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HomeMy WebLinkAboutValbridge 2 •!P) valbrlclge
PROPERTY ADVISORS
i1�1
Project Funding Estimate
Duvall Avenue NE Corridor Improvemen
Renton, Washingtonts
Date of Value: July 17, 2019
rs._ a 6
7T.
1
Y
FOR
RES Group NW
Ms. Sonja Davis
Seattle624S., WashingtonLanderStreet 98134#202
Valbridge Property Advisors
506 2nd Avenue, Suite 3200
Seattle, Washington 98104
(206) 209-3019
valbridge.corn
Valbridge Job No.: 19-0196
Corporate Office kit://a Va I brid e Smith Tower2927 Colby Avenue 18728 Bothell Way NE 419 Berkeley Avenue
506 2nd Avenue Suite 100 Suite B Suite A
Suite 3200 Everett,WA 98201 Bothell,WA 98011 Fircrest,WA 98466
+':'�. PROPERTY ADVISORS
" ' Seattle,WA 98104 425-258-2611 phone 425-450-4040 phone 253-274-0099 phone )110
Puget Sound 206-209-3016 phone 425-252-1210fax 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 CORRIDOR
IMPROVEMENTS 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 Corridor Improvements 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
(f),,,,s-tA-R,,,,. V
‹-gx71,1--•
Matthew C. Sloan, MAI
•
Enclosures .
Valbridge Property Advisors I Puget Sound Page ii
19-0196 Duvall Avenue NE PFE-Copyright©2019. : .
PROJECT FUNDING ESTIMATE_; • ` '
Client
The client for this assignment
ssignent is Ms. S D onjaDavis with RES'Group NW, on behalf:of the City of Renton:This . `
.. i 9 P.. ..
' report is authorized for use by.theclient, as well as.the:City.of Renton and 'its agents, re resentatives,:and ': ::
• - :legal counsel.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 ac uisitions less than 25 000..Su ortin documentation concerningthe data
y pP k. . Pp p 9 p ,
9 . . 9analyses-
p p Y q • I ; .,.
.: 'reasoning, and anal ses is-retained in the appraiser's file.The:de th of discussion contained:in this re ort
, , :is:specific to the needs of the client and for the intended use:stated above. Use of this report b .an
Y Y. : :
' ••• - 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. Bel ause of. the older-age of the.improvements and . •
:sporadic areas of new development on abutting lots, a lariety of street frontage improvements exist,with
.. basic shoulders and ditches abutting older of• .undeveloped parcels and more typical :
.
.. curbs/gutters%sidewalks constructed .by developers or. . by agreement with: .the. City fronting: newer '
:development. . : .. I i'
The Duvall Avenue NE Improvements Project will resurface the older asphalt/concrete road coverings,
install safety median's 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 im rovements will be i
9 9 . . j tY P i'. :
constructed within the existing right-of-way, but four parcels will be impacted with fee acquisitions and/or i
:permanent easements. Most of the impacted .parcel .si have.Temporary Construction: Easement (TCE).
acquisitions to allow contractors..access to abUttingj private properties for construction purposes.
j .
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 will be removed, which:is considered in :
our analysis.
,i
I
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..• •Valbridge Property Advisors i Puget Sound ': , :Page 1
19-0196 Duvall Ave NE PFE-Copyright©2019:.: : . •
,
PROJECT AREA MAP
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Valbridge Property Advisors 1 Puget Sound Page z
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 1437650140 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 516970 0095 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
In analyzing the properties,the consultants completed the following:_ :
• Ins ected the subject properties(exterior only).
Analyzed historical: and current information about the subject's neighborhood:or competitive
neighborhoods;in 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 Assessors 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;of2019. The properties were
inspected on numerous subsequent 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'
inspectionsor: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 is as 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 simple interest 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 I
An easement is defined as follow'§: :
• 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:.j
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 4
19-0196 Duvall Ave NE PFE,Copyright©2019:.: . . . . . ...
•
Special Assumptions .
•
Hazardous Materials . .
9 g. presence :absence uj P p
No information re ardin the or of hazardous waste on anyof the subject properties
.. was provided.This analysis assumes the absence of any and all hazardous waste on the. subject properties. I
P P
Thevaluations contained in this report well,be im acted if significant hazardous.waste.is'found to be �'
present on a subject property. ... 1
.
Critical Areas { _ ::
project
. . p . I .
There:does not appear to be anysensitive areas.within the ro'ect area, such as wetlands or steep.slopes;
P J ... . p Y Y q q 9 Y
and we have assumed:no.im acts to sensitive.areas. If Subsequent information si nificantl .conflicts with
• . . this assum tion; an ad'ustment.to the analysis maybe be.re required. ,
City of Renton Overview
The subject ro erties ro'ect are'located in the RentonHighlands area of the City :Renton was
/p ... of Renton
incor orated in 1901.and growth-over the .was often fueled b . eo le Migrating to the area to work .
P 9 yearsYP P 9 9 j,
in:the booming wartime industries. In 1940, the.Boeing Company built a new manufacturing plant at the 1'
.
south end oLLake Washington, and :this remains:one Of:the city's primary economic engines to date.
. Renton.continues Ito be an important center of employ,nent; providing over:50;000 jobs, roughly half in . . : ::
manufacturing. The..downtown area remains fairly lively, with activity centered- on government and :
• • service-related.including City_Hall and the Renton LibraV. Much of the downtown retail and commercial
activityhas;been displaced bylocal malls and shopping centers.Tenants in the:downtown core tend:to be
. P
. • :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.• • . . .. . . . . . .
Two large projects in Renton have been completed over the last several years, with the most noteworthy '
. . . :being.the large multi-use project"The Landing.".Developed by.Harvest Partners,this.is.a $300 million,46-. ..
acre urban•village] style shopping;.center immediately at the south end:of.Lake Washington. It.was • I
•developed on Bo jing surplus property and has approximately 800,000sf of retail shops and restaurants
� . .. .. l . (mostly ) p project d.
and over 1,000 residential:units most) towrihomes and condominiums . It is ex ect'ed::that this ro ect I
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 . .. .. 1
1
- Seahawks Training Facility:along the eastern shores of Lake Washington'in north Renton.Situated on 19
acres of industrial land that was former) a tar and creosoteplant the has 200,000sf;:which
Y :building
: : makes it the second largest in the NFL The property was developed by Vulcan Real Estate and opened in
:summer 2008.
j
.
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,iwith apartments and commercial uses including a grocery-anchored strip center and j
Starbuck's at the north end. .: �'
From The Appraisal of Real Estate,Thirteenth Edition,2001,Appraisal Institute,page 85.
,I
Valbridge Property Advisors I Puget Sound • :• . Page 5
19-0196 Duvall Ave NE PFE-Copyright©2019:•: .. .. .
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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:
r
v
0
4 if
- CA R-4
40
RM-F R-8
L
4 R-8 R-8
)
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 I 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 provides suitable 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
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 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:
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
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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 case the easements are similar in nature and have a similar impact on the remainder
property. We conclude an easement discount of 50% of fee value for the proposed utility/retaining wall
easements.
Temporary Construction Easements (TCEs)
The project includes acquisitions 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 has not been provided, it is our understanding that the contractor's actual
onsite time will be intermittent over of about 1-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 1-year use period. An annual rent for the TCE areas is
calculated based on a rate of 8%.
Valbridge Property Advisors I 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 the proposed
acquisitions.With regard to special benefits, those properties that will be ready for redevelopment in the ..
near-term may be specially benefitted by the'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.
Valbridge Property Advisors I Puget Sound Page 10
19-0196 Duvall Ave NE PFE-Copyright©2019: : .. .
•
CERTIFICATION •
I,the undersigned,ido hereby certify that,to the best of my knowledge and belief:.
• 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, impartial, and unbiased professional analyses,:opinions, and
conclusions. •
• I have not performed services regarding the subject property within the three years immediately
precedingacceptance 9 •
recedin of this assignment
personalp p popproperty thatj p
▪ I:have no interest, either resent or prospective in the ro ert is the subject of this report, and I'
• no 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 completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result,or the.occurrence'of a subsequent
event directly related to the intended use of this appraisal. ?
• 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.
• No one provided significant real property appraisal assistance to the person signing this certification,
with the exception of the person(s) shown on additional certification(s), if enclosed.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by its
duly authorized representatives.
• As of the date of this report, I have completed the continuing education program of the Appraisal
Institute.
•
j I
III
Matthew C. Sloan, MAI •
State Cert.#27011-1101655
,,
•
•
Valbridge Property Advisors I Puget Sound Page 11
19-0196 Duvall Ave NE PFE-Copyright©2019. • •
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ADDENDA
Valbridge Property Advisors I Puget Sound
19-0196 Duvall Ave NE PFE-Copyright©2019
•
•
•
PROJECT FUNDING ESTIMATE WORKSHEETS
•
•
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•
d .
Valbridge Property Advisors I Puget Sound
19-0196 Duvall Ave NE PFE-Copyright©2019
,i
PFE PARCEL WORKSHEET - PARCEL 2
Project: City of Renton-Duvall Avenue NE Corridor Improvements
Owner: Excess 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 12 months.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 sf) (unit value)
Easements:
641 TCE $10.00 8% $512.80
(area sf) (type) (unit value) (%)
(area sf) (type) (unit value) (%)
Improvements:
None sf /sf _ $0.00
(type) (square feet) (unit value)
(type) (square feet) (unit value)
Damages:
Total(Rounded): $600.00
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
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PFE PARCEL WORKSHEET - PARCEL 3
Project: City of Renton- Duvall Avenue NE Corridor Improvements
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 12
months.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 $70.30 /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 8% $292.00
(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): $300.00
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
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PFE PARCEL WORKSHEET - PARCEL 4
Project: City of Renton- Duvall Avenue NE Corridor Improvements
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 12 months.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 $70.77 /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 sf (unit value)
Easements:
366 TCE $25.00 8% $732.00
(area sf) (type) (unit value) (%)
(area so) (type) (unit value) (%)
Improvements:
sf sf $0.00
(type) (square feet) (unit value)
sf /sf
(type) (square feet) (unit value)
Damages:
Total(Rounded): $800.00
Map Sheet 10 of 73 Parcel: 4
Plan Approval Date: 6/19 Revision Date: N/A Worksheet Date: 7/17/19
RES-21S
Rev 10-14
SUBJECT PARCEL 4
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PFE PARCEL WORKSHEET - PARCEL 5
Project: City of Renton- Duvall Avenue NE Corridor Improvements
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 12 months.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 8% $920.00
(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): $1,000.00
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
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• PFE PARCEL WORKSHEET - PARCEL 6
Project: City of Renton -Duvall Avenue NE Corridor Improvements
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 12 months.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 so) (unit value)
Easements:
420 TCE $25.00 8% $840.00
(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:
Total(Rounded): $900.00
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
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PFE PARCEL WORKSHEET - PARCEL 8
Project: City of Renton-Duvall Avenue NE Corridor Improvements
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 12 months.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 sf) (unit value)
Easements:
2,730 TCE $15.00 8% $3,276.00
(area sf) (type) (unit value) (%)
(area so) (type) (unit value) (%)
Improvements:
sf sf $0.00
(type) (square feet) (unit value)
sf /sf
(type) (square feet) (unit value)
Damages:
Total (Rounded): $3,300.00
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
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• PFE PARCEL WORKSHEET - PARCEL 9
Project: City of Renton -Duvall Avenue NE Corridor Improvements
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 12 months.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 years 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 8% $40.00
(area sf) (type) (unit value) (%)
(area sp (type) (unit value) (%)
Improvements:
sf sf $0.00
(type) (square feet) (unit value)
sf /sf
(type) (square feet) (unit value)
Damages:
Total(Rounded): 5100.00
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
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PFE PARCEL WORKSHEET - PARCEL 10
Project: City of Renton -Duvall Avenue NE Corridor Improvements
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 12 months.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 year! No If yes, is sale included in data package? N/A
ACQUISITION COMPENSATION
Land in Fee:
(area so) (unit value)
Easements:
1,903 TCE $15.00 8% $2,283.60
(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:
Total(Rounded): $2,300.00
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
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PFE PARCEL WORKSHEET - PARCEL 12
Project: City of Renton-Duvall Avenue NE Corridor Improvements
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 12 months.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 8% $2,435.20
(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:
Total(Rounded): $2,500.00
Map Sheet 11 of 73 Parcel: 12
Plan Approval Date: 6/19 Revision Date: N/A Worksheet Date: 7/17/19
RES-21S
Rev 10-14
SUBJECT PARCEL 12
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• PFE PARCEL WORKSHEET - PARCEL 14
Project: City of Renton-Duvall Avenue NE Corridor Improvements
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-shaped 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 12 months,a total of 437sf.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 year! 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)
Easement! Slope/
404 Wall/Utility $40.00 50% $8,080.00
(area sf) (t)1e) (unit value) (%)
437 TCE $40.00 8% $1,398.40
(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): $22,500.00
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
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PFE PARCEL WORKSHEET - PARCEL 15
Project: City of Renton-Duvall Avenue NE Corridor Improvements
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
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 constructec
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 12 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;groundcoverjuniper
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 year! 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 sf) (type) (unit value) (%)
4,820 TCE $35.00 8% $13,496.00
(area st) (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): $103,200.00
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
SUBJECT PARCEL 15
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Aerial Photo/Map
• PFE PARCEL WORKSHEET - PARCEL 16
Project: City of Renton-Duvall Avenue NE Corridor Improvements
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 12
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 S23.50 /sf Improvements: $714,900
Subject sold within the last 5 year. 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 8% $3,057.60
(area sf) (type) (unit value) (%)
Improvements:
sf sf
(type) (square feet) (unit value)
sf /sf
(type) (square feet) (unit value)
Damages:
Total(Rounded): $12,400.00
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 16
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PROJECT MAPPING
•
•
•
•
Valbridge Property Advisors I Puget Sound
19-0196 Duvall Ave NE PFE-Copyright©2019:.
RIGHT-OF-WAY LEGEND: RIGHT-OF-WAY TABLE
• ---- EXISTING RIGHT-OF-WAY PARCEL TAX PARCEL NO. NAME TOTAL AREA• R �ME T.C.E. REMAINDER
• ' --- NO. ACQUISTION EASEMENT
• O •
-- EXISTING PROPERTY LINE
•
1 a I I 1O 1023059303 MIELDE&HEINZ 32,670 848 32,670
it I - CONSTRUCTION CENTER LINE -
1x7wSEx314THi5T93as9 1I I I - O 6649500130 BARHUDARIANYULIYA& 7691 641 7,691
F 1 l _ :.._.I PROPOSED RIGHT-OF-WAY ARTHUR
N • MI•Ida&Mello l
f STA 52N9.50,]0.08LT - I PROPOSED PERMANENT EASEMENT 0143765-0120 BUZA SHARON L♦PETER M 19,912 146 19,912
V •
STA 51.80.00.70.00'LT 1
ui iA1\Jl_e\��]1�11 PROPOSED TEMPORARY
Z \ ♦ STA 5209.35.48.471T CONSTRUCTION EASEMENT O - 143]65-0130 WHITE CONNIE V 19,145 366 19,145
STA 55+76.88,49.01LT�
\III SO 143765-0140 ZABLE JOHNL 15,326 460 15,326
STA 51 80.00,48.49 LT
---- --- - - WHITTAKER STUART D.
---- - fi --143765-0150- SUSAN D - 15,198 ---- -420- -'-15,198- --
50.00 51400 52.00 53900 54800 55+00 56
1- 6.00 3 -
--4 -I- -�--�-- - -~ O 0143]65-0250 BOSANN IOSIF 46,978 1,164 46,978
D-LINE - -
DUVALL AVENUE NE w 0143765-0230 SIA RAYMOND 183,435 '2,730 183,435
/- 1 " 0102305-9112 NGUTEN ASIA DUY♦ 14,825 20 14,825
KLMANH
1 10 302305-92]] FAOImES&OPERATIONS CTR 110,642 1,903 110,642
0 10230593]8 RENTONIEHOVANS 39,639 5,250 39,639
WITNESSES
•
PLAN 12 4,
, 102305.9081 PRICKS ROBERT E SR 78,843 1,522 78,843
SCALE IN FEET
_ 05169700075 HONEY CREEK APARTMENT 237,022 149 237,022
0 50 100
14 516970-0095 CHUN RANDALL KING 15,673 275 404 437 - 15,398
BEU.EVAT
0149450-0050 ARGO RENTON,LLC 235,626 2,912 4,820 235,626
s
\ \ `\ •
I6 5169700092 KABA INVESTMENTS,LLC 28,385 309 637 28,385
el Ns.
\` \\ PC STA 893+1864 •TOTAL AREA OBTAINED FROM KING COUNTRY ASSESSOR RECORDS
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2 T=-1__1_-1-_1 I 1
5-1 DUVALLAVENUE _-I__I_ I N
BBBN� 889M0 890W0 891w0 i 892w0 893w0 • 894p0 NE _II__
o > STAB91.87.39,41.00RT S •' ti 89Bw0� -_ 097.00 O
WI STA 893N5.55,17.08RT STA 893.dfi.18,d8.61'RT _ �PC STA 897429.11 /r PT STA 899.24.21
• ,�J` STA 893.]4.32,47.90'RT PT STA 895.14.36 �I� _�_998.00 099000 / 900400 901wo 902w0 90 M
a m : \m O"'1' �• • : STA 898.4531,41.00'RT �--�---I AAA -1
w = z 111 O R�Z�• STA 896M5.44,4850'RT C-LIN m
a I 4 47 seos9 q I I 1 6501xo • O �� STA 899.48.81,41.08RT a
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---- I , P.�.M aW6I D• 1.�1 3409 1 SLDwALLPLNE , I fl
E •I STA 893+15.41.46.0URT I I 41 L6ta Io6nL !I gates : BB O I-- 8
70 :' W6RukarSWartD 19 1DWALL EL NE94059 I yI I U
ISTA 89d.5008,4160RT jI •I .wnno •1� STA 897.2933.41A8RTNIav( I.
m 'I STA 900.52,81,4641.O1RT 143745ax3o
STA 895.53.17.41.00RT E STA 900+3731,4&OORT 9.payrnnnd
I STA 894.SO.08,48.61RT :i STA 895+53.50,46.08RT STA 897.29A2,46APRT I: Z 4- I I I I •I r__________,
= I I 1 STA 894.80.92,41.00RT I I: I
/ ' PLAN
STA894.78.98,4&OBRT STA899.61.81,46.DORT
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SCALE IN FEET Q�
0 50 100
E
7 E ,,R SURVEYED: •
DRAWING P..,: CITY OF RENTON DUVALL AVE NE CORRIDOR IMPROVEMENTS BA o. RW1
NE 7TH PLACE TONE SUNSET BOULEVARD PRaEa IO. 2201ndm5
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[NECKBO °D I'arametrix .90%REVIEW SUBMITTAL PUBLIC
WORKS ATIDNDNISIDN fEDNDNO.DESIGN 04 No7EDRmxn4unloN T RIGHT-OF-WAY PLAN
O �� ROIMGM CMS- NOT FOR CONSTRUCTION BY - BEGIN PROJECT TO STA903+00 SKEET NO. a BOF�NY 3
NUMBER REVIISIONDESCNPRON BY APP. DATE BA:Pun4nx9D45-RWAR0 =-r•-...- DATE: SHEET 1 OF 2 -
•
RIGHT-OF-WAY LEGEND:
- EXISTING RIGHT-OF-WAY
I I I I I ---- EXISTING PROPERTY LINE
I I I I I
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II F.,___ _ I PROPOSED RIGHT-OF-WAY
STA 904+24.01,4298LT I I I I PROPOSED PERMANENT EASEMENT
PROPOSED TEMPORARY
'-1 I STA 906.W,47.50.9TLT F- 1 I 1 I
K .I 0 1 .-1 I I I I ��CONSTRUCTION EASEMENT
W I 1 1 1 23637 305-915f1] I Z I I 1 I I - I I O
1P2i I i1 NamDEe4.ow ReM„n .J
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d STA 906.9126,4297LT
STA 90E+0626,42.9TLT O
0 0 I r 90y+0p �oswp 9 6+Oy _907900 Ir 908M0 909+00 910+00 911+00 (•• 912+00 913+00 �14+00 - 91 v+i
PI STA 906+4521 PI STA 900+3521J C-LINE : STA 912.93.10,41.5ORT Cr.
I- STA 905.78.3E,41.03RT PI STA 906+35.13 PI STA 908+6511 DUVALL AVENUE NE N
STA 91 92.98,4fiS0RT
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SCALE IN FEET 7�,1
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101BB91]3 661i STA 923+35.30,64.507T
I DUVALL AVE NE 9e059 I 1 STA 923+352fi.49507T 18
1 Renton leNcnN W,m toes ecu+EVAT 1 STA 9Z6+fi1.92,69.SDL7 �f.
1 HU STA 919+76A9 1 I •1 STA 923.70.30,04.50LT st49.Dws7
i 1 F fi5531T STA 920+62.83,49301T I STA 926H6A6,6950L7 IF 4.3T NE SUN*OI1O°93059 N
STA 919.55.01,41,791T I I STA 921+0530,56501TSTA B23+7030,99.SPLT STA 92fi+16.46,49.50LT PAeAlnvevne
STA 919+9221, I I• „nut \ GN
STA 919+2521,77.507T 49.50'LT I I STA 927+05.70,49.50LT STA 926+63.07,69.50LT \
O1� STA 917+7521,77.50LT STA 979+98.76, j1 ;1 15 . : STA 9Z6+63.48.44SOLT \
m 1 It 44.SOLT STA 921+70.30,56.50'LT •I 14 Ow STA 92fiKK.92,49S4LT
Q I1 \�ro�\\\\\\ STA920+0_5.r,I• �' STA 921.70.30,49.50LT wt NE SUNSET etv°9em9 1' STA 927+24.15,51.OB1T\ Q
o IWi1 1 �C\\\\\ 1VlL•l1l�lV. 'IS 9.50'LT e' ���r __ __ nRco Reeme tSt I 4STA 8A9'LT 24.28,
Q STA 917+24.48,42.541TJ TA 917+7521,42.50'LT N STA 920+..84,44.501T:i " e�i��e�� 4 STA 927+24.41,
F. Q STA 916+73.fi0,41.SORT STA 91g+49 ELT N38'42'40.49'E 41.1 B' STA 920+8205,39.501T '• N wt 41.09'LT
o' O STA 919+2521,42.50 1602.50
,,, u+j 00 916+00 917+00 918F00 0 I 920+00 92H0 -- y •• +p 924400 m - 2 STA 926.63.79,39501T 1 7.02,91.991T
'o .1 - q1 _�_ 1 922M0 r��23 0_�- e-3.A-925M0 ..�.�.�....... STA 92B
m PI STA 919+35.21 PI STA 919+91.70 C-LINE - _ s26wps7A 927+60A9,46.99LTw
42.OBRT : •--
DUVALLAVENUE NE /F/9�\-l.
w H STA 916+7359,40.5ORT ST 919+4961.47A7RT PC STA 924+W.62 PT 925+05.B6J 1... •y. .99 LT
i en ~ p 5T9 84p0,49
Z mM�� �'� lnly� jS�iljz\m1LR4t �S\ -------------------------
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PI STA 92E+63.9] ��-_�+_�92�00 _ g2y971
fi 27�00
STA 916+77S7.Si5PRT STA 917+0021,OBSORT STA 919+bd-09,429TRT u _ PI STA 917+5965
O 2 n w STA 919.6429.52.96AT 13 _
9. F STA 917+0021.515PftT STA 919+49.30.52060.Ts //77 -----
-
1 _ il~ STA 926+39.17,4450RT1//}-
Q 10 I ;I ALL AVE NE 94059 STA 926+39.17,52.50RTJ -�
SW305A2>7 12 Honey Creek AR.rm. �` \
STA 927.4428.50.4ORT
F.*I1usF60penvem OTR I 1O430S90e1 I I; \
., 1160UWALLPlNE 93059 II
1 ...MEV I \
% 1 I \
.n I I 21
PLAN Q\, I•
SCALE IN FEET J
I I 1 1
p® I
E
E ,,� SURVEYED.I �jv CITY OF RENTON DUVALL AVE NE CORRIDOR IMPROVEMENTS DRAWING NO, RW2
p NE 7TH PLACE TO NE SUNSET BOULEVARD PROTECT NO. 21417]e045
�o4�� DESIGN eV °p Parametrix 90%REVIEW SUBMITTAL PTpANS ORTA""°"° DWDNO.
[NECK e.: NOT CONSTRUCTION
RIGHT-OF-WAY PLAN
5 ROINI5R EMD NOT FOR CONSTRUCTION STA 903+DDTO END PROJECT DATE:E ND. 21°DFNF'�q
NUMBER REVISION DES0GPRON BY APP. DAZE Q� FILE-PU2141779ORR.90.a0R Y^A>- By: - - DATE' SHEET 2 OF 2
.C:OMPARABLE SALES DATA
: :
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1 1
.
11
•
I
.
•
•
•
Valbridge Property Advisors i Put ound •
.
.. .
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
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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 $0.00
Other: $0 $0.00
TOTAL SALE PRICE,$/SF $260,000 $24.24
COMPARABLE SALE 2
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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
d. Zoning: R4
e. Dimensions: Rectangular
f. Site Area(sf): 8,374
g. 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
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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
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 $24.18
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
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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 from 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 2017 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
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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: 6/15/2018
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: $0 $0.00
Other $0 $0.00
TOTAL SALE PRICE,5/SF $930,000 $18.56
COMPARABLE SALE 6
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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 from NE 4th Street
b. Use at Sale: Residential
c. H&B Use: Commercial
d. Zoning: CA
e. Dimensions: Rectangular
f. Site Area(sf): 24,095
g. 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.):
a.
The property is located 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
Land: $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
COMPARABLE SALE 7
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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
c. 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
(5)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,
a.
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
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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
d. Zoning: CV
e. Dimensions: Irregular
f. 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
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: 042305-9155
(5)PHYSICAL CHARACTERISTICS(description at sale,confirmation information,changes since sale,etc.):
a.
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 no contributory value.The buyer plans to develop the site with
a day care.
b. Confirmation Data and Comments:
(6)ANALYSIS:
ITEM Contribution 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
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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.):
a.
This is the January 2019 sale of 3.22 acres of vacant,undeveloped land in Tukwila for$6,200,000. The
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
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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: 6/4/2018
h. Price: $4,500,000
i. Instrument Type: Warranty Deed
j. 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 Inspected: 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,S/SF $4,500,000 $21.17
COMPARABLE SALE 1 1
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Market Data - Comparable Sale 12
(1)ADDRESS or LOCATION: 13120-13131 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
g. 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.):
a.
This is the January 2017 sale of 2.17 acres of land located in Newcastle.The property is located off of
132nd Place SE,to the north and south of Newcastle Commons Drive and to the east of Coal Creek
Parkway SE.The land is zoned 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 $0.00
TOTAL SALE PRICE,$/SF $3,500,000 $37.03
COMPARABLE SALE 12
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Qualifications of Matthew C. Sloan, MAI
Director
Valbridge Property Advisors I Allen Brackett Shedd
Experience. .
Principal—Allen Brackett Shedd(formerly Bruce C Allen &Associates)
Involved in the real estate field 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,ithroughout 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 June 2006.
City University,Seattle, Washington:
Bachelor of Science in Business Administration, emphasis in project management. Completed June
2005.
Appraisal Institute/North Seattle Community College, Seattle, Washington: '
Completion of: various appraisal and other real estate courses required 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 : Seattle Public Schools
Private Sector
Graham & Dunn Preston 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.