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HomeMy WebLinkAboutValbridge 1 4'4'4) Vaibridge PROPERTY ADVISORS Project Funding Estimate Duvall Avenue NE Renton, Washington Date of Value: July 17, 2019 • t r 4 �1 , i ',c .;c ' 0.4; -�, 100 ti , R , ' A� '�t ` "a` FOR RES Group NW Ms. Sonja Davis 624 S. Lander Street#202 Seattle, Washington 98134 Valbridge Property Advisors 506 2nd Avenue, Suite 3200 Seattle, Washington 98104 (206) 209-3019 valbridge,corn Valbridge Job No.: 19-0196 Corporate Office \Ia I brIdge Smith Tower 2927 Colby Avenue 18728 Bothell Way NE 419 Berkeley Avenue Smi Suite 3200 Everett,WA 98201 Bothell,WA 98011 Fircrest,WA 98466 k\if.„(//4 „>'+ PROPERTY ADVISORS Seattle,WA 98104 425-258-2611 phone 425-450-4040 phone 253-274-0099 phone Puget Sound 206-209-3016 phone 425-252-1210 fax 425-949-7109 fax 425-949-7109 fax 425-949-7109 fax valbridge.com September 12, 2019 Ms. Sonja Davis RES Group NW 624 S. Lander Street#202 Seattle,Washington 98134 RE: PROJECT FUNDING ESTIMATE FOR THE DUVALL AVENUE NE PROJECT IN RENTON, KING COUNTY, WASHINGTON (Our File#19-0196) Dear Ms. Davis: In response to your request, we have completed a Project Funding Estimate (PFE) for the proposed acquisitions associated with the Duvall Avenue NE Project in Renton,Washington.The purpose of the analysis is to provide information to support budgetary decisions relating to these property acquisitions. It is also intended for use as the basis for negotiations for property acquisitions less than $25,000. This assignment is commonly referred to as a PFE under Washington State Department of Transportation (WSDOT) guidelines. This report includes a brief narrative discussion of the various properties identified for acquisition, their locational characteristics and their zoning designations. An individual PFE Parcel Worksheet is included for each larger parcel, identifying those properties impacted and the property rights required, project parcel number, site location, parcel size, zoning code, current use, highest and best use and parcel size. A brief description of the acquisition and impacts to the remainder property is also included. Based on information about the properties, largely gathered from public records, and acquisition information provided by the client and City of Renton, cost estimates for the acquisitions, including impacted site improvements and remainder damages where appropriate, are projected. It is important to note a PFE, as defined by WSDOT, is a budgetary tool intended to assist in the preliminary evaluation of project costs; it is not an appraisal per WSDOT. It may be performed by administrative personnel or appraisers. When performed by an appraiser, USPAP requirements apply. In terms of USPAP, the following analysis is considered a Restricted Use Appraisal. Minimum reporting standards for a written, USPAP-compliant appraisal are set forth in USPAP Standard 2. The results of our analysis are intended for use only by the client (RES Group NW) and City of Renton only, and only for the specific purpose described herein. The opinions and conclusions of this restricted use report are specific to the scope of work necessary to develop the PFE and may not be fully understood without additional information retained in the appraiser's file. Typically, a PFE also includes projected relocation costs, administration costs for property acquisition, and contingencies. Please note the scope of our assignment only includes compensation for real estate acquisitions. Relocation, administrative costs and contingencies will be calculated and added by RES Group NW or other consultants, if necessary. 19-0196 Duvall Avenue NE PFE-Copyright©2019 • If you have further questions not answered in the accompanying report, please do not hesitate to.call. Sincerely, VALBRIDGE PROPERTY ADVISORS I PUGET SOUND 6. <7:g Matthew C.Sloan, MAI Enclosures• • • • • • • . Valbridge Property Advisors I Puget Sound Page ii 19-0196 Duvall Avenue NE PFE-Copyright©2019. L . .PROJECT FUNDING ESTIMATE, . Client . The client for this assignment,is Ms: Sonja Davis with RES Group NW, on behalf of the City of Renton:This report is authorized for.use by.the:client,.as well as the City of Renton and:its agents, representatives,.and :,legal:courisel.The appraisers do not intend use of this report by.others: . . . Intended: Use/Users . . . . . • The intended use of.this:report is to assist:the:client, who is working on behalf of the City of Renton, in : •• projecting •right-of-way•costs associated"with this•project. It is also intended.for use"as"the. basis•for " - { negotiations:for. property acquisitions less than $25,000 :Supporting documentation concerning the:data, reasoning, and analyses is retained in the appraisers file.The.depth:of discussion contained in this report - • . .. •is specific to the needs of•the.client..and for•the intended use stated above..Use of this report. by any • . . . others is not authorized. ' Description of the Project The project consists of a corridor:improvement project that will improve:traffic and public safety along - Duvall Avenue NE,•a four-lane,-high.Volume:arterial: Because of the older age of the improvements and :: .:;sporadic areas of new:development on abutting:lots, a variety of:street frontage improvements exist,with .::. basic .shoulders and ditches .abutting older. :or...•undeveloped .parcels and more : .typical curbs/gutters/sidewalks .constructed by developers -or by agreement with the City •fronting' newer • • . development. .. . .. . .. •• • • The Duvall Avenue NE Project will resurface.the older asphalt/concrete'road coverings, install safety. . . . . ., • medians with center: landscaping,• and : •complete the : existing patchwork • of Curbs/gutters/ :. :.• sidewalks for a:consistent streetscape. Retaining walls will be added' to adjust elevation differences and street: lighting will be::.added. The vast:: majority of the :new :improvements: will.•.be constructed within the existing-right-of-way, but four parcels will be.impacted with fee acquisitions and/or . •• permanent easements.'Most of the impacted parcels have Temporary Construction Easement: (TCE) '" acquisitions .to: allow contractors:•access to abuttinp properties. for constructionpurposes. q 9: privateP p p p According to the,project:engineer, impacted:site improvements, if any, will be replaced like-kind if • disturbed. A significant'area of landscaping on•Project Parcel 16 wiill be removed, which is'considered. in : ••• our analysis. Valbridge Property-Advisors I Puget Sound .. - g:. .. :Page 1 . i .19-0196 Duvall Ave:NE PFE• Copyright.©2019:: :: . . ; PROJECT AREA MAP ,r): i. - i',-=4 ' ' "' ,,,Oggitio4,04,1ks 1-,!-fl......,.,,s,- ' �.:� , * ' ,124 , ,,- ;r• . w ,_,; ,t - ..., .. - . ? i.,,,,4.7.,..-,,, , ..,,,,,, ,,,,:;.), ;-,,-4,44,1,44%.,7,* ...z,. , xl -�a. .u- i .. w" r aE t h.: iM1w�IwlwM d, 'g i '� �Y � } 9`i` a Q W XA: ♦t 1 1111 a^ ` .,i„,t,' „A „ . '�J` •1xF, tiz C7' ✓ ,'' ra'a,t' ,.t `' aC',T!^ 4nrai 1 , 1 _ u1t" �. _*j i�rt--•- . r ' ', ,�. r_ ,. t II �' 3i. " ^ ,.�F o c, •-' - 4 ' '" ; C ex cap i Z: v 4 ' . r 4 w r. �Rw e - '' +, a �,. x .1 i 111 ea A.roNE 1V -Ph i?i ( . s NE`i pi:h Sty: C" F y i !_,, e �p3 a i t iC 2 w_ ( C 'u. r t a K f T . er' :a # ! 4 wY x gr. lai ,4Lli ARJ7 +�'„III Z i ^ �h. t1 'it "'ir WART 4 • k .A 4 IA, li. INP aa.. +fit d 6 ".t'i. ' .a y„ v{ 11 q yy �.�' 4 rye: mi ' n cA�` ice'' ° # <+ �i,,,,�.i .''• . 4;mliI0 A. w, '. Valbridge Property Advisors 1 Puget Sound Page 2 19-0196 Duvall Ave NE PFE-Copyright©2019 Identification of the Subject Properties The individual parcels analyzed in this PFE were identified by the City of Renton. Specifically, the properties are located as on both the east and west side of Duvall Avenue NE, north of NE 7th Place and Sunset Boulevard NE. A short list of the Parcels and their permanent and/or temporary acquisitions is summarized in the following chart. Subject Properties ROW Assessor TPN Owner Name Address Lot SF Zoning 2 102305 9080 Essex Property Trust 650 Duvall Ave NE 504,220 RMF 3 143765 0120 Buza Sharon L&Peter M 803 Duvall PI NE 19,912 R8 4 1437650130 White Connie V 809 Duvall PI NE 19,145 R8 5 143765 0140 Zable John L 815 Duvall PI NE 15,326 R8 6 143765 0150 Whittaker Stuart D 821 Duvall PI NE 15,198 R8 8 143765 0230 Sia Raymond Buong-Leong *no Site Address* 183,435 R8 9 102305 9112 Nguyen Khoa D&Kimanh 4637 NE 10th St 14,825 R8 10 102305 9277 Facilities&Operations C *no Site Address* 110,642 RMF 12 102305 9081 Fricks Jr. Robert E 1160 Duvall Ave NE 78,843 RMF 14 5169700095 Chun Randall King Beu 4628 NE 12th St 15,673 CA 15 1494500050 Argo Renton LLC 4601 NE Sunset Blvd 235,626 CA 16 5169700092 Kaba Investments LLC 4637 NE Sunset Blvd 28,385 CA There are permanent acquisitions (fee and easements) from Parcels 14, 15, and 16 for sidewalk expansion and/or retaining walls/utilities. But most of the project improvements will be constructed entirely within the existing public right-of-way, with most of the acquisitions consisting of only TCEs necessary to allow contractors access during construction. The attached PFE Parcel Worksheets identify each property by the City of Renton's assigned right-of-way number, King County TPN, property address, and owner name. Scope of the Assignment A Project Funding Estimate (PFE) is a budgetary tool intended to assist in the preliminary evaluation of project costs; it is not an appraisal per WSDOT. As a licensed appraiser, we have expanded the scope of work to meet the minimum requirements for a USPAP compliant Restricted Use Appraisal. The scope of data collection and property analysis is limited, and the results of our analysis is intended for use by the client only and should not be relied upon by any party other than the client, and for the specific purpose described herein. The opinions and conclusions set forth in this report may not be fully understood without additional information in the appraiser's file. Typically, a PFE also includes projected relocation costs, administration costs for property acquisition, and contingencies. Please note the scope of our assignment includes only compensation for real estate acquisitions. Administrative costs, as well as project contingencies, will be calculated and added by RES Group NW or another consultant. As a budgetary tool, this report presents only limited discussion of the data, reasoning, and analyses used in the evaluation process to develop our opinions. Supporting documentation is retained in the appraisers'files and is available for review upon request. Valbridge Property Advisors I Puget Sound Page 3 19-0196 Duvall Ave NE PFE-Copyright©2019 l . . In:analyzing the properties,the consultants completed the following: :• , • . Inspected the subject properties (exterior only): ::..: : :... . • Analyzed historical and current information about the subject s neighborhood'or competitive H. neighborhoods:Fri the Puget Sound:and Renton area. ..., .. • Researched Costar, NWMLS, Metroscan,and CBA,.King County databases. . • Researched Valbridge Property Advisors:existing database:. • Reviewed comparable sales relied upon in this analysis. • Reviewed all documents:as cited throughout the report. ::. :: Legal Description/Ownership. Properties:analyzed are identified by both the City of Renton's assigned:right-of-way number and the • King County Assessor's'parcel number. No title reports were provided:.We have relied on a variety of data .::provided by the Client, researched with the:King.County Assessor•and other public sources in preparation. :.. of this PFE.: ::..: :;Date of Inspection/Analysis . . The subject. properties were..originally inspected by the appraiser in June of 2019. The properties-were inspected on numerous.subsequerit•dates by the appraisers, most recently on July.17,-2019. Due to the . .. ". ::limited scope of• this analysis, the property owners were not generally notified.•of: the appraisers' .. inspections or afforded the opportunity for a joint inspection with the ability to provide specific property information:not available.in public records..The effective:date of this PFE analysis isas.of the most recent • site.inspections on July 17,2019. Property:Rights Analyzed : : This analysis sets forth the:just compensation due each impacted;property owner based on the fee simple . "'interest in each property. Where easements will encumber the fee simple interest in the after condition, we have considered the reduction in value of the easement-encumbered areas.--•• Fee simpleinterest is defined as: .. .. . . Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed• • - by the governmental powers of taxation,eminent domain,police power,and escheat 1 : • An easement is defined as follows:: ' An easement is:an:interest in real property:that:conveys use, but not ownership,of a portion:of an owner's • property. . . . This definition may be expanded as: .-...the right to perform a specific action on a particular.parcel of property,or portion thereof by the grantees. :. who do not hold the underlying fee:.3 ' 1 From The Appraisal of Real Estate,Thirteenth Edition,2001,Appraisal Institute,page 69. 2 From The Appraisal of Real'Estate,Thirteenth Edition,2001,Appraisal Institute,page 71. • • Valbridge Property Advisors I Puget Sound Page . 19-0196 Duvall Ave:NE PFE:-Copyright©2019 :: :: Special.Assumptions . Hazardous Materials. .•.•. . ..•. ...'. ;•No information regarding the presence or;absence of hazardous waste on any of the.subject properties was provided.This analysis assumes:the absence of any and all hazardous waste•on the subject'properties. . The, valuations contained in this report_will,be.impacted 'if significant hazardous waste.is found:to•be, . . , • present on a subject:prope.rty. Critical-Areas': There does not appear to be any sensitive areas;within the project area, such as wetlands'or steep slopes, .::and.we have assumed no.impacts to sensitive areas. If subsequent information significantly conflicts with. :: this assumption;an adjustment.to the analysis may be requited. - ::City of Renton Overview .. The subject.properties/project are located in the Renton Highlands area of the City of Renton. Renton was • . . incorporated•in 1901 and growth•overthe years.was often fueled.by people migrating to the area to work . . . .. .. • :.in:the booming wartime_industries. In 1940, the:Boeing Company built a new manufacturing plant at the :. • south end of Lake Washington, and this remains one of:the city's primary:economic engines to date. i.. . Renton continues to be an important.ortant.center of em to ment; providingover 50;000 jobs, roughly half in P P Y J. . .. 9 Y . manufacturing. The.downtown area remains fairly lively, with:•activity centered on government and . : •• service-related.including City-Hall and the Renton Library.-Much of the downtown•retail and commercial .... . . activity has:been displaced by local malls and shopping centers.Tenants in:the,downtown core tend:to be small family owned .restaurants, thrift shops;: and antique or. 'collectibles" businesses: McLendon's .: : : . .:'Hardware and.Wal Mart are two of the larger retailers in the CBD. '- 9 projects . P . . . Two lar a ro•ects in Rehfon have been com leted over the last•several years, with the most noteworthy being the lar a multi-use •ro•ect'The Landin Develo ed b Ha g g project g." . p y. west Partners,this.is:a:$300 million,46-.:::: : .•. acre urban•village "style shopping: center immediately at the south end:of.Lake Washington. It..was developed on Boein surplus ro pert and has a roximatel 800,000sf of retail shops and restaurants - - - -.. • 9 p P P Y . PP Y P :and over 1,000 residential:units (mostly townhomes and condominiums). It is expected that this project :: will bring a :major revitalization to-afterhours businesses:•and attract complementary office and retail .. . development-in- other.nearby:areas of. Renton. The second project is•the development of. a'Seattle . . . .. -. • • :.Seahawks Training Facility:along the eastern shores of Lake Washington in north Renton:Situated on 19 :. acres of industrial land that was formerly a tar and creosote plant, the building has 200,000sf;:which makes it.the second largest in.the'NFL.The property:was developed by Vulcan Real Estate and opened in :: summer 2008. Immediate Project Vicinity .. • . The:Subject Parcels and project improvements;is located along Duvall Avenue NE.between about NE 4th • . . .. .. • Street at the south end and Sunset.Boulevard NE at the_north.This'area consists.primarily of single-family ' residential homes, with apartments•and commercial:uses including a grocery-anchored strip center and Starbuck's at the north end: - - 3 From The Appraisal of Real Estate,Thirteenth Edition,2001,Appraisal.Institute,page 85. • .•Valbridge Property Advisors I Puget Sound •• Page 5 : .19-0.196 Duvall Ave•NE PFE-Copyright©2019.:: Zoning and Other Development Conditions All properties impacted by the project are located within the City of Renton and are subject to the city's municipal code with regard to development and uses. A zoning map and description of each of the zones is as follows: 900 II RM-F R-8 ........ R-8 R- z i , a "iti il + ■ 7ot .. 1 id ._; 1" :+e l It f tllnicica% • r fit. �►' ff ea f f .. iEMI4 11 A a . . I'm . Residential 8/10 The Residential-8 Zone (R-8) is established for single family residential dwellings allowing a range of four (4) to eight (8) dwelling units per net acre. It is intended to implement the Residential Medium Density Comprehensive Plan designation. Development in the R-8 Zone is intended to create opportunities for new single-family residential neighborhoods and to facilitate high-quality infill development that promotes reinvestment in existing single-family neighborhoods. It is intended to accommodate uses that are compatible with and support a high-quality residential environment and add to a sense of community. The Residential-10 Zone (R-10) is established for high-density residential development that will provide a mix of residential styles including small lot detached dwellings or attached dwellings such as townhouses and small-scale flats. Development promoted in the zone is intended to increase opportunities for Valbridge Property Advisors 1 Puget Sound Page 6 19-0196 Duvall Ave NE PFE-Copyright©2019 • • detached dwellings as a percent of the housing stock, as well as allow some small-scale attached housing choices and to create high-quality infill development that increases density while maintaining the single- • .. family character of the existing.neighborhood. Allowable:base densities range from five (5) to ten (10) dwelling units per net acre.The zone serves as"a:transition to higher density multi-family zones. Residential Multifamily The .RMF_.Zone providessuitable environments for multi-family dwellings: It is further intended to. .. conditionally allow uses that are compatible with and support a multi-family environment.The RMF allows for the development of both infill:parcels in existing multi-family districts with:compatible projects and i . other multi-family development.:Densities range from ten (10) to twenty (20). du/acre with opportunities for bonuses up to twenty five(25) dwelling units per net acre. • Commercial Arterial (CA) . . : The.purpose of the Commercial Arterial Zone. (CA) is to evolve from "strip commercial":linear business . :. :.districts to business. areas characterized by: enhanced site planning and pedestrian orientation, incorporating efficient parking lot design, coordinated::access, amenities and boulevard treatment;with • greater densities. The CA Zone:provides for a wide variety of retail sales, services, and other commercial . . .. . activities along high-volume traffic corridors. Residential .uses may:be integrated into the zone through :. mixed-use buildings. Front yard setbacks range from-15: to 20 feet, with varying additional setback requirements:for.side and rear yards..Maximum building height is 35 feet. . : : Highest and Best Use This analysis is based on each property's underlying land value regardless:of respective highest and best use conclusions. Our overall conclusion of highest and best use is reflected on the respective PFE Parcel Worksheets. . .. . Property Specific Analysis An. individual PFE Parcel Worksheet is provided for each property. Specific information regarding our.:::: analysis is retained in the appraisers' file. We have relied upon comparable'sales of vacant and/or under-improved parcels to establish the fair market value of the underlying land. This land value is used to::value the part taken:for fee simple and easement acquisitions: We have inventoried:impacted site improvements and included their contribution in our analysis. Fee Simple Valuation .. :. As the valuation is for the parts taken, land only, the Sales Comparison Approach y p is the only approach used in the 'analysis. Data was;_collected on comparable:sales of land, then compared to the subject properties to determine fee simple value. The fee simple value is;then relied upon for the fee value of areas to be acquired:in:fee or as permanent easements. The basis for TCE valuations is based on the underlying land value and a market-based rate-of-return. for the TCE period. ,In order to develop our opinion of underlying land value,we have researched the most relevant recent sales and current listings, summarized as follows: • J n . Valbridge Property Advisors I Puget Sound Page 7 19-0196 Duvall Ave:NE PFE Copyright©2019: COMPARABLE SALES SUMMARY AND MAP Sale Analysis Size Price/ ID Address Date Price (sf) * sf Zoning 1 2415 22nd Avenue NE 03/04/19 $312,000 7,945 $39.27 R8 2 12026 155th Avenue SE 07/31/18 $260,000 10,726 $24.24 R4 3 5214 NE 24th Street 05/07/18 $291,000 8,374 $34.75 R4 4 5202 NE 24th Street 03/30/18 $225,000 9,306 $24.18 R4 5 1128 Chelan Avenue NE 02/28/19 $800,000 35,807 $22.34 R8 6 5008 NE 2nd Street 06/15/18 $930,000 50,112 $18.56 R8 7 4502 NE 4th Street 03/23/18 $400,000 24,095 $16.60 CA 8 254 Union Avenue NE 02/21/18 $1,550,000 50,000 $31.00 CA 9 3123 Sunset Blvd NE 10/13/17 $840,000 17,058 $49.24 CV 10 515 Industry Drive 01/04/19 $6,200,000 140,202 $44.22 TUC 11 4500 Talbot Road S. 06/04/18 $4,500,000 170,058 $26.46 CO 12 13120 Newcastle Commons 01/24/17 $3,500,000 94,525 $37.03 MUR *Usable size,net of wetlands/sensitive areas V i' Merce*Island Coal Creek i i Naturrea J(.wafd Park i,, Newcastle 5 cc Mo R.O. Kubota WIldlc Garden 3 9 ��s: Gene Coulon Memorial c Beach Pa Coalfield t :rra=,:Wf; Bryn Mawr-Skyway ` {U �( East Rental Highlands Renton (10 Tukwila Tukwila Family ae Fun Center&. to W 67,12) =_^urr crs.,Ep Hn q p C7 k0p. fac t, Cascade-Fairwood Orillra Y) Valbridge Property Advisors I Puget Sound Page 8 19-0196 Duvall Ave NE PFE-Copyright©2019 Land Value Conclusions In:order to.determine underlying.land value, we have analyzed a variety. of .land :sales that reflect - the specific physical and legal characteristics, current and highest and•best uses and future potential of each Subject Parcel, summarized and mapped on the prior page. The underlying land value is used - for fee acquisitions,.as well.as the basis for:permanent easements.and TCEs.. ::- Comparable Sales .1'through 4 represent single-family home sites most similar to Subject Parcels 2,4; 3, 5, 6 and 9. The comparables indicate a:range on a lot basis.ranging from $225,000. to $312,000, or :: :: $24 to.$39/sf, The smaller lots, indicated the highest:$/s and conversely the larger sites. reflect :the lowest $/sf: Given this inverse relationship, and the size of.Subject Parcels 3,. .5, .6- and 9, we . . . . . conclude lot values;.between $300,000.and:$350,000, which equates to a unit value in•the low to mid : $20/sf. Subject Parcel. 2 a portion of a common area tract associated with a larger development. : Because .of :its size, narrow.:depth and exhausted::development potential, a much lower value- is . .. :: concluded. Comparables.5 and 6 represent single-family development plat sites most similar to subject parcels 7; 8;.10; 11 and 12. The Comparables indicate a narrow range bracketing $20/sf. Comparables 7 through 11 represent, commercial sales, with a wide range from.about $17 to $49/ sf. Subject.Parcels 14 and 17 are smaller•sites and a value conclusion near the_middle/upper end of.the • : range is ;:appropriate, taking into account varying access/exposure• characteristics. We've relied primarily on Comparables.:7, 8 and 9 in concluding land value :for: these parcels: Subject Parcels 13 : . 'and 16 are much larger sites, also with varying access/exposure:characteristics. We've: relied primarily . on Comparables 10, 11 and 12 in concluding land value for these parcels. : : .Permanent Easements : Subject Parcels:14, 16 and 17 will be:encumbered with permanent easements for utilities and 'a retaining wall. Because of planned physical improvements within the TCE area, it will:largely be unavailable to-the• • underlying owner for:.surface uses. As currently improved, :these easements ;and the planned ' improvements:will not impact the current use; the easements impact only areas of landscaping or access ... driveways,.which will not be restricted.The easement area will also contribute to the remainder because • it will be available for front/side yard setbacks and will not significantly reduce development potential .. ::when•redeveloped. In this casethe easements are similar in nature and have a similar imbact on.the .. remainder property. We conclude an:easement discount of 50% of fee value for the proposed:utility/ retaining wall easements: :: Temporary onstruction Easements(TCEs) The project includes acquisitions s of TCEs necessary:for step-over access:while constructing abutting improvements and to reconnect existing driveways to the reconfigured right-of-way improvements. -While a specific construction schedule h.as not been provided, it is-our understanding that the contractor's actual onsite time will be intermittent over of about 2-year.period. While the contractor will not:occupy , the TCE area for this entire period,the proposed.TCE will presumably allow for use-for the entire year.As ' - such;our analysis calculates the value of the TCE based on a 2-year use period. An annual rent for the :r TCE areas.is calculated based-on a:rate of 8%, or 16%for the entire construction term. Valbridge Property Advisors l Puget Sound Page 9 19-0196 Duvall Ave:NE PFE-Copyright©2019:. .... .. Impacted Site Improvements . . . .. Our discussion with the project engineer indicates no private site improvements.will be impacted, except . . for landscaping located on Project Parcel,16. Use of the:.TCE area will be largely limited to step-overs-and landscaping or site improvement impacts; if any, will be replaced in :like-kind. The permanent easement and TCE on Subject:Parcel 16 is improved with a dense buffer of juniper and several .trees. It is our.:::: : .• understanding the trees will.be retained, but the juniper/groundcover will be removed. We've considered _ . the:contribution/replacement of the juniper in our analysis: • Remainder Damages and Special Benefits Based on :our initial review, we:find no basis for non-curable remainder:damages given theproposed acquisitions.With regard to special benefits; those properties that will be ready for redevelopment in the .. near-term may.be speciallybenefitted bythe'City's development of frontage improvements;which would '' • otherwise:be.the responsibility:of the property owner.at the time of redevelopment. Quantifying special benefits, however,it beyond the scope of this:analysis. •• • • • Valbrid a Property Advisors Puget Sound 9 P rtY g Page 10 19-0196 Duvall Ave:NE PFE-Copyright©2019::: :: . . . • • CERTIFICATION • : :. I,the undersigned, do hereby certify that,to the best:of my knowledge and belief:. . • •11. The statements of fact contained in this report and upon which the opinions herein are based are true and correct • ••, :The reported analyses; opinions; and conclusions are limited only by the:reported assumptions and limiting conditions,and are my personal, and unbiased professional analyses,:opinions, and . ... .- conclusions: ..... .. . . . • I have not performed services regarding the subject: property within:the three years immediately preceding acceptance of this assignment:: I:have no interest;:either present or prospective in the property that is the subject:of this report, and I::. no personal interest with respect•to the parties involved. • I have,no bias with respect to:the:subject property,:or to the parties involved . • ::My engagement in this assignment was:in no way contingent upon developing or reporting predetermined results, nor was it.based on a requested minimum valuation, a specific value, or the.: .: : . . approval of;a loan. My compensation.for..completin this assignment is not. contingent upon the. . development or p reporting of a predetermined value or direction in value. that.favors the cause Of the client, the . : .. . . amount of the value opinion, the.attainmentof-a stipulated result;or the.occurrené of a subsequent : : : event directly related to the intended use of this appraisal. :... • •The reported analyses, opinions, and conclusions were developed; and this report has:been prepared; :: in conformity with' the requirements of'the:Code of Professional. Ethics & Standards•of Professional :. ' Appraisal Practice of the Appraisal Institute, which-include the Uniform :Standards of Professional - Appraisal.Practice. . • I have made a personal inspection of the subject property. • 1 No one provided significant real pr'operty:appraisal assistance to the person signingthis certification, .::. : with the•exception of the person(s) shown on additional:certification( );if enclosed- • The use of this report is subject to the requirementsofthe Appraisal Institute relating to review•b y its : duly authorized representatives. . . • 1 As of the date of this report; I have completed the continuing education.program Of the Appraisal Institute. ..r . . / .':... 'Matthew C. Sloan, MAI . : , State Cert.#27011-1101655 . . • : valbridge Property Advisors I Puget Sound Page 11 ., : - 1.9-0196 Duvall Ave:NE PPE:-Copyright©12019::: :1 . :.ADDENDA . . . • 1 • Valbridge Property Advisors Puget Sound H. : 1.9-0196 Duvall AveNE PFE-Copyright©2019::: .: .H. PROJECT FUNDING :ESTIMATE WORKSHEETS :. :• Valbridge Property Advisors I Puget Sound ::-• 19-0196 Duvall Ave:NE PFE-Copyright©2019::• : PFE PARCEL WORKSHEET - PARCEL 2 Project: City of Renton-Duvall Avenue NE Owner: Essex Property Trust Location: 650 Duvall Avenue NE, Renton,WA 98059 Before Area: 504,220 SF After Area: 504,220 SF Acquisition Areas: Fee: , 0 SF TCE • Easement: 641 SF (area) (type) (area) Current Use: Apartments/Common Areas Zoning: Multifamily(RMF) Highest and Best Use: Continued use of existing improvements Effects of Acquisition: The subject consists of a narrow strip of land located at the northeast corner of Duvall Avenue NE and NE 7th Place,associated with the abutting SFR neighborhood and specifically the Forestview Apartments to the south.The proposed acquisition consists of a five-foot TCE along the westerly property boundary,a total of 641 sf.The acquisition is necessary to allow contractors access to the site while constructing street improvements within the abutting Duvall Avenue NE right-of-way for a period of 24 months. The TCE is valued at 8%/year,or 16%for the full term.Project maps indicate clearing and grubbing will encroach into the TCE area but no significant impacts to onsite landscaping is anticipated. Sales relied on: Sales 1 -4 contained in data package dated: 7/17/19 Assessed Values: Land $5,546,400 $11.00 /sf Improvements: $37,407,600 Subject sold within the last 5 year: No If yes,is sale included in data package? N/A ACQUISITION COMPENSATION Land in Fee: (area sD (unit value) Easements: 641 TCE $10.00 16% $1,025.60 (area sf) (type) (unit value) (%) (area sf (type) (unit value) (%) Improvements: None sf /sf (type) (square feet) (unit value) (type) (square feet) (unit value) Damages: Total (Rounded): $1,100.00 Map Sheet 10 of 73 Parcel: 2 Plan Approval Date: 6/19 Revision Date: N/A Worksheet Date: 7/17/19 RES-215 Rev 10-14 SUBJECT PARCEL 2 " t a V « g« ,, A0 ''' - -5- . p k '°�.rA y,' it r .i a. E , 4 .,� . s 1 i. a 1 a. I , � � \; � `!;r atb;�'�f� z �. tic '.. ^� ." >a.#.iv_F�_. Photo NE 8th St ,"4w . '� _ 401‘,6, i '' '' ' 7.*' . , f. � 441 . , j. , .,. � ' 3 _, ., ,s. NE. 7th PI Aerial Photo/Map • PFE PARCEL WORKSHEET - PARCEL 3 Project: City of Renton -Duvall Avenue NE Owner: Sharon&Peter Buza Location: 803 Duvall Place NE, Renton,WA 98059 - • Before Area: 19,912 SF After Area: 19,912 SF Acquisition Areas: Fee: 0 SF TCE Easement: 146 SF (area) (type) (area) Current Use: Single-Family - Zoning: Residential 8(R8) Highest and Best Use: Continued use of existing improvements Effects of Acquisition:The subject consists of a rectangular-shaped lot located on the east side of Duvall Avenue NE, The subject consists of a rectangular-shaped lot located on the east side of Duvall Avenue NE,with direct access from Duvall Place NE. The site is improved with a 1,700sf single-family residence constructed in 1986.The proposed acquisition consists of a five-foot TCE along the northerly portion of the westerly property boundary,a total of 146sf.The acquisition is necessary to allow contractors access to the site while constructing street improvements within the abutting Duvall Avenue NE right-of-way for a period of 24 months.The TCE is valued at 8%/year,or 16%for the full term.Project maps indicate clearing and grubbing will be located entirely within the existing right-of-way.No impact to existing fencing or landscaping is anticipated;if site improvements are impacted they - will be replaced in like-kind. Sales relied on: Sales 1 -4 contained in data package dated: 7/17/19 Assessed Values: Land $205,000 $10.30 /sf Improvements: $263,000 Subject sold within the last 5 year; No If yes,is sale included in data package? ' N/A ACQUISITION COMPENSATION Land in Fee: (area sf) (unit value) Easements: 146 TCE $25.00 16% $584.00 (area sp (type) (unit value) (%) (area sf) (type) (unit value) (%) Improvements: sf. sf (type) (square feet) (unit value) sf /sf (type) (square feet) (unit value) Damages: Total (Rounded): $600.00 Map Sheet 10 of 73 Parcel: 3 Plan Approval Date:. 6/19 Revision Date: N/A Worksheet Date: 7/17/19 RES-215 Rev 10-14 SUBJECT PARCEL 3 4E '' % g ! . _ _ i %$ ,wpm Y .' '! b r �4 -t ''. +M.. n- ,ram b"t+ 3 , 4.1t-1 "... . .'et tt Tr iii' .. ,.,wiowitiii. 4"...."*Iii :S. .1„: . -. ':ii.'" +', � ;k s '%' i Photo _,, :i..„.. �„...., , ,,,, ,_.. , , , . . , .„ , ,. 4,4.,.. . ,,„ .wi, t ,:; G z, * .,♦t yam,„.>Y i ` gr + „ `l�r a+y .. ak r 4/ t. --,., , ',,,,,, r ..._.r...... ,,, Ilk NE8thSt �.. Aiµ "nt � . Aerial Photo/Map PFE PARCEL WORKSHEET - PARCEL 4 Project: City of Renton -Duvall Avenue NE Owner: Connie White Location: 809 Duvall Place NE, Renton,WA 98059 Before Area: 19,145 SF After Area: 19,145 SF Acquisition Areas: Fee: 0 SF TCE Easement: 366 SF (area) (type) (area) Current Use: Single-Familiy Zoning: Residential 8(R8) Highest and Best Use: Continued use of existing improvements Effects of Acquisition: The subject consists of a rectangular-shaped lot located on the east side of Duvall Avenue NE,with direct access from Duvall Place NE. The site is improved with a 1,610sf single-family residence constructed in 1985.The proposed acquisition consists of a five-foot TCE along the westerly property boundary,a total of 366sf.The acquisition is necessary to allow contractors access to the site while constructing street improvements within the abutting Duvall Avenue NE right-of-way for a period of 24 months.The TCE is valued at 8%/year,or 16%for the full term.Project maps indicate clearing and grubbing will be located entirely within the existing right-of-way.No impact to existing fencing or landscaping is anticipated;if site improvements are impacted they will be replaced in like-kind.A large tree to the west of the fence will be removed,though it is located within the existing right-of-way. Sales relied on: Sales 1 -4 contained in data package dated: 7/17/19 Assessed Values: Land $205,000 $10.71 /sf Improvements: $269,000 Subject sold within the last 5 year! No If yes,is sale included in data package? N/A ACQUISITION COMPENSATION Land in Fee: (area sD (unit value) Easements: 366 TCE $25.00 16% $1,464.00 (area so (type) (unit value) (%) (area sf (type) (unit value) (%) Improvements: sf sf (type) (square feet) (unit value) sf /sf (type) (square feet) (unit value) Damages: Total (Rounded): $1,500.00 Map Sheet 10 of 73 Parcel: 4 Plan Approval Date: 6/19 Revision Date: N/A Worksheet Date: 7/17/19 RES-215 Rev 10-14 SUBJECT PARCEL 4 wn , 4 -.' v c� 44, .,, S t �.. zv Q • N. `i �� c .r; ofirrrii k, Photo ter' ' ;z�;.�+ •.,:.y ("�3 �i.� -- rx - - - ---:: ', ''L 1 s r ¢ i zi �., • „ / tom .,:,irdim. t,ya\� r• ��.:. r R c n Aerial Photo/Map I - PFE PARCEL WORKSHEET - PARCEL 5 Project: City of Renton-Duvall Avenue NE Owner: John Zable Location: 815 Duvall Place NE, Renton,WA 98059 Before Area: 15,326 SF After Area: 15,326 SF Acquisition Areas: Fee: 0 SF TCE Easement: 460 SF (area) (type) (area) Current Use: Single-Family Zoning: Residential 8(R8) Highest and Best Use: Continued use of existing improvements Effects of Acquisition: The subject consists of a rectangular-shaped lot located on the east side of Duvall Avenue NE,with direct access from Duvall Place NE. The site is improved with a 1,230sf single-family residence constructed in 1986.The proposed acquisition consists of a five-foot TCE along the westerly property boundary,a total of 460sf.The acquisition is necessary'to allow contractors access to the site while constructing street improvements within the abutting Duvall Avenue NE right-of-way for a period of 24 months.The TCE is valued at 8%/year,or 16%for the full term.Project maps indicate clearing and grubbing will be located entirely within the existing right-of-way.No impact to existing fencing or landscaping is anticipated;if site improvements are impacted they will be replaced in like-kind.' Sales relied on: Sales 1 -4 contained in data package dated: 7/17/19 Assessed Values: Land $205,000 $13.38,/sf Improvements: $212,000 Subject sold within the last 5 year. \No If yes,is sale included in data package? N/A ACQUISITION COMPENSATION Land in Fee: (area sf) (unit value) Easements: 460 ' TCE _ $25.00 16% $1,840.00 (area sf (type) (unit value) (%) (area sf) (type) (unit value) (%) ,Improvements: sf sf (type) (square feet) (unit value) . sf /sf (type) (square feet) (unit value) Damages: Total (Rounded): $1,900.00 Map Sheet 10 of 73 - Parcel: 5 Plan Approval Date: 6/19 Revision Date: ! N/A 'Worksheet Date: 7/17/19 RES-215 Rev 10-14 SUBJECT PARCEL 5 g tj ,k I a ` ' 1111111 r'-- . li, - ....„. ,,,... ... -- r,,,, - , i , . ,,,,-.1 „.„,„ ,, . .....,::. ,. ..., - ,...,,, ...,... , .., ...,,,,. . , ,i.4,.4.,. . ...,... , . .. ,..._ . . ,.„ ..,,,,,,,,-. _...„ - - .., „..... . . ....,_,...,...., ., .. . ..... . . .. .J.,:...;.,...-„.-.....„,7:`,„-"..'''''',,7::..''''.:...',...',"..,,r '.7:7,-...:'-..,,,- ''''''..°"'.,;'^'-'',,t.'''''''.:'',:,.':',C.?".,:".°!'''',':',.:,'''..','' .:'''';'.."":2:"''"-.f,'.,".''.:''.-,',•;.".,-,-'r.,•;',.. ' "'-'.., Photo t r u ti r4p Aerial Photo/Map PFE PARCEL WORKSHEET - PARCEL 6 I " Project: City of Renton-Duvall Avenue NE Owner: Stuart Whittaker Location: 821 Duvall Place NE, Renton,WA 98059 Before Area: 15,198 SF After Area: 15,198 SF ' Acquisition Areas: Fee: 0 SF TCE Easement: 420 SF (area) (type) (area) Current Use: Single-Family Zoning: Residential 8(R8) Highest and Best Use: Continued use of existing improvements Effects of Acquisition: The subject consists of a rectangular-shaped lot located on the east side of Duvall Avenue NE,with direct access from Duvall Place NE. The site is improved with a 1,610sf single-family,residence constructed in 1985.The proposed acquisition consists of a five-foot TCE along the westerly property boundary,a total of 420sf.The acquisition is necessary to allow contractors access to the site while constructing street improvements within the abutting Duvall Avenue NE right-of-way for a period of 24 months.The TCE is valued at 8%/year,or 16%for the full term.Project maps indicate clearing and grubbing will be located entirely within the existing right-of-way.No impact to existing fencing or landscaping is anticipated;if site improvements are impacted they will be replaced in like-kind. Sales relied on: Sales 1 -4 contained in data package dated: 7/17/19 Assessed Values: Land $205,000 $13.49 /sf Improvements: $273,000 Subject sold within the last 5 year! No If yes,is sale included in data package? N/A ACQUISITION COMPENSATION Land in Fee: (area sf (unit value) Easements: 420 TCE $25.00 16% $1,680.00 (area sf (type) (unit value) (%) (area sf (type) (unit value) (%) Improvements: • sf sf (type) (square feet) (unit value) sf /sf • (type) (square feet) (unit value) Damages: Total (Rounded): $1,700.00 Map Sheet 10 of 73 Parcel: 6 Plan Approval Date: 6/19 Revision Date: N/A Worksheet Date: 7/17/19 RES-215 • Rev 10-14 SUBJECT PARCEL 6 'ax-'-. r j C • rli N M w � t { Y ' 4 4. $ ; :' ' ' .41mmi.... ,.:„ .„,:. ''''''' '''''' 7'-'. ,...,,,,,--:- ',.. ',,,i,',,..,„'"'.-,,,,,i?,,„--;,,..,, ,,' '''',.. .....1;;,.:4;-.:;,-;.: '..',:,,..,'",„;,;,,,, ,;:1"-„,,,1:,-,,':;.;4'#44:,',.-.:'-'''.1-,..- , 2.; 5:''''''' b.z i. 6 e� l.;:zwi '` ..' ,: .r+3* +;a?'as .... Photo 3 x w - w p a. ; + jP . lye R na ' . "41*Yt7rg.-1 •., —4- ;''.- '''''.1"—"-----•—' '''"'',;,, c "•'!,t• '' .' . ,,ii.V. y _ � e 4 n. a ih . ; ,. x i.� n A e..' �P Aerial Photo/Map PFE PARCEL WORKSHEET - PARCEL 8 Project: City of Renton-Duvall Avenue NE Owner: Raymond Sia Location: NEC Duvall Avenue NE/NE 9th Street Before Area:. 183,485 SF After Area: 183,485 SF Acquisition Areas: Fee: 0 SF TCE Easement: 2,730 SF , (area) (type) (area) Current Use: Vacant Zoning: Residential 8(R8) Highest and Best Use: Develop with SFR plat Effects of Acquisition: The subject consists of a rectangular-shaped vacant/heavily treed parcel located on the east side of Duvall Avenue NE.The proposed acquisition consists of a five-foot TCE along the westerly property boundary,a total of 2,730sf.The acquisition is necessary to allow contractors access to the site while constructing street improvements within the abutting Duvall,Avenue NE right-of-way for a period , of 24 months.The TCE is valued at 8%/year,or 16%for the full term.Project maps indicate clearing and grubbing will be located primarily within the existing right-of-way except for a minor area that will require a small amount of fill.One large tree that straddles the property line/right-of-way will be removed Sales relied on: Sales 5-6 contained in data package dated: 7/17/19 Assessed Values: Land $1,026,000 $5.59 /sf Improvements: $205,400 Subject sold within the last 5 year!. No If yes,is sale included in data package? N/A ACQUISITION COMPENSATION Land in Fee: (area sD (unit value) Easements: • 2,730 TCE $15.00 16% $6,552.00 • (area sD (type) (unit value) (%) (area sf (type) (unit value) (%) Improvements: sf sf $0.00 • (type) (square feet) (unit value) sf /sf (type) (square feet)• (unit value) Damages: Total(Rounded): $6,600.00 • Map Sheet 10 of 73 Parcel: 8 Plan Approval Date: ' 6/19 Revision Date: N/A Worksheet Date: 7/17/19 RES-215 Rev 10-14 SUBJECT PARCEL 8 .,a, �r w p i )+a ,.µ8 ., Y F iz z is 4,y ` t' , t ' . t; '" 'l„ ` 'uR' t Q t a? ,a t ,� ,*,,, c* 1fL t�M, + 3,;-• µ"a ss°, .,+ ; „ ' ,A .°' ,: h t • 1 Photo- -� . ',:,,, ,,,,, Y , ,,4 eft,:;, t,,t''''.,„1q���^ ;ri i‘ �'� ��' ',ilt��d',77#':: ,,,,,,..,.,.....::� �114. .ir.,.., jj,tri !Ai,'t 0 P , -- ,'; .,' ,iiih,. :'1 . ' . , 11 It: . I ..- tip, .f, ea a �, , jar 3' M` ' ; ' i �C,'• qq liii.. .'� + Aerial Photo/Map PFE PARCEL WORKSHEET - PARCEL 9 Project: City of Renton- Duvall Avenue NE Owner: . Khoa&Dimanh Nguyen Location: 4637 NE 10th Street, Renton,WA 98059 Before Area: 14,825 SF After Area: 14,825 SF Acquisition Areas: Fee: 0 SF TCE Easement: 20 SF • (area) (type) (area) Current Use: Single-Family Zoning: Residential 8(R8) Highest and Best Use: Continued use of existing improvements Effects of Acquisition: The subject consists of a rectangular-shaped lot located at the southwest corner of Duvall Avenue NE and NE 10th Street.The site is improved with a 1,630sf single-family residence constructed in 1947.The proposed acquisition consists of a small,triangular-shaped area in the northeast corner of the property,a total of 20sf.The acquisition is necessary to allow contractors access to the site while constructing street improvements within the abutting Duvall Avenue NE right-of-way for a period of 24 months.The TCE is valued at 8%/year,or 16%for the full term.Project maps indicate clearing and grubbing will be located entirely within the existing right-of-way ' and no significant impacts to onsite landscaping is anticipated. Sales relied on: Sales 1 -4 contained in data package dated: 7/17/19 Assessed Values: Land $172,000 $11.60 /sf Improvements: $225,000 Subject sold within the last 5 year! No If yes,is sale included in data package? N/A ACQUISITION COMPENSATION Land in Fee: (area sf) (unit value) Easements: 20 TCE $25.00 16% $80.00 (area sf) (type) (unit value) (%) (area sf) (type) (unit value) (% - Improvements: sf sf $0.00 (type) (square feet) (unit value) sf /sf (type) (square feet) (unit value) Damages: Minimum Offer: $500.00 Map Sheet 11 of 73 Parcel: 9 Plan Approval Date: 6/19 Revision Date: N/A Worksheet Date: 7/17/19 RES-215 Rev 10-14 SUBJECT PARCEL 9 • r'c.'7kl'''Itl'*'i51;4'''S':'C''':';'*5e.r'''''.'2..'.-''''''•.,4::.,1'.:'.;;'i4''''IIPI''''''::'5':;. II'4'1:'''ll.'''''''ll':';'''F''''k''''''''°'g':'3:';';'Y''''''''j::::6''''1:::: ----IIIIIIIIII'''I':'-':''':''':''llilli''''':::':;'::';'‘.' S 1 Y itill:„.... 1 i i I . $ Il . , , , Ipr I 1 I 1 I I I I i 1 , 1 I Photo -mop, - LL! ., 'm i4 A' 1 Ff''''... •••••'•.,;,•'.....tet: "1 .-4',',.' ‘,,. .,l• . '''':''.'•'' •' Tiai . /(.. ,, ,,,:, ,,,....7,:y , ,,,...„ .....-... ...„,,, „.„...,,,_....7,. ..,. ,„.,,. ,,,.. „,,,,,,,,..,.:: . *A*.' 17'"'''. Li, '.,;:',- .., , 44 01., ;a' �4 df C . tt ky „y y„ �K 4. ice»^ ,�' rn Aerial Photo/Map • PFE PARCEL WORKSHEET - PARCEL 10 Project: City of Renton -Duvall Avenue NE Owner: Facilities and Operations Center Location: East side of Duvall Avenue'NE • Before Area: 110,642 SF After.Area: 110,642 SF Acquisition Areas: Fee: 0 SF TCE Easement: 1,903 SF (area) (type) (area) Current Use: Public Use-School Zoning: Multifamily(RMF) Highest and Best Use: Continued public use Effects of Acquisition: The subject consists of a rectangular-shaped vacant/heavily treed parcel located on the east side of Duvall Avenue NE.The proposed acquisition consists of a five-foot TCE along the westerly property boundary,a total of 1,903sf.The acquisition is necessary to allow contractors access to the site while constructing street improvements within the abutting Duvall Avenue NE right-of-way for a period of 24 months.The TCE is valued at 8%/year,or 16%for the full term.Project maps indicate clearing and grubbing will be located entirely within the existing right-of-way,though access to the TCE area on the subject may be necessary. Sales relied on: Sales 8- 11 contained in data package dated: 7/17/19 Assessed Values: Land $0.00 /sf Improvements: Subject sold within the last 5 years No If yes,is sale included in data package? N/A ACQUISITION COMPENSATION Land in Fee: (area sp (unit value) Easements: 1,903 TCE $15.00 16% $4,567.20 (area sO (type) (unit value) (%) (area sf (type) (unit value) (%) Improvements: sf sf $0.00 (type) (square feet) (unit value) sf /sf (type) (square feet) (unit value) Damages: • Total(Rounded): $4,600.00 Map Sheet 11 of 73 - Parcel: 10 Plan Approval Date: • 6/19 Revision Date: N/A Worksheet Date: 7/17/19 RES-215 Rev 10-14 SUBJECT PARCEL 10 .:fl .ate • gas �y, .', x,: . .y • n,, „R ".� t �, F #' ',.:-:::;:, 'illk: '...,*, Photo �v s' �. C' kfflit7";,N . it.: '` Sara 1Y: ,' 4 .e t h til ,1 H :. ' 1,. ' at. ,-; . ini t 4, -- , Aerial Photo/Map l PFE PARCEL WORKSHEET - PARCEL 12 Project City of Renton-Duvall Avenue NE Owner: Robert Fricks Location: 1160 Duvall Place NE, Renton,WA 98059 Before Area: 78,843 SF After Area: 78,843 SF Acquisition Areas: Fee: 0 SF TCE Easement: 1,522 SF (area) (type) (area) Current Use: Single-Family Zoning: Multifamily(RMF) Highest and Best Use: Develop with SFR plat Effects of Acquisition: The subject consists of a rectangular-shaped parcel located on the east side of Duvall Avenue NE.The property is improved with a 710sf single family home constructed in 1934.The proposed acquisition consists of a five-foot TCE along the westerly property boundary,a total of 2,730sf.The acquisition is necessary to allow contractors access to the site while constructing street improvements within the abutting Duvall Avenue NE right-of-way for a period of 24 months.The TCE is valued'at 8%/year,or 16%for the full term.Project maps indicate clearing and grubbing will be located entirely within the existing right-of-way,though access to the TCE area on the subject may be necessary. Sales relied on: Sales 5-6 contained in data package dated: 7/17/19 Assessed Values: Land $867,200 $11.00 /sf Improvements: $1,000 Subject sold within the last 5 year: No If yes,is sale included in data package?, N/A ACQUISITION COMPENSATION Land in Fee: (area sf) (unit value) Easements: 1,522 TCE $20.00 16% $4,870.40 (area sf) (type) (unit value) (%) I � (area so) (type) (unit value) (%) Improvements: sf sf $0.00 (type) (square feet) (unit value) , • sf /sf (type) (square feet) (unit value) Damages: l - Total (Rounded): $4,900.00 • Map Sheet 11 of 73 Parcel: 12 ' Plan Approval Date: 6/19 Revision Date: N/A Worksheet Date: 7/17/19 RES-215 _ Rev 10-14.., SUBJECT PARCEL 12 �. �i i.` r .,, -1 y '•z?�"� f, g M » + fig 11 „A" .'� x•x .'„ „e tmay. .y �� _a R 7; .a.4, c"! •. W .-- YW" -• . -. •.- !` N)» Photo i: , * ,,, , , ::,.....,,,,.., I li arc ,^� re ¢ H ••yam.. ,.�„t °- y. _!" < v if 'U % * : `* ar ' y , • , " rya,+! =,mo. , p° w � ‘‘,. 47 littit; ti, t ., �{�• K Aerial Photo/Map PFE PARCEL WORKSHEET - PARCEL 14 Project: City of Renton -Duvall Avenue NE Owner: Randall Chun Location: 4628 NE 12th Street, Renton,WA 98059 Before Area: 15,673 SF After Area: 15,398 SF Acquisition Areas: Slope/ Fee: 275 SF Wall/Utility Easement: 404 SF (area) (type) (area) Current Use: Multifamily(Four-Plex) Zoning: Commercial (CA) Highest and Best Use: Continued use of existing improvements Effects of Acquisition: The subject consists'of a rectangular-sliaped lot located at the'northwest corner of Duvall Avenue NE and NE 12th Street.The site is improved with a 3,268sf four-plex constructed in 1981.The proposed acquisition consists of a small,triangular-shaped fee taking in the southeast corner of the property,a total of 275sf;a five-foot strip along the easterly property boundary that will be encumbered with a permanent wall,slope and utility easement,a total of 404sf.In addition to the fee and permanent easement acquisitions,an additional 5-foot strip will be encumbered with a TCE to allow contractors access to the site while street improvements within the abutting Duvall Avenue NE right-of-way and for construction of a retaining for a period of 24 months,a total of 437sf.The TCE is valued at 8%/year,or 16%for the full term.Project maps indicate clearing and grubbing will be located entirely within the right-of-way/proposed permanent easement area.The removal of two trees is anticipated. Sales relied on: Sales 7-9 contained in data package dated: 7/17/19 Assessed Values: Land $329,100 $21.00 /sf Improvements: $257,900 Subject sold within the last 5 years No If yes,is sale included in data package? N/A ACQUISITION COMPENSATION Land in Fee: 275 $40.00 $11,000.00 (area sf) (unit value) Easements Slope/ , 404 Wall/Utility $40.00 50% $8,080.00 (area sf) (type) (unit value) (%) 437 TCE $40.00 16% $2,796.80 (area sf) (type) (unit value) (%) Improvements: Trees 2 $1,000.00 ea $2,000.00 • (type) Value (unit value) sf /sf (type) (square feet) (unit value) Damages: Total (Rounded): $23,900.00 Map Sheet 11 of 73 Parcel: 14 Plan Approval Date: 6/19 Revision Date: N/A Worksheet Date: .7/17/19 RES-215 Rev 10-14 SUBJECT PARCEL 14 kil » R. tea + s• ti,..v*,":..... . a r r'sJ i , _ r.. - , ill rx' �: 1 � U : ' n a x t"• _ '.' ", ,,,rp' „. .. ,'.fir a hre Photo N7. r rt,,, , ._,,,,ifi .. . ., ,._ ...:: , ... [ ---, 1 a , r 7y K Aerial Photo/Map PFE PARCEL WORKSHEET - PARCEL 15 Project: City of Renton-Duvall Avenue NE Owner: Highlands Plaza Location: 4601 NE Sunset Boulevard, Renton,WA 98059 Before Area: 235,626 SF After Area: 235,626 SF Acquisition Areas: Slope/ Fee: 0 SF Wall/Utility Easement: 2,912 SF (area) (type) (area) Current Use: Commercial/Retail Zoning: Commercial(CA) Highest and Best Use: Continued use of existing improvements I , Effects of Acquisition: The subject consists of a rectangular-shaped lot located on the west side of Duvall Avenue NE and south of NE Sunset Blvd.The site (together with abutting parcels)is improved with a grocery-anchored neighborhood center/strip mall and associated parking constructed in 1982.The proposed acquisition consists of a five-foot wall,slope and utility easement along the easterly property boundary,a total of 2,912sf.In addition to the permanent easement,an additional 5-foot strip will be encumbered with a TCE to allow contractors access to the site while constructing street improvements within the abutting Duvall Avenue NE right-of-way and utilities/retaining wall at the subject for a period of 24 months.The area of acquisition is improved with asphalt/curbing at two driveway locations,several mid-size to large trees and extensive juniper and small shrub landscaping.It is our understanding the trees will not be removed;groundcover juniper will likely be removed and not replaced.Asphalt pavement and curbing will be replaced if removed/impacted. Sales relied on: Sales 7- 12 contained in data package dated: 7/17/19 -Assessed Values: Land $4,476,800 $19.00 /sf Improvements: $0 Subject sold within the last 5 years No If yes,is sale included in data package? N/A ACQUISITION COMPENSATION Land in Fee: (area sf) (unit value) Easements Slope/ • 2,912 Wall/Utility $35.00 50% $50,960.00 - (area so) (type) (unit value) (%) 4,820 TCE $35.00 16% $26,992.00 (area so) (type) (unit value) (%) Improvements: Juniper 7,732 sf $5.00 sf $38,660.00 • (type) - (square feet) (unit value) sf /sf . (type) (square feet) (unit value) Damages: Total(Rounded): $116,700.00 .Map Sheet 11 of 73 • Parcel: 15 Plan Approval.Date: 6/19 Revision Date: N/A Worksheet Date: 7/17/19 RES-215 Rev 10-14 I - • oA X ' IT I. . .'_ �i t �,�" YF - T I *It' : 4 ''' = o Ai I :::1 ' �'4.,b 1• 1. , .0 t 1 I no '�� • jam. ' R.�.• M1`. �✓ ° 3�_ r tic W }• U vJ. '� CI— I Ut. 1.,,, \ + r W CO D V) PFE PARCEL WORKSHEET - 16 Project: City of Renton- Duvall Avenue NE Owner: Kaba Investments Location: 4637 NE Sunset Boulevard, Renton,WA 98059 Before Area: 28,385 SF After Area: 28,385 SF Acquisition Areas: Slope/ Fee: _ 0 SF Wall/Utility Easement: 309 SF (area) (type) (area) Current Use: Commercial/Retail Zoning: Commercial (CA) Highest and Best Use: Continued use of the existing improvements Effects of Acquisition: The subject consists of a retail pad site located at the southwest corner of Duvall Avenue NE and NE Sunset Blvd.The site is improved with a 2,796sf restaurant constructed in 1982,currently occupied by Starbucks.The proposed acquisition consists of a five-foot wall, slope and and utility easement along the south/easterly property boundary,a total of 309sf.In addition to the permanent easement, an additional 5-foot strip adjacent to the permanent easement will be encumbered with a TCE to allow contractors access to the site while street improvements within the abutting Duvall Avenue NE right-of-way and for construction of a retaining for a period of 24 months,a total of 637sf.The area of acquisition is improved with trees and groundcover landscaping.It is our understanding the trees will not be removed and other landscaping will be replaced if disturbed.The acquisition area is immediately adjacent to a drive-thru;project engineers reported the drive-thru will not be impacted by either the permanent easement or TCE. Sales relied on: Sales 7-9 contained in data package dated: 7/17/19 Assessed Values: Land $667,000 $23.50 /sf Improvements: $714,900 Subject sold within the last 5 years Yes If yes,is sale included in data package? N/A ACQUISITION COMPENSATION Land in Fee: (area sf) (unit value) Easements Slope/ 309 Wall/Utility $60.00 50% $9,270.00 (area sf) (type) (unit value) (%) 637 TCE $60.00 16% $6,115.20 (area so) (type) (unit value) (%) Improvements: _ sf sf (type) (square feet) (unit value) sf /sf (type) (square feet) (unit value) Damages: _ ' Total (Rounded): $15,400.00 Map Sheet 11 of 73 Parcel: 16 Plan Approval Date: 6/19 Revision Date: N/A Worksheet Date: 7/17/19 RES-215 Rev 10-14 • SUBJECT PARCEL 1 6 _0, ‘gt '-',,t ,,; ,,... ,,,v „ -,..,...,,,,, . ':-...,-.., t.:!.. .,'..,,....,:-:.'1"., -...--,•% ,t,....., ki. . -*,''... -::,.t.:.,,tAii.,-, ;-,..e....-..- ' • , - ' ,. . • ' A • , 4''''i:J.!..,,. '". ' ''',.‘s: ' ',, ',:'*""..t,".'''',-. ,.. .4''''::: ‘, ' :,•./.1... -::':—.; . ....j"?.. 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A v I_ ...— EXISTING PROPERTY LINE "" " -, �j m1 O 102305-9303 ' MIELDE&HEINZ• 0 32,67D , :848 ON''' IIl —- CONSTRUCTION LINE' . ox30S3D3 7n 01020E-9080 • ESSEX PROPERTY TRUST -],691 ],691 ~ MUSE 12STH STROM9 PROPOSED RIG -WAY • Mlei4e&Heim ' • -. 1 STA 52+19.50,70.00'LT- '"' PROPOSED PERMANENT EASEMENT O". 143J65 0120 :BUTA SHARON L+PETER M' 19,912 .. .. 146 . 19:91 2 V:" 2 .. I . .. Z . STA 51+80.00 70.00'LT. n STA 52.19.35,48.4707;- ,'-- • • ,, \\\\� CONSTRUCTION EASEMENT 0 '143J6 5-0130 ;WHNEC ONNIE V 1914E 366 29,14E • .. . . \ Ibt+:4.�.1..444 PROPOSED LICENSE TO CON O STRUCT 143765-0140 ZABLEIOHN L . 15,326 "' " :460 •15,326 STA 51+80.00,48A9LT s • WHI TTAKER SMART D+ • ..50+OF0 .-51+00 :.52+00. 53+00 :54+00 S5a00 .56+00 O6 103]65-0150 SUSAN D 15,198 420 15,198 ... .. -i —I-—�-�--._I—- -.}—-~-i ,_--i 230 SIA1 .. .. O . .. O 1d3765-0 RAYMONO 183;435. 2,]30 83A35 . .. ' D-LINE .. m .. .. .. .. ..- ... ... .. .. ... ." .. .. 1023 2 NG + 1482E 20 14,82 .. ... ...- .. DUVALL'AVEN LIE NE .... w .. .0 .- "' .. .9 OS-911 UYEN KNOA DUY . KIIMANH 5:... 1 ° ' 10230E-9277 'FACILITIES&OPERATIONS CTR 110,642 1,903 110,642 / ' I _• ' 12 102305.9081 - TRICKS ROBERTE SR' ' 78,843 :1,522 - ' 78,843 G. I "' "' '" 'I. .. 14 516970-0095 15,673 ,437 8 „ .. CHUM RANDALL KIN BEU+EVAT ,, .27E 40415 39 -• .. ... .. .... -. .. 450-0050 HIGHLANDS PLAZA 626 ,".. 2, 20 ". " ,•. PLAN .. 15149 ';HIGHIAN "' "235, 917-:' ,d,e 235,626 D 50 100 0 .516970-0032 KABA INVESTMENTS,SIC"' 28,38E • 309; :637 ':25,385 • 6.1 ' P• • C •STA 893+18 -•" •T AL ARFAOBTAINED FROM KIND ASSESSOR RECORDS -yN P •w .... \.:'": I, y: .....-... „iW Z I • 3 1 I: Dc U EN . _ I in . . D VALLAVENU1.888a37 889+00 890+00 891+00 892+00 897+00' 894a00 E ","" ,... s -••STA891.87.39,41.00RT^�-8TA 893olS.55,d1.00RT I-501436 0 PC STA 897+29.11. -" "" : "' . - p • tV tea__ 897+00 PT STA 899.2411 p • o .. .. --dddd ... `v ... . . - STA 893+74.32,47.90'R,T''' PT STA 895+14.36 ��- 898+00.' - - .... / .... 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'. - : •_ `-N6'225.4]"E L=j STA91740021,MART • • WI 191 • • S1697Dn075 STA 92fi+39.1];44.50'RT _- __ 102 10 n �I ^1, 1332 DUVALL AVE NE 08059 STA 926+39.17,52.50'RT 3ns92 12 oney Creek Apartment w. n "' bl • - STA 927..4420,50.43'RT • o :: ... :.FeGIRIes Si Oeeradom CTR p, : .. - . 1Dmos"9o91 "" ; I'e^ „. 60 DW4LLFL 'PLAN - .� SCALE IN FEET .I DRVEYEO., ", .... .. DUVALLAVENE ""• OHUVUNGrvo. RW2 ,_.• o , . '. - - oR4Lvx 9r;K "' �'0 NE 7TH'PLACE TO NE SUNSET BOULEVARD; "" PROJECT NO 9141n9D4s • G� DESIGN BY: DVS b����.. 4Ry. 1M Parametrix 90%REVIEW SUBMITTAL DR CITY RR�aIOHF^R DIVISION RIGHT-OF-WAY PLAN FED NO No.: DEPARTMENT. �j NOT FOR CONSTRUCTION .NOT . STA 9D3+00 TO END PRQIECT DATE: ,UrvF:o19 n REVISION DEscRIPnD Br AP; 043E �� • FILEI u a1779o9saw dw8 =-e•N+N- Br. DATE SHEET20F2" sNEErrvo _ .. . . . . . . . .. .. .. C. .. .. .. COMPARABLE SALES DATA • • • • • Valbridge Property Advisors i Puget Sound J: .19-0196 Duvall Ave NE PFE-Copyright©2019 • Market.Data - Comparable Sale 1 • (1)ADDRESS or LOCATION: 2415 NE 22nd Street NE,Renton,WA 98056 (2)SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE (3) a. Access: Direct from NE 22nd Street b.:: Use at Sale: Vacant c. H&B Use: Single-Family d. Zoning:: : R8 e. Dimensions: Rectangular f Site Area(sf): 7,945' ' g. Sale Date:. . 3/4/2018 • h. Price:: : $312,000 i. Instrument Type: Warranty Deed j. . Terms: :.Typical k. Ex.Tax#or AF#: E2976142. I. Seller Sami Said m. . Buyer: Brian McIntosh n. ...Confirmed with:. . Nader Nessim • . . . Phone#:. .. . 206-941-4918 . o. Confirmed by: Matthew Sloan :. p. Date Inspected:,_ 7/10/19 (4)LEGAL DESCRIPTION or TAX PARCEL NUMBER: 225320-0006 (5)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.):: :: a This is the;,March 2019 sale of.a SFR lot on the south side of 22nd Avenue NE in the Kennydale Hill neighborhood.of Renton.The site:is rrelatively narrow,but with adequate width and depth for development.All utilities are available. • b. Confirmation Data and Comments:' . The property previously sold,in early 2018 for.$285,000. •: (6)ANALYSIS: ITEM • Contribution Market Value Land: - $312,000 $39.27 Building Improvements:. $0 $0.00 Site Improvements: . . . . $0 • • $0.00. Other: $0 .. . $0.00;. TOTAL SALE PRICE,$/SF $312,000 : •' : . $39.27 COMPARABLE SALE 1 f e. ft R �y ..�' C . • t . r"" ..dd."a#r" x z . 5 * ?s; ote . � ,,, �,'A `r" six Cry "„r i,Pry aF " „` tic � ' a s i` a, , fia-pro_:.,. ,'*•^" c=.� S3;»,.< Photo a L.RyL3 F / _ Y r ',Rk i" �.. . eilill g ....... ..' A' � �" ilw/"°'°""",fit Aerial Photo/Map • Market Data - Comparable.Sale 2 • (1)ADDRESS or LOCATION: 12026 155th Avenue SE,Renton,WA 98056 (2)SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE (3) a.• Access: Direct from 155th Avenue SE • b. ..Use at Sale: Vacant. c: H&B Use: Single-Family d. Zoning: R4 e. Dimensions: Rectangular • f.. : Site Area(sf): . 10,726 . g. . Sale Date: .. 7/31/2018 h. Price: $260,000 i. Instrument Type: Warranty Deed:.. :. j. Terms: Typical k. :: Ex.Tax#or AF#: E2944863 I. Seller. Halgreen Family Trust • " m. Buyer. Anh Luu . . ... • n.• • Confirmed with: Adria Krall Phone#: 206-226-4029 o: Confirmed by: Matthew Sloan p. Date Inspected: 7/17/19 (4)LEGAL DESCRIPTION or TAX PARCEL NUMBER: 935330-0960 • • (5)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.): a This is the July 2018 sale of a;SFR lot on the east side of 155th Avenue SE in East Renton.The site is ; one of several recently platted lots.The site is of a typical size and with sufficent width and depth for development.All utilities are available. • b. Confirmation Data and Comments: (6)ANALYSIS: ITEM Contribution Market Value Land: $260,000 : $24.24 .. Building Improvements: ._ $0 $0.00 • Site Improvements: . . • . $0 Other: . : $0 .$0.00 TOTAL SALE PRICE,$/SF $260,000 $24.24 COMPARABLE SALE 2 ..a¢. 1-it.,4ii ....,- , .a:r -. ,� , ion .. ti.., l .+ � � i' 'M 4 ---) 'y .4, 4,.E q Y ty ..r j „:�'-',��"r• wb�"Jt'cif ,•"# y ,.,. K,�, a Y T?. Jp • A. f - ' •Tlfau" ..- �' ,' '' - y. r ♦r q'. ,;... ii-, .,-„,„,,,,,,,,,...„- - , ,, .. ,..., ,, - -, - ,.- k ., ,,..,-,„ „ „,,.,^ .• Photo j 4 � '; . t. 5. (Sn *" ,^ .ask * Aerial Photo/Map • • Market Data - Comparable.Sale 3 • (1)ADDRESS or LOCATION: 5214 NE 24th Street,Renton,WA 98059 (2)SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE (3) a. Access: Direct from NE 24th Street b. Use at Sale: Vacant c: H&B Use: . . Single-Family 9 Y d. Zoning: R4 e. Dimensions: Rectangular f. : Site Area(sf): . 8,374 • 9. ' Sale Date: 5/7/2018. h. Price: $291,000 i. Instrument Type: Warranty Deed. j. Terms: Typical .k. Ex.Tax#or AF#: • E2928698 • I. Seller. Diane/Randall Hayes m. Buyer: Sierra Homes n.• Confirmed with: Cindy Merritt • ' Phone#: . 425-830-6286 • o. Confirmed.by: . Matthew Sloan . • p. Date Inspected: 7/17/19 (4)LEGAL DESCRIPTION or TAX PARCEL NUMBER: 606140-0210 (5)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.): a: This is the May 2018 sale of a development lot on NE.24th Street in Renton.The site is level,at-grade . .. and situated near the end of a dead-end cul-de-sac.The property was purchased by a developer that is nearing completing of a SFR on the site. • b. Confirmation Data and Comments: • • • (6)ANALYSIS: • ITEM Contribution Market Value Land: $291,000 $34.75 • Building Improvements: $0 $0.00 Site Improvements: .. . $0 .. $0.00 Other: . . . • . $0.. $0.00 TOTAL SALE PRICE,$/SF . $291,000 $34.75 COMPARABLE SALE 3 u.' ?/ .1.00 „q` Pw L +R r • ,-,..0 .. 4 . — r `�� {'x+,+ a.4,, a ,, '`.' ..*.— tiw- " ' '`'* v ,; . } nw. ,.....,a+ ,,e a Photo r'~ rE4 z' , + ' : sit .b1'? t 'IC': :, ' +14,..4'2. l'ill."ri;),. ii,•ir el,' I '. , i ,,,,,,- . , . 14.E y < � �� y'qY'� 4 F 110:. -, ...- �,, i t. ; w tory •fir $ ;..; ) ,�G am.. • ,�1�� V 4 l « b' x v n oif rF Aerial Photo/Map • Market Data - Comparable Sale 4 (1)ADDRESS or LOCATION: 5202 NE 24th Street,Renton,WA 98059 (2)SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE ' (3) a. Access. Direct from NE 24th Street b. ..Use at Sale: Vacant c. H&B Use: .. . " Single-Family 9 Y d. Zoning: : R4 e. Dimensions:. ' Rectangular .. f. Site Area(sf): . 9,306 • g. Sale Date: .3/30/2018 h. Price: $225,000 i. Instrument Type: Warranty Deed:.. ': j. Terms: Typical k. Ex.Tax#or AF#: E2921818 I. Seller. Tudy Curtin m. Buyer Sound Built Homes n. . _Confirmed with: Cindy Merritt Phone#: 425-830-6286 o. Confirmed by: .. Matthew Sloan . p. Date Inspected: 7/17/19 (4)LEGAL DESCRIPTION or TAX PARCEL NUMBER: 606140-0230 • (5)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.): This is the March 2018 sale of a development lot on NE 24th Street in Renton.The site consists of a a. corner lot that is level and at-grade.The property was purchased by a developer that plans to construct a new SFR on the site:The property was heavily treed at the time of sale. • b. Confirmation Data and Comments: • • (6)ANALYSIS: ITEM Contribution Market Value • • Land: $225,000 Building Improvements: $0 $0.00 Site Improvements:. . $0 $0.00 . ... .. • Other: $0... • .$0.00 .. : • TOTAL SALE PRICE,$/SF $225,000 $24.18 COMPARABLE SALE 4 F 4' ''';•• ',,,;': .-,...„_,,,,4:::,,,i''''' '1.41 . < ..'.!:•\*.tiiii;, to,;,-*,,^.1;°, ,7'40.,74.. .:-4-....104. -‘1Z• 4; , ,'; 4r.,''''- .,4**, ---, fe -..r.4,,'-s -,...'- : ,,-..;,„,., .N' ' '''''. .i, '4,;01,44it ,44.146.'''•4 ,h. , ,.,,,,, ,', .4;'''',,ti,'''-1.7 4 44, .. l^ 4e•'Y m.•- t o - Y.; b m. r+•s 4. 1. Photo 1. ' ^tom µ 'l4 , ' ,�, • 4 Ip r eC ..P' 4 + r '` , 4�,�1 Aerial Photo/Map • • • Market Data - Comparable.Sale 5 • • • (1)ADDRESS or LOCATION: 1128.Chelan Ave NE,Renton,WA 98059 (2)SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE " • (3) a. Access: Direct froni'Chelan Avenue NE with additional frontage on Duvall Avenue NE' b. ..Use at Sale: Vacant,interim structures c: H&B Use: .. .. .. .Single-Family d. Zoning: - : . R8 .. e. Dimensions: Rectangular f. Site Area(sf): . 50,965 g. Sale Date: ,2/28/2019 h. Price: $800,000 i. Instrument Type: Warranty Deed:. . j. Terms: Typical • k. " Ex.Tax#or AF#: E2975483 I. Seller. New Hope Development m. Buyer: Renton School District n. Confirmed with: Sue Liew Phone#: o. Confirmed.by: Diane Quinn .. . .. p. Date Inspected: 11/5/18 (4)LEGAL DESCRIPTION or TAX PARCEL NUMBER: 102305-9249 • ' (5)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.): a; This is the February 2019 sale of a 50,965sf residential development site located between Chelan Avenue NE and Duvall Avenue NE.The property was purchased by the Renton School District based an appraisal:According to the broker of the prior sale,a porton of the property is impacted by a,small • sensitive area resulting in a usable area of about 35,807sf equating to about$22.34/sf. • b. Confirmation Data and Comments:" The property previously sold in late 201i7 for$700,000. • (6)ANALYSIS: • ITEM Contribution Market Value Land: $800,000 ' $15.70 Building_Improvements: • $0 $0.00 Site Improvements: $0" $0.00 Other: $0. $0:00 TOTAL SALE PRICE,$/SF $800,000 $15.70 COMPARABLE SALE 5 ‘ff.,-F., - , .•,;',14,,,, T. , 41 t ,,.' ,' t• %* , 1 ' . ,• '• , :4.?,•,4r. ...'•',;•",-'"‘• ','• ''''. ' ''-, . ;A::::i''''', . * ''''''.: '. ' ----1,,,.•::,..:...1.....1,,.. . . .. . • .. • , -4.... ., :1 , ,......, . . . .. N''. . .. .., . . ,. .. .. *r •t, - . ,,,,i,•;,'',i,....,,, ' ,4',.'..,,' ,' ilf , .... ..„,., t, .. . ... ,• ,,.• "• Tr. ' *''' . ., ,,,. ..., .....,,,,s, .,„,' -'-''' *•..,' i,,, ....',,,:',4.47„,' ..f•- 1' .,:,:. -h' ,...• '7;t,;,......-,.E.:-.,...1 ,.....' -.„. '. ..,' . .. . . Photo .,..-.--. ... .. .. . .. ..,. , , ' . _ , ,,„ . ' ',' ,5 AM, , dir - ., , .. ... * .,. ; . ,. . . , ... .. ... 4''' ,,,' ' '..' ' '1 •.,,,.0 ,:-.,,,' .1111111ki 1-, t".,' ....., -"'' '.."' , -,--ir..',. 4 .4•11'Arne ' l':,' I ,-,.:','''',:i''. '' ' ''''' ', ' ...:-2.;,', , -..;'.' . ', *' '„IL . ,,,3! . ..-,,,,'..,„, ,:'1,-,,'';.,1‘lt.i.y''. "' '''. 1 '-1.-:i'i•II''':-.',.-'• 'a, ' - • ' ' '''''' ' '' : :'' .. tfll;,,- '4 ''' ''.1:,..‘ “4'.,-. '- . 1...' '''.' ,...tibm. :t t. 4 y..6'..It',',,., ..i. -'' , .j.,,1 ''',"•;""!-'-" .,,,,,,..C. 7 0:iik.,::'' k,''.i.,,,,i.',.',:4''',: ', ...:.1,j",,,,:i,„:killit;',.,.::..,;'?. ''.; .'''''' 1 ' .ti .'. ' -7411ilfil-.'47,. .-•°‘'. ,,-.0:,',".;.-t,`,..,, '-' ,., l''.'-',',:'::4, .'-;;;').:,;-' ...;,..'....'.;,-'''', .3..4. , ' -- ,.;r.4-07`-;''4„f,..:47,:-'.-. ' ' : i4('': 1. I...-.-•- ''' `'‘,: '..."-..„:,, - -•'''' • , ...114;."44:,-4-. ,%-..-•- ''''''.- ''''---*"- • ,;' '-40;''-"'•'1*; 4 - 4i. * ''''.-.:';',:',,,,,•:::, .411.; ,'74 .,at..4, il .-..,,,Alir '-'-', . "''''. ...., Ill ,' .„.,..... ''7 if /1°' 'V . . **''',4,-,:::1':,•;:':'i'''': .''''' ''' ' , , .• ,"'"" '.:.''''' '.....`% ''.:'" A: 1 '• .,',, ''''' ' : , ;;;,,:,'",',,'•::* i ?' '' '44"-. 1 ',,,,C,"" '''.•• ''''''''''"'..,`'4i'''''':'''''''.' '''''' Aerial Photo/Map • Market.Data - Comparable.Sale 6 .. (1)ADDRESS or LOCATION: 5008.NE 2nd Street,Renton,WA 98059 • ' (2)SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE (3) a. Access: " " Direct from NE 2nd Street b: : .Use at Sale: Residential c :: H&B Use: . Single-Family. . d. Zoning: : R8 • e. Dimensions: _ Rectangular f. Site Area(sf): . 50,112 • g. : Sale Date: .. .6/1.5/2018 h. Price: $930,000 • i. Instrument Type: Warranty Deed. . .: :. • j. Terms: Typical :. k. Ex.Tax#or AF#: • E2936513 I. Seller. -: Norman Green m. Buyer: Xavier Crossings LLC n. - Confirmed with: ..• Chris Foster " .Phone#: 425-218-1932 o. Confirmed by: . • Diane Quinn. p. Date Inspected: 7/17/19 (4)LEGAL DESCRIPTION or TAX:PARCEL NUMBER: 152305-9219 (5)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.): a: This is the June 2018 sale of a residential plat site located at the northwest corner of NE 2nd Street and Hoquiam Avenue NE.The site was improved with an older SFR that was considered of no or only minimal;contribution.The site was purchased by a developer for five or six-lot short plat. ::; • • b. Confirmation Data and Comments: • (6)ANALYSIS: " ITEM Contribution Market Value • Land: • . .. $930,000 $18.56 Building Improvements: $0 • $0.00 Site Improvements: Other: $0. $0.00 : • TOTAL SALE PRICE,$/SF $930,000 $18.56 COMPARABLE SALE 6 • ^ .,:' ► .s y A �.'" 11 :�. _ • YAM f !ft L.. 1 t �. Z, i` i mw - a_ r1 t is f Photo ' ' iatlf,-***1.77 ; ' " . , ., illitkilL:4',...,ii: '2, . ...,,, . ''.-1. ;. # °$ �° . it w. S' S w, ttr ��. d � _N ` T �M is �S ,T 1:i. .,2�{!0, v .� , +r"^7"`,y.., .,-..+a v.+c j+i w iik _aiit.. Aerial Photo/Map Market.Data - Comparable.Sale 7 (1)ADDRESS or LOCATION: 4502 NE 4th Street,Renton,WA 98059 (2)SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE • (3) a. •Access: " Direct froniNE 4th"Street - " " b: ...Use at Sale: . Residential c: H&B Use: .. .. Commercial. . -- d. Zoning: : CA e. Dimensions: Rectangular g • f.. Site Area(f):s 24,095 ::g. I; Sale Date: .. •3./23/2018 - h. Price: $400,000 . i. Instrument Type: Warranty Deed, j. Terms: Typical • k. • Ex.Tax#or AF#: E2920323 I. Seller. • Yuhan Luo m. Buyer: ."= :: 4th Creek Meadows n • Confirmed with: . Forest"Gu " • Phone#: . 425-999-3008 O. Confirmed by:. Greg Goodman. • . • p. Date Inspected: 7/17/19 . (4)LEGAL DESCRIPTION or TAX.PARCEL NUMBER: 102305-9068 • • (5)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.): • The property is located a on the northeast corner of the intersection between NE 4th Street and • Bremerton Avenue NE. The site is rectangular in shape and generally•level. At the time of the - purchase,,the property was improved with an older single-family;residence that was considered_to be , • of no contributory value: Subsequent to the purchase;the buyer has commenced planning for the redevelopment of the site with 24-unit apartment building. b. Confirmation Data and Comments: (6)ANALYSIS: ' ITEM Contribution - Market Value . $400,000 $16.60 Building Improvements: $0 $0.00 Site Improvements:. - ' . $0. $0.00 Other: : $0.. . :.$0.00 . . : TOTAL SALE PRICE,$/SF $400,000 $16.60 41 �� �' 4 �'a4 k� � `III �` �:� � '� as • A. Fi' CL . h E •.,a � / -. LAJ I • Market Data - Comparable.Sale 8 (1)ADDRESS or LOCATION: 254 Union Avenue NE,Renton,WA 98059 • ' (2)SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE ' (3) a. Access: " ... Direct from Union Avenue NE b. Use at Sale: Residential H&.B Use: .. . Commercial d. Zoning: CA • e. Dimensions:. Rectangular f. Site Area(sf): . 73,694 g. : Sale Date: .. .2/21/2018 h. Price: $1,550,000 i. Instrument Type: Warranty Deed j. =Terms: Typical .. k. Ex.Tax#or AF#: E2915647 • I. Seller. :. Four Seas Group m. Buyer: :.- Wwx2 Limited:LLC.: n. Confirmed with: Henry Ung Phone#: , . 206-941-3652 o. Confirmed by: .. Matthew Sloan • . . • p. Date Inspected: 7/17/19 (4)LEGAL DESCRIPTION or TAX:PARCEL NUMBER: 518210-0011,-0012,-0014 15)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.): • The property is located on the east side of Union Avenue NE,south of Ne 4th Street The property, which is comprised of three separate,but contiguous tax lots,is mostly.rectangular to slightly irregular in shape and mostly level. At the time of the purchase,two of the tax lots were improved with older single-family residences and associated outbuildings. These structures were,however,considered to be of no contributory value. Subsequent to the purchase,the buyer has commenced planning work - for the removal of the existing structures to make way for redevelopment of the site with a mixed-use. The rear portion of the site has slopes and may be impacted by a stream buffer,resulting in a net usable area of about 50,000sf,with equates to about$31/sf. b. Confirmation Data and Comments: (6)ANALYSIS: • ITEM Contribution Market Value • Land: $1,550,000 $21.03 Building Improvements: . . $0 $0.00 Site Improvements: . .. $0. . $0.00 ... . ' Other: • $0.. .• . . ..$0.00 TOTAL SALE PRICE,$/SF $1,550,000 $21.03 COMPARABLE SALE 8 '4 Jc,v w t , , z eri W t'; f }, fi y s 4,1 �<k �� .:• ..L fW t� F Photo iiii E.,..,_,-- ; ,,i : , , v.,, _:.';'-j'r.1 l'''I'''''''' , ..- ,, • Ph ' • -' .A. , 4 . ., AJ A 1& se,........ ,.Ac1Wri f r,.__ ti F Y s4 d °"FFFPPP ^ 1 _., x Aerial Photo/Map . . . • . Market Data -Comparable.Sale 9 (1)ADDRESS or LOCATION: 3123 Sunset Blvd NE,Renton,WA 98056 (2)SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE (3) • a Access: • Direct from NE Sunset Blvd aand NE 12th Street b'. ..Use at Sale: • Car Wash • :c: : H"&.B Use: .. .. '" "Commercial/mixed-use ' i..'. d. Zoning: .. : CV :. : .. e. Dimensions:: Irregular . .. I. Site Area(sf): 17,059 . .::g. : Sale Date: 10/13)2017 h. Price: .• $940,000 . • : . : : i. Instrument Type: Warranty Deed::., : : .. :: , .:. .j. Terms: Typical k. ."Ex.Tax#or AF#: ' E2895168 f' "' I. Seller. • John/Cheri'Zavaglia: : m. Buyer. • : Kiddie Research:LLC ' n- Confirmed with: Tom Graff • Phone#: 206-441'-7900 : • • ' o: Confirmed by:.. '" Greg Goodman. .. " �... p. Date Inspected:" 7/17/19 . • (4)LEGAL DESCRIPTION or TAX PARCEL NUMBER: 04.23 0 5=91 5 5 (5)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.):" This is the October 2017. sale:of a somewhat irregular shaped corner lot at NE:12th Street and NE Sunset Blvd.The site is level and-at grade with all utilties available.The:property was developed with an older car wash considered to be:of,rip contributory value.The:buyer plans to develop th_e;site,with . . . :a day care. • . b. Confirmation Data and Comments: . . (6)ANALYSIS: ITEM Contribution 1 ,Market Value Land: $940,000 $55:10. . Building Improvements: $0 . .. :_ '$0.00 .Site Improvements:. .. . $0. .. .. $0.00 .:. ... . : Other: : $0.. $0.00 . TOTAL SALE PRICE,$/SF $940,000 $55.10 . COMPARABLE SALE 9 12 to. $r '%AI. -TeVoitlik it ar `_ 22aa r T t1 4 ,� a — 2me::—.-:---"' ----- _.„----,--o._.„ it- ,. , ,,,, Photo ,,,, -, //I/ "''.. ,, .'''r' ;7=i''' ., , , ..,::'___,/ : .....t. 3 yLf ,, . . f 'yam. ,,,,,r ..„ ,N., -,N, • ...... : . , • • . ,,„4- y 1'. :1 .x -� Aerial Photo/Map • • Market Data - Comparable Sale 10 . (1)ADDRESS or LOCATION: 515 Industry Drive,Tukwila,WA 98188 (2)SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE " '(3) a. :Access: Direct from Industry•Drive and Andover Parkway b. :..Use at Sale: Vacant. c: H&B Use: .. Commercial/mixed-use • d. Zoning: TUC e. Dimensions: Rectangular/Square - •• f.. . Site Area(sf): 140,202. . : . .. :g. :: Sale Date: . .1/4/2019. . h. Price: • $6,200,000 i. Instrument Type: Warranty Deed: . ' j. •Terms: Typical . k. • Ex.Tax#or AF#: E2969048 . I. Seller. . Myong&Young LLC • m. Buyer • Tukwila Hotel Group • n. Confirmed with: •• Jason Rosauer . Phone#: . 206-296-9608 • o. Confirmed.by: . •Andrew Sarff . p. Date Inspected: 7/19/19 (4),LEGAL DESCRIPTION or,TAX PARCEL NUMBER: 022340-0070 (5)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.): ' This is the January 2019 sale of 3.22 acres of vacant,undeveloped land in Tukwila for$6,200,000. The a. TUC TOD-zoned(Tukwila Urban Center Transit Oriented Development)property has all utilities: : • available to the site and is supportive of commercial,mixed-use,multi-family,and/or office: : ••: ' development. The site is located east of Interstate 5;south of Interstate 405,and west of the . • Duwamish River. The property is level and cleared with no known environmentally sensitive areas. The site was previously developed with an office building which was demolished in 2008:Subsequent to sale,:onsite construction has started for the 177-room Element Hotel.The property was listed at. $6,700,000. b. Confirmation Data and Comments: The property previously sold in July 2013 for$2,550,749.The buyer of that transaction planned a large : •spa for the property,which ultimately fell through. • (6)ANALYSIS: :. ' ITEM Contribution Market Value ; Land:• •. $6,200,000 : $44.22 ' • Building•Improvements: . $0 • $0.00 Site Improvements: . .. • • $0 . . $0.00 .. Other: •$0 : $0.00 • . • TOTAL SALE PRICE,$/SF '$6,200,000 $44.22 COMPARABLE SALE 10 ; ', �, 3 ' rt4+r it" '", . • s, y 11 ...✓ *,qe_....,.n r. . -,.. ,. r",�-. .••v-I'Irw�YMf,.,Y.t«� Photo 4" l „� 11 • III erne kF ��^ yy dig 1~ :� t•1 J +. ` * ' • ' .., � I . .'1 Y --- - -'J7 Aerial Photo/Map • Market.Data - Comparable.Sale 11 (1)ADDRESS or LOCATION: 4500.Talbot Road S.,Renton,WA 98055 • (2)SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE (3) . a.. .Access: Direct from Talbot Road . • b. Use at Sale: Vacant : ::c. - H.&B Use: .. -Commercial/mixed-use . d. Zoning: • CO e. Dimensions:' •• Irregular ' f. Site Area(sf): 212,573.. g. : Sale Date: 6/4/2.018 h. Price:. . . .. :. $4,500,000 . . i. Instrument Type: Warranty Deed. . . . .. . ..Terms::: : .. Typical .. k: .Ex.Tax#or AF#: E2933275, I. Seller. John C.Radovich LLC m. Buyer. . . . Weatherly Inn Renton LLC n. Confirmed with: Nick Radovich:.:. . . . . • Phone#: 206-267-6060 • o. .. Confirmed by: Mary Hamel , p. Date Inspecte .' 6/27/18 (4)LEGAL DESCRIPTION or TAX PARCEL NUMBER: 022340-0070 . (5)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.): • a. This is a 2018 purchase of two tax lots totaling 4.63 acres located on the east side of Talbot Road S.in Renton.There is a large multi-family apartment complex located to the south of the site and a .. .. . . • medical/office'complex to the north The lot has a gradual slope to the east the buyer and seller of the , .. ., . site indicated that approximately.20%of the property was of limited:utility due to slopes.The:site:had previously been'improved with a 2,110sf residence built in 1966;the onsite improvement was completely removed,from:the site before the sale.,The:site is currently under construction with a 2- _ -- building,117 unit senior living center,called Weatherly Inn.Net usable area is about 170,058sf. • b: Confirmation Data and Comments: . ... .. . .. ..... .. . • (6)ANALYSIS: ITEM. . Contribution Market Value Land: . $4,500,000 :$21.17 Building Improvements: ... .. . .. • $0 . • .. $0.00 . . . .. .. . . . . . . .. ' Site Improvements: $0 $0.00 . _ Other . $0 .: . .$0.00 TOTAL SALE PRICE,$/SF $4,500,000 . . • • $21.17 • - , COMPARABLE SALE 11 w t ' . y1 . ..i _.v to . A. ilio,. .. ....,-t.„-t,,..,0-Asirriti . 4..-4...--- ,- - - ' . 6 Photo i,. �` ,, lc ."` . ' , ,,' ir 4 '''' -- -1-,-_' . ,:t tt. 114.p, I tiv‘.--t Ilt ' -r lip ,,,,,,,, 41. . _., - ..;i, _ i • ' ,-,4 diviiit.,,1 , 'Or :,;:i;0, ',... 4.,,,,V:.:1 Iligi , ,,....1 ._ .'•::,.. ...... ,-*•-•,':- ... ';n . . , , ; (..f 4 1,:' ,:4 ;' r 4,Nii ' ♦ to i Arr.,. 4. - r - . • , , q, ' �. * ' s "� S _. Aerial Photo/Map Market Data -Comparable:Sale 12 , (1)ADDRESS or LOCATION: 13120-1313-1 Newcastle Commons Parkway,Newcastle,WA 98059 "" • (2)SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE • (3) . a Access: Coal Creek Parkway/Newcastle Commons Parkway b. Use at Sale: Vacant . c: H&B Use: .. Commercial/retail . .:::: .. .... .. . . d. Zoning: .. MUR • .. e. Dimensions•: Irregular ' f. Site Area(sf): 94,525 . Sale Date: 1/24/2017 h. Price: $3,500,000 . . .. . i. Instrument Type: Warranty Deed j. Terms:...: .. . . _ . Typical. . .. . . . k: . Ex.Tax#or AF#: E2845658 . . . I. Seller. . . •. .. . • Newcastle Joint Venture "' ' : m. Buyer. Newcastle Retail Group n. Confirmed with: Rick Hart . :: : . .• . Phone#: 425-462-6985 :o. :: Confirmed by: Karen:Pooley p. Date Inspected: 6/27/18 (4)LEGAL DESCRIPTION or TAX PARCEL NUMBER: 272405-9006,-9040,-9099 • (5)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.): ' This is the January 2017sale of 2.17 acres of land located in Newcastle.The propertyis located off of, a. • 132nd Place SE,to.the•north and south of Newcastle Commons Drive and to the east.of Coal Creek . .. . . Parkway SE.The land is zdned Mixed Use Residential(MUR).The land sold for$3,500,000 or$37.03/sf. • b. • , Confirmation Data and Comments: (6)ANALYSIS: ITEM::. Contribution ;Market Value Land: $3,500,000 $37.03 Building Improvements: • "" ..... $0 $0.00 Site Improvements: . : $0 . . $0.00 " ' ' Other:• $0 . ... . , TOTAL SALE PRICE,$/SF $3,500,000 . . $37.03 •.• . .. COMPARABLE SALE 12 d ii • � 1. *b' S'.=aF ' .' \*." -- .. '" ''. -.Sill, f sr. ..-„,ir.,- . ..,,,iiii-ALlivilith,,,i *N, ,,I.6.. 9 yj.* ,,,7.*, , „ ii*. , f,11, n Mk "k y6,,� ,^. et., w_ac „�f. 4111 �a a 1001, 4! } x`�y tya• + N. P � - gy "« y jf R* , /',,� ir , V.' . t *. a Aerial Photo/Map . Qualifications -of Matthew C. Sloa.n, MAI : Director::: :: . . . . . • Valbridge Property Advisors I Allen Brackett:Shedd Experience . ..::: :: . . . . : Principal—Allen Brackett Shedd(formerly.Bruce C.Allen&Associates) Involved in the real estatefield:since April 2000. Appraisal experience. includes a wide variety of appraisal::assignments, including commercial, industrial and residential "real estate, easements, . condemnation, and sensitive properties: Appraisal assignments:include work throughout the Puget Sound,Region, including:King, Pierce,Snohomish, and Kitsap:Counties. Education - .: - University of Washington;:Seattle, Washington:: : . Commercial Real Estate Certificate; a nine-month :interdisciplinary program of specialized:subject study including commercial real estate development, valuation, insurance,' risk management, and . . .. .- business and real estate.law. Completed June2006. City University,Seattle, Washington: . p .a project. age e : Bachelor of Science in Business Administration, em hasls in ro ect.mana ement. Completed June 2005.. Appraisal Institute/North Seattle Community College, Seattle, Washington: . .. .. Completion of: various appraisal: and other real estate courses, re uired for state licensing and towards MAI designation.: Representative Client List Government :.City of Federal Way:::: :: ; : :Snohomish County City of Kent .•:. . .. .... .. . . .. Sound Transit.... ,. . . City of Redmond Community Transit • - City of Seattle Port of Seattle ' :.City of Leavenworth • :City of North Bend • King County :. Washington State Department of Transportation ' Pierce County. Sea: ttle•Public Schools' . ...Private Sector. . ..... . . . . . . . ...:. . . Graham & Dunn Prestori:Gates & Ellis . . ... Foster Pepper CH2M Hill. . . . . ..... . ..Pharos Corporation: : LaBonde Land:. " David Evans and Associates Universal.Field Services Puget Sound:Energy Perteet Engineering • ParametriX. . . Overland; Cutler&.Pacific" • State Certification Number—General: 27011-1101655 Expiration:: 03/04/20 :. (Revised 03/05/15) Valbridge Property Advisors I Puget Sound .19-0196 Duvall Ave NE PFE-Copyright©2019 :i . . .... . . .