HomeMy WebLinkAboutBlack River Riparian Forest (Permanent Site Record) Appraisals - Lot 3&4 May 92 & Dec 93WASHINGTON APPRAISAL SERVICES, INC .
July 20, 1995
City of Renton
200 Mill Avenue South
Renton, W A 98005
Attn: Glen Kost
Resource Coordinator
Re: Appraisal Review
Black River Forest
WAS. 95-025
Dear Mr. Kost:
. BELLEVUE, WA. 98004·4289· (206) 453·1456
Fax (206) 453-2051
Per your request, 1 have reviewed an appraisal by Clifford H. Parrish, F.R.I.,R.I., of Lots 3,4 &
N1I2 Lot 6 Black River Industrial Park, Renton, Washington, with an effective date of December,
30,1993, (The title page. states "December 31,1993", however, December 30, is stated in the
body of the report). My review, as of this date, can be considered a "field review", since in
addition to scrutinizing the actual document, I personally inspected the subject and the comparable
properties on July 18, 1995.
The report generally conforms to the Standards of Professional Appraisal Practice, and the
Specifications of Standard Appraisal Reports of the lAC, with the following exceptions:
Designation
The appraiser does not have a designation that conforms to published
requirements.
Title Page
Owners name, address and phone number omitted.
Histo!)' of Conveyance
The appraiser utilized a three year time frame, rather than the ten years required
by lAC. ACC<)rding to TRW-Tips, the property was sold in 1988, for $1,415,700,
however, the description is not adequate to determine ifit included other property.
If this is a concern, a sales history should be ordered from a title company.
Legal Description
The body of the report states that the legal description is included in the
"Supporting Data", however, it was omitted. The Assessors Parcel Numbers
would have also been helpful. They are 132304·9012 (portion), 9088 & 9089.
Addenda
The Addenda contains no title report, or copy of the appraisers contract, as
required by lAC.
It is obvious that this report was not prepared with the specific lAC format in mind, however, it
is felt to be well supported, documented and complies with USP AP and accepted appraisal
. methodology and techniques.
Sincerely.
GWW/dlf
Enc:
W.A.S,p~S w_ ....... _ .....
. ,.
Review Appraiser Certificate
Project Name or No.: Black Riyer Forest Parcel No.: Lots 3. 4 & N 112 6
Owner's Name: Ist City Deyelopment. et. al. Address: Unknown
Renton. WA 98055
Property Address: Naches Avenue. Renton. Washington
The appraisal(s) submitted on this parcel(s) are as follows:
Appraiscr
Date of .
Valuation
Before
..Ynl!!£.
After
YI!lJl£
Value
Difference
Allocation
Acquisition Damages
C. H. Parrish 12·30·93 . $2,595,000 .(). 52,595,000 .()..
I, Garrett W. Waldner, MAl, certify to the following:
The above appraisal report has been reviewed by the Wldersigned and were fOWld to have followed accepted
appraisal principals and techniques in the valuation of real property in accordance with existing State law.
That the determination of value much is set forth below has been independently reached based on appraisals
and other factual data of record without collaboration or direction. That I have no direct or indirect present
or contemplated future personal interest in such property or in any benefit from the acquisition of such
property appraised. That I have personally inspected the property to be acquired and the comparable sales
applicable thereto.
07-20-95
Date
Concurrence and Authorization:
Just Compensation $2,595,000
Allocated Acquisition $2,595,000
Damages $ -0-
arr W. Waldner,
iew Appraiser
The City of Renton does here indicate the concurrence with the above certification and does authorize further
action by the stafT to proceed according to established procedures with the acquisition of the designated
property.
Date
W.A.5. 9s.<1lj
Wuhinitoo AppniJaI Servica, Inc . . ~
CERTIFICATE OF REVIEW
I, Garrett W. Waldner, MAl, SRA certifY that, to the best of my knowledge and belief:
the facts and data reported by the review appraiser and used in this
report are true and correct.
the reported analyses, opinions, and conclusions in this review report
are limited only by the assumptions and limiting conditions stated in
this review report, and are my personal, unbiased professional analysis,
opinions, and conclusions.
I have no present or prospective interest in the property that is the
subject of this report, and I have no personal interest or bias with
respect to the parties involved.
my compensation is not contingent on an action or event resulting from
the analyses, opinions, or conclusions in, or the use of, this review
report.
my analysis, opinion, and conclusions were developed, and this report
has been prepared, in conformity with the Uniform Standards of
Professional Appraisal Practice (USP AP) as adopted by the Appraisal
Standards Board of the Appraisal Foundation, and with the
requirements of the Code of Professional Ethics and the Standards of
Professional Practice of the Appraisal Institute.
I have made a personal inspection of the property that is the subject of
this report.
no one provided significant professional assistance in developing the
analysis or conclusions in this report.
I have the required knowledge and experience necessary to complete
this review competently.
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 requirements of the
continuing education program of the Appraisal Institute .
. Waldner, MAl, SRA
Certifi General Appraiser
L_~asK'la and Washington
WAS,9S-02$
Wuhinlton AppniaaI ScM:a.lnc . ...
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal has been made with the following General Assumptions:
1. No responsibility is assumed for the legal description .or for matters
including legal or title considerations. Title to the property is assumed to
be good and marketable unless otherwise stated.
2. The property is appraised free and clear of any or all liens or
encumbrances unless otherwise stated.
3. Responsible ownership and' competent property management are
assumed.
4. The information furnished by others is believed to be reliable. However,
no warranty is given for its accuracy.
5. All engineering is assumed to be correct. The plot plans and illustrative
material in this report are included only to assist the reader in visualizing
the property.
6. It is assumed that there are no hidden or unapparent conditions of the
property, subsoil, or structures that render it more or less valuable. No
responsibility is assumed for such conditions or for arranging for
engineering studies that may be required to discover them.
7. It is assumed that there is full compliance with all applicable federal, state,
and local environmental regulations and laws unless noncompliance is
stated, defined, and considered in the appraisal report.
8. It is assumed that all applicable zoning and use regulations and restrictions
have been complied with, unless a nonconformity has been stated,
dermed, and considered in the appraisal report.
9. It is assumed that all required licenses, certificates of occupancy, consents,
or other legislative or administrative authority from any local, state, or
national government or private entity or organization have been or can be
obtained or renewed for any use on which the value estimate contained in
this report is based.
10. It is assumed that the utilization of the land and improvements is within
the boundaries or property lines of the property described and that there
is no encroachment or trespass unless noted in the report.
WAS.9s..o2j
washiJwton AppraiI.aI Savic:a,lnc . . ~
This appraisal has been made with the following General Limiting Conditions:
1. Possession of this report, or a copy !hereof, does not cany with it the right
of publication. It may not be used for any purpose by any person other
than the party to whom it is addressed without the written consent of the
appraiser, and in any event only with properly written qualifications and
only in its entirety. .
2. The appraiser herein by reason of this appraisal is not required to give
further consultation, testimony, or be in attendance in court with reference
to the property in question unless arrangements have been previously
made.
3. Neither all nor any part of the contents of this report (especially any
conclusions as to value, the identity of !he appraiser, or the firm with
which the appraiser is connected) shall be disseminated to the public
through advertising, public relations, news, sales, or other media without
the prior written consent and approval of the appraiser.
4. No environmental impact studies were ordered or made in conjunction
with this appraisal investigation; therefore, no responsibility is assumed by
the appraisers for any factors which might be disclosed as the result of
such studies and thereby influence the opinions or values set forth in this
appraisal report.
In the absence of such studies, the appraisers hereby reserve the right to
review, alter, revise and/or rescind this report, or any part thereof, based
upon any subsequent environmental impact studies.
5. In this appraisal assignment, the existence of potentially hazardous
material used in the construction or maintenance of the property, or toxic
waste, which mayor may not be present on the property, has not been
considered. The appraiser is not qualified to detect such substances. We
urge the client to retain an expert in this field if desired.
6. This report is the confidential and private property of !he client and
Washington Appraisal Services, Inc. Any person or persons, other than
Washington Appraisal Services, Inc. or its client, obtaining and/or using
this report or its contents for any purpose not authorized by Washington
Appraisal Services, Inc. or its client, is hereby forewarned that all legal
means to obtain redress may be employed against such person or persons.
W .A.s. 9,S-Ol~
wahiJJitcn ApJniIIl Scnriccs, me . ...
QUALIFICATIONS AND EXPERIENCE
GARRETT W. WALDNER, MAl, SRA
State Certified Appraiser
State of Alaska -Certificate #M129
State of Washington -Certificate #270-11 WALDNGW600QW
EDUCATION:
Graduate Augsburg College
Majors: Mathematics, Business Administration
American Right-of-Way Association
Courses I, n, m
Standards of Professional Practice &. Litigation Valuation
SREA Courses n, VI, &. vm, 550
Various Appraisal, Finance, Economics Seminars &. Workshops
PROFESSIONAL ASSOCIATIONS:
The Appmisal Institute
MAl &. SRA -Chapter Officer 1975-1981, President 1981
National Governing Council 1981-1983, 1984-1987
Vice Chainnan Northwest Region 1986-1987
American Public Works Association
Homebuilders Association of Alaska, Inc.
Past State Vice-President
Alaska Landlords &. Property Managers Association
Past State President
Society of Real Estate Appraisers
Past President, Alaska Chapter
American Right-of-Way Association
Anchomge Board of Equalization 1977-1978
EXPERIENCE:
I 988-Present
1973-1988
1971-1973
1966-1971
1964-1966
Letlurer
President &. Senior Appmiser
President &. Senior Appraiser
Director, Urban Renewal
Real Estate Officer
Staff Appmiser
Anchomge Board of Realtors
Private Real Estate Schools
University of Alaska
Court Experience
Expert Witness
Washington Appraisal Se!vices, Inc.
Real Estate Services Company
Alaska State Housing Authority
Alaska State Housing Authority
Minnesota Department of Taxation
Master &. Arbitrator -Real Estate Valuation Proceedings
WAS.95-Q25
Waahinatan AppniaaI Scnicc&, Inc . . ,.
continued, Garrett W. Waldner, MAl, SRA
CLIENTS:
PROPERTIES:
ATTORNEYS:
Alaska State Housing Authority
Atlantic Richfield Company
Bank of st. Louis
Everett School District
First National Bartlesville, Oklahoma
General Electric Company
City of Auburn
City ofBarrow
City of Cordova
City of Homer
City of Kent
City of Kirkland
City of Kodiak
City of Lynnwood
City of Puyallup
City orRenton
City of Seattle
City of Sumner
City ofTulrnila
City ofUnalaska
City of Whittier
City of Woodinville
City of Yakutat
Clallam County
Houses
Service Stations
Shopping Centers
Bulk Plants
Mobile Home Parks
Public Facilities
Retirement Homes
William Bailey
Teena Killian
Steve DiJulio
Jeannette Cyphers
Livingston Wernecke
Apartments
C,ondontiniums
Office Buildings
Hotels &. Motels
Recreational Prop.
Nursing Homes
Airport Facilities
206-223-7021
206-223-6054
206-447-4400
206-525-6711
206-292-9988
INA Corporation
King County
Municipality of Anchorage
New England Fish Company
Northshore School District
Numerous Banks, Savings &. Loan Assoc.
Owen-Coming Fiberglass Corporation
Snohomish County
Standard Oil Company
Stanford University
State of Alaska
State of Washington -Attorney General
Tiger Investors Mortgage Insurance Co.
U.S, Postal Service
United States Steel Corporation
Westinghouse Corporation
Whitney-Fidalgo Seafoods,lnc.
Warehouses
Canneries
Retail Stores
Subdivisions
Tidelands
Marinas
W.A,S.9s.a2S
Wahinaton ApprIiMl Sc:rvic:a.1ne . ...
......
AN APPRAISAL
'. ~
OF
\
,
i LOTS 3,4 AND N 1/2 of 6 BLACK RIVER BUSINF.5S PARK
!
,
~ RENTON, WASHINGTON.
~
,
.-, I C.H. parrish Appraisal Services,Inc.
o , I
I
I
I
I
I AN APPRAISAL
I
I of the
I
VACANT LAND
I
I
LOCATED AT
I
BLACK RIVER INDUSTRIAL PARK
I RENTON,WA
I as at
I MAY 15, 1992
I
I Prepared For
I CITY OF RENTON
I by
Clifford H. Parrish F.R.I.,R.I.(B.C.)
I C.H. PARRISH APPRAISAL SERVICES INC
"~r,t~,..,~ ..... ..." .. ,~,"~~!1,,*,""""_'.ji",,~-q~.,,~.;~'" ~ .,' ~~:n:r.:~v.r,-?-, " I .
C. H. PARRISH APPRAISAL SERVICES INC
I CLIFFORD H. PARRISH F.R.I .• R.I.(B.C.)
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
city, of Renton
Parks. & Recreation
200 Mill Avenue South
Renton, Wa 98055
Att: Leslie Betlach
Dear Sirs:
Harold's Square. 153 Madrone Lane N,
Winslow. Bainbridge Island
, Washington 98110
Tel (208) 842-9055
Fax (206) 842-7489
8 June, 1992
In accordance with yout instructions, I have prepared an
appraisal of the above referenced property whose 'rax Account Number
is 132304.9088 and' is located in the City of Renton, in King county,
Washington. 'l'h,e purpose of this report is to express an opinion of
the Market·Value of the property as a fee s.tmple estate as if free
and clear ,of "all encumbrances. '
,I 1
In my opinion of Market Value , cons,ideration was given to all
pertinent data including market trends and economi.c and general
conditions affecting current market value. In the final analysis, the
subject property has an esti.mated Market Value as of June 1, 1992 in
the sum of:
ONE MILLION ONE /lUNDRED Mm FIFTY 'I'/IOUSAND DOLLARS
( $].,150,000.00 )
The appraisal includes both, th,e .land and any improvements at the
date of inspe,ction. It 'does not include any equipment, stock,
inventory, toqls, .furni ture, fixtUres or any 'other. items, movable. or
unmovable of a personal nature.
" Market Value, as used in this report, is defined as the most
probable pric!Ei ·which a property should bring in a competitive and ,
open'market :under all conditions requisite to a fair sale, the bUY,er
and seller.each acting prudently, knowledgeably and assuming the
price .is not affected by undue stimulus. The appraisal has been,
prepared in .conformity with Uniform Standards of Professional
Appraisal Practice as adopted by the Appraisal Standards Board of the
Appraisal Foundation as of August 9, 1990.
; . .
A person~l
was given to:
... "
inspection was made of the property and consideration
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Market Value, as used in this report, is defiried as the most
probable price which a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer
and seller each acting prudently, knowledgably and assuming the price
. is not affected by undue stimulus·. This appraisal has been prepared
in conformity with the Uniform standards of professional Appraisal
Practice.
A personal inspection of the property was made on February 3,
1992 and the photographs in this report of the subject were taken at
that time. consideration was given to: '
Location, size, topography, zoning and utility of the land
and its value as if vacant and available for sale and use.
Sales and asking prices of vacant and available land in the
area of the subject.
Interviews and conferences with property owners, property
managers, realtors, and appraisers and developers.
populationgrowth trends: industrial, commercial and
residentialdevelopment trends in the subject area.
This report consists ofQpages including:
A letter whiCh identifies the property, summaries the
results of th appraisal and certifies the conclusions
contained herein.
assumptions and limiting conditions.
A narrative section which contains local background and
economic data, a description of the subject property, a
discussion of valuation procedures and a conclusion of
value; and
An exhibit section which contains maps, site plans and
comparable sales data and other relevant exhibits.
We have not invetsigated the title to or any liabilities
against the property appraised.
y submitted,
C.H. Parrish Appraisal Services, Inc
Clifford H. Parrish F.R.I.,R.I.(B.C.)
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
1
'I
CERTIFICATION
I, the understand, do hereby certify that, except as
otherwise noted in this appraisal report:
1.
2.
3.
4.
5.
6.
7.
I have no present or
the real estate that
report.
contemplated future interest in
is the subject of this appraisal
,
That I have no personal interest or bias with respect
to the subject matter of this report nor to the parties
involved.
To the best of my knowledge and belief" the statements'
of fact contained in this appraisal report, upon which
the analysis, opinions and conclusions expressed herein
are based, are true and correct.
This appraisal report sets forth all of the limiting
conditions ( imposed by the terms of our assignment or
by the undersigned ) affecting the analyses, opinions
and conclusions contained in this report.
This appraisal has been prepared to the best of our
knowledge and belief,in accordance with the Uniform
Standards of Professional appraisal Practice as adopted
by the Appraisal Standards Board of the Appraisal
Foundation.
No one other than the undersigned prepared the analyses
conclusions and opinions concerning real estate that
are set forth in this appraisal report. The undersigned
has made a personal inspection of the property that is
the subject of this report.
In arriving at the analyses, conclusions and opinions
concerning real estate contained in this appraisal
report, we consulted with other appraisers, and hereby
acknowledge their professional contribution to the
analyses, conclusions and opinions concerning real
estate set forth in this appraisal report.
"
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
8.
9.
CERTIFICATION,continued
LIMITATIONS AS TO DISCLOSURE AND USE
Possession of this report, a copy, or any part thereof
does not carry with it the right of publication.
Disclosure of the contents of this report is governed
by the By-Laws and Regulations of the Appraisal
Institute.
Neither all, nor any part of the contents of this
report (especially any conclusions as to value, the
identity the appraiser or the firm with which he is
connected, or any reference to the Appraisal Institute,
or to the designations F.R.I. or R.I.(B.C.) ) shall be
used for any purposes by anyone but the client
specified in the report, without the previous written
of the Appraiser. Nor shall it be conveyed by anyone
to the public through advertising, public relations,
news, sales,or other media, without the written
consent and approval of the undersigned.
10. The value found by the appraiser is in no way
contingent upon the compensation to be paid for the
appraisal services.
Clifford H. Parrish F.R.I., R.I.(B.C.)
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
1.
2.
3 .•
4 .
5.
6.
7.
8.
9.
UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS
That the legal d'escription furnished to the appraiser is true
and correct.
That no survey was furnished to the appraiser.
That the title of the property appraised in this report is
good.
That no title evidence pertaining to easements, leases,
reservations or other parties-in-interest was furnished to the
appraiser.
The property is appraised as a fee simple estate.
The appraisal assumes good title, responsible ownership and
competent management.
No responsibility is assumed for matters which are legal in
nature, nor is any opinion of the title rendered herewith.
No guarantee is made for the accuracy of estimates or opinions
furnished by others and obtained in this report.
No liability is assumed in matters of legal character affecting
the property, such as title defects, encroachments, liens,
overlapping lines, etc.
10. Any liens or encumbrances which may now exist have been
disregarded, and the property has been appraised as though free
of indebtedness and as though no delinquency in payment of
general taxes and special assessments exist.
11. The values assigned to improvements, shown in this report, are
in proportion to the contribution said improvements make to the
value of the property as a whole.
o
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
12. compensation for appraisal services is dependent only upon the
delivery of this report.
13. The value found by the appraiser is in no way contingent upon
the compensation to be paid for the appraisal services.
14. Standard and accepted appraisal practices were employed in the
appraisal process.
15. In the event that the subject property enters into condemnation
proceedings, it is assumed the appraiser .will be given
additional time for court preparation.
16. No right is given to publish or reproduce any portion of this
report without the consent of the appraiser.
17. No earthquake compliance report, hazardous waste or asbestos
analysis was made or ordered in conjunction with this appraisal
report.
18. No engineering survey was made or ordered in conjunction with
this report.
19. Appraisal reports that contain a valuation relating to an esti-
mate in land that is less than the whole fee simple.estate are
subject to the following: "the value reported for such estates
relates to a fractional interest only in the real estate in-
volved and the value of the fractional interest plus the value
of all other fractional interests mayor may not equal the
value of the entire fee simple estate considered as a whole".
20. Appraised values that relate to geographical portions of a
large parcel or tract of real estate are subject to the follow-
ing: "the value reported for such geographical portion relates
to such portion only and should not be construed as applying
with equal validity to other portions of the larger parcel
or tract. The value reported for such geographical portion
plus the value of all other geographical portions mayor may
not equal the value of the entire parcel or tract considered
as an entity".
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
21. The appraiser assumes that a purchaser is aware that (1) this
appraisal on .the subject property does not serve as a' warranty
on the condition of the property, (2) it is the responsibility
of the purchaser to examine the property carefully and to take
all necessary precautions before signing a purchase contract,
and (3) any estimate for repairs is a non-warranted opinion of
the appraiser unless otherwise stated.
22. If this appraisal is prepared in conformance with the plans and
specifications provided to your appraisers, it assumes
completion in a workmanlike manner. The appraiser cannot be
held responsible for unforeseeable events that alter market
conditions prior to the effective date of the opinion.
23. The liability of C. H. Parrish Appraisa] Services Inc.
its Associate Appraisers and employees is IJ.mJ.ted to the client
only and only up to the amount of the fee actually received for
the assignment. Further, there is no accountability,
obligation, or liability to any third party. If this report is
placed in the hands of anyone other than the client the client
shall make such party aware of all limiting conditions and
assumptions of .the assignment and related discussions. The
appraisers are in no way responsible for any costs incurred to
discover or correct any deficiency in the property. In the
case of limited partnerships or syndication offerings or stock
offerings in real estate, tile client agrees that in case of
lawsuit (brought by lender, partner, or part owner in any form
of ownership, tenant, or any other party), any and all awards,
settlements, or cost. regardless of outcome; the client will
hold C. H. Parrish Appralsa] Services Tnc. and its
Associate Appraisers completely harmless.
24. Unless otherwise stated in tllis report, tile existence of
hazardous substances, including without limitation asbestos,
polychlorinated biphenyls, petroleum leakage, or agricultural
chemicals, which mayor may not be present on the property, or
other environmental conditions, were not called to the attention
of nor did the appraiser become aware of such during the
appraiser's inspection. The appraiser has no knowledge of the
existence of such materials on or in the property unless other-
wise stated. The appraiser, however, is not qualified to test
such substances or conditions. The presence of such sub-
stances, such as asbestos, urea formaldehyde foam insulation, or
other hazardous SUbstances or environmental conditions, may
affect the value of the property. The value estimated is
predicated on the assumption that there is no such condition on
or in the property or in such proximity thereto that it would
cause a loss in value. No responsibility is assumed for any
such conditions, nor for any expertise or engineering knowledge
required to discover tllem.
A
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
25. The instructions to appraise the subject were to assume that
there were no wetlands on the subject property an·d that a
building permit to develop the site would be obtainable in a
reasonable period of time.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
II
PROPERTY IDENTIFICATION
OSTENSIBLE OWNER;
The sUbject properties ( Lots 3,4 and 6 ) are registered in the
name of;
First City Washington Inc.
PROPERTY LOCATION;
The subject property is located in the city of Renton, King
county, Washington State.
PURPOSE OF APPRAISAL:
The purpose of this appraisal is to estimate the Market Value of
the legally described property as an unencumbered fee estate. This
appraisal is being used for refinancing 'of the property. '
"Market'Value" means (i) The most probable price which a
property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller, each
acting prudently, knowledgably and assuming the price is not affected
by undue stimUlUS. Implicit in this definition is the consummation of
a sale as of a specific date and the passing of title from seller to
buyer under conditions whereby:
1. Buyer and seller are typically motivated.
2. both parties are well informed or well advised, each acting
in what he considers to be his own best interest:
3. a reasonable time is allowed for exposure in the open
market
4. payment is made in terms of cash in U. S. dollars'or in
terms of financial arrangements comparable thereto : and
5. the price represents the normal consideration for the
property sold unaffected by special or creative financing
or sales concessions granted by anyone associated with the
sale.
(ii) Adjustments to the comparables must be made for special or
creative financing or sales concessions. No adjustments are
necessary for those costs that are normally paid by sellers as a
result of tradition or law in a market area: these costs are readily
identifiable since the seller pays these costs in virtually all sales
transactions. special or creative financing adjustments can be made
to the comparable property by comparisons to financing terms offered
by a third party institution lender that is not already involved in
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
a mechanical dollar for dollar cost of the financing or concession,
but the dollar amount of any adjustment should approximate the
market's reaction to the financing or concessions based on the
appraisers judgement. .
MOST PROBABLE SELLING PRICE.
For the purpose of this appraisal, market value is synonymous
with most probable selling price, which is that price at which the
appraised fee estate would most probably sell if exposed in the
market for a reasonable time, under market conditions prevailing as
of the date of appraisal.
Briefly stated, the transaction zone reflects the upper and
lower limits of value, how high a buyer might be willing to go in the
negotiation process, and how Iowa price the seller would be willing
to accept.
FUNCTION OF APPRAISAL.
The function of this appraisal is to estimate the market value
of the subject property so as to assist the lender in considerations
for loan collateral underwriting purposes and to serve as a benchmark
for value in that regard.
THE APPRAISAL RIGHTS.
The rights are those of an unencumbered fee simple estate, "an
absolute fee", without limitations or restrictions other than those
of eminent domains, escheat, police powers, taxation and other
applicable limitations approved by local health and public welfare
regulations including local land use and SUbdivision ordinances.
DEFINITION OF TITLE
The property rights being appraised are those of the fee simple
estate, free and clear of all encumbrances and liens. Real Estate
Appraisal Terminology defines a fee simple as "an absolute fee; a fee
without limitations to any particular class or heirs or restrictions,
but subject to the limitations of eminent domain, escheat, police
power and taxation."
LEGAL DESCRIPTION
The subject property is briefly described as Parcel C, City of
Winslow Short Plat Recorded under Auditors No 8911140213, W63 being
the south 141.71 feet of the North West quarter of section 26,
Township 25, Range 2 East.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
DELINEATION OF TITLE
The last recorded title change is shown as being part of an
acquition of a much larger parcel of land in December 1985. There has
been no title change of the three parcelsmentioned in this report and
the addendum within the last three years.
DATE OF VALUATION
The value of the subject property is as at June 1, 1992. The
inspection was initially made prior to this date but was reinspected
on several occasions through the month of June. All the photographs
-of the subject and the comparables were taken during June, 1992.
I
I
I
I
I
I
I
I
I
I SUB J E C T
I P HOT 0 G RAP H S
I
I
-
I
I
-I
I
I
I
I
I
I
I
I
I
I
I
I
I
I ----
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
-----.---------
-----------------------l ~---I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
PUGET SOUND AREA DATA:
The Puget Sound Region consists of the contiguous counties of
Snohomish, King, Pierce and Kitsap in the State of Washin9ton. It
is primarily concentrated within the counties of Snohomish, King and
Pierce which are located between the Puget Sound shoreline and the
Cascade Mountains.
TOPOGRAPHY:
Land use in the Puget Sound area is dominated by urban areas,
small agricultural valleys and forests. The Cascade Mountains act
as a natural divider from the eastern portion of the state. The
Puget Sound area is concentrated around the Puget Sound shoreline.
CLIMATE:
The Puget Sound basin is protected from heavy rainfall and high
winds off the Pacific Ocean by the Olympic Mountains. On the east,
the Cascade Mountains shield the area from the winter cold of east-
ern Washington. The area has a,mild climate throughout the year.
POPULATION:
King County has the greatest concentration of popUlation in
Washington state with an April 1990 popUlation of 1,449,509. It's
largest city, Seattle, has a 1990 population of 512,094. Pierce
County is located twenty-six miles south of Seattle and has Tacoma
as its largest city. In 1990, it has a population of 174,497.
Snohomish County is just eleven (11) miles north of seattle. Its
largest city, Everett, has a 1990 popUlation of 69,136. Kitsap'
County is located across Puget Sound from the other three and in
1990 its largest city, Bremerton, has a population of 37,080. From
1980 to 1990 population in this region grew from 2,240,437 to
2,722,063. Though only a 21.15% increase, the 481,626 new
inhabitants amounts to nearly 79% of Washington State's population
gain during this time. This region accounts for 56% of the total
state population of 4,826,675 as of April 1990.
Paralleling the national trend, there has been some shift of
population from the city to the surrounding communities. Seattle
proper lost population between 1980 and 1986 before increasing
slightly in 1987 through 1990, while most of the surrounding
communities gained. Seattle's population fell from 493,846 to a low
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
of 488,200 before increasing to 512,094. During this same period,
the largest gains in King County were in Redmond, Kent, Kirkland,
and Bellevue; and Lynnwood in Snohomish County.
This change in Seattle demographics does not reflect a flight
from the city as much as a change in the makeup of the city
residents in relation to available living space. The average house-
hold size is decreasing as the larger families are being replaced by
singles and younger couples with few or no children.
Population projections by the Washington State Office of Finan-
cial.Management predict a 21.56% increase for the Seattle/Everett
PMSA, from the census level of 1,607,618 (1980), to 1,953,600 in
1991. Proportionally greater gains are expected in Snohomish County
during this period. The following chart shows the population growth
in the Puget Sound Area between 1980. and 1990.
WASHINGTON STATE
CENTRAL PUGET SOUND REGION
King County
Seattle
Pierce County
Tacoma
Snohomish Cnty.
Everett
Kitsap County
Bremerton
FOUR COUNTY TOTAL
4,132,180
1,269,898
493,846
485,667
158,501
337,720
54,413
147,152
36,208
2,240,437
% CHANGE
4,826,675 +16.81
1,499,509 +18.08
512,094 + 3.70
575,928 +18.58
174,497 +10.09
460,851 +36.46
69,136 +27.06
185,775 +26.25
2,722,063 +21.15
On a size criterion, the Puget Sound Region ranks preeminent
among the state's economic areas. In April 1990 the area population
of 2.72 million residents accounted for over 56% of the Washington
total. The region comprises less than 10% of the state's land area,
giving an average population density of about 377 persons per square
mile relative to the state average of 64 persons.
EMPLOYMENT:
The economic base is non-farm oriented; the value of farm
products sold accounts for less than 10% of the state total; largely
derived from poultry and dairy operations. Conversely, non-farm
activity is important and diverse. In September 1988, non-farm
payroll employment in the area averaged 993,200 workers and
represented over 51% of the state total; the manufacturing
employment share was approximately 50%. The Boeing Airplane Company
is still the largest single employer in the area, but as the
I
I
I
I
I
I
I
I
I
I
I
I
I
I
,·1
I
I
I
I
region's economy has expanded and diversified, the dependence on
Boeing has lessened. Nor is Boeing the only manufacturer of
transportation equipment in the area. PAC CAR (railroad cars, trucks
and heavy equipment), is also one of Seattle's largest employers.
Two other large manufacturing industries are forest products and
food processing.
Eighty percent of the Seattle area economy, however, is involved
in non-manufacturing activities. Seattle is one of America's
leading ports. It is the largest u.S. center for "Overland Common
Point" (O.C.P.) shipments and ranks among the top nationally in
terms of container export traffic. As the largest urban area north
of San Francisco, and west of the Rocky Mountains, Seattle is the
northwest's major center for trade, distribution and services.
Another industry that has been booming in Seattle is the tourist and
convention industry.
Following are employment trends for the major sectors comprising
the Seattle/Everett PMSA non-agricultural employment:
MANUFACTURING
Durable Goods
Lumber & wood products
Stone, clay & glass products
Primary metals
Machinery exc. electrical
Electrical machinery
Transportation equipment
Aircraft
Other transportation equip.
Instrument
Other durable goods
Nondurable Goods
Food & kindred products
Apparel & allied products
Paper & allied products
Printing & publishing
Chemicals
Other nondurable goods
NONMANUFACTURING
Mining & Quarrying
Contract Construction
Transpor. & Public Util.
Wholesale & Retail Trade
Finance, Insur. & Real Est.
Services
Government
Sept. 1987
186,400
152,200
9,100
3,500
2,200
7,500
8,900
101,600
93,800
7,800
7,400
12,000
34,200
10,100
3,600
3,500
11,900
1,400
3,800
756,700
600
49,500
60,400
231,700
68,000
222,500
24,000
Sept. 1988
198,300
162,700
9,000
3,500
2,200
8,400
9,700
108,900
100,600
8,300
8,000
13,000
35,600
10,600
3,700
3,900
12,400
1,300
3,700
794,900
700
56,300
60,800
241,300
69,400
237,700
28,700
CHANGE
+11,900
+10,500
100
o
o
+ 900
+ 800
+ 7,300
+ 6,800
+ 500
+ 600
+ 1,000
+ 1,400
+ 500
+ 100
+ 400
+ 500
100
100
+38,200
+ 100
+ 6,800
+ 400
+ 9,600
+ 1,400
+15,200
+ 4,700
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Two other major sociological trends -an older population and
more working women --are a key impetus in the growth of service
jobs. The Seattle area is already the health care center of the
Pacific Northwest. And, in the five years between 1982 and 1987, a
23% increase brought employment in the medical professions and
health services to over 35,000. As more women enter the work force
and have less time for the traditional homemaking activities, the
demand for support services -food preparation, housekeeping,
personal services, is ever on the rise.
Although Boeing is located outside the Seattle city limits, a
major portion of the Puget Sound region's employment is in the city
of Seattle. The University of Washington is Seattle's second
largest employer with 16,000 employees and 35,000 students. Several
manufacturing establishments including Boeing, PACCAR, Inc., and
Weyerhaeuser Company account for most manufacturing employment.
Financial institutions, retail and wholesale establishments, as well
as government offices and local school districts employ the bulk of
non-manufacturing workers.
TRANSPORTATION:
The Puget Sound area is a major transportation hub. Elliott Bay
in Seattle is a fine deep water harbor and the Port of Seattle is
very active in acquiring and developing new cargo terminals and
facilities. The Port is ranked among the largest container handling
ports in the world. Highway communications are very good.
Interstate 5 which runs north-south through the city and King County
extends from Canada to Oregon. Interstate 90 extends east-west from
Seattle over the Cascade Mountains through Snoqualmie Pass. Other
highways such as Interstate 405, the East Valley Freeway, and State
Highway 99 and 509 provide fast efficient transportation links
within the county. The Seattle-Tacoma Airport is a large
international port of entry. It is served by many large airlines
with flights serving Alaska, the Far East, Europe and the rest of
the contiguous United States. The airport accommodated 14,500,000
passengers in 1988 compared to about 11,400,000 in 1986. Railroad
service is also very good in The Puget Sound area. Three (3) major
rail lines, Amtrak, Burlington Northern and the Union Pacific have
trackage running throughout the area, with the latter two running
through the Green River Valley in South King county to Seattle
ports. The rail lines also extend north to Canada, east over the
Cascade Mountains and south to Oregon.
EDUCATION:
There are five Universities, five four year colleges and eleven
community colleges offering a full range of programs and degrees in
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
almost every field of endeavor located in the area bounded by Tacoma
on the south and Everett on the north. Over the years, these
universities and colleges have become a dynamic professional and
vocational resource for the area and along with the public and
private school systems, have been responsible for the high overall
educational level in the area.
A great number and variety of vocational schools are located in
the area. Business schools, barber colleges, heavy equipment
operator schools and almost everything in between, both public and
private, can be found in the area. Universities, colleges, and
extension colleges that offer adult education and degree-completion
programs at night are also available.
CONCLUSION:
In summary, a steady increase in population is forecast for the
Puget Sound area. This together with good educational facilities, a
trained labor force, good transportation systems, and an increasing-
ly diversified industrial base, indicates that the future economic
trend will be for a moderate growth rate over the next several
years. Due to Seattle's position as the urban center of the Pacific
Northwest together with its increasing level of economic
diversification, the greater Seattle economy is projected to perform
better than the Pacific Northwest as a whole over both the near and
long term future.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
SEA TTL E MET R 0 POL I TAN ARE A D A T A
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
METROPOLITAN SEATTLE DATA:
Seattle is located in west central King County. Primary access
into and through Seattle is via Interstate 5, Interstate 90 and
State Highway 520.
TOPOGRAPHY:
Seattle is located in the center of western Washington, on the
eastern shore of Puget Sound, an inland water body connected to the
Pacific Ocean. puget Sound occupies a major lowland area between
two mountain ranges, the Olympics to the west, and the Cascades to
the east. Built on seven hills between the expanse of Puget Sound
and the freshwater lakes to its east; seattle has rolling terrain
with an abundance of both salt water frontage and lake frontage.
CLIMATE:
Seattle has a mild climate throughout the year. The Puget Sound
basin is protected from heavy rainfall and high winds off the
Pacific by the Olympic Mountains. On the east, the Cascade
Mountains shield the area from the winter cold of the mid-continent.
The winter days are mild and wet. Precipitation is usually light or
moderate with an occasional heavy downpour. The total annual
average measurable precipitation is 37 inches. This compares with
the averages of st. Louis 36 inches; Washington, D.C. 39 inches; New
York City 40.1 inches; Houston 48.2 inches; and Miami with 59.8
inches. The winter days are short and summer days are long with 16
hours of daylight in midsummer. The average summer temperature is
70 degrees.
POPULATION:
The tremendous rate of growth in the Seattle metropolitan area
during the 1950s and 1960s slowed down markedly in the 1970s.
During the two previous decades, population in the Seattle-Everett
Standard Metropolitan Statistical Area (SMSA) increased by 30% each
decade. However, in the 1970s, the rate slowed to roughly 13%. The
greater rate of growth in the two county SMSA over the past decade
occurred in Snohomish County, where population increased 27.4%. In
King County, population increased 13.9%.
Much of the Seattle area's growth during the sixties was
attributed to the aerospace boom. But, when areospace temporarily
bottomed out in 1971, many people moved out of the area. From 1970
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
to 1973, the PMSA population dropped by over 15,000, from 1,424,611
to 1,409,400. The local economy has since dramatically turned
around. In 1976, population in the Seattle metropolitan area
reached its 1970 level and continues to grow. Population in 1989
reached 1,876,400.
Population projections by the Washington State Office of
Financial Management predict a 22.6% increase for the PMSA from the
census level of 1,606,618 (1980) to 1,969,967 in 1990. Proportion-
ally greater gains are expected in Snohomish county during this
period.
POPULATION CHARACTERISTICS
Seattle Metro-
Seattle politan Area Washington
1950 467,591 844,572 2,378,963
1960 557,087 1,107,213 2,853,214
1970 530,831 1,424,611 3,411,900
1980 493,846 1,607,618 4,130,163
1989 497,200 1,876,400 4,660,700
1990 512,094 1,969,967 4,826,675
2000 * 2,360,356 5,917,100
( * PROJECTIONS)
EMPLOYMENT:
Boeing is still the largest single employer in the area, but as
Seattle's economy has expanded and diversified, the dependence on
Boeing has lessened. Nor is Boeing the only large manufacturer of
transportation equipment in Seattle. PACCAR also manufactures
railroad cars, trucks and heavy equipment. Historically Lockheed
Shipbuilding and Todd Shipyard were major Seattle employers before
the decline of the shipbuilding industry. Two other large
manufacturing industries are forest products and food processing.
Three-fourths of the Seattle economy, however, is involved in
non-manufacturing activities. Seattle is one of America's leading
ports. It is the largest U.S. center for "Overland Common Point"
(O.C.P.) shipments and ranks first nationally in terms of container
export traffic. As the largest urban area north of San Francisco,
and west of the Rocky Mountains, Seattle is the northwest's major
center for trade, distribution and services. Another industry that
has been booming in Seattle is the tourist and convention industry.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
PUG E T SOU N DAR E A D A T A
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
The significant economic expansion that has occurred since 1975
in both the public and private sectors and the growing awareness of
the livability of the Pacific Northwest are in large part
responsible for Seattle's current status as the regional financial,
industrial and trade center.
MAJOR EMPLOYERS IN THE SEATTLE METROPOLITAN AREA
Manufacturing -Construction:
The Boeing Company
John Fluke Mfg. Company
PACCAR, Inc.
Pan-Alaska Fisheries
Univar Corporation
Weyerhaeuser Company
Twin City Foods
Electronics -Computers:
Microsoft
Nintendo
Hewlett-Packard
Egghead Software
Aldus Software
Public Sector & Utilities
U.S. Department of Defense
King County Government
Metro Transit System
Pacific Northwest Bell Telephone Co.
Public School Districts
Puget Sound Power & Light Company
Seattle City Government
Seattle City Light Company
Seattle Community Colleges
University of Washington
Washington State Government
Retail Trade, Finance, Services
Albertson's
The Bon Marche
US West Communications
Frederick & Nelson
Group Health Cooperative
Virginia Mason Hospital
Nordstrom
J.C. Penney
US Bancorp
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Security Pacific Bank-Washington
Safeco Insurance Company
Safeway Stores
K Mart Discount Stores
Seattle-First National Bank
Swedish Hospital and Medical center
MANUFACTURING & INDUSTRIAL:
There are over 1,600 manufacturing firms in the community.
Principal products include: transportation equipment, fabricated
metal products, machinery, printing and publishing, luIDber and wood
products, and food products. Following is a table of the largest
firms, listing products ,and approximate number of employees:
MANUFACTURING EMPLOYMENT
Number of
Name of company Employees Product
1) The Boeing Company 102,000 Aircraft
2) PACCAR, Inc. 2,500 Trucks
3) Weyerhaeuser company 2,300 Lumber, Wood,
Paper Products
4 ) John Fluke Mfg. Co. 2,100
NON-MANUFACTURING EMPLOYMENT
Type of
Name of Employer Employment Service
1) University of Washington 16,000 Education
2 ) U.S. Dept. of Defense 60,000 Federal
3 ) U.S. Postal Service 7,100 Federal
4 ) City of Seattle 12,000 Gov't
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
There are over 5,000 acres in the city limits zoned for
industrial use, of which about 5% is vacant and available in parcels
ranging in size from about one-quarter to ten acres. Terrain is
varied, subsoil is clay and piling is not normally required.
COMMERCIAL:
Seattle is served by three levels of commercial activity: (i)
neighborhood/community shopping centers; (ii) the central downtown
shopping district and; (iii) regional shopping centers. Neighbor-
hood centers are typically small and keyed primarily to grocery
markets, drug stores, variety stores and small service establish
ments. Downtown Seattle provides the localized needs of banking,
grocery and services, as well as clothing stores, restaurants,
hardware stores, offices, entertainment, etc. Northgate, a regional
shopping center located seven miles north of Seattle, consists of
four major department stores and over 110 additional stores and
shops. There is 1,156,000 square feet of gross leasable area, and
parking for 7,000 cars on the 52-acre site.
TRANSPORTATION:
Seattle is well served by all modes of transportation --free-
ways, railroads', buses, an international airport, deep water port
facilities, a ferry system, 'and an excellent local mass transit
system. To a great extent, Seattle's multi-faceted transportation
network, and hence its exceptional accessibility, are responsible
for the recent economic growth and diversification in the area.
Two major interstate highways facilitate travel north to
Vancouver, British Columbia, south to San Diego and east to the
midwest and Atlantic Seaboard. Amtrak provides daily rail service
to Vancouver, B.C., Chicago, Salt Lake City and Southern California.
Greyhound and continental Trailways provide bus service to
practically any city in the continental United States from Seattle.
Seattle-Tacoma International Airport, 13 miles south of the
central business district, is one of the nation's most modern air
traffic facilities. It is served by 37 commercial freight trucking
lines and 27 commercial airlines, 13 of which are international
carriers. The airport handled over 14.5 million passengers in 1988.
Seattle's harbor, Elliott Bay, is one of the finest deep water ports
in the world, with depths of up to 600 feet. Port of Seattle
facilities include 16 commercial piers, 46 ship berths which can
handle ships of up to 1,400 feet in length, and vast quantities of
warehouse storage space.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
UTILITY SERVICES:
water service is provided by the City of Seattle Water
Department. Sewage is handled by the Municipality of Metropolitan
Seattle. Natural gas is provided by Washington Natural Gas Company
and electric power by Seattle city Light Company. Telephone is by
Pacific Northwest Bell.
CITY GOVERNMENT:
Seattle has a Mayor/Council form of city government with zoning
and building codes. The police department consists of: 1,152
commissioned officers; 463 civilian employees; 128 patrol vehicles;
32 traffic cars; 97 detective cars; 2 helicopters; 5 boats; 46
motorcycles and 37 three-wheelers. Fire department personnel
includes: 1,072 paid firemen; 35 stations; 37 first line pumpers; 2
fireboats; 12 ladder trucks and 11 aid cars. Fire insurance
classifications: city 2: Industrial Fringe Area: 4-6. Total City
of Seattle employment exceeds 12,000.
COMMUNITY FACILITIES:
Seattle has approximately 380 hotels and motels with over 12,500
rooms. The largest of several meeting facilities will seat 15,000
people and 10,000 people for meals.
Seattle is a total health care community, involved in medical
research and development, equipment manufacturing, education,
medical transport services, and general and specialized care. Such
diversity within this industry lends strength to the Seattle area
economy. No matter what the affliction, Seattle area hospitals have
the appropriate treatment facilities available. Medical facilities
include 25 general hospitals with 4,916 beds, approximately 1,150
physicians and surgeons, 600 dentists and 70 osteopathic physicians
and surgeons.
seattle's unique geographic location offers a wide spectrum of
recreational and entertainment opportunities. Its proximity to
large bodies of water, mountains and forested areas provides
activities for outdoor enthusiasts. Seattle's downtown area
provides both sights to see and things to do.
The Seattle Center is a year-round 74-acre convention and family
entertainment center that provides residents and visitors with a
magnificent array of facilities and services.
I
I
I
I
I
I
I
I
I
I
I
I
I
'1
I
I
I
I
I
Its excellent endeavors have given seattle an international
reputation in the fine arts including: The Seattle Symphony
Orchestra, Seattle Opera Association, Seattle Reperitory Theatre,
Seattle Art Museum and ACT Theatre.
Seattle has a rich and diverse resource in its 5,OOO-acres of
parklands. More than 400 parks are available. Baseball, football
and soccer fields abound. Almost unlimited opportunities exist for
strolling, jogging, roller skating, bicycling, swimming and picnic-
ing. There are 136 tennis courts distributed among the Seattle
parks. Outdoor sports are enjoyed all year around. Freshwater and
saltwater fishing are superb, and there are opportunities for
boating, sailing, swimming and water skiing as well as numerous
opportunities for snow related activities.
Seattle is the home of three professional sports teams -the
Seahawks (football), the Mariners (baseball), and the supersonics
(basketball). Other popular spectator sports include University of
Washington Husky football, horseracing at Longacres, automobile
racing at Seattle international Raceway, and the annual unlimited
hydroplane race that takes place during Sea fair Week.
In general, the Seattle area ranks high among Metropolitan
cities in quality of living and environmental considerations. A
recent study by Midwest Research Institute, a non-profit research
group based in Kansas City, ranked Seattle third in quality of life
among cities with a population of 500,000 or more. This represents
the fourth such designation during the past three years. In 1989,
Seattle was designated by several national publications as the "Best
City in the West" in which to live. This designation was based on c
comparison of "quality of life indicators" for ten major western
cities. The Environmental Protection Agency listed Seattle third,
nationally, in terms of environmental quality.
EDUCATION:
There are 33 Catholic, 8 Protestant and I Jewish parochial
schools in the Seattle area. Included in these 42 schools are 6
Catholic and 3 Protestant high school~.
University of Washington, Seattle University and Seattle Pacific
College are all 4-year colleges and Seattle Community College is an
accredited 2-year college.
Seattle public schools offer a complete vocational education
program. Also, there are specialized schools in Seattle offering
training in business, electronics, apartment management, detective
schools, airline schools, and barber and beauty schools.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
The University of Washington has a total enrollment of nearly
35,000 students with evening enrollment of about 7,000 in credit and
non-credit courses. The evening program offers credit courses from
the following colleges: Arts and Sciences, Business Administration,
Education and Engineering. Seattle Pacific College enrolls 460 in
the evening and offers courses in education, business, religion,
horne economics, crafts and many novelty courses. Seattle Community
College enrolls 6,500 in the evening.
In summary, Seattle has a solid diversifying economic base with
attractive amenities indicating steady economic and population
growth over the foreseeable future.
CITY INFORMATION & STATISTICAL SOURCES:
Seattle Chamber of Commerce, Research Department
Seattle-Everett Real Estate Research Report
Property Dynamics
King County Planning Division, Land Development
Information System
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF RENTON
Renton, located in Central King County, is on the south shores
of Lake Washington and is approximately ten to fifteen miles south of
downtown Seattle. The main traffic route through Renton is Highway
405 and state Highways 167, 169, 515 and 900. Interstate 405 links
Lynnwood and Interstate 5 in the north and travels down the east side
of Lake Washington through Redmond Bellevue and Renton and connects
back to Interstate 5 just to the west of the Renton border. It is
therefore highly accessible to alII these communities as well as
those connected by the State Highways including Auburn, Kent and
Issaquah.
The population of Renton has steadily increased from 18,453 in
1960 to 36,760 in 1989 and the greater Renton area is believed to be
over 100,000 tOday. Continued increase of multi-family housing and
the annexation of residential lands have contributed to the growth
pattern.
Below is a brief overview of economictrends within the community
including manufacturing and industrial patterns, commercial activity,
transportation, utilities, city government and educational
opportunities.
MANUFACTURING AND INDUSTRIAL.
There are over two hundred manufacturing firms in the service
area. The principal products are: aircraft, railraod cars,
machinconstruction and maintenance, corrugated cardboard containers,
pipe and ceramics,meat packing,poultry equipment, coil springs,
engineering, rendering, scaffolding cement castings, plastics,
lumnber and light metalproducts. A number of national firms have
distribution centers in the area with a current estimate of 290
distributorships. The largest manufacturing firms are as folllows:
NAME OF COMPANY
1. The Boe~ Company
2. Pacific car & Foundry
3. Tally Corp.
4. Heath Tech.
5. Austin Compo
PRODUCTS 1989 EMPLOYMENT
Airplanes
RR cars, winches etc
Electrical hardware
Plastics, electronics
Design and construction of
commercial buildings and air
conditioning systems
37,600
220
325
811
50
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
NAME OF COMPANY PRODUCTS 1989 EMPLOYMENT
6. Container Corp. Folding carton division 131
7. Hormel Corp. Meat processing 80
8. stoneway Concrete Sand, gravel and concrete 96
9. Pacific Propellers Propellers 79
10. continental Arctic Food processing 180
11. Mutual Materials Brick and drain tile 69
12. M. Segale Asphalt and concrete 202
NON-MANUFACTURING
1. Renton School District Education 1,710
2. Valley General Hospital Medicine 1,400
3. city of Renton City services 610
4. Pacific NW Bell Telephone services 320
5. PACCAR Computers 600
6. Puget Sound Power Electricity 325
COMMERCIAL DEVELOPMENT
Renton is well served by three levels of commercial activity:
(1) the central downtown district (2) neighborhood shoping centers,
and (3) regional shoping centers. Downtown renton is clearly defined
and has the normalbanking facilities, grocery and service retail
stores, restaurants, offices and entertainment as well as the city of
renton City Hall. There ae numerous neighborhood shoping centers and
are more typically occupied by grocery stores, drug stores,variety
stores and gas stations. There are no Regional shoping centers within
renton but just to the west at the intersection of Interstate 5 and
Interstate 405 is the Southcenter Mall which has four major
department stores and over 100 additional stores in aover 1,250,000
sq. ft. of covered space.
~'RANSPORTATION FACILITIES
There are excellent and efficient transportation facilities
available both for commerce and passenger.Rail service is provided by
Burlington Norther.n and the greater Seattle area is well served by
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
all the major trucking lines. There is a complex network of bus
services provided by Metropolitan transpotation allowing easy access
to most areas and in particular to Seattle. In addition Sea-Tac
International Airport is about five miles to the west and renton
municipal airport is located at the north end of the City on the
shores of Lake Washington. The Port of Seattle is centered about ten
miles to the north and offers major port facility
UTILITIES
Water service is provided by the City of Renton Water
Department. The City of renton has an extensive network of lines for
sewage removal and natural gas is provided by Washington Natural gas
company. Puget Sound Power and Light Company provide electricity.
CITY GOVERNMENT
Renton has a Mayor/council form of government with zoning and
building codes as well as a Parks department. The Renton Police
department is centered at the City Hall and has aproximately 85
oficers and employees and there is about a 70 man fire department.
COMMUNITY FACILITIES
Medical facilities within the city include the 303 bed Valley
General Hospital with a staff of 270 physicians and surgeons and 64
dental surgeons. The are numerous private medical facilities
including General practicioners as well as specialists. The are also
,several senior retirement homes. Recreational facilities include
approximately 26 parks although the Parks department is expanding the
number. There are 20 tennis courts, 22 baseball diamonds, one
municipal and two public swimming pools and two golf courses.
EDUCATION
Schooling is governered by Renton School District #403 and has
the following amenities.
Number Type Enrollment # Teachers
13 Elementary 5,755 245
3 Middle school 2,009 90
3 High School 4,029 175
1 Special Ed. 65 13
1 Alternative 165 9
There are also Kindergarten,pre school and other private facilities.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Higher educational opportunities in the Seattle area include The
University of Washington, Seattle University and Seattle Pacific
College, which are all accredited four-year colleges serving the
Renton area. There are also several other two-year colleges.
vocational training opportunities are provided by the Renton
Vocational Technical Institute, a State supported but locally
controlled institute that provides training, re-training, upgrading
and apprenticeship related instruction. The Institute is fully
accredited by the Commission on Colleges of the NorthwestAssociation
of Schools and Colleges, and falls under the jurisdiction of Renton
School District #403.
In summary, Renton has a solid economic base with attractive
amenities, a.mild climate, good transpotation facilities, ample
schools, educational facilities and community facilities thta create
a pleasing environment in which to live.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
NEIGHBORHOOD DATA
The subject is located in the north west sector of the City of
Renton. The area is clearly defined by topography to the north and
Highway 405 to the south. Due to the steep rise in the topography
immediately to the north of the railroad tracks there is not an easy
north south traffic pattern and Interstate Highway 5 ( to the west )
and Rainier avenue ( to the east ) are the major routes. East west
travel is far easier as both Grady Way and South 7th cross the area.
Much of the area is developed with Office development. There are
some old houses close to Grady Way but many of these are also used as
offices for businesses that have a greater demand for the use of the
land. The office buildings vary widely in design and age and the
newer structures tend to be larger and have more appealing
fenestration. There is some vacant land other than the Black River
Business Park and further development can be anticipated as demanded
by the market.
Although, not in the immediate subject area, the land to the
south of Highway 405 is also of similar use and is probably the area
of main competition. The Boeing Company has acquired the Longacres
Race Track and it is very difficult to measure the impact of a move
to this area by the Boeing headquarters to this location. It is
possible that it may detract slightly from the subject area and
increase the popularity of the area south of the highway. The
variations at present appear to be minimal. There is a reciprocal of
the Boeing purchase is that it lessens the amount of zoned land
available for development.
The future of the area appears to be one of continued growth as
demanded by the market. The past growth has been slow but steady. The
market has been selective and in the current market developers are
not building speculatively. an anchor tenant appears to be an
essential for any development to commence.
I
ENljO
I ---to--
I
I
I
••
.-.;
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
SITE DATA
The subject site comprises a single legal parcel located at the
north end of Naches Avenue SW and is part of the land known as Black
River Business Park. Currently there is no access and Naches Avenue
will have to be extended to obtain the necessary access as required
by the Fire Marshall. The instructions received to complete this
appraisal are to assume that such access will be obtained and
approval will be given by the city of Renton.
The Black River was a subsidiary of the Green River but since
the controlling of the level of Lake Washington and flood control
within the Kent Valley, there has been no water flow in recent years.
The subject property appears not to have ever been affected by the
river and instructions to do this appraisal assume that none of the
subject land is designated "wetland"
Th·e site area is given as 233,901 s.t. or 5.37 acres and is very
irregular in shape. The north boundary is the easement for the
railroad tracks and runs SE to NW and is very slightly arced. The
west boundary arcs just east of south and the south boundary runs
more or less east west. The land is essentially flat and is covered
with heavy secondary growth that is considered to have no commercial
value.
Services. There are no services at present but the building to
the south is fully serviced. There is every reason to believe that
the sewer and water could be extended to the subject site. These
services currently dead end on Naches Avenue approximately 500 feet
to the south.
soil. No soil analysis has been made or provided but nearby
information shows that the subject soils are Woodinville series which
is a classification that ranges from fine sandy loam to silt loam
that are usually found on level ground and jUdging by the nearby
improvements have adequate baring quality for office park
development. These are relic river Meander deposits and are organic
silts, clayey silts and interbeds of peat and wood detritus with
variable thickness of two to eight feet.
A site plan is attached on the following page.
'.1
t)t cNINY
.1 ~"309)ULl741
;.
I
t"AKL,t:.L
1 - B
{', = 53' 57' 00·
R = 1 1 65.09
L = 1097,05
~---,:S 37'35'03" E
308.70
{',l, 31'
R -.",""
.. L""-L
J" -•
c.62'".
R .44;:
L ,48",
",' ~~
" . . '.'
S 88"5' 0;:"
2.42
, .
... : ;
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
PRESENT USE. HIGHEST AND BEST USE:
In appraisal practice, the concept of Highest
represents the premise upon which value is based.
market value, highest and best use is defined as:
and Best Use
In the context of
The reasonable and probable use that will support the
highest present value, as defined, as of the effective
date of the appraisal.
Alternatively it is that use, from among reasonable, probable
and legal alternative uses, found to be physically feasible, and
which results in the highest land value. It should be recognized
that in cases where a site has existing improvements on it, the
Highest and Best Use may be determined to be different from the
existing use. -
-Our investigation leading to a conclusion of Highest and Best
Use was designed to simUlate tHe actions and thinking of prudent and
knowledgeable purchasers and pursued the following logical sequence:
1. possible Use: To what use it is physically possible
to put on the site in question.
2. Permissible Use (Legal): What uses are permitted by
zoning and deed restrictions?
3. Feasible Use: What possible and permissible uses will
produce any net return to the owner of the site.
4. Probable Use: The use must be probable, not speculative
or conjectural. There must be profitable demand for
such use and it must return to the land the highest net
return for the longest period of time.
5. Highest and Best Use: Among the reasonable uses, those
uses which will produce the highest net return or the
highest present worth. .
The existing buildings are substantial but are old, varying
types of construction and are a significant under improvement for the
site. The square footage offered is well below that permitted under
the zoning. It is therefore considered that redevelopment of the
similar in nature and scope as the proposed project, as permitted by
the zoning represents the highest and best use of the site at this
time.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
HIGHEST AND BEST USE ( cont )
The subject property is vacant and as such could be developed in
accordance with the OP zoning. The principal of Highest and Best is a
time related concept and it is reasonable to assume that all the
vacant land in the Black River Office Park could not be developed at
the same time in that there would be too much space to be absorbed by
the market and that the development will follow a systematic pattern.
This poses the problem as to whether the subject would be the next
site to be developed. This question however can be applied to any
site that is available for development and therefore the sales of
similar property are incorporating the markets answer to this
question.
It is therefore concluded that the highest and best use of the
site is to develop to a maximum as permitted under the current
zoning.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
ZONING DATA
The subject property is in an area zoned OP which is an office
park classification and is established.to provide areas appropriate
for professional,administrative and business offices, certain
manufacturing and supporting services in a campus like setting.
Details of this zoning and the similar MP zone is attached to
the rear of this report.
ASSESSMENT AND TAX DATA
The subject property is assessed as follows:
Land
Improvements
Total
375,000
o
375,000
Property taxes are in the sum of $5,088.15
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
METHOD OF APPRAISAL.
There are three basic approaches to value namely; the cost
Approach,the Income Approach and by Market Comparison. There are
variations of these threeapproaches which can beutilized but it is
these, three methodologies that are most frequently utilized.
The Cost Approach entails estimating the value of the land as if
vacant and adding to it the replacement cost of the improvements.
This approach to value is most applicable when the improvements are
new or near new where the depreciation or obsolescence is minimal.
The Income Approach measures the Present Worth of the future
benefits and entails capitalization of the projected income stream at
a rate consistent with the demands of the market.
Market Comparison is based on the principle of substitution, in
that no one will pay more for a property than those properties that
are available at a comparable price that offer comparable utility.
The appraisal of vacant land tends to negatethe use of the Cost
Approach, because there are no improvements and the Income Approach,
because there are no improvements to generate an income stream. This
leaves direct market comparison. This is the course that the market
follows. Any purchaser reviews the listings and sales to find out
what is available and also what has been paid for similarly zoned
land. Sales will be reviewed and a conclusion reached as to the value
of the subject.
I
I
I
I
I
I
I
I
I
I
I
I I
I
I
I
I
I
I
I
V A L U A T ION
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Locati.on:
Tax Acc No
Sale Price
Sale Date
Lot size
Zone
Topography
Grantor
Grantee
Remarks
Rate p.s.f.
72nd Avenue S. south of S. 143rd Street,
Renton, WA
24204-9122
$582,084.00
30 October,1990
5.000 acres
MP
Rolling land with a small area of wetland.
Seattle Area Plumbing
B & G Renton Partnership
This is an irregular shaped parcel of land that
is proposed for a vocational school. seller and
buyer agreed that the useable area wouJd not
~xceed $130,000 and that the value paid for this
useable area was based on $4.75 p.s.f.
$2.67
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
COMPARABLE No 2
Location
Tax Acc No
Sale Price
Sale Date
Lot size
Zone
Topography
Grantor
Grantee
Remarks
Rate p.s.f.
SW 27th PLace, W of Lind Ave SW
Renton, WA
252304-9058, 9064, 9067
$1,745,625.00
28 November, 1990
12.770 acres
MP
Level site with no apparent wetland.
Koch.
Mastro
Large rectangular site south of Highway 405. Owner
intends to develope and use for himself
$3.14
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I I
COMPARABLE No 3.
Location
Tax Acc No
Sale price
Sale date
Lot size
Zone
Topography
Grantor
Grantee
Remarks
Rate p.s.f.
Maple Avenue at Lind Avenue and 16th
Renton, WA
334040 -3805, 3806, 3807, 3895.
$329,805.00
2 August, 1991
1.154 acres
MP
Level and no obvious wetland.
McIntyre
Shih
Small site close to the Lind Avenue and Grady way
intersection
6.56
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
COMPARABLE No 4.
Location
Tax Acc No
Sale price
Sale date
Lot size
Zone
Topography
Grantor
Grantee
Remarks
Rate p. s. f.
NE corner of Oakesdale SW and SW 34th St
Renton, WA
125381.0130, 0140, 0180, 0190, 0200, 0210
$6,108,782.00
16 october, 1991
33.309 acres
MP
Level, there appears to be some wetlands on the site.
Burlington Northern
Seattle Times
A very large site south of sale No 1
$4.21
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
COMPARABLE No 5.
Location
Tax Acc No
Sale price
Sale date
Lot size
Zone
Topography
Grantor
Grantee
Remarks
Rate p.s.f.
NE Sunset Bvd, W of 138th Ave. SE
Renton, WA
516970.0110
$392,750.00
19 February, 1991
0.926 acres
B.1
Level
Johnson
Sunset Hwy Self Storage
Proposed retail strip wiyh approx 10,675 s.f.
$9.74
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
COMARABLE No 6.
Location Lake Washington Bvd NE, N of SE 76th
Renton, WA
Tax Acc No 334330.1100.01
Sale price $560,000.00
Sale date 3 April, 1991
Lot size 1.274 acres
Zone B.1
Topography More or less level -good view over the Lake
Grantor
Grantee
Remarks
Rate p.s.f.
Koll Lake Union Assoc
Grieve
Plans are in place for an office building with about
11,000 s.f. this sale was negotiated in 1989 but was
not closed until the permit was aproved.
$10.09
;r.:,~1'" ",.:::",...," ..... 11
r·
" :;u:
~~
,I
~!~:T,'" ,
••
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
ANALYSIS
The sales listed are considered to be indicative of market
activity in the Renton area. No recent sales have been found in the
OP zone. It has been necessary to review sales in the MP zone area.
It is therefore considered necessary to comment on the difference
between these two zoning classifications. As stated under the zoning
Data these two zones are described in more detail in the addendum. I
have discussed these two classifications with the City of Renton and
it is considered that the differences in these two zones are minimal.
The OP zone encourages office development but permits certain
manufacturing whereas the MP zone encourages manufacturing but
permi'ts certain office development.
The main restriction on the MP zone to office development
appears to be mainly one of size. The zoning classifications both
appear to be acceptable to a Business Park type development. It is
therefore considered that the values of land in these two zones are
essentially the same.
Sale No 1 is close to the subject but lacks some of the identity
of the subject property. This site has some wetlands and is
undulating topography with only nominal vegetation. The site is also
close to the sewage treatment plant but is not visible from this
site. I consider the subject to be slightly superior to this site
primarily because of location.
Sale No 2 is located to the'south of Highway 405 and currently
has limited road frontage relative to the size. 'I'here is normally a
sliding scale in value in that as the lot size increases the value
p.s.f diminishes. There is no visibility from any main roads to this
site and while the subject has no obvious visibility it is closer to
the main routes. It is considered that this sale sets a lower limit
of value due to its size.
Sale No 3 is the reciprocal of the previous sale in that it is
much smaller than the subject and is closer to the main .routes. Both
these features suggest that the subject value has to be lower than
this indicated sale price. These two sales tend to set the parameters
of value for the subject property.
Sale No 4 however tends to refute this trend to some extent. It
is a much larger site but has good frontage. There appears to be some
wetlands on this site but they are relatively small. This site is'
level and has very little site preparation needed. Notwithstanding
the subject is considered to have a higher value p.s.f. than this
sale because of the size difference.
Sales No 5 and No 6 are included to show the retail value in the
Renton area. While retail could be built on the subject it is
considered to be most unlikely because of the lack of exposure. These
two sales show an extreme upper limit of value.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
There appears to be no other sales that can indicate the value
of the subject and while the number of sales are limited there is
some consistency among those reviewed. There is a range of value from
$4.20 to $6.50 p.s.f. As the subject land area is more or less in the
middle of the land area of sales Nos 2 and 3 it is reasonable to
place the subject value in the middle of the range of value. There is
some concern that according to Kidder Matthews & Senger who are very
active in the area, prices are falling due to lack of market
activity. There is a listing on Monster Road of 7.2 acres zoned MP
available at $5.00 p.s.f.Although this is slightly inferior to the
subject, Greg Harrell at Kidder Matthews & Senger indicates his
client is preparing to lower the asking price and undoubtedly would
entertain an offer well below the current list price. This trend is
considered to refute the possibility of obtaining $6.00 p.s.f. and
is considered to indicate a value for the subject of $5.50 p.s.f.
Applying this rate to the subject area of 233,901 s.f gives a
value of:
233,901 s.f x $5.50 p.s.f. = $1,286,456.00
The question arises to whether there are any differences in costs
between the comparables and the subject. The only obvious difference
is that the road ( Naches Ave ) will have to be extended to create a
satisfactory ingress and egress to any building. There is no specific
data on this point but it is reasonable to assume that a prudent
purchaser would allow a deduction from the above figure to cover this
expense. The best indication is that the road would have to be
extended about 200 feet and the services will have to be extended
about 500 feet. The two hundred feet figure is arbitrary, as the code
indicates that driveways shall be 40' minimum apart. However it also
states that the location of ingress and egress ... shall be subject to
the approval of the Public Works Dept... It also states that there
is a 330 ' maximum distance between driveways.
The cost of these extraneous items can be considered to be 500
feet of services at $150.00 p.f and road and services at 200 feet at
$325.00 p.f. This totals $140,000.00 and deducting this from the
above figure leaves an indicated current market value of
$1,169,505.00 -$140,000.00 = $1,146,456.00
Rounded to $1,150,000.00
Consideration has also been given to the discounting of this
value due to the time necessary to obtain a development permit •. All
the comparables are in a similar position and therefore any
discounting that would apply to the subject would also apply to the
comparables. Although there is need for an extension of the roads and
services this could be applied for at the same time and this factor
also would appear not to be an additional time factor to consider. No
discount of the above figure will be made, thus leading to the
conclusion that the current market value is in the sum of
$1,150,000.00
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Z 0 N I N G D A T A
I
, ,-
I
I
"
\
~~4'" 0IP
'~ ".
\
FPUD-III-B 7
PPCJD-OS1-i
I
FPUD Oc \ ... ...
-.7""_ ... r::J \
~ -" ~--.' . -...... _. -_. -'.""""-'-A~':'!_L?9_":1~.C?.···· \ Oi P
'\ \
, <.'
: .. ~\
__ H,-~ - ---' ~:' ..•. ~"'::-. -. ---- -E~~ ---.-----
\
M-P
r
.......... "..1..-" : ._" i
-" I -------t -.-
I
METR? \~
P-II \ ~ ---+---.-~--
I \;.
P OS AI L \
I
\i //~/, -\"
.. --'
. -.. "'
.. -. .. '
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
4·31·23
82) requirements of the City Code, provided such
work IS not to an extent exceeding fill
aggregate cost of fifty percent (50%) of the
value of the building or structure, unless the
building or structure is changed lc n
conforming usc.
3. Extension: A nonconforming use shall not
be exlended, but the extension of n lawful lise
to finy portion of 8 nonconfonning building or
structure which erist.ed prior to the
enactment of lhis Code shall not be deemed
the exlension of such nonconforming use.
4. Chnnges: No nonconforming buildillf~,
structure or use shall be changed to anolher
nopconfonning use.
5. Reslcration: Nothing in this Chapter shall
prevent the reconstruction, repairing,
rebuilding nnd continued use of any noncon-
forming building or structure damaged by tire,
collapse, explosion, or act of God, subsequent
tc the date of this Code, wherein the expense
of such work does not exceed fifty percent
(50%) of the value of the building or structuro
at the time such damage occurred; olhet-wise
any restoration or rcconatTuction shall
confonn to the regulations nnd uses specified
in U1ia Chapter.
G. Abandonment: A nonconfonning use (of n
building or premises) which has been aban-
doned shall not thereafter be resumed, A
nonconfomling use aholl be considered Aunn~
doned:
B. When the intent of tho owner to
discontinue the use is apparent, and discon·
tinuance for a period of one year or more
shall be pnma facie evidence thal the
nonconforming use has been abandoned, or
b. \Vhen it hos been replaced by n
conforming use, or
c. When it hns been chnnged to another
use under pennit from the City or its
n\lthorized representative. (Ord. 1542, 4·17·5G)
1·31·24: CERTIFICATE OF OCCUPANCY: No
vacant lo.nd shall be occupied or used
and no building hereafter erected shall be occupied
or used, nor shall lhe use of a building be chnnged
from 0 use limit..ed to one dislrict to thol of allY
other disb'ict a, defined by this Chnpler until n
certificate of occ\lpancy shall have been issued by
the Building Inspector. No 1X!1111it for excovnlion
1. SCI.' 1I1<;{) Title IV. Chn(Jtcr :~.J. or lh:_~ C'Jde.
for !III)' building shAll be
Rpplicnlion hos been made
occupRIlCy.1
4·31·25
issued before the
for certificate of
Land: CcrtiflcnLo of occupnncy for the usc of vacant
Innds or the change in the use of lond as herein
provided, shnll he npplied for he fore Any such Innd
shall Ix! occllpied or used, mid a certificate of
occupaflcy fihnll be issued within ten (10) dnys
nf'tcr the npplicntion hRs been made, providing such
use is ill cOllfonnity with the provisions of these
rcgulntiolls.
Nonconforming Uses: Upon [\ written request of the
owner, lhe Building Inspector shall ISBue n
certificnte of occupancy for nny building or land
existing Ht the time this Code lakes effect,
certifying, after inspection, the use of the building
or Innd nnd whether Buch use conforms to the
provisions of the Code. \Vhere R pint 8S above
provided is not nlready on file, nn application for n
certificate of occupnncy flhRIl be nccompanied by a
survey in duplicate form such as is required for n
permit. (Orci. 1472, 12·18-53)
4·31·25: MANUFACTUIUNG
UISTJUCT:
PARK (M·P)
A. Pllq)Qse nnd Inl.cnl: Tho purpose of U1C M~P
Zone is to provide for n wide variety of
industriAl, trnnspoJi.ntioll, sen' ice nnd oflice
nctivitics which m~et high operational.
development and environmental standards.
Compatible personnl sen'ice und relail uses
which nrc supportive of industrial nrcas are
HIS<l permitted. Swndnrds for scnle,' buffers,
outdoor activities nnd cxternnl impacts aro set
fOI-tll to ensure high quolity oil', water, light,
nml nOlllld envil'Onmcnls, ndequnt..o tTaffic
circulation, and compatible lu:~(~ uges. The
M·P Zone IS intended to impleUient the
Illflilufacturing pnrkJlllultiplc optioTl, mnnufac·
turillB pork/multiple optioll omccllight
industl)', and mnnufucluring park/multiple
option· industry designnlions of the Com pre-
h0.J\sivc Plnn. The pJincipnl zoning category
[or nn~lls so designated 011 the comprehensive
plnn !)Iwuld be M·P,
U. USf:S: III the r-.'1nllufnclurillg Pork "Aile (t\'l-P),
LIlt' r()I!()willr.~ and similar u!'>es nre permitted.
The Uuildinl~ nlld ZoninG' Depnrtmcnt mn)'
dcl/:l'lllill(! Uillt nny other use is similar in
I~enerlll cllHl'ncLer to the follov.'ing specific uses
und is in keeping with the inLent of this
/'orlP. Upon Bucll ndministrnlive deter-millO-
lioll, lhe ~1Ubjccl u~c shnll become n principnl,
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
4-31-25
B) accessory or conditional usc, whichever is
appropriate. Unless indicated by the text,
definitions of the uses listed in this Zone fire
consistent with the descriptions in the Stan-
dard Industrial Classification Manual.
1. Principal Uses: In the M-P Zone, the
following principal uses are permitted:
a. Manufacluring, processing, assembling
and product servicing of:
(1) Articles, products or merchandise
from previously prepared nntural or syn-
thetic materials;
(2) Articles, products or
from previously prepared
alloyed metals;
merchandise
ferrous or
(3) Food and kindred products.
b. Transportation, communication nnd
utility services: Warehousing and storage,
express delivery and hauling activities with
limited cargo handling at 0 central terminnl,
utility distribution activities and suppert
facilities, and communication services.
..:. Services:'
(1) All manner of business, professional,
reaearch and development, health, legol,
educational, social, cultural nnd other
services;
(2) Personal, recreational, Bnd repair
scr-vices, motion picture theaters, nnd
similnr recreational nnd enterlnilllllcTlt
facilities, subject to the pl'Ovisions of
Section 4-31-26C2;
(3) Doy care facilities.
d. Offices: All manner of administrnti\'~,
professional, medical, financial and business
offices.
e. Wholesale trade.
f. Retail trade subject to the provision~
of SecLion 4-31-25C2.
g. Th)cycling collection centern; provided,
that they are located outside of any required
sethock or londscnping areo. (Ord. 393G,
9-1&-85)
4-31-25
h. Hobby Kennels: A maximum of eight
(8) adult dogs 01' cats may be permitted a!W1'
satisfaction of the requirements in Section
4-31-37Cla. (Onl. 3956, 11-4-85)
2. Acccssory Uscs: In the M-P Zone the
following uses nre allowed where subordinate
and incidental to a permitted usc:
a. Detached buildings or structures
which nre ordinarily associated with a per-
mitt.ed use.
b. Outside storage of materials, producls
or containers subject to the limitations and
screening provisions of Section 4-31-25C7.
c. A oocurity building of leos than one
hundred (lOa)' square feet located within 0 re-
quired yard but outside of required landscaped
nrens.
d. One residence per cswblishme'nt for
security or maintenance personnel and family,
provided Uiat mobile homes and lTnvel lTailers
are not permitted.
e. Retail sales incidentel te a permitted
usc .
f. Repair services ordinarily associated
with a pennilted use,
g. Drive-up "will ca11" windows. (Ord.
3463, 8-11-80)
h. Sternge of petroleum or natural gns
or "ny of their by-products, provided that the
totnl slornge capacity is less than fifty thou-
snnd (50,000) gallons or other applicable unil
of measure, and that storage of Buch products
i9 plnced underground. (Ord. 3984, 4-14-86)
i. Itecycling colleclion stotions, provided
thnl they are localed outside of any required
setback or InndscHping nren. COrd. 3463,
8-11-80)
j, On·site hazardous waste treatment
nnd Btornge fncilities. (Ord. 4186, 11-14-88)
3. Conditionnl Uscs: In the M-P Zone t.he fol-
lowing uses mny be Allowed by conditionnl usc
permit flB provided in Section 4-31-36 of lhe
zoning code.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
4-31-25
B3) n. Gnsoline service BUl.lions, pT"Ovicled
C.
that nil activities except fuel sales nrc COil-
ducted entirely within nn enclosed building.
b. Truck terminals and associated ware-
housing Cacilities_
c_ Outdoor sUlrnge exceeding twenty foct
(20') in height.
d. Outdoor aboveground storage of up to
ten thousand (10,000) gallons of the acce."ory
storage of petroleum or natural gns or nny of
their by-products pennitted in 8c<:tion
4-31-25B2h above.
e. Any permitted use whose activities,
including manufacturing and storage, nre
predominantly conducted out-of-doors rather
than completely enclosed within a building.
f. Additional uses as identified in 8c<:tion
4-31-36DI_ (Ord. 3463, 8-11-80)
g. Off-site ha7.ardous waste b'cnlmenl
and sUlrage facilities. (Ord. 4186, 11-14-88)
4. Prohibited Uses: In the M-P Zone the
following uses nre prohibited:
n. Residential UliOS except for 8 aecurity
or maintenance personnel residence !HI
provided in Section 4-31-25B2d.
b, Automobile, motorcycle, truck, bont,
mobile home, tTaiier, and recreational vehicle
sales and rental establishments.
c_ AUUlmobile, mOUlrcycle, truck, bont,
mobile home, trailer, nnd recreational vehicle
repair, service and st..orngc activities, except
gasoline service slllUons 01' fiS incidenlnl t.o n
permitted usc.
d. Refining, mnnufnciure or bulk stnrnge
of petToleum, or nny of iL'i hy·productR.
c. Sulvngc, wrecking ·and di!'lposnl
nctivities conduclcd oui·of·doors.
f. All other uses not included In Sections
4-31-25131 through 4-31-25B3.
Development Stnndnrds: In the M-l' ZOIl" the
following developmeni sinndards shull apply,
except as olherwise provided III Section
4-31-25.
1. Sito Plnn Approval: Sit.e plnn nppruvrtl
4-31-Z.5
shnll he required for all development.~ withi:-.
the M-P Zone_ A building site plnn shall ;, ..
filed and approved in accordance with tho:?
Ciiy Code prior to issuance of nny buildir..;
permits_ Each building or other developmen:
permit issued shall be in conformance y.;::-.
tho approved site plan.
2. Standards Cor Retail and Selected Servic.;
Uses:, For
identified
4-31-25Blf,
npply:
those service and retail
in 8c<:tions 4-31-25Blc(2)
the following standards
usei
an"
sha::
a. The design of structures, ineludiIJ:i
signs, shall be generally consistent i=
character with surrounding uses. No drive-u;:;
windows shall be permittad.
b_ No extarior display of merchandi..,
designed ta be viewed from the public right a:"
way shall he pe=ittad. .-.'
c. In order 00 avoid the negative impacts
or strip commercial development: (Ord. S46~_
8-11-80)
(1) Retail or service uses shall b"
developed as part of larger, plannec
commercial. office or industriE.:
complexes having common architectural
or . landscaping themes. A retail 0:-
service use shall not stand alone, unles.'5
Buch use has a gross floor are~~
than twenty five thousimd 2 ,000:
square feet. Any stand alone Te _
service use, smaller than twenty five
thousand (25,000) square feet, in
cxistance prior Ul the effective date cO
this Ordinance shnll be pennitted ~:.
expnnd, subjcct to all other provisions c:·
City Code. (Ord. 3984, 4-14-86)
(2) Direct arterial nccess Ul individua:
uses shall occur only when nltemati'''~
nccess 'to local or collect.l>r streets r::-
consolidated access with adjacent uses !:
not fensible.
(3) Hoor signs shall be prohibited., (Or':
3463, 8-11-80)
•
3. wi Area: The minimum lot area pcnnittr.·:
in the M-P Zone shall be thirty five thousae.:
(35,000) square reet except for lots existing ...,
. of' Dccember I, 1986 which nre smaller thoc.
thirty five thousond (35,000) square feet '::-
less lIwn three hundred feel (300') in dep-::-.
AS mcnsun~d pcrpcndiculnr t(1 un ndjatl'::-.:
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
4-31-25
C3) street. For purposes of this Ordinance, such
pre-existing lots with less than the minimum
area are known as "small lot M-P". Certain
small lot M-P setbacks and landscaping pro-
visions may apply. See Sections 4-31-25C40
and band 4-31-25C6a. When properties which
satisfy the criteria for small lot M-P arc
contiguoUB and held in ihe same ownership,
then those lots must be developed as a single
development to the greatest exu,nt possible.
Before taking advantage of the smoll lot M-P
provisions, a property owner musl exhaust nil
available administrative or legal processes to
aggregau, the small lot M-P parcels to the
minimum lot size of thirty five thousand
(35,000) square feet, if possible. For example,
if parcels of property within the same owner-
ship are separated by an alley or street, the
property owner must first apply for an alley
or street vacation in an attempt to aggregate
the parcels. In no event will a piece of pro-
perty be subdivided to create lots to qualify
for' the sman lot M-P criu,ri •. The public in-
terest is' served by teking all steps necessary
and legally permissible to encourage the fur-
ther aggregation of lots that qualify as smoll
lot M-P lots such that the lots qualify for the
regular minimum M-P zoning arens of thirty
five thousand (35,000) square feet.
4. Setbacks:
a. Streets: All buildings or structures
shall be located a minimum of sixty feet (60')
from any street or highway property line,
except from limited' access highways where
there shall be a' minimum twenty foot (20')
setback. However, when any portion of n lot
is shallow (three hundred feet [300') or less in
depth measured perpendicular to nn adjacent
street), the above setback standnrd sholl not
apply. Within such shallow portions of a lot,
the setback from the street shall vary, so that
at each point along the street, the required
setback shall be twenty percent (20%) of the
lot dimension measured perpendicular to the
street nt that point, provided that tile mini-
mum setback is at least twenty feet (20')
adjacent to arterial streets and ten reet (lO')
adjacent to all other streets.
b. Other Yards: All buildings or struc-
tUTes shall be localed a minimum of twenty
feet (20') from all other property lines,
including limited access highways.' However,
for pre-existing platted lols smaller thon the
minimum lot area in the M-P Zone, no set-
backs nre required from such other proped,y
4-31-25
lines, provided that the totnl coverage shall
not exceed sixty five percent (65%) of the lot
area on these small lots. (Ord. 4035, 12-22-86)
c. Hailroad Spur Track: The required
setbacks shall not npply along the portion of
o building or structure contiguous to 0 rail-
rood spur tTfiCk.
d. Adjacent to Hesidential Lots: When-
ever n proposed use in the M-P Zone shores n
common property line with n lol designated
residentinl on both the comprehensive plnn
and zoning mnp, the minimum setback
contiguous to tile common property line shall
be lifly feet (50'). Whenever an ndjacent lot
contains n residential use and either the
comprehensive plan or zoning designation or
both is something other than residential, then
the appropriate setback and landscaping
adjncent to the residential lot shall be
determined by site plan approval. A site.,plan
decision to require more than the minimum
selback and landscaping shall consider the
long term viability of the residential use, the
presence or other residential uses in the
sunounding oren, and such' other indications
or stability os owner-occupancy and housing
condition.
e. Use of Setbnck Areas: All required
setback arens sholl be unoccupied and unob-
structed except for ofT-street parking and
londillg, drivewnys, entrance roads, a gate-
house or guardhouse, water pits, lawn
sprinklers, walkways, landscaping, ordinary
nnd necessary utility service facilities, utility
poles, lighting fixtures, identifying and
direction signs, underground installations
nccessory lo any permitted usc, and railroads.
r. Flexible Setbacks: With site plan
approvlIl nnd subject to applicable building
and fire codes, one or the side setbacks (not
adjacent to a public stl'eet or residential use,
as defined in Section 4-31-25C4d above) mny
be reduced or eliminated if the total of both
side selbncks is nt lenst forty feet (40'); nnd
the renr selbnck not ndjac,;nt to a public
street may be reduced or eliminated ir the
rront selbuck is incrcnsed accordingly. The
site plnn decision shnll be based on .. fi7iding
llinl, with I"educed setbacks, the architectural
design, building orientation, circulation, noise
und glare or the proposed project will be
compatible with udjacenl uses.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
4-31-20
C5) o. In tho M-P Zone, no height limit is
established, provided that all required setback
areas on tho periphery of the lot shoJI be in-
creased one additional foot in building height
above forty five feet (45').
b. Gata houses or guardhouses shall not
exceed twelve feet (l2') in height.
6. Landscaping: (Ord. 3463, 8-11-80)
a. Setback ArellS: A landscaped strip a
minimum of twenty feet (20') in width or one-
half (112) the required setback, whichever is
less, shall be provided adjacent to all street or
highway right,.of-way lines, except limited
access highways; and a landscaped strip a
minimum of ten feet (lO') in width or one-half
(1l2) the required setback, whichever is less,
shall be provided adjacent to interior side lot
lines within the required front setback. (Ord.
4035, 12-22-86)
b. Adjacent to Residential Lots: When-
ever a proposed use in the M-P Zone shares a
common property line. with a lot that is desig-
nated residential on both the comprehensive
plan and zoning map, a landscaped strip a
minimum of ten feet (lO') in width consisting
of evergreen shrubs or trees a minimum of
five feet (5') in height shall be provided
adjacent to the common property line and
shall be planted prior to occupancy of any
portion of the si teo
c. All areas of a site not covered by
buildings, structures, or paved surfaces sholl
be landscaped. Required landscape arcns sh.1I
not be used Cor oIT-street parking and loading.
Areos oC a site set aside Cor future develop-
ment may be hydroseeded.
d. Flexible Landscaping Arens: With site
plan approval, the perimeter landsc.ping
stl;ps required by Section 4-31-25C6a above
may be reduced in width up to fifty percent
(50%) iC the equivalent square Cootage oC
landscaping is provided elsewhere within the
site. Site plan approval sholl be based on a
finding that the alternative landscaping
arrangement provides buffering nnd Rile
amenities equal to or better than that which
would be achieved by strict applicntion oC the
Code. The relocated landscaping shall not be
located within the rear setback oC the site.
7. Outside Storage:
4-31-25
B. Outside storage or display of mater-
ials, products and containers is permitted
within the buildable area of a site; provided,
that the storage area is screened from all
adjacent property lines by an existing struc-
ture, a wall or view-obscuring fence at least
six Ceet (G') but not more than ten Ceet (lO') in
height, or IlS required by the bulk storage
ordinance, Section 4-31-29.
b, Whenever outside storage -exceeds fifty
percent (50%) oC the buildable orea oC a site,
storage sholl be considered the principal use
oC the site and shall be subject to the condit,.
ional use requirements oC Section 4-31-25B3e.
8. Refuse: No reCuse, trash, rubbish or other
waste material shoJI be dumped, placed or
allowed to remain outside s permanent build-
ing, except in nonflammable, covered or
enclosed containers, which shall be screened
by fence or landscaping, No refuse shall be
stocked higher than the screening fence OJ'
landscaping.
9. Parking and Loading:
a. See Chapter 14, Title IV oC the City
Code.
h. All uses reqUlnng deliveries or ship-
ments shall provide a minimum of one off-
street loading space and one additional load-
ing space Cor each seventy thousand (70,000)
square feet of gross floor arCR over six thou-
sand (6,OOO) square Ceet.
c, The minimum area for each off-strcet
londing space, excluding area for maneuvering,
sholl be two hundred fi!1.y (250) square Ceet.
d. At no time shall any pnrt oC a vehicle
be allowed to extend into a public right oC
. way while the vehicle is boing loaded or
unloaded. All loading and unloading
maneuvers .hall be conducted on private
property.
e. Off-slTeet loading spaces shall not
inicrfere wilh the usc of required off-street
parking arens, •
10. Environmentnl Performance Stand.rds:
The Collowing minimum standards shall be
mel by all activities within the M-P Zone. For
nil activities which may produce objectionable
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
4-31-15
C3b) (2) Commerciul, Industrial AIIO Olher
Uses: A maximum of eight feet (8')
anywhere on the lot provided the fence
does not stnnd in or in front of Ally
required InndscAping or pose n tndTlc
vision hazard.
(3) Fence Types:
(A) Electric Fences:
i. ElcclTic fences nrc permitted by
special review in all residcntini
zones in cases where Jorge domes-
tic animals nre being kept provided
additional fencing or other bnrrier
is erecl<>d along the properly lines.
ii. All electric fences 5hn1l be
posted with pcnnnnent signs n
minimum of thilty six (36) squnre
inches In nrea nt intcrvnls of
fif\:een feet (15') stating thal lhe
fence is electliHed.
iii. Electric fences find OilY relAted
equipment nnd npplinnces must be
installed In nccordnnce with the
manufncturcl-'s specificillions nnd in
complinnce \\'ith lhe Nnlionnl
ElectTicfll Code.
(B) Barbed Wire Fences: Barbed
wire may only be used on top of fences
at least six feet (6') high for commercial,
industrial, utility and public uses.
(C) Other:
i. Bulk St.orage Fences: Sep. Section
4-31-29.
ii. Fences for mobile home parks,
subdivisions 01' pion ned unit
development nnd for sil<>s which
nre mined, graded or excnvnted
may vnl"y from these regulnlions os
provided In lhe respective code
sedion9.
4, Special Review Process:
a. Persons wishing to have one of' the
following types. of fences may submit a lelter
of justification, site plan find typical clevation
together with the penl1it fee to lhe Building
and Zoning Deparlmenl:
4·:l1-1G
(1) F'ellc(~s exceedillg forty cil{ht inches
(18") within front yard' setbacks but not
within n clear vision nren.
(2) Solid fences along side propel'ty lines
abutting arterinl streets.
(3) Electric fences.
h. The Building and Zoning Department
sholl approve the issuance of special fence
permits provided thnt:
ll) Fences, walls and hedges RbO\.'e rorty
eighl inches (48") when nil setback from
the sh"eet properly line four inches (1")
from everyone inch of' increased height
sought (over 48", up to a maximum of
72").
(2) Fences along property lines abutting
n side stTeei \~hich is on arl.crial mny be
n maximum of seventy two inches (72")
in height. This fence must be located l<l
the renr of the required front yard. In
nddition, dl'jvcwnys will not be nllowed
to access thl'ough this fence. The
location of the fence exceeding forty two
inches (42") in height along properly
lines, Jlnrticulnrly the front find side lot
lines nlong flanking nrtel;nl stTeets, does
not obstruct views of on-coming trnflic /It.
inlersections or driveways.
5. Compliance: Fences which do not comply
wilh these regulations must be broughl into
compliance within six (6), months fi·om the
dnle of notice of fence violation from the City.
(Ord. 4056, 4-13-87)
4-31-16: OFFICE PARK DISTRICT (O-P):
A.
B.
PuqlOse nnd Inl<>nt: The Office Park Zone
WoP) IS established' to provide nreas
appropriate for professional, administrative,
and business otTices, certain manufacturing
activilies, and supportive services In n
campus-like setting. (Ord. 4186, 11-14-88)
Uses: In the Oflice Pnrk Zone to-P), the
following nnd similar uses Ol'e pennitlec.l. The
Building find Zoning Department mny deter-
mine thRt nny other use is similAr in genernl
characler to the following specific uses And is
in keeping with the intent of lhis Zone. Upon
such ndministTotive del.cnninRtion, the subject
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
4-31-1b
B) use shall become a pdncipal, nccessory 01'
conditional use, whichever is' appropriate.
Unless indicated by the text, definitions of the
uses listed in this Zone nre consistent with
the descriptions in the Standard Industriul
Classification Manual.
1. Principal Uses: In the O-P Zone the
following principal uses are permitted:
a.
offices.
Administrative and professional
b. Medical and dental offices nnd clinics.
c. Financial offices such as bnnks,
savings and loan institutions.
d. Schools and studios for art, crafts,
photography, dance and music.
e. Business and professional services.
f. Research and development.
g. Educational, cultural, nnd social
activities. (Ord. 3937, 9-16-85)
h. Product servIcmg, ,wholesaling,
warehousing and storage of articles, products
or . merchandise from previously prepared
natural or synthetic materials, or ferrous or
alloyed metels. (Ord. 4186, 11-14-88)
i. Day care facilities. (Qrd. 3937, 9-16·
85)
j. Hobby Kennels: A maximum of eight
(8) adult dogs or cats may be permitted after
satisfaction of the requirements in Section
4-31-37Cla. (Ord. 3955, 11-4-85)
k. Motion picture theaters and similar
recreational and entertainment facilities,
subject to the provisions of Section 4-31·25C2.
<Ord. 3980, 3-24-86)
2. Accessory Uses: In the 0·1' Zone the
following uses are allowed where incidental to
a perm i tted use:
a. Parking garages.
b. Recreational facilities.
c. Retail sales of products or merchan-'
dise produced as a permitted use.
4·31-16
d . .Repair activities ordinarily associated
wilh n permitted usc.
e. Storage of petroleum or na tural gas
or any of their by-products, provided that the
total storage capacity is less than ten
thousand (10,000) gallons or other applicable
unit of measure, and that' storage of such
products is placed underground.
3. Conditional Uses: In the 0-1' Zone the
following uses and their accessory uses may
be allowed by conditional use permit as
provided in Section 4-31-36 of the City Code:
B. Churches.
b. Heliports.'
c, Personal, recreational and
services and retail uses, subject
standards of Section 4-31-16C2.
repair
to the
d. Additiona] uses 85 identified in
Section 4-31-36D1. (Ord. 3937, 9-16-85)
e. On-site I hazardous waste treatment
and storage facilities. (Ord. 4186, 11-14-88)
4. Prohibited Uses: In the 0-1' Zone the
following uses are prohibited:
n. Residential uses.
b. Automobile, motorcycle, truck, boat,
mobile home, trailer, and recreational vehicle
sales, rental, repair, service and storage
activities, except repair and maintenance may
be permitted if incidental to a permitted use.
c. Any outdoor storage or display of
materials or products.
d. All other uses not included in Section
4-31-16BI through 4-31-16B3. (Ord. 3937,
9-16·85)
c, Ofr~sit.e hazardous waste treatment
and storage facilities. (Ord. 4186, 11-14-88)
C. Development Standards: In the O-P Zone the
following development standards shall apply,
except as otherwise provided by this Section,
1. Site Plan Approval: Site plan approval
shall be required for all developments within
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
4-31-16
C1) the O-P Zone. A building site plan shall be
filed and approved in accordance with the
City Code prior to issuance of any building
permits. Each building or other development
permit issued shall be in conformance with
the approved site plan.
2. Standards for Retail and Selected Service
Uses: For those service and retail uses
identified in Section 4-31-16B3c, the following
standards shall apply:
B. The design of structures, including
signs, shall be generally consistent in
character with s\ln'()unding uses. No drivc·up
windows or outside automobile service shall
be permitted.
b. No exterior display of merchandise
shall be permitted.
c. In order to avoid the negative impacts
of strip commercial development:
(1) Retail or selected service uses shnll
be developed as part of larger, planned
commercial, office or industrial
complexes having common architectural
or landscaping themes. Such retail or
service uses shall not sland alone and
shall not occupy more than filLy percent
(50%) of a jointly developed building
complex. '
(2) Direct arterial access to individual
uses shall occur only when alternative
access to local or collector streets or
consolidated access with adjacent uses is
not feasible.
(3) Roof signs shall be prohibiled,
Free-standing signs shall not exceed len
feet (10') in height and shall be located
at least twenty feet (20') from any
property line, except for entrance and
exit signs.
3. Setbacks:
a. Streets: All buildings and structures
shall be located a minimum of sixty feet (60')
or twenty percent (20%) of the lot depth,
whichever is less, from any public street or
highway property line. In nny case. if the
adjacent public street is ,n major or secondnry
arterial, the setback shall be 'at lenst thirty
feet (30').
4-31-1C
b. Other Y nrds: All buildings and
structures shall be located a minimum of
twenty feet (20') or fifteen percent (15%). of
the lot width, whichever is less, from any
property line which does not abut a public
street or highway.
c. Adjacent to Large Structures: The
required yard setbacks adjacent to any build-
ing or structure with a building footprint
greater than twenty five thousand (25,000)
square feet shall be increaaed one foot (1') for
each additional two thousand (2,000) squnre
feet of building footprint, up to a maximum of
one hundred feet (lOO') abutting public
streets, and sixty feel (60') in other yards.
d. Adjacent to Residential Lots:
Whenever a proposed use in the O-P Zone
shares a common property line with a lot that
is designated any residential use on both the
City of Renton comprehensive plan and zoning
mnp, the minimum setback contiguous to the
common property line shall be filLy feet (50').
Whenever an adjacent lot contains n
residential use nnd either the comprehensive
plan or zoning designation or both is
something other than residential, then the
appropriate s~lback and landscaping adjacent
to the residential lot shall be determined by
site plan approval. A site plan decision to
require morc than the minimum setback Bnd
landscaping shall consider the long tenn
viability of the residential use, the presence of
other residential uses in the surrounding
aren, Bnd such other indications of stability 8S
owner-occupancy and housing condition.
e. Use of Setback Areas: All required
setback areas shall be unoccupied and
unobstrucled except for ofT-street parking and
lonuing, drivewuys, entrnnce rands, lawn
sprinklers, walkways, landscaping, ordinary
nnd necessary utility service facilities, utility
poles, lighting fixtures, identifying and
direction signs and underground installations
accessory to Any pennitted use.
r. Flexible Setbacks: With site plan
approval and subject to applicable building
and fire codes, one of the side setbacks (not
adjacent W n public street or residential use,
fiS defined in Section 4-31-16C3d may be
reduced or eliminated if the total width of
both side selbucks is at least lwice the width
or the minimum selback specified in Section
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
4-31-16
C30 4-31-16C3b above; and the rear setback not
adjacent to a public street may be reduced or
eliminated if the front setback is increased
accordingly. The sitAl plan decision shall be
based on a finding that, with reduced set-
backs, the archiu.ctural design, building orien-
tation, circulation, noise and glare of the
proposed project will be compatible with adja-
cent uses and with the purpose and intAlnt of
the O-P Zone.
4. Height: Building heights. in the O-P Zone
shall be established with consideration to
adjacent ·Iand uses and shall be detAll'mined as
follows:
a. Adjacent to Single FamilyfLow
Density Multi-Family Uses: No height limit
shall be required provided tho t for each one
foot (11 of building height there shall be
provided one foot 0') of yard setback on the
periphery of the sitAl where the office park
use is adjacent to a single family or low
density multiple family use 10cntAld on a lot
designatAld single family or low density
multi-family on the City of Renton
comprehensive plan ""d zoning map.
b. Adjacent to All Other Uses: No height
limit shall be required provided that all re-
quired yard setbacks adjacent to such other
uses shall he increased one foot (l') for eoch
additional one foot (1') of height above forty
five feet (45').
c. These setback/height requirements
cannot be modified by application under the
PUD process.
5. Landscaping:
a. There shall be a mInimum landscaped
setback of twenty feet (20') from all public
street or highway rights of way.
b. There shall be a minimum landscaped
setback of tAln feet (IO') 01' one-half (lI2) the
required setback, whichever is less, from nil
other property lines.
c. A minimum of twenty percent (20%)
of the site shall be retained in landscaped
open space. A maximum of one-half (lI2) of
this requirement may be on the roofs of
structures, provided employees and the public
have access to the area. A maximum of
seventy five percent (75%) of this requirement
may be within the required perimeter
4-31-16
landscaping. The twenty percent (20%)
minimum landscaping requirement mey not
be reduced if a site is developed as a PUD.
d. All areas not covered by buildings,
structures or paved surfaces shall be land-
scaped. Areas set aside f«;lr future develop-
ment on a lot may be hydroseeded.
e. Where plIrking loLl] nrc adjacent lo
one another, perimeter landscaping shall not
be required.
f. Any wall surface greater than thirty
feet (30') in width lacking windows or dool's
shall be softened by landscaping or archi-
tectural features, such as change of texture or
wall modulation. Such landscaping shall
include trees over six feet (6') in height placed
no more than thirty feet (30') on center or in
clusters.
g. With site plan approval, theperimeler
landscaping setbacks required by Section 4-31-
16C5a and b above may be reduced in width
up to fifty percent (50%) if the equivalent
square footage of landscaping is provided
elsewhere within the site. Site plan approval
shall be based on a finding that the
alternative landscaping arrangement provides
buffering and site amenities equal to or beller
than that which would be 'achieved by strict
applicntion of the Code. 'rhe relocated land-
scaping shall not be' located within the rear
setback of the site.
6. Refuse: No refuse, trash, rubbish or other
waste material shall be dumped, placed or
allowed to remain outside a permanent build-
ing, except in nonflammable, covered contnin-
ers Or dumpstAlrs, which shall be screened by
fences or landscaping. No refuse shall be
stacked higher than the screening fence or
landscaping.
7. Parking/Circulation: Parking and circulation
stondards required shall be as follows:
R. Access: The principal access shall be
from an art.erial or collecLor street and shnll
be oriented w the least traveled street when-
ever two (2) or more such nr-terials or collec-
tors abul the sileo
b. Parking/Circulation: Parking .rld
circuilltion IlreBS along a common lot line with
a residential use located on a lot designated
as a residential use on both the City of
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
4-31-16
C7b) Renton comprehensive plan and zoning map
shall be allowed only if a ten foot (10') wide
sight-obscuring landscaping scrip and n six
foot (6') high solid fence are provided along
the common boundary line.
c. Parking and Loading:
(1) See Chapter 14, Title IV of the City
Code.
(2) All loading docks and roll-up doors
shan be located at the rear of buildings
or screened so that they are not visible
from any point along the abutting public
right of way.
(3) At no time shall any part of a
vehicle be allowed to extend into a
public right of way while the vehicle is
being loaded or unloaded. Ali loading
and unloading maneuvers shall be
conducted on private property.
8. Environmental Performance Standards: The
following minimum standards shall be met by
all activities within the O-P Zone. For all
activities which may produce objectionable or
otherwise prohibited conditions, the property
owner or lessee shall furnish design specificn-
tions or other scientific evidence of compliance
with these standards.
a. Noise: See Title Vl!!, Chapter 7,
Noise Level Regulations.
b. Smoke:
(1) Visible grey smoke shall not be emit-
ted from any source in 8 greater density
of grey than that described as No. I on
Ringelmann Chart.
(2) The provisions applicable to visible
grey smoke shall also apply Ul visible
smoke of a different color but with an
equivalent apparent opacity.
c. Dust, Dirt, Fly Ash or Airborne
Solids: No observable dust, dirt, fly ash or
airborne solids shall be emitted.
d. Odorous Gases and Matter: No
odorous gases or matter In 8 quanlity suf-
ficient to evoke 8 response from the average
person beyond the exterior property lines
ahall be emitted.
e. Toxic Gases and Matler: No emissions
4-31·17
of toxic gases or matter shall be permitted.
f. Vibration: No vibrntion shall be
pennitted to exceed 0.003 of one inch dis-
placement or 0.03 (g) peak acceleration,
whichever is greater, os measured 6t any
point outside the property lines of the lot or
site. This .hall apply in the frequency range
of zero to five thousand (0 -5,000) cycles per
second. Shock absorbers or similar mounting
shall be allowed Ul permit compliance with
this specification.
g. Glare and Heat:
(1) No glare and heat from any source
shall be permitted to be unreasonably
objectionable beyond the exterior pro·
perty lines of a lot or Bite.
(2) AIl exterior or wall mounted lighting
fixture" shall be directed away from
public "treets or rights of way. Exterior
lighting fixture" shall be equipped with
hoods or reOectors such that direct light
rays extend no more than ten feet (10')
beyond the ncarest property line.
9. Signs: See Chapter 20, Title IV of lhe Cily
Code. (Ord. 3937, 9-16-85)
4-31-17: AIRPORT ZONING:
A. Zones: In order to regulate the use of
property in the vicinity of the Rirpo'rt, nil of
the land within two (2) miles south and one
mile enst and west of, or that part of the
area that is within the City limits of Renton,
Washington, whichever is nearest the
boundaries of the airport, is hereby divided
into airport approach, transition and turning
zones. The boundaries thereof are shown on
lhe Renton Airport Approach Plan numbered
No. I, dated March 1, 1956, which plan is
made a part hereof.
B. Height Limits: Except as otherwise provided
in this Code, no structure or tree shall be
erected, altered, allowed to grow or be main-
tained in nny airport approach 20ne or airport
turning zone to n height in excess of the
height limit herein established for such zone.
For the purposes of this regula lion, lhe
following height limits are hereby established
for each of lhe zones in question: (Ord. 1542,
4-17-56)
, ~ ...... ~-.. ,.,; ..
1-
C. H. PARRISH APPRAISAL SERVICES INC
I CLIFFORD H. PARRISH F.R.I.,R.I.(B.C.)
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
1
city of Renton
Parks & Recreation
200 Mill Avenue South
Renton, WA 98055
Att: Leslie Betlach
Dear Sirs:
Harold's Square, 153 Madrone Lane N.
Winslow, Bainbridge Island
Washington 98110
Tel (206) 842-9055
Fax (206) 842-7489
8 June,1992
In accordance with your instructions, 1 have prepared an
appraisal of the above referenced property whose tax Account Number
is 132304.9089 and is located In the city of Renton in King
County, Washington. ,'I'his report .l.s an addendum to the appraisal of Lot
3 and. should be read in conjunction with that report. The definitions
and Assumptions and Limiting Conditions contained in the Appraisal of
Lot 3 aleo apply to Lot 4 and in particular Assumption 25 which
assumes that there are no wetlands on the property and that a
building permit is readily attainable throuqh the normal application
process.
In the final analysis, the subject property has an estimated
Market Value as of June 1, 1992 in the sum of:
ONE MILLION THREE HUNDRED AND SEVEN'l'Y EIGII'J' '['HOUSAND DOI,LARS
( $1,310,000.00 )
The following pages contain variations that pertain to Lot 4 and
also support the conclusion reached.
Respect~l submi :ted,
. _I-.......... -' C.H.Parrish Appraisal Services Inc.
Clifford H.Parrish F.R.I.,R.I.(B_C.)
I
I
I
I
I
I
I
I
I .
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
SITE pATA.
The subject site comprises a single legal parcel located on the
west side of Naches Avenue SW and is part of the Black River Business
Park. There is frontage to Naches Avenue although the maps reviewed
do not indicate whether the road offers frontage to the total east
boundary.
The site offers 254,036 s.f.( 5.83 acres) and although the
boundaries are irregular the site in reality is almost square
offering a very viable shape for development. The west boundary abuts
the City of. Renton storm water retention pond. The property has a
maximum depth of approx 595 feet. This is the south boundary which
runs east west. The land is essentially flat and is covered with
heavy secondary growth that is considered to have no commercial
value.
The soil and services are the same as Lot 3 except that the
services are more or less level with the south east corner of the
site.
A site plan is attached on the following page.
HIGHEST AND BEST USE ..
The definitions etc as set out in the body of the main report
apply to this site and it is concluded that the highest and best use
of this site is also a development to a maximum as permitted by the
current zoning.
METHOP OF APPRAISAL.
As this site parallels Lot 3 the methodology used and the
comparables are the same. The market comparison approach will be used
as per the main report.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
VALUATION.
The comparables used in the main report are equally applicable
to Lot 4 as they are to Lot 3. However the services and the road are
already in front of the subject property and the deduction taken in
the main report as pertaining to Lot 3 do not apply to this property.
It is therefore concluded that the $5.50 p.s.f. value estimated as
being the current market value should apply to this property.
this shows the following calculation;
254,036 s.f. x $5.50 p.s.f = $1,377,398.00
Rounded to $1,378,000.00
,I
I
or [NIHY
1 bj093(,0141
Ie:> ~O. FT.
02. .t.CRfS
.6 1, 1,0
R • "02
L ; 807.
'-AK~t:.L
1 - B
(:,; 53°57'00'
R; 1 1 65.09
L;1097,05
~--,5 37"35'03"E
308.70
.' C: :
s c.;; "5' C :' :
2. <:;
.. ,
I C. H. PARRISH APPRAISAL SERVICES INC
I CLIFFORD H. PARRISH F.R.I.,R.I.(B.C.)
I
I
I
I
I
I
I
I
I
I
I
I
I
city of Renton
Parks & Recreation
200 Mill Avenue South
Renton, WA 98055
Att: Leslie Betlach
Harold's Square. 153 Madrone Lane N.
Winslow. Bainbridge Island
Washinglon 98110
Tel (206) 842·9055
Fax (206)842·7489
8 ;.Iune,1.997.
RE.L.R9.!"J;1L.I:LaU ... Qf Lot 6,Blnck IHvet-, Refltoll, WA .•.
Dear Sirs:
In accordance wi. til your inAtrl.lcU.ons, .I. hAve pr.epared an
FlppraisaJ. of the abovf! rf!ff!rf!ncen p,:operty whose tax Account Number
is 1.J2304.9012 ( 'l'hiA reJatf!A to I'IJ.I of I .• ot 6 ) and iA .Located in thf!
city of Renton in K\ng cDunty,Washingtoll. 'l'I,Js ,-"port is an addendum
to the appraisal of r,ot 3 and should be reat] in conjunction wi.th that
report. The definitions and Assumptions attd L.imlting .Conditions
contained in the Appraisal of IJot J a Iso apply to N J./7. IJot 6 and in
particular Assumption :>'5 which assumes that there are no w.et.l.ands on
the property and that a building permit iA readily attainable through
the normal application pn)cess.
In the final analysis, the subject property has an estimated
Market Val~e as of June 1, 1997. l.n the sum of:
THREE HUNDRED AND FIF"rV FIVE 'l'1I0USAND DOLIJ\RS
( $355,000.00 )
The following pages contaln variati.ons that pertain to Lot 6 and
also support the conclusion reaclled.
RespecW!:tul sUbm:tted, ...---1..
• -C.II.Parrish Appraisal Serv.i.ces Inc.
Clifford lI.parrish F.R.I.,R.I.(B.C.)
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
SITE DATA.
Lot 6 comprises a single legal lot, but the north half of this
site to which this report relates to, is at present not a separate
entity. The description following relates to the total parcel and the
division of land is NOT part of this report. all costs incurred in
the division of the site are to be already expended.
Lot 6 is located to the north-west of Lot 3 and has a common
property boundary. Like Lot 3 the north boundary abuts the railroad
tracks and is arced. the south boundary is also arced and almost
parallels the tracks. The west boundary is straight and runs almost
north south, whereas the east boundary ( common with Lot 3 ) runs
north-east to south west. The site area of Lo't 6 is given as 262,183
s.f. and therefore the area that is being appraised offers 131,091.5
s.f. The site is essentially level although the land rises very
slightly towards the tracks and is covered with mainly scrub bush and
a few secondary growth trees.
Services. There are no services currently abutting the site. The
nearest water and sewer mains are to be found approximately 1,000 ft
to the south on Naches Avenue SW. To develop the site it would be
necessary to extend these services and the road to the subject site.
The soil conditions are the same as Lot 3.
A site plan is attached on the following page.
HIGHEST AND BEST USE.
The definitions etc as set out in the body of the main report
apply to this site and it is concluded that the highest and best use
of this site is also a development to a maximum as permitted by the
current zoning.
METHOD OF APPRAISAL.
As this site parallels Lot 3 the methodology used and the
comparables are the same. The market comparison approach will be used
as per the main report.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
VALUA'l'l.O/i
1'he comparables used in the ma.i n report are equally applicable
to I,ot 6 as they are to l,ot 3. However the services and the road need
to be extended to the subject property and the deduction taken in the
main report as pertaining to l,ot 3 do not apply to this property. It
is d.ifficult to perceive that this lot would be developed before l,ot
3 and the expense to extend the road to Lot 3 would be already
incurred by the developer of J.,ot 3. It would be unreasonable to
deduct the full length of the road required when they have already
been deducted in the appraisal of Lot J which is under the same
ownership.
It is however reasonable to assume that to extend the road an
additional 500 feet will be necessary and to be consistent the same
costs as set out in the body of the main report would equal.Ly apply
to this property. 'l'herefore these costs are estimated to be 500 feet
at a cost of $325.00 per foot or $1.6~,500.00.
In addition the question of discounting the indicated value
needs to be considered. '['his St te is unl.ikeiy to be developed prior
to either Lot 3 or Lot 4 and similarly any developer is unlikely to
want to incur development expense to develop this site when t,ots 3 lie
4 can be more readily developed. It .i.i not unreasonable to assume
that if Lot 3 and/or 4 are developed this site wiJ.l not be built upon
until the buildings erect.ed on l,ots 3 and 4 are occupied. In the
current market it would be unreasonable to assume that the market
could absorb three bui.1.dings. lis this is a projection into the future
there is no way to prerUct what the market absorbt.i on will be but it
is reasonable to assume that a prudent purchaser wilL discount the
present value.
It is considered that it takes at least two years to obtain
permits and to build an office buildi.ng and as the road will pass two
lots a deferment of four years would appear reasonable.
'I'he value of the subject can be set out as follows:
131,09.1..5 s.f X $5.50 p.s.f $721,003.25
Less roads and services $.l6~,500.00
$5~;8, 503.25
Discount @ 12% ( factor 0.6355 ) x 0.6]55
Indicated value $:154,929.00
Hounded to $355,000.00
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
The question of what discount rate is open to debate and 12% is
well above current interest rates. However the four years used as a
deferment period is considered to be a minimum and the factor used is
almost the same as taking 9.5% over a five year term. It is therefore
considered to use the minimum period and the lower rate would not be
consistent with the market's thinking.
I
I
I---~-:';-;~',' 14"---1
___ R • 2790.19 __
L • 6~9.24
LOT 7
"
,-
I' ,.
OF [NTkY
, b)09)vu741
\ l \ r\Ht'~-1-;-"I_\ ~ \
~ L O-,-T--,,--= t::. 2b2,IhJ ~O. FT.
t=-: OR 6.02 .t.CR£5
~I, 11' ~6' 46"
R. 1102.46
L : 807,11
,.., A t--( C I
1 - B
(':,: 53'57'00·
R: 1 165.09
L: 1097,05
,-'-
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CLIFFORD H.PARRISH
EXPERIENCE AND QUALIFICATIONS
Educated at King Edward VI Grammar School, Five ways, Birmingham
England.
1961 -1965 Entered Real Estate as an articled pupil upon leaving.
school to Maurice S Allsop, Principal of Maurice Allsop & Company, a
full service real estate company with offices in west Bromwich and
Stourbridge, England. Initial duties entailed Property Management
including rent collection and Accounting. Application of the Landlord
and Tenant Act as it applied at that time was also part of my duties.
Upon completion of Articles, work included real estate sales and
appraisal primarily for Building Societies. Secondary duties included
Land survey's, Structural survey's, Sales by auction and assisting in
Property management.
1965 -1967 Real Estate sales and appraiser with widdowson & co,
Kingswinford,England
1967 -1971 Emigrated to Canada. Appraiser with Bell-Irving Realty,
vancouver,B.C. Canada
Full time appraiser preparing appraisals for lending institutions and
private individuals. Most of this work was single family housing.
1971 -1987 principal of C.H.Parrish and Associates, Vancouver, B.C.
A full service appraisal company preparing appraisals for all
purposes including residential ,commercial, industrial and investment.
Clients included Banks, Credit Unions, Lawyers,Government and private
individuals.
In 1985 C.H.Parrish & Associates merged with Penny & Keenleyside
Appraisals who had an office in New Westminster, B.C. and wanted an
office in Vancouver. I continued as an appraiser and partner of this
company.
1988 -present. Independent Contractor working with and for Olympic
Appraisers, Lamb Hanson Lamb Appraisers Inc and Budget Appraisals. I
am Incorporated in the state of Washington under the name of
C.H.Parrish Appraisal Services, Inc.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
EDUCATION
Completed four year appraisal course directed by the Faculty of
Commerce and Business Administration at The University of British
Columbia, Vancouver, British Columbia, Canada. Courses included
Appraisal I & II, Law of Landlord & Tenant, Law of Contr~ct & Tort,
Real Estate Accounting, Building Construction and Economics -9/71.1
Accepted as member of Real estate institute Of British Columbia,
Certificate number 979 -dated 12th July 1971. continual membership
in this professional organization that provides ongoing education and
has an established Code of Ethics and course requirements. Permitted
to use the distinquishing letters -R.I. (B.C)
Accepted into membership of The Real Estate Institute of Canada
having successfully completed a recognized university level advanced
course in real estate. continual membership in this professional
organization that provides ongoing education and has an established
Code of Ethics and course requirements. Dated 11th July 1972.
Permitted to use the distinguishing letters -F.R.I.
Current member in the International Right of Way association.
Appointed to the Panel of Arbitrators of the American Arbitration
Association.
Past Memberships
Federation Internationale Des Professions Immobilieres ';; Paris France.
Certified Residential Appraiser #1917 with Appraisal Institute of
Canada
Rotary Club of West Vancouver 1970 -1984. President 1981
--
=
~
-
i •
~,
r;
L
.,
~
I
I
~
=
\ .
~..!
.
I .
..
.... I
/.
. ... \
0
. .....
Lots 3, 4 aod N 112 Lot 6,
BLACK RIVER INDUSTRIAL PARK
RENTON, WA ..
C .R. Parrish Appraisal ServIces Inc
I
I
I
• AN APPRAISAL
I of the
• VACANT LAND
I LOCATED AT
I BLACK RIVER INDUSTRIAL PARK
• RENTON,WA
• as at
I DECEMBER 31,1993
I
I PREPARED FOR
I CITY OF RENTON
(PARKS AND RECREATION)
I BY
I Clifford H:Parrish F.R.I.. R.I (B.C.)
C.H. Parrish Appraisal Services Inc. •
I
I
I C, H. PARRISH APPRAISAL SERVICES INC
ICLIFFORD H. PARRISH F,R.I.,R.I.(B.C.}
Harold's Square, 153 Madrone Lane N.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
City of Renton
Parks & Recreation
200 Mill Avenue South
Renton, WA. 98055
Att; Leslie Betlach
Winslow, Bainbridge Island
Washington 98110
Tel (206) 842·9055
December 30, 1993 Fax (206) 842-7489
Re: Lots 3. 4 & N1/2 Lot 6 Black River Industrial Park, Renton, WA
Dear Sirs:
In accordance with your request, we have made an analysis of the above -
referenced property for the purpose of providing you with an estimate of its Market
Value as a fee simple estate free and clear of all encumbrances_
In our opinion of Market Value, consideration was given to all known pertinent
data including market trends and economic and general conditions affecting current
market value. In the final analysis the subject has an estimated Market Value as
follows:
1_ ;'Land Value As Is" As of December 30,1993:
TWO MILLION FIVE HUNDRED AND NINETY FIVE THOUSAND DOLLARS
($2,595,000.00)
The appraisal includes both the land and proposed Improvements_ It does not
include any equipment, stock, inventory, tools, furniture, fixtures or any other items
movable or immovable of a personal nature, although it is recognized that the income
generated is dependent upon the Inclusion of such items and that a portion of the
income is attributable to these items. We have not investigated the title to or any
liabilities against the property appraised.
Market Value, as used In this report, is defined as the most probable price which
a property should bring in a competitive and open market under conditions requisite to
a fair sale, the buyer and seller each acting prudently, knowledgeably and assuming
the price Is not affected by undue stimulus_ This appraisal has been prepared in
conformance with the Uniform Standards of Professional Appraisal Practice as adopted
by the Appraisal Standard Board of the Appraisal Foundation and the appraisal
guidelines as stipulated in the FinanCial Institutions Recovery and Enforcement Act of
1989 ..
2
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
ADDENDUM.
TABLE OF CONTENTS
TABLE OF CONTENTS .......................................................................................... 3
CERTIFICATION .................................................................................................... 3
UNDERL YJNG ASSUMPTIONS AND LIMITING CONDITIONS .......................... 5
SUMMARY OF SALIENT FACTS AND CONCLUSIONS ...................................... 9
OSTENSIBLE OWNER: .......................................................................................... 10
. PROPERTY ADDRESS: .......................................................................................... 10
PURPOSE OF APPRAISAL: .............................................................................. '" ... 1 0
LEGAL DESCRIPTION: .......................................................................................... 11
DEFINITION OF PROPERTY RIGHTS APPRAISED: ......... : .................................. 11
DELINEATION OF TITLE: ..................................................................................... 11
EFFECTIVE DATE OF "AS IS" VALVE: ................................................................ 11
ASSUMPTIONS AND LIMITING CONDITIONS: .................................................. 11
USE OF REPORT: .................................................................................................... 12
PUGET SOUND DATA: .......................................................................................... 13
CITY OF RENTON DAT A. ..................................................................................... 20
NEIGHBORHOOD DATA. ...................................................................................... 24
SITE DAT A: .............................................. , ............................................................. 25
ZONING DATA ....................................................................................................... 27
HIGHEST AND BEST USE .......................... : .......................................................... 28
METHOD OF APPRAISAL ...................................................................................... 30
VALUATION ........................................................................................................... 31
FINAL CONCLUSION OF VALVE ......................................................................... 34
COMPARABLE SALES.
ASSSESSORS MAPS
ZONING ORDINANCE
UTILITY MAPS
QUALIFICATIONS OF APPRAISER.
3
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CERTIFICATION
I, (WE) the undersigned, do hereby certify that, except as otherwise noted In this
appraisal report:
1. We have no present or contemplated future interest In the real estate that is the
subject of this appraisal report.
2.
3.
4.
5.
6.
7.
That we have no personal Interest or bias with respect to the subject matter of
this appraisal report nor to the parties Involved.
To the best of our knowledge and belief, the statements of fact contained in this
appraisal report, upon which the analyses, opinions and conclusions expressed
herein are based, are true and correct.
This appraisal report sets forth all of the limiting conditions ( imposed by the
terms of our assignment or by the undersigned ) affecting the analyses,
opinions and conclusions contained in this report.
This appraisal report has been made in conformity with and is subject to the
requirements of the Code of Professional Ethics and Standards of Professional
Conduct of the Appraisal Institute. I (we) certify that, to the best of our
knowledge and belief, our analyses and conclusions were developed, and this
report has been prepared, in accordance with the Uniform Standards of
Professional Appraisal Practice as adopted by the Appraisal Standards Board of
the appraisal Foundation.
No one other than the undersigned prepared the analyses, conclusions and
opinions concerning real estate that are set forth in this appraisal report. Clifford
H. Parrish has made a personal inspection of the property that is the subject of
this report. The property was first walked about two years ago and has been
visited several times since that date.
In arriving at the analyses, conclusions and opinions concerning real estate
contained in this appraisal report, other appraisers were consulted and their
contribution is acknowledged. The final conclusions and opinions expressed in
this report are those of the undersigned and other appraisers who have
contributed have not had any input into the final conclusion and opinion.
C. H. Parrish Appraisal Sen'ices Inc 4
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Certification ( continued)
8. Possession of this report, a copy, or any part thereof does not carry with it the
right of publication. disclosure of the contents of this report is governed by the
by-laws and Regulations of the appraisal Institute. The use of this report is
subject to the requirements of the Appraisal Institute relating to review by its
duly authorized representatives.
9. Neither all, nor any part of the contents of this report ( especially any
conclusioris as to value, the Identity of the appraiser or the firm with which he is
connected, or any reference to the Appraisal Institute or to the MAl. or SRA, or
to the RM, SRPA, F.R.I., R.I.(B.C.) or SREA designations) shall be used for any
purposes by anyone but the client specified in this report, without the previous
written consent of the Appraiser. Nor shall it be conveyed by anyone to the
public through advertising, public relations, news, sales or other media, without
the express written consent and approval of the undersigned.
10. On all appraisals subject to satisfactory completion, repairs or a~erations, the
appraisal report and value conclusions are contingent upon completion of the
improvements in a workmanlike manner.
11. The appraisal assignment was not based on a requested minimum valuation, a
specific valuation, or approval of a loan. Our compensation is not contingent
upon the reporting of a predetermined value or direction in value that favors the
cause of the client, the amount of the value estimate, the attainment of a
stipulated result, or the occurrence of a subsequent event. Neither employment
nor compensation are based upon approval of any related loan applications.
12. The client has been advised and has acknowledged that Title XI of the Federal
Financial Institutions Reform, Recovery and Enforcement Act of 1989 requires
that all appraisals utilizing Federally related transactions must be ordered
directly by a regulated institution or its agent.
Clifford H. Parrish, F .R.I., R.I.(B.C.)
Appraiser & Consultant
Respectfully Submitted,
C. H. PAR IS PPRAISAL SERVICES, INC
___ ' __ L
a--.
---fL.------~---:-----------------
c. H. Parr;sh Appra;sal Sen';ces Inc 5
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
----------------------
I •
1-,-----
SUBJECT. PHOTOGRAPHS
C. H. Parrish Appraisal SeTl'ices Illc
Ii i-,
I
I
I
I
1--
I
I
I
I
I
I
I
I
I
I
I
I
I
------.--
SUBJECT PHOTOGRAPHS
C. H. Parrish Appraisal Sen'ices Illc
I
I
I
I
I,
I
I
I
I
I
I
I
I
I
I
I
I
I
I
1.
2.
3.
4.
5.
6.
7.
UNDERLYiNG ASSUMPTIONS AND LIMITING CONDITIONS
By this notice, all persons and firms reviewing, utilizing or relying on this report
In any manner bind themselves to accept these assumptions and limiting
conditions. Do not use this report if you do not so accept. These conditions are
a part of the appraisal report, they are a preface to any certification, definition,
fact or analysis, and they are intended to establish as a matter of record that the
appraiser's function is to provide a present market value indication for the
subject property (leasehold Interest only) based on the appraisers observations
as to the subject property and real estate market. This appraisal is not an
engineering, construction, legal or architectural study nor a survey, Expertise in
these areas, among others, is not Implied.
The appraisal is based on the premise that there is full compliance with all
applicable federal, state and local environmental regulations and laws unless
otherwise stated in the report: further, that all applicable zoning, building, use
regulations and restrictions of all types have been complied with unless
otherwise stated in this report: further, it is assumed that all required licenses,
consents, permits or other legislative or administrative authority, local state
federal and/or private entity or organization have been or can be obtained or
renewed for any use considered in the value estimate.
The appraiser(s) have inspected as far as possible, by observation, the land
and the improvements: however, it was not possible to personally observe
conditions beneath the soil, the water or hidden structural components. We
have not critically inspected mechanical components within the improvements
and no representations are made herein as to these, matters unless specifically
stated and considered in this report. The value estimate assumes that there are
no such conditions that would cause a loss of value.
The appraisal is based on the assumption that there are no hidden, unapparent,
or apparent conditions of the property site, subsoil, or structures which would
render it more or less valuable. The appraiser and firm have no responsibility for
any such conditions or for any expertise and engineering to discover them.
No specific soil bearing tests were furnished or made as a part of this report:
however, soil stability and bearing capacity are assumed to be sufficient to
permit development.
All dimensions and legal descriptions are assumed to be correct as supplied
and/or found through available records. any maps, sketches, reproductions or
photographs inCluded in this report are for illustration and as an aid to visualize
the property only.
All information as found in data furnished or in public record is deemed reliable.
If any errors are found, the right is reserved to modify the conclusions reached.
C. H. Parrish Appraisal Sen·ices Inc 6
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
8. This report is based on the premise that the title to the property is good and
merchantable, and that there are no liens, clouds or encumbrances against the
title save and except the three ground leases which are attached and is the
basis upon which the appraisal report Is made. No responsibility is assumed for
matters which are legal In nature.
9. Any liens or encumbrances which may now exist have been disregarded and
the property has been appraised as though free of indebtedness and as though
no delinquency in payment of general taxes and special assessments exist.
10. It is assumed that the property which is the subject of this report will be under
prudent and competent ownership and management, neither inefficient or
super-efficient.
11. The distribution of the total valuation in this report between land and
improvements applies only under the existing program of utilization. The
separate values for land and building must not be used in conjunction with other
appraisals and are invalid if so used. The values assigned to improvements
shown in this report are In proportion to the contribution said improvements
make to the value of the property as a whole.
12. The value premises cited in this report are considered foundational and basic to
the value opinions reported herein, and the right is hereby reserved by the
appraiser to alter, revise and/or rescind any of these said value opinions should
subsequent or additional data be found, or in the event the conditions are
modified to any extent.
13. Possession of this report, or any portion or copy thereof, does not carry with it
the right to publication, nor may the same be used for any purpose by anyone
but the client without prior written consent and approval of the appraiser, and in
any event only in Its entirety.
14. Employment to make this appraisal does not require testimony in court unless
mutually satisfactory arrangements are made in advance. It is however
acknowledged that this appraisal may be used in negotiations that if not settled
may necessitate a court appearance by the appraiser. The initial assignment
does not include such court testimony. .
15. The estimated market value, which is defined In this report, is subject to change
with market changes over time: value Is highly related to exposure, time,
promotional effort, terms, motivation and conditions surrounding the offering ..
The value estimate considers the productivity and related attractiveness of the
property physically and economically in the marketplace.
16. In cases of appraisals which involve the capitalization of income benefits, the
estimate of market value is reflective of such benefits and the appraiser's
interpretation of Income yields and other factors derived from the market. Such
estimates are as of the date of the estimate of value only: they are thus subject
to change as the market and value is naturally dynamic.
C. H. Parrish Appraisal Sen'ices Inc 7
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
17. Appraisal reports that contain a valuation relating to an estimate inland that is
less than the whole fee simple estate are subject to the following: " the value
reported for such estates relates to a fractional interest only in the real estate
Involved and the value of the fractional interest plus the value of all other
fractional interests mayor may not equal the value of the entire fee simple
estate considered as a whole".
18. Appraised values that relate to geographical portions of a large parcel or tract of
real estate are subject to the following: " the value reported for such
geographical portions relates to such portions only and should not be construed
as applying with equal validity to other portions of the larger· tract. The value
reported for such geographical portions plus the value of all other geographical
portions mayor may not equal the value of the entire parcel or tract considered
as an entity".
19. The appraiser assumes that a purchaser is aware that (1) this appraisal on the
subject property does not serve as a warranty on the condition of the property,
(2) it is the responsibility of the purchaser to examine the property carefully and
to take all necessary precautions before signing a purchase contract, and (3)
any estimate for repairs is a non-warranted opinion of the appraiser unless
otherwise stated.
20. If this appraisal is prepared in confor]llance with plans and specifications
provided to your appraiser it assumes completion in a workmanlike manner. The
appraiser cannot be held responsible for unforseeable events that alter market
conditions prior to completion or effective daie of the opinion.
21. Where a Discounted Cash Flow AnalYSis has been used it has been prepared
on the basis of information and assumptions stipulated in the report. The
achievement of any financial projections will be affected by fluctuating economic
conditions and is dependent upon the occurrence of other future events that
cannot be assured. Therefore, the actual results achieved may vary from the
projections made and such variation may be material.
22. Prior to entering into an agreement to perform an assignment, an appraiser
must carefully consider the knowledge and experience that will be required to
complete the assignment competently: or disclose any lack of specific
knowledge or experience to the client and take the necessary and appropriate
steps to complete the assignment competently. Your appraiser has both the
knowledge and experience to complete this assignment competently.
23. Unless otherwise stated in this report, the existence of hazardous substances,
including without limitation asbestos, polychlorinated biphenyl's, petroleum
leakage or agricultural chemicals, which mayor may not be present on the
property, or other environmental conditions, were not called to the attention of
nor did the appraiser become aware of such during the appraiser's inspection.
The appraiser has no knowledge of the existence of such materials on or in the
property unless otherwise stated. The appraiser, however, is not qualified to test
such substances or conditions. The presence of such substances, such as
asbestos, urea formaldehyde foam Insulation, or other hazardous substances or
C. H. Parrish Appraisal Sen'ices Inc 8
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
environmental conditions, may affect the value of the property. The value
estimated is predicated on the assumption that there is no such condition on or
in the property or in such proximity thereto that would cause a loss In value. No
responsibility is assumed for any such conditions, nor for any expertise or
engineering knowledge required to discover them. The client is urged to retain
an expert in this field if so desired.
24. Neither all nor part of the contents of this report ( especially any conclusions as
to value, the identity of the appraisers, or the firm with which they are
connected, or any reference to the Appraisal Institute, The Real Estate Institute
of Canada, The Real estate Institute of British Columbia or any of their
designations) shall be disseminated to the public through advertising media,
public relations, news media or any other public means of communication
without prior written consent and approval of the appraiser.
25. The Americans with Disabilities Act ("ADA'1 became effective January 26, 1992.
We have not made a specific·compliance survey and analysis of this property to
determine whether or not it is in conformity with the various detailed
requirements of the ADA. It Is possible that a compliance survey of the property,
together with a detailed analysis of the requirements of ADA, could reveal that
the property is not in compliance with one or more of the requirements of the
Act. If so, this fact could have a negative effect upon the value of the property.
Since we have no direct evidence relating to this issue, we did not consider
possible non-compliance with the requirements of ADA in estimating the value
of the property.
26. The liability of C.H. Parrish Appraisal Services, Inc., its associate appraisers and
employees Is limited to the client only and only up to the amount of the fee
actually received for the assignment. Further, there is no accountability,
obligation, or liability to any third party. If this report is placed in the hands of
anyone other than the client, the client shall make such party aware of all the
limiting conditions and assumptions of the assignment and related discussions.
The appraisers are in no way responsible for any costs incurred to discover or
correct any deficiency in the property. In the case of limited partnerships or
syndication offerings or stock offerings in real estate, the client agrees that in
case of lawsuit (brought by lender, partner, or part owner in any form of
ownership, tenant, or any other party) any and all awards, settlements, or cost,
regardless of outcome: the client will hold C.H. Parrish Appraisal Services, Inc
and its associate appraisers completely harmless. Acceptance of and/or use of
this appraisal report by client or any third party is prima facie evidence that the
user understands and agrees to these conditions.
C. H. Parrish Appraisal Services Inc 9
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
SUMMARY OF SALIENT FACfS AND CONCLUSIONS
Property Appraised:
Purpose of Appraisal:
Date of Value "As Is":
Date of Appraisal:
Zoning:
Census Tract:
Land Area:
Improvements (Proposed):
Highest and Best Use:
Assessments
Property taxes
Land As If Vacant:
Cost Approach:
Property by Sales Comparison Approach:
Direct Comparison:
Aggregate sell out -Land only ( 3 Lots)
Final Estimate of Market Value "As Is":
Three contiguous lots in the Black
River Industrial Park
Estimate Market Value
December 30, 1993
December 30, 1993
CO -commercial office
910.00
Lot 3 -5.37 acres
Lot 4 -\ $3 acres
Lot 6 N1f2 -3.01 acres
Vacant land
Speculative short term retention
until such time as an owner occupier
can be found or the market is such
as to warrent speculative office
development in accordance with the
zoning.
Lot 3 -land only 1,403,400
Lot 4 -land only 635,000
Lot 6 N1f2 to be re assessed
Lot 3
Lot 4
Lot 6 N1f2
$2,595,000.00
nfa
$18,418.94
$ 8,334.06
nfa
$2,595,000.00
$3,095,000.00
$2.595.000.00
C. H. Parrish Appraisal Sen'ices Inc 10
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
OSTENsmLE OWNER:
First City Development Corp & Renton Property Associates
PROPERTY ADDRESS:
There is currently no city address for the subject land, but it has access from
Naches Avenue, Renton and Is part of what was described as the Black River
Industrial Park.
PURPOSE OF APPRAISAL:
The purpose of this appraisal is to estimate the "As Is", "Prospective Value
Upon Completion" of property as a fee simple estate for mortgage loan purposes. In
addition to the current land value there is also an opinion of value of the subject
property with the permit in place for two three story mix use buildings. The value of the
land Is predicated upon the recording of the proposed development in accordance with
the plans that we have been provided with. Our instructions do not include the value of
the proposed development "Market Value" means:
(1) The most probable price which a property should bring in a competitive and
open
market under all conditions requisite to a fair market sale, the buyer and seller,
each acting prudently, knowledgeably and assuming the price is not affected by undue
.. stimulus. Implicit in this definition is the consummation of a sale as a specified date and
the paSSing of the title from seller to buyer under conditions whereby:
A) Buyer and seller are motivated by self-interest.
B) Both parties are well Informed or well advised, and each acting in what they
consider their own best interest.
C) A reasonable time Is allowed for exposure in the open market.
D) Payment Is made in terms of cash In U. S. dollars or in terms of financial
arrangements comparable thereto; and
E) The price represents the normal consideration for property sold unaffected by
special or creative financing of concessions granted by anyone associated with the
sale.
(2) Adjustments to the comparable must be made for special or creative financing
or sales concessions. No adjustments are necessary for those costs that are normally
paid by sellers as a result of tradition or law In a market area; these costs are readily
identifiable since the seller pays these costs In virtually all sales transactions. Special or
creative financing adjustments can be made to the comparable property by
comparisons to financing terms offered by a third party institution lender that is not
already involved in the property or transaction. Any adjustment should be calculated on
a mechanical dollar for dollar cost of the financing or concession, but the dollar amount
C. H. Parrish Appraisal Set"iees file 11
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
of any adjustment should approximate the market's reaction to the financing or
concessions based on the appraiser's judgment.
LEGAL DESCRIPTION:
A full legal description Is contained in the Supporting Data section of this report.
DEFINITION OF PROPERTY RIGHTS APPRAISED:
The property rights being appraised are those of the fee simple estate, free and
clear of all encumbrances and liens. The Real Estate Terminology defines a fee simple
as "an absolute fee; a fee without limitations to any particular class or heirs or
restrictions, but subject to the limitations of eminent domain,escheat, police power, and
taxation."
DELINEATION OF TITLE:
The subject property has not sold in the last three years.
EFFECTIVE DATE OF "AS IS" VALUE:
The effective date of this valuation of the subject in its "as is" condition is
December 30, 1993. The property has been inspected by Clifford Parrish at various
times during the appraisal process and photographs included in this report were taken
by Clifford Parrish during one of these inspections.
ASSUMPTIONS AND LIMITING CONDITIONS:
All appraisals are subject to standard form assumptions and limiting conditions.
For those which apply to this appraisal, please refer to the pages under this title found
in the Frontispiece of this report. This appraisal is also subject to the following:
No hazardous substances, or other adverse environmental conditions are known
to exist on the subject site. Your appraiser, however, is not qualified to detect or test
such substances or conditions. The value estimated is predicated on the assumption
that there is no such condition on or in the property or in such proximity thereto that it
would cause a loss in value. No responsibility Is assumed for any such conditions, nor
for any expertise or engineering knowledge required to discover them. If hazardous
contamination or other environmental conditions are found to exist on the subject
property, it could have an adverse effect on the value and the appraiser reserves the
right to modify his conclusions accordingly.
C. H. Parris" Appraisal Sen'ices IIIC 12
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
USE OF REPORT:
Wrthout prior written approval from the author(s), the use of this report is limited to
the person or company to whom it Is addressed. It is acknowledged that the client
intends to use this appraisal for financing purposes and other uses are prohibited and
reliance upon this report by anyone other than the client for a purpose not set forth
above, is prohibited. The author's responsibility Is limited to the client.
SOURCES OF INFORMATION:
TRW Redl
COMPS sales publication
Multiple Listing Service
c. H. Parrish Appraisal Serl'ices IIrc 13
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
PUGET SOUND DATA:
The Puget Sound region consists of the contiguous counties of Snohomish, King,
Pierce and Kitsap in Washington State. It Is primarily concentrated within the south
west end of Snohomish County, the west side of King County and the north west corner
of Pierce County. this is that are between Everett In the north and Tacoma in the
south. The area is bounded by the waters of Puget Sound on the west.
TOPOGRAPHY:
Land use in the Puget sound area is . dominated by urban areas, small agricultural
valleys and forests. The Cascade Mountains act as a natural divider from the eastern
portion of the State. The Puget Sound area is focused on the waters of Puget Sound
and the greater portion of the population Is on the lowland close to these waters. The
higher elevations are sparsely developed due to the rugged terrain, difficulties in
access and the more extreme temperatures.
CLIMATE:
The Puget Sound Basin Is protected from heavy rainfall and high winds off the Pacific
Ocean by the OlympiC Mountains. On the east, the cascade Mountains shield the area
from the extremes of climate of Eastern Washington. This gives the subject area a mild
climate. The rainfall in the area tends to be In the 40 inches per annum range, with
parts of the north west area being below this and the areas closer to the foothills of the
" Cascades being more than this. This is far different from the over 100 inches found on
the west side of the Olympic range or the below 20 inches found on the east side of the
Cascades.
POPULATION:
King County has the greatest concentration of population in Washington State with an
April 1990 population of 1,449,509. It's largest city, Seattle, has a 1990 population of
512,094. Pierce County border is twenty six miles south of Seattle. Almost on the King
County, Pierce County border Is the City of Tacoma which has a1990 population of
174,497 making It the largest in the county. The Snohomish county, King County
border is just eleven miles north of Seattle and the development sprawl now more or
less extends into Everett which has a 1990 population of 69,136. This trip from Everett
to Tacoma is generally referred to as the 1.5 corridor due to the Interstate Highway
extending through the heart of this development. in contrast, Kitsap County is on the
west side of Puget Sound and although connected to Pierce County the main
connection is by a ferry service from the county into Downtown Seattle. Bremerton, a
large naval base is the largest city In Kltsap county and as of 1990 the population was
37,080. From 1980 to 1990 the population grew from 2,240,437 to 2,722,063 which is
21.15%. Most significant is that the growth was attributable to a large influx of people
and new residents accounted for 79% o(this increase. This small area accounts for
approximately 56% of the states population which was 4,826,675 in 1990.
Paralleling the national trend, there has been a shift of population from the city to the
surrounding communities. Seattle has maintained a reasonably constant population
C. H. Parrisl, Appraisal Serl'ices Inc 14
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
over the past decade and it has been the surrounding area that have absorbed the bulk
of the Increase. Communities such as Marysville to the north, Puyallup in the south and
Silverdale in Kitsap County have been growing at an unprecedented pace. Much of this
growth can be attributed to the availability of land. Existing communities of Kirkland,
Kent and Redmond have also recorded gains in population. This has not really
detracted from the City of Seattle but is more typical of any growing metropolitan area.
The average household has decreased In size as the larger family is being replaced by
singles, single parents and couples with few or no children.
Population projections by the Washington State Office of Financial Management
predict 21.56% increase fro the Seattle/Everett PMSA, from the census level of
1,607,618 (1980) to 1,953,600 in 1991. Proportionately greater gains are expected in
Snohomish County and Pierce County over this period. The following chart shows the
population change in the Puget Sound area between 1980 and 1990.
1980
WASHINGTON STATE 4, 132,180
CENTRAL PUGET SOUND REGION
King County
Seattle
Pierce County
Tacoma
Snohomish County
Everett
Kitsap County
Bremerton
FOUR COUNTY TOTAL
1, 269,898
493,846
485,667
158,501
337,720
54,413
147,152
36,208
2,240,437
1990
5,116,700
1,564,500
522,000
624,000
179,000
494,300
75,840
205,600
38,990
2,888,400
% CHANGE
+ 23.83
+23.20
+ 5.70
+28.48
+12.93
+46.36
+39.83
+39.72
+ 7.68
+28.92
On a size criterion, the Puget Sound Region ranks preeminent among the states
economic areas. Having over half the states population located In less than 10% of the
states land area, the density of development shows 377 persons per square mile which
is contrast to the state average of 64 persons per square mile. This in turn provides a
large labor force and a solid economic base. .
EMPLOYMENT:
The economic base of the Puget Basin is non farm oriented. The value of farm
products sold accounts for less than 10% of the state total, largely derived from dairy
and poultry operations. Conversely, non farm activity is important and diverse. In
September 1988, non-farm payroll employment in the area averaged 993,200 workers
and represented 51% of the state total. This trend has been slowly reversing as
industry has grown and agriculture has become mechanized. and computerized. The
Boeing Airplane Company is the largest single employer in the area, but as the regions
economy has diversified the reliance on Boeing has lessened. Nor is Boeing the only
major manufacturer in the area The advent of Microsoft as a leader in computer
technology has seen this market increase as well as other major employers such as
C. H. Parrish Appraisal Services Illc 15
--_.-------------
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
PACCAR, remain strong. The forest industry and food processing also are active
industries.
Eighty percent of the Seattle area economy, however, Is involved in non-manufacturing
activities. Seattle Is one of America's leading ports> It Is the largest U.S. center for
"Overland Common Point" (OCP) shipments and ranks among the top nationally in
terms of container export traffic. As the largest urban area north of San Francisco, and
west of the Rocky mountains, Seattle is the northwest' major center for trade,
distribution and services. The recent trade negotiations and the opening of the China
market will only enhance the importance of Seattle as a port. In addition the tourism
and convention industry has grown to such an extent that this industry now is ranked as
one of the most significant In the state economy.
Washington State started 1991 with 70,000 more jobs than it had at the beginning of
the previous year. But in October, the states rate of job growth hit zero fro the first time
since 1983. It now appears that the short term future Is one of static growth and job
expansion is very limited. Boeing have been laying off employee.s and have also been
consolidating their position. State economic forecasters predict this weakening trend
will continue. Unemployment rates, Which hovered around 6 to 7% in 1992 could be as
much as half a percent higher next year. The state however, predicts that an upturn in
spending may see a slight reversal which is generally being recorded in other parts of
the country. The impact of Boeing lay offs has been felt although much was anticipated
so that corrections and predictions had already accounted for them. Some industries
are more buoyant than others. The banking industry has been through periods of
consolidation but now appears to be more stable and predictions now are for any
. decreases to be slight. The manufacturing Industries have also seen some decreases
in employment but, Boeing have announced less lay offs in 1994 and the industry as a
whole is predicting some recovery in 1995/6.
The following table shows the changes in employment levels in various categories of
jobs in the state. Figures are compiled on a state wide basis, but categories were
selected to best reflect the Puget Sound area. These figures are also very slightly
dated but certainly show a general picture of the local economy.
Figures in Thousands Oct. 1990 Oct. 1991 Oct 1992 Change Forecast
Total Non-Farm Jobs 2,198.9 2,210.7 2,211.4 +12.5 -10,000 jobs
ManufactUring 363.8 358.6 348.4 -15.4 Do'M1
Construction 127.9 127.3 124.8 -3.1 Flat
Trans, Comm & Utilities· 115.9 114.8 114.9 -1.0 Flat
Wholesale & Retail 528.4 534.9 534.3 + 5.9 Flat
Finance, Insur, & Real Est. 118.4 118.5 116.0 -2.4 Do'M1
Services 538.3 546.1 557.5 +19.2 Steady
Govemment 406.2 407.3 411.7 + 5.5 Steady
Source: State Department of Employment Secur~y
C. H. Parris" Appraisal Sen'ices Inc 16
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Two other major sociological trends -an older population and more working women -
are a key impetus In the growth of service jobs. The Seattle area is already the health
care center of the north west. In the five years between 1982 and 1987 a 23% Increase
brought employment in the medical profession and health services to over 35,000. As
more women enter the work force and have less time for traditional homemaking
activities, the demand for support services, food preparation, housekeeping, and
personal services is ever on the rise.
Although Boeing is located outside the Seattle limits, a major portion of the Puget
Sound region's employment is in the city of Seattle. The University of Washington is
Seattle's second largest employer with 27,500 employees and 35,000 students.
Several manufacturing establishments Including Boeing, PACCAR Inc, and
Weyerhaeuser account for most manufacturing employment. 'Financial Institutions,
retail and wholesale establishments. as well as government offices and local school
districts employ the bulk of non-manufacturing workers.
TRANSPORTATION:
The Puget sound area is a major transportation hub. Elliott Bay in Seattle provides a
first class deep sea water harbor and the Port of Seattle is very active in acquiring and
developing new cargo terminals and facilities. The Port is ranked among the largest'
container handling ports in the world. Seattle combined with the Port of Tacoma handle
more container traffic than the Port of New York and are together the largest container
port on the west coast. Despite the loss of Evergreen Shipping lines which handled
about 100,000 Twenty foot equivalent units (TEU's) per year, to the Port of Tacoma in
1992, the Port of Seattle will still handle as much traffic (about 1,155,000 TEU's) in
1993 as it did in 1992. Mostly because of stepped up activity by far eastern shipping
lines like Hanjin and OOCL.
Highway communications are very good. Interstate % runs north south through the area
and extends from Vancouver, British Columbia to San Diego, California. Interstate 90
starts at 1.5 and crosses the country. It leaves Seattle and crosses the Cascade Range
at Snoqualmie Pass to the interior of the state. There are the usual network of roads
around all the cities in the 1.5 corridor and include Interstate 405, through Bellevue, the
east Valley Highway through Kent as well as numerous state highways.
The Seattle-Tacoma International airport is a large facility acting as a major port of
entry on the west coast. It Is served by all the major airlines and has flights to all
corners of the globe. The airport accommodated 18,300,000 passengers in 1992 which
is an increase from previous years and the biggest problem the facility now faces is
space. the construction of additional parking completed In 1993 has eased the
passenger access problem but there is now serious talk of constructing a third runway.
This is based on a capacity for the existing facility being reached within the next
decade.
There are railroads Interspersed throughout the counties although the topography is the
main limiting factor. There are three main rail lines, Amtrak, Burlington Northern and
Union Pacific in the area although the north south lines are most heavily used as there
is only one readily available crossing of the Cascade Mountains,
C. H. Parrish Appraisal Serl'ices Inc 17
I
I
I
I
I
I
I
I
I
I
'I
I'
I
I
I
I
I
I
I
EDUCATION:
There are five Universities, five four year colleges and eleven community colleges
offering a full range of programs and degrees in almost every field of endeavor, located .
In the area bounded by Tacoma in the south and Everett In the north. IN 1993, the
University of Washington, the states largest university is actively expanding as they
purchase real estate in the Tacoma area for a large branch campus. Over the years,
these universities and colleges have become a dynamic professional and vocational
resource for the area and along with public and private school systems, have been
responsible for the high overall educational level in the area.
A great number and variety of vocational schools are located in the area. Business
schools, barber colleges, heavy equipment operator schools and almost every other
imaginable subject, both public and private can be found in the area. Universities,
colleges and extension colleges offer adult education and degree completion programs
as night are also available.
BOEING:
The Boeing Company, as of February 1993 employs about 98,000 people in the Puget
Sound region. This amounts to about 6.6% of the Puget Sound work force. Any single
corporation employing that large a proportion of the area's population deserves some
special attention and this section will address some of the factors that influence the
region's major employer.
On January 27, 1993 Boeing announced it was cutting back production of all of its
front-line commercial jetliners. Beginning In June 1993, Boeing began this scale back in
production of its jets by about 33% and this is expected to continue into next year. A
second reduction was announced at the beginning of December 1993 which was
smaller than the 10',000 that were laid off earlier in the year. The prediction for 1994 is
that the reductions will be less and 4,000 is the current anticipated number of lay offs.
the company also indicated that this may be the end of the current downturn and they
are predicting a reversal before the end of the decade. While these are large numbers
the overall impact has not been too severe as the market had anticipated this well in
advance and many people had found alternate work. More significant is the adage that
for every one Boeing employee there are three other jobs created by them. Similarly if
there are losses in jobs then there will be three times this number lost in the total work
force.
This latest downturn in the commercial airline industry is the third of the passenger jet
age. every previous recovery in the industry has set new highs in output and even with
the average age of current passenger lines at 12 years and U.S. airlines operating 65%
of the worlds oldest jets (20 years and up), there is every reason to believe that the
eventual recovery from this cyclical downturn will be equally large as before. Prior to the
1969-71 "Boeing Bust" that resulted in the loss of about 80,000 Boeing jobs,
approximately 16% of the area work force was employed by Boeing. this is about two
and one half times the proportion currently employed. Those lay offs seemed
particularly devastating and led to a large exodus of workers from the area. The current
downturn has been far more controlled by the company and the impact on the region
C. H. Parrish Appraisal Sen'ices /IIC 18
I
I
I
I
I
I
I
I
I
(I
I
I
II
I
I
I
I
I
I
has been far less. The last few years have been very successful for Boeing and their
forecasting has been' well publicized so that adjustments have been made by the
market well in advance of Boeing taking any adverse action. It also appears that the
introduction of other large employers have taken up the slack and absorbed many of
the laid off personnel. Despite the reduction In the work force the unemployment
numbers appear to have been reasonably untouched and it is now predicted by the
economic experts that the impact of this latest cut back will only have a small impact on
the region as a whole,
At the root of the current troubles within the industry is the lack of profits by the carriers.
Major U.S. carriers lost $4.57 billion in the last three years. " We cannot have another
year like 1992 " stated American Airlines chairman Robert Candall in a recent article in
a New York Times article. " If we don't get rid of some of the low fare, bankrupt carriers
we could get irreparable damage ". Airlines in Chapter 11, like Continental and TWA
and other close to the line carriers such as Eastern and Pan Am have been basing their
prices on cash flow rather than profit. There is IHtie loyalty in the industry and ihe result
has been that the solvent carriers are being pulled down by these " subsidized "
airlines. Most analysts agree that unless there is some discipline brought to fare
structures or the worlds economy improves to such an extent where volume increases
to the point where airlines can make a profit, Boeing will not be able to rely on the
airlines to update their fleet. The very recent lowering of fuel pries have certainly helped
in that prices have remained constant and overheads have fallen.
Of the more than 6,500 jobs eliminated in 1992 only 2,000 were actual lay offs the
remainder being by attrition. Many were moved within the company or retired. This year
.. there has been a large movement of personal from Renton to Everett and many
workers in the Renton area have moved north. This has caused some problems within
the areas Infra structure but as stated the area seems at present to be coping with the
problem and the company is indicating that the worst has past. Recent orders for the
777 has lifted the spirits of the area and while this Is no reason to suggest that there is
a recovery H certainly is the first move In the right direction. Although there Is no
question that the Puget Sound economy will suffer in the short term regardless of the
actual number of jobs lost, this Is a cyclical downturn and the long term prospects
appear good. Most Boeing watchers think that it is likely that future " production
change" announcements will be toward more production rather than less. The company
remains financially sound with approximately $3.6 billion in cash and is clearly the
largest commercial aircraft manufacturer in the world with 441 deliveries in 1992
compared to its nearest competitor, Airbus at 157 deliveries last year. Recentiy, Boeing
has received orders from the Chinese National airline and Finnair, Finland's largest
airline. On the other side of the ledger, United Airlines, one of Boeing's regular
customers have canceled some orders and have Indicated trying Airbus.
With regard to the Puget sound multifamily market, the immediate impact has created
some anxiety on behalf of investors and lenders alike. Clearly, the Renton area, locate
south of Seattle will be affected to a greater extent as 6,500 employees were
transferred to the Everett plant prior to the announced cutbacks. Now, with production
of the 737 model ( which Is produced in Renton) reduced from 21 to 14 planes per
month, this area will probably be one of the most severely impacted. the Everett area
will probably fare better in that the movement to the area from Renton will counter
balance the reduction by cutting back of production of the 747 and 777 models which
C. H. Parrish Appraisal Sen'ices Inc 19
I
I
,I
I
I
I
I
I
I
I'
I
I
I
'I
I
I
I
I
I
are produced there, Therefor the current Boeing trend is unlikely to impact Snohomish
County as much as the King County area. It Is however recognized that Boeing are
constructing a campus on the old Longacres racetrack and this will enhance the
construction Industry tq some extent.
It has been stated that the employment of Boeing is roughly a three to one factor in the
Puget Sound area and that the reduction In the Boeing work force will have a ripple
effect into other Industries. This is based on historical figures and with the increase in
the computer industry in Seattle and the proportionate down sizing of Boeing in the
overall numbers Is considered to have less impact in previous downtums in the
industry.
In conclusion, while it appears that the local economy will suffer in the short term,
because of these austerity measures being adopted by Boeing, the moves'themselves
are designed to ensure that the company continues to be solvent and competitive well
into the next century. This bodes well in the long term and cautious planning by Boeing
has lessened the impact to such an extent that the downturns will be gentle and
absorbed by the community with far less pain than in previous similar situations.
C. H. Parrisl, Appraisal Sen'ices Inc 20
I
I
I
I
I
I
I
I
I
I
I
I
,I
I
I
I
I
I
I
CITY OF RENTON DATA.
Renton is located at the southerly most tip of Lake Washington and is approximately 11
miles south of downtown Seattle. The city tends to extend south and east of the lake
and is easily accessible via Interstate 405 and sate Highways 167, 169,515 and 900.
The population of Renton has risen steadily from 18,453 In 1960 to 43,090 In 1992 with
estimates of almost 128,000 in the greater Renton area encompassing the bordering
unincorporated areas of King County. Continued increases of muHI-family housing and
anticipated annexation of residential lands have contributed to this population increase.
Renton has continues to be a popular location for multi-family development more so
than many other areas in Greater Seattle.
Geography.
The City of Renton has three distinct geographical areas. Firstly, there is the central city
area that borders the south end of Lake Washington. This is "old' Renton where most
of the retail and commercial activity can be found. This Is also where the Renton Airport
and Boeing plant are located. Boeing does the final assembly and much of the testing
for its 737 and 757 aircraft at this Renton location. PACCAR has also recently
completed a new manufacturing facility close to the airport.
Secondly, Is the Renton Highlands area which is east of the city center and has the
name suggests is at a noticeably higher elevation than the city center. This area is
" more suburban and is dominated by single family homes, multi-family complexes of
varying size and some local commercial/retail development. The majority of the
population of Renton lives in this location and is also the area where most of the further
expansion is likely to be.
Finally, there is valley floor which is south of the city center and south of Highway 405.
This are is dominated by large warehouse and officelwarehouse structures, most of
which havE!! been constructed in the last 20 years. Longacres thoroughbred horse
racing facility was in this area but has been purchased by Boeing who have already
commenced building a new Boeing complex. There is also some concern in this area
about the impact of wetlands which until about '5 years ago was a none issue but is
now being studied very closely.
Employment.
Ever since Boeing built a manufacturing plant alongside Renton Airport in the 1960's,
Renton area employment has been inexorably tied to the aerospace giant. Historically,
apartment vacancy rates , a decent indicator of employment, have risen and fallen with
Boeing lay ofts. However, over the past decade, the area has begun to diversify away
from Boeing and its peripheral support companies and has therefore insulated itself to
some degree from Boeing fluctuations. This Is reasonably simple to explain and a brief
study of the area today becomes self evident as to why.
There are over 200 manufacturing firms in the greater Renton area. Products to be
found manufactured in the area include aircraft, railroad cars, machine construction and
C. H. Parrish Appraisal Services Inc 21
I
J
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
maintenance, telephone poles, corrugated cardboard containers, pipe and ceramics,
meat packing, poultry equipment, coli springs, engineering, rendering, scaffolding,
cement castings plastics, lumber and light metal products. A number of national .firms
have distribution centers in the area with a current estimate of 290 distributorships. The
largest manufacturing firms are as follows:
1)
•
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
MANUFACTURING FIRMS.
NAME of COMPANY.
Boeing Commercial
Airplane Company·
Renton
Computer Services.
Kent
Benaroya
Southcenter
TOTAL
PRODUCTS
Airplanes
EMPLOYMENT.
11,011
7,777
6,887
759
2,056
28,490
Because of recent lay offs these numbers may be over stated. The lay offs are on going and
accurate figures are difficult to obtain.
Pacific Car and Railroad cars, Cargo 207
Foundry Company Winches & Foundry
Tally Corporation Electronic Hardware 349
Heath Tecna Plastic Products 811
Austin Company Design & Construction of 50
commercial buildings
Container Corp. Folding Carton Division 131
Geo. A Hormel Co. Meat Processing 80
Stoneway Concrete Sand, gravel & concrete 96
Pacific Propellers Propellers 79
Continental Arctic Food processing 180
Mutual Materials Brick & Drain tile 69
M. Segale Asphalt & Concrete 202
NON-MANUFACTURING
C. H. Parrish Appraisal Services Inc 22
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
NAME of EMPLOYER SERVICE EMPLOYEES
1) Renton School District Education 1,674
2) Valley General Hospital Hospital 1,350
3) City of Renton City Services 582
4) Pacific Northwest Bell Telephone 338
5) PACCAR Computer Facilities 582
6) Puget Sound Power Electricity 305
Commercial Patterns.
Renton is served by three levels of commercial activity: (i) neighborhood/community
shopping centers, (ii) the central downtown shopping district and (iii) regional shopping
centers. Neighborhood centers are typically small and keyed primarily to grocery stores,
drug stores, variety stores and small service establishments. Downtown Renton
provides the local needs of banking, grocery and service establishments. The City Hall
is located on the periphery of this commercial district. Southcenter, a regional shopping
center is located about 2 1/2 miles west of Renton and consists of four major
department stores, 112 additional stores and shops on 125,000 square feet of retail
space.
Transportation.
Excellent and efficient transportation facilities are available. Rail service is provided by
Burlington Northern and truck service is available by all major truck lines operating in
the Seattle -Tacoma area. Seattle-Tacoma International Airport is six miles south west
of Renton and offers service to all corners of the globe. Renton airport is used primarily
by Boeing and local pilots. For the manufacturer who exports, the Port of Seattle is
based about ten miles to the north and Metropolitan Transportation Co. provides
excellent local bus services connecting all the communities in the Greater Seattle area ..
Utility Service.
Water is provided by the City of Renton Water department and is available to most
areas within the city limits. sewage is handled by the City of Renton and there is a
treatment plant in the north west sector of the city. Natural Gas is provided to most
areas by Washington Natural gas Company and electric Is provided by Puget Sound
Power and Light Co. There is also a comprehensive storm water system throughout the
city.
C. H. Parrish Appra;sal S'rl';ces Inc 23
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
City Government.
Renton has a mayor/Council form of city government with zoning and building codes.
The pOlice department partially consists of 59 commissioned officers,· 23 civilian
employees, 19 patrol vehicles etc. The fire department personnel includes 67 paid
employees and the city has an insurance classification of four.
Community Facilities.
I
Medical facilities within the city include the 303 bed Valley General Hospital with a staff
of 270 physicians and surgeons and 64 dentists. IN addition there are large number of
private practitioners In all aspects of the medical field. Recreational facilities include 25
parks, 20 tennis courts, 22 baseball diamonds, 1 municipal and two public swimming
pools, 2 golf courses etc. On a broader scale Renton is well placed to take advantage
of the natural amenities on the west side of the State including skiing, hunting and
fishing.
Education
Renton School District # 430 covers the city and offers the following facilities.
Number Tvpe School Enrollment Teachers
13 Elementary 5,755 245
3 Middle school 2,009 90
3 High School 4,029 175
1 Special Ed 65 13
The parochial school In. Renton is SI. Anthony's catholic School, grades K through 8
with a current enrollment of about 470 and there is a teaching staff of 17.
Higher education are available more on a district baSis rather than by the city and
include several University's and four year colleges. Vocational training are provided by
Renton Vocational Technical Institute, a State supported but locally controlled
institution that provides training, retraining, upgrading and apprenticeship related
instruction. The Institute is fully accredited by the Commission on Colleges of the
Northwest Association of schools and Colleges and is governed by the Board of
Directors of Renton School District #403.
Summary.
Renton has a solid and continually diversifying economic base with convenient access
to the urban amenities of Seattle and the rural amenities of the cascade mountains
The city offers as good a community facility as any in the region and continued growth
can be anticipated in the future. The removal of some of the Boeing operation to
Everett will place a short pressure on the local economy, but with the obvious move by
Boeing to create a new headquarters on the Longacres track, the long term appears
very sound.
C. H. Parrish Appraisal Sen'ices Inc 24
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
NEIGHBORHOOD DATA.
The subject site Is located in the north west sector of the City of Renton. The area Is
clearty defined by topography to the north and Highway 405 to the south. Due to the
steep rise in the topography Immediately to the north of the railroad tracks abutting the
subject, there is no easy north south route. the traffic pattern tend to go round this rise
with Highway 405 traveling east west close to the subject but then heads northwards
after skirting the south end of Lake Washington. Rainier Avenue cuts across Highway
405 east of the subject and runs along the west side of Lake Washington. In addition
Interurban Avenue runs at the bottom of the valley created by this hill and gives access
northwards to Tukwila. Routes to the south are more clearly defined and offer both the
West Valley Highway (Route 181 ) and the East Valley Freeway ( Route 167)
Much of the immediate area has been undergoing steady development over the past
decade and most of the development has been Office Park with some Warehousing.
The warehousing and manufacturing has tended to be south of Highway 405 although
the development of the old Longacres racetrack by Boeing might make the focal point
of offices to the area south of the subject. In the Immediate area north of Highway 405
there are still remaining a few of the original residences although most are small and
few are still used as residences. There is also some vacant land but the amount that is
undeveloped Is relatively small. The quality of offices that have been built is generally
good. As stated earlier the Boeing development may draw offices and business to the
south side of the highway. There is available land in that area although some is within
the 100 year flood plain and development of such land is far more difficult than a few
.years ago.
The decision by Boeing to develop new offices has had a considerable impact on the
Renton market. Boeing occupy a considerable amount of space and it appears that
they intend to create a campus not unlike the Nike campus in Beaverton, Oregon. This
will almost certainly cause a vacancy factor In existing buildings and make construction
of new buildings a very unlikely venture in the short term future. In addition, Boeing has
moved part of its Renton operation to Everett which might also take some allied
businesses with it. It therefore appears that development will be slow for the near future
and that any development will require either an owner occupier or an anchor tenant.
A map showing the subject area Is attached on the following page.
C. H. Parrisl. Appraisal Services [IIC 25
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
NI~IGlmORHOOD PLAN
C. II. Parri.,', ~ppraisa' Sen'ices I"c
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
SITE DATA:
The subject has three legal lots described as Lot 3, Lot 4 and North half Lot 6. These
lots are contiguous and are described individually below. They are all part of what was
originally planned as the Black River Industrial Park.
Lot 3 is located at the north end of Naches Avenue and at present the road does not
reach this site and stops about 465 feet south of the subject. One of the problems that
has been discussed at length is the access to these sites primarily in the difficu~ies of
accommodating the requirements of the Fire Marshall. Discussions with the City of
Renton indicate that permits could be obtained for development of this site.
Lot three has a site area of 233,901 square feet or 5.37 acres and is very irregular in
shape primarily due to the north east boundary being the railroad easement. This
boundary runs south east to north west and is slightly arced. The length of this
boundary is given as 825.2 feet. The south boundary measures 568.86 feet and the
north west boundary measures 453.11 feet. The west boundary is irregular. The site is
essentially level and is lightly treed with what appears to be scrub growth of no
commercial value except for some mature deciduous trees at the north portion of the
lot. The City of Renton indicates that there are nominal wetlands designated on the site
close to the south boundary.
There are no services to the site although the building immediately to the south, is fully
serviced and it is reasonable to assume that an extension of these services which
include sewers and water could be easily achieved. Electricity and natural gas are also
available.
Lot 4 is located south and west of Lot 3 and has a small amount of common border.
This parcel is at the north end of Naches Avenue and some land would have to be
dedicated for road to provide access to both Lot 3 and N 1/2 of Lot 6. The south
boundary measures 454.26 of which the extreme south east corner has road frontage.
The east boundary measures.575.12 feet of which the north 109.81 feet is common
with Lot 3. the north boundary measures 413.413.75 and the west boundary is
irregular. The site area Is shown as 254,003 sq. ft. or 5.83 acres. The site is mainly
level although there is a drop off into the flood control channel at the extreme west
side. Alongside this channel there is some heavy timber although no value has been
added should there be any commercial value. There however is probably insufficient
quantity to be of any concern. Services are located in the south east corner of this site
under Naches Avenue and include sewer, city water, natural gas and electricity.
N 1/2 Lot 6 is located north and west of Lot 3. The north boundary of this parcel is the
railroad tracks and measures 908.28 feet. The east boundary which is more or less at
right angles to the railroad easement measures 264.25 and is a common boundary with
Lot 3. the west boundary is also more or less at right angles to the railroad easement
and measures 179.12 feet. The south boundary is arced and measures 768.12 feet.
The site area Is given as 131,091 sq. ft. or 3.01 acres. The site is level except for a low
depression in the south west corner which has been designated wetland. There is
mainly scrub growth on the site except for some deciduous trees in the east section of
C. H. Parrish Appraisal Sen'ices Inc 26
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
the site. There are no services to this site and they will have to be extended from
Naches Avenue.
There has been a long history surrounding these and the adjoining lots. There was
originally a proposal to subdivide the entire area Into smaller one acre lots which
received approval. There however arose certain problems regarding the potential
wetlands that were the flood channel and that had previously been the Black River. a
tributary of the Green River. To add confusion to the problem the stand of trees on the
site became home to Blue Herons and their rookery was a protected area. The original
plan appears never to have been recorded. A second plan was introduced and
recorded which Included the lots which are the subject of this report. This was recorded
and is shown in this report and those plans included are taken from the assessors
maps. this also became a problem not only because of the Heron rookery but also
because the Ingress and egress was not acceptable to the Fire Marshall. ( The fire
requirements do not allow a cui de sac of more than 600 feet in length without making
provisions for a secondary egress. ). This situation has now been resolved in that the
City of Renton has acquired most of the land except for the subject lots. These lots are
the most accessible and this appraisal assumes that Ingress and egress could be
provided to the satisfaction of the Fire Marshall.
C. H. Parris" Appraisal Services Inc 27
-
n
;l::
~ ::: ;;;. ,..
~ :: ;;;.
:t
'" 3
a" ::-
"
-
til --3
t"'l
-= r" ;z
- -- - ---- - --
.~
r,-" ._
~. ., \
WETLAND " ...
\ ~; \'.~
.-~ L_.. ___ J:.....-~ ~ORE&T:
'."".. -J"'t. ...~ -\,: --~_.
: :~~: ..,-,:-_-. ~-fr-~'~...... ....,'-,
0Ea>U00S 'ORES>.:{· ,-:, ,,~ ----1' '. I"~
"' ... -../" ......' .,: ... ~ .. -.. 1 ",' ...
__ ,~\ -~.... -__ FOREST \" ,:';:". .' _ ~t::". r r lt1n: OF, RE,NldN PUBLIC GlWNERSHI~ ~/~~.:lli:' .'
,,'-I :"-. \ '-"'--f-~".,.. ... ~/ fQlll!STI ",, .,... --, • "t'IP
II ,,~. r:~ ./ _"toO;,---__ \ ,',.ji',;"> l~or::~:: " .".r--C~'~-l-_ .,.
... ~ 1 '--' ._ . ." " --IV: .--·-··· •. 1 -_ l> "
;>' m. -".-1-.'-.. I-~' . ./
PJCK~~ __
r ••
r "'...,.. ,
fIl.ACJI: RlV£ft 'POICI
A~~;i_-l-J
1 1 .... ---.-----::.
c-
rji \ PRIVATE TRACT A
MEADOW." ...
l' PRIVATE TRACT B
BLACK RIVER
RIPARIAN FOREST
- --- -
I!!!.....;.l:~~ PROPOSED A"UUI~I. ,\ ,
PRIVATE
DIMENSIONED SITE PLAN J"m-'\ RPAI'aAN FOfIEST v 0ECI0tQ.fS FOIUST It ...... kEY:
U,D 2011 ... ,..,
-
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
ZONING DATA.
The subject was until recently zoned OP which was an Office Park classification. The
purpose of this zone as stated in the Zoning Ordinane Is to provide areas appropriate
for professional administrative, and business offices, certain manufacturing activities
and support services in a campus like setting. the uses permitted. under this
classification were very much favoring office use and there was little in the Ordinance
that encouraged manufacturing.
The MP zone on the other hand was a classification for Manufacturing Park and its
purpose was to provide for a wide variety of Industrial, transportation, service and office
activities which meet high operational. development standards. Compatible personal
service and retail uses which are supportive of industrial raes are also permitted .......... .
.... The MP zone is intended to implement the manufacturing park/multiple option -office
flight industry designations of the Comprehensive Plan.
Effective 7 June 1993 the City of Renton adopted an interim Zoning Code which
changed the subject zone to a CO Comercial Office zone. It is Significant that most of
the Mp zoned land south of Highway 405 and north of 27th street has also been
Similarly classified. this presumably is because thatis the use that Boeing is proposing
for the Longacres site.
The sues permitted un~er this CO classification is more akin to the old OP zone in that
Offices are the stated primary uses. a copy of the Co section of the interim zoning Code
.is attached at the rear of this report. The lot coverage is permitted to 65% with variation
to 75% if parking is provided within the building. The height retsriction is 250 feet and
setbacks from boundary lines are dependent upon te height. The market appears to be
more interested in the three and four story building and exterior parking. and there is
little evidence of buildings rising to 250 feet. The density in many respects is governed
by provision of parking and visually it appears that few buildings occupy as much as
65% of the site.
C. H. Parrish Appraisal Sen'ices Inc 28
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
IDGBEST AND BEST USE
In appraisal practice, the concept of highest and best use represents the premise upon
which value is based. In the context of market value, highest and best use is defined
as:
The reasonable and probable use that will support the highest present
value, as defined, as of the effective date of the appraisal.
Altematively it is that use, from among reasonable, probable and legal alternative uses,
found to be physically feasible and which results in the highest land value. It should be
recognized that in cases where a site has existing improvements on it, the Highest and
Best Use may be determined to be different from the existing use:
Our investigation leading to a conclusion of Highest and Best Use was designed to
simulate the actions and thinking of prudent and knowledgeable purchasers and
pursued to the following logical sequence.
1). Possible Use: To what use it is physically possible to put on the
site in question.
2). Permissible Use (Legal):
and deed restrictions?
What uses are permitted by zoning
3). Feasible Use: What possible and permissible uses will produce
any net 'return to the owner of the site.
4).
5).
PrObable Use: The use must be probable, not speculative or
conjectural. There must be profitable demand for such use and it
must return to the land the highest net return for the longest
period of time. .
Highest and Best Use: Among the reasonable uses, those uses
which will produce the highest net return or the highest present
worth.
Feasible and probable Use:
Implied within these definitions is recognition of the contribution of specific uses to
community environment or to community development goals in addition to wealth
maximization of Individual property owners.
The concept of hig hest and best use is time related in that obviously all land cannot be
developed at the same time and while development Is considered as the highest and
best use the three lots which are the subject of this report, the time consideration
suggests that they would be developed in sequence mainly as access Is extended
towards Lot 6 -North half. In addition the current market suggests that to attempt to
develop all three sites immediately would flood the market which is already likely to
have an over supply due to the Boeing position.
C. H. Parris" Appraisal Sen'ices Inc 29
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
This leads your appraiser to the conclusion that the highest and best use is retention
until such time that demand for office space does a reversal or a tenant is found who
will occupy a large percentage of a new building. There is no time frame to calculate as
a tenant might be found tomorrow and construction on one of the lots could be started.
However speculative construction Is considered unlikely and therefore such retention
can be thought to be at least short term. It should also be recognized that there has
been one zoning change and the passing of time may see a more permissive use
should tre~ds reflect a change in the market.
C. H. Parrish Appraisal Sen'ices rllC 30
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
METHOD OF APPRAISAL
There are three basic approaches to value; namely the cost approach, the income
approach and by direct market comparison.
The Cost Approach Involves adding the depreciated reproduction or
replacement cost of the subject improvements to the current land value. The
replacement cost is concluded from both market research and current cost
manuals. Depreciation and loss in value from all causes Is deducted and the
land value is estimated by market comparison.
The Income Approach is the present worth of the future benefits and Is a
procedure that converts the proposed income stream into a capital sum. It
involves estimating the current income potential and after deduction of
expenses capitalization at a rate consistent with the market's demands.
The Comparison Approach is based on -the principal of substitution and
assumes that no one will pay more for a property than that that has been paid
for similar properties offering similar potential and utility. This approach to value
involves reviewing sales of similar properties and after adjustment concluding a
value predicated on the market's demands.
This appraisal is of land as if unimproved and therefore in its present state does not
truly generate an income stream. This negates the use of the income approach and the
_ cost approach. There is however some sales activity of land offering reasonably similar
utility. The market approach therefore will be relied up0'1 and sales will be listed and
compared with the subject so as to arrive at an indication of value.
The subject land has had a zoning change aHhough the intent of the current zoning is
very similar to the previous zoning. The new zoning classification is similar to the
previous OP zone which in turn is only marginally different to the MP zone which is
more prevalent south of Highway 405. Sales from all these areas will be reviewed and
analyzed and from this a conclusion of value will be reached.
C. H. Parrish Appraisal Sen'ices Inc 31
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
VALUATION.
As stated under method of appraisal, sales will be reviewed and analyzed.
These sales are shown on the following pages.
Sale No Price p/s/f Price p/acre Zoning Date Adi p/s/f
1 $5.92 $223,960 MP 5/92 $5.03
2 $4.61· $200,856 MP 5/92 $4.61
3 $6.94 $302,435 Mp· 6/92 $5.55
4 $6.56 $285,792 MP 8/91 $5.25
5 $2.67 $116,417 MP 10/90 $3.75
6 $4.42 $192,691 BP 4/93 $6.31
The above are Indicative of what the market is paying for officelwarehouse land in the
Renton and other areas. The range of value shown is reasonably consistent
particularly after adjustments are made for variations. It is desirable to support the
adjustments but this requires additional data which isn't available.
Sale No 1 is located close enough to the subject to be considered on the face of things
to be a good indication of value. However, this sale Is of a much smaller parcel of land
and has a better exposure being on Grady Way. This purchase was also a negotiated
sale and is not so reliable. Primarily due to the size this sale is reduced by 15% to
reflect the smaller size. this sale therefore indicates a rate of $5.03 p/s/f. It would be
desirable to support this factor"but other factor such as wetland etc. impact other sales
found.
Sale No 2 is of particular interest due to its size. It is very similar to the subject and
although the zoning is not the same it is very similar. The subject has a greater office
context which could be argued to be superior although there is nothing to support this
statement. The argument for this however is that the office building has a higher rent
level and usually office buildings sell at a lower rate of return than warehouse type
buildings. Your appraiser is not prepared to adjust for this factor but recognizes that this
sale should set a lower limit of value. This site is leased and it could be argued that the
lease encumbers the title and therefore may also impact value. However, the market for
this kind of land is weak and to have a good holding return for a period could be
construed as being a benefit in the current market condition·s.
Sale No 3 is part of a larger parcel that has been divided and this particular part of the
sale is for a site that will have strong retail overtones. The site has been developed by
Home Base as a warehouse volume sales operation; The requirements of this type of
operation are adequate parking, excellent access and exposure. The subject site would
not be adequate for this type of business. While It has been suggested from the
C. H. Parrish Appraisal Sen'ices Inc 32
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
previous sale that MP zoning may be marginally Inferior, this particular site is
considered superior. These two sales are considered to therefore set the parameters of
value. Because of the retailing potential an adjustment of at least 20% is considered
reasonable. this Is because commercial land, for retailing purposes would sell for a
higher price than Is being expected for MP land. This shows an adjusted rate of $5.55
p/s/fl as being a ceiling
Sale No 4 Is also close to the subject, but Is smaller ( not as small as No 1 ) but is fully
serviced and has very good exposure being visible from Highway 405 and has easy
access from Grady Way. The size adjustment should be less than the 15% used in sale
No 1 and therefore 10% for size would appear reasonable. Even adjusting for this
factor, this site has better exposure and while it would not appeal to a large user like
Home Base, it does have some retailing overtones because of its exposure. If the
previous sale is adjusted by 20% this sale should not be adjusted by more than 10%-for
exposure. After adjustment this sale is considered to indicate a sq. ft. rate of $5.25
Sale No 5 is very close to the subject and the use to which this site is to be put could
equally apply to the subject. this sale also shows the difference in value between actual
area and usable area. The buyer.informed your appraiser that the price paid was based
solely on the usable area and the agreed price was $3.75 p/s/f. While this site is close
is somewhat detached from the existing development and therefore is considered to be
inferior. The use of this site is a destination type of use, which would not appeal to the
office developer. It is concluded from this, that the subject value would be well in
excess of this sale price.
.. Sale No 6 is in a different location, and the rent structure in Redmond is considered to
be slightly higher in Redrnond than in Renton. Assuming building costs to be the same
the underlying land value In Redmond should therefore be higher. Also the proposed
building is to be over 50% owner occupied. While Redmond doesn't have the same
reliance on Boeing, this supports the earlier statement that the market at present is
more dependent on this kind of purchaser than the developer purchaser buying for
speculation. This sale shows a p/s/f rate of $6.31 on the usable land.
The end product of these adjustment still leaves a wide range of values from $3.75 to
$6.31 p/s/f although it is acknowledged that these extremes need further adjustment
but the market information to support additional adjustment is lacking. If these two sales
are considered equal in strength they support a value of $5.00 p/s/f If the remaining
sales are considered the range of indicated value is close at $4.61 to $5.55. This again
acknowledges that the latter price sets a ceiling of value.
It is therefore concluded that a value of $5.00 p/s/f is well supported by the overall data
reviewed. This value assumes that the land is serviced and readily available for
development. Although this can apply to Lot 4, the same could not be concluded for Lot
3 or the N 1/2 of Lot 6. It is therefore necessary to consider the ramifications of time
and the construction of services to these two sites. This is done by calculating the cost
of extending the road ( with services) and the cost of money over a deferment period
to conclude what the market would pay today.
C. H. Parrish Appraisal Sen'ices Inc 33
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
The value of Lot 4 Is supported by the previous data as it is serviced and ready and
available to be developed. From this it can therefore be concluded that Lot 4 has a
current market value of 2;54,036 sq. ft. x $5.00 plslf = $1,270,180.00
Lot 3 on the other hand will need the road extended together with services to make the
site developable. The exact location of the services is not clearly defined, but there is a
water line almost to the end of Naches avenue and the City Public Works indicate that
they are about 200 feet to the south of the property line. the road appears to be a
similar distance away. Your appraiser has reviewed costs of installing roads and
services and has also reviewed costs shown by Marshall & Swift. It is considered that a
prudent purchaser would allow $300 .00 per linear foot of road which equates to an
anticipated expense of $60,000. In addition, the lot presumably would not be available
for development until 'these services are installed and also there is the question of
whether this lot would be developed if space was available in a building on Lot 4. To
this end, this is a conflict with prior observations which suggest that the most likely
purchaser in the current market Is an owner occupier. If in fact this is the case, there
should be little or no deferment, but this is too unrealistic. It is considered likely that
some deferment should be applied and it would seem reasonable to apply 2 years, This
can therefore be shown as follows.
Lot 3 -233,901 sq. ft. x $5.00 plslf
Servicing cost
Discounted 2 years at 10%
= $1,169,505.00
60,000.00
$1.109,505.00
x 0.826446
$ 916,946.00
Lot 6 North half can also be similarly treated, but in this case, there Is a longer time
deferment. The road and services will have already be extended to Lot 3 and an
additional 200 feet or thereabouts will be required to Lot 6 N 1/2. The same comments
. that have applied also apply to this lot although it would be unrealistic for this property
owner to pay for all the costs and is therefore dependent on the owner of Lot 3 to pay
fro part of the road costs. This makes the questionable assumption that the purchaser
of lot 3 would be different to that of lot 6 N 1/2. Notwithstanding the prudent purchaser
is going to allow for the costs and deferment but presumably for a longer period than
applicable to Lot 3. It is considered that a four year deferral is applicable.
Lot 6 N 1/2 -131,091 sq. ft, x $5.00
servicing cost
Discounted 4 years at 10%
$ 655,455
60,000
$ 595,455
x 0.683014
$ 406,704
C. H. Parrish Appraisal Sen'iees lire 34
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
In conclusion the total value can be tabulated as follows:
Lot 3
Lot 4
Lot N 1/2 '-
Rounded to
FINAL CONCLUSION OF VALUE
$ 916,946
$1,270,180
$ 406,704
$2,593,830
$2,595,000.00
There is a limited amount of data but what has been reviewed is reasonably consistent
and is considered to support the conclusion reached. As there are no plans, the
residual approach to value is too speculative to attempt. This method follows the same
thought process as a developer In that it calculates the value of the completed building
and deducts all costs and expenses to leave a land value. The only approach to value
is therefore considered to be the market approach and sole reliance is placed on this
method. The deferment of 10% is based on the fact that financing for undeveloped
land is about ,10% and therefore an investor can hold the land for the period of
'deferment and in theory be in the same position as buying land available for
development today, at today's values.
It is therfore considered that the value shown by the market approach is a reasonable
expectation of what the property would realize if placed on the open market and that
the value of the subject property as at December 31, 1993 is in the sum of
TWO MILLION FIVE HUNDRED AND NINETY FIVE THOUSAND DOLLARS
In addition it is neccessary to Indicate the aggregate sell out price based on the gross
sales price based on current values. this entails taking the total land area and applying
the $5.00 p/s/f to this area.
This gives an indicated sell out figure of 618,995sq.ft. x $5.00 = $3,094,975
Rounded to -$3,095,000,00
C. H. Parris/. Appraisal Sen'ices Inc 35
I
I
I
I
I
I
I
I
I
COMPARABLE DATA.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
COMPARABLE LAND SALE No.1
Location
Tax account No.
Sale Price.
Terms.
Sale Date.
Lot size
Zoning.
Buyer.
Seller.
Remarks.
Analysis.
Confirmed.
1350 SW Grady Way
Renton. WA
242304-9053
$132,500
All cash.
May 20,1992
0.514 acres
MP -Manufacturing Park
Municipality of Metropolitan Seattle
Larry Brown et al
This site is close to the subject and has been purchased'
as a buffer zone for the treatment plant. If it was going to
be developed it would have been necessary to extend the
services to this site. This site is much smaller than the
subject lots and therefore it is expected that a lower rate
per sq. ft. would be paid for the subject. The MP zoning is
reasonably similar to the subject's permitted uses.
Price p/s/f Price p/acre
$5.92 $223,960
Star Properties 251-6111
C. H. Parris', Appra;sa' SeTl';ces fllc 36
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
\
\
\
\
I
, ,
, ," -. . ~ ,. '* , :t. "l' • '> ~
I Ib'
I
, \
I
\
LOT 4
COMPARABLE No 1.
C. H, Parrish Appraisal Sen·ices Inc
". I
I
I
I
I -.. '.
I /
/
I
,
/ ,
I
I
I
I
I
I
I
I
I
I
I
I
I COMP ARABLE No 1.
I
C. H. Parris," Appraisal Sen·ices Inc
,I
·1
I
I
I
I
I
I ,.
I
I
I
I
I
I
I
I
COMPARABLE LAND SALE No 2.
Location.
Tax Account No.
Sale Price
Terms.
Sale date.
Lot size.
Zoning.
Buyer.
Remarks.
Analysis
Confirmed
SW comer SW 39th Street & Raymond Avenue
Renton, WA
125381-0050 & 0060
$1,125,000
All cash
May 6, 1992
5.601 acres
MP -Manufacturing Park
The Trs. of the Alaskan Copper
Burlington Northern Railroad Properties
This site is very similar in size to the subject properties
and the use to which they can be put is reasonably
similar. there is a stronger requirement in the subject area
for office space and less manufacturing which is the
reverse of this zoning classification. The suggestion to this
is that the value of the office use value may be higher
than this indicated for the MP zoned land. However the
Boeing office move has had far less impact on
warehousing space than on office and there is considered
to be considerable similarity in this property to the subject.
Price p/s/f Price p/acre
$4.61 $200,856
Burlington Northern 467-5500
It should be noted that there was along term lease on this property with Boeing being
the tenant who uses the site for parking. The lease has a CPI clause and has eight
years remaining. This is seen in the current market as being a positive situation in thta it
shows an 11.5% return on land that otherwise may not be ready for development due
to the general market conditions in Renton.
C. H. Parrisl, Appraisal Se,,'ices IIIC 37
I
I \ -._" ..
•
I \ ..
L-:' . " \-:.
I .. ~
~;l.
I ,
I
I
&! ~I ~ ~ .
" .)!
• ~ ;; \ ~ ~" . ~ Ii
~
~ ~"'
I ~ ~ .. ..
"" ..
I z "" ... III !:!
II
I
I
I
t :. •
I • ;;;
·1
I -'
COMPARABLE No 2.
I C H. Parrish Appraisal Sen'ices /IIC
I
I
I
I
I ,
I
I
•
I
'I
il
I ,
I
'I
I
I
I
~---,--,---"
COMPARABLE No 2.
C. H. Parrish Appraisal Services Inc
,I,
I
I
I
I ,
I,
t
I
:1
I
t
I ,
I
I
I
I
I'
COMPARABLE LAND SALE No 3.
Location
Tax Account Nos
Sale Price.
Terms.
Sale date
Lot size.
Zoning
Buyer.
Remarks
Analysis
NW corner East Valley Highway &
SW 41 st Street, Renton, WA
125380-0130 & 0140
$4,000,000
All cash
June 30, 1992
13.226 acres
MP -Manufacturing Park
HCWA Realty Corp
Burlington Northern Railroad Properties.
This sits has excellent exposure from the East Valley
Freeway and has been purchased for a Home Base store.
This Is really a commercial use on industrial zone land but
Is a permitted use. While this site is appealing to this type
of use there is no reasonable way that Home Base would
want any MP zoned site and purchased this site due to
the exposure and the easy access from the Highway. for
this reason this sale must be considered as an unusual
sale and the price paid regarded as being a premium.
Price p/s/f Price p/acre
$6.94 $302,435
This sale has been confirmed with Jack Cheesbro at Seattle Pacific Realty 682-3100
and with Lloyd Powell at Powell Orillia Assoc 828-4334. This property was part of a
larger one owned by the seller and this was the prime piece having no wetlands. The
property was originally acquired for Pace stores who dropped out but Home Base then
stepped in to build their warehouse/store.
C. H. Parr;s" Appraisal Sen'ices Illc 38
I
I
I,
I
a ,
"
I
I
'I
I
I
I
t
I
'I
I
I
I
OT 7'
\
"
LOT 3
eIll
Po"
COMP ARABLE No 3.
1.
,I .' ... : ~I
wi
i
I
11
!
,
,
i
:,~
~I
..J
':'. I ;. ~
C. H. Parrish Appraisal Sen'ices fllc
I
,I·
I
il
,I
J
I,
:1
'I' , '
I ,
I
I
II
I:
I
II
'I
I
COMPARABLE No 3.
C. H. Parrish Appraisal Sen'ices Inc
,I ,
I
I
,I
I
;1 ,
t
J ,
'J ,
I
" "
f
'I
•
COMPARABLE LAND'SALE No 4
Location.
Tax Account Nos
Sale Price
Terms
Sale date
Lot size
Zoning
Remarks
Analysis
Confirmed
Maple Avenue & Lind Avenue SW
Renton, WA
334040-3805 & 3806 and 3895-07
$329,805
All cash
2 August, 1991
1.154 acres
MP -Manufacturing park
0& E Shih
Patricia Mcintyre
Prime exposure location alongside Highway 405 with easy
access off Grady Way. This site was purchased with the
intent of building a warehouse and office building for
distribution purposes, The building design was for 38,000
sq.ft. but this also Included some adjoining land under the
same ownership. The real estate commission was
additional to this price and therefore a nominal adjustment
is needed for this.
Price plslf Price placre
$6.56 $285,792
Burlingtin Northern 467-5500
c. H. Parrish Appraisal Sen'ices rllc 39
"
I ,
I
·1
I
I
I
I
:t
I,
I
I ,
I
J
I ,
t,
,T
~ . .......
.1&1, .If . .
~ .. - >
I. " 'CC . . .. --I
34 I
'0 ....... 2 . ,.-oil
•• ) oJ --~~n 'i .". .
ST.
.••••••• " ••••• "!\ •••
t ,-~ .,
I
I
I ................ y
" . " " ......... !
11:. . ........ .... .. ":i".
'" .: ........ ·1·· I~
•
,
I'S,ll ...
a"J
• .••... ~ ... ATtt .... ..,. I'r •••• : •••••
,-,-,-_~ . .:..:-.;2:2:.:~.-'----:--·:~·:--· . ~
i: 5? ..... '" ........ .
. :~ :
'" ........ '" ..... . .... . ...... .
. '1 .~!-:
.~~ .
sa .s:~~ . ~ . .......
"';'')0
. ~.~ ... tn .•••••.•.••. : •.•.••••••.•...•
"OT Ii? . 5!~ ......... ~ .......... . ....... '. ... .
::' .
~!:. i rf'. , .... ' .~ ...
.:;"',
COMPARABLE No 4.
C. H. Parrish Appraisal Sen'ices Inc
I
I
I
I
I
I ,
I
I·
I ,
I
I /
I
I·
I ,
II
I
~ ..... ---.-----~
..------: --" ---~----~, l----____ .----------~---
COMPARABLE No 4.
C. H. Parrish Appraisal Sen'ices Inc
I
,I
I
I
I
I
,I
'I
"
I
I
I
t
I
I
I
'I,
I'
t
COMPARABLE LAND SALE No 6.
Location.
Tax Account No.
Sale Price
Terms
Sale date
Lot size
Zoning
Seller.
Remarks.
Analysis.
Confirmed.
SW of South 143rd Street & 72nd Avenue
Renton, WA .
242304-9122
$582,084
30 October, 1990
5.00 acres
MP -Manufacturing Park
8 & G Renton Partnership
Seattle Area Plumbing and Pipe fitting
This site is to the west of the subject and is slightly
removed from the existing office development. It does
however have easy access to Highway 405. There are
some small undulations on the sHe and there are some
wetlands. This has been agreed by both parties and the
resulting selling price has been based on usable area at a
rate of $3.75 per sq. ft. The site Is a holding situation with
the future use being fro a vocational school for the
plumbing profession,
Price p/s/f Price p/acre
$2.67 $116,417
Jack Moss with the Plumbing Vocational School 271-5900
C. H. Parris', Appraisa' Sen'ices Inc 40
I
I,.. .
"~' .}:.+----------------------1346.52
-------
,
\
------------
\ \ \
---
/
/
/
COMPARABLE No 5.
, ,
I
!
~!JF("~i ,W ..
!
I /
'/ /~,
/ \
/ \
/ \
/ \
/ I
/ ,,\
/ ~~
./ ~.~
/ ""\
C. H. Parrish Appraisal Sen'ices IIIC
I
I
I
I
/
I, --.-_. __ .-... -. ---.. - -
I
I
I
1
I
I
I
I
I
I
I
I
I
I COMP ARABLE No 5.
'I C, H. Parrisl, Appraisal Sen'ices Inc
I
I COMPARABLE LAND SALE No 6
I
I
I
I
I
I
I
I
I
I
I
I'
I
I
"
'I
'I
Location.
Tax Account Nos
Sale Price.
Terms
Sale date
Lot size.
Zoning
Seller.
Remarks
Analysis
Confirmed
134 Ct NE, south of NE 124th Street
Redmond, WA
272605-9040 & 9114
$2,900,000
All cash
27 April, 1993
15.05 acres
BP -Business Park
Zetron Inc
R & L Fowler
This site was purchased with permits in place for
construction of a 200,000 sq.ft. building. There is
approximately 4.5 acres that will not be available for
building due to the slope and to a small amount of
wetland. Although in a different location this site is being
used for a similar use that is envisaged for the subject.
About 60% of the building will be owner occupied and the
remainder will be leased on the open market.
Price plslf Price placre
$4.42 $192,691
Zelron Inc 820-6363 .
C. H. Parris" Appraisal Sm'ices Inc 41
I
I
I , ,
Ii
I'~
I
I
I
I
I
I
I
1
I
I
I
I
I
RED, SS-88-11
L.OT I
TR.C
COMPARABLE No 6.
" I," " ,'~' .' @
8903090',
L.O
-.. .•
.. 01",
CIt 010
Z
0111'"
000
CDCIt~
j 'to.
Q.o.o
Ii ClIO. -.
u CD .. ~ .
..:
II:
0 ...
1
I a e
• R • •
C. H. Parrish Appraisal Sen'ices JIIC
I
I
I
I
I
I
I
I
I
J
I
I
1
I
I
I
I
I
I
COMPARABLE No 6.
C. H. Parrisl, Appraisal Sen·ices IIIC
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
ASSESSORS MAPS.
I
I
I
I
I
I ,">,_" ./
I ..
1 '" I '0
,
/ '" I
/ ..;
'"
1
<i-\ " ...
I I N ... 1
I a~ ~
I 1
,,_ 0
I I
'" -~ "\
I
I 1
I,
,
:-....::
I
I
• • .. •
" • ~
~
" • •• oS ~
\ Q!:,'SZI
..: • ..
~ !:
~
'" , .;
• ''''
,~
• ..
" " ..
\
I
I
J---"---
~~,
;f~,
I ''I>q~
..... '-./
I
I
II
I
'I
I
I
I
I
I
I
I
/
I
'0
" '" / .n
N
'"
I
I
I,
'" " '"
I
I
I
I
I
I
I
I
... .. ..
..
,;.\ .. ..
!'> I /
I I
I
'.\ ',:, (\'. ,_ i. "'.1
"" oS\ ..
• ..
~
o ,.
_ 'It,; •• <Xl
'" ~' 0
\
~ 0
----t----CO
\
J <E
~ 9' uti-______ ~ (J'
,
'" '" oj
~ .
• I 11 (I 'It'
~··II
l
Z .~ -.
U) " .: ;8.t -li
Z~~ o <J • _ ,I ... " .
... • • ;. .. ..;
0:::
uJ
t-
Z
\J,l
U
--(
I
I
I
I
I
I
'/
/
/
/
I ~./ '! ,~
¥ /
" I~! I
/
I
/
/
/
I
/
/
/
I' t,· .. " .,' ~.
"
..
" ." ,,' ~"
(C. I
/1 /
/ ~/~/
. ...,. .,,11 I
... .. \ I
- I
I
i
I
I
I 1
1
/
bli'~/+
--~
--'--
'f
,D ....
1+1)"
t . I--'-~'--;'--'-<€' _._-_,/ 0 --..,~ N
I ...
I
/
I
'0
/ '" I
/ .; /
N
~ I
I
/
I
I
I
/, ,
1 • '" I tIt-.
't-,. ~ \
I ';I.
" "
" ..
" '"
;ao ('~ ® -I'r;. ~ .. ~
, ..
0.. ". r'. <, r
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I'
I
I
ZONING ORDINANCE
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
A.
B.
PURPOSE: The Commercial Office Zone (CO) Is established to provide areas.appropriate for
. professional, adminisirative, and business offices. Policies call for low and high Intensity office
uses In these areas to create an employment center. In addition, the policies Include a mix of
secondary uses which provide retail and service support to the employees of these areas.
Limited light Industrial activities which can effectively blend In with an office environment are
Included as secondary uses. In keeping with the policies, the zone allows a mix of uses subject
to standards intended to ensure quality development.
PERMITIED USES:
1. Primary Uses:
2.
a) Offices:
b)
c)
d)
e)
f)
g)
(1) Administrative/Headquarters
(2) Professional
General business services.
Business and professional schools.
Existing public or private elementary and secondary schools and portables
existing as of the date of this ordinance (site plan review required for expansions'
of ten percent (10%) or less).
Utilities, small.
Existing neighborhood. community and regional parks, trails and open space.
Theaters.
Secondary Uses:
These uses are permitted wilh consideration given to community need (I.e. suitable
location) and subject to the following conditions:
a) Adult motion picture studios, peep shows, panoramas and places of adutt
entertainment:
b)
c)
(1) Subject to the provisions of Section 4·31·30 of the Renton City Code.
Day Care Center
(1) No free-standing buildings; must be housed in a "primary use" structure
(2) Intended and designed to serve immediate market area 0.e. contiguous
CO zone)
Eating and drinking establishments:
(1) No drive-through service
H:IZONECODEICO.DOC -1· 6/1/93
-
I
, ....
,..
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
(2) "Limited extemal slgnage
(3) No free-standing buildings; must be housed in a "primary use" structure
(4) Intended and designed to serve Immediate market area (i.e. contiguous
CO zone)
d) Financial institutions:
(1) No free-standing structures; must be housed In a "primary use" structure
(2) Three drive-up windows in conjunction with a branch r;Jeration and
integrated into the exterior wall of a "primary use" structure
(3) Intended and designed to serve immediate market area (i.e. contiguous
CO zone)
e) Ught industrial:
(1) Research, development and testing
(2) Etectronics manufacturing and assembly
(3) Manufacturing, assembling and packaging of articles, products or
merchandise from pre-processed natural or synthetic materials.
f) Mini-marts:
(1) No drive-through service
(2) Limited extemal signage
(3) No free-standing buildings; musl be housed in a "primary use" structure
(4) Intended and designed to serve immediate market area (i.e. contiguous
CO zone)
g) ServiCe and social organizations:
(1) Gaming activities not penmitted
.(2) No greater than 10,000 square feet in size
(3) Adequate on-site parking, joint parking may be penmitted within five-
hundred feet (500') subject to standards of the parking and loading
ordinance (see Chapter 14, Title IV of the City Code) .
. h) Retail sales of convenience goods and personal services:
(1) No drive-through service
(2) Limited extemal signage
H:IZONECODEICO.DOC -2-6rlf93
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
3.
I)
j)
(3) No free-standing buildings; must be housed in a "primary use" structure
(4) Intended and designed to serve Immediate market area (I.e. contiguous
CO zone)
Schools and studios for art, crafts, photography, dance and music:
(1) No outdoor facilities or storage
(2) Retail sales of products or merchandise produced on the premises
providing the sales area 'does not exceed thirty-three percent (33%) of
the gross floor area of the use.
Health clubs/fitness centers/sports clubs.
(1) No external signage.
(2) No outdoor facilities.
(3) Intended and designed to serve immediate market area (i.e. contiguous
CO zone).
k) New neighborhood, community and regional parks, trails and open space subject
to the following:
(1) Site plan review.
(2) Consistent wilh the City of Renton Comprehensive Parks, Recreation
and Open Space Master Plan and Trails Master Plan.
I) Commercial Parking Garages subject to:
(1) Site plan review.
m) New public or private elementary and secondary school portables, up to four (4)
per site and subject to site plan review. '
Accessory Uses: In the CommerCial Office Zone, the following uses are allowed where
incidental to a pennitted primary or secondary use and shall not exceed thirty three
percent (33%) of the gross floor area, except for floor area that is devoted to food
prepared wholly for retail sales on-site:
a) Food preparation.
b) Parking garages.
c) Private conference centers.
d) Recreational facilities; indoor or outdoor.
e) Recycling collection stations, providing the structure is not located within any
required setback and/or landscaped area. (Ord. 3905, 4-22-85)
H:IZONECODEICO.DOC 6/1193
.......
I 0:' •. ,'
;\
;. I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
f) _ Storage of goods and materials ordinarily associated with a permitted use.
4. Administrative Conditional Uses:
a) Utilities, medium
b) Personal, recreational and repair services and retail uses, subject to the
standards of Section 4-31-16.0.2, below.
c) Additional uses as Identified In Section 4-31-36. (Ord. 3937, 9-16-85).
d) Cor.-.mercial parking lots.
e) Optical lens and eyeglass laboratories.
f) Changes in height, bulk.
5. Hearing Examiner Conditional Uses:
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
I)
m)
n)
H:IZONECODEICO.DOC
Additional uses as identified in the Conditional Use Ordinance, Section 4-31-36.
(Ord. 3939, 9-16-85)
Communications broadcast and relay towers.
Community facilities.
Gasoline service station.
Gas station with mini-mario
Helipads, only as an accessory use.
Height allowances of up to six1y-feet (60') above the maximum allowed in this
zone as provided for in Section 0.4. below.
Recycling collection center.
Utilities, large.
Churches, synagogues and temples.
Service clubs and organizations.
New public or private elementary and secondary schools.
Existing public or private elementary or secondary school expansions of more
, than te~ percent (10%). '
Any change in use proposed for existing school property.
617/93
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
C.
D.
PROHIBITED AND UNCLASSIFIED USES: In the CO Zone, the following uses are prohibited:
1. Residential uses, except as provided In Section B. above.
2. Automobile, molorcycle, truck, boat, mobile home, trailei, and recrealional vehicle sales,
rental, repair, service and storage activities. Repair and maintenance of vehicles may
be pennitted If incidental to a pennitted use or specifically permitted above.
3. Any outdoor storage or display of materials or products.
4. Any use not specifically listed as Primary, Secondary, Accessory or Conditional Use
shall be prohibited; except those uses detennined by the Zoning Administrator to be: (1)
in keeping wilh the purpose and intent of the zone; and (2) Similar in nature to a
specifically listed Primary, Secondary, Accessory, or Conditional Use.
5. Off-site hazardous waste treatment and storage facilities. (Ord. 4186. 11-14-88)
DEVELOPMENT STANDARDS: In the CO Zone, the following development standards shall
apply, except as otherwise provided by this Section.
1. Site Plan Approval: Site plan approval shall be required for all developments within the
CO Zone. A building site plan shall be filed and approved in accordance with the City
Code prior to Issuance of any building pennits.. Each building or other development
penn it issued shall be in confonnance with the approved site plan.
2. Standards for Retail and Selected Service Uses: For those service and retail uses
identified in Section 4-31-16.8, the following standards shall apply:
3.
a) The design of structures, including signs, shall be generally consistent in
character .with surrounding uses. No drive-up windows or outside automobile
service shall be permitted, except as allowed for financial institutions in Section
4-31-16.B.2. above.
b) No exterior display of merchandise shall be permitted.
c) Retail and service uses shall be developed as part of larger office structures.
Such retail or service uses shall not stand alone and shall not occupy more than
!.wenty-five percent (25%) of anyone Ooor of a building whose primary use is
office.
d) Direct arterial access 10 individual uses shall occur only when altemative access
10 local or collector streels or consolidaled access wilh adjacent uses is nol
feasible.
Setbacks: Setbacks in the CO zone shall be required as follows:
a) Fronl Yard: A minimum of fifteen feet (15),
H:IZONECODEICO.DOC os. 6/1/93
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
4.
b) Street Setback:
Less than 25' 15' 30'
25'-80' 20' 40'
Over 80' 30' 50'
c) Rear and Side Yards: None shall be required except in the landscaping section
below.
Height:
a) General: A maximum of two-hundred and fifty feet (250).
b) Special Height Allowances:
(1) Heights may exceed the maximum height by up to fifty feet (50') with
bonuses for plazas and other amenities, subject to a Hearing Examiner
Conditional Use pemnit.
(2) When a building is adjacent to a lot designated as residential on the City
of Renton Comprehensive Plan, the building may exceed the height
allowed in the adjacent residential zone by a maximum of twenty feet
(20') .
c) For uses located with the Federal Aviation Administration airport zones
designated under Section 4-31-17 (Airport Zoning), in no case shall the height of
any use or structure exceed the maximum allowed by that section.
5. Lot Area: Minimum lot size shall be twenty-five thousand (25,000) square feet.
6. Lot Coverage: Lot coverage for buildings are listed below:
a) Lot coverage for buildings shall ~ot exceed sixty five percent (65%) of the total
lot area. .
b) Lot coverage may be increased up to seventy five percent (75%) of the total lot
area if parking is provided within the building or within a parking garage.
7. Parking: See Chapter 14, Title IV of the City Code.
8. Signs: See Chapter 20, Title IV of the City Code.
9. Sensitive Areas: See Chapter Section 4-31-34; Chapter 32, Title IV; Chapter 8, ntle
VIII; Section 4-31-35; Chapter 19, ntle IV; Section 4-31-31; and Chapter 6, Trtle IV of
the City Code.
H:IZONECOOEICO.OOC 6f7/93
, .
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
E.
10. Landscaping:
a) Landscaping along areas abutting pubiic streets shall have a minimum
landscaping strip of fifteen feet (15').
b) Special Requirements: If theCa lot Is adJacent to a residential lot designated
residential on the City of Renton comprehensive plan and zoning map, then
there shall be a fifteen foot (15') landscaped strip or a five foot (5') wide sight
obscuring landscaped strip and a solid six foot (6') high barrier used along the
common boundary.
11. Surface Mounted Equipment: ~.II on-site surface mounted utility and mechanical
equipment shall be screened from public view.
12. Roof-Top Equipment: All operating equipment located on the roof of any building shall
be enclosed so as to be shielded from view. except for telecommunication equipment.
13. Refuse and Recyclables Collection and Storage: All garbage, refuse or dumpsters
contained within specified areas shall be screened, except for access paints, by a sight
obscuring fence or landscaping or some combination thereof.
CONFLICTS: In the event that there is a conflict between either the development standards or
special development standards listed above and the standards and regutations contained in other
ordinance(s), the Zoning Administrator shall determine which ordinance shall prevail based upon
the intent of the zones. Life, safety and publiC health ordinances are assumed to prevail.
H:IZONECODEICO.DOC -7-
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
,®
D
\ ,
~
; ,
I
j
( /rt!
/ ,
/ /
'~~~~// /
/
! '_-... ,.
.!'
"
, ,
.~ ....
~ ;:g .
. \ ~').
'i .§ .,'\ t·
-'
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
.:
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
UTILITIES MAP.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
r ...
D
\
~
I
i .c........ .
.. -~ "
j"
.'"
J'
"
' ..
/
I
1
TOBIN ~T -.:
I
I
I
I
j",'D --. 'sr--'-1 .' .. _--.
I
1-.. ---. ." .. ' --.
I
I
1
NATIONAL FLOOD INSURANCE PROGRAM
FIRM
FLOOD INSURANCE RATE MAP
KING COUNTY.
WASHINGTON AND
INCORPORATED AREAS
PANEl 326 OF 650
•
PANEL LOCATION
CONTAINS:
COMMUNITY -----
SEATTlE CiTY 01
AEHTO~ CIl'f 01
TUJ;WHA CIl'! 0'
U~I~CORPORA IE U ARt AS
NUMBER PANEl SUFFIX
130089 Oll. 0
'30088 0316 a
~J0091 :!~ti a
130071 U)1. C
MAP NUMBER
53033C0326 0
EFFECTIVE DATE:
SEPTEMBER 29, 1989
Federal Emergency Management Agency
I
I
I
I t "" {!!
I
I
I
",.
" I
I
I
I
I
&>,:
.'~ .
I /
! '
i • . .
: i. .. ,
• I, ,
:' :l :
.. i/
I "
" :1 ' ,I 1/ .
i.f : , I : . ,
; : : , " . ; :l 1
: .1
I ' •. ,i . " .'
i .
. ..
. " .
.: >I
" 1/ '
;' ,
i /
.' ,
"
. .-7~" .j
3 S lJ :; __ . :
3 II H ,
-9
+::;
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CLIFFORD H. PARRISH
EXPERIENCE AND QUALIFICATIONS
Educated at King Edward VI Grammar School. Five Ways, Birmingham, England
1961 -1965. Entered Real Estate as an articled pupil upon leaving school to Maurice
S. Allsop, Principal of Maurice Allsop & Company, a full service real estate company
with offices in West Bromwich, Staffordshire and Stourbridge, Worcestershire, England.
Initial duties involved Property Management including rent collection and Real Estate
Accounting. This part of my job description entailed a good understanding of the
Landlord and Tenant Act. In addition work included assisting the partners of the
company with house sales, land surveys, structural surveys and appraisals.
Upon completion of Articles I continued with this same company doing essentially the
same work but more was under my own supervision. Appraisals for Building Societies
and house selling became more significant as a new article pupil was hired to do the
more menial tasks.
1965 -1967 Real Estate sales and appraisals with Widdowson & Company,
Kingswinford, Staffordshire, England. Work involved complete preparation of house
particulars for sale and appraisals primarily for mortgage purposes with Building
Societies.
1967 -1971 Emigrated to Canada, June 1967 and immediately commenced work as
a full time appraiser with Bell Irving Realty, Vancouver, British Columbia. Most of this
work was appraisals of single family housing for mortgage purposes for banks and
credit unions.
1971 -1985, Principal of C.H. Parrish & Associates, Vancouver, British Columbia. The
company was a full service appraisal company preparing appraisals for lending
institutions and private individuals. The appraisals prepared covered all aspects of real
estate including, residential, commercial, industrial and investment. Clients included,
banks, credit unions, lawyers, government and private individuals.
In 1985 C. H. Parrish & Associates merged with Penny & Keenleyside Appraisals who
had an old established practice in New Westminster but wanted to expand to
Vancouver. My company was dissolved and I became a partner of Penny &
Keenleyside. This company had a large client list and there were seven fully qualified
appraisers and two assistants. During this period I became far more involved in expert
testimony to such an extent that any incoming work that had a court room possibility
was directed to my attention.
1988 -present. Independent contractor working as C.H. Parrish Appraisal Services Inc.
The main work load is on contested real estate matters. Work involves condemnation.
rights of way, partial takings, air rights, residential, commercial, industrial and
investment properties. Appraisals also include fee simple and leasehold interests.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
EDUCATION.
Completed four year appraisal course directed by the Faculty of Commerce and
Business Administration at the University of British Columbia, Vancouver, British
Columbia, Canada. Courses included Appraisal I and Appraisal II, Law of Landlord and
Tenant, Law of Contract and Tort, Real Estate Accounting, Building Construction and
Economics.
Accepted as a member of the Real estate Institute of British Columbia, certificate No
979 -dated 12th July 1971. continual membership in this professional organization that
provides ongoing education and has an established Code of Ethics and course
requirements. Permitted to use the distinguishing letters R.I., (B.C.)
Accepted into membership of the Real Estate Institute of Canada having successfully
completed a recognized university level advanced course in real estate. Continual
membership in this professional organization that provides ongoing education and has
an established Code of ethics and course requirements. accepted as a member 12th
July 1972 and permitted to use the distinguishing letters F.R.I.
Current member of the International Right of Way Association.
AppOinted to the panel of Arbitrators of the American Arbitration Association.
Experienced in giving expert testimony in Supreme Court of British Columbia, King
County Superior Court, Snohomish Superior Court, and Jefferson County Superior
Court. I have also given evidence in various County Courts and before Assessment
Appeal Boards.
Experience in appraising in Washington State, Oregon State, the State of Alaska, the
Province of British Columbia, the Province of Alberta, the Province of Saskatchewan
. and the Province of Manitoba.
Expert testimony has been given on Aquatic land, Leasehold interests, Fee simple
interests, partial takings for road easements, utility easements and land assessments.
No client list is included but is available if required.