Loading...
HomeMy WebLinkAboutResolution - 680 - Land Acquisition - Urban Renewal Agency - Park Development, South Overton - 01/08/1981, RESOLUTION #680 - 1/8/81 SMH/pg 'RFCnT 7TTTnW A RESOLUTION AUTHORIZING THE ACQUISITION OF CERTAIN PARCELS OF LAND FOR THE PURPOSE OF PUBLIC PARK DEVELOPMENT IN THE SOUTH OVERTON NEIGHBORHOOD; AUTHORIZING THE INSTITUTION OF CONDEMNATION PROCEEDINGS AS REQUIRED. WHEREAS, it has been determined by the City Council that certain parcels of land located in the vicinity of 14th Street and Avenue U within the City of Lubbock, Lubbock County, Texas, should be acquired and developed for public park purposes; and, WHEREAS, the Department of Housing and Urban Development (HUD) has contracted with the City of Lubbock to provide funds through the Community Development Program to aid in the development of such a project; and, WHEREAS, it is necessary to acquire for public park purposes the fee simple title to the land hereinafter described, Parcels No. 67440- 44-7 and 67440-44-9, owned by TONY BROOKES and wife JEAN BROOKES; and WHEREAS, the City Council has caused appraisals to be made of said land and the value and total damages, if any, to the owner, and all others whose interest may appear, for fee simple title to said land has been appraised, and that the City Council finds the prices herein offered to be fair and equitable; NOW THEREFORE: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the City of Lubbock acquire for the purposes of developing a public park the fee simple title to certain parcels of land lying and being situated in Lubbock County, Texas, and described as follows, to - wit: Parcel No. 67440-44-7 (2013 14th Street): Lot 7, Block 44, Overton Addition to the City of Lubbock, Lubbock County, Texas. Purchase Price - $40,000.00 (FORTY THOUSAND AND N0/100 DOLLARS) Parcel No. 67440-44-9 (2017 14th Street): Lot 9, Block 44, Overton Addition to the City of Lubbock, Lubbock County, Texas. Purchase Price - $52,500.00 (FIFTY-TWO THOUSAND AND FIVE HUNDRED AND N0/100 DOLLARS) THAT the owner, and all others whose interests may appear, be offered through the Urban Renewal Agency of the City of Lubbock, Texas, the amounts established as the fair market values and total damages, if any, for fee simple title and acquisition of said parcels of land for the purposes herein stated, for the use and benefit of the City of Lubbock, being the amount hereinabove stated, and that unless accepted forthwith, the City Attorney is hereby authorized and instructed to F ` �1 Q i institute condemnation proceedings for and on behalf of the City of Lubbock to acquire fee simple title to said parcels of land as hereinabove described, for public park purposes. Passed by the City Council this 8th day of January 198`. BILL McALISTER, MAYOR ATTEST., Evelyn fga, City Se ry-Treasurer APPROVED AS TO CONTENT: Vicki Covey, Comm ty Development Coordinator APPROVED AS TO FORM: �� e rh - 0 wto , Susan M. Horton, Assistant City Attorney ACQUISITION APPRAISAL REVIEW PARCEL NO. 67440-44-9 PROJECT NAME Community Development, 6th Year ADDRESS 2017 14th Street, Lubbock, Texas OWNER (s) Tony Brookes TENANT (s) Rooming House, names of tenants not obtained LEASEHOLD No LEGAL DESCRIPTION: Lot 9, Block 44, Overton Addition 1. Acquisition appraisal received ...... .0..064..................December 1,•,1980 (date) 2. All corrections by appraiser completed......... December 14, 1980 3. Appraisal adequate and acceptable....... 6...*..........Y..... Yes 4, 'On-site inspection of property.........," ................ November 26, 1980 (date) 5. Person accompanying review appraiser ......................... Owner 6. On-site inspection of comparables .......0000 ................. December 4, 1980 (date) 7. Any report of unlawful condition or occupancy ................ No 8. Basis for conclusion as to fair market value: Approval of the appraiser's valuation is based on my inspection of the property and review of the appraisal report. A.number corrections were made some of which resulted in a minor breakdown of values change, however, no change in the total valuation. In my opinion the final estimate is "2,500.00 I hereby certify that I have no interest, present or contemplated, in the property; and to the best of my knowledge and belief, all statements and information in this report are true and correct, and no important facts have been withheld or overlooked. December 15, 1980 - DATE C" REVIE APPRAISER — Harold L. Xelly, SRPA -1- i It 1 s Buildings & Structures APPRAISAL REVIEW (Whole Taking) Valuation Valuation 1. Main Structure (Rooming House) $ 37,400 $ 37,400 2. Rear Structure (Rooming House) 10,000 10,000 3. 4. Garage ............ Carport 300 300 Fence .............. 00 00 Landscape.......... 250 250 Cellar ............. Other .............. Flat cone., curbs, etc. 550 550 Other ............... Other .............. Other .............. Other .............. Other .............. Tenant -owned Building, Structure, Fixture & Other 1. 2. Land .................. $ 4,000 $ 4,000 TOTAL ............. $ 52,500 $ 52,500 Partial Taking Whole Property Part Taken Remainder Before Remainder After Damages TOTAL TAKING AND DAMAGES, ............................. -2- APPRAISAL REPORT ON A 16 UNIT PROJECT LOCATED AT 2017 - 14th STREET LUBBOCK, TEXAS PARCEL 67440-44-9 PREPARED FOR: Urban Renewal Agency City of Lubbock Drawer 10336 Lubbock, Texas 79408 PREPARED BY: Goddard and Associates #33 Briercroft Office Park Lubbock, Texas 79412 DATE: November 26, 1980 C4RRc-TION ov e 1 F 'qc'o 1 ] � t APPRAISAL REPORT ON A 16 UNIT PROJECT LOCATED AT 2017 - 14th STREET LUBBOCK, TEXAS PARCEL 67440-44-9 PREPARED FOR: Urban Renewal Agency City of Lubbock Drawer 10336 Lubbock, Texas 79408 PREPARED BY: Goddard and Associates #33 Briercroft Office Park Lubbock, Texas 79412 DATE: November 26, 1980 C4RRc-TION ov e 1 F 'qc'o 1 - .. �..� Y,...dL.L •a. 1L1 �. .�.. _.. .vdSlt'��._W 'r... ,i+Y a.. an .a�.J.. _.i •��1� 1 � •RESIDENTIAL APPRAISAL REPORT. V Pror Address Q 7 14th Street City Lubbock -County Lubbock State Texas Zip code 7941 Legal Description Lot 9 Block 44 verton Addition Actual Reat Estate taxes S City and School Property Rights raised Fee Leasehold DeMrnim s PUDIFNMA only Condo Opul 256,30 State an Count 181.44 Tota 1 Taxes , 337.74 ° occupant None Dev. QRspid ❑Steady ®Slow The ppurppse of this appraisal is to estimate market value and the expected function of thfs appraisal is to aid the client in acquisition decisions. • CITY DATA NEIGHBORHOOD nATA Location MUrban CISuburban ❑Rural Built Up Mo., 75% 025%1.75% Under 25% Growth Rate ❑ Fully Employment mployent Stability Good ❑ Ave. Fan ❑ go Pool ❑ Dev. QRspid ❑Steady ®Slow Convenience to Emptoymbnt ® O d ❑ Property Values OIncreaslnti Stable ❑Deetinin9 Convenience to Shopping ❑ ® (7 Q Oemand/Supply ❑Shortage �In Balance ❑Over supply Convenience to Schools ® O Q ❑ Marketing Tlme ❑Under 3 Mot. 0s-6 Mos. (]Over 6 Mos Quality of Schools ❑ ❑ 0 ❑ Present Land UsaM% 1 Family _a% 2-4 Family 2.rL.% Apts. _% Condo _% Commercial Recreational Facilities 0 0 0 ❑ -% Industrial _% Vacant _% Change in Present Land Use ❑ Not Likely ❑Likely I•) OTaking Place 1.1 I Adequacy of Utilities Property ❑ ® ❑ ❑ I•) From single family To multi -family Compatibility 0000 •0 Predominant Occupancy ❑Owner 15 Protection from Detrimental Conditions ❑ ❑ ❑ ®Tenant % Vacant Single Family Price Range s 8,0'00 to s 4040-,000 Predominant 20,000 Police and Fire Protection ❑ ® ❑ ❑ Value S Single Family Age yr, to `ta General Appearance of Properties ❑ 130 ❑ yrs Predominant Age_3 yrs A al t0 Myrket ❑ [] CitsIi ludine thoei factore adversely aft tine marketability) This is an o 1 der ' area located centrally within the ®rin pod access to tie downtown area Texas Tech and occupants are Student tenan s or Iow income residents and-laCk -of University. Me ma,16riy o ot pride of owners 1p is evident. e rise the crime rate in this_area.o u oc s considered -the a negative influence upon market values in subject neighborhood, and has been witnessed new dPvPIAnmPnTZ_ y the IaCK Ot in eyes n __ SITE DATA Dtmenpont 50 X 2 .5 f375—Sq. FI or Acres ❑ Corner Lot Zoning classification R-2 , 1. ` _. Ptv%enr rmyrovenllntt ❑ do Nilo not conform to sonrnq regulations Highest and best M: ® Present uta ❑Other (similyl __. Public other tDeterlbe) OFF SITE IMPROVEMENTSTopo _ _ basically level-- treat eve -_treat Access: Public ❑Provate Sree average Gas ® glace as hal t Shaw rectangular — - Water ® Maintenance: 0 Public ❑ Private Vraw —751 r _ Sonsowar ® Storm Sewer WCurbiGuitei Drainage adequate ❑ underground Elect. i Tel Sidewalk Street Lights k the property located in a IUD identified FIW Hard Areal Dy Na {,.,I yet C60~1I 11worable w ucllworable including any &Meant adverse ew► ssitments, encroachments or other adee conditoond 110 adverse P_ASPMP_nt1 or encroachments were observed at the time of the aDDraisal insaec ion. This appraisal was done on the assumption. that the subject improvements pre-existed current zoning requirements, and thus its nonconformity to existing ordinances is allowed. IMPROVEMENT DATA Front/Roar ad Existing folwox. yr. bit.) 10 - o. umq Type Ides, duplex, semildet, sic.) oetrgn (rambler. split levet, etc.) Exlerror Wath QPr000se ❑ under COnittucaon No. Stories 2 bl d s -multi fame 1 traditional brick veneer/stuc Roof Material Gutters i Downspouts ® None Window (Type) s� Ung -woo Insulation Nona Ftortr ❑ Storm Sash ®Solanss o ccoombbrn�auun_lcicoa."97Hoetl [:)Walls Foundation We Is pier an beam :71".11 awment Floor Drain Fonrshatf Cooling d ywa tl no o serve e trdeentrance 0S4�PPp F.nrshedWalls plaster®Crews Spaee crete Floor 138 Finosh.d Finished Floor viny as . i e ino Crum❑Bleb on Goode dena of: Dam nett Termites Settlement Commend Room 1.011 Foyer Livinia Dining Kitchen I Oen Fwnilv Rm. Rec. Rm. Bedrooms No. Baths Laundry Other Passivism 1 Ind Level , Tool Rooms b Bedrooms b So Its on finishod area above grade. KitdNrt Eoutpment: Ulliefrigeraw URangelOven UD=1 UOishwoshor QFen/Mood OCOMOWtor OWasher Morver MEAT- Type S c hts Fum _ as cord. fai r AIR CONO: ❑Centrat 00ther evd ❑Adequan ®Inaefequaa Fkeon&WHatodmom cor", Oar nW v. a. ti I e Good Avg. Farr Pont wNle WoNtwl ®Plaster ❑ linole e Quality of Construction IMaterials • Finish) © (8 Q Trint/Frnilh ❑Good ❑Aver it Poor Condition of Improvements ® a: qff [] E3® D cath F1111101, �jceranim ® v. e Rooms $rete and layout O E3 ® 0 sath•wainecet ocwwft ® wood panel ; Closets and Storege Q IR Da TirelaCe SPNO Features Jineluding fireplaces): Plumbing-adequsey and condition B ❑ Electrical -adequacy and condition ❑ Cl Kitchen Cabinets -adequacy and condition ❑ (3 a 0 ATTIC les ❑No. stairway ❑Orop•stair C@Scuttle ❑ Floored Compatibility. to Neighborhood ❑ ❑ ® 0 Finished iDeecr"Al ❑ Heated Overall Lov'boloty ❑ ❑ 0 CAR STORAGE: (_-)Geroge Svilt•rn ❑Attached ❑Oetachsd ® car Fort Appeal and Marketability ❑ No. Can 1 h 10 inadequate Condition fair Ellectrve Age 27 yrs. Est. tornsonsm Eeunomrc Lrle `-3 Yrs PORCHES. PATIOS, POOL, FENCES. etc. Idetcria) V woo ence, an SCape, Sq. . - 0 a concrete ano flag stone =rintA COMMENTS llecludrrtg funetio" or physical inadegvaeiss, reports needed, modernization, atc.l Subject needs interior and exterior paint. � ..n -s..• � .' � ...' _... � .. .. ...... .__.�_.._.�. ___ _.._• .__.ter_.__.. _._ t GRoNT buiC ��a/fj p+ STo�y F�vo� PcA�/ bAsemea-r 43.31 JroNT 5011-DIA16 ,2 ^d 57ti� Rooms PLS/ { z9 s' iss, 18,V, X1.0 /sem 3TOP� z1 0 K ITCH EN LR 62 3, BA-nl 5,5 � 7. S' if, 21 ,4C a, . ,PES AcNc.Dl�6i If t' 13s1sEm�'ielT II,O� Ile I? � Front view of subject. Rear view of subject. .r "4r1.JG�A�` 4ti ,� �,'� ✓i' w. � ! f / IJ _y � y'�.1 r. t - 4 1M1yy E �'rWax !3-�Ii �J1, t�i* A'py�'�R�^ Alq►^ ., 'lal'�, 1 � '� IST �` �w, +. 'r:l;-�K' jr,; ��� ���, �� i ,y�� � � w f., , r� Y,r^'�.=-,•,� f.. i•p , Ja.y i.�i�.r�• a hi^ Y a.K.�•', fy rM1. a ,.♦ rk' '•�!'.ti r� { �� ± t p�� � ' � }��'!�`��'�ly '� �`,• {•w Ri Y f ?�` a..a � a � 5 �• 'r, e p - � •� � 1 a' / 1 r, • n `, , �ar.�-ice M .• � .. , _.,, . , .. INCOME APPROACH Gross Income The rental schedule of subject property as reported by the owner is as follows: MAIN BUILDING Basement 4 rooms 0 '$17.50 for 52 weeks = $3,640 (E, F, G & X) First Floor A $35/week for 52 weeks = $1,820 B $12.50/week for 30 weeks = 375 $15/week.for 22 weeks 330 C $20/week for 52 weeks 1,040 D $20/week for 52 weeks 1,Q40 Second Floor H $22.50/week for 30 weeks 675 $27.50/week for 22 weeks 605 I $12.50/week for 30 weeks 375 $15.00/week for 22 weeks 330 J $15.00/week for 30 weeks 450 $17.50/week for 22 weeks 385 K $22.50/week for 52 weeks 1,170 REAR BUILDING Basement P M 5.00/week for 30 weeks 450 $20.0/week for 22 weeks 440 First Floor L $20.00/week for 30 weeks $25.00/week for 22 weeks M $20.00/week for 30 weeks $25.00/week for 22 weeks Second Floor 0 $25.00/week for 30 weeks $30.00/week for 22 weeks $ 600 550 600 550 750 660 Total Gross Potential Income $16,£335 A similar property was the Moody Apartments, located at 1608 Broadway. They were razed .in 1980 and the site was utilized to a higher and better use. At the time of their demolition they rented for $20 per week for a room that shared a bath with 11 other rooms. They were also efficiencies with a bath that rented for,$30 per week. These units are considered very comparable to the subject units and would support the rents presently commanded by the subject.. Vacancy and Credit Losses The vacancy and credit losses are estimated on the basis of information obtained from the owner along with observed market -conditions. Operating Expenses The taxes are as obtained from the various tax offices. The insurance premium is based on $50,000 coverage and the fire rate on existing insurance coverage as furnished by the owner. The management expense inti based on the annual rent of Unit A. It is believed that a resident manager could be obtained for a compensation of free rent of.this unit. The maintenance expense estimate is based on $75 per unit per year. The utilities expenses are based on figures furnished by the owner and are assumed to be correct. Overall Capitalization Rate The overall rate is estimated by a band of investment method utilizing the current mortgage constant and the appropriate equity return rate. Due to the age of the property a 15 year loan would be considered the maximum obtainable. The probable interest rate would be 14% yieldinq an annual constant of .1598. After consideration of other alternative real estate investment requirements it was concluded that an investor in a property such as subject property would require a 8 ± % return of the equity investment before consideration of equity build-up appreciation or depreciation, tax .advantages, etc. .75 x .1598 = .11985 .25 x .08 = .02000 .13985 11sayll .14 indicated overall rate Operating Statement and Capitalization to Value Gross Income 416,835 Vacancy and Credit Losses (20%) - 3,367 Effective.Gross Income $13,468 Less: Operating Expenses Real Estate Taxes $ 338 Insurance 295 Management (Unit A) 1,820 Maintenance 1,200 Utilities 2,550 Total Operating Expenses - 6,203 Net Operating Income $ 7,265 Capitalized @ 14% OAR $7,265 -:- .14 = $51,893 Less Estimated Contributory Value of furnishing 16 units 0 $250 - 4,000 .$47,893 .. say.. Indicated Value of Real Property $47,900 COST APPROACH Ptarpoae of Appraisal N f� aetknete Market Value as defined in Certification for thkappalser must attach 11) sketch or map showing ! Statement of Lkniting Conditions IFHLMC Form 439/FNMA Form /COtB . location of subject, street names, distance from nearest Intersection, and any M submitted FNMA, detrimental conditions and 131 exterior building sketch of improvements showing dimensions. No. Stories Sq. Ft. ESTIMATED REPRODUCTION COST - NEW QQ F IMPROV--EMSOS�NT: $00 x _ « Dwelling4Sq. Ft. O f Rear 1121 sa. Ft. @ f � - LC 4LU �_— SEE FLOORt PLA T'S IN PREVIOUS _ Extras ' x X SECTIOPJ ( THE RZPORT.. ` K x Special Energy Efficient Items ` x x . below) Parches, Patios, etc. __ ' Garage/Car Pon 26-54 Ft. ! SS 510) Total Gross Living Ane ILIst in Market Data Analysis ��- Comment on functional and economic obsolescence: Site Improvements (driveway, landscaping, etc.) Total Estimated Cost Nov . . . . . . . . S� Functional depreciation is due to- tfie floor Physical LDeepreciation Functional 16,300 Fconomic 59,800 plan and excessive common area, an genera S 43,500 S f $ 1 S desi n. Depreciated value of improvements . . • . • • S ESTIMATED LAND VALUE . . • . (If leasehold, show only leasehold value) INDICATED VALUE By COST APPROACH . * . 54,342 usayu $ 54,300 ob MARKET APPROACH The undersigned has recited three recent alai of properties most similar and proximate to subject and Inas considered Mdse in the market analysis. The des crop tion indudes a dotter a4vat"wht. reflecting market reaction to those items of significant variation betvvaen the subject and comparable properties. If a sign,ftcan, Item in the compatible property is superior to, or more favorable than, the subject property, a minus 1.1 adjustment is mads, thus reducing the indicated value of subject; if a significant.rtern in the comparable is infarior to, or less favorable then, the subject property. a plus 1+1 adjustment is made, thus increasing the ondiu ted value of the subject. . ITEM Subject Property COMPARABLE NO. t COMPARABLE NO. T COMPARABLE NO. 1 Address 2017 14th 2023 9th 2123 18th 1919 17th blocks ocsocs sores Price . Is NfA z 12 _F5n 7: as r;nn • ;e no arm k la and DESCRIPTION DESCRIPTION Aefda r ant DESCRIPTt N Aa Y I nt DESCRIPTIONstment ;8/79 , 5 5- __-150 -FF 50 FF 150 FF I 75 FF I —9 - nr cholity of Com. fair fair 1 fair fair 1 Am 40-60 Years 30 ears 35 ears 30 ears f Corwition oor av 1-5.000 av fair -3 000 av fair -3,00( Living Area Room I I s aths T tat •rms i Baths Total , I Baths 1 N Berms Oaths Count and Total 23 6 5 6 3 3 +11000 0 1 �,p� , , s LivingArea .5372 F 2021 ,Ft +20,000 3100 1+13 500 887 Ft, +14-1,9K Basement & Bsmt. yes, included 1 Finished Rooms nongI , inone ne 1 fumionai utility ays av_q av 1 av Air Conditionlra none evan 500 It eva 500 eva 1 - 50( Gar scar Part carport none + 300 car ort I none , + Porches, Patio, TI Poofs,etc. I I Other 1*.0. fit*. furnished 1 -1,200 _ furnished i-2,000 furnished -2,OOc places, kitchen *quip.. Mating, I , I 1 remodetingl I , , Sales or Financing I , C4nc*nlon, assm , cash I personal t t , Not . Totaq Plus Minus ' 14 600 Plur Mime I s Plus Minus 7.700 Indicated Value of Subject , �s 47,250 , s 52,500 Ia 57,650 ConintentsonM.rketOata a e a s cons'of er'the est to ca ono esu ec va s considered the ex tame g si_e o t a mare value range w i e a e #1 Would in ice e e (ower siae or Se value ranee_ f­kY-N-4-A­oiK--L-T-52.50 t'Nal ReGORCrlk+tk�n 1 range of $47,900 to $54,300. The _buyer Denavior and is in the Mid va IESTIMATE THE MARKET VAL , AS F ED. OrjSUBJECT PROPERTY AS OF 11/26 to 80 to be S 52,500 v Aopra+aer'.t N CORRECTION Noddard,M.A.I. DEC 16 ,REC'D i CORRECT ICM DEC 161REC0 CURRENT OWNERSHIP DATA DATE: 5-19-78 GRANTOR: firs. E. R. Gibson GRANTEE: Tony Brookes BOOK AND PAGE: 1583 - 977 SALE PRICE: not known ARBITRARY BREAKDOWN OF FINAL ESTIMATE OF VALUE Land $ 4,000 Main Structure 37,400 Rear Structure 10,000 Carport 300 Concrete 550 Landscape 250 Fence nil $52,500 Total i CORRECT ICM DEC 161REC0 APPRAISAL CERTIFICATE The undersigned does hereby certify that, except as otherwise noted in this appraisal report: 1. 1 have no present or contemplated future interest in the real estate, that is the subject of this appraisal report. 2. 1 have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. 3. To the best of my knowledge and belief the statements of fact con- tained in this appraisal report, upon which the analysis, opinions and conclusions expressed herein are based, are true and correct. 4. This appr'a'isal report.sets forth all of the limiting conditions (im- posed by the berms of my assignment or by the undersigned) affecting the analysis, opinions and conclusions contained in this report. 5. This appraisal report has been made in conformity with and is subject to the requirements of the code of Professional Ethics and Standards of Professional Conduct of the American institute of Real Estate Appraisers of the National Association of Real Estate Boards. 6. No one other than the undersigned prepared the analysis, conclusions and opinions concerning real estate that are set forth in this appraisal report. I AS5UMpTIONS AND LIMITING CONDITIONS The appraiser assumes: 1. That the legal description furnished is correct. 2. That the title to the property is good. 3. That the property is free and clear of all liens. 4. That the property will be properly maintained. This report is submitted to the following limiting conditions; 1. That no guarantee is made as.to correctness of estimates or opinions furnished by others and used in making this appraisal. 2. That no liability is assumed on account of inaccuracies or errors in such estimates or opinions. 3. That no liability is assumed on matters of a legal character affecting the property, such as title defects, over -lapping boundaries, etc. and no right to expert testimony unless adequate arrangements for fees are made. 4. Engineering survey furnished is assumed to be correct. 5. The value estimated in this report is subject to the satis- factory completion of the proposed improvements in accordance with the plans and specifications furnished. 6. The appraisal fee is not, in any sense, contingent upon'anything other than delivery of this report. RESTRICTIONS UPON DISCLOSURE AND USE 1. Disclosure of the contents of these appraisal reports is governed by the By -Laws and Regulations of the American Institute of Real Estate Appraisers of the National Assoc- iation of Real Estate Board, 2. Neither all nor any part of the contents of these reports (especial.ly any conclusions as to value, the identity of the appraiser or the firm with which he is connected,rtor any reference to the American Institute of Real Estate -Appraisers or to the Society;of Real Estate Appraisers or to the M.A.I. or S.R.P.A'. designation) shall be disseminated to the public through advertising media, public relations media, ,news media, sales media or any other public means of communication with- out the prior written consent and approval of the undersigned. ADDENDA Improved Sale Comparables Land Comparables Comparable flaps IMPROVED SALE COMPARABLES nTIIFR FFATIIRFS : ('nnditnn: average Mnnthly Rent: 4535.00 rrn55 Rent Miltiplier: 61.03 GRM nvnrall S9.Ft. Sale i'rirn: $16.16 IMPR04 n SALE Nn. I I Fr,AI_ nFS(RTPTTnN: Lot 12, Block 39, Overton Addition DATE: 4-28-80 nRANTOR: Lucille Maier' WNW: Ed McAfee nnnK AND PAU : 1687 - 897 AnnRFSS: 2023 9th IANn ST7F: 50' x 127.5' SALE PRTCF: $32,650 assumption 14RUFM IT nrSCRTPTTON: 2021 sf Living Area 2 Rnnms evap Cool Stucco Sidinq 1 Bedrooms cent &gas Heat com1_Roof (over 1 Bathscpt.vinvl Floors no raragp nTIIFR FFATIIRFS : ('nnditnn: average Mnnthly Rent: 4535.00 rrn55 Rent Miltiplier: 61.03 GRM nvnrall S9.Ft. Sale i'rirn: $16.16 TP1PROVFn SAIF NO. 2 rnAl_ nFSCRTPT1nN: nATF: rMANTOR : r,R ANTF F : nnnK Ahn PMI Annus: IANn STZF: SAIF PRTrr. : TIIPROVFMFNT nCSCRTPTTnN: Lot 12, Block 49, Overton Addition 5-6- 80 Carl Sanders Unidentified Not recorded 2123 18th Street 50' x 180' $44,500 cash .3100 s f I. i v i ng Arra 2 Rnnms pSphAlt nq 1 RPdrnnm5 CgMP Rnnr rnver Rath,; i nTI1FR • FFATURrS : r.nndi ton : average Mnnthly Rr+nt: $R35 rrns5 Rent MiltipliPr: 53.29 nvnrali Sq.rt. Sale Prire: .14.35 evay Cool .gas .jet Heat carpet Floors _nD _ r arAge MPROVED SALF NO. 3 LFGAL nFSCRTPTTON: Lot 10 and E � of 11, Block 20 Overton Addition DATE: 8-8-79 GRANTOR: Lancie Green ORANTFF: Wade Stewart nnOK AND PAGF:' 1652 - 743 ADDRESS: 1919 17th Street LAND S17E: 75' x 127.5' SALE PRTCF: $49,950 TMPROVFMFNT nFSCR1PTTON: 2887 sf Living Area 10 Rnnms evap fool wood _Siding 5 Red rooms FF/wall Neat _ comp Roof tnver 5 Rath-, cpt. & vinFloors no Garage OTHER FFATIIRFS Cnnditon: average Monthly Rent: $795 Gross Rent Milltiplier: 62.83 Overall 59.Ft., Sale Price:$17.30 No Text LAND SALE N0. 1 Date: -------------------------- 4-2-76 Grantor: ----------------------- Elsie Warren, et al Grantee: ----------------------- J. Larry Elliott, Mike Field Book and Page: ----------------- 1467 - 578 Location:. ---------------------- 27th Street between Avenue U and Avenue V Land Size: --------------------- 60' x 140' = 8400 sq. ft. Sale Price: -------------------- $2,000 Zoning: ------------------------ R-2 (Two family) Legal Description: ------------- Lot 17, Block 71, Highland Heights Addition Sale Price Per Front Foot: ----- $33.33 Comments: ---------------------- This property is improved with a newer duplex. An old burnt house was on the property at the time of sale and expense for demolition was not included in the sales price. LAND SALE N0. 2 Date: -------------------------- 5-19-77 Grantor: ----------------------- Franklin P. Bottoms Grantee: ----------------------- J. Larry Elliott, Mike Field Book and Page: ----------------- 1526 - 114 Location: ---------------------- 33rd Street between Avenue V and and Avenue W Land Size: --------------------- 60' x 140' = 8400 sq. ft. Sale Price: -------------------- $6,000 Zoning: ---------------------- R-2 (Two Family) Legal Description: ------------- Lot 9, Block 12, Highland Park Addition Sale Price Per Front Foot: ---- $100 Comments: ---------------------- This property has been improved with a newer duplex. LAND SALE N0. 3 Date: --------------------------- 7-16-76 Grantor: ------------------------ Tommy Cantrell Grantee: ------------------------ Louis E. Holder et ux Book and Page: ------------------ 1480 - 888 Location: ----------------------- Northwest corner of 32nd Street and Avenue V Land Size: ---------------------- 60' x 140' = 8400 sq. ft. Sale Price: --------------------- $5,000 Zoning: _________________________ R-2 (Two Family) Legal Description: -------------- Lot 20, Block 8, Highland Park Addition Sale Price Per Front Foot: ------ $83.33 Comments: _______________________ This property has been improved with a newer duplex. LAND SALE NO. 4 Date: --------------------------- 12-8-75 Grantor: ------------------------ Dorothy Dublin Garrett, Admin. Grantee: ------------------------ Brent E. Kenley Book and Page: ------------------ 1453 - 457 Location: ---------------------- 33rd Street between Avenue V and Avenue W Land Size: ---------------------- 100' x 140' = 14,000 sq. ft. Sale Price: --------------------- $5,000 Zoning: ------------------------- R-2 (Two family) Legal Description: -------------- East half of Lot 12, all of Lot 13, West 10' of Lot 14, Block 9, Highland Park Addition Sale Price Per Front Foot: ------ $50 Comments: ----------------------- This property was unimproved at the time of sale and is currently in the same condition as a vacant lot. LAND SALE N0. 5 (late: --------------------------- 7-6-76 Grantor: ------------------------ Tommy Cantrell, BCH&S Properties Grantee: ------------------------ Herbert Brasher Book and Page: ------------------ 1480 - 598 Location: ----------------------- 33rd Street between Avenue W and Avenue X Land'Size:---------------------- 240' x 140' = 33,600 sq, ft. Sale Price: --------------------- $22,500 Zoning: --- R-2 (Two Family)* Legal Description: -------------- Lots 1, 2, 3, and 4, Block 11, Highlan d Park Addition Sale Price Per Front Foot: ------ $93.75 *Comments: ---------------------- This property is presently improved with newer duplexes. The property was considered to have.sold at a premium since the City Planning and Zoning Department allowed possible "A-1" zoning for the site prior to this sale transaction. Land Sale Summar Comments and Correlation: The sale prices of the comparables ranged from $33.33 to as high as $100 per front foot. The $33.33 sale was low due to additional demolition cost incurred by the purchaser. Sales No. 2, 3 and 4 indicate an upward trend in sale prices as a result of time. The three most recent sales had prices from $83.33 to $100 per front foot. The location of these comparables was considered to be superior to subject's immediate area, due mainly to the quality and condition of surrounding structures. After considering the upward price trend and the difference in location, a value of $80 per front foot was concluded for subject's land value. Lot Price/ Sale No. Date Dimensions Front Foot 1 4-76 60' x 140' $ 33.33 2 5-77 60' x 140' $100.00 3 7-76 60' x 140' $ 83.33 4 12-75 100' x 140' $ 50.00 5 7-76 240' x 140' $ 93.75 Comments and Correlation: The sale prices of the comparables ranged from $33.33 to as high as $100 per front foot. The $33.33 sale was low due to additional demolition cost incurred by the purchaser. Sales No. 2, 3 and 4 indicate an upward trend in sale prices as a result of time. The three most recent sales had prices from $83.33 to $100 per front foot. The location of these comparables was considered to be superior to subject's immediate area, due mainly to the quality and condition of surrounding structures. After considering the upward price trend and the difference in location, a value of $80 per front foot was concluded for subject's land value. LAID f r 1 CRIPARAQLES j �; r� • , r ____..,� ��',j I. � I' � •. IIIq nll P, 11i' 1 +1. � ' j � tl GY� •Y IY Y I I I I Y � �' �1 ,.. I,Y -. ,•�1/ /Y •Y r � ' �� m � Y I ��i[y'I•' „r . lr. � � I .. I I ( �• I «- 1 � , � � i 11: ► 1 �" a I � � .w 0 l I .� ' . � • 1 4 r! � ra Y - � riia Y. y, �� `. f `� � � � ' ,.,� � r ! •I' � r'• Y �/f I �;, j Y l }I n.. � h I- � I I 1• jj I b 1 �:ti.'LS! { _ �. �.�• - � '�' .y ww I i' {I 1� I,,I IY• 1� �I ' ...i , j ,I� •) 1 Irl � Y.I<• I I I Y' i IL till •�M `�• � Y Y { I I YY � I I ` • 7 I I .. Irl �.�! �;•11 w.. •» I' tl �� \ I , I�I16 � I ' , , ,1I � j , •1 N till uf�rs • r r. 6: tv �q Iwo, s sue over area a r 6 PIP 4 5 1 0 PIP PIP IMPROVED SALES ....... ....... . . . . . . . . . .H. .1 �... COMPARABLES AJ GA PIP: r « . fawn* ANN httfll I:�if SFr' I�} • $"Rill T L—Hp or$% INhP;I.T. 0 -a IJL "il- L 65, li • Iti. 1. 1 62 ff-I *I im 5, PD ME li�tKl uF Pr Jq+• PIONEER 13 kill 1, 4 1-1-:1. 1 hl "f I W I 31) +T A P MT* E-EH11 �• •h,,r'J '1'1'1'1 F`l I°i I 4H. LH. + n, W1. .1.9 -a - M.F., 'I; ;n F Most I fit It 4! 4 4-41 f�' -j- SALE #2 E1307 % TJ IT I -1;I. I 4. Is 4 L W16 69 50 V., lar ff] H -I to 6 4 4 t. 0 avatar tag Also p 4 1. "I.I.J. 1+11k ! 4.1 1 115 I-IV I a '4 13 HP 4'1 121 low$ 0 CARN01 FI tio F oj 1:1. •; , N, I Il 1E -1i - ; 1. 0 . HH ,j 17-T PPQII Us. Sea • 411p • pl S2i I "IN Ir 14 sj D�- I K22 —T lot NM SALE #1 r 51 H -J -H W -A4 �4-jqkyj--- - pill 11-- _-, ­, F iTj-1 POP It _r,.1.1.1. . SALE #3 fit''I'TIT"IT-i 1 I 0 -111T.-H.'PA F.1,j.j].-M— I., - 48 I - ,i 111.110 rll•i�l��;�����!�h,�IrrIN�•.n!-!!�i•I�fl I:N�i,l.;�'h�•I��-��� Pv*