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.....Page 2 Continued...... <br />It should clearly be understood that this letter only constitutes only a <br />statement of the final value and that does not presume to be the complete <br />analysis of the subject property nor a complete appraisal format and is subject <br />to the preparation of a detailed appraisal report. <br />The market values in the subject neighborhood appear to vary generally from <br />+-$1.50 PSF to over $5.00 PSF for tracts generally similar to the subject <br />property with locations that range from primary to secondary type roadways. <br />The "parent tracts" surrounding the subject parcels consists of commercial and <br />light industrial tracts. Some of these parcels are improved with <br />office/warehouse facility most with open storage yards. These sites are <br />reported to have general access public utilities. The site appears to be <br />generally flat and level. The subject property is located in the 100 year flood <br />plain. The adjacent properties are primarily improved with commercial office/ <br />warehouse properties some of which include large open paved or stabilized <br />yard areas. The Highest and Best Use of the subject property is determined to <br />be for commercial or light industrial use. The client and intended user of this <br />appraisal is the City of La Porte only. The intended use is to estimate the <br />current market value of the subject property of this analysis as described <br />above. There has been no other transfer of the subject property noted for the <br />past 36 months per client data. The effective date of the appraisal is March 25, <br />2017. The date of the report is March 28, 2017. The estimated exposure time <br />is up to 24 months. <br />After a review of the comparable sales it is my opinion the estimated unit <br />value range of between $1.50 to $5.00 PSF would be placed on the subject <br />property with a mid -range value of $2.50 PSF being indicated for the parent <br />tract. Therefore the unit market value of the subject tract is estimated at <br />$2.50 PSF which is based on 100% fee simple ownership with no <br />discounting applied. <br />Respectfully Submitted, <br />Chris Chuoke, President <br />R.C. CHUOKE & ASSOCIATES, INC. <br />