1986 John D Welch,MAI,SRPA Appraisal Report-4.88 acres, all of blocks 1127 and 1128

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I I I I I I I I I I I I I I I I I I I JOHN D. WELCH & ASSOCIATES Real Estate Appraisers &: Consultants March 7, 1986 The City of LaPorte P . 0 . Box 1 11 5 LaPorte, Texas 77571 Attn: Mr. Knox Askins Re: Appraisal of Blocks 1127 and 1128, for expansion of sewer plant, LaPorte, Texas. Dear Mr. Askins: As requested, I have made an appraisal of the properties legally described as: All of Blocks 1127 and 1128, Town of LaPorte, Harris County, Texas. The subject of this analysis is two city blocks which are bounded by West "K" Street to the north, South 4th Street to the east, West "L" Street to the south, and South 6th Street to the west. It is located in the City of LaPorte. Fourth Street is asphalt paved with open ditch drainage, while the other three thoroughfares remain unimproved at this time. The property is presently vacant and unimproved and no pro- posed improvements are being considered within this analysis. Current zoning of the property is Residential 12 which allows low density multifamily residential or single family residen- . tial. The estimated highest and best use of the site is for single family residential development. The purpose of this appraisal is to estimate the market value of the fee simple interest in the subject properties as of March 7, 1986. Market value is defined as the most probable price estimated in terms of money which a property will bring if exposed for sale in the open market allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which it is adapted and for which it is capable of being used. 4706 Center Street .. Deer Park, Texas 77536 . Phone: (713) 479-2819