HomeMy WebLinkAboutApprasial Report CITY OF COLLEGE STATION
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�, P.O. Box 9960
COLLEGE STATION,TEXAS 77842
.., MARK MCAULIFFE, LAND AGENT
CITY OF COLLEGE STATION (979) 764-6272 CELL(979) 229-3405 CITY OF COLLEGE STATION
mmcauliffe@csbc.gov
REAL ESTATE APPRAISAL REPORT
Date: Thursday, May 3, 2007
Property Owner: City of College Station
Property Location: Lodge Street Right of Way, from Patricia Street, northwest to Church Avenue,
College Station, Brazos County, Texas
Capital Improvement Project: Sale of Abandoned Right of Way
Effective Date of Value: Monday, February 27, 2007
Client: City of College Station, Texas - Public Works Department
Intended Users: City of College Station
Intended Use: The report is to be used to make decisions regarding the sale of abandoned street right of way.
Capital Improvement Project Description: The City is considering the abandonment and sale of surplus
property to adjoining landowners.
Neighborhood / Market Description: The subject property is located in "Northgate", which is in the northern
section of College Station. The neighborhood is bound to the north by the Bryan City limits; to the east by Old
College Road; to the south by University Drive (FM 60) and the Texas A&M Main Campus; and to the west by
Wellborn Road (FM 2154). Surrounding land use is high density multifamily development, restaurants, small retail
shops, older single family homes, and numerous churches. Schools, shopping, parks, medical facilities and
employment are in close proximity to the neighborhood. The neighborhood is currently undergoing redevelopment
from older single- and multi-family structures to high density multi-family and retail developments. Property values
have increased over the past several years, and the trend is expected to continue into the foreseeable future.
Subject Property Description
• Property Location: Lodge Street Right of Way, from Patricia Street, northwest to Church Avenue.
• Legal Description: Out of Boyetts Subdivision, Vol 38/ Pg 614, Deed Records of Brazos County, Texas
• Size/Shape: 5,040 Square Feet- 30 foot wide x 168 feet long (subject to survey)
• Property Type: Street right of Way
• Current Use of the Real Estate: Street/sidewalks and public utilities.
• Use of the Real Estate Reflected in this Report: This report assumes that the site is vacant land.
• Highest & Best Use: Either street right of way or commercial retail/ high density residential above.
• Street Type: Two-lane asphalt paved street, concrete curb and gutter drainage and concrete sidewalks.
• Utilities: All public services available.
• Zoning: NG-1 - Core Northgate
• Flood Zone: None.
• Topography: Level.
Page 1 of 3
Property Owner and Ownership History: Property was dedicated to the City of College Station by plat filed
of record in Volume 38, Page 614, Deed Records of Brazos County, Texas.
Property Interest Appraised: Fee Simple Estate.
Comparable Market Data: The appraiser researched market activity in the neighborhood and found sufficient
market data to develop an opinion of value. The comparables found were improved with buildings that had
reached the end of their economic lives. In many cases, the structures have been demolished since the sale. In
other cases, the buildings are being used for interim purposes, but were purchased with the intent to redevelop the
site in the foreseeable future. As a result, the comparable sales were considered to be effectively vacant land.
Following is a chart that summarizes the comparable land sales used to estimate the appraised value herein.
Tax ID Sale Date Grantor Grantee Location Size of Site Sale Price
R18714 May-2006 Richardson Szabuniewicz 405 Second St 9,847 SF $12.19/SF
R18724, Dec-2005 Parulian Radakor 418 College Main 36,983 SF $13.48 /SF
et al @ Cherry Street
R18726 Jan-2006 Michie Radakor 417 Tauber St 5,663 SF $13.50/ SF
R44946 March- Goode Aymond 505 Church Ave 24,893 SF $12.45/SF
2005 (Catholic Church) @ Stasney St.
R18523 March- Our Savior A&M UMC 308 College Main 56,628 SF $13.42 /SF
2005 Lutheran @ Cross Street
R18526 Aug-2003 Vessali Radakor 405 Cross St @ 37,250 SF $15.98/ SF
College Main
Market Value and Just Compensation -Comments: The subject property is a narrow strip of land that, in and
of itself, would have nominal utility. The appraisal is based on the assumption that the tract would be assembled
with either or both of the adjoining tracts.
Market Value and Just Compensation -Tabulation
Tract Property/ Item of Value Quantity Price/Unit Property Interest Total Value
Adjustment
1 Lodge Street ROW 5,040 SF $15 /SF 100% $75,600
Total Value $75,600
Conclusions of Market Value and Just Compensation: In accordance with the Appraiser's Certification
as well as the Assumptions and Limiting Conditions listed below, my opinion of the market value of the subject
property follows:
Seventy Five Thousand Six Hundred Dollars ($75,600)
INAct
Mark Edwin McAuliffe Date
Land Agent, City of College Station, Texas
State Certified General Real Estate Appraiser, TX-1326493-G / Exp 30 Nov 2008
Real Estate Broker-Texas Real Estate Commission, 0376344/ Exp 31 Aug 2008
Page 2 of 3
Purpose of the Appraisal: To develop an opinion of market value in terms of cash or financing terms equivalent to cash.
Market Value Definition: The most probable price for which a property should bring in a competitive and open market under all
conditions requisite to a fair sale,with the buyer and seller each acting prudently and knowledgeably,and assuming the price is not affected
by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer
under conditions whereby:
1. buyer and seller are typically motivated;
2. both parties are well informed or well advised, and acting in what they consider their own best interests;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable
thereto; and
5. the price represents the normal consideration for the property sold unaffected by special or creative financing
or sales concessions granted by anyone associated with the sale.
Source of Definition: Regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions
Reform, Recovery and Enforcement Act(FIRREA)of 1989.
Scope of Work: The appraiser inspected the subject property and completed sufficient market research and analysis to develop an
opinion of the subject property's market value. This report was developed in accordance with the standards for a Summary Appraisal Report
as described by the Appraisal Standards Board in the Uniform Standards of Professional Appraisal Practice. As this is a summary report,
additional information is contained in my work file.
Appraisal Methods and Techniques Employed: The Sales Comparison Approach of the vacant land was developed herein. The appraiser
recognizes the fact that the Whole Property is improved, but the acquisition of the Part to be Acquired will neither damage nor enhance the
remainder property.
Exclusion of Sales Comparison Approach,Cost Approach or Income Approach: This report makes the assumption that the site is
vacant land. As a result,the Sales Comparison Approach-As Improved,the Cost Approach and the Income Approach to value have not
been developed.
Extraordinary Assumptions and Hypothetical Conditions
• This report has been prepared as though the Whole Property were vacant land.
• This assumption does affect the value of the Property, in that the improvement value is not included.
Appraiser's Certification
I certify,to the best of my knowledge and belief,that
• the statements of fact contained in this report are true and correct;
• the reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and are my
personal, impartial and unbiased professional analyses, opinions, and conclusions;
• I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the
parties involved except as described below;
• I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment, except as
described below;
• I am employed by the client,the City of College Station, but I have no bias with respect to this assignment;
• my engagement in this assignment was not contingent upon developing or reporting predetermined results;
• my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or
direction in value that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result, or the
occurrence of a subsequent event directly related to the intended use of this appraisal;
• my analysis, opinions and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of
Professional Appraisal Practice;
• I have made a personal inspection of the property that is the subject of this report;
• no one provided significant real property appraisal assistance to the person signing this certification.
Assumptions and Limiting Conditions
• All of the information reported was verified either through personal inspection or reliable outside sources.
• The information obtained from outside sources is assumed to be correct.
• The subject property is appraised as though title is marketable.
• The appraiser has no knowledge of hazardous materials located on the subject property.
Extraordinary Assumptions and Hypothetical Conditions
• This report has been prepared as though the Whole Property were vacant land.
• This assumption does affect the value of the Property, in that the improvement value is not included.
Mark Edwin McAuliffe Date
Land Agent, City of College Station,Texas
State Certified General Real Estate Appraiser,TX-1326493-G / Exp 30 Nov 2008
Real Estate Broker-Texas Real Estate Commission, 0376344/Exp 31 Aug 2008
Page 3 of 3
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