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SUBJECT WHOLE PROPERTY VALUATION <br />Site Valuation Methodology <br /> Sales Comparison Approach: A set of procedures in which a value indication is derived by comparing the property being appraised <br />to similar propertiesthat have been sold recently, then applyingappropriateunits of comparisonand making adjustments to the sale <br />pricesof the comparablesbasedon the elements of comparison. The sales comparison approach may be used to value improved <br />properties, vacant land, or land being considered as though vacant; it is the most common and preferred method of land valuation when <br />an adequate supply of comparable sales are available. <br /> Market Extraction: A method of estimating land value in which the depreciated cost of the improvements on the improved <br />property is estimated and deducted from the total sale price to arrive at an estimated sale price for the land; most effective when the <br />improvements contribute little to the total sale price of the property. <br /> Alternative Method: (Describe methodology and rationale) <br />These sales are indicators of value for the subject whole property. When comparing these sales to the subject property the elements of <br />comparison considered include: real property rights conveyed, financing terms, conditions of sale, market conditions (time), location, <br />size, physical characteristics, and other characteristics or factors that may influence value. Physical characteristics may include, but are <br />not limited to: shape, water features, flood hazards, access, road frontage, vegetation, and topography. Other adjustment factors may <br />include, but are not limited to: improvements, utilities, zoning/restrictions, use, mineral interests, or any other factor which may have <br />influenced the sales price. Each sale was compared to the subject property and adjusted based on these factors. After considering all <br />factors, the overall comparison for each sale is reported. <br />Per (SF) Overall <br />Sale Date Location Size (Acre) <br />Price Comparison <br />4/7/2016Northeast corner of Sens Road and North C Street 60.954 $2.28 <br />Inferior <br />North line of W Fairmont Parkway, west of Bay Area <br />1/24/2018 9.850 $4.11 <br />Superior <br />Boulevard <br />10/15/2018 Southwest corner of Caniff Road and Underwood Road 6.970 $3.62 <br />Similar <br />East line of State Highway 146 Frontage Road, north of <br />12/21/2018 20.000 $2.70 <br />Inferior <br />Wharton Weems Boulevard <br />3/25/2019 South line of Spencer Highway, west of Bay Area Boulevard 5.238 $3.75 <br />Slightly Superior <br />6/27/2019 Southwest corner of Sens Road and N D Street 12.450 $4.24 <br />Superior <br /> <br />Site Valuation Comments: The comparable sales range in sale date from April 2016 to June 2019, range in size from 5.238 acres to <br />60.954 acres, and range in sale price from $2.28 per SF to $4.24 per SF. <br />Site Valuation Reconciliation: In addition to the sales listed above, we have also considered several other transactions that occurred <br />in the area as well as tracts actively listed for sale. Based on this information, other sales and sale offerings, and conversations with <br />knowledgeable individuals in the real estate market, it is our opinion that the subject whole property (land only) has a market value as <br />follows: <br />1 <br />per SF = <br />Subject Whole Property 26.45 Acres (1,152,162 SF) @ $3.75 $4,320,608 <br /> <br />Allen, Williford and Seale, Inc. Page 6 <br /> <br />