10-14-13 Regular Meeting of La Porte City Council

Browse Search

…Page 3…. Interest Appraised. Fee Simple Estate Subject Data: Per the HCAD data, the subject site contains a total of 0.689 acres or 30,000 square feet of land area. The site is rectangular in shape with frontage along the south line of Barbour’s Cut Blvd and on the north line of 4 th Street per the HCAD facet maps. The site is reported to have general access public utilities. The site appears to be generally flat and level and is assumed not have any adverse site or environmental conditions. The subject property is currently located in the 100 year flood plan. See flood map in the addenda. The site is currently improved a +-4,875 square foot (per HCAD) metallic warehouse. We did not inspect the interior of the improvements however based on our exterior inspection, the improvements appear to be in only fair condition. The interior appears to be only a shell based on our inspection from the exterior. Effective Date of Report: July 3, 2013 Effective Date of Appraisal: June 28, 2013 Date of Inspection: July 28, 2013 Market Data: The subject neighborhood was researched for comparable land sales which could be used in comparison with the subject property. Unit values for generally comparable tracts appear to range from $2.00 PSF to over $5.00 PSF depending on various factors such as location, lot size/shape, etc. After a review of the comparable land sales the estimated unit value range of between $2.50 to $4.00PSF with a mid-range value of $3.00 PSF being indicated for the land. The overall land value can be estimated as follows: Land Value- 0.689 Acres/30,000 Sq.Ft. X $3.05 PSF = $60,000 The contributory value of the warehouse improvement is estimated to be $40,000 to $45,000. Therefore the total value for the subject property is estimated to be between $100,000 to $105,000. Intended Purposes/User: This report is not intended to be a self-contained or a complete appraisal report and cannot be property understood without the file data located in the appraiser's office. Further it is NOT intended to be used for estimating collateral worth for loan underwriting by federally insured financial institutions. This appraisal is intended to be used only by the addressee /client for internal uses only. The client and intended user is the City of La Porte Any other use or reliance of this report by a third party is strictly prohibited only. unless otherwise specified. Estimated Exposure Time.The estimated exposure time is up to 24 months.