State Certified

Commercial
Residential
Churches

January 5, 2017
Whitson Robinson
Town Attorney
19 Culpeper Street
Warrenton, VA 20186
Subject:

Market Value Appraisal

Spillman-Mosby Property
173 Main Street, Warrenton, Virginia

Greetings Mr. Robinson:

In response to your request, we have made an appraisal of the property at 173 Main Street,
Warrenton, Virginia. The appraisal was undertaken to estimate the market value of a fee simple
interest in the property that includes 3.06 acres bearing the Warrenton-Fauquier Visitor Center
and the Spillman-Mosby historical residence.
This communication is a preliminary report of our conclusions that will be followed by a
summary report of the appraisal work completed.
Central to our research and analysis was a determination of the highest and best use of the
property. The existence of two diverse improvements to the property and a conservation
easement added to the complexity of the problem. We did not find evidence of market demand
for a property with the characteristics of that under appraisal.
We concluded that the highest and best use is a subdivision of the property into two parcels. One
parcel would consist of the historic residence and approximately one acre of land to be used as a
private residence. The second parcel would be composed of the visitor center, the parking lot and
about two acres of land area suitable for use as owner-occupied office space.
This conclusion directed the subsequent research and analysis. For the office we considered four
sales with prices between $102.27 and $204.42 per square foot of building area. For the subject
property we concluded a market value of $605,000 or $142.42 per square foot.
For the historic residence we considered the transfers of nine properties with historical features.
We judged four of them to be particularly useful by comparison to the Spillman-Mosby property.
They pointed to an as-is market value estimate of $574,000.

8527 Mayland Drive, Suite 104A, Richmond, VA 23294

Telephone (804) 934-0027
Fax (804) 934-0013

Based on the valuation analysis, our opinion of value of the fee simple interest in the appraised
property is as follows:
Visitor center and approximately two acres
Historic residence and approximately one acre
Combined Values

$ 605,000
$ 574,000
$1,179,000

The effective date of the appraisal opinions is November 11, 2016.

We appreciate your interest in our appraisal services. A summary report of the appraisal will
follow.
Sincerely,

Certified-General Real Estate Appraiser

8527 Mayland Drive, Suite 104A, Richmond, VA 23294

Telephone (804) 934-0027
Fax (804) 934-0013