01-11-21 Regular Meeting of the La Porte City Council - Call Dis. 6 & Charter elec.

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.....Page 2 Continued...... It should clearly be understood that this letter only constitutes only a statement of the final value and that does not presume to be the complete analysis of the subject property nor a complete appraisal format and is subject to the preparation of a detailed appraisal report. The subject property consist of two (2) tracts of land. The North J Street ROW is described by the survey as a total of +-0.4885 acres or 21,280 square feet of land area located on the north line of Block 375 of La Porte. This tract consists of an unopened portion of the North J Street right of way which is 80' X 266' in dimension. The additional tract of land consists of a 16 foot wide alleyway situated in Block 375 of La Porte which has dimensions of 16Ô X 400Ô. This tract contains 0.1469 acres or 6,400 square feet. The total land area for both parcels is a total of +- 0.635 acres or 27,680 square feet of land area. Both right of ways are located north of Barbour's Cut Blvd and east of State Highway 146 in north La Porte. The subject site is generally flat and level in terms of topography. It is not located in the 100 year flood plain. Adjacent property uses consist primarily of light industrial property uses. The adjacent and nearby properties are zoned for light industrial and business industrial use by the City of La Porte. The Highest and Best Use of the subject property is determined to be for use either for a street right of way or alleyway, however it may have an alternative use by adjacent property owners due to its configuration. The client and intended user of this appraisal is the City of La Porte only. The intended use is to estimate the current market value of the subject property of this analysis as described above for use in establishing a market value for the subject property by the client. There has been no transfer of the subject property noted for the past 36 months per appraisal district records. The effective date of the appraisal is December 10, 2020 and last site inspection is December 16, 2019. The date of the report is December 2, 2020. The estimated exposure time is up to 24 months. Other sales of generally similar properties in the subject neighborhood were researched that had locations that range from primary to secondary type roadways. A unit value range of between $2.00 PSF to over $8.00 PSF was noted. After adjustments, it is my opinion the estimated unit value range for the subject property would be a unit value of $2.50 PSF before any additional discounting by the "City".