09-24-18 Regular Meeting of the La Porte City Council

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.....Page 2 Continued...... Sales of generally similar properties in the subject neighborhood were researched that had locations that range from primary to secondary type roadways. The subject's market area generally has access public utilities. The subject site is a rectangular shaped tract land. The subject's site size is reported at 23,680 square feet (80' X 296') per the metes and bounds description as provided. The subject site may be in or near the 100 year flood plain and is subject to determination by an elevation certificate. The Highest and Best Use of the subject property is determined to be for use by adjacent property owners however its configuration would appear to allow development for light industrial use. Adjacent and nearby property uses are primarily light industrial in nature. 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 and intended user only. 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 and inspection is August 1, 2018. The date of the report is August 24, 2018. The estimated exposure time is up to 24 months. A unit value range of between $1.00 PSF to over $3.00 PSF was noted from the comparable lot sales before any adjustments were made. All of the comparable lot sales were unimproved or effectively unimproved lots with existing road frontage and access on paved public streets which were generally superior to the subject tract. After adjustments, it is my opinion the estimated unit value range for the subject property would be between $1.75 PSF to $2.50 PSF with an estimated mid-range value of $2.00 PSF before any additional discounting by the City. Therefore the unit market value of the subject tract is estimated at $2.00 PSF which is based on 100% fee simple ownership with no discounting applied. Respectfully Submitted, Chris Chuoke, President R.C. CHUOKE & ASSOCIATES , INC.