12-14-15 Regular Meeting of La Porte City Council

Browse Search

.....Page 2 Continued...... The market values in the subject neighborhood appear to vary generally from +-$1.00 PSF to over $4.00 PSF for tracts generally similar to the adjacent tracts or those with proximity to the subject property either near or in close proximity to State Highway 146 and State Highway 225 as well a Barbour's Cut Blvd. Some of the primary roadways in the immediate neighborhood of the subject are State Highway 146, State Highway 225, Barbour's Cut Blvd, and Spencer Highway. The area generally has access to public utilities. The subject property consists of a portion of the existing North 8th Street right of way which is currently an unopened and non paved public right of way. We were not provided a site size. The subject site appears to be generally flat and level. The subject property is not located in the 100 year flood plain. The Highest and Best Use of the subject property is determined to be for use as street right of way or for use by adjacent property owners due to its unique configuration. Adjacent property uses included office/warehouse and open storage yards located to the west and north. There is an unimproved tract to land to the east. Much of the land use in the immediate area are oriented towards the Barbour's Cut port and terminal facility. 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 street abandonment procedures. 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 is October 10, 2015. The date of the report is October 21, 2015. 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 $2.00 PSF to over $3.50 PSF would be placed on the subject property with a mid -range value of $2.50 PSF being indicated for the subject property before any discounting. 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.