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8 <br /> Analytical Analytical Consultants <br /> 125 Kingston Drive <br /> Consultants Suite 206 <br /> The Commercial Real Estate Professionals Chapel Hill,NC 27514 <br /> Phone: 919-929-9539 <br /> Fax: 919-929-9543 <br /> February 11, 2022 <br /> Alan Dorman <br /> Assistant Director <br /> Asset Management Services <br /> Orange County <br /> Hillsborough, NC 27278 <br /> Re: Office Building, 129 E. King Street, Hillsborough, North Carolina 27278 <br /> Dear Mr. Dorman: <br /> In response to your engagement letter of November 19, 2021, we have prepared a Restricted <br /> Appraisal of the above referenced property. We have examined the physical property, inspected <br /> the neighborhood and analyzed the market for similar properties in Hillsborough and the <br /> surrounding area. The purpose of this appraisal is to provide an opinion of the As Is Market Value <br /> of the subject property. <br /> The subject of this report is a 0,240-acre parcel improved with an office and warehouse building <br /> located on the north side of E, King Street in downtown Hillsborough. The property is zoned CC, <br /> Central Commercial <br /> According to information provided by Orange County as well as other sources, the improvements <br /> on the subject were constructed in 1947 as a furniture store, Orange County acquired it in 2000 <br /> and renovated it, and in 2009 the Office of the Public Defender moved in. It is approximately 7,100 <br /> square feet in size with 4,700 square feet at the front of the building upfit as office space, and an <br /> additional 2,400 square feet of warehouse space at the back. The office area is on a crawl space, <br /> while the warehouse is on a slab, The exterior walls of the office are brick, and the exterior walls of <br /> the warehouse are concrete block. Most of the roof is metal, although a small area at the front is <br /> shingle. <br /> The site has relatively little street frontage compared to its depth —it is approximately 40 feet wide <br /> and 270 feet deep. The building sits back from the street approximately 25 feet, but has no setback <br /> on either side from the adjacent properties, Even though there is a roll-up door at the back of the <br /> warehouse, there is no vehicular access to that door. <br />