Place 195
Slick Stick Mini-Storage NA 202 North Dow Road 150
New Hanover Tower Summary
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 19 of 49
(NH-003) MPB REAL ESTATE, LLC
4510 S. College Road – This tower is located on an
institutional property along the College Road corridor.
Jasmine Cove Way is a tertiary road accessing residential
properties behind the parent parcel of the tower. The
development patterns along the College Road corridor are an
external influence on development patterns and property
values. There is a walking track between the Shrine Club and
the residential properties. The sales activity in this
neighborhood was inadequate in quality and quantity to
develop a credible quantitative analysis.
3310 S. College Road – This tower is located on the site of
Messiah Lutheran Church. The adjacent property is a
multifamily development for rent that includes townhomes.
Multifamily developments are common locations for wireless
facilities. The tower was not visible from nearby residential
properties.
Two additional towers on institutional properties are the
center for Marine Science and The Veteran’s Sports Complex
off Halyburton Memorial Parkway. The Center is adjacent to
the Masonboro Sound. The tower is not visible from adjacent
or abutting properties because of the size of the parent parcel
and existing vegetative buffer. The wireless arrays for the
Sports Complex are located on a water tower. While
inconsistent with the proposed facility, the water tower
provides an example of infrastructure development in a
recreational area.
Clearbrook Estates – This tower is located on a site improved
with a power substation. The additional above ground
infrastructure has a larger visual footprint than the tower. The
adjacent residential properties were constructed in the 1960’s.
Most of the transactions involving adjacent or abutting
properties were not arm’s length transactions. A sale was
found that closed in August 2020. The renovated dwelling
sold for $200,000. The remaining four sales closed between
1995 and 2017. This data is inadequate in quality and quantity
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 20 of 49
(NH-003) MPB REAL ESTATE, LLC
to develop a credible quantitative analysis isolating the
impact, if any, of the visual impact from the tower.
Cypress Village –This residential development is located off
Carolina Beach Road. The tower is located behind the single-
family dwellings at the end of the cul-de-sac. The land was
purchased after the construction of the tower. The indication
is that the presence of the cell tower did not impede the
development of the adjacent land. The following provides a
PLAT and aerial of the subdivision.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 21 of 49
(NH-003) MPB REAL ESTATE, LLC
The first sales in the subdivision closed in 2021. Some of the
properties have sold since the initial purchase. The following
chart provides a summary of the sales in the neighborhood.
Market conditions have changed over time. The analysis is
intended to isolate the visual impact of the tower on prices
paid. The properties highlighted in yellow are at the end of the
cul-de-sac and have the highest level of visual impact from
the tower.
Address Size (SF) Sale Date Sale Price Price/SF
708 Cypress Village Pl. 1,982 4/27/21 296,500$ 149.60$
712 Cypress Village Pl. 1,982 4/15/21 295,000$ 148.84$
716 Cypress Village Pl. 1,886 4/29/22 298,000$ 158.01$
720 Cypress Village Pl. 1,886 1/14/22 298,500$ 158.27$
724 Cypress Village Pl. 2,366 10/25/21 329,500$ 139.26$
728 Cypress Village Pl. 1,982 6/17/21 298,500$ 150.61$
732 Cypress Village Pl. 1,310 4/29/21 259,000$ 197.71$
736 Cypress Village Pl. 1,702 5/4/21 268,500$ 157.76$
736 Cypress Village Pl. 1,702 12/1/23 350,000$ 205.64$
740 Cypress Village Pl. 1,702 12/15/22 335,000$ 196.83$
744 Cypress Village Pl. 1,702 3/31/22 299,000$ 175.68$
748 Cypress Village Pl. 1,982 9/9/21 289,000$ 145.81$
752 Cypress Village Pl. 1,680 12/3/21 291,500$ 173.51$
756 Cypress Village Pl. 1,850 3/17/22 301,000$ 162.70$
760 Cypress Village Pl. 1,982 2/7/24 400,000$ 201.82$
760 Cypress Village Pl. 1,982 6/30/21 293,500$ 148.08$
764 Cypress Village Pl. 1,358 12/29/21 270,500$ 199.19$
768 Cypress Village Pl. 1,358 1/12/22 278,500$ 205.08$
772 Cypress Village Pl. 1,345 1/7/22 262,500$ 195.17$
776 Cypress Village Pl. 1,345 5/26/22 268,000$ 199.26$
780 Cypress Village Pl. 1,284 6/24/21 257,500$ 200.55$
781 Cypress Village Pl. 1,827 3/1/21 291,500$ 159.55$
777 Cypress Village Pl. 1,692 3/1/21 261,500$ 154.55$
773 Cypress Village Pl. 1,982 3/1/21 285,500$ 144.05$
769 Cypress Village Pl. 1,692 3/15/22 278,000$ 164.30$
765 Cypress Village Pl. 1,863 9/3/21 290,000$ 155.66$
761 Cypress Village Pl. 1,982 5/20/22 304,500$ 153.63$
761 Cypress Village Pl. 1,982 7/16/25 395,500$ 199.55$
757 Cypress Village Pl. 1,692 4/26/22 292,000$ 172.58$
753 Cypress Village Pl. 2,062 10/7/21 286,500$ 138.94$
749 Cypress Village Pl. 2,002 10/7/21 288,500$ 144.11$
749 Cypress Village Pl. 2,002 9/13/24 390,000$ 194.81$
749 Cypress Village Pl. 2,002 8/14/25 390,000$ 194.81$
745 Cypress Village Pl. 2,278 5/5/22 348,500$ 152.99$
733 Cypress Village Pl. 2,379 6/11/21 327,000$ 137.45$
725 Cypress Village Pl. 1,923 7/2/21 315,000$ 163.81$
715 Cypress Village Pl. 1,834 4/22/21 289,000$ 157.58$
711 Cypress Village Pl. 2,048 7/23/21 305,500$ 149.17$
707 Cypress Village Pl. 2,379 5/21/21 323,000$ 135.77$
707 Cypress Village Pl. 2,379 6/29/23 420,000$ 176.54$
Cypress Village Sales Summary
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 22 of 49
(NH-003) MPB REAL ESTATE, LLC
In order to isolate the visual impact of the tower, we have
narrowed the data to the sale of new homes that closed in 2021
and 2022. The following chart provides a summary of the
statistical analysis.
One property adjacent to the tower had the lowest price point.
However, the sale also had one of the highest prices paid per
square foot. The indication is that the theory of economies of
scale is relevant to the price paid. Even without any
adjustments, the sale prices of the other two properties are
consistent with the mean and median of the data set. We note
that two of the three dwellings adjacent to the tower were the
first sales in the subdivision. After considering adjustments
for a variety of factors, the market data does not show a
substantial diminution in value for the location adjacent to a
telecommunications tower.
Given the limited data for the local towers, we provide
additional examples from studies performed in North
Carolina. These examples are provided in support of the
limited data from the local market. Based on the photo
simulations provided, the examples provided are intended to
show examples of residential development where a cell tower
is visible above a nearby tree canopy.
High Point, NC – Guilford
County
Woodpark Drive, High Point, North Carolina - This
monopole tower is larger than the proposed tower. The
surrounding developments are townhomes that provide
adequate quantity of data to develop an opinion of whether
this tower influences value. The townhomes in the
development have varying levels of visual influence from the
tower. The sales highlighted in yellow have the highest level
Sales Price Price/SF
Minimum 257,500$ 135.77$
Maximum 348,500$ 205.08$
Mean 293,397$ 163.12$
Median 291,750$ 157.67$
Cypress Village Sales Summary
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 23 of 49
(NH-003) MPB REAL ESTATE, LLC
of visual influence from the tower as the tower is in view of
their front door.
We have included this example because of the duplexes
located west of the proposed tower. The sales directly across
the street from the tower, shown in yellow, do not show any
influence from the tower. In fact, one sale across the street is
the highest priced sale found within the past several years.
This data provides evidence that the visual influence from the
tower does not substantially injure property values.
Cornelius, NC –
Mecklenburg County
Victoria Bay – This subdivision is adjacent to Lake Norman
with similar residential improvements. This subdivision
includes some waterfront properties. We have excluded these
sales to isolate the impact, if any, of the tower. The following
chart provides a summary of the sales. The sales highlighted
ID Address Size SF Bedrooms Bathrooms Sale Price Price/Sq. Ft. Sale Date Deed Book Page
196643 7836 WOODPARK DR 1,264 3 2 $100,000 $79.11 7/5/2018 8065-0590
196633 7820 WOODPARK DR 1,266 3 2 $137,000 $108.21 7/27/2016 7837-2933
196634 7822 WOODPARK DR 1,266 3 2 $122,000 $96.37 5/28/2015 7704-3038
196637 7828 WOODPARK DR 1,266 3 2 $114,000 $90.05 8/22/2014 7626-0825
196644 7846 WOODPARK DR 1,264 3 2 $135,000 $106.80 10/5/2017 7982-1602
196645 7844 WOODPARK DR 1,152 2 2 $98,000 $85.07 7/23/2014 7617-0256
196645 7844 WOODPARK DR 1,152 2 2 $104,500 $90.71 8/12/2016 7844-0746
196652 7871 WOODPARK DR 1,264 3 2 $115,000 $90.98 10/14/2014 7641-1701
196656 7859 WOODPARK DR 1,264 3 2 $125,000 $98.89 4/13/2017 7923-1098
196658 7855 WOODPARK DR 1,264 3 2 $106,000 $83.86 5/14/2015 7700-2575
Castle Pines at Hickswood Townhomes
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 24 of 49
(NH-003) MPB REAL ESTATE, LLC
in yellow have visual influence from the tower. The sales
highlighted in green are for a resale of the same property
The sales shown have an average price per square foot of
$132.11. Three of the four sales with visual influence from the
tower are above the average. Six of the sales in the data set
were of the same model. Three of the sales have visual
influence from the tower. The prices paid per square foot are
Parcel # Street Address Sales Date Size (SF) $/SF Sales Price
003-381-44 19911 Marina Village Dr. April 13, 2018 1,620 138.27$ 224,000$
003-381-40 18505 Victoria Bay Dr. November 13, 2018 1,620 155.86$ 252,500$
003-381-30 18526 Victoria Bay Dr. July 1, 2020 2,219 145.11$ 322,000$
003-381-62 18611 Victoria Bay Dr. November 16, 2018 1,620 146.91$ 238,000$
003-381-65 18623 Victoria Bay Dr. February 28, 2018 1,620 139.51$ 226,000$
003-381-66 18627 Victoria Bay Dr. October 18, 2018 1,620 151.23$ 245,000$
003-381-25 18624 Victoria Bay Dr. November 20, 2018 2,052 119.40$ 245,000$
003-381-14 20030 Coral Cove Ct. January 11, 2018 1,620 134.57$ 218,000$
003-382-02 18122 Bluff Inlet Rd. June 19, 2020 2,071 153.31$ 317,500$
003-195-09 18111 Bluff Inlet Rd. May 18, 2018 2,052 121.83$ 250,000$
003-195-06 18021 Bluff Inlet Rd. July 16, 2018 2,012 136.68$ 275,000$
003-195-01 18001 Bluff Inlet Rd. April 17, 2020 1,645 151.98$ 250,000$
003-196-23 20815 Brinkley St. June 17, 2020 2,610 128.35$ 335,000$
003-196-12 18208 Harbor Mist Rd. February 23, 2018 2,709 108.90$ 295,000$
003-196-12 18208 Harbor Mist Rd. August 3, 2018 2,709 124.03$ 336,000$
003-196-36 20933 Brinkley St. September 7, 2018 2,528 128.56$ 325,000$
003-194-57 20102 Beard St. August 21, 2020 2,386 155.07$ 370,000$
003-195-59 20115 Beard St. September 4, 2018 2,263 124.61$ 282,000$
003-194-51 20914 Brinkley St. December 27, 2018 2,609 109.62$ 286,000$
003-194-25 18307 Victoria Bay Dr. February 21, 2018 2,332 125.21$ 292,000$
003-194-26 18311 Victoria Bay Dr. September 21, 2018 2,582 114.25$ 295,000$
003-194-25 18327 Victoria Bay Dr. January 24, 2018 2,609 105.40$ 275,000$
003-194-34 18409 Victoria Bay Dr. August 13, 2018 2,655 119.77$ 318,000$
Victoria Bay
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 25 of 49
(NH-003) MPB REAL ESTATE, LLC
comparable. The indication from the market is that the visual
impact from the tower does not adversely impact property
values in Victoria Bay.
The next tower with adequate data is a lattice tower located at
2517 Providence Road in Weddington, North Carolina.
Typically, we would not include this tower because of its
construction type and taller size. This tower as shown on the
photograph poses a significantly higher visual impact on the
subdivision to the north, Inverness at Providence Road. The
following chart provides a summary of market data for homes
in the subdivision. The sales highlighted in yellow have
significant visual impact from the tower. The sales
highlighted in green are resales of the same property to reflect
the appreciating market.
Parcel Number Book & Page Acreage Address Sale Amount Sale Date Year Built SF $/SF Parcel Number Book & Page Acreage Address Sale Amount Sale Date Year Built SF $/SF
6159379 7154 747 0.32 104 SOMERLED WAY 508,500$ 5/11/2018 2018 3,479 146.16$ 6159445 7736 0391 0.36 309 SOMERLED WAY 525,000$ 7/15/2020 2016 3,893 134.86$
6159380 7145 188 0.37 108 SOMERLED WAY 471,000$ 4/27/2018 2017 3,859 122.05$ 6159446 6781 278 0.38 313 SOMERLED WAY 557,000$ 9/28/2016 2016 4,339 128.37$
6159381 7146 402 0.4 112 SOMERLED WAY 438,500$ 4/30/2018 2017 3,248 135.01$ 6159447 7120 362 0.32 317 SOMERLED WAY 534,500$ 3/19/2018 2017 4,291 124.56$
6159382 7172 333 0.4 113 SOMERLED WAY 559,000$ 6/8/2018 2015 3,921 142.57$ 6159448 7225 798 0.25 321 SOMERLED WAY 490,000$ 8/29/2018 2018 3,788 129.36$
6159383 7219 178 0.24 117 SOMERLED WAY 520,000$ 8/20/2018 2015 3,243 160.35$ 6159449 7244 446 0.25 325 SOMERLED WAY 472,500$ 10/1/2018 2018 4,225 111.83$
6159384 7244 560 0.24 121 SOMERLED WAY 514,000$ 10/1/2018 2018 4,354 118.05$ 6159450 7536 0594 0.25 329 SOMERLED WAY 542,500$ 12/10/2019 2016 3,824 141.87$
6159385 7942 0230 0.24 125 SOMERLED WAY 550,000$ 1/4/2021 2018 3,248 169.33$ 6159451 6967 230 0.25 333 SOMERLED WAY 540,000$ 7/5/2017 2016 4,556 118.53$
6159386 6719 319 0.26 129 SOMERLED WAY 503,500$ 7/12/2016 2015 3,921 128.41$ 6159452 7219 017 0.27 337 SOMERLED WAY 455,000$ 8/17/2018 2018 3,248 140.09$
6159387 6546 130 0.27 201 SOMERLED WAY 486,000$ 10/12/2015 2015 3,942 123.29$ 6159453 7147 488 0.32 341 SOMERLED WAY 483,000$ 5/1/2018 2017 3,892 124.10$
6159388 6699 852 0.25 205 SOMERLED WAY 453,000$ 6/16/2016 2016 3,245 139.60$ 6159454 7144 410 0.33 345 SOMERLED WAY 491,500$ 4/26/2018 2017 3,248 151.32$
6159389 6822 104 0.25 209 SOMERLED WAY 491,000$ 11/18/2016 2015 3,900 125.90$ 6159455 7684 0116 0.32 349 SOMERLED WAY 525,000$ 5/29/2020 2016 3,415 153.73$
6159390 6825 072 0.25 213 SOMERLED WAY 471,000$ 11/22/2016 2015 3,756 125.40$ 6159458 6885 265 0.353 105 BARCLAY DR 467,000$ 3/1/2017 2016 3,646 128.09$
6159391 6633 228 0.3 217 SOMERLED WAY 478,000$ 3/16/2016 2015 3,868 123.58$ 6159459 6880 725 0.342 109 BARCLAY DR 528,500$ 2/22/2017 2016 3,173 166.56$
6159392 6950 743 0.242 317 BARCLAY DR 668,500$ 6/12/2017 2016 6,507 102.74$ 6159460 6940 081 0.317 113 BARCLAY DR 518,000$ 5/26/2017 2017 4,291 120.72$
6159393 6851 790 0.27 321 BARCLAY DR 502,500$ 12/29/2016 2016 3,897 128.95$ 6159461 7047 708 0.358 117 BARCLAY DR 417,500$ 11/3/2017 2017 3,160 132.12$
6159394 6645 149 0.35 325 BARCLAY DR 495,500$ 4/1/2016 2015 3,892 127.31$ 6159462 6920 777 0.305 121 BARCLAY DR 571,000$ 4/27/2017 2017 4,775 119.58$
6159396 6670 745 0.23 333 BARCLAY DR 491,500$ 5/9/2016 2016 3,892 126.28$ 6159463 7429 307 0.25 125 BARCLAY DR 588,000$ 7/31/2019 2018 3,892 151.08$
6159397 6712 081 0.23 337 BARCLAY DR 391,500$ 6/30/2016 2016 3,180 123.11$ 6159463 7224 607 0.25 125 BARCLAY DR 572,000$ 8/28/2018 2018 3,892 146.97$
6159398 6823 029 0.28 341 BARCLAY DR 458,500$ 11/18/2016 2016 3,186 143.91$ 6159464 7122 746 0.271 129 BARCLAY DR 526,500$ 3/22/2018 2017 5,874 89.63$
6159399 7086 853 0.29 2905 MERRYVALE WAY 545,000$ 1/12/2018 2016 4,222 129.09$ 6159466 7488 0001 0.274 137 BARCLAY DR 570,000$ 10/11/2019 2017 4,560 125.00$
6159400 6846 365 0.29 2909 MERRYVALE WAY 538,000$ 12/21/2016 2016 4,434 121.34$ 6159467 6921 598 0.274 141 BARCLAY DR 452,000$ 4/28/2017 2017 3,426 131.93$
6159401 6659 509 0.31 2913 MERRYVALE WAY 459,000$ 4/25/2016 2016 3,245 141.45$ 6159468 7397 0704 0.25 145 BARCLAY DR 521,000$ 6/21/2019 2017 3,763 138.45$
6159402 6655 785 0.38 2917 MERRYVALE WAY 507,000$ 4/19/2016 2015 3,868 131.08$ 6159469 7032 212 0.25 149 BARCLAY DR 458,000$ 10/11/2017 2017 3,167 144.62$
6159403 6782 657 0.39 2920 MERRYVALE WAY 553,500$ 9/29/2016 2016 4,339 127.56$ 6159470 7223 321 0.25 153 BARCLAY DR 486,500$ 8/24/2018 2018 4,260 114.20$
6159404 6853 642 0.36 2916 MERRYVALE WAY 545,000$ 12/30/2016 2016 4,516 120.68$ 6159471 7244 507 0.25 157 BARCLAY DR 545,500$ 10/1/2018 2018 4,310 126.57$
6159405 6640 381 0.28 2912 MERRYVALE WAY 452,000$ 3/28/2016 2015 3,884 116.37$ 6159472 7243 553 0.25 161 BARCLAY DR 469,500$ 9/28/2018 2018 3,666 128.07$
6159406 6590 757 0.29 2908 MERRYVALE WAY 452,500$ 12/28/2015 2015 3,909 115.76$ 6159473 7237 611 0.25 165 BARCLAY DR 468,000$ 9/20/2018 2018 3,889 120.34$
6159407 6591 307 0.29 2904 MERRYVALE WAY 448,000$ 12/28/2015 2015 3,892 115.11$ 6159474 7177 736 0.25 169 BARCLAY DR 511,500$ 6/18/2018 2018 3,822 133.83$
6159408 6591 474 0.33 2900 MERRYVALE WAY 451,000$ 12/29/2015 2015 3,868 116.60$ 6159475 7237 408 0.25 173 BARCLAY DR 480,000$ 9/20/2018 2018 3,892 123.33$
6159409 6690 738 0.29 2808 MERRYVALE WAY 419,000$ 6/3/2016 2016 3,245 129.12$ 6159476 7778 110 0.25 177 BARCLAY DR 530,000$ 8/19/2020 2018 3,559 148.92$
6159410 6643 595 0.32 2804 MERRYVALE WAY 513,000$ 3/31/2016 2015 3,756 136.58$ 6159476 7235 595 0.25 177 BARCLAY DR 489,000$ 9/18/2018 2018 3,559 137.40$
6159411 7150 630 0.25 120 SOMERLED WAY 456,000$ 5/4/2018 2017 3,559 128.13$ 6159477 7775 473 0.298 181 BARCLAY DR 585,000$ 8/17/2020 2018 3,788 154.44$
6159412 6688 409 0.24 124 SOMERLED WAY 432,000$ 6/1/2016 2015 3,106 139.09$ 6159477 7227 402 0.298 181 BARCLAY DR 529,500$ 8/31/2018 2018 3,788 139.78$
6159413 7273 540 0.29 128 SOMERLED WAY 505,000$ 11/26/2018 2015 3,892 129.75$ 6159478 7243 069 0.287 185 BARCLAY DR 430,000$ 9/28/2018 2018 3,248 132.39$
6159414 6959 391 0.28 200 SOMERLED WAY 459,000$ 6/26/2017 2017 3,701 124.02$ 6159479 7202 403 0.287 189 BARCLAY DR 534,000$ 7/24/2018 2018 3,274 163.10$
6159415 6608 661 0.25 204 SOMERLED WAY 419,000$ 2/1/2016 2015 3,868 108.32$ 6159480 7437 393 0.287 193 BARCLAY DR 549,000$ 8/12/2019 2017 3,592 152.84$
6159416 6731 757 0.25 208 SOMERLED WAY 467,500$ 7/28/2016 2016 3,890 120.18$ 6159480 7110 539 0.287 193 BARCLAY DR 520,000$ 2/28/2018 2017 3,592 144.77$
6159417 6757 188 0.25 212 SOMERLED WAY 456,500$ 8/30/2016 2016 3,881 117.62$ 6159481 7077 103 0.287 197 BARCLAY DR 621,500$ 12/22/2017 2017 6,158 100.93$
6159419 7045 313 0.3 220 SOMERLED WAY 460,000$ 10/31/2017 2016 3,173 144.97$ 6159482 7917 0532 0.295 201 BARCLAY DR 530,000$ 12/11/2020 2017 3,260 162.58$
6159420 6868 158 0.27 328 BARCLAY DR 529,500$ 1/31/2017 2016 4,340 122.00$ 6159483 7040 873 0.29 205 BARCLAY DR 462,000$ 10/25/2017 2017 3,900 118.46$
6159421 6971 136 0.25 332 BARCLAY DR 466,000$ 7/12/2017 2017 3,833 121.58$ 6159484 7079 604 0.267 209 BARCLAY DR 521,000$ 12/29/2017 2017 3,806 136.89$
6159422 7204 509 0.25 336 BARCLAY DR 530,000$ 7/27/2018 2016 4,339 122.15$ 6159485 7042 866 0.283 213 BARCLAY DR 430,500$ 10/27/2017 2017 3,173 135.68$
6159423 6725 875 0.42 340 BARCLAY DR 533,000$ 7/21/2016 2016 3,892 136.95$ 6159486 7003 282 0.371 200 BARCLAY DR 558,500$ 8/28/2017 2017 4,531 123.26$
6159424 7242 439 0.33 301 SOMERLED WAY 500,000$ 9/27/2018 2016 4,310 116.01$ 6159487 6959 514 0.324 188 BARCLAY DR 488,500$ 6/26/2017 2017 3,911 124.90$
6159425 6842 058 0.32 305 SOMERLED WAY 433,500$ 12/16/2016 2016 3,173 136.62$ 6159488 6985 188 0.333 180 BARCLAY DR 552,000$ 7/31/2017 2017 4,541 121.56$
6159433 7224 094 0.3 301 BARCLAY DR 455,500$ 8/27/2018 2018 3,479 130.93$ 6159489 7091 878 0.254 172 BARCLAY DR 495,500$ 1/24/2018 2017 3,274 151.34$
6159434 6825 757 0.27 305 BARCLAY DR 644,500$ 11/22/2016 2016 5,830 110.55$ 6159490 7205 416 0.25 168 BARCLAY DR 503,500$ 7/30/2018 2018 4,310 116.82$
6159435 6825 096 0.28 309 BARCLAY DR 632,000$ 11/22/2016 2016 5,954 106.15$ 6159491 7066 746 0.25 164 BARCLAY DR 482,000$ 12/7/2017 2017 4,211 114.46$
6159436 6744 188 0.33 313 BARCLAY DR 534,500$ 8/15/2016 2016 3,868 138.19$ 6159492 7073 062 0.25 160 BARCLAY DR 477,500$ 12/18/2017 2017 3,912 122.06$
6159437 7147 247 0.28 308 SOMERLED WAY 464,500$ 4/30/2018 2016 3,879 119.75$ 6159493 7546 349 0.25 156 BARCLAY DR 521,000$ 12/20/2019 2017 3,248 160.41$
6159438 6660 854 0.25 316 SOMERLED WAY 465,500$ 4/26/2016 2016 3,890 119.67$ 6159493 7140 614 0.25 156 BARCLAY DR 514,500$ 4/20/2018 2017 3,248 158.41$
6159439 6693 863 0.24 320 SOMERLED WAY 448,000$ 6/8/2016 2016 3,868 115.82$ 6159494 6982 514 0.25 152 BARCLAY DR 506,000$ 7/27/2017 2017 4,566 110.82$
6159440 7232 454 0.24 324 SOMERLED WAY 533,000$ 9/10/2018 2016 3,756 141.91$ 6159495 7139 083 0.25 148 BARCLAY DR 470,000$ 4/18/2018 2017 3,883 121.04$
6159441 6693 353 0.24 328 SOMERLED WAY 495,000$ 6/8/2016 2016 3,408 145.25$ 6159496 7067 001 0.25 144 BARCLAY DR 500,000$ 12/7/2017 2017 4,311 115.98$
6159442 6653 116 0.24 332 SOMERLED WAY 452,500$ 4/14/2016 2015 3,890 116.32$ 6159497 6885 172 0.307 140 BARCLAY DR 473,000$ 2/28/2017 2016 3,918 120.72$
6159443 6712 158 0.29 340 SOMERLED WAY 456,500$ 7/1/2016 2016 3,245 140.68$ 6159498 7078 310 0.304 132 BARCLAY DR 429,500$ 12/27/2017 2017 3,164 135.75$
6159444 7833 0099 0.27 348 SOMERLED WAY 595,000$ 10/2/2020 2016 3,196 186.17$ 6159499 6867 900 0.25 124 BARCLAY DR 439,500$ 1/30/2017 2016 3,866 113.68$
6159500 6931 427 0.458 116 BARCLAY DR 581,000$ 5/12/2017 2017 4,331 134.15$
Inverness Subdivision Sales
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 26 of 49
(NH-003) MPB REAL ESTATE, LLC
The most significant factor in the analysis of the data is the
date of sales. The housing shortage produced a spike in prices
paid. The price points for these homes average approximately
$500,000. The sales prices for the houses with visual
influence from the tower range from $448,000 to $553,500
which is consistent with the sales of homes without a visual
influence despite their older sale date. The price per square
foot for the impacted houses ranges from $115.11 to $141.45
per square foot. Again, the rates bookend the median and
averages for the neighborhood. The indication from the
analysis is that the presence of a cell tower posing a higher
level of visual impact with a light did not significantly impact
the value of properties.
Waxhaw, NC – Union
County
The Vickery subdivision located in Waxhaw, North Carolina
has a cell tower just north of the lots at the terminus of Vickery
Drive. This tower has a comparable distance to adjacent
improvements. The vegetative buffer is comparable to the
proposed tower. The analysis for those properties closest to
the tower are compared to those within the remainder of the
subdivision. The following chart provides sales within the
Size Sale Price $/SF
Minimum 3,106 391,500$ 89.63$
Maximum 6,507 668,500$ 186.17$
Average 3,894 501,287$ 130.65$
Median 3,879 495,500$ 128.09$
Inverness Summary
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 27 of 49
(NH-003) MPB REAL ESTATE, LLC
subdivision with the properties closest to the tower
highlighted in yellow.
Parcel Number
Book &
Page Acreage Address Sale Amount Size SFD (SF) Price/SF Sale Date
Assessed
Value
% of
Assessed
Value Year Built
7075300 6775 248 0.474 1209 VICKERY DR 474,000$ 4,032 117.56$ 9/21/2016 387,500$ 122% 2016
7075301 6775 389 0.584 1215 VICKERY DR 467,000$ 4,224 110.56$ 9/21/2016 398,200$ 117% 2016
7075299 6778 636 0.481 1205 VICKERY DR 447,000$ 3,453 129.45$ 9/26/2016 358,100$ 125% 2016
7075302 6781 324 0.472 1305 VICKERY DR 429,900$ 3,011 142.78$ 9/28/2016 366,300$ 117% 2016
7075308 6782 602 0.486 1416 VICKERY DR 404,000$ 3,427 117.89$ 9/29/2016 344,300$ 117% 2016
7075305 6785 056 0.46 1415 VICKERY DR 438,000$ 3,789 115.60$ 9/30/2016 380,200$ 115% 2016
7075304 6786 509 0.501 1407 VICKERY DR 390,000$ 2,922 133.47$ 10/4/2016 316,900$ 123% 2016
7075315 6800 627 0.608 1300 VICKERY DR 436,500$ 3,073 142.04$ 10/21/2016 340,200$ 128% 2016
7075310 6802 034 0.565 1408 VICKERY DR 495,500$ 4,032 122.89$ 10/24/2016 387,300$ 128% 2016
7075309 6807 378 0.53 1412 VICKERY DR 508,815$ 3,865 131.65$ 10/28/2016 406,700$ 125% 2016
7075303 6807 603 0.466 1401 VICKERY DR 435,000$ 3,571 121.81$ 10/31/2016 362,400$ 120% 2016
7075298 6835 577 0.514 1201 VICKERY DR 480,705$ 3,956 121.51$ 12/7/2016 388,200$ 124% 2016
7075314 6843 242 0.498 1304 VICKERY DR 464,900$ 3,850 120.75$ 12/16/2016 375,900$ 124% 2016
7075307 6843 367 0.466 1423 VICKERY DR 470,000$ 3,672 128.00$ 12/19/2016 362,500$ 130% 2016
7075326 6844 281 0.463 2023 DONOVAN DR 450,500$ 2,922 154.18$ 12/19/2016 324,100$ 139% 2016
7075330 6847 478 0.529 2028 DONOVAN DR 438,500$ 3,642 120.40$ 12/22/2016 355,500$ 123% 2016
7075335 6848 787 0.504 2011 CHALET LN 475,207$ 3,672 129.41$ 12/27/2016 363,700$ 131% 2016
7075331 6848 807 0.473 2024 DONOVAN DR 492,000$ 4,832 101.82$ 12/27/2016 420,500$ 117% 2016
7075332 6851 725 0.461 2018 DONOVAN DR 454,348$ 3,594 126.42$ 12/29/2016 358,800$ 127% 2016
7075312 6851 804 0.542 1402 VICKERY DR 417,000$ 3,037 137.31$ 12/29/2016 338,500$ 123% 2016
7075325 6859 111 0.463 2019 DONOVAN DR 462,500$ 3,037 152.29$ 1/13/2017 338,900$ 136% 2016
7075317 6862 313 0.496 1110 VICKERY DR 448,836$ 3,644 123.17$ 1/19/2017 376,500$ 119% 2016
7075313 6880 472 0.497 1308 VICKERY DR 476,853$ 4,102 116.25$ 2/22/2017 395,100$ 121% 2016
7075350 6882 808 0.483 1004 KARA CT 459,050$ 3,430 133.83$ 2/24/2017 344,000$ 133% 2016
7075311 6883 380 0.513 1406 VICKERY DR 499,900$ 4,240 117.90$ 2/27/2017 406,500$ 123% 2016
7075338 6886 457 0.537 3021 CHALET LN 506,000$ 3,803 133.05$ 3/2/2017 369,800$ 137% 2016
7075337 6891 603 0.531 3015 CHALET LN 442,890$ 3,036 145.88$ 3/10/2017 323,500$ 137% 2016
7075333 6892 523 0.473 2012 DONOVAN DR 494,990$ 3,777 131.05$ 3/13/2017 382,500$ 129% 2016
7075345 6894 492 0.534 3000 CHALET LN 432,000$ 3,109 138.95$ 3/16/2017 336,300$ 128% 2016
7075306 6896 071 0.462 1419 VICKERY DR 455,800$ 3,488 130.68$ 3/20/2017 366,600$ 124% 2016
7075334 6903 497 0.567 2002 DONOVAN DR 469,900$ 3,430 137.00$ 3/30/2017 359,100$ 131% 2016
7075336 6928 229 0.521 3003 CHALET LN 558,582$ 4,258 131.18$ 5/9/2017 403,700$ 138% 2017
7075343 6934 030 0.544 3012 CHALET LN 502,000$ 3,646 137.69$ 5/18/2017 366,500$ 137% 2017
7075348 6943 103 0.473 1016 KARA CT 498,677$ 3,609 138.18$ 5/31/2017 366,200$ 136% 2017
7075344 6948 415 0.56 3008 CHALET LN 512,900$ 4,059 126.36$ 6/8/2017 408,800$ 125% 2016
7075322 6954 471 0.516 2005 DONOVAN DR 512,000$ 3,910 130.95$ 6/16/2017 388,900$ 132% 2017
7075341 6955 571 0.53 3024 CHALET LN 499,900$ 4,085 122.37$ 6/19/2017 395,600$ 126% 2017
7075340 6957 267 0.482 3030 CHALET LN 465,335$ 3,462 134.41$ 6/21/2017 353,700$ 132% 2017
7075349 6961 836 0.492 1010 KARA CT 493,500$ 4,102 120.31$ 6/28/2017 395,100$ 125% 2017
7075297 6961 627 0.509 1109 VICKERY DR 470,049$ 3,413 137.72$ 6/28/2017 358,800$ 131% 2017
7075347 6962 872 0.579 1020 KARA CT 507,500$ 3,885 130.63$ 6/29/2017 371,900$ 136% 2017
7075351 6964 408 0.476 1002 KARA CT 440,000$ 3,528 124.72$ 6/30/2017 353,200$ 125% 2016
7075316 6965 130 0.568 1210 VICKERY DR 449,900$ 3,528 127.52$ 6/30/2017 353,400$ 127% 2016
7075346 6978 225 0.567 1005 KARA CT 528,250$ 3,913 135.00$ 7/21/2017 390,200$ 135% 2017
7075329 7020 463 0.541 2032 DONOVAN DR 457,400$ 3,000 152.47$ 9/22/2017 341,200$ 134% 2017
7075323 7029 563 0.505 2009 DONOVAN DR 469,500$ 3,074 152.73$ 10/6/2017 342,000$ 137% 2017
7075328 7043 656 0.613 2027 DONOVAN DR 513,500$ 3,963 129.57$ 10/30/2017 391,400$ 131% 2017
7075339 7043 673 0.548 3031 CHALET LN 443,000$ 3,074 144.11$ 10/30/2017 333,800$ 133% 2017
7075324 7064 691 0.512 2015 DONOVAN DR 471,085$ 3,609 130.53$ 12/4/2017 353,900$ 133% 2017
7075342 7072 416 0.525 3018 CHALET LN 495,000$ 3,777 131.06$ 12/15/2017 382,300$ 129% 2017
7075327 7133 380 0.467 2025 DONOVAN DR 509,000$ 3,735 136.28$ 4/9/2018 362,500$ 140% 2016
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 28 of 49
(NH-003) MPB REAL ESTATE, LLC
For the analysis, we used several units of comparison. The
price point for the properties closest to the tower are within
the range of the rest of the subdivision. While one sale is on
the lower end of the range another is on the upper end of the
range indicating that the proximity to the cell tower does not
influence the price point. We also looked at the price per
square foot. Again, the sales in proximity to the tower were
consistent with nominal variances with other properties in the
subdivision. We also compared the sales prices to the assessed
values of the properties. Again, this comparison yielded the
same results that the market prices paid for properties in
proximity to the tower were not impacted by the tower.
Charlotte, NC –
Mecklenburg County
The next tower I found is southeast of the Prestwick
subdivision in Charlotte, North Carolina. The following aerial
shows the tower to the southeast of the subdivision.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 29 of 49
(NH-003) MPB REAL ESTATE, LLC
The tower is a monopole tower with some trees between the
tower and the residential properties within Prestwick. The
following chart provides a summary of sales within the
subdivision with the properties highlighted in yellow having
some level of visual influence from the tower.
Despite consideration of adjustments to the data set for a
variety of physical and market variances, the single-family
dwelling with the highest level of visual impact from the
tower lies within the range of the data set presented. This
analysis indicates that the visual impact of this tower does not
substantially impact property values of residential properties.
Parcel Number Book & Page Acreage Address Sale Amount Size SFD (SF) Price/SF Sale Date Assessed Value
% of
Assessed
Value Year Built
7135197 6730 543 0.16 5810 PARKSTONE DR $247,000 3,288 $75.12 7/26/2016 $246,000 100% 2006
7135211 7011 590 0.15 5807 PARKSTONE DR $260,000 2,844 $91.42 9/8/2017 $224,100 116% 2006
7135214 6918 096 0.14 5801 PARKSTONE DR $245,000 2,744 $89.29 4/24/2017 $217,400 113% 2006
7135218 6991 886 0.16 5717 PARKSTONE DR $271,000 2,732 $99.19 8/10/2017 $218,500 124% 2006
7135221 6636 021 0.17 5707 PARKSTONE DR $250,000 2,744 $91.11 3/21/2016 $220,300 113% 2006
7135228 6728 324 0.17 5706 PARKSTONE DR $242,000 2,652 $91.25 7/25/2016 $212,300 114% 2006
7135238 6756 020 0.18 3107 ROYAL TROON LN $260,000 2,744 $94.75 8/29/2016 $217,500 120% 2006
7135243 7228 074 0.14 3005 ROYAL TROON LN $235,000 1,956 $120.14 8/31/2018 $179,400 131% 2006
7135190 7192 422 0.14 5704 FALKIRK LN $274,000 2,856 $95.94 7/10/2018 $223,600 123% 2006
7135193 7228 475 0.15 5800 PARKSTONE DR $287,500 3,026 $95.01 8/31/2018 $233,600 123% 2006
7135196 7154 843 0.16 5808 PARKSTONE DR $256,000 2,744 $93.29 5/11/2018 $219,900 116% 2006
7135198 6903 572 0.16 5812 PARKSTONE DR $262,000 2,744 $95.48 3/30/2017 $217,500 120% 2006
7135213 7199 856 0.14 5803 PARKSTONE DR $277,000 2,732 $101.39 7/20/2018 $218,700 127% 2006
7135215 6985 085 0.14 5723 PARKSTONE DR $245,000 3,268 $74.97 7/31/2017 $244,300 100% 2006
7135232 6890 100 0.17 5714 PARKSTONE DR $238,000 1,794 $132.66 3/8/2017 $176,700 135% 2006
7135239 6820 854 0.18 3105 ROYAL TROON DR $260,000 2,732 $95.17 11/16/2016 $225,700 115% 2006
7135279 7257 886 0.14 5911 PARKSTONE DR $211,000 2,654 $79.50 10/25/2018 $213,200 99% 2007
7135284 7231 065 0.16 5901 PARKSTONE DR $278,000 2,983 $93.19 9/6/2018 $231,100 120% 2007
7135201 7002 308 0.18 5818 PARKSTONE DR $260,000 2,837 $91.65 8/25/2017 $224,700 116% 2007
7135256 6773 258 0.14 5708 FALKIRK LN $232,500 2,104 $110.50 9/19/2016 $192,700 121% 2007
7135273 7232 509 0.15 5910 PARKSTONE DR $273,000 3,075 $88.78 9/10/2018 $235,100 116% 2007
7135283 6943 153 0.16 5903 PARKSTONE DR $255,000 2,654 $96.08 5/31/2017 $212,500 120% 2007
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 30 of 49
(NH-003) MPB REAL ESTATE, LLC
Concord, NC – Cabarrus
County
10300 Poplar Tent Road - This tower was researched because
of the ability to isolate the potential impact of the visual
influence of the tower. The following chart provides sales data
for the adjacent development with the most significant
characteristics of the comparison listed in the chart. The sales
in yellow are for the houses with the highest level of visual
influence from the tower as shown in the photograph. The
sales highlighted in green are for sales of the same property.
The sales have an average price of $104.96 per square foot or
$291,320. The range of the sales is from $77.00 to $131.19
per square foot. The highest price paid per square foot is for a
Parcel # Street Address Sales Date Size (SF) $/SF Sales Price Parcel # Street Address Sales Date Size (SF) $/SF Sales Price
4671-72-9757 575 MARTHAS VIEW DR NW Apr 20 2017 3,033 93.97$ 285,000$ 4671-83-8097 10375 RUTLEDGE RIDGE DR NW Feb 15 2017 2,846 99.79$ 284,000$
4671-72-9757 575 MARTHAS VIEW DR NW Mar 25 2019 3,033 104.85$ 318,000$ 4671-83-8390 10392 RUTLEDGE RIDGE DR NW Dec 14 2016 2,246 111.31$ 250,000$
4671-73-7074 595 MARTHAS VIEW DR NW Jul 31 2017 2,870 91.99$ 264,000$ 4671-83-8390 10392 RUTLEDGE RIDGE DR NW Apr 12 2019 2,246 119.32$ 268,000$
4671-73-7074 595 MARTHAS VIEW DR NW Aug 7 2018 2,870 77.00$ 221,000$ 4671-83-8706 10415 RUTLEDGE RIDGE DR NW Feb 16 2018 2,545 104.13$ 265,000$
4671-73-7074 595 MARTHAS VIEW DR NW Mar 7 2019 2,870 95.12$ 273,000$ 4671-83-8786 10416 RUTLEDGE RIDGE DR NW Jul 1 2019 2,697 112.16$ 302,500$
4671-73-7090 591 MARTHAS VIEW DR NW Oct 11 2017 3,313 87.23$ 289,000$ 4671-83-9283 10378 RUTLEDGE RIDGE DR NW Dec 6 2016 2,696 111.28$ 300,000$
4671-73-7090 591 MARTHAS VIEW DR NW Jun 15 2018 3,313 90.55$ 300,000$ 4671-83-9388 1314 BRIDGEFORD DR NW Jan 13 2020 3,315 95.32$ 316,000$
4671-73-8245 1223 BRIDGEFORD DR NW Oct 12 2016 2,563 95.59$ 245,000$ 4671-83-9388 1314 BRIDGEFORD DR NW Mar 23 2020 3,315 96.83$ 321,000$
4671-73-8297 1227 BRIDGEFORD DR NW Jul 17 2018 2,835 105.82$ 300,000$ 4671-83-9536 10404 RUTLEDGE RIDGE DR NW May 18 2018 3,071 97.69$ 300,000$
4671-73-9130 1224 BRIDGEFORD DR NW Dec 4 2017 2,493 89.85$ 224,000$ 4671-83-9536 10404 RUTLEDGE RIDGE DR NW Oct 4 2019 3,071 105.83$ 325,000$
4671-82-0649 567 MARTHAS VIEW DR NW Feb 8 2018 2,870 98.61$ 283,000$ 4671-92-3547 10327 RUTLEDGE RIDGE DR NW May 20 2019 3,312 95.41$ 316,000$
4671-82-0685 563 MARTHAS VIEW DR NW Apr 9 2020 2,697 114.20$ 308,000$ 4671-92-3827 1303 MCDERMOTT WAY NW Jul 8 2020 2,983 117.35$ 350,000$
4671-82-1809 574 MARTHAS VIEW DR NW Jul 13 2017 2,907 89.44$ 260,000$ 4671-92-4746 10334 RUTLEDGE RIDGE DR NW Jul 31 2019 2,675 108.41$ 290,000$
4671-82-1842 10345 WESSON HUNT RD NW Mar 29 2018 2,020 131.19$ 265,000$ 4671-92-5493 10348 HILLSBOROUGH ST NW Apr 12 2019 2,567 108.69$ 279,000$
4671-82-1895 10349 WESSON HUNT RD NW Apr 23 2018 2,226 116.80$ 260,000$ 4671-92-5844 1312 MCDERMOTT WAY NW Aug 16 2018 3,006 106.47$ 320,000$
4671-82-2548 555 MARTHA'S VIEW DR NW Feb 28 2018 2,759 103.30$ 285,000$ 4671-92-5879 1316 MCDERMOTT WAY NW Apr 3 2018 2,999 100.72$ 302,000$
4671-82-2963 10357 WESSON HUNT RD NW May 15 2018 2,706 104.95$ 284,000$ 4671-92-7998 10391 HILLSBOROUGH ST NW Jul 25 2018 2,545 115.13$ 293,000$
4671-82-3618 10346 WESSON HUNT RD NW Oct 17 2018 3,027 100.76$ 305,000$ 4671-92-8871 10384 HILLSBOROUGH ST NW May 29 2019 2,545 109.23$ 278,000$
4671-82-4872 10362 WESSON HUNT RD NW Jun 8 2017 2,251 114.62$ 258,000$ 4671-93-0526 1311 BRIDGEFORD DR NW Jan 17 2019 2,723 101.54$ 276,500$
4671-82-5817 10366 WESSON HUNT RD NW Apr 18 2019 2,421 104.50$ 253,000$ 4671-93-1449 1319 BRIDGEFORD DR NW Aug 27 2019 2,723 128.53$ 350,000$
4671-83-0135 1232 BRIDGEFORD DR NW Jul 16 2019 2,835 100.53$ 285,000$ 4671-93-2070 1308 MALDEN ST NW Jun 18 2020 2,684 116.24$ 312,000$
4671-83-1024 10391 DOWLING ST NW Aug 19 2020 3,204 109.24$ 350,000$ 4671-93-3227 10404 PORTERS POND LN NW Jul 17 2018 2,927 104.54$ 306,000$
4671-83-1329 1247 BRIDGEFORD DR NW Feb 12 2018 2,563 97.93$ 251,000$ 4671-93-3567 10419 PORTERS POND LN NW Nov 14 2018 3,341 102.07$ 341,000$
4671-83-2147 10396 DOWLING ST NW Apr 16 2018 2,274 105.54$ 240,000$ 4671-93-4352 10412 PORTERS POND LN NW Feb 6 2019 2,691 127.83$ 344,000$
4671-83-2147 10396 DOWLING ST NW Oct 12 2018 2,274 110.38$ 251,000$ 4671-93-4535 10423 PORTERS POND LN NW Mar 21 2018 2,846 105.41$ 300,000$
4671-83-2414 1255 BRIDGEFORD DR NW May 30 2019 3,235 82.69$ 267,500$ 4671-93-6127 1361 BRIDGEFORD DR NW May 11 2018 2,545 111.98$ 285,000$
4671-83-2414 1255 BRIDGEFORD DR NW Sep 20 2019 3,235 94.59$ 306,000$ 4671-93-6176 1365 BRIDGEFORD DR NW Apr 25 2018 2,246 124.44$ 279,500$
4671-83-3051 10367 WESSON HUNT RD NW Oct 5 2018 2,441 103.24$ 252,000$ 4671-93-7187 1373 BRIDGEFORD DR NW Jul 1 2020 2,739 125.96$ 345,000$
4671-83-6383 10395 RUTLEDGE RIDGE DR NW Nov 2 2017 3,313 91.31$ 302,500$ 4681-03-0044 10408 HILLSBOROUGH ST NW Nov 29 2018 2,869 106.66$ 306,000$
4671-83-6413 1284 BRIDGEFORD DR NW Feb 28 2017 2,622 96.11$ 252,000$ 4681-03-1406 10437 HILLSBOROUGH ST NW Nov 12 2019 2,545 117.88$ 300,000$
4671-83-6464 1290 BRIDGEFORD DR NW Jun 28 2018 2,551 116.03$ 296,000$ 4681-03-2205 10428 HILLSBOROUGH ST NW Sep 1 2017 3,526 89.34$ 315,000$
4671-83-7606 10407 RUTLEDGE RIDGE DR NW Aug 18 2020 2,784 123.92$ 345,000$ 4681-03-2205 10428 HILLSBOROUGH ST NW Jun 17 2019 3,526 98.41$ 347,000$
Fullerton @ Skybrook
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 31 of 49
(NH-003) MPB REAL ESTATE, LLC
home with visual influence from the tower. After adjusting the
sales for a variety of physical and legal characteristics, the
conclusion is that the visibility of the tower has no impact on
the prices paid.
Concord, NC – Cabarrus
County
2735 Odell School Road - The lattice construction poses a
larger visual footprint than a monopole tower. The following
chart provides sales data for the adjacent development with
the most significant characteristics of the comparison listed in
the chart. The sales in yellow are for the houses with the
highest level of visual influence from the tower as shown in
the photograph.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 32 of 49
(NH-003) MPB REAL ESTATE, LLC
The sales have an average price of $117.85 per square foot or
$365,488. The range of the sales is from $87.58 to $161.57
per square foot. The quantity of data allows for a credible
analysis of the other statistical variances. The standard
deviation is $13.96 per square foot. All the sales with visual
influence lie within one standard deviation of the mean. After
adjusting the sales for a variety of physical and legal
characteristics, the conclusion is that the visibility of the tower
has no impact on the prices paid.
Parcel Number Street Address Sales Date Size (SF) $ per SF Sales Price Parcel Number Street Address Sales Date Size (SF) $ per SF Sales Price
4682-02-9341 2673 TREELINE DR Apr 18 2018 3,270 119.27$ 390,000$ 4682-22-8895 2560 TREELINE DR Feb 24 2020 3,525 103.55$ 365,000$
4682-11-1574 9658 ESTRIDGE LN Oct 30 2018 3,968 87.58$ 347,500$ 4682-22-9436 2477 WELLINGTON CHASE DR Aug 31 2018 3,376 139.96$ 472,500$
4682-11-1748 9711 LOCKWOOD RD Jul 17 2020 3,925 115.92$ 455,000$ 4682-22-9533 2483 WELLINGTON CHASE DR Jul 14 2020 3,269 118.38$ 387,000$
4682-11-3479 9650 ESTRIDGE LN Jul 17 2018 3,875 103.74$ 402,000$ 4682-22-9865 2556 TREELINE DR Aug 30 2018 3,038 130.68$ 397,000$
4682-11-3479 9650 ESTRIDGE LN May 13 2019 3,875 100.13$ 388,000$ 4682-30-0929 2240 WELLINGTON CHASE DR Apr 19 2018 4,127 97.65$ 403,000$
4682-11-3616 9639 LOCKWOOD RD Jan 6 2020 2,591 138.94$ 360,000$ 4682-30-4876 2119 PRAIRIE RD Jun 19 2020 3,017 142.53$ 430,000$
4682-11-5205 9643 ESTRIDGE LN Aug 10 2017 3,741 126.19$ 472,000$ 4682-30-5975 9564 HORSEBIT LN Mar 1 2019 2,197 145.65$ 320,000$
4682-11-5936 2421 SATCHEL LN May 16 2018 3,521 115.02$ 405,000$ 4682-30-7697 2146 PRAIRIE RD Apr 12 2019 2,223 137.23$ 305,000$
4682-11-7717 9622 LOCKWOOD RD Apr 30 2018 3,470 112.68$ 391,000$ 4682-30-7948 9565 HORSEBIT LN Dec 8 2017 3,044 105.45$ 321,000$
4682-11-8328 9632 ESTRIDGE LN Nov 7 2017 3,203 120.82$ 387,000$ 4682-30-7948 9565 HORSEBIT LN Nov 20 2018 2,816 119.85$ 337,500$
4682-11-8828 2424 SATCHEL LN Jun 12 2019 3,692 113.22$ 418,000$ 4682-30-7948 9565 HORSEBIT LN Sep 25 2019 2,816 126.07$ 355,000$
4682-11-9327 9628 ESTRIDGE LN May 25 2018 3,751 106.37$ 399,000$ 4682-30-7971 9575 HORSEBIT LN Aug 14 2018 3,162 115.43$ 365,000$
4682-11-9582 9611 LOCKWOOD RD Sep 19 2019 3,568 114.63$ 409,000$ 4682-30-8986 2193 PRAIRIE RD Oct 11 2017 3,134 106.41$ 333,500$
4682-12-0539 2670 TREELINE DR Sep 15 2017 3,099 117.46$ 364,000$ 4682-30-9638 2158 PRAIRIE RD Aug 26 2020 2,197 156.58$ 344,000$
4682-12-2972 9724 COLTS NECK LN Jun 14 2019 3,350 111.94$ 375,000$ 4682-30-9807 2175 PRAIRIE RD Sep 29 2017 3,098 115.24$ 357,000$
4682-12-5916 2568 SHOAL PARK RD May 15 2019 3,307 116.42$ 385,000$ 4682-31-1943 2454 WELLINGTON CHASE DR Jul 27 2020 3,488 105.50$ 368,000$
4682-12-8597 2622 TREELINE DR Sep 28 2018 2,969 116.20$ 345,000$ 4682-31-4938 9177 MARASOL LN Dec 29 2017 2,758 111.31$ 307,000$
4682-13-3225 2589 SHOAL PARK RD Feb 10 2020 3,286 119.60$ 393,000$ 4682-31-5051 9558 HORSEBIT LN May 14 2018 2,971 114.44$ 340,000$
4682-13-3430 2603 SHOAL PARK RD May 20 2019 3,350 119.40$ 400,000$ 4682-31-5305 9528 HORSEBIT LN Apr 26 2018 2,980 124.83$ 372,000$
4682-13-3430 2603 SHOAL PARK RD Sep 17 2019 3,350 119.40$ 400,000$ 4682-31-5462 9522 HORSEBIT LN Oct 11 2017 2,991 123.37$ 369,000$
4682-13-3438 2609 SHOAL PARK RD Mar 15 2018 3,304 116.22$ 384,000$ 4682-31-5781 2265 PRAIRIE RD Jan 19 2018 3,002 118.25$ 355,000$
4682-13-6477 9700 JAMESTOWN RD May 21 2020 2,948 118.72$ 350,000$ 4682-31-6552 2247 PRAIRIE RD Sep 27 2017 2,192 156.71$ 343,500$
4682-13-7447 9694 JAMESTOWN RD Jan 26 2018 3,341 122.27$ 408,500$ 4682-31-7268 2225 PRAIRIE RD Nov 3 2017 2,429 123.10$ 299,000$
4682-13-8488 9682 JAMESTOWN RD Nov 27 2017 2,948 118.72$ 350,000$ 4682-31-7281 2219 PRAIRIE RD Jun 10 2020 3,157 121.95$ 385,000$
4682-13-9457 9676 JAMESTOWN RD Oct 3 2019 3,443 114.73$ 395,000$ 4682-31-7334 2231 PRAIRIE RD Oct 25 2017 2,773 110.53$ 306,500$
4682-21-2694 2416 SPUR LN Apr 16 2020 3,977 90.52$ 360,000$ 4682-31-7747 2258 PRAIRIE RD Aug 23 2017 2,975 122.52$ 364,500$
4682-21-3463 2408 SPUR LN Sep 5 2019 3,862 103.57$ 400,000$ 4682-31-7747 2258 PRAIRIE RD May 28 2020 2,975 132.77$ 395,000$
4682-21-3533 2412 SPUR LN Oct 3 2019 3,363 113.29$ 381,000$ 4682-31-7760 2252 PRAIRIE RD Sep 29 2017 1,699 161.57$ 274,500$
4682-21-7415 2404 CLARIDGE RD Jun 24 2020 4,189 107.42$ 450,000$ 4682-31-7760 2252 PRAIRIE RD May 14 2018 1,699 152.44$ 259,000$
4682-21-8804 9450 LOCKWOOD RD Apr 4 2019 3,650 106.85$ 390,000$ 4682-31-7903 9270 LOCKWOOD RD Oct 30 2018 3,318 111.51$ 370,000$
4682-22-2743 2504 MILL WRIGHT RD Feb 16 2018 3,465 112.55$ 390,000$ 4682-31-8115 2213 PRAIRIE RD Mar 16 2018 2,381 123.48$ 294,000$
4682-22-2820 2508 MILL WRIGHT RD Dec 27 2018 2,948 118.72$ 350,000$ 4682-31-8476 2236 PRAIRIE RD Nov 9 2017 2,137 140.38$ 300,000$
4682-22-3540 2595 TREELINE DR Aug 24 2017 3,311 117.79$ 390,000$ 4682-32-3825 2540 TREELINE DR Jun 28 2018 2,764 117.58$ 325,000$
4682-22-4099 2421 CLARIDGE RD Oct 25 2018 3,506 109.67$ 384,500$ 4682-32-5093 9163 MARASOL LN Jun 5 2018 3,822 91.18$ 348,500$
4682-22-4574 2587 TREELINE DR Jun 15 2018 2,744 116.62$ 320,000$ 4682-32-5093 9163 MARASOL LN Aug 28 2019 3,822 99.03$ 378,500$
4682-22-4574 2587 TREELINE DR May 2 2019 2,744 111.70$ 306,500$ 4682-32-5221 9166 MARASOL LN Jan 4 2019 3,345 98.65$ 330,000$
4682-22-4777 2584 TREELINE DR Jul 30 2019 3,358 116.14$ 390,000$ 4682-32-6066 9159 MARASOL LN Jul 30 2018 2,633 117.74$ 310,000$
4682-22-5537 2583 TREELINE DR Jun 15 2018 3,374 117.07$ 395,000$ 4682-32-6066 9159 MARASOL LN Apr 4 2019 2,633 115.08$ 303,000$
4682-22-5830 2580 TREELINE DR Nov 20 2018 2,988 123.83$ 370,000$ 4682-32-8101 9151 MARASOL LN Mar 16 2018 3,860 94.82$ 366,000$
4682-22-6802 2576 TREELINE DR May 21 2018 2,823 121.15$ 342,000$ 4682-32-8653 2516 TREELINE DR Jun 12 2018 3,384 110.82$ 375,000$
4682-22-6864 2572 TREELINE DR Dec 21 2017 2,732 119.88$ 327,500$ 4682-40-0970 2182 PRAIRIE RD May 14 2019 3,069 128.71$ 395,000$
4682-22-7854 2568 TREELINE DR Mar 28 2019 2,812 120.02$ 337,500$ 4682-41-1696 2437 BENSALEM LN Jul 16 2018 3,201 105.59$ 338,000$
4682-22-7854 2568 TREELINE DR Jul 3 2019 2,812 120.91$ 340,000$ 4682-42-0091 2456 TREELINE DR May 15 2018 3,424 107.48$ 368,000$
Wellington Chase
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 33 of 49
(NH-003) MPB REAL ESTATE, LLC
Midland, NC – Cabarrus
County
13935 Old Camden Road - This tower was researched because
it provides an example of residential development. The
previous chart provides sales data for the adjacent
development with the most significant characteristics of the
comparison listed in the chart. The sales in yellow are for the
houses with the highest level of visual influence from the
tower as shown in the photograph. The sales highlighted in
green are for the properties located furthest from the tower and
the lowest level of visual impact.
Address Acres Year Built Size (SF) Sale Date Sale Price Price/SF
348 ROYAL WINDSOR DR 0.9 2018 2,399 July-18 260,000$ 108.38$
344 ROYAL WINDSOR DR 0.73 2016 2,508 November-16 252,500$ 100.68$
340 ROYAL WINDSOR DR 0.55 2016 2,708 September-17 267,500$ 98.78$
336 ROYAL WINDSOR DR 0.57 2015 2,748 June-15 230,000$ 83.70$
345 ROYAL WINDSOR DR 0.8 2017 2,403 April-18 255,000$ 106.12$
332 ROYAL WINDSOR DR 0.57 2014 2,772 May-19 285,000$ 102.81$
328 ROYAL WINDSOR DR 0.56 2014 2,467 March-15 219,500$ 88.97$
339 ROYAL WINDSOR DR 0.89 2017 2,745 December-17 280,000$ 102.00$
324 ROYAL WINDSOR DR 0.55 2014 3,117 March-15 256,500$ 82.29$
335 ROYAL WINDSOR DR 0.57 2015 2,201 November-15 240,000$ 109.04$
320 ROYAL WINDSOR DR 0.54 2014 3,127 October-18 284,000$ 90.82$
331 ROYAL WINDSOR DR 0.56 2016 2,274 August-16 244,000$ 107.30$
327 ROYAL WINDSOR DR 0.55 2015 2,810 April-16 239,000$ 85.05$
312 ROYAL WINDSOR DR 0.77 2013 2,464 March-18 260,000$ 105.52$
323 ROYAL WINDSOR DR 0.54 2015 3,139 August-15 260,500$ 82.99$
313 ROYAL WINDSOR DR 0.68 2010 2,298 June-15 212,000$ 92.25$
309 ROYAL WINDSOR DR 0.73 2010 2,928 September-15 205,000$ 70.01$
304 ROYAL WINDSOR DR 0.69 2014 3,103 May-15 250,000$ 80.57$
304 ROYAL WINDSOR DR 0.69 2014 3,103 October-18 285,000$ 91.85$
305 ROYAL WINDSOR DR 0.8 2015 2,484 June-15 233,000$ 93.80$
Wyndham Estates Sales Summary
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 34 of 49
(NH-003) MPB REAL ESTATE, LLC
The sale of the house pictured earlier sold in 2015 and resold
in 2020 showing an appreciation of 14%. Further, the resale
price of $285,000 is the highest price point for the
neighborhood. After analysis of the factors listed in the chart
and other less influential items, the visual impact of the tower
is concluded not to adversely impact the value of contiguous
properties.
4441 Thanksgiving Fire
Road – Cumberland County
This tower is owned by the University of North Carolina and
is located at 4441 Thanksgiving Fire Road east of Archer
Lodge. The guyed tower has a height of 250 feet, which is
almost double the size of the proposed tower. Adjacent to the
site of the tower to the west is a residential subdivision called
Buffalo Creek. The following chart provides a summary of
sales in the neighborhood from 2022 through 2023.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 35 of 49
(NH-003) MPB REAL ESTATE, LLC
Research reveals that a premium was paid for some of the
houses by companies intending to rent the house. Conversely,
the lower end of the range was for dwellings with physical
characteristics that widened the variances with sale of the
dwelling adjacent to the tower. The compelling factor from the
data is that the sale of the property adjacent to the tower is the
same as the median, which reduces the impact of outliers in the
data set. Further, the median price paid per square foot is also
in line with the price paid for the dwelling with the highest
level of visual influence from the tower.
1754 Oak Grove Church Road – This tower is in the rear of a
32.82-acre tract of land used for agricultural purposes in
Harnett County. Adjacent to the parcel is a residential
subdivision which commenced development in 2021. The
development includes sales of residential properties with and
without visual impact from the tower. The following chart is
organized by sale date. The sales highlighted in yellow are
adjacent and/or have visual influence from the tower. The
sales highlighted in green are resales of the same property.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 36 of 49
(NH-003) MPB REAL ESTATE, LLC
The most compelling data presented is for the sales at 159 and
209 Mitchell Manor Drive. The improvements appear identical
allowing for the isolation of the visual impact on prices paid.
The tower’s lattice design and height pose a larger visual
impact than the proposed tower. The data from this
development provides empirical evidence that the visual
impact of a does not substantially injure the value of residential
properties with a visual influence from the tower.
Conclusions The market activity around cell towers indicates that the visual
impact of the proposed tower is not reflected in the prices paid.
In other words, if I were to appraise any of the abutting
properties of the proposed development, the market data does
not support any adjustments for the visual impact of the tower.
Therefore, I conclude that the proposed development of a
wireless telecommunications facility will not substantially
injure the value of abutting properties.
Qualitative Analysis Other potential impacts to the surrounding area include noise,
traffic, and lighting. The operation of a cell tower is essentially
silent and would not influence the surrounding developments.
Address Sale Date Sales Price Acres Year Built SF $/SF
210 Mitchell Manor Dr. 3/28/23 450,000$ 1.88 2022 4,185 107.53$
59 Wendywood Dr. 6/7/23 450,000$ 1.62 2022 4,185 107.53$
179 Mitchell Manor Dr. 4/13/23 485,000$ 0.90 2022 4,185 115.89$
27 Wendywood Dr. 8/14/24 415,000$ 0.76 2022 3,484 119.12$
87 Wendywood Dr. 1/10/23 360,000$ 1.42 2022 2,900 124.14$
209 Mitchell Manor Dr. 3/23/23 360,000$ 2.70 2022 2,900 124.14$
159 Mitchell Manor Dr. 4/12/23 360,000$ 0.92 2022 2,900 124.14$
208 Mitchell Manor Dr. 7/19/23 348,000$ 1.08 2023 2,802 124.20$
108 Wendywood Dr. 6/27/23 355,000$ 0.72 2022 2,854 124.39$
58 Wendywood Dr. 7/7/23 355,000$ 0.60 2022 2,854 124.39$
203 Mitchell Manor Dr. 8/17/23 440,000$ 1.53 2022 3,498 125.79$
203 Mitchell Manor Dr. 5/13/25 444,000$ 1.53 2022 3,498 126.93$
40 Wendywood Dr. 3/27/23 420,000$ 0.60 2022 3,234 129.87$
96 Wendywood Dr. 6/14/24 390,000$ 0.65 2022 3,003 129.87$
24 Wendywood Dr. 1/13/23 375,000$ 0.66 2022 2,856 131.30$
159 Mitchell Manor Dr. 6/17/25 385,000$ 0.92 2022 2,900 132.76$
78 Wendywood Dr. 4/15/25 380,000$ 0.60 2022 2,774 136.99$
96 Linda Lou Lane 6/10/25 400,000$ 0.69 2021 2,676 149.48$
Mitchell Manor Sales
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 37 of 49
(NH-003) MPB REAL ESTATE, LLC
The additional traffic caused by the proposed development is
nominal and would likely occur for routine maintenance. Any
increases in traffic do not impact the contiguous properties.
Subject Neighborhood In addition to the market activity for existing towers, we also
consider the surrounding developments for the subject. The
question posed for this study is “would the development of the
telecommunications support structure warrant a downward
adjustment to adjacent properties?”
When considering an adjustment in an appraisal, the appraiser
must consider all factors that could contribute to an
adjustment. The aesthetics and location of the proposed
development as well as the existing developments are a factor
in developing our opinion. The factors considered in
developing our opinion include but are not necessarily limited
to:
The market has not shown a detrimental impact on
development patterns in areas with visual influence
from a tower.
The proposed development is located within the
existing tree line that will screen a significant portion
of the tower in all directions and minimize the potential
impact.
The visual impact of the tower will not impede the
amenity of the golf course for the properties to the
west.
All these factors would contribute to the aesthetic appeal and
a hypothetical valuation of properties in the neighborhood. The
multitude of factors would indicate that multicollinearity for
aesthetics exists for some of the adjacent properties.
Multicollinearity arises when multiple items correlate with
each other. Multiple factors can cause a distortion of the
impact of any of the factors individually without consideration
for all the factors that contribute to the common issue.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 38 of 49
(NH-003) MPB REAL ESTATE, LLC
In the case of the proposed development, all the residentially
zoned properties include tree cover between the proposed
tower and their respective improvements. To attribute any
adjustment to the proposed development would be misleading
and not result in a credible adjustment. In other words, any
adjustment for the development of a tower on a nearby
property without consideration of the numerous other aesthetic
influences would not be credible. The market data provided
includes towers with higher levels of visual impact and provide
no empirical evidence of an adverse impact on value.
The proposed development has siting and existing buffers to
minimize to the extent possible the visual impact of the
proposed tower. It is my opinion that the proposed
development will not substantially detract from the aesthetics
or character of the neighborhood because of its location,
existing vegetative buffer, and above ground infrastructure.
The proposed development will not substantially injure the
value of adjacent or abutting properties and will not be
detrimental to the use or development of adjacent properties or
other neighborhood uses.
Michael P. Berkowitz
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 39 of 49
(NH-003) MPB REAL ESTATE, LLC
ADDENDA
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 40 of 49
(NH-003) MPB REAL ESTATE, LLC
Certifications
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 41 of 49
(NH-003) MPB REAL ESTATE, LLC
CERTIFICATION OF THE ANALYST
I, Michael P. Berkowitz, certify that, to the best of my knowledge and belief,
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions
and limiting conditions and are my Cumberlandal, impartial, and unbiased professional
analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report and no
Cumberlandal interest with respect to the parties involved.
4. 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.
5. I have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
6. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
7. 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 study.
8. The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal Practice .
9. The use of this report is subject to the requirements of the Appraisal Institute relating to review
by its duly authorized representatives.
10. I have made a Cumberlandal inspection of the property that is the subject of this report.
11. No one provided significant real property appraisal assistance to the Cumberland(s) signing
this certification other than those individuals having signed the attached report.
Michael P. Berkowitz
(NC State Certified General Real Estate Appraiser #A6169)
(SC State Certified General Real Estate Appraiser #CG6277)
March 6, 2026
Date
(Rev: 06/18/12)
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 42 of 49
(NH-003) MPB REAL ESTATE, LLC
ASSUMPTIONS AND LIMITING CONDITIONS
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 43 of 49
(NH-003) MPB REAL ESTATE, LLC
ASSUMPTIONS AND LIMITING CONDITIONS
Limit of Liability
The liability of MPB REAL ESTATE, LLC and employees is limited to the client only and to the
fee actually received by our firm. Further, there is no accountability, obligation, or liability to any
third party. If this report is placed in the hands of anyone other than client, the client shall make
such party aware of all limiting conditions and assumptions of the assignment and related
discussions. Further, client will forever indemnify and hold MPB REAL ESTATE, LLC, its
officers, and employees harmless from any claims by third parties related in any way to the
appraisal or study which is the subject of the report. Third parties shall include limited partners of
client if client is a partnership and stockholders of client if client is a corporation, and all lenders,
tenants, past owners, successors, assigns, transferees, and spouses of client. MPB REAL ESTATE,
LLC will not be responsible for any costs incurred to discover or correct any deficiencies of any
type present in the property, physically, financially, and/or legally.
Copies, Distribution, Use of Report
Possession of this report or any copy of this report does not carry with it the right of publication,
nor may it be used for other than its intended use; the physical report remains the property of MPB
REAL ESTATE, LLC for the use of the client, the fee being for the analytical services only.
The bylaws and regulations of the Appraisal Institute require each member and candidate to control
the use and distribution of each report signed by such member or candidate; except, however, the
client may distribute copies of this report in its entirety to such third parties as he may select;
however, selected portions of this report shall not be given to third parties without the prior written
consent of the signatories of this report. Neither all nor any part of this report shall be disseminated
to the general public by the use of advertising media, public relations, news, sales or other media
for public communication without the prior written consent of MPB REAL ESTATE, LLC.
Confidentiality
This report is to be used only in its entirety and no part is to be used without the whole report. All
conclusions and opinions concerning the analysis as set forth in the report were prepared by MPB
REAL ESTATE, LLC whose signatures appear on the report. No change of any item in the report
shall be made by anyone other than MPB REAL ESTATE, LLC. MPB REAL ESTATE, LLC shall
have no responsibility if any such unauthorized change is made.
MPB REAL ESTATE, LLC may not divulge the material contents of the report, analytical findings
or conclusions, or give a copy of the report to anyone other than the client or his designee as
specified in writing except as may be required by the Appraisal Institute as they may request in
confidence for ethics enforcement, or by a court of law or body with the power of subpoena.
Trade Secrets
This report was obtained from MPB REAL ESTATE, LLC and consists of “trade secrets and
commercial or financial information” which is privileged and confidential and exempted from
disclosure under 5 U.S.C. 552 (b) (4) of the Uniform Commercial Code. MPB REAL ESTATE,
LLC shall be notified of any request to reproduce this report in whole or in part.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 44 of 49
(NH-003) MPB REAL ESTATE, LLC
Information Used
No responsibility is assumed for accuracy of information furnished by or work of others, the client,
his designee, or public records. We are not liable for such information or the work of
subcontractors. The comparable data relied upon in this report has been confirmed with one or
more parties familiar with the transaction or from affidavit or other sources thought reasonable; all
are considered appropriate for inclusion to the best of our factual judgment and knowledge. An
impractical and uneconomic expenditure of time would be required in attempting to furnish
unimpeachable verification in all instances, particularly as to engineering and market-related
information. It is suggested that the client consider independent verification as a prerequisite to
any transaction involving sale, lease, or other significant commitment of funds for the subject
property.
Financial Information
Our value opinion(s) have been based on unaudited financials, and other data provided to us by
management and/or owners. If these reports are found to be inaccurate, we reserve the right to
revise our value opinion(s). It is noted we are depending on these accounting statements as being
accurate and our interpretation of these statements as being accurate as well. If these assumptions
later prove to be false, we reserve the right to amend our opinions of value.
Testimony, Consultation, Completion of Contract for Report Services
The contract for report, consultation, or analytical service is fulfilled and the total fee payable upon
completion of the report, unless otherwise specified. MPB REAL ESTATE, LLC or those assisting
in preparation of the report will not be asked or required to give testimony in court or hearing
because of having made the report, in full or in part, nor engage in post report consultation with
client or third parties except under separate and special arrangement and at an additional fee. If
testimony or deposition is required because of any subpoena, the client shall be responsible for
any additional time, fees, and charges, regardless of issuing party.
Exhibits
The illustrations and maps in this report are included to assist the reader in visualizing the property
and are not necessarily to scale. Various photographs, if any, are included for the same purpose as
of the date of the photographs. Site plans are not surveys unless so designated.
Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil
No responsibility is assumed for matters legal in character or nature, nor matters of survey, nor of
any architectural, structural, mechanical, or engineering nature. No opinion is rendered as to the
title, which is presumed to be good and marketable. The property is appraised as if free and clear,
unless otherwise stated in particular parts of the report. The legal description is assumed to be
correct as used in this report as furnished by the client, his designee, or as derived by MPB REAL
ESTATE, LLC.
MPB REAL ESTATE, LLC has inspected as far as possible, by observation, the land, and the
improvements; however, it was not possible to Cumberlandally observe conditions beneath the
soil, or hidden structural, mechanical, or other components, and MPB REAL ESTATE, LLC shall
not be responsible for defects in the property which may be related.
The report is based on there being no hidden, unapparent, or apparent conditions of the property
site, subsoil or structures or toxic materials which would render it more or less valuable. No
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 45 of 49
(NH-003) MPB REAL ESTATE, LLC
responsibility is assumed for any such conditions or for any expertise or engineering to discover
them. All mechanical components are assumed to be in operable condition and status standard for
properties of the subject type. Conditions of heating, cooling, ventilation, electrical, and plumbing
equipment are considered to be commensurate with the condition of the balance of the
improvements unless otherwise stated. We are not experts in this area, and it is recommended, if
appropriate, the client obtain an inspection of this equipment by a qualified professional.
If MPB REAL ESTATE, LLC has not been supplied with a termite inspection, survey or
occupancy permit, no responsibility or representation is assumed or made for any costs associated
with obtaining same or for any deficiencies discovered before or after they are obtained. No
representation or warranties are made concerning obtaining the above-mentioned items.
MPB REAL ESTATE, LLC assumes no responsibility for any costs or consequences arising due
to the need, or the lack of need, for flood hazard insurance. An agent for The Federal Flood
Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance.
Legality of Use
The report is based on the premise that there is full compliance with all applicable federal, state,
and local environmental regulations and laws unless otherwise stated in the report; further, that all
applicable zoning, building and use regulations, and restrictions of all types have been complied
with unless otherwise stated in the report. Further, it is assumed that all required licenses, consents,
permits, or other legislative or administrative authority, local, state, federal and/or private entity
or organization have been or may be obtained or renewed for any use considered in the value
estimate.
Component Values
The distribution of the total valuation in this report between land and improvements applies only
under the existing program of utilization. The separate valuations for land and building must not
be used in conjunction with any other report and are invalid if so used.
Auxiliary and Related Studies
No environmental or impact studies, special market study or analysis, highest and best use analysis,
study, or feasibility study has been required or made unless otherwise specified in an agreement
for services or in the report.
Dollar Values, Purchasing Power
The market value estimated, and the costs used are as of the date of the estimate of value, unless
otherwise indicated. All dollar amounts are based on the purchasing power and price of the dollar
as of the date of the value estimate.
Inclusions
Furnishings and equipment or Cumberlandal property or business operations, except as
specifically indicated and typically considered as a part of real estate, have been disregarded with
only the real estate being considered in the value estimate, unless otherwise stated. In some
property types, business and real estate interests and values are combined.
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 46 of 49
(NH-003) MPB REAL ESTATE, LLC
Proposed Improvements, Conditional Value
Improvements proposed, if any, onsite or offsite, as well as any repairs required, are considered
for purposes of this report to be completed in a timely, good, and workmanlike manner, according
to information submitted and/or considered by MPB REAL ESTATE, LLC. In cases of proposed
construction, the report is subject to change upon inspection of property after construction is
completed.
Value Change, Dynamic Market, Influences, Alteration of Estimate
The estimated value, which is defined in the report, is subject to change with market changes over
time. Value is highly related to exposure, time, promotional effort, terms, motivation, and
conditions surrounding the offering. The value estimate considers the productivity and relative
attractiveness of the property physically and economically in the marketplace.
In cases of reports involving the capitalization of income benefits, the estimate of market value or
investment value or value in use reflects such benefits and MPB REAL ESTATE, LLC'
interpretation of income and yields and other factors derived from general and specific client and
market information. Such estimates are as of the date of the estimate of value; thus, they are subject
to change as the market and value is naturally dynamic.
The “estimate of market value” in the report is not based in whole or in part upon the race, color,
or national origin of the present owners or occupants of the properties in the vicinity of the property
appraised.
Report and Value Estimate
Report and value estimate are subject to change if physical or legal entity or financing differ from
that envisioned in this report.
Management of the Property
It is assumed that the property which is the subject of this report will be under prudent and
competent ownership and management.
Hazardous Materials
Unless otherwise stated in this report, the existence of hazardous substances, including without
limitation, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals,
which may or may not be present on the property, or other environmental conditions, were not
called to the attention of nor did MPB REAL ESTATE, LLC become aware of such during their
inspection. MPB REAL ESTATE, LLC had no knowledge of the existence of such materials on
or in the property unless otherwise stated. MPB REAL ESTATE, LLC, however, is not qualified
to test such substances or conditions. If the presence of such substances such as asbestos, urea
formaldehyde foam insulation, or other hazardous substances or environmental conditions, may
affect the value of the property, the value estimate is predicated on the assumption that there is no
such condition on or in the property or in the proximity that it would cause a loss in value. No
responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge
required to discover them.
Soil and Subsoil Conditions
Unless otherwise stated in this report, MPB REAL ESTATE, LLC does not warrant the soil or
subsoil conditions for toxic or hazardous waste materials. Where any suspected materials might
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 47 of 49
(NH-003) MPB REAL ESTATE, LLC
be present, we have indicated in the report; however, MPB REAL ESTATE, LLC are not experts
in this field and recommend appropriate engineering studies to monitor the presence or absence of
these materials.
Americans with Disabilities Act (ADA)
“MPB REAL ESTATE, LLC has not made a specific compliance survey and analysis of this
property to determine whether or not it is in conformity with the various detailed requirements of
the Americans with Disabilities Act (ADA), which became effective January 26, 1992. It is
possible that a compliance survey of the property together with a detailed analysis of the
requirements of the ADA could reveal that the property is not in compliance with one or more of
the requirements of the Act. If so, this fact could have a negative effect upon the value of the
property. Since MPB REAL ESTATE, LLC has no direct evidence relating to this issue, we did
not consider possible non-compliance with the requirements of ADA in estimating the value of the
property.”
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 48 of 49
(NH-003) MPB REAL ESTATE, LLC
Qualifications of the Analyst
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 49 of 49
(NH-003) MPB REAL ESTATE, LLC
QUALIFICATIONS OF THE ANALYST
Michael P. Berkowitz
MPB Real Estate, LLC
1430 South Mint Street, Suite 102
Charlotte, North Carolina 28203
(704) 334-4686
FAX (704) 334-2759
EDUCATION AND CREDENTIALS
Duke University
Major: Economics 1985-1989
Central Piedmont Community College
R-1 - Introduction to Real Estate Appraisal, 2002
R-2 - Valuation Principles and Procedures, 2002
R-3 - Applied Residential Property Valuation, 2002
G-1 - Introduction to Income Property Appraisal, 2003
Bob Ipock and Associates
G-2 - Advanced Income Capitalization Procedures, 2003
G-3 - Applied Property Income Valuation 2004
Appraisal Institute
520 Highest and Best Use and Market Analysis, 2004
Seminar Rates, Multipliers and Ratios 2005
530 Advanced Sales Comparison and Cost Approaches 2006
Seminar Apartment Appraisal, Concepts & Applications 2009
Seminar Appraising Distresses Commercial Real Estate 2009
Seminar Appraising Convenience Stores 2011
Seminar Analyzing Operating Expenses 2011
AFFILIATIONS AND ACTIVITIES
Association Memberships
North Carolina State Certified General Real Estate Appraiser, October 2006, Certificate No.
A6169
RELATED EXPERIENCE
Provided real estate consulting services for a variety of clients including real estate brokers,
property owners and financial planners
Performed financial feasibility studies for multiple property types including golf communities,
and renovation projects.
Developed plan for self-contained communities.
Racetrack expertise
IMPACT STUDY VALLEY BROOK ROAD, WILMINGTON, NEW HANOVER COUNTY, NC Page 50 of 49
(NH-003) MPB REAL ESTATE, LLC
APPRAISAL EXPERIENCE
A partial list of types of properties appraised include:
Retail Properties, Single and Multi-Tenant, Proposed and Existing
Office Single and Multi-Tenant Proposed and Existing
Mixed-Use Properties, Proposed and Existing
Industrial Properties, Warehouse, Flex and Manufacturing
Vacant Land
Condemnation
C-Stores
Racetracks
CLIENTELE
Bank of America
Transylvania County
Cabarrus County
Mecklenburg County
City of Statesville
NC Department of Transportation
Henry County, GA
Town of Loudon, NH
First Citizens Bank
RBC Centura Bank
City of Charlotte
City of Concord
Union County
BB & T
Aegon USA Realty Advisors
Sun Trust Bank
First Charter Bank
Regions Bank
Charlotte Housing Authority
Alliance Bank and Trust
Duke Energy Corporation
Jim R. Funderburk, PLLC
Hamilton, Fay, Moon, Stephens, Steele & Martin
Senator Marshall A. Rauch
Perry, Bundy, Plyler & Long, LLP
Robinson, Bradshaw & Hinson
CSX Real Property
Baucom, Cumberland, Burton, Morgan & Wood, PA
City of Mount Holly
Our Towns Habitat for Humanity
Parker, Poe, Adams & Bernstein, LLP
Central Carolina Bank
Southern Community Bank and Trust