4050 HENDERSON RD-GOLF COURSE

This property is improved with a five-building light industri
complex that contains a total of 20,200 square feet. These
buildings were constructed in 1990, 2016 and 2018 and are in
average overall condition. As of the effective date of this appraisal,
there are three tenants on short-term leases occupying 19,200
square feet, or approximately 95 percent of the rentable area of the
buildings. One of these tenants’ leases only a small land pad to
park their trucks. In addition, the site is encumbered by a perpetual
easement that has granted Range Resources the right to construct
a gas and oil well on approximately 20 acres of the site. The
remainder of the site consists of approximately 97 acres of raw
land (former golf course) that is zoned A-1, Agriculture. This
portion of the site is considered to be excess land that has the
potential to be developed into some type of low density
agricultural or residential use.