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HomeMy WebLinkAbout1995-04-26 N Easement Property Appraisal r P. 02 • Ca6e Y: APPRAISAL OF ♦' THE PROPERTY LOCATED AT 14337 60TH ST.NO. EASEMENT ONLY OAK PARK HEIGHTS, MN 55082 k}t a tE a as of Y � ' > s:` APRIL 26, 1995 4 ♦ > 1 Y> ♦�i Y r r ;'t for CITY OF OAK PARK HEIGHTS rx� } ; 14168 North 57th Street t c P.O. Box 2007 Oak Park Heights, MN 55082 $ t s >� by APPRAISAL SPECIALISTS of ,♦.� � � ♦ -' 17653 Notre Dame St.N.E. <.. Forest Lake,MN 55025 P_ 03 • • APPRAISAL SPECIALISTS 17653 Notre Dame Street NE Forest Lake, MN 55025 (612)982-0002 April 26, 1995 City of Oak Park Heights 14168 North 57th Street P.O. Box 2007 Oak Park Heights, MN 55082 Re: TEMPORARY CONSTRUCTION EASEMENT Property- 14337 60th Street North Oak Park Heights,MN 55082 Client- City of Oak Park Heights Dear Sir: In accordance with your request, I have personnally inspected and prepared an appraisal report for a TEMPORARY CONSTRUCTION EASMENT over the herein described area of land which is part of the property currently located at: 14337 60th Street North, Oak Park Heights,MN The purpose of this appraisal report is to estimate the present market value of that portion of land used as a temporary construction easement described in this report. Enclosed please find the appraisal report which describes certain data gathered during the investigation of the property. The methods of approach and reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report. An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, led the appraiser to the conclusion that the market value, as of April 26, 1995 is: $2,852.00 The current compensation estimate for use of this temporary construction easement is: $427.80 The opinion of value expressed in this report is contingent upon the Limiting Conditions attached to this report. It has been a pleasure to assist you; if I may be of further assistance to you in the future, please feel free to contact our office. Respectfully submitted, APPRAISAL SPECIALISTS Thomas E. Hefty Minnesota Appraiser 44002821 P. 04 e•: TEMPORARY EASEMENT ONLY ' Property Description UNI _ M RESIDENTIAL APPRAISAL REP FINING. 1152-95 f. ProjertyAderens .1433/ 60th St.No. NASEHI:NT ONLY ceY Oak Lark foisi►t.ea Stare MN - tip Code 55Ot)2 4 UgaiOescriptlon See Attgched._Addendnm___—_ ___---- _- .carer. .Waahingten___..--__.--_- Aasasso�a v_arcsl No. 60004-3450 _ Tax Yur ��_ R E.Tyres S 47 2 q.4 S del Assessment* _i.-p,Q 0, aonewar City of Qa!s ,.Fer14Hc ff h s Currant Owner A. G. C n cl Occupant: 1 owner Tenant Protect Yyoe vacant Property rights appraised l File Simple Uuanord I I PUD 1- I Condominium(HUONA only) HOAs O.p0 MO. or Protect Neme Ojai_ irk t S Ma Roferenc0 - Census Tract q; Sate Price tt _WA, Date or Salmi DnepO410n and S amount of loan char es/concessions to be and serer Lender/Client Cityof Oak Park Heights Addreaa <.(r ft 14i1.b8_.l!- 57tt1�t- Oak Perk Heights_ MN pii Appraiser Th9m s E. Hefts, Address 17653 N tre Dame St. N.E. Forest LOAD Yj Location Urban �( Suburban J Rural Predominant Meg family houslitt E Praaant lend use X Land es.ceaags _ Suet up 65 Over 75% 25-75% Under 25% aecupa.Cy AG On.Famil ^_Not LikelyLikely 'Y Growth Rate Rapid - .Stable Slow owner 100 50 Low 0 2-4 family In process Property values Increasing , Stable Declining Tenant 20 MOMulti-family 5 _ To: / ., Demand/sunoly Shortage X In balance - Over supply —Vacant(0-5y) _x_r Predominant _c_:. U$ Commercial 1 5 COILrRCIAL Matketln tiros X Under 3 mos. 3.6 mos. Ovsr 6 mos. Vacant(aver sit t3 Mee*:sacs and the mend com 8 5 2 0 2 5 Vacant 1 . position of tits aelphaoraood are not aPendast tacton. ^' Neighborhood boundaries and characteristics: The immediate neighborhigo4_,_i,yai bQyta.d_.sus the notch hy_.ig way._,.3.,6.,.___.-. h 53rd St. N. on the south. CtyRd 5 on the west and Highway 95 on the_ east. Fk: Factors that affect the marketability or ins properties In the neighborhood (proximity to employment and ameni(10s, employment stabiiy, appeal to market, etc.). r See additional comments. . . id Market conditions In the subject neighborhood (including support for the above Conclusions rotated to the trend of property values. demand/supply, and marketing time t7p -- Such as data On competitive properties for sale in the neighborhood. description of theng Concessions. etc.); g p prevalence of Salsa and ffaincf tits See additIonel_commenta. Prefect information for pubs (IT applicable)--Is the developer/builder In control of the Home Owners'Association(HOA)7 r 1 Yes LaciNa :':j Approximate total number of units in the subject Project N/A_ - Approximate total number of units for sate in the subject project 1/A- Desenoe common elements and recreational fac l t sa: N/A _ ) Dimensions 210Fa11701;$u2,QRx11.7ORS Topography Elevated Above Street Site area 5-6 4 0 +/- -- .$1, aC_ie5 _-- Corner lot Yes nN0 Size La r�er_.S}f�r�1�.Ave rpgg E Specific zoning classmcation and description Residential/~HomQ(�s ead f j Shape Rectangular -s Zoning compliance LX f Legal r-- Legal nonconforming (Granelernueo.w) l 1 Illegal l. No toning Drainage Adeivate _ ~ -^': Higbest&best use as improved: Present use (Z Other use(explain)—CQit• grc jai view Resident iel/Commercial/G Utilities Poke Other ON-sitelmprovements Type Public Private landscaping SOd/';.'tees/Sh S 11llSrQ4s1 Electricity ___ _ -._ Street Asphalt X Driveway Surface Asphalt___„_„•--- r Gas X I Cert./gutter None Apparent easements Utility/Dt-�rainB 't/ Water X Sidewalk None FEMA Special Flood Hazard Area Fri Yes X No Sanitary sewer X Street lights _Standard City ,Xr FEMA Zone C Map Data 4/1/$2- _ `.?ISmrm sewer_ NONE All None f f FFMA Map No. 27051 9001 B _____ -t :41 Comments (apparent adverse easements. encroachments. special assessments, slide areas, Illegal or legal nonconforming toning use, etc): Sea .yj addit.iGn 1 comments. _ . i - GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION I?.?> No.of Units N/A Foundation _N/A Slab N/A _ _Area Sq.Ft. N/A Root __- AlNo.of Stones N/A Exterior Walls N/A Crave Scam N/A Y.Finished Calling UDktn- X jiLl Type(Oat./AtL) N/k Root surface N!A Basement N/A Ceiling wens Unkn. ,�C 3ti ooslgn(Styr*) N/A _ Gutters&Dwnsprs. N/A Sump Pump NIA. Walls Floor G' Existing/Proposed N/A window Type N/A Dampness N/A Floor Non* Age(Yrs.) N/Et Storm/5craens N/A Settlement N/A Outside Entry ~� Unknown Erreetiw Ape(Yrs.) N/A Manufactured House N/A _ Infestation N/A - — i ROOMS Foyer Living Dining Kltcnen ! Den Family Rm. Rec.Rm. 9edrooms f Shins Laundry 'Other Area So.Ft. :, Basement -' -- N/A level I ---_ �_—_.- --- Ti, Levet 2 , _^- tFinished area grade contains: Rooms; dedroom(s): Batn(s); N/A Square Feet of Gross living Area y'y INTERIOR MaterialsfConditicn HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE:t''� 36' Floors N/A Type N/A RefrlgeratOr None FIreplace(s)0 None LJ wails N/A Fuel N/A Range/Oven Stairs PatiO Garage if of cars — Trim/Finish —b1/A Condition N/A _ Disposal SDrop tairs Stair Deck Attached — -fit Bath Floor N/A COOLING Dishwasher Scuttle POMP Detached ___ ____ _ rA Bath Wainscot N/A Central N/A Fan/Hood Floor Fence Suut-In __ Ms Doors N/A Other N/A Microwave Heated Pool Carport --_,..... w Condition N/A Wash*r/Dryar j I Finished ~ Drivew�a( ~- ;k Additional features (special energy efticlent Items, sic.): N/A I. Condition Or the Improvements. depreciation (physical, tunctional, and external), repairs needed. Quality of construction. remodeling/addition*. etc.: C t N/A --- ;>F; - -- - -- - -- ----^ - ,14 Adverse environmental Conditions (such as. but not limited to. hazardous wastes• toxic substances. etc.) present In the improvements, on the site, or in the `7 immediate vicinity of the subject Property.: See add itional._cQmtkent8. . . _ rreeme Mee Corm 70 0-97 17 CH PAGE 1 OF 2 Fannie Mae Ruin 1004 te-sa Sohware for Rsil Estate Profeaa,one'a (e00)523-0VY2 P_ 9 �. fdallo a1152 95 ADDITIONAL COMMENTS Borrower City_•_oi °ea._ PerkHei.,g_hts __. Property Address 14337 60th St.No. EASEMENT ONLY _.. Cie Oak Park Heights County Washington Sete MN Ze_CodE__. 55082 lender City of Oak Park Heights SCOPE OF THE APPRAISAL The scope of this appraisal is to determine a reasonable value for the use of a temporary easement across the property herein described. This appraiser has researched the market to determine a value of the actual easement area indicated as a percentage of the entire site. LEGAL SEE ATTACHED SITE PLAN AND LEGAL DESCRIPTION. NEIGHBORHOOD BOUNDARIES The subject property is located in the City of Oak Park Heights. MN which has a current population of 3.900 residents. Oak Park Heights is located approximately 25 miles east of the Twin Cities via Highway 36, along the bank of the St. Croix River and the Minnesota/Wisconsin border. Shopping and other necessary amenities are located in nearby strip centers and the cities of Bayport and Stillwater. Homes vary in age. style and price according to location and view. This area of Stillwater/Oak Park Heights has increased steadily in population over the last 5 years due to a continued demand from buyers to live in a small town atmosphere within commuting distance to the "Big City". This area offers many employment opportunities such as 3M, Honeywell, Anderson Windows/Doors, Washington Government Center and the Maximum and Minimum Security Prisons of Minnesota. NO adverse conditions noted that would affect the marketability of this Oak Park Heights neighborhood. MARKET CONDITIONS IN NEIGHBORHOOD I have considered relevant competitive listings and/or contract offerings in the performance of this appraisal and in the trending information reported in this section. If a trend is indicated, I have attached an addendum providing relevant competitive listing/contract offering data. Supply/demand are in balance, marketing time is relatively stable at 68.74 days for all properties sold MLS in the Stillwater/Oak Park Heights market. Listing Price/Sales Price ratio is approximately 97.77% in the last 12 month period per MLS statistical data. Mortgage funds are currently available (FRA.VA and Conventional) with current fixed rate conventional mortgage rates at 8% to 9%. market points ranging from 0% to 3% of the mortgage amount. Seller paid points are common to this market at current rates. SITE The subject site is located on the service road known as 60th Street North in the City of Oak Park Heights, MN. The subject site contains approximately 5.640 acres of good land. best suited for commercial development. Site (210 x 1170) contains 245,700 Square feet of land. A proposed easement for temporary construction across the subject property lies on the north 20.82 feet of the site along 60th Street North. views in all directions of commercial buildings and Highway 36 a heavily traveled east/west artery in the Washington County area. The site is above the street elevation with adequate drainage away from the building on all sides. The yard in sodded in good condition. Landscape is mature with many deciduous and coniferous trees and shrubs. The easement area appears natural ground cover with deciduous trees of no significant value. An asphalt driveway enters the subject from 60th Street on the west side of the property. Temporary easement will include a portion of this driveway. No adverse conditions noted that would affect the site. ADVERSE ENVIRONMENTAL CONDITIONS No adverse environmental conditions were brought to the attention of this appraiser at the time of inspection. No responsibility by this appraiser assumed for any such conditions, or for any expertise, engineering knowledge concerning any environmental conditions. If concerns exist regarding environmental conditions, contact local authorities or qualified individual (s) . COST APPROACH This appraiser did not give consideration to the cost approach, other than land value, due to the fact no buildings considered in this analysis. COMMENTS ON SALES COMPARISON This appraiser used land sales selected from data of record in Washington County. Land sales were selected having similar locations and current uses. The subject land is considered a good site, highest and best use Commercial. FINAL RECONCILIATION The Market Data Approach is given the most weight, as it best indicates the actions of willing buyers and sellers in the marketplace. The Cost Approach not considered reliable in this analysis. The Income Approach lacks rationale since typical buyer is owner-occupant. Market Value indicates the subject site value of $155.000. Temporary Construction Easement area represents 4.521 square feet of the 245.700 total site area. APPRAISAL SPECIALISTS fain Se2-0002 P file No. a t 1 57. 06 95 .._..._ ADDITIONAL COMMENTS• PqM . ....,,.,,... 8onower City of Oak Park Heights__- • froDerty Addreu 14137 60th St.No- EASEMENT ONLY __, __ _____ _ ___._______._ __.______ City Oak Park Heights Caunty_ Washington_____ _, State MN 27pC%E 55082 ____—, Linda( City of Oak Park Heights sepreeented as a percentage. 1 .84%. This appraiser used the following calculation to determine Temporary Easement Value; $155.000 x 1 .84% — $2.852.00. using this $2.852 value of the Temporary Easement as income to the owner it would be reasonable to conclude this payment if invested today would yield 9% return over the Temporary Construction period. $2.852.00 x 9% — $256.68 interest annually. The Temporary Construction period starting May 1st 1995 not to exceed January 1 . 1997. This represents a 20 month holding period. $256.68 12 — $21 .39 interest monthly. $21 .39 x 20 months $427.80 Current value for the use of this Temporary Easement is estimated at $427 .80 rounded S428.00. APPRAISAL 5nCIAL SIS OW?i982-ooa?