01-28-19 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 located on a one-way section of the feeder road of West Main Street in La Porte. The subject's site size is reported at containing +-1,525 square feet per the Harris county Appraisal District data. A survey was not provided. The subject tract appears to be rectangular in shape having access from West Main Street which is a four lane concrete roadway at the point of the subject. It has all utilities and is zoned for "BI" for Business Industrial use by the City of La Porte. 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 January 4, 2019. The date of the report is January 7, 2019. The estimated exposure time is up to 24 months. After a review of the comparable sales it is my opinion the estimated unit value range of between $1.50 to $5.00 PSF would be placed on the subject property with a mid -range value of $2.75 PSF being indicated for the parent tract. Therefore the unit market value of the subject tract is estimated at $2.75 PSF which is based on 100% fee simple ownership before any additional discounting by the City. Therefore the unit market value of the subject tract is estimated at $2.75 PSF which is based on 100% fee simple ownership with no discounting applied. Respectfully Submitted, Chris Chuoke, President R.C. CHUOKE & ASSOCIATES, INC.