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75K - PH - RESO NECESSITY 2105-2109 S BRISTOL
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75K - PH - RESO NECESSITY 2105-2109 S BRISTOL
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Last modified
6/19/2017 9:03:27 AM
Creation date
6/15/2017 4:21:39 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Public Works
Item #
75K
Date
6/20/2017
Destruction Year
2022
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5. 9-16 22,945 sf no CG <br />6.20:1 $1,650,000. $ 71.91 <br />3,700 sf 1973 fiat./stuc. <br />$445.95 <br />6042 Bolsa Avenue, Huntington Beach <br />6. 9-16 6,450 sf no O -P <br />2.90:1 $1,050,000. $162.79 <br />2,224 sf 1921 frm./stuc. <br />$472.12 <br />924 East Chapman Avenue, Orange <br />The improved properties surveyed contahr buildings ranging in size from 2,224 to 3,700 square feet. <br />The buildings were constructed between 1914 and 1988, and are situated on parcels ranging in size fi•om <br />6,450 to 22,945 square feet of land area. The sale properties employed herein represent the most recent <br />comparable improved sale properties available for analysis. <br />Due to the lack of a representative number of reasonably comparable improved commercial properties <br />having recently sold within the immediate subject market area, it was necessary to expand the geographic <br />search area to include the greater Orange County region. Particular consideration has been assigned to <br />general location and immediate environmental influences in the analysis of the sale properties employed <br />herein. <br />The purchase price per square foot of building area has been utilized as the primary unit of analysis in the <br />Sales Comparison Approach inasmuch as it is widely used among market participants. The overall <br />purchase prices range from $900,000 to $2,225,000, reflecting $315.13 to $806.16 per square foot of <br />building area. <br />All of the sales employed herein conveyed title to the foe simple interest, and represent arm's-length <br />transactions. Financing terms of each sale were typical of the subject market area. Adjustments are not <br />warranted for property rights conveyed, conditions of sale, or financing terms. <br />Certain of the improved sales data considered extended over a time period back to the second quarter of <br />2016. The time frame permitted the development of a rather comprehensive real estate market profile. <br />The sales employed in this report are set forth in chronological order, and took place between May, 2016 <br />and September, 2016, inasmuch as the sales took place during stable market conditions, adjustments for <br />same are not warranted. <br />After viewing each of the sale properties, and obtaining certain information pertinent to value, the <br />appraiser analyzed the various elements of comparability for each sale property which, among others, <br />include the following: <br />General location. <br />Immediate environmental influences. <br />Zoning. <br />Vehicular and pedestrian access. <br />Vehicular and pedestrian traffic. <br />Building size/features. <br />Building age and condition. <br />Construction type and quality. <br />Availability of public alley. <br />Overall develepability. <br />Site frontage/depth ratio. <br />Site prominence and exposure. <br />Proximity to freeway. <br />Building remodeling, if any. <br />On-site parking capacity. <br />Extent of other on-site improvements. <br />A Relative Comparison Analysis (RCA) has been conducted between the individual comparable <br />properties and the subject property. The RCA is a qualitative technique for analyzing comparable sales, <br />and is a valuable tool employed to illustrate whether the characteristics of a comparable property are <br />inferior, superior, or similar to those of the property under appraisement. <br />75K-24 <br />
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