Laserfiche WebLink
BASIS OF VALUE REPORT <br />Proposed ROW Vacation of 4 th Avenue Alley between Charnelton and Lincoln <br />November 30, 2012 <br />Adjoining property owner, Carlton Simons, requests the vacation of a certain City <br />right -of -way captioned above for assemblage with adjoining property owned by Simon <br />Investment Prop LLC. Mr. Simon, the applicant, reportedly owns all the properties <br />adjacent on both the north and the south sides of the subject property; a 14' alley <br />right -of -way of 4,676 SF (per surveyor). <br />The zoning for the area around the proposed alley vacation is S -W /SR (Whiteaker <br />Special Area, with a Site Review overlay). The zoning is intended primarily for a <br />Mixed -use development which includes various uses of commercial, retail, industrial, <br />and lower and higher density residential. The highest and best use is considered to <br />be "Mixed Use." <br />The appraiser has been asked to provide an assessment estimating the value to the <br />benefiting property for the proposed vacation by the City of its interest in the existing <br />right -of -way area herein described. <br />After a search of RMLS and Lane County records, the following comparable sales are <br />considered to be the best sales that could be located at this time to estimate the unit value <br />of the area that is the subject of this Basis of Value Report. <br />Property Location Size Zoning Sale Date Price Unit Value A( dj.UV) Comments <br />Fourth Avenue Alley <br />4,676SF S -W (MU) <br />n/a <br />n/a <br />n/a <br />n/a <br />Subject t PropgM <br />#1.462 E 8 Ave. <br />0.59 Ac. <br />I -2 <br />2/09 <br />$889,582 <br />$34.61 <br />($28.95) <br />OK'd: commercial <br />92. 15` & Orchard <br />0.71 Ac. <br />C2 <br />4/08 <br />$925,000 <br />$29.90 <br />($23.58) <br />Near UO <br />#3 2303 W. 7' Av. <br />1.32 Ac. <br />C2 <br />4/08 <br />$1,400,000 <br />$24.35 <br />($19.21) <br />Carrow's site <br />#4 296 Blair Blvd. <br />0..64 Ac. <br />S -W <br />10/12 <br />$335,735* <br />$12.04 <br />($12.04) <br />Ninkasi expansion. <br />#5 Franklin at Alder <br />0.18 Ac. <br />C2 <br />11 /10 <br />$125,000 <br />$15.94 <br />($14:53) <br />Deficient shape <br />#6 135 Blair Blvd. <br />2.03 Ac. <br />S -W <br />10/12 <br />$533,000 <br />$6.03 <br />($6.03) <br />Ninkasi expansion <br />All the sales presented in the table above were closed sales, within the subject property's <br />immediate or competing neighborhoods, and the sales represent the best comparable and <br />most recent sales that could be located at this time. <br />*Note: Sale #4 reflects extraction of an improvement. <br />