08-23-21 Regular Meeting - Laserfiche WebLink

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.....Page 2 Continued...... It should clearly be understood that this letter only constitutes only a statement of the final value and that does not presume to be the complete analysis of the subject property nor a complete appraisal format and is subject to the preparation of a detailed appraisal report. The subject property consist of two (2) tracts of land which are both portions of existing street right of ways. The Strang Road ROW is described by the survey as a total of +-0.6909 acres or 30,096 square feet of land area located just south of and adjacent to State Highway 225. This tract consists of a portion of the Strang Road right of way which varies in dimensions. It is a long narrow tract. The Old La Porte Road right of way is described as 3.056 acres or 133,119 square feet of land area also located just south of and adjacent to the State Highway 225. It is long and irregular in shape. Both of the subject tracts are adjacent to the G.H. & S.A. Railroad right of way which lies along the south line of both of these parcels. The total land area for both parcels is a total of +-3.75 acres or 163,215 square feet of land area. The subject sites are generally flat and level in terms of topography. They are not located in the 100 year flood plain. Adjacent property uses consist primarily of light industrial property uses, rail lines and highway right of ways. The adjacent and nearby properties are zoned for light industrial and business industrial use by the City of La Porte. The Highest and Best Use of the subject property is determined to be for use for a street right of way, however it may have an alternative use by adjacent property owners due to its configuration. 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 April 27, 2021 and last site inspection is April 27, 2021. The date of the report is May 3, 2021. The estimated exposure time is up to 24 months. Other sales of generally similar properties in the subject neighborhood were researched that had locations that range from primary to secondary type roadways. A unit value range of between $2.00 PSF to over $5.00 PSF was noted. After adjustments, it is my opinion the estimated unit value range for the subject property would be a unit value of $3.25 PSF.