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Home My WebLink About10407 & 10409 Pennsylvania Appraisal 2010APPRAISAL REPORT Prepared For: CITY OF CARMEL Project: PENNSYLVANIA STREET Subject Property: CITY OF CARMEL 10407 and 10409 PENNSYLVANIA STREET INDIANAPOLIS, INDIANA 46280 As of September 30. 2010 Requested By: Tammy K. Haney Bose McKinney & Evans LLP 111 Monument Circle Suite 2700 Indianapolis, Indiana 46204 Prepared By: Dennis O. Otto OAS Land Acquistion Group 3463 Eden Way Place Carmel, Indiana 46033 and Joseph C. Traynor Traynor & Associates, Inc. 6750 East 75th Street Indianapolis, IN 46250 Parcel 10407 and 10409 Pennsylvania Street 12/08 APPRAISAL REPORT nValue Finding nShort Form nLong Farm Type of Property Commercial (Improved with Residential Duplex) Indicate: Residential, Commercial, Bareland, Farm, Special, Industrial Location 10407 & 10409 Pennsylvania Street, Indianapolis, Indiana 46280 Page 1 of 121 Des # Parcel n/a n/a Owner City of Carmel Phone Road Pennsylvania Street Address 1 Civic Center, Carmel, Indiana 46032 County /City Hamilton 0 Tenant E Contract Buyer Address Land Areas: Before: 0.300 acres Phone 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 we 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`11 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 my professional judgment. Land Land Improvements Improvements Market Value Estimate Market Value Estimate Owner Marketing Value Auction Value SUMMARY $ 82500.00 $ 8.000.00 $ 69500.00 $ 160.000.00 Before considering ARer considering repairs & and repairs & and incentive incentive $ 121.250.00 S 160,000.00 $ 144.000.00 $ 128.000.00 $ 105.250.00 $ 89.250.00 OASLand Acquisition Group and Traynor R: Associates, Inc. CO- APPRAISER Signature : Name Typed: Appraisal License # Broker #: Date : CO -A PP RA ISF' Signature : Name Typed: Appraisal License A --Z. lr 7& M Dennis 0. Otto CG40801063 11358811 98 /Scptcmb r 30. 2010 Broker #: seph C. Traynor CG69100233 IBS1442778 Date : September 30. 2010 ASSISTED BY Signature : Name Typed : Appraisal License it t/44.'""L(d r, Murry D. DeCamp TR40901143 Date: September 30, 2010 Parcel 10407 and 10409 Pennsylvania Street GENERAL INFORMATION Page Number (s) Ownership, Occupancy and Certification Table of Contents 2 Purpose of the Appraisal Scope of the Appraisal Identification of Parcels 3 0 be Acquired 4 Statement of Limiting Conditions 4 Owner Contact and Property Inspection 7 Legal Description Zoning 7 7 Description of Property Present Use of Property Highest and Best Use of Property Valuation Procedure 9 12 12 13 Indicated Value via Cost Approach Indicated Value via Income Approach Indicated Value via Market Approach Reconciliation and Final Value Estimate SUMMARY 13 27 24 27 Breakdown of Estimated Compensation 28 ADDENDA Certification 29- 35 Photographs Repair Estimates Property Record Card Zoning Information Flood Map and Information Aerial Photo of Subject Comparable Sales After Value Reduction in Value Setback Study 36 -50 51 52 -53 54 55 56 57 -67 68 -123 PURPOSE OF APPRAISAL The purpose of this appraisal is to estimate the fair market value of the subject property for the City of Cannel to dispose of this property now that the road improvement has been completed. This will allow the purchaser of the property to observe the actual impact of the road improvement on the property. The subject property has an address of 10407 and 10409 Pennsylvania Street and is located and has frontage on Pennsylvania Street. Pennsylvania Street was recently reconstructed with round -a -bouts at most of the major intersections in the City of Carmel. A round -a -bout was installed in 2008 at the intersections of both 103rd and 106th Street along Pennsylvania Street. An acquisition was made from the subject site along Pennsylvania Street for the road improvement project. Due to the proximity of the road improvement; the subject property was purchased by the City of Carmel. Fair market value is defined as: "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller; each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus." Highest and best use is defined as: "That use of land which is lawful, practicable and proximate, which will produce the greatest return to land after satisfying all requirements of any improvements which must necessarily be placed on the land in order to bring it into the use. Legal restrictions such as zoning or deed restrictions are recognized to the 045 Land Acquisition Group and Traynor & Associates, Inc. 2