Property Description

A. Site Information & Legal DescriptionB. Shape, Size and TopographyC. Visibility and AccessD. ZoningE. Future Land UseF. UtilitiesG. Site ImprovementsH. Proposed Site ImprovementsI. ParkingJ. Surrounding UseK. Flood PlainL. Building Setback RequirementM. Easements and EncroachmentsN. Images of Subject SiteO. Conclusion

Site Descriptions 2-1

A. Site Information and Legal Descriptiona. Location: The site is located on the east side of Garland Avenue at its intersections with

Mt. Comfort Road and North Street just east of I-540 in the University of Arkansas area in the Fayetteville metropolitan area. The site address is 1130 North Garland Avenue, Fayetteville, AR 72701

Figure 2-1: Proposed Site Location

Figure 2-2: Proposed Site Location Intersection

Site Descriptions 2-2

b. Legal Description: A Part of the Southwest Corner (SW 1/4) of the Northwest Corner (NW 1/4) of Section Nine (9), Township Sixteen (16) North, Range Thirty (30) West, Washington County, Arkansas, also being a portion of the lot or tract of land as described in Deed Book 2004, page 51315 as recorded in the records of Washington County, Arkansas.

Figure 2-3: Township 16, Section 9 Map

B. Shape, Size and Topography: The subject site is a .66(+/-) parcel, including parking associated with the subject and grassy areas on the southern portion of the property. The site slopes gradually downward from the south to the north. The land area appears adequate for the existing improvements with an apparent surplus of land. See Appendix A-#

Figure 2-4: Proposed Site Aerial View Figure 2-5: Proposed Site Topography Map

Subject Property

Site Descriptions 2-3

C. Visibility and Access: The subject property is highly visible by 15,000 motorists a day at a popular intersection and with 300+ ft. of frontage on Garland Avenue. This sight is also easily accessible from College Avenue/US-71B, within one mile to the east, and I-540, within 1.5 miles to the west.

D. Zoning: C-1 Neighborhood CommercialFigure 2-5: City of Fayetteville Zoning Map

E. Future Land Use: The future land use of the property is to continue as an Urban Center Area. Also See Appendix A-#

Figure 2-6: City of Fayetteville 2025 Growth Plan

Site Descriptions 2-4

F. Utilities: All public utilities are available.

G. Site improvements: Site improvements include an 1800 SF convenient store and adjacent ATM machine location with brick exterior to be renovated into a drive-thru restaurant while retaining the ATM machine on the south side of the property. Site improvements also include pole lighting, landscaping, paved parking lot, signage, gas pumps and fuel tanks. The gas pumps are to be removed by the seller and parking lot repaved. The majority of the site is paved.

H. Proposed Site Improvements: Proposed changes to the existing improvements include the installation of a drive thru window on the north side of the building and renovations to the inside of the building to match the needs of the pre-leased tenants. The exterior will also be redone with stucco to increase the street appeal of the property. New signage will be installed on the south side and northeast side of the building. The existing gas pumps and underground storage tanks are to be removed by the seller as obligated by the sales contract.

Figure 2.7 Proposed Improvements, Street View

Figure 2-8: Proposed Improvements, Aerial View

I. Parking: Parking is more than adequate for the intended use of the subject property as a Subway restaurant. The parking lot will be repaved upon purchase and parking spaces will be reduced to accommodate a drive thru.

Site Descriptions 2-5

J. Surrounding Uses: Surrounding uses include a gas station and grocery store, a Razorback Transit bus stop parking area, and 2 strip centers including retail and restaurant properties. The majority of the area around the intersection is zoned C-1 Neighborhood Commercial and C-2 Commercial Thoroughfare. The area within a mile radius of the subject site is primarily R-25/R-40 Residential Multifamily. The site is less than .5 m from the University of Arkansas and Leverett Elementary School.

Figure 2-7: Surrounding Uses Map

K. Flood Plain: The subject is not located within the 100-year Flood Zone as shown on the FIRM Map #05143C0210 F, Zone X of Washington County and Incorporated Areas; dated May 16, 2008

Figure 2-8: FIRM Fayetteville 100-year Flood Map

Site Descriptions 2-6

L. Building Setback Requirement: Improvements to the site must be set back 50 feet from property lines encompassing the entire location.

M. Easements and Encroachments: We assume the normal easements for utilities have no adverse affect on the value or marketability of the property. Property boundaries are well defined with no apparent encroachments.

N. Images of Subject Site:

Site Descriptions 2-7

O. Conclusion: The subject site is well suited for its intended use as a drive thru restaurant. The vacancy rates in the Fayetteville area are currently higher than normal but it appears that the subject is in an established intersection. The site has excellent exposure to local and commuter traffic, pedestrian traffic, and bus riders. The surrounding uses also provide a large amount of exposure to the site. This site is a superior choice for a drive-thru restaurant after appropriate adjustments are made.