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HomeMy WebLinkAbout10401 & 10403 Pennsylvania Appraisal 2010APPRAISAL REPORT Prepared For: CITY OF CARMEL Project: PENNSYLVANIA STREET Subject Property: CITY OF CARMEL 10401 and 10403 PENNSYLVANIA STREET INDIANAPOLIS, INDIANA 46280 As of September 30, 2010 Requested Ru Tammy K. Haney Bose McKinney & Evans LL,P 1 1 1 Monument Circle Suite 2700 Indianapolis, Indiana 46204 Prepared Bt': Joseph C. Traynor Traynor & Associates, Inc. 6750 East 75th Street Indianapolis, IN 46250 and Dennis O. Otto OAS Land Acquistion Group 3463 Eden Way Place Carmel, Indiana 46033 12/08 nValue Finding APPRAISAL REPORT nShort Form !Thong Form Parcel 10401 and 10403 Pennsvh Type of Property Commercial (Improved with Residential Duplex) Indicate: Residential, Commercial, Bareland, Farm, Special, Industrial Location 10401 & 10403 Pennsylvania Street, Indianapolis, Indiana 46280 Page 1 of 122 Des # nla Parcel n/a Owner City of Carmel Phone Road Pennsylvania Street Address 1 Civic Center, Carmel, Indiana 46032 County /City Hamilton Phone 0 Tenant :Contract Buyer Address Land Areas: Before: 0.309 acres CERTIFICATE OF APPRAISER We certify that, to the best of my knowledge and belief: That we have made a personal observation of the property that is the subject of this report and that we have made a personal field inspection of the comparable sales relied upon in making said appraisal. The property being appraised and the comparable sales were as represented or referenced within the appraisal. The property being appraised and the comparable sales were as represented or referenced within the appraisal. That the statements of fact contained in the report are true and correct. That such appraisal has been made in conformity with appropriate laws, regulations, policies and procedures applicable to the appraisal of property for such purposes; and that to the best of my knowledge no portion of the value assigned to such property consists of such items which are noncompensable under appropriate established law. That this appraisal assignment may have called for less than would otherwise be required by the specific guidelines of the Uniform Standards of Professional Appraisal Practices (USPAP), but is not so limited in scope that it may tend to mislead the users of the report, or the public. That the have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. That my engagement in this assignment was not contingent upon developing or reporting predetermined results. That neither my employment nor 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. That 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. That we have no direct or indirect present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved or in any benefit from my appraisal of such property appraised. That the owner or a designated representative was afforded the opportunity to accompany me on the property inspection. That we have not revealed the findings and results of such appraisal to anyone other than the proper officials of the City of Carmel and we will not do so until authorized by said officials or until we am required to do so by due process of law, or until we am released from this obligation by having publicly testified as to such findings. That we have not given consideration, or included in my appraisal, any allowance for relocation assistance benefits. That no one provided significant real property appraisal assistance to the person signing this report with the exception of those signing below. That my opinion of fair market value for the property to be acquired and residue damage, if any, as of the 30`h day of September 20 10 . which is the effective date of this appraisal is $ 160,000.00 based upon my independent appraisal and the exercise of niy professional judgment. SUMMARY Land $ 85.000.00 Land Improvements S 8.000.00 Improvements $ 67.000.00 Market Value Estimate S 160.000.00 Rcfore considering After considering repairs & and repairs & and incentive incentive Market Value Estimate 5 160,000.00 S 119.500.00 Owner Marketing Value $ 144.000.00 5 103.500.00 Auction Value $ 128.000.00 5 87.500,00 CO APPRAISER Signature Name Typed : 4.71. o Appraisal License # 0G40801063 Broker #: 1B58800198 Date : CO APPRAISE Signature : Name Typed : Appraisal License Broker #: ember 30, 201 Jose C. Traynor 0G69100233 1851442778 Date : September 30, 2010 Assisted by: Signature : Name Typed : "Murry D.'beCamp Appraisal License # TR40901143 Date: September 30, 2010 a Traynor & Associates, Inc. and OAS Land Acquisition Group 1