HomeMy WebLinkAboutAppraisal for Lot Not Subject to Petition
Integra Realty Resources 4981 N. Franklin Road T 317.546.4720
Indianapolis Indianapolis, IN 46226 F 317.546.1407
www.irr.com
July 17, 2020
Mr. Robert A. Hicks
Attorney
Hall, Render, Killian, Heath & Lyman, P.C.
500 N. Meridian Street
Indianapolis, IN 46204
SUBJECT: Opinion of Surrounding Plat Vacation on Market Value of Holdout Property
49 W. 111th St.
Carmel, Hamilton County, Indiana 46032
IRR ‐ Indianapolis File No. 118‐2020‐0853
Dear Mr. Hicks:
Pursuant to your request, this letter serves as a summary of our opinion regarding the impact, if any,
on the market value of the single‐family residential dwelling referenced above due to a vacation of the
surrounding subdivision plat.
Identification of Subject
The subject is an existing residential property located on the south side of 111th Street, between US
Highway 31 and Illinois Street, on the south side of Carmel. The improvements were reportedly
constructed in 1960 and contain 1,993 square feet of gross living area. The lot contains approximately
0.35 acre or 15,246 square feet.
Property Identification
Property Name Residential Dwelling
Address 49 W. 111th St.
Carmel, Indiana 46032
Tax ID 29‐13‐02‐302‐003.000‐018
Owner of Record DRM Properties, LLC
Legal Description Lot Numbered Thirty (30) in Meridian Suburban, First Section, a Subdivision in Hamilton
County, Indiana, as the Office of the Recorder of Hamilton County, Indiana.
Census Tract Number 1110.01
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Land Description
Land Area 0.35 acres; 15,246 SF
Source of Land Area Public Records
Primary Street Frontage 111th St. ‐ 105 feet
Shape Rectangular
Corner No
Topography Generally level and at street grade
Drainage No problems reported or observed
Environmental Hazards None reported or observed
Ground Stability No problems reported or observed
Flood Area Panel Number 18057C0208G
Date November 19, 2014
Zone X
Description Outside of 500‐year floodplain
Insurance Required? No
Zoning; Other Regulations
Zoning Jurisdiction City of Carmel
Zoning Designation MC
Description Meridian Corridor
Legally Conforming? Appears to be legally nonconforming
Zoning Change Likely? No
Permitted Uses A variety of cultural/entertainment, educational, institutional, office, recreational, residential
(upper floors only), and retail and service (ground floor only) uses.
Minimum Lot Area N/A
Minimum Street Frontage (Feet) N/A
Minimum Lot Width (Feet) N/A
Minimum Front Setback (Feet) 50' from US 31; 30' from arterial and collector streets; 20' from local streets
Minimum Side Setback (Feet) 0' ‐ 15' based on building type
Minimum Rear Setback (Feet) 20' or 0' with agreement with adjacent properties
Maximum Building Height 8 stories or up to 11 stories if not within 100' of single family area
Maximum Site Coverage 80%
Parking Requirement Varies by use
Other Land Use Regulations N/A
Utilities
Service Provider
Water City of Carmel
Sewer City of Carmel
Electricity Duke Energy
Natural Gas Vectren Energy
Local Phone AT&T and others
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Improvements Description
Name of Property Residential Dwelling
Number of Buildings 1
Stories 1
Construction Class D
Construction Type Wood frame
Construction Quality Good
Condition Good
Gross Living Area (SF) 1,993
Basement Area (SF) 656
Garage Area (SF) 441
Room Count 6 rooms; 3 bedrooms; 2 full baths
Ancillary Structures Utility shed
Building Area Source Public Records
Year Built 1960
Actual Age (Yrs.) 60
Estimated Effective Age (Yrs.) 25
Estimated Economic Life (Yrs.) 65
Remaining Economic Life (Yrs.) 40
Landscaping Established lawn area, trees, shrubs, concrete driveway
Special Features Two fireplaces, screen patio
Construction Details
Foundation Assumed concrete block
Basement Partial basement, assumed unfinished
Structural Frame Wood
Exterior Walls Brick
Roof Asphalt shingle
Interior Finishes Assumed wood/carpet/vinyl floor cover, paint/paper druwall walls, painted
drywall ceiling
HVAC Assumed electric furnace with central air; assumed adequate
Electrical Assumed adequate
Location/Setting
The subject is platted as Lot 30 in the Meridian Suburban Section 1 subdivision, a 57‐lot single‐family
community located on the south side of 111th Street, between US Highway 31 and Illinois Street, on
the south side of Carmel. The subdivision was platted in January 1960 with only the eastern 35 lots
being developed. Dwellings in the community are typically one‐story ranch homes built in the early
1960’s and are situated on lots typically about 0.35 to 0.40 acre in size. The remaining developed lots
in Meridian Suburban Section 1 (13.68 acres) were rezoned from S‐2, Residential, to MC – Meridian
Corridor District in December 2019. The undeveloped lots in Section 1 (6.16 acres) were rezoned from
S‐2 to MC in February 2019.
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Primary access to subdivision is via Tottenham Drive, a two‐lane roadway providing access to 111th
Street which, in turn provides access to Illinois Street to the west and Pennsylvania Street to the east.
Prior to the recent US Highway 31 road improvement project, 111th Street was at grade with and
provided direct access to the highway. As part of the US 31 road improvement project, 111th Street
was elevated as a bridge over the highway. Additionally, the project required the acquisition and
removal of three dwellings on 111th Street in 2013, along with a rerouting of Tottenham Drive at its
intersection with 111th Street. A fourth dwelling on 111th Street was acquired and removed as part of
the Illinois Street extension project in 2013.
The Meridian Suburban subdivision is adjacent north of the developing Franciscan Orthopedic Center
of Excellence, a four‐story, 236,231 square foot orthopedic hospital, surgery center and medical office
building, along with a four‐level, 664‐space parking garage with skybridge. All of the lots in the
Meridian Suburban subdivision, except Lot 30, have been acquired by Meridian Development Realty,
LLC, a related entity of the ownership of the Franciscan Center, for future development. As part of the
future development plan, the plat for the remaining lots within Meridian Suburban, except for Lot 30,
is to be vacated. It is noted that the plat for the western 22 undeveloped lots in Meridian Suburban
Section 1 (6.21 acres) was vacated in 2013.
Meridian Suburban Plat Vacation Impact on Market Value of Lot 30
While the plat for the lots in Meridian Suburban are to be vacated (except the subject Lot 30), the
subject will maintain its access to 111th Street. Further, the property will maintain utility connections
and easements, including a drainage easement running along the south property line and shared with
four adjoining lots. As a result, it is our opinion that the proposed plat vacation will not materially
change the utility of the property.
A thorough search for sales of residential properties that were surrounded by a vacated subdivision
for a larger redevelopment did not reveal such sale data. However, we note the current development
of MetroAir Business Park II, located at the northeast corner of Ronald Reagan Parkway and Stafford
Road, just west of the Indianapolis International Airport in Plainfield. Upon completion, the 97‐acre
park will feature up to 1.2 million square feet of bulk distribution warehouse space within four
buildings. The total land area included three single‐family residential subdivisions (Applecreek,
Peaceful Acres, and Hill Top), a fourth, unnamed minor plat, and other agricultural tracts. In total, the
subdivisions and minor plat contained about 140 dwellings. The Indianapolis International Airport
began acquiring the dwellings as part of their Part 150 Airport Noise Compatibility program in the
1990’s, with most being razed by the late 1990’s and early 2000’s.
Currently, two dwellings remain in the MetroAir development. One of the dwellings, 10779 Melody
Lane, sold on May 6, 2019 to the developer for a reported $700,000, far exceeding a “normal” or
“typical” market value for the property. The property is ideally situated within the planned business
park and was able to command a significant premium. Of particular consideration, the plats and
covenants for three of subdivisions (Applecreek, Peaceful Acres, and Hill Top) were vacated on the
same day as the Melody Lane sale, May 6, 2019 (certification recorded June 13, 2019). It is assumed
the public ways and easements in the minor plat (Melody Lane and Harmony Drive) were vacated at
the same time.
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The owner of the remaining dwelling (Armstrong), a 0.53‐acre parcel located at 4474 Plainfield Road
(formerly 9701 Ramona Drive – Hill Top Lot 11) has reportedly accepted an offer of unknown
consideration whereby the developer will receive title upon the death of the owner. Given the
premium paid for the 10779 Melody Lane property, it is reasonable to assume a premium will be or
has been paid for the Armstrong property.
It is noted that the secondary plat for MetroAir Business Park II was filed with the Plainfield Plan
Commission on January 27, 2020. Given the current health crisis, it is uncertain when the final plat will
be recorded. However, two of the four planned large industrial distribution buildings are currently
under construction and nearing completion.
These two examples suggest that a single‐family dwelling which was once part of a platted residential
subdivision and subsequently purchased for redevelopment as part of a larger project are not
adversely affected by the surrounding plat vacation. Rather, such a residential property will likely
command a premium over a market value without the surrounding plat vacation and subsequent
development. The premium pricing primarily centers around a change in the residential property’s
highest and best use from single‐family residential to something more consistent with the
surrounding, more intensive development. Moreover, a more intensive surrounding development will
likely enhance the marketability of the remaining residential property.
Conclusion
Based on the preceding discussion points, it is our opinion that the market value of the holdout Lot 30
will not be diminished by the vacation of the Meridian Suburban subdivision plat as described above.
If you have any questions or comments, please contact the undersigned. Thank you for the
opportunity to be of service.
Respectfully submitted,
INTEGRA REALTY RESOURCES ‐ INDIANAPOLIS
Carl H. Heckman, MAI, SRA
Certified General Appraiser
Indiana Certificate # CG69201178
Telephone: 317‐546‐4720, ext. 233
Email: checkman@irr.com
Michael C. Lady, MAI, SRA, ASA, CCIM, FRICS
Certified General Appraiser
Indiana Certificate # CG69100223
Telephone: 317.546.4720, ext. 222
Email: mlady@irr.com
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Subject Dwelling Facing Southwest from 111th Street
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Hamilton County GIS Plat (2019 Aerial Image)
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Intended Use and User
The intended use of the appraisal is for surrounding plat vacation purposes. The client is Hall, Render,
Killian, Heath & Lyman, P.C.. The intended users are Hall, Render, Killian, Heath & Lyman, P.C., their
designated representatives, and the Carmel Plan Commission. The appraisal is not intended for any
other use or user. No party or parties other than Hall, Render, Killian, Heath & Lyman, P.C. and their
designated representatives, and the Carmel Plan Commission may use or rely on the information,
opinions, and conclusions contained in this report.
Purpose of the Appraisal
The purpose of the appraisal is to develop an opinion of the market value, pertaining to the fee simple
interest in the property as of the effective date of the appraisal, June 25, 2020. The date of the report
is July 17, 2020. The appraisal is valid only as of the stated effective date or dates.
Scope of Work
Carl H. Heckman, MAI, SRA, conducted an off‐site inspection of the property on June 25, 2020.
Michael C. Lady, MAI, SRA, ASA, CCIM, FRICS, did not inspect the subject but is familiar with the
property and surrounding market area.
Definition of Market Value
Market value as defined by the Appraisal Institute is as follows:
“The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other
precisely revealed terms, for which the specified property rights should sell after reasonable exposure
in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each
acting prudently, knowledgeably, and for self‐interest, and assuming that neither is under undue
duress.”
Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal
Institute, 2015)
Applicable Requirements
This appraisal is intended to conform to the requirements of the following:
Uniform Standards of Professional Appraisal Practice (USPAP);
Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal
Institute;
Applicable state appraisal regulations.
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Residential Dwelling
Certification
We certify that, to the best of our 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 our personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in the property that is the subject of this report
and no personal interest with respect to the parties involved.
4. We 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
the agreement to perform this assignment.
5. We have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
6. Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
7. Our 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 appraisal.
8. Our analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice as well as
applicable state appraisal regulations.
9. The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirement of the Code of Professional Ethics and
Standards of Professional Appraisal Practice of the Appraisal Institute.
10. The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
11. Carl H. Heckman, MAI, SRA, made a personal inspection of the property that is the subject of
this report. Michael C. Lady, MAI, SRA, ASA, CCIM, FRICS, did not inspect the subject but is
familiar with the property and surrounding market area.
12. No one provided significant real property appraisal assistance to the person(s) signing this
certification.
13. We have experience in appraising properties similar to the subject and are in compliance with
the Competency Rule of USPAP.
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Residential Dwelling
14. As of the date of this report, Carl H. Heckman, MAI, SRA and Michael C. Lady, MAI, SRA, ASA,
CCIM, FRICS have completed the continuing education program for Designated Members of
the Appraisal Institute.
Carl H. Heckman, MAI, SRA
Managing Director
Certified General Appraiser
Indiana Certificate # CG69201178
Michael C. Lady, MAI, SRA, ASA, CCIM, FRICS
Senior Managing Director
Certified General Appraiser
Indiana Certificate # CG69100223
Date of Certification: July 17, 2020
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Residential Dwelling
Assumptions and Limiting Conditions
This appraisal and any other work product related to this engagement are limited by the following
standard assumptions, except as otherwise noted in the report:
1. The title is marketable and free and clear of all liens, encumbrances, encroachments,
easements and restrictions. The property is under responsible ownership and competent
management and is available for its highest and best use.
2. There are no existing judgments or pending or threatened litigation that could affect the value
of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements that would
render the property more or less valuable. Furthermore, there is no asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in
correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning, and other
federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is given for its
accuracy.
This appraisal and any other work product related to this engagement are subject to the following
limiting conditions, except as otherwise noted in the report:
1. An appraisal is inherently subjective and represents our opinion as to the value of the
property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and
no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including, without
limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction with this
appraisal, and we reserve the right to revise or rescind any of the value opinions based upon
any subsequent environmental impact studies. If any environmental impact statement is
required by law, the appraisal assumes that such statement will be favorable and will be
approved by the appropriate regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any
subpoena or attend any court, governmental or other hearing with reference to the property
without compensation relative to such additional employment.
6. We have made no survey of the property and assume no responsibility in connection with
such matters. Any sketch or survey of the property included in this report is for illustrative
purposes only and should not be considered to be scaled accurately for size. The appraisal
covers the property as described in this report, and the areas and dimensions set forth are
assumed to be correct.
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Residential Dwelling
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we
have assumed that the property is not subject to surface entry for the exploration or removal
of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields. Such
considerations include, but are not limited to, legal descriptions and other legal matters such
as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical,
electrical, structural and other engineering and environmental matters. Such considerations
may also include determinations of compliance with zoning and other federal, state, and local
laws, regulations and codes.
9. The distribution of the total valuation in the report between land and improvements applies
only under the reported highest and best use of the property. The allocations of value for land
and improvements must not be used in conjunction with any other appraisal and are invalid if
so used. The appraisal report shall be considered only in its entirety. No part of the appraisal
report shall be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions as to value,
the identity of the appraisers, or any reference to the Appraisal Institute) shall be
disseminated through advertising media, public relations media, news media or any other
means of communication (including without limitation prospectuses, private offering
memoranda and other offering material provided to prospective investors) without the prior
written consent of the persons signing the report.
11. Information, estimates and opinions contained in the report and obtained from third‐party
sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only for the
purpose of estimating value and do not constitute predictions of future operating results.
13. If the property is subject to one or more leases, any estimate of residual value contained in
the appraisal may be particularly affected by significant changes in the condition of the
economy, of the real estate industry, or of the appraised property at the time these leases
expire or otherwise terminate.
14. Unless otherwise stated in the report, no consideration has been given to personal property
located on the premises or to the cost of moving or relocating such personal property; only
the real property has been considered.
15. The current purchasing power of the dollar is the basis for the values stated in the appraisal;
we have assumed that no extreme fluctuations in economic cycles will occur.
16. The values found herein are subject to these and to any other assumptions or conditions set
forth in the body of this report but which may have been omitted from this list of Assumptions
and Limiting Conditions.
17. The analyses contained in the report necessarily incorporate numerous estimates and
assumptions regarding property performance, general and local business and economic
conditions, the absence of material changes in the competitive environment and other
matters. Some estimates or assumptions, however, inevitably will not materialize, and
unanticipated events and circumstances may occur; therefore, actual results achieved during
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Residential Dwelling
the period covered by our analysis will vary from our estimates, and the variations may be
material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not
made a specific survey or analysis of the property to determine whether the physical aspects
of the improvements meet the ADA accessibility guidelines. We claim no expertise in ADA
issues, and render no opinion regarding compliance of the subject with ADA regulations.
Inasmuch as compliance matches each owner’s financial ability with the cost to cure the non‐
conforming physical characteristics of a property, a specific study of both the owner’s financial
ability and the cost to cure any deficiencies would be needed for the Department of Justice to
determine compliance.
19. The appraisal report is prepared for the exclusive benefit of you, your subsidiaries and/or
affiliates. It may not be used or relied upon by any other party. All parties who use or rely
upon any information in the report without our written consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of hazardous
materials on the subject property or in the improvements, and our valuation is predicated
upon the assumption that the subject property is free and clear of any environment hazards
including, without limitation, hazardous wastes, toxic substances and mold. No
representations or warranties are made regarding the environmental condition of the subject
property. IRR ‐ Indianapolis, Integra Realty Resources, Inc., and their respective officers,
owners, managers, directors, agents, subcontractors or employees (the “Integra Parties”),
shall not be responsible for any such environmental conditions that do exist or for any
engineering or testing that might be required to discover whether such conditions exist.
Because we are not experts in the field of environmental conditions, the appraisal report
cannot be considered as an environmental assessment of the subject property.
21. The persons signing the report may have reviewed available flood maps and may have noted
in the appraisal report whether the subject property is located in an identified Special Flood
Hazard Area. However, we are not qualified to detect such areas and therefore do not
guarantee such determinations. The presence of flood plain areas and/or wetlands may affect
the value of the property, and the value conclusion is predicated on the assumption that
wetlands are non‐existent or minimal.
22. We are not a building or environmental inspector. The Integra Parties do not guarantee that
the subject property is free of defects or environmental problems. Mold may be present in the
subject property and a professional inspection is recommended.
23. The appraisal report and value conclusions for an appraisal assume the satisfactory
completion of construction, repairs or alterations in a workmanlike manner.
24. IRR ‐ Indianapolis is an independently owned and operated company. The parties hereto
agree that Integra shall not be liable for any claim arising out of or relating to any appraisal
report or any information or opinions contained therein as such appraisal report is the sole
and exclusive responsibility of IRR ‐ Indianapolis. In addition, it is expressly agreed that in
any action which may be brought against the Integra Parties arising out of, relating to, or in
any way pertaining to the engagement letter, the appraisal reports or any related work
product, the Integra Parties shall not be responsible or liable for any incidental or
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Residential Dwelling
consequential damages or losses, unless the appraisal was fraudulent or prepared with
intentional misconduct. It is further expressly agreed that the collective liability of the
Integra Parties in any such action shall not exceed the fees paid for the preparation of the
assignment (unless the appraisal was fraudulent or prepared with intentional misconduct).
It is expressly agreed that the fees charged herein are in reliance upon the foregoing
limitations of liability.
25. IRR ‐ Indianapolis is an independently owned and operated company, which has prepared the
appraisal for the specific intended use stated elsewhere in the report. The use of the appraisal
report by anyone other than the Client is prohibited except as otherwise provided.
Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and
benefit unless we provide our prior written consent. We expressly reserve the unrestricted
right to withhold our consent to your disclosure of the appraisal report or any other work
product related to the engagement (or any part thereof including, without limitation,
conclusions of value and our identity), to any third parties. Stated again for clarification, unless
our prior written consent is obtained, no third party may rely on the appraisal report (even if
their reliance was foreseeable).
26. The conclusions of this report are estimates based on known current trends and reasonably
foreseeable future occurrences. These estimates are based partly on property information,
data obtained in public records, interviews, existing trends, buyer‐seller decision criteria in the
current market, and research conducted by third parties, and such data are not always
completely reliable. The Integra Parties are not responsible for these and other future
occurrences that could not have reasonably been foreseen on the effective date of this
assignment. Furthermore, it is inevitable that some assumptions will not materialize and that
unanticipated events may occur that will likely affect actual performance. While we are of the
opinion that our findings are reasonable based on current market conditions, we do not
represent that these estimates will actually be achieved, as they are subject to considerable
risk and uncertainty. Moreover, we assume competent and effective management and
marketing for the duration of the projected holding period of this property.
27. All prospective value opinions presented in this report are estimates and forecasts which are
prospective in nature and are subject to considerable risk and uncertainty. In addition to the
contingencies noted in the preceding paragraph, several events may occur that could
substantially alter the outcome of our estimates such as, but not limited to changes in the
economy, interest rates, and capitalization rates, behavior of consumers, investors and
lenders, fire and other physical destruction, changes in title or conveyances of easements and
deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
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Residential Dwelling
28. The analysis is also subject to the following:
Extraordinary Assumptions and Hypothetical Conditions
1. None
1. None
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition,
directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is used for the purpose of analysis.
The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an
assignment‐specific assumption as of the effective date regarding uncertain information used in an analysis which,
if found to be false, could alter the appraiser’s opinions or conclusions.
Indianapolis
Integra Realty Resources
irr.com
T 317-546-4720
F 317-546-1407
4981 North Franklin Road
Indianapolis, IN 46226
Carl H. Heckman, MAI, SRA
Experience
Managing Director for Integra Realty Resources – Indianapolis, employed since 1992.
Engaged in real estate valuation and consulting since 1985. Valuation analyses have been
performed on various property types including retail, industrial, office, residential, mixed
use, special use, recreational, vacant land, and land development. Specialized experience
includes golf courses, subdivision analyses, automobile dealerships, and self-storage
facilities. Clients served include accountants, investment firms, law firms, lenders, and
private and public agencies. Valuations have been completed for various purposes
including financing, eminent domain, estate, tax appeal support, legal support, equity
participation, and due diligence support.
Currently certified by the Appraisal Institute's voluntary program of continuing education
for its designated members.
Professional Activities & Affiliations
Appraisal Institute, Member (MAI) 2014
Appraisal Institute, Senior Residential Appraiser (SRA) 1991
Hoosier State Chapter:
President - 2001
Vice President - 2000
Secretary/Treasurer - 1999
Board of Directors - 1997-1999
Education Chair - 1998
Residential Admissions Chair - 1993-1997
Young Advisory Council - 1999
Regional Representative - 1994-1999
National Association of Realtors:
Indiana Association of Realtors:
Board of Directors - 2009-2010
Appraisal Forum Chair - 1999
Metropolitan Indianapolis Board of Realtors:
Board of Directors - 2006-2009
Salvation Army Indiana:
Advisory Board Member - 2007-Present
Advisory Board Chair - 2014-2016
Advisory Board Vice Chair - 2012-2013
Property Committee Member - 2002-Present
Property Committee Chair - 2016-Present
Indiana Commercial Board of Realtors:
Board of Directors - 2010-2012
Indiana Real Estate Data, Inc.:
Board of Directors - 2010-2015
Licenses
Indiana, Certified General Appraiser, CG69201178, Expires June 2022
Education
Bachelor of Science Degree, School of Business, Indiana University, 1983
(Major: Business)
Successfully completed numerous real estate and related courses and seminars sponsored by
the Appraisal Institute, accredited universities, and others.
checkman@irr.com - 317-546-4720 x233
Indianapolis
Integra Realty Resources
irr.com
T 317.546.4720
F 317.546.1407
4981 North Franklin Road
Indianapolis, IN 46226
Mi chael C. Lady, MAI, SRA, ASA, CCIM, FRICS
Experience
Senior Managing Director for Integra Realty Resources–Indianapolis. Background includes two
years as Staff Appraiser for the Indiana State Highway Commission and over forty years serving
the public in real estate valuation and consulting. Recent experience is concentrated in major
urban and suburban development projects, as well as public development and redevelopment
projects. Valuations have been performed on various property types including single and multi-
tenant retail properties, apartment complexes, single and multi-tenant industrial properties,
low to high rise office buildings, mixed use facilities, residential subdivision analyses, and vacant
land for different uses. Specialized real estate valued includes military bases, hospitals and
medical centers, nursing homes, churches, and recreational properties. Valuations have been
performed for mortgage loan purposes, equity participation and due diligence support, estate
planning, condemnation proceedings, insurance purposes, and real estate tax valuation.
Assignments have included the valuation of proposed properties, distressed properties,
contaminated properties, and market studies. Currently certified by the Appraisal Institute’s
voluntary program of continuing education for its designated members and the American
Society of Real Estate (ASA) continuing education requirements.
Real Property Valuation & Consultation - 1972-Present.
Professional Activities & Affiliations
Level III Certified Indiana Assessor-Appraiser
Appraisal Institute (National Finance Committee)
Appraisal Institute (Leadership Development)
Appraisal Institute (General Experience Subcommittee)
Appraisal Institute (General Admissions Committee)
Appraisal Institute (Qualifying Education Committee)
Appraisal Institute (Past Member National Board of Directors)
Appraisal Institute (Past President-Hoosier State Chapter)
Member: Indiana Association of Realtors
Member: Metropolitan Indianapolis Board of Realtors
Member: American Society of Appraising (ASA) 1979
Member: Urban Land Institute
Member: IREM
Appraisal Institute, Member (MAI) 1989
Appraisal Institute, Senior Residential Appraiser (SRA) 1982
Certified Commercial Investment Member (CCIM) 2000
Royal Institute of Chartered Surveyors, Fellow (FRICS) 2008
Licenses
Indiana, Certified General Appraiser, CG69100223, Expires June 2022
Indiana, Broker, RB14004311, Expires June 2023
Kentucky, Certified General Appraiser, 003441, Expires June 2021
Illinois, Certified General Appraiser, 553001596, Expires September 2021
Florida, Certified General Appraiser, RZ1893, Expires November 2020
Michigan, Certified General Appraiser, 1201004011, Expires July 2021
Ohio, Certified General Appraiser, 2006007069, Expires December 2020
South Carolina, Certified General Appraiser, CG6526, Expires June 2022
Colorado, Certified General, CG200001923, Expires December 2021
mlady@irr.com - 317.546.4720 x222
Michael C. Lady, MAI, SRA, ASA, CCIM, FRICS Indianapolis
Integra Realty Resources
irr.com
T 317.546.4720
F 317.546.1407
4981 North Franklin Road
Indianapolis, IN 46226
Education
Bachelor of Science Degree, Ball State University, 1972
(Major Study: Business Administration)
Successfully completed numerous real estate and related courses and seminars sponsored by the
Appraisal Institute, Commercial Investment Real Estate Institute, and accredited universities.
Qualified Before Courts & Administrative Bodies
Qualified as an expert witness in several courts and jurisdictions, including U.S. Bankruptcy Court and
Federal Tax Court. Litigation support work has included consulting and review services, as well as
valuation services.
mlady@irr.com - 317.546.4720 x222
Michigan-7-31-2021 Kentucky-6-30-2021
Florida-11-30-2020 South Carolina-6-30-2022
Colorado- 12-31-2021
Ohio-12-4-2020 Illinois-9-13-2021
Indiana Broker- 6-30-2023