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TRANS YOU.
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Appraisal of
Effects on Pierotti Property
3412 East galley Road
(Parcel 43)
as a result of
Renton Local 'mlrovenent District No. 314
Made for
The City of Renton
As of
January 11, 1993
by
J. Ralph Cilbo
Real Estate Appraiser and Consultant
.,a
J. Ralph Gilbo
Ilea( Estate ♦pprsuar • Consultent
11Sos alyd STREET
Sk ATTLE,WASHINGTON 98103
PHONE OUP,5:1110
January 11, 1963.
Mr. Lmzence J. Warren
City Attorney, City of Renton
100 South Second Street
Post Office Box 626
Renton, Washinqton 98057
Dear Mr. Warren:
As you requested, I have made an appraisal of the
tifects on value to the Pierotti property, 3412 Eart valley
Road, as a result of Local Improvement District No. 314.
I certify- that a complete and thorough investigation
has been made, including an inspection of the subject prop-
erty and other properties that have recently sold, are
located in comparable areas, and are sufficiently comparable
to give an indication of the effect on fair market value
of the subject property.
It is my opinion the values are:
Before value: 96,030 S.F. @ 52.00;5F . $192,n00
After value: 96,030 S.F. @ 52.401SF $230,500
Estimated assessment of L.I.D. 314: $ 45,172
Benefit to land: 96,030 S.F. @ $0.40/f,F + S 38,500
Estimated cost in excess of benefits: $ 6,672
Very truly yours,
J e odJJ4e
J. Ralph Gilbo
CERTIFICATION
The author does hereby certify that, except as otherwise
noted in this report:
4. I have no present or contemplated future interest in
the real estate included in this report.
2. I have no personal interest or bias with respect to the
subject matter of this report or the parries involved.
3. To the best of my knowledge and belief the statements of
fact contained in this report upon which the analyses,
opinions, and conclusions expressed herein are based,
are true and correct.
1. No one other than the author prepared the analyses,
conclusions, and opinions cor.cerninq real estate that
are set forth in this report.
2
OWNER:
Emilio Pierotti and Gladys Pierotti, husband and wife.
ADDRESS:
3012 East valley Road, Renton, NA 98055
LEGAL DESCRIPTION:
That portion of the followino described property lying
westerly of Primary State highway No. 5 (SR 167) :
The West 1152.80 feet cf the South 194.00 feet of the
Northwest k of the Southeast k of Section 30, Toviship
23 No. , Panne 5 E.W.M..: EXCEPT portion for PSH 5: AND
EXCEPT portion for East Valley Highway. Situate in the
City of Renton, County of King, Stare of Washington.
PURPOSE OF APPRAISAL:
The purpose of this appraisal is to advise the City cf
Penton of the fair market value of the subject property.
First is to determine the fair market value of the property
without the improvements of Local Improvement Dirtrict No.
314 (referred to as the before situation) , and second to
determine the fair market value of the proper y with all the•
L.T.D. 314 improvements completed (referred to as the after
situation! .
The di:ference between the two values is considered to be
a special benefit to the property.
Fair market value is the amount in cash which a well-informed
buyer willing, but not obliged to buy the property, would pay,
and which a well-informed seller, willing but not obligated to
sell it , would accept, taking into consideration all uses to
which the property is adapted and might in reason he applied.
t
NEIGHBORHOOD LOCATION AND DESCRIPTION:
The subject is located in southwest Renton in a aenerally
Liqht Industrial and Manufacturinq Park neighborhood.
It is southwest of the interchanne of a major Interstate
highway and S3 161, also called the Va::ey Freeway. It i ,
conveniently acce-sible from both maj.,r highways via intr.—
charoes and mnjo. arterial roads.
The subject property fronts on East Valley Road, a former
State highwa,., replaced by R 167 as the major north-south
hiqhway. The property lies in an established strip develop-
ment of uses generally associated with light to heavy industry,
such as hea-ty equipment storaae, sales, and repair; auto
wreckino yards; storaae warehouses, and construction company
yards.
The laraer area from southwest to northwest of the subject
is mostly large tracts of vacant land waitie,j development.
There are scattered newer high quality offices and warehouses.
The trend in this area is for light industrial and manufactur-
ing park uses of high operational, development, and environ-
mental standards.
DESCRIPTION' OF SUBJECT PROPERTY:
The subject is a fairly level, rectangular, fenced and gravel
surfaced tract with 194 fee; of frontage on East Valley Road.
It is 2.20 acres, or 96,030 square feet in area.
In the before situation East Valley Road is a two lane blacktop
surfaced road with qravel shoulders and open drainaae ditch**.
Utilities available are water, power, and sanitary sewer.
The rear of the tract is alonq the limited access line of SR
167 and the tracts along this etrip may benefit from exposure
to SR 161.
The property is zoned L-1, Liqht Industry District by the City
of Renton.
The subject i• presently used principally as a construction
equipment and maintenance yard.
HIGHEST AN. REST USE:
The highs*' and best use of the subject land is for light
industrial uses of a type compatible with the toning and
similar to the existing uses &Iona the strip.
The strip established with these uses is over 3,000 feet
lone along East Valley Road and consists of seven owners
%aLh various uses from Jonathan's Storage northerly to
The Lumber Market.
These uses are lone-standina established uses and tend to
inhibit many of the hiaher and better uses permissible by
the Zoning and which would probably develop if the strip
were vacant. For example, the auto wrecking yard adjacent
to the subject would be considered a blight for many comm-
ercial and light industrial uses. A prudent purchaser
would prefer to locate his business west of East Valley
Road in an improving neighborhood of higher environmental
standards.
The subject land is well located for its limited highest and
best use. The highest and best use of the whole property,
land and existing improvements, is as improved.
IMPROVE"TNTS:
The subject is used for the offices and storage and repair
of trucks for a construction company. The principal perm-
anent building is a 40' x 60' steel frame shop building with
i gasc'.ine tanks and pumps. There is also a gas and propane
service using the site. The site is fenced and gravel
surfaced.
' ASSESSED VALUATION:
The assessed valuation of the subject property for 1982 is
$130,700 with $111,100 apportioned for lend and $19.600 for
improvements. The taxes are 51,21R.9R.
5
BEFORE VALUATION:
COMPARATIVE ANALYSIS:
Five sales of land comparable to the subject were selected
for analysis and comparison to the subject beeore L.I.D.
314 situation.
Sale 1:
This sale is to a truck leasing corporation on a tract on
East Valley Road south of the subject. Both have the same
road improvements and utilities The subject has a superior
location an,' a larger road frontage. The comparable sale
has some loss of area due to its 60' access road out to the
street. The indicated value of the subject land by comparison
is $1.90"SF.
Sale 2:
This sale is on the east side of East Valley Road south of
the subject. Both have the same road improvements and
utilities. The subject has a more useable shape, the comp-
arable sale beino somewhat triangular. The indicated value
of the subject land by comparison is $1.85/SF.
Sale 3:
This sale is just southeast of SR 167 in northeast Kent.
Both have the game utilities Luc the comparable sale is on
a gravel street. The subject has a better location. The
indicated value of the subject 1•nd by comparison is $i.101SF.
Sale t:
This sale is in an area of comparable user and improvements
to the subject. The location is considered equal but the
comparable sale has a loss of area because of a storm retention
pond. The indicated value of the subject land by comparison is
$2.00%SF.
Sale 5:
This tract was purchased in a rapidly improving area south of
the subject. The comparable sale location is somewhat superior
as it is in the path of higher uses. Street improvements and
utilities are the same. The indicated value of the subject
land by comparison is $2.00 ;,F.
6
CONCLUSION - BEFORE VALUE!
The comparable sales indicate a range in value from a low
of S1.95/SF for Sale 2 to a high of 52.10/SF for Sale 3.
All are good comparable sales and after making the necessary
adjustments the indicated before value of the subject land
is $192,000, or $2.00/SF.
HIGHFST AND BEST USE (AFTER SITUATION) :
In the after situation the subject and the entire area
surrounding the subject will have all of -`ie street and
utility improvements associated with the ii.ahest type of
development. These include storm sewers, curbs, sidewalks,
underground power , and street lighticn.
When these improvements are installed in a suitably large
area with room for new expansion and growth they tend tc
s3ynificantly affect the land value. In the case of L.I.D.
314 there will be a distinct and immediate pesitl"* impact
on land values due to the imi)rovement of all lands lying
westerly of East Valley Road. The land will become morn
attractive and practical to build on, there will be more
demand, and values will sharply increase. The result is
a higher and better use for tracts in that area directly
due to the L.I.D. 314 improvements.
In the case of the subject property it is located in a
comparatively small at, p of established uses which limit
its development potential. Being established, it will only
be after a long period of time that the strip could be
expected to be upgraded with higher uses.
The L.I.D. 314 improvements, esp. ,ially the storm drainage,
will have a beneficial effect on the value of the sub;+ct,
but not to the degree of the large developable areas west
of the subject. The highest and best use being limited to
the types of uses currently existing in the subject strip
limits the benefits of the improvements. Some of the
improvements such as curbs, curb cut access points, side-
walks, un:erground power, and street li;hts are not normally
associated with or required for the existing uses. The
improvements do not elevate the highest and beat use of the
subject. The highest and best use is still limited in the
after situation to the existing use.
The hio_hest an ' best use of the subject Jr. the after situation
is the present use.
7
AFTER VALUATION:
COMPARATIVE ANALYSIS
Four sales of land comparable to the subject were selected
for ana`ysis and comparison to the subject after L.I.D. 314
situation.
Sale 6:
This sale has a superior location to the subject property
but lacks sidewalks and street liohtinq. The indicated value
of the subject land by comparison is $2.25/SF.
Sale 7:
This sale is of a smaller tract of land in a superior location
but lacks sidewalks and street lightina. The indicated value
of the subjec- land by comparison is 52.20/SF
Sole 9.
This sale is of a larger tract of land in a superior location
but lacks sidewalks and street lighting. The indicated value
of the subject land by compari�cn is $2.50/SF.
Sale 9:
This sale is of a tract of lend with the same improvements
but could be developed to a sliqhtly higher use. The indicated
valur of the subject land by comparison is $2.60/SF.
CONCLUSION - AFTER VALUATION:
The --parable sales indicate a rnnoe in value from a low of
$2.:uiSF for Sale 7 to a high of y2.60/SF for Sale 9. All are
good comparable aslee and after m%,.ing the necessary adjustments
the indicated value of the subject ..and after the L.I.D. 314
imp:orements is $230,500, or $2.40/3F.
a
RECAPITULATION:
Before value: 96,030 S.F. @ $2.00/SF . $192.000
After value: 96,03n S.F. @ $2.40/SF $230,500
Estimate-' assessment of L.I .D. 334: . $ 45,172
Benefit to land: 96.030 3.F. @ $0.10.'SF $ 38,500
Estimated coat in excess of benefits: $ 6,672
4
ASSUMPTIONS NO LIMITING CONDITIONS
1. All dimensions and legal descriptions are assumed to
be correct at found throuqh inspection of available
records.
2. T'-e information used in the data furnished is considered
to be reliable. If any errors in this report are found,
the right is reserved to modify the conclusions reached.
3. Employment to make this report does not require testim.,ny
in court or any public or other hearing as an expert wit-
ness unless mutually satisfactory arranaements are made
in advance.
i. Neither the employment to make this analysis nor the
compensation is contingent upon the conclusions.
10
COMPARABLE SALE %-. 1
LOCATION: 18441 East Valley Road,
LEGAL: Lot 1, SP F.G.D.J. (Auditor's File No. 8004100384) .
ZONING: 142, Kent
LAND AREA: 3.9" acres (173,03.0 SF)
SALE DATrc 4-25-80
PRICE: $280,000
EXCISE TAX NO. : 589633
GRANTOR: Dalton Bonds, Stella P. N. Bonds, James
Reinmiller L Teresa Rein"iller, F.G.D.J. Co. ,
a G.P.
GRANTEE: Rollins Leasinc Corp. , a Delaware Corp.
STREET IMPROVEMENTS: 2 lane blacktop street
Open ditches
Fire hydrant
Sanitary sewer
ANALYSIS: Land Area Price knit Value
`73,O10 SF $280,000 $1.62/SF
11
COMPARABLE SALE NO. 2
LOCATION: East aide 04 E. Valley Road, 18400 block.
LEGAL: Lots 1, 2, 4 1, Hill's East Valley SP Phase III.
20NIN.'.: M-L, Xing County.
LAND AREA: 6.56 acres (205,803 Sr)
SALE DJ 'E: 5-23-80
PRICE: $503,54P
EXCISE TAX NO.; 542741
GP"TOR: hill Investment Co. , a Nash. Ltd. Partnership.
GPtNTEFt miller Cascade Foods, Inc. a Nash. Corp.
STREET IMCROVEMF.NTS: 2 lane blacktop street
Open ditches
Fire hydrant
Sanitary sever
ANALYSIS: Lard Area Price Unit Value
2R5,P03 SF $503,596 $1.76/SF
12
COMPARABLE SALE NO. 3
LOCATION: Erst side of 8Rth Ave. S. , 365' So. of S. 228th St.
LEGAL: Tax Lot 320, NW 18-22-5.
ZONING: CM, Kent
LAND AREA: 3. 35 acres (146,123 SF)
SALE DATE: 12-12-80
PRI"E: $262,500
EXCISE TAX NO. : 6. 5837
GRANTOR: 88th Street South Associates, a Ltd. Partnership.
GRANTEE: Cichard Morse L Gail, h/w.
STPFPT TM^ROPFMENTS: 2 lane oravel street
Open ditches
Fire hydrant
Sanitary sewer
ANALYSIS: Land Area Frice Unit Value
146,123 SF $262,500 $1.80/SF
13
COMPARABLE SALE NO, 4
LOCATION: South side S. 96th, 900 block.
LEGAL: East half of Tract 17, Moore's Five Acre Tracts.
ZONING: MH, Kina County
LAND I.REA: 2.42 acres (105,415 SF)
SALE DATE: 4-18-80
PRICE: $202,000
EXCISE TAX Nt . : 588924
GRANTOR: Willard S. Crow a Rose Marie, h/w.
GRANTEE: Donald E. Cole 6 Ruth E. Cole, and
Charles R. Horpan i Arden G. Horoan
STREET IMYROI'EMENTS: 2 lane blacktop street
Open ditches
Fire hydrant
Sanitary sewer
ANALYFIF: Land Area Price Unit Value
105,415 SF $202,000 $1.92/SF
14
COMPARABLF SALE NO. 5
LOCATION: 8500 S. 208th St.
LEGAL: Tax Lots 32 i 33, SW c-22-5.
ZONING: M2, Kent
LAND AREA: 0.94 acres f215,034 SF)
SALE. DATE: 7-5-81
PRICE: $500,000
EXCISE TAX NO. : 647060
GRANTOR: Lloyd Iddinos, Marlene M. Iddings, James R. Iddings,
Jacqueline 1. Iddings.
GRANTEE: Jack A. Benaroya Co. , a Wash. Corp.
STREET IMPROVEMENTS: 2 lane blacktop street
Open ditches
Fire hydrant
Sanitary sewer
ANALYSIS: Land Area Price unit Value
215,059 SF $500,000 $2.32/SF
15
COMIARARLE SALE NO. 6
LOCATION: 21216 72nd Avenue South.
LEGAL: Tax Lot 36, M< 12-22-4
ZONING: R2, Kent
LAND AREA: 4.66 acres (202,875 SF)
SALE DATE: 9-15-81
PRICE: $496.250
EXCISE TAX NO. : 6!)3075
GRANTOR: Kent Properties, Ltd. , a Canadian Corp.
GRANTEE: Bruce N. Soll} and Paul R. Morgan, as nominees
for a Joint Venture to be forned.
STREET IMFROVFMENTS: Paved street
Storm sewers
Curbs
Fire hydrant.
Sanitary sewer
Undernround power
ANALYSIS: :and Area Price Unit Value
202,875 SF $496.250 $2.45/SF
16
COMPARABLE SALE NO. 7
LOCATION: No. side 37th St. N.W. , 210' east of "B" N.W.
LEGAL: Lot 2, Valley Business Park
ZONINIS: M-1, Auburn
LAND AREA: 0.90 acres (39,406 SF)
SALE DATE: 3-30-82
PRICE: $9R,205
EXCISE TAX NO. : 672456
GRANTOR: Valley Business Park
GRANTEE: Asplund General Partnership
STREET IMPROVEMENTS: Paved street
Storm severs
Curbs
Fire hydrant
Sanitary sever
Undercround power
ANALYSIS: Land Area Price Unit Value
39,I0f SF $98,205 52./9/SF
17
COMPARABLE SALE NO. 8
LOCATION: Southeast side of S. 196th St. , 200' north of
58th Place So.
LEGAL: Lot 2, SP 80-14
ZONING: MI, Kent
LAND AREA: 6.92 acres (291,019 SF)
SALE DATE: 11-26-RO
PRICE: $900,660
EXCISF TAX NO. : 620164
GRANTOP: Union Pacific Land Resources Corp.
GRANTEE: Toys "R" Us, Inc. , a Delaware Corp.
STREET IMPROVEMENTS: Paved street
Store sewers
Curbs
Sidewalks
Fire hydrants
Sanitary sewer
Street I3ohtin�
Underqround power
ANALYSIS: Land Area Price Unit Value
297,079 SF $R001660 $2.70/SF
18
• COMPARABLE SALE NO. 9
LOCATION: 23000 block of North 6th St.
LEGAL: Lot 12, Kent Valley Industrial Park
ZONING: M3, Kent
LAND AREA: 2.27 acres 08,745 SF)
SALE DATE: 4-- -81
PRICE: $296,235
EXCISE TAX No. : 636965
GRANTOR: Basel-Kiene, a partnership
GRANTEE: Bank, a partnership
STREET IMPROVEMENTS: Paved street
Storm sewers
Curbs
Sidewalks
Fire hydrants
Sanitary sewer
Street lichtinq
Undergrocnd power
ANALYSIS: Lana Area Price Unit Value
98,745 SF $296,215 53.00/SF
19
Appraisal of
Land Values
' within the boundaries
of Renton Lacal Improvement District No. 314
1
Made for
' The City of Renton
' As of
January 11, 1483
t
by
J. Ralph Gilbo
Real Estate Appraiser and Consultant
Ralph Gilbo
11�r1 Estate Appraisar 6 Conwttant
-�— IISON op,�TREIT
' SFi1TLE.NASHIRGTOS 9810,1
MW COt,511.1141
January 11, 1983.
1 Mr. Lawrence J. Warren
City Attorney, City of Renton
100 South Second Street
Post Office Box 6Z6
Renton, Washinaton, 98057
Dear Mr. Warren:
1 As you requested, I have made an appraisal of the
effects on land values of real estate within the boundaries
' of Renton Local Improverent District No. 314.
I certify that a complete and thorough investigation
has been made, including an inspection of the subject prop-
erties and other properties that have recently sold, are
located in comparable nearby areas, and are sufficiently
comparable to give an indication of the effect on fair
' market values in the L.I.D. 314 area.
It is my opinion that the values are:
Value before L.I.D. 314 improvements $1.94/SF
Value after L.I.D. 314 improvements $3.13/SF
Total benefit to land (dif`erence) PLUS $1.19/SF
Total benefits to land $1.19/SF
' Estimated average cost of L.I.D. 314 $0.51/SF
' Total benefits in excess of cost $0.68ISF
Very truly yours,
'r-" ".
J. Ralph Gilbc
' CERTIFICATION
' The author does hereby certify that, except as otherwise
noted in this report:
1. I have no present or contemplated future interest in
the real estate included in this report.
r2. I have no personal interest or bias with respect to they
subject matter of this report cr the parties involved.
r3. To the best of my knowledoe and belief the statements ei
fact contained in this report upon which the analyses,
opinions, and conclusions expressed herein are based,
are true and correct.
4. No one other than the author prepared the analyses,
' conclusions, and opinions concerning real estate that
are set fort" in this report.
2
' PURPOSE 0, APPRAISAL
' The purpose of this report is to advise the City of
Renton of the typical fair market value of the land in the
' area encompassed by Local Improvement District No. 314.
First is to determine the typical fair market value of the
land without the improvements of L.I.D. 314 (referred to as
the before situation) , and second to determine the fair
market value of the land with all the L.I.D. 314 improve-
ments completed (referred to as the after situation) .
' The difference between the two values is considered
t:, be a special benefit to the land so improved.
' Fair market value is the amount in cash which a well-
informed buyer willina, but not oblined to buy the p. operty,
would pay, and which a well-informed seller, willing out not
oblijated to sell it, would accept, takina into consideration
all uses to which the property is adapted and miaht in reason
be applied.
VALUATION OF LAND
' Fair market value sales of land comparable to the land
in the L.I.D. 314 area have been used to determine the before
' and after values. All sales were analyzed as to their street
and utility improvements at the time of the sale. These were
separated into two croups, one with improvements as represent-
ative as possib' if the before L.I .D. 114 situation, and the
other of the of L.I.O. 114 situation.
The highest and belt use of all but a small portion of
the land in the subject area is for those uses compatible
with the specific zoning. Generally these uses are offices
and industrial activities of hinh operational, develoFment
' and environmental standards.
The highest and best use of the land on the east side of
East Valley Road south of Jonathan's Storaoe .Parcel 44) is
' for commercial business.
The highest and best use of the property on the east side
' of East Valley Road from Parcel 44 northerly to The Lumber
Market (Parcel 33) is as improved. Benefits to these properties
from the L.I.D. 314 improvements would be below the average
found in this report, as would the small sites along S.W. 16th
Street at the northern part of the project.
3
' Tne maior qualifying factors for consideration in
the selection of a light industrial location are%
1. Fare protection service.
1 2. Security enforcement or police.
3. Adequacy of water, sewer, storm sewer, utilities, etc.
0. Ease of access to plant by truck or auto.
5. The condition of streets and nearby highways.
6. 4nployee accessibility.
? Transportationt roads, highways, railroads, and air.
S. Proximity to principal markets.
' 9. Attractiveness of site.
10. Castomer and employee off-site and on-site parkino.
11. Labor.
' 12. .,:&liability of suitable site.
13. Local tax climate.
14. Plannina and renino.
15. Local government repitatior.
These factors are relative, comparative, and competitive.
The more pjsitive these factors are, the more desireability,
' therefore, the higher the land value. This is clearly indi-
cated by a study of the location and features possessed by
the comparable sales.
COMPARATIVE ANALYSIS
73 Sales were selected for analysis and comparison to
land in the L.I.D. 314 area. 47 of the sales wer 'udged
' to be more comparable to the subject land in the before
situation. These are referred to as before comparable sales.
26 of the sales most represent the subject lard in the after
9 situation and are called after comparable sales.
None of the before sales have both sanitary sewers and
storm sewers. This is typical of the subject area before
L.I.D. 314. All of the after sales have both sanitary sewers
and storm sewers as in the subject area after L.I.D. 314.
The compar+ Sle sales were segregated in this manner.
The only sales occirrinq in the study area that were
Purposely omitteo were property transfers which involved 5
trade, were between corporate affiliates or relatives, or
' were a lane assembl.ge. These are suspect as to the price
beino fair market value. To the knowledge of this appraiser
all other recent sales are included and considered.
' A study of the sales and their off-site improvemtnts
indicates the most -on sequential improverent possessed by the
higher-priced after sales and absent in the before sales is a
storm sewer and its appurtenant curbs and qutter.
Adequate story sewers make possible the full and conolete
tuse of the land. A portion of the land may otherwise be
required to be used for costly on-site storm retention systems,
a sometimes possible secondary or temporary solution. These
' systems are not popular as they are an economically unproduct-
ive use of land, cost money to desinn, build, and landscape,
and require permanent maintenance. Even with on-site storm
' retention systems water from other lands may cause serious
flooding to the property, its structures, and access streets.
This is at important factor considered by all prudent land
users and influences value. Lack of adequate area-wide storm
sewers does more to inhibit development in the Rer. Rent
Valley study area than any single factor. This is inencel
by the higher average sales prices of the after sales.
Most of the after sales are also improved with sidewalks,
underaround power, and street liohtinq as in the after L.I.D.
' 314 situation. These are the functional and attractive dress-
ing of a superior neiahborhood commanding the hiahest prices.
These improvements are relatively inexpensive and add a great
measure of safety and security to the district.
1
' 5
' An analysis of comparable sales 61 and 69 is pertinent
and revealing. Both occurred in December, 1979, the purch-
asers having knowledge of the effect of the L.I.D. 302
improvements and the assessments. Glacier Park Co. sold
both tracts. Sale 61 rold for $1.39/SF and Sale 69 for
$2.65/SF.
Sale 61 was assessed $272,53C total for both S.W. 34th
St. and Lind Avenue S.W. , which totals $702,715 for the
purchase price together with the assessments, or $2,27/SF,
' Sale 69 was assessed $188,230 total for both S.W. 41st St.
and Lind Avenue S.W. , which totals $7S7,030, or $3.53;SF.
The oric:nal purchase price represents a 1979 before
value. It was apparently considered by the purchasers that
the improvements would appreciate the value of the land at
least by the amount of the assessment. This judgement proved
' correct as toth tracts if vacant and available today would
sell for $3.50 to $4.00/SF, or in the upper range of the
after comparable sales.
' Comparable Sales 62, 65, and 67 are also important.
They are all in the L.I.D. 314 area and were sold in a two
month period from December, 1981 to February, 1992. Two were
t purchased by BNL Development Corporation. Prices paid were
$1.41 'SF, $1.93/SF, and $2.2,/SF respectively and are used
herein as comparable sales. Adding the estimated assessments,
' of which they were aware, the purchase price and the estimated
assessments will increase the total price paid to $2.04/SF,
$2.38/SF, and $2.65/SF. These values for tracts completely
improved are considerably below the present fair market value
for land with comparable improvements, as indicated by the
after comparable sales.
6
t
CORRELATION - BEFORE VALUE
Becau,, this report is an appraisal of the typical or
average diff,.rence in land valu, due to the impact of L.I.D.
314, and not an appraisal of the value of individual parcels,
' the averages of a large amount of sales data are considered
to be accurate and conclusive evidence of value.
' The 47 before sales used in this study indicate a range
in value from $0.68/SF to $3.05/SF. The average sellin❑
price of the before comparable sales is $1.78/SF
' In objecti%ely refining this estimate of value a number
of sales could be omitted to reflect sales with only the
improved characteristics of the subject properties.
1. Omit Sale 39 from consideration as representing an
exceptionally low price, not appropriate for comp-
arison to land in the subject area.
2. Omit Sales 48 and 54 of Earlinoton Golf Course land
because they have no substantial improved frontages
and will require complete internal development.
3. Omit Sales 4, 6, 7, 8, and 11 as they have no paved
street.
4. Omit Sales 1, 12, 41, 49, and 52 as they have no
sanitary sewer.
Having eliminated these -ales from consideration the
' remaining 34 sales, all of ♦oich have paved streets and
sanitary sewer, range in value from a low of $0.90/SF for
Sale 40 to a high of $3.o5/sr for Sale 23. These sales
indicate an average value of 51.94/SF for land comparable
to the before L.I.D. 314 situation.
This average is almost exactly the average of the sale
prices of Sales 61, 62, 65, 67, and 65 which are in or
adjacent to L.I.D. 314 and are considered the most comparable
sales. These average $1.93/SF.
' The indicated value of typical land in the L.I.D. 314
area in the before situation is 51.44/SF.
' 7
r
rCORRELATION - AFTER VALUE
rThe 26 after sales used in this study indicate a
eange in value from a low of $2.28/9^ for Sale 24 to a
r high of $4.66/SF for Sale 73. All are qood comparable
sales and are appropriate for use in this study. These
sales average $3.13;'SF, the indicated value of typical
r land in the L.I.D. 314 area after the improvements are
completed.
r
' CONCLUSIC
rValue :xforc L.I.D. 314 improvements $1.94/SF
Value after L.I.D. 114 improvements $3.13/Sr
rTotal benefits to land (difference) PLUS $1.19/SF
r The present estimated cost. of L.I.D. 314 Inot final)
is $6,236,539. There are 12,163,522 square feet of land
to be assessed. Therefore, the estimated cost averaqes
tslinhtly over 50.51!SF.
rTotal benefits to land $1.19/SF
Less estimated average cost of L.I.Q. 314 _ 0.51/SF
Estimated benefits to land in excess of cost 50.68/SF
1
r
i
r
r
8
r
' SALES NOT USED
Sales 74 and 75, which are included in the comparable
sales herein, are not used because they are sales of intensive
commercial business properties and are not considered to be
representative of the generI land values in the LID 314 area.
The following property transfers are not used in this
study as they were invulved ii, trades ur were between corpor-
ate affiliates or relatives.
' NE 11-22-4 Plara, Inc./Towne Dev. E623378 $2,600,000
NE 13-22-4 ERADCO/Kent Hiqhlands 577027 582,365
NE 13-22-4 Golden Grain/Fisher 596417 1,952,000
SW 25-23-4 Auto Chlor/Heintr Const. 632983 560,000
NW 25-23-4 Rainler!AF Prop 675439 ' 8,656
i SW 36-23-4 Peeraoe/Corp Prop 674159 1,001,858
NW 36-23-4 Hudcor/Roberts 607331 311,765
NW 36-23-4 Cam Prop,'Heinen 591085 27,225
SW 6-22-5 Nowatny/Boise Cascade 653629 239,760
SW 19-23-5 Metro/NW Coml RE 554006 1,701,791
't
•
t
ASSUMPTIONS AND LIMITING• CONDITIONS
1. All dimensions and legal descriptions are assured to
be cor-ect as found through inspection of available
recor e.
1 2. The infcrmation used in the data furnished is considered
to be reliable. If any errors in this report are found,
the tight is reserved to mndify the conclusions reached.
1 3. Erployner.t to make this report does not require testimony
in court or any public or other hearinn as an expert wit-
ness unless mutually satisfactory arrangements are made
in advance.
i. Neither the employment to make this analysis nor the
c:;�pensation is contingent upon -he conclusions.
1
1
1
i
1
1
1
1
1
i
BE!'ORE COMPARABLE SALES IN.TOWN-CHIP 22. ARANOE 4
Sale No.
Location Sale
Land Sale Price Before
1 7130 S, - mate Area
196th St. ----_.. "n i_ t Value
2 S. 206th St. 1-Al 4,49 ac. $ 175,000 $O.A9fSF
vest of 76th Ave. S.
I 76th Ave. S. , vest of S. 9-B0 3.26 117,965
202nd St. 1.06
4 North side 5, 2-p0 5.OR 272,250
202nd St. , ?RDO block 1.23
H-74 8'47 462,953
5 South side S. 212th St. , 6200 block 1,25
12-AO 5.91 3)7,A60
6 S. 220th St. a 7,2nd Ave S 1.31
7 S. 220Lh St. 6 T?nd Ave, S. 2-82 2.71 177,724 1.47
R North side S. 202nd St. , 7R00 block 1.15 90,167
A-R2 6.16 425.000
1.53
R 22100 block of 60th Ave, S. 1.58
10 9-A0 0.40 10,320
Northveat corner S. 216th St, c 72nd 1 .75
11 North side S. 202nd, 7700 block 11-RO 9 55 747,695
1.80
5-RO 1, 37 364,000
12 7130 S. 196th 1.91
13 S. 206th St. 6 POth Avg, S. 1-02 2.41 'OO.noo 1,91
14 22141 6Rth Avo. S. 12-AO O.R2 70,986
1.5q
15 19230 6Rth Ave. S. 9-RI 1,90 175,000 2.01
16 East side 68th Ave, S. , 20000 block 1'R1 A.46 '49. 315 2,03
17 West aide 68th Ave. S. R-RI 11,08 1,175.000
block 2.26
21600 bl
Id 76th Ave, S. 6_P1 3,A0 374,220
south of S. 2-A2 R,A? Ap5,000 2.194th St. 2.31
19 19406 68th Ave, s.
7-pl 3.9R 425.000
R 2.15
BEFORE COMPARABLE SALES IN
----_ TOMNSHIP 22, RANCE (cont,)
Sale No,
Location
Sale Land Sale Pric
e
20 Date Area Before
Mast side of 80th Ave, S, 20003 block '-- Unit value
6-RO n.76 ac. $ 85,Oe
21 7730 S. 208th St, $2,59/SF
North
22 7-p2 2,57 side S. 216th St, east 319,00n of 68th S. 2'Ad
23 5-82 13.58 1,746,000
East side of 6Rth Ave. S. , 22200 block 2,95
9�B1 4'11 545,962
3,05
12
AFTER Cd4PARABLP SALES IN TOWNc;"IP 22,-'— - RANGE 4
Sale No. Location
Sale Land Sale Price
Date Area_ After
24 Both sides S, 194th St„ west of 66th S. ----"--`—'�e_l ue
25 21216 72nd Ave. S. 3-80 16,67 ac. $1,657,245 $2.28,'SF
26 North 9-R1 4.66 496,250 side S. 22Rth St. , 6200 block Z./S
27 12-R1 20.00 2,185,350
Fast side 68th Ave. S• , south of S, 2.59
212ih 6-R1 11,SR
28 S. 196th, north of 58th P1. S. 1,306,667 2.5
29
11-RO 6.82 R00,66U
W, side 72nd S. between S. 206th 6 212th 1-81 28.39 2.71
30 23000 block N. 6th St.
3.350,00f 2 7
31 Northwest corner 62nd S. c S. 191th St. 4-81 2.27 296,235 4-81 3. 36 446,660 3,00
32 21229 72nd Ave. S. 3,05
6-81 4.88 653,333
33 W, sidP 62nd S„ north of S. 194th St. 7- 3,OR
31 81 1.15 162,799
S. aide S, 194th St, west of 62nd S. 3,25
35 5-P1 6.49 934,243
Northeast corner 72nd S. 6 S. 3.36
228th 7-81 2.19
36 North side S. 320,SSA 3.3
196th west of 62nd S,
7-R1 9,61 1,A23,213
37 Southwest co.ner R. 194th 6 62nd S. 3,40
0-el 1.40 213,882
38 19100 to 19500 66th Ave. S. 1,50
2-81 15.17 3,004,790
1,55
13
BEFORE. COMPARABLE SALES IN TOWNSHIP 22, RANCE 5
Sale No. Location Sale Lend
Sale Price Before
Date Area Unit Value
-----------------
39 North of S. 208th St. , 8800 block 11-00 1.40 ec. $ 100,000
$0,68/SF
40 Fast side 84th Ave. S. , 19900 block 10-P2 30.50 1,200,000
G.9J
41 West side 88th Ave. S. , N. of S. 228th 10-80 5.07
250,000 1.13
42 East side 88th S. , south of c. 22Rth 12-80 3.35 262,500
1.80
43 19604 R4th Ave. S. S-RO 11.93 11100,000
2.12
44 S. side S. 218th wesc of SR 167 2-91 3.40 117,000
2.14
45 8500 S. 208th St. 7-81 4,94 500,000
2.12
14
7 m m
AFTER MOPARARt.F. SALES 1N TOWN M11 22, RANGE S
Sale No. Location Sale Land Sale Price After
Date Area thrit Value
46 2020) block of 94th Ave. S. CI-R1. 4.00 ac. $ 651,200 $1.74/SF
47 20400 block of. 94th Ave. S. a-RI 2.10 152,009 1.8%
IS
� a err A � 1� � � t• � � — r � � � � � �
BER�RF. COMPARAPLE F;ALFS IN 'TOWNSHIP 23, RANGE 1
Sale No, Location
Sale Land Sale Price
—�"'—'— Date Area Before
/R Portion Of Earlington golf Course -7O —" Unit Value
19 Weat side monster Road, 1100 block 11-81 A1 .. 0
60 �c, $3,000,000
S O,A6/SF
SO 1117 S.W. 16th Ft. 7D,000 1.00
7-R2 9,ID 500,000 51 lAMO Roth P1, S. 1.22
52 765, S. 190th St, 9-RO 1.99 1181197 1. 16
875 53 18I12 Roth P, S. 1 RO 2.7R 200, 1.66
11-AO 51 Pardon of Earlinalon Golf Course I , 10 10%,000 1 .85
R-8.1 Itq,2p I1,SOi,000 1.90
ALTER COMPARABLE SALBS TN T0WSHIP 23, RANGE 4
Sale No. Location Sale Land Sale Price After
Date Area Unit. Valu.
55 Southcenter Blvd. N.E. of Interurban 8-79 7.52 ac. $ 8OO,u00 $2.44/SF
56 Fast side of 68th Ave, S., 100 block S-RO 13.20 1,464,000 2.55
57 Both aides S. 140th, N of N. Valley Hwy ll-RO 20.41 2,370,696 2.67
58 7957 S. 190th St. 11-80 11.1R 1,425,000 2.93
59 Southwest corner S. 190th 6 62nd S. 6-R1 2.09 273,657 3.01.
1'
RFF(7RE C(1NPARAp I.F. SALFS IN
---i3RIP 23 RANGE
S
Sale No.
Location
—�— Sale Land
60 APProx. 2631 Rat`_ Area Sale Price !Before
Fast valley Highway 11-7R ----- '—.�t_Value
61 3324 Lind Ave. S.W. 4.19 1'. S 221,133
ast
_ S1.17/SF
62 Southw12 79 1.10 430,185
corner R.W. 27th a E. Vail fl 1,39
63 10441 East Valley liwy, 2-R2 4.68 28R,000
1,41
64 East side E. Valle 4-80 3.97 2R0,000
Y Hwy, 18400 block 1,62
65 North side S.W. 5-Ro 6.56 503,58R 29th east of Lir.d 1,76
66 N.W. corner S.W. 12-R1 R,93 750,000 43rd St, a F.. Va11 Hwy 11-78 1.93
67 N. Side S.W. 27th St„ Lind to E. Valle 24.8o 2,150,108
6P 18435 East Valley Nw Y 12-R1 33,53, 314,R82
1,99
7 3,3U,q82
69 Y 6-RO 2.27
N•E, corner S.W. 2.R 298,790 41et St, i Lind 2,42
12-79 4.93 568,800
2.65
18
m _ - _
AFTER COMPARABLE SALES IN TOWNSHIP 231 RANCF. 5
Sale No. Location Sale Land Sale Price After
Date Area Unit Value
70 North side S.N. 7th, west of Maple 10-01 1.03 ac. S 110,000 52.46/SF
71 North side S.W. loth, west of Lind 5-Rl 1.16 174,240 3.15
72 Northeast corner S.W. 43rd St. 6 Lind 5-81 1.50 249,777 3.R3
73 North side S.W. 10th, west of Lind 2-R2 1.16 215,350 4.66
1�
TNF 1�AEFORE SALES CONSIDFREO MOST Cf1MpARARLF
40 $0.90/SF 42 $1 RR _..
45 $2.12/SF
1.R5
6R 2.12
60 1.17
65 1.91 19 2.45
5p 1.22 11 1.9R
20 2.50
t 1.23 66 1.94
60 2,65
5 1.11 14 2.07
21 2,R4
15 2.nt 22
61 2,95
1. 19 16 2.n6
R, 21 1,n5
1.11 U . 11
61 1.62
u
9 1.75
1' I..!6
61 1.76 67
2.27
10 1.R0 lR
2. tl
AVERAGE OF MOST COMPARARTY RFF('FF IAI gc $t 94 ,sr
0
STPFFT TMPROVFMENTS - COMPARAPLE SALFS
REMRE SALES
Sale No. Paved Fire Sanitary Storm Curbs Sidewalks Street Underqround Unit
Street NydraniSewPr Sewer Linhtino Power V
IQ x x _ . , Value
x
$0.68/SF
4e Utilities available - internal street dPVOl� Pnt re
quired Pquired O.R6
1 x X
0.89
p `
x x
0.90
°' x x
I An
x x
1 .06
41 x x
1.13
x
x 1.17
X x
` 1.22 x
X
1.23
X x
5 1.25 x x
x
1.31 x
x x
1.36
6: x x x
1.39
x x
x
R 1.41
X
1.47
X
t.51
BEFORE SALES (Cont.)
Sala No. Paved Fire Sanitary Storm Curbs Street Hydrant Sewer Sidewalks Street Underground Unit
Sewer
-- Power Value
e x _
51.58/SF
6) x x x
1.62
52 x x
x x
9 x x X 1.66
x
64 x x x 1.75
10 x x x 1.76
42 x x x 1.80
53 x x 1.R0
x
1.85
54 Utilities available - internal street development required
1,90
11 x
12 x x 1.91
65
1.91
Partial improvements on eye frontage only - LID 314 to improve
13 x 1.93
x
66 x x x 1.98
31 x x x
1.99
15 x
2.03
x x
16 x x x 2.03
2.06
22
BEFORE. SALES (Cont.)
Sale No. Paved Fire Sanitary Storm Curbs Sidewalks Street Underqround
Street Hydrant Sewer Sewer Unit
.__ _ Lighting Power Value
43 X X X
49
$2.12/SF
X X X
17 X X 2.14
X
2.26
67 Partial improvements on one frontage only - L3o 314 to improve
2.77
18 X
X
45 X X X 2.31
68 X X X 2.32
19 X X X 2.42
zo X X X 2.45
69 % 2.Sfl
x X
21 X 2.65
X
22 X X X 2.84
23 X X X 2.95
3.05
Averave of before sales 51.78/SF
23
STREET IMPROVEMENTS - COMFARAP6F SAIXS
AFTFR SALES
Fit- Sanitary Storm Curba Sidewalks Street Underqround Unit
Sale No. Paved Sewer
Lighting Power Value
Street Hydrant _ Sewer --X x x x $2.29/SF
24 x x x
x
X x x 2.44
x x
ss x x 2.45
x x
25 x x x X x X 2.46
x x
70 x x x x x X 2.i1
x x
26 x x x x x 2.55
X
56 x x x x x 2.SQ
X X
27 x x x X x 2.67
x x x
57 x x x ze x x x x X x 2.10
x x
x x z.�t
x x X
29 x x x x x X 2.Qi
x
5R x x A X X 3.00
x x x
30 x x x x 3.01
X x
59 x x x x x x 1.05
x x x
31 x x x X 3.oR
x x
32 x x x x x 1.25
11 x X x
x x x
24
Sale 4 '?ER SA:ES (Cunt_)
°• Paved Fire
Street Sanitary Sto------�H drant Sewer m Curbs
34 X sever Sidewalks Street p
35 x x X ------- Liahtinq ndPa zund Unit
x X x value
x x
36 X x X A x $3.30/SF
X X
71 X x x X X x 3. 36
x x
37 x X X x x x 3.40
x x
46 x X X X x x 3.45
x x
72 x x x x x x 3.50
X
47 x X x X x 3.74
x x
39 x x X X x x 3.B3
x
73 x x x x x 3.95
x x x x x x 4.55
x x
4.66
Avoraoe °f after sales
$3.13/SF
25
i +
' COMPARABLE SALE NO. 1
' LOCATION: 7130 S. 196th St.
LEGAL: Tracts 23 i 24, Highway Home Garden Tracts, Unrec.
' ZONING: MI, -- t
LAND AREA: 4.49 acres (195,536 SF)
SALE DATE: 1-6-81
PRICE: $175,000
EXCISE TAX NO. : 622572
' GRANTOR: Edith E. Bernstrom, individually and executrix.
GRANTEE: Pitney Realty, Inc.
' STREF; IMMWEMENTS: 2 lane blacktc? ctreet
Open ditches
Fire hydrants
ANAL'I SIS: Land Area Price Unit Value
195,536 SF S115,060 50.89/SF
1
' COvPARABLF SALE NO. 2
LOCATION: North side S. 206th, west of 76th Ave. S.
LEGAL: Portion of lots 9 6 10, O'Brien Station Garden Tr.
ZONING: M3, Vent
LAND AREA: 3.26 acres (130,181 SF)
SALE DATE: 9-11-80
' PRICE: $137,965
EXCISE TAX NO. : 607535
' GRANTOR: William B. i Dorothy Judah
GRANTEE: Transocean Industries, Inc.
' RTREE:" IMPROVEMENTS: 2 lane blacktop street
t Open ditches
Fire hydrants
Sanitary sewer
' ANALYSIS: Land Area Price Unit Value
'30,181 SF $137,965 $1.06/SF
t
1
' COMPARABLE SALE NG, 3
' LOCATION: hest side of 76t1 Ave. S. , north of S. 202nd.
LEGAL: Lot !, SP 79-22
ZONING: M3, Rent
' LAND AREA: 5.08 acres (221,159 SF)
SALE DATE: 2-15-80
' PRICE: $272,250
ERCISF TAX NO. : 590596
' GRANTOR: Joe Agostino a Martha Mae, h/w
DBA Tri-State Construction
' GRANTEE: Matlack, Inc. , a Pennsylvania Corp.
STREET IMPROVEMENTS: 2 lane blacktop street
Open ditches
Fire hydran,.
' Sanitary sewer
ANALYSIS: Land Area Pri :e Unit Value
1 221,159 Sr 5272,250 $1.23/SF
' COMPARABLE SALE NO. 4
' LOCATION: North side S. 202nd St. , 7900 block.
LEGAL; Lot 3, SP 78-35
' ZONINr,: M2, Kent
LAND AREA: 9.47 acres 1368,953 SFJ
SALE DATE: 8-10-79
PRICE: S'E2,953
EXCISE TAB. NO. 553276
GRANTOR: Davenport Enterprises, Ltd. and Intercom
Management, Ltd. , as *enants in common.
' CRANTE£: Industrial Development Co. , a WA Ltd. Ptnshp.
STREET IMPFOVEMENTS: 2 lane gravel street
Open ditches
Fire hydrant
Sanitary sewer
1
ANALYSIS: Land Area Price Unit Value
368,953 SF $462,95- $1.25/SF
' COMPARABLE SALE NO. 5
LOCATION: South side S. 212th, 6200 block.
LEGAL: Tax Lot 32, HE 11-22-4
' ZONING: �_., Rent
LAND AREA: 5.91 acres (257,580 SF)
SALE DATE: 12-22-80
' PRICE: $337,860
EXCISF TAX 1;0. 623927
' GRANTOR: Corporate Council for the Arts, which acquired
title as United Arts Council of Puget Sound, The
Children's Orthopedic Hospital and Medical Center,
Norman W. C1ein, Jr. , et al (5 others)
GRANTEE: The Derrick Group, a Ltd. Partnership
STREET IM.PRCVF.MENTS: Blacktop street
Part 9itches
' Part
Fire hyuiant
Sanitary sewer
ANALYSIS: Land Area Price unit Value
257,580 SF $337,860 $1.31/SF
t
1
1 COMPARABLE SALE NO. 6
1 LOCATION: Southeast corner S. 220th St. 6 72nd Ave. S.
LEGAL: Tax Lot 78, SV 12-22-4
1 ZONING: M2, Kent
LAND AREA: 2.77 acres (120,661 SF)
1 SALE DATE: 2-10-82
1 PRICE: $1',724
EXCISE TAX NO. 668351
1 GRANTOR: Gavel Corp. , a WA Corp.
GRANTEE: Joe Aqostino 6 Martha Mae, h/w, DRA Tri-State
1 Construction Co.
1 STRFET IMPRWEMENTS: Rounhed in road
Sanitary sewer 6 water available nearby
1 ANALYSIS: Land Area Price Unit Value
120,661 SF $177,724 $1.47/SF
1
1
1
1
1■A
1
1
1
1
' COMPARABLE SALE NO. 7
LOCATION: South side of S. 220Lh, W. of 72nd Ave. S.
LEGAL: Lot 2, SP 81-9
' LONINC: M2, Kent
LAND AREA: 1.35 acres (58,806 SF)
SALE nATE:
' PRICE: $90,167
EXCISE TAX NO. 691899
' GRANTOR: Gavel Corp. , a WA Corp.
GRANTEE: Joe Agostino 6 Martha Mae, h/w, DBA Tri-State
tConstruction Co.
' STRFFT IMPPOSEME?:TS: Street roughed in
Sanitary sewer 6 water available nearby
' ANALYSIS: Land Area Price Unit Value
58,806 SF $90,167 $1 .53/SF
t
t
COMPARABLE SALE NO. 8
' LOCATION: North side S. 202nd St. , 1800 block.
LEGAL: Lots 1 through 4, SP 81-2.
' ZONING: M3, Kent
LAND AREA: 6.1E acres (26P,330 SF)
SALE DATE: 8-13-62
PRICE: $425.000
EXCISE TAX NO. : 695194
' GRANTOR: Textured Yarn. Arts, Inc. , a wash. Corp.
GRANTEE: Ronald r. Benson i Marlene M. , h,'w
STREFT IMPRnvEME5T5: Gravel read
' Open ditches
Sanitary sewer
' AN.ALYSIS: Land Area Prise Unit Value
268,330 SF $425,000 $1.5811SF
t
1
' COMPARABLE SALF NO. 9
' LOCATION: East side of 68th Ave. S. , 22100 block.
LEGAL: N. 105' of Lot 15, Elk 3, Ross Fair Add.
' ZONING: M1 , Kent
LAND AREA: 0.40 acres (17,325 SF)
SALE DATE: 8-14-80
' PRICE: $30,320
EXCISE TAX NO. : 603023
GRANTOR: Ruben S. Cohen, Elazar Behdr, Gordon B. Anderson,
Trustee.
' GRANTEE: Cumberland Northwest, Inc.
' STREET IMPROVEMENTS: 4 lane blacktop street
Open ditches
Fire hydrant
tSanitary sewer
ANALYSIS: Land Area Price Unit Value
17,325 SF $30,320 $1.75/SF
1
' COMPARABLE SALE NO. 10
LOCATION: Northwest corner of S. 216th a 72nd Ave. S.
LEGAL: Lots 3 6 4, SP 78-37
' ZONING: MA, Kent
LAND AREA: 9.55 acres (415,839 SF)
SALE DATE: 11-29-80
' PRICE: $747,695.16
EXCISE TAX NO. : 618067
' GRANTOR: Olympus Meadows, Inc. , Mayflower Equities,
Acomb-Bradley, Inc. DBA Hallmark Industrial
Park Associates.
GRANTEE: Emkay Development Co. , Inc.
STREET IMPROVEMENTS: 4 lane blacktop street
Open ditches
Fire hydrant
' Sanitary sewer
' ANALYSIS: Land Area Price Unit Value
415,839 SF $747,695.16 $1.80/SF
1
t
COMPARABLE SALE NO. 11
LOCATION: North side S. 202nd St., 7700 block.
LEGAL: Tract 21, O'Brien Station Garden Tracts 02.
ZONING: M2, Kent
LAND AREA: 4.37 acres (190,357 SF)
SALE DATE: 5-15-80
PRICE: $364,000
EXC:SE TAX NO.: 591907
GRANTOR.: Taurus Associates, a partnership.
GRANTEE: South 202nd Associates, a Rash. C,eneral Ptnshl .
STREET IMPROVEMENTS: 2 lane gravel street
Open ditches
Sanitary sewer
ANALYSIS: Land Area Price Unit vale.
190. 7 $364,000 $1.91/SF
' COMPARABLE SALE NO. 12
LOCATION: 7130 S. 196th St.
LEGAL: Tract 23, Highway Home Carden Tracts, Unrec.
1 ZONING: M2, Kent
LAND AREA: 2.41 acres (104,882 SF)
' SALE DATE: 1-12-82
PRICE: $200,000
EXCISE TAX NO. : 664690
' GRANTOR: Dean N. Bitney, as Trustee.
GRANTEE: The Austin Partnership, a wash. Ltd. Ptnshp.
' STREET IMPROVEMENTS: 2 lane blacktop street
Open ditches
' Fire hydrants
ANALYSIS: Land Area Price Unit Value
104,882 SF $200,000 $1.91/SF
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rCOMPARAELE SALE NO. 13
rLOCATION: southwest corner S. 206th St. i 80th Ave. S.
LEGAL: N. 299' of E. 120' of Lot 31, O'Brien Station Garden
rTracts 02.
ZONING: M2, Kent
rLAND AREA: 0.82 acres (35,879 SF)
. SALE DATE: 12-16-90
PRICE: $70,886.47
' EXCISE TAX NO. : 619856
GRANTOR: P�nald Edwin Farrell, sinale, Theodore E.
MCCaffray, Jr. 6 Susan A. , h/w.
rGRANTEE: Robert H. Archer 6 Sandra M. , h/w.
rSTREET IMPROVEMENTS: 2 lane blacktop street
Open ditches
rSanitary sewer
ANALYSIS: Land Area Price Unit Value
r35,879 SF $70,886.4- $1.98/SF
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' COMPARABLE SALE NO. 14
' LOCATION: 22141 68th Ave. S.
LEGAL: Tax Lot 58. SE 11-22-4
' ZONING: Ml, Rent
LAND AREA: 1.9 acres (86,337 SF)
1 SALE DATE: 5-25-81
PRICE: $175,000
EXCISE TAX NO. : 639439
' GRANTOR: Joseph Carpinito 6 Mary, hiw et aI
GRANTEE: Seattle Trust a Savinqs Bank, trustee for
' Gordon F. F. Fall Retirerent Plan.
' STREET IMPROVEMENTS: 4 lane blacktcp street
Open ditches
Fire hydrant
Sanitary sewer
ANALYSIS: Land Art Price Unit Value
86,337 Sr $175,000 52.03!SF
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tCOMPARABLE SALE NO. 15
LOCATION: 19230 69th Ave. S.
LEGAL: Tracts 9 through 12, Highway Garden Tracts Unrec.
' ZONING: M1, Kent
LAND AREA. 9.46 acres (368,490 SF)
SALE DATE: 1-2-81
PRICE: 5749,314.52
EXCISE TAX NO. : 622211
' GRANTOR: Caritvo Investment Inc. , Mountai. +iew Properties
Inc. , Seagate Development Corp.
GRANTEE: VIV, a general partnership consisting of
Gary Merlino Construction Co. , et al.
STREET IMPROVEMENTS: 4 lare blacktop street
Open ditches
Fire hydrant
Sanitary sewer
ANALYSIS: Land Area Price Unit Value
359,490 SF $749,314.52 $2.03/SF
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COMPARABLE SALE NO. 16
' LOCATION: East side of 68th Ave. S. , 20000 block.
LEGAL: Tax Lots 36 6 37 and portion Tract 16, O'Brien
Station Garden Tracts 02.
ZONING: M1, Kent
' LAND AREA: 13.08 acres (569,765 SF)
SALE DATE: i-18-81
PRICE: $1,175,000
EXCISE TAX NO. : 650141
' GRANTOR: Carrie Costello 6 Associates, a Nash. Ltd. Ftnshp.
GRANTEE: Corporate Property Investors, a Mass. Bus. Trust.
STREET IMPRC'.'EMFNTS: 2 lane blacktop street
Open ditches
Fire hyArar.t
Sanitary sewer
ANALYSIS: Land Are Price Unit Value
' 569,765 aF $1,175,nn0 $2.06/SF
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COMPARABLE SALE NO. 17
' LOCATION: West side of 68th Ave. S. , 21600 block.
LEGAL: Tax Lot. 33, SE 11-22-4
ZONING: M1, Kent
LANE) AREA: 3.8 acre; (165,528 SF)
' SALE DATE: 6-30-81
PRICE: $374,220
EXCISE TAX NO. : 643816
GRANTOR: R<• .. Pull 6 Ruby J. ".1w
GRANTEE: Joy Aaostii,u 6 Martha 10.1 h/w 71'•1 Tri-State
' Ccnstruction Co.
' STREET IMPROVEMENTS: 4 lane blacktop street.
Open ditches
Fire hydrant
Sanitar, sewer
ANA:�SIS: Land Area Price Unit Value
' 165,529 SF $374,220 $2.26/SF
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fCOMPARABLE SALE NO. 18
LOCATION% west side of 76th S. , south of S. 194th St.
LEGAL: Lots 2 6 3, SP 79-22
' ZONING: M3. Kent
' LAND AREA: 8.82 acres (383,345 SF)
SALE DATE: 2-24-92
' PRICE: $885,0J0
EXCISE TAX NO. : 666350
GRANTOR: ice Aoostino a Martha Mae, h,/w DBA Tri-State
Construction Co.
GRANTEE: Hatley Management Corp. , a B.C. Corp.
s'rREET IMPROVEMENTS: 2 lane blacktop street
open ditches
Sanitary sewer
ANALYSIS: Land Area Price Unit Value
!, 383,345 SF $885,000 $2.31/SF
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' COMPARABLE SALE NO. 19
LOCATION: 19406 66th Ave. S.
LEGAL: Lots 13 a 14, Hiahway Carden Tracts, Unrec.
' ZONING: ml, Kent
' LAND AREA: 3.98 acres (173, 340 SF,
SALE DATE: --11-81
' PRICE: $425,000
EXCISE TAX NJ. : 646458
' GRANTOR: ..arold M. Williams 6 Madeline M. , h/w
GR,aNTEE: VIM, a Wash. General Partnership consisting o:
Richard A. Gilroy, Gerald F. Molitor, and
Gary Merlino Construction Co.
1 STREET IMPROVEMENTS: 4 lane blacktop street
Open ditches
Fire hydrant
Sanitary sewer
ANALYSIS: Land Area Price Unit Value
*■ 173,340 SF $425,000 $2.45/SF
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' COMPARABLE SALE NO. 20
LOCATION: West side nf FOth Ave. S. , 20000 block
LEGAL: Lot "A" SP 76-1
' ZONING: M2, Kent
1 LAND AREA: 0.76 acres (33,000 SF)
SALE DATE: F-25-80
1 >RICE: $85,^00
EXCISE. TAX NO. 597110
1 GRANTOR: Siegf-.ed W. Brunnenkan!
:SRANTFE: Robert C. Gayhart Real Estate, Inc. and
1 Homer A. d Wilmaglen Berqren
1 STREF'. IMPROVEMENTS: 2 lane blacktop street
Omen ditches
Fire hvdrant
1 Sanitary sewer
ANAI.YS:S: Land Area Price Unit Value
1 33,000 Sr $85,000 52.58/SF
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COMPARABLE SALE NO. 21
LOCATION: 7730 S. 209th St.
LEGAL: Lot 33, C'Brien Station Gar,3en Tracts 12 a por st.
ZONING: M3, Xert
LAND AREA: 2.5- acres (111,916 SF)
SALE PATE: 7-2f-h2
PRICE: $318,000
EXCISF TAX NO. 6P39r2
GRANTOR: Anthony Ayala t Colleen, hlw
GRANTEE: Joh. Malcolr
STREET IMP RO%'EN£NTS: 2 lane blacktop street
Open ditches
Sanitary sewer
' ANALYSIS: Land Area Price Unit Value
111,916 SF $318,000 $2.86JSF
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COMPARABLE SALF Y0. 22
' LOCATION: North side c: S. 216th St. east of 68th Ave. S.
LEGAL: Lots 2 through 4, SP 78-37
ZONING: MI. Kent
LAND AREA: 13.58 acres (591,860 SF)
SALE DATE: 5-28-82
PRICE: $1,746,000
EXCISE TAX Nn, : 677606
GRANTOR: Emkay Development Co. , Inc.
GRANTE : Paul R. Morgan S Bruce W. Solly
STREE^. IMPRd�EMENTS: 4 lane blacktop street
Open ditches
Fire hydrants
Sanitary sever
' ANALYS'S: Land Area Price Unit Value
591,860 SF 51,746,000 $2.95/SF
' COMPARABLE SALE NO. 23
' LOCATION: East side of 68th Ave. S. , 22200 block.
LEGAL: Lot 1 SP 77-19
ZONING: Ml, Kent
LAND AREA: 4.11 acres (179,032 SF)
SALF DATE: 8-17-81
' PRICE: $545,961.79
EXCISE TAX NC. : 649666
GRANTOR: Gary M. Baunh, Lewis E. Dickinson, Donald '..
Mellish and John D. Urban, partners DBA Lenora Co. ,
an Alaska Gen. Ptnshp.
GRANT£F: Paul R. Morgan 6 Bruce W. Solly, as partners for a
joint Venture to be forced.
STREE: IMPROVEMENTS: 4 lane blacktop street
' Open ditches
Fire hydrants
Sanitary sewer
ANALYSIS: Land Area Price Unit Value
179,032 SF $545,961.79 $3.05/SF
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1 COM➢ARABLE SALE NO. 24
1 LOCATION: Both sides of S. 194th St. west of 66th Ave. S.
LEGAL: Lots 1, 2, s 5, Blk. 5, Southcenter Corporate Park
1 ZONING: M2, Rent
LAND AREA: 5.65 acres (246,114 SF)
1 SALE DATE: 3-6-80
1 PRICE: $561,524.80
EXCISE TAX NO. : 584274
1 GRANTOR: Onion Pacific Land Resources Corp.
GRANTEE: O'Donnell-Brigham 6 Partners/Northwest Properties
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STREE^' IMPROVEMENTS: Blacktop street
1 Storm sewers
Curbs
%dewalks
tire hydrants
1 Sanitary sewer
Street lighting
Underground power
1 ANALYSIS: Land Area Price Unit Value
1 246,114 SF $561,524.80 $2.28/SF
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COMPARABLE SALE NO. 25
1 LOCATION: 21216 72nd Ave. S.
LEGAL: Tax Lot 36, NW 12-22-4
1 ZONING: M2, Kent
LAND AREA: 4.66 acres (202,875 SF;
1 SALE DATE: 9-15-81
1 PRICE: $496,250
EXCISE TAX NO.: 653075
1 GRANTOR: Kent Properties, Ltd. , a Canadian Corp.
GRANTEE: Bruce W. Solly and Paul R. Mornan as nominees
1 for a Joint Venture to be formed.
STREET IMPRC EMENTS: Paved street
Storn sewers
Curbs
Fire hydrant
Sanitary sewer
Underaround power
1 ANALYSIS: Land Area Price Unit Value
1 202,875 SF $496,250 $2.45/SF
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' COMPARABLE SALE No. 26
LOCATION: North side S. 228th St. , 6200 block.
tLEGAL: Tax Lot 3 s portion of 8, 14-22-4
' ZONING: MA, Xent
LAND AREA: 20.0 acres (871,204 SF)
SALE DATE: 12-17-61
■■ PRICE: $2,185,349.69
EXCISE TAX NO. : 662792
GRANTOR: Union Pacific Land Resources Corp.
GRANTEE: Doualas Management Co. , an Alaska Corp.
STREET IMPROVEMENTS: Paved street
Storr sewers
Curbs
Sidewalks
Fire hydrants
Sanitary sewer
Street lightina
Underaround power
ANALYSIS: Lard Area Price Unit Value
1 871,204 Sr $7,185,349.69 S2.51iSF
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COMPARABLE SALE NO. 27
' LOCATION: East of 68th Ave. S. and south of S. 212th St.
LEGAL: Tax Lot 13, M' 12-22-4
ZONIN0: Ml, Kent
LAND AREA: 11.58 acres 1504,500SF)
SALE DATE: 6-30-91
PRICE: $1,306,666.67
EXCISE TAX NO. : 643653
GRANTOR: Crean River Industrial Group, a wash. Ltd. Ptnshp.
GRANTEE: O'Donnell Business Park Assucia tes, a Wash. GP
composed of O'Donnell, Brioham i Partners/Northwest,
a Calf. GP, and John D. O'Donnell, an individual.
STREET IMPROVE.+ENTS: Paved street
Storm sewers
Curbs
' Fire hydrants
Sanitary sewer
Cnderoround power
' ANALYSIS: Land Area Trice Unit Value
504,500 SF $1,306,666.67 62.59/SF
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rCOMPARABLE SALE NO. 26
rLOCATION: Southeast side of S. 196th 200' north of 58th P1. S.
LEGAL: Lot 2, SP 80-14
r20NING: Ml, Kent
LAND AREA: 6.82 acres (297,079 SF)
rSALE DATE: 11-26-AO
rPRICE: $800,660
EXCISE TAX NO. : 620164
rGRANTOR: Onion Pacific I-nd Resources Corp.
GRANTEE: Toys "P" Cs, Inc. , a Delaware Corp.
rSTREET IMPROVEMENTS; raved street
sewers
Orbs
Sidewalks
Fire hydrants
r Sanitary sewer
Street liohtin^
Underground power
rANALYSIS: Land Area Price Unit Value
r297,079 SF $s0o,660 $2.70/Sr
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' CiWAPAPIE S1'X NO. 29
' LOCATION: West side of 72nd Ave. S. between S. 206th St.
and S. 212th St.
' LEGAL: Lc�s 1 throuah 9, Daon Add.
ZONING: M1, Kent
' LAND AREA: 28.39 acres (1,236,W SF)
SALE DATE: 1-29-81
tPRICE: $3, 350,000
EXCISE. :AX NO. : 624o64
GRANTOR: Daon Corporation, a Delaware Corp.
tGRANTEE: Laina U.S. Properties, Inc. , a B.C. Corp.
' STREET IMPROVEMENTS: Pavec street
Storm sewers
Curbs
' Sidewalks
Fire hydrants
Sanitary sewer
Street liahtina
' Underaround power
' ANALYSIS: Land Area Price Unit Value
1,236,66- 3F $3,350.000 $2.71/SF
' C0MPARABLE SALE NO. 30
LOCATION: 23000 block of North 6th St.
' LEGAL: Lot 12, Kent Valley Industrizl Park
20NING: M3, Kent
tLAND AREA: 2.27 acres (98,745 SF)
SALE DATE: 4-30-91
PRICE: $296,235
EXCISE TAX NC. : 636865
GRANTOR: Basel-Kiene, a partnership
GRANTEE: Bank, a par-ner-hip
STREET IMPROVEMENTS: Paved street
Storm sewers
Curbs
Sidewalks
Fire hydrants
Sanitary sewer
' Street lighting
Underground power
' AGaLYSIS: Land Area Price Unit Value
98,745 SF $296,235 $3.001SI'
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' rOMPARABLE SALE NO. 31
' LOCATION: Northwest corner 62nd Ave. S. i S. 194th St.
LEGAL: Lot 13, Block 1, Southcenter Corporate Park
' ZONING: M2, Rent
LAND ARIA: 3.36 acres (146,446 SF)
SALE DATE: 4-29-81
tPRICE: $446,660.3P
EXCISE TAX NO. : 637015
' GRANTOR: Union Pacific Land Resources Corp.
GRANTEE: Coast Construction Co. , a Wash. Corp.
STPEET IMPROVEMENTS: Paved street
' Storm sewers
Curbs
Sidewalks
Fire hydrants
Sanitary sewer
Street liahtina
Underground power
ANALYSIS: Land Area Price Unit Velue
-46,446 SF $446,660.30 ":.05/SF
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COMPARABLE STILE NO. 32
tLOCATION: 21229 72nd Ave. S.
LEGAL: Tax Lot 54, NW 12-22-4
' ZONING: M:., Kent
LAND AREA: 4.98 acres (212,375 SF)
SALE DATE: 6-30-81
PRICE: $653,333.3:
.XCISE TAX NO : 643656
GRANTOR: Green River Industrial Group, a wash. Ltd. Ptnshp.
GRANTEE: O'Donnell Rtsiness Park Associates, a "ash. GP
STREET IMPROVEMENTS: Paved street
Storm sewers
Curbs
Fire hydrants
Sanitary sewer
Underqround power
ANALYSIS: Land Area Price Unit Value
212,275 SF $653,33?.33 $3.08!SF
COMPARABLE SALL :0. 33
LOCA71ON: West side of 62rd Ave. S. 350' B. of S. 194th St.
LEGAL. Lot 12, Block 1, Southcenter Corporate Park
' ZONING: Ml. Kent
LAND ARE:.: 1.15 acres (50,092 SF)
SALE DATE: 7-24-81
PRICE: $162,799
EXCISE TAX No. 647454
GRANTOR: Union Pacifi Land Resources Corp.
GRANTEE: Rivers-Edoe Associates, a Wash. Ltd. Partnership
STREET IMPRJVEMF,NTS: Paved street
Storm sewers
Curbs
Sidewalks
' Fire 1,ydrants
Sanitary sewer
Street liohtina
tUnderground power
ANALYSIS: Land Area Price
Unit Value
50,092 Sr $162,799 $3.25/SF
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1 COMPARABLE SALE NO. 34
1 LOCATION: South side of S. 194th St. 210' west of 62nd Ave. S.
LEGAL: Lot 2 a portion of Lots 1 and 3, Blc:k 6 Southcenter
1 Corporate Park
ZONING: Ml. Rent
1 LAND AREA: 6.4? acres (282,704 SF;
SALE DATE: 5-21-61
aPRICE: $934,243.20
i EXCISE TAX NO. : 639230
GRANTOR: Union 'acific Land Resources Corp.
iGRANTEE: M 6 J Investment 'o. , and Oregon CP
i STREET IMPROVEMENTS: Paved street
Stern. sewers
Curbs
1 Sidewrlks
Fire hydrants
Sanitary sewer
Street lighting
1 Underground power
1 ANALYSIS: Land Area Price Unit Value
282,704 SF $934,243.20 $3.30/SF
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1 COMPARABLE SALE NO. 35
1 LOCATION: Northeast corner 72nd Ave. S. t S. 228th St.
LEGAL: Let 5, Block 2, Upland Corporate Park
ZONING: M1, Kent
LAND AREA: 2.19 acres 195,389 SF)
' SALE DATE: 7-22-81
PRICE: $320,55P
EXCISE TAX NO. : 646566
CPANTOR: AYH Investments, a Wash. partnership
GRANTEE: Paul R. Moroan and Bruce W. Solly, as nominees
for a Joint Venture to be formed.
STREET IMPRC:'EMENTS: Paved street
Storm sewers
Orbs
Fire hydrants
Sanitary sewer
Street liohtin^
Underoround power
ANALYSIS: Land Area Price Unit value
95,389 SF $320,558 $3.36/Se
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CnMPARABLE SALE NO. 36
LOCATION: North side S. 196th Et. west of 62nd Ava. S.
LEGAL: Lots 10 throuah 13, Blk 6, Southcenter Corp. Park
' ZONING: M1, Kent
' LAND AREA: 9.61 acres 1418,592 SF?
SALE DATE: 7-27-81
' PRICE: $1,423,212.80
EXCISE TAX NO. : 647757
' GRANTOR: Union Pacific Land Resources Corp.
' GRANTEE: Lincoln Property Co. No. 358, Ltd, a Ltd Ptnshp
STREET IMPROVEMENTS: Paved street
' Storm sewers
Curbs
Sidewalks
f Fire hydrants
Sanitary sewer
Street lightina
Vnderaround power
ANALYSIS: Land Area Price Unit Value
' 418,592 SF $1,42;,212.80 $3.40/SF
COMPARABLE SALE NO. 3-
LOCATION: Southwest corner S. 194th St. 6 62nd Ave. S.
LEGAL: Easterly 210' Lot 1, Blk 6, Southcenter Corp. Park
ZONING: M1 , Kent
LAND AREA: 1.40 acres (61,109 SF)
' SALE DATE: 4-24-81
' PRICE: $211,881.50
EXCISE TAX NO. : 634726
GRANTOR: Union Pacific Land Resources Corp.
GRANTEE: Clyde G. Lynn 6 Annes M. , h/w et al
STREET IMPROVEMENTS: Paved street
Storm sewers
Curbs
Sidewalks
Fire hydrants
t Sanitary sewer
Street liahtina
Underaround power
ANALYSIS: Land Area Price Unit Value
61,109 SF $213,681.50 53.50/SF
COMPARABLE SALE NO. 39
LOCATION: Fast side of 66th Ave. S. , 1910D-19500 block
LEGAL: Lots 2 through 11, Rlk 2, Southcenter Corp. Park
tOrING: M1, Kent
LAND AREA: 15,17 acres l660,791 SF)
SALE DATE: 2 le-81
PRICF: $3,004,789.50
EXCISE TAX NO. : 626621
GRANTOR: Union Pacific Land Resources Corp.
GRANTEE: R a H Executive Investments - Rent Associates,
a Calif. Ltd Ptnshp
STREET IMPROVEMENTS: Paved street
Storm sewers
Curbs
' Sidewalks
Fire hydrants
Sanitary sewer
Street lichtinc
Underaround power
ANFS.YSIS: Land Area Price Unit Value
660,791 Sr $3,004,7R9.50 $4.55/SF
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COMPARABLE SALE. NO. 39
LOCATION: North of S. 208th, 8800 block
LEGAL: Portion of Tax Lot 140, SW 6-22-5
' ZONING: M2, Kent
LAND AREA: 3.40 acres (148,104 =: )
SALE DATE: 11-18-80
' PRICE: $100,060
EXCISE TAX NO. : 61798-
GRANTOR: Edward K. Lidzbarski 6 Ann, h/w: Stephen M. Joo,
sincle, as tenants in common
' GRANTEE: Jack A. Benaroya Co. , a Wash. Corp.
' STREET IMPROVEMENTS: 2 lane blacktop street
Open ditches
Fire hydrant
' Sanitary sewer
ANALYSIS: Land Area Price Unit Value
148,104 SF $100,000 $0.68/SF
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COMPARABLE SALE. NO. 10
LOCATION: Fast side of 84th Ave. S. , 19900 block
LEGAL: Tax Lots 46, 96, i 97, NW 6-22-5
2ONIN6: M2, Kent
LAND AREA: 30.5 acres (:.328,580 SF)
SALE DATE: 10-1-91
PRICE: $1,200,000
EXCISE TAX NO. : 65535i
GRANTOR: E1 Ranchc Urive-In Theatre, Inc. , a wash. C-rp.
GRANTEE: Jack A. Benaroya Co. , a Mash. Corp.
STREET IMPROVEMENTS: Blacktop street
Open, ditch
Fire hydrants
Sanitary sever
1 ANALYSIS: Land Area °rice Vnit Value
' 1,328,580 SF $1,200,000 $0.90/SF
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1 COMPARABLE SALE NO. 4'
1 LDCATION: West side 88th Ave. S. 600' north of S. 228th St.
LEGAL: Tax Lot 311 TGW por vac at, NP' 16-22-5
1 ZONING: CM, Kent
LAND AREA: 5.01 acres (220,8{S Sr)
ieAte VATEt 10-8-80
iPR_ E: $250,000
EXCISE TAX NO. : 612565
1 GRANTOR: William L. MCLauchlin, Jr. at al
GRANTEE: Northwest Slao Products, Inc. , a Wash. Corp.
1
STREET IMPROVEMENTS: 2 lane Dlackter street
i Open ditches
Fire hyd;-ant
1 ANALYSIS: Land Area: Price Unit Value
220,819 SF $250,000 $1 .13'SF
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' COMPARABLE SALE NO. 42
tLOCATION: East side of RRth Ave. S. 365' South of S. 228th St.
LEGAL: Tax Lot 320, NN 18-22-5
' ZONING: CM, Bent
LAND AREA: 3.15 acres (146,123 SF)
SALE DATE: 12-15-90
PRICE: 5262,500
FXCISF TAX NO, t 625837
tGRANTOR: 88.th Street South Associates, a Ltd Ptnshp
GRANTFL: Richard morse c Gail, h/w
STREET IMPROCEMFNTS: 2 lane gravel street
' Open ditches
Fire hydrant
Sanitats sewer
' ANALYSIS: Land Area Price Unit Value
' 146,121 SF 5262,500 $1.80:1SF
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' COMPARABLE SALE N'.. 43
LOCATION: 19604 ^4th Ave. S.
LEGAL: Tax Lot 5, NW 6-22-5
ZONING: M2, Rent
LAND AREA: 11.93 acres (519,501 SF)
SALE DATE: 5-30-80
PRICE: $1,100,000
EXCISE TAX NO. : 593336
rGRANTOR: Dale A. Nacen c Marie R. , h/v
tGRANTEE: Delta Terminals, Inc. , a Calif. Corp.
STREET IMPROVEMENTS: Blacktop street
' Open ditches
Fire hydrant
Sanitary sever
tANALYS:Sc Land Area Price Unit Value
519,503 SF $1,100,000 $2.12/SF
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! COMPARABLE SALE NO. 44
1 LOCATION: S. side S. 216th St. 400' west of SR 167
LEGAL: Sots 1 through 4 SP 75-4
1 ZONING: CM, Kent
;,A,•. ea': An acres (148,100 SF)
rAU DA '-
1 PRICE: 5317,000
EXCISE TAX NO. : 625621
G3ANTOR: Louis 6 Nathaele Demattea
GRANTEE: Greg E. Field a Sherry L., hfw and
1 tlarry F. C,etl a Ronnie L. , h!w
1 STREET IMPROVEMENTS: Blacktop street
Open ditches
Fire hydrant
1 Sanitary sewer
A-NAT YS IS: Land Area Prig^ Unit Value
1 148,100 Sr 5317,000 $2.14/SF
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' COMPARABLE SALE NO, 45
' LOCATION: 8500 S. 208th St.
LEGAL: Tax Lots 32 i 33, SW 6-22-5
ZONING: M2, Kent
LAND AREA: 4.94 aces (215,054 Sr)
SALE, :LATE: 7-6-81
PPICt: $500,000
EXCISE TAX NO. t 64706D
GRANTOR: Llovd Iddinas, r -lene M. Iddinas, Jades R. Iddinas,
Jacqueline L. I< •na$
GRANTEE: Jack A. Benaroya Co. , a wash. Corp.
STREET IMPROVEMENTS: BlacktoP street
Open ditches
Fire hydrant '
Sanitary sewer
ANALYSIS: Land Area Price Unit Value
215,055 SF $500,000 52.32;SF
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' COMPARABLE SALE NO. 46
' LO_ATION: East side of Roth Ave. S. , 20200 block
LEGAL: Tax Lot 103, SW S 21-3
ZONING: M2, Rent
LAND AREA: 4.0 acres (174,240 SF)
SALE DATE: 9-16-81
PRICE: $651,200
EXCISE TAX NO. : 654534
' GRK, i'OR: Robert L. Wndau et al
GRANTEE: Boise Cascade Corp. , a Delaware Corp.
STREET IMPROVEMENTS: Paved street
t Storm sewers
Curbs
Sidewalks
' Fire hydrants
Sanitary sewer
ANALYSIS: Land Area Prue Unit Value
174,240 SF $651,200 $3.74/SF
i
' COMPARABLF SALE NO. 47
rLOCATION: East side of 84th Ave. S. , 20400 block
LEGAL: Portion of Tax Lot 43, SV 6-22-5
ZONING: M2, Kent
LAND AREA% 2.1 acres 191,615 SF)
rSALE DATE: 9-10-81
PRICF: M2,80N.P6
EXCISE TAX NC. % 653414
GRANTOR: Robert L. Hastings, single
GRANTEE: Boise Cascade Corp. , a Delaware Corp.
r
STREET IMPROVEMENTS: Paved street
r Storm sewers
Curbs
Sidewalks
r Fire hydrants
Sanitary sewer
' ANAI.YS'S: Land Area Price Unit Value
41 ,6I5 Sr $352,408.86 $3.85/SF
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COMPARAI'.F SALE NC . 48
LOCATION: Porticr of Eariincton Golf Course, Renton
LEGAL: Tax Lots 1, 69. 95, 96, portion TL 76 in 24-23-4
' and TL 13, por TL 9, 14 in 13-23-4
ZONING: M-P, Renton
' LAND AREA: 00.5 acres 0,506,580 SY)
SALE DATE: 7-21-79
' PRICE: $3,000,OOC
' EXCISE TAX NO. 549332
SRANTCP: Surlinoton Northern, Inc. , a Delaware Corp.
' GRANTF€: First City Egaitieu, a partnership
' SM'ET IMPROVEMENTS: Internal development necessary
All utilities in and available
tAINALYSIS: Land Area Price Cnit Value
31506158o Sr $3.000,000 SC.86,SF
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' COMPARABLE SALE NO. 49
LOCATION: West side of Monster Road S.W. , 1400 block
LEGAL: Tax Lot 15, NW 24-23-4
' ZONING: L-1, Renton.
LAND AREA: 1.60 acres (70,000 SF)
SALE DATE: 11-3-P1
' PRICE: S'0,000
EXCIS!. IAX NO. : 659711
' GRANTOR: John E. Lantz 6 Patricia T.
' GRANTEE: Manufacturers Miner+l Co.
STREET IMPROVEMENTS: Blacktop street
Open d . -hes
Fire hporant
' ANALYSIS: Land Area Price Unit Value
70,000 Sr $70,000 51.00/SF
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' COMPARABLE SALE NO. 50
tLOCATION: 1117 S.N. 16th St. , Renton
LEGAL: Tax Lot 22, SE 24-23-4
iZONING: B-1, Renton
LAND AREA: 9.4 acres (409,464 SF)
SALE OATS: 7-15-82
' PRICE: $500,000
EXCISE TAX NO. : 682165
' GRANTOR: Chris Palaer, separate estate
GRANTEE: Broadacres, Inc. , a Nash. Corp.
STREE 7MPROVEM-NTS: Blacktop street
' Open ditches
Fire hydrant
Sanitary sewer
' ANALYSIS: Land Area Price Unit Value
' 409,464 SF $500,000 $1.22/SF
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' COMPARABLE SALE NO. 51
' LOCATION: 18440 80th Place S.
LEGAL: Tax Lot 40, Sr 36-23-4
' ZONING: M2, Kent
' LAND AREA: 1.95 acres (86,684 Sr)
SALE DATE: 9-22-PO
tPRICE: $118,197
EXCISE TAX NO. 608332
' GRANTO't: Richard D. Norse
GRANTEE: Hill-Raaum Investment Co. , a GP
STREET IMPROVEMENTS: Blacktop street
Open ditches
Fire hydrant
Sanitary sever
' ANALYSIS: Land Area Price Unit Value
' 86,684 SF $118,197 $1.36/SF
1
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' COMPARABLE SALE NO. 52
' LOCATION: 7651 S. 190th St.
LEGAL: Lots 2, 3, 6 4, P1k 6, Northern Norpac Ind Dist 01,
Div. 1.
ZONING: M2, Kent
LAND AREA: 2.78 acres (120,953 SF)
SALE DATE: 4-3-80
' PRICE: $200,975
EXCISE TAX NO. : 593668
1 GRANTORz Burlinqton Northern, Inc.
GRANTEE: Leonard 0. Stelzer i Winifred, General Partners
of the Stelzer Ltd. Partnership
STREET IMPROVEMENTS: Paved street
Storm sewer
Curbs
Fire hydrant
Undergro,.nd power
' ANALYSIS: Land Area Price Unit Value
' 120,953 SF $200,875 $1.66i SF
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COMPARABLE SALE NO. 53
' LOCATION: 18412 80th Place S.
LEGAL: Tax Lot 65, SE 36-23-4
ZONING: M2, Nent
LAND AREA: 1.3 acres (56,628 SF)
' SALE DATE: 11-3-60
PRICE.: $105,000
EXCISE TAX NC. : 615539
GRANTOR: Robert B. Schrader 6 Lynwood w. , h/w
GRANTEE: Yoshiko Nakata, separate estate
STREET IMPROVEMENTS: Blacktop street
open ditches
Fire hydrant
Sanitary sewer
' ANALYSIS: Land Area Price Unit Value
56,628 Sr $105,000 $1.85/SF
C`MPARARLF. SALE NO. 54
LOCATION: Portion of Ea-linotor. Gol! Courst
LEGAL:
ZONING: M-P, Renton
LAND AREA: 139.2 acres (6,063,552 SF)
SALE DATE: 8-25-81
PRICE: $11,500,000
EXCISE TAX NO. : 65108F
' GRANTER: First City Ecuities, a wash. Gen. Partnership
GRAN; E: Hclviek Detect 6 Koerine, a Calif. Corp.
tSTREET IMPROVFMENTS: Internal develcprent necessary
' All utilities in and available
ANALYSIS: Land Area Price Unit Value
6,063,552 SF $11,500,OOC $1 .90,SF
tCOMPARABLF SALE NO. 55
' LOCATION: On Southcenter Blvd, northeast of Interurban Ave
LEr.AL:
ZONING: M-1, Tukwila
LAND AREA: 7.52 acres (327,626 SF)
SALE DATE: 8-15-19
PPICF: $900.000
EXCISE TAX NO. : 553246
GRANTOR: U. J. Merlino and Gertrude F. Merllno, h/w and
Elmer DeTore and Mary F. DeTore, hiw
' GRANTEE: John T. Mean or his nominee
' STREET IMrPMT,MENTS: Paved street
Storm sewers
Curbs
Sidewalks
' Fire hydrants
Sanitary ewer
Underground power
' ANALYSIS: Land Area Price Unit Value
321,626 Sr $800,000 S2.41'SF
1
COMPARABLE SALF NO. 56
LOC:ATIONc Gast side of 68th Ave. S. , 100 block, Tukwila
LEGAL: Lots 1 through 4, SP 18-16 SS
1 2ON!NG: CM, Tukwila
LAND AREA: 13.2 acres (574,992 SF)
1 SALE DATE: 5-27-80
1 PRICE: $1,464,000
■ EXCISE TAX NO.t 592861
1 GRANTOR: Southcenter Investors, a Joint Venture
GRA"TEE: Raymond A. Feichtmeir a Setsy, h/w
1
STREFT iN. ,ROVMMTS: Blacktop street
1 Storr sewers
Curbs
Fire hydrants
1 Sanitary sewer
Street lichtino
Unde.'oround power
1 ANALISIS: Land Area Price Unit Value
1 574,992 SF $1,464,000 $2.55/Sr
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COMPARABLE SALE NO. 57
' LOCATION: Both sides F. 190th St. verc of W. Valley Hwy.
LEGAL: Lots 1 through 5, Block 1, and Lot 1, Block 2,
tSouthcenter Corporate Park
ZONING: Ml, Xert
' LAND AREA: 20.41 acres (889,060 SF)
SALE DATE: 11-21-80
PRICE: $2,370,695.81
' EXCISE TAX NO. : 616843
GRANTOR: Union Pacific Land Resources Corp.
' GRANTEF: Intereal Co. (DBA Joveneal, Inc. in Calif.) , a
Tennessee Corp. , as nominee for an undisclosed
' principal.
STREET IMPROVEMENTS: Blacktop street
' Storm sewers
Curbs
Sidewalks
t Fire hydrants
Sanitary sewer
Street liahtina
Underqround power
ANALYSIS: Land Area Price Unit Value
889,060 SF $2,370,695.81 $2.67/SF
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COMPARABLE SALE. NO. 58
' LOCATION: 7957 S. 180th St.
LEGAL: Lots I throuah 9, Blk 1, BN Norpac Ind Dist 41,
Div. 2.
ZONING: M2, Kent
' LAND AREA: 11.18 acres (486,991 SF)
SALE DATE: 11-17-80
PRICE: $1,425,000
EXCISE TAX NO. : 618987
GRANTOR: Parkland Industrial Associates, a partnership
GRANTEE: Crow-Spieker-Rosford 079, a Texas Ltd. Ptnshp.
STREET IMPROVEMENTS: Paved street
Storm sewers
Curbs
' Sidewalks
Fare hydrants
Sanitary sewer
Street liahtina
' Underarcund power
ANALYSIS: Land Area Price Unit Value
486,991 SF $1,425,000 $2.93/SF
' COMPARABLE SALE NO. 59
' LOCATION: Southwest corner S. 190th St. i 62nd Ave. S.
LEGAL: Lots 10 6 11, Blk 1, Southcenter Corporate Park
ZONING: M2, Kent
' LAND AREA: 2.09 acres (91 ,040 SF)
SALE DATE: 6-24-81
' PRICE: $273,657
EXCISE TAX NO. : 641221
GRANTOR: Union Pacific Land Resources Corp.
tGRANTEE: Rivers-Edge Associates, a Nash. Ltd. Partnership
' .,TPEF'P IMPROVEMENTS: Paved street
Storm sewers
Curbs
Sidewalks
' Fire hydrants
Sanitary sewer
Street liahtina
' Underaround power
A.NALYSIV Land Area Price Unit Value
91,040 SF $273,657 $3.01/SF
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1 COMPARABLE SALE NO. 60
' LOCATION: Approx. 2631 E. Valley Hiqhway
LEhAL: Lots 1 throuah 26, Blk i, C. D. Hillman's
' Earlinoton hardens fl.
ZONING: M-P, Renton
1 LAND AREA: 4. 39 acres (191,216 SF)
SALE DATE: 11-30-78
1 PRICE: $223,132.50
1 EXCISE TAX NC. : 512012
GRANTOR: Joe Aaontiro and Martha Mae, h/w
1 "RANTEE: John M. Stone and Suzanne, h:'w
1 ,-':FEET IMPPOVrEMENTS: 2 lane street
Open ditches
Sanitary sewer
water main
1
ANALYSIS: Land Area Price Unit Value
1 191,216 Sr $223,13=.50 $1.11/SF
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1 COMPARABLE SALE NO. 61
1 LOCATION: 1124 Lind Ave. S.W.
(Northeast corner S.W. 34th St. c Lind Ave. S.W. )
1 LEGAL: Lot 6, Block 1. AN Orillia Industrial Park 01.
ZONIN,: M-P, Renton
1 LAND AREA: 1.1 acres (309,216 SF)
SALE DATE: 12-4-79
1 PRICE: $430,185
1 EXCISE TAX NO. ; 573287
GRANTOR: Glacier Park Cc.
1 9RANTEF: 3chn T. Gunnirn7, c `c Service Paper Co.
1 STREET IMPROVEMENTS: none at time of sale
LID 302 imminent
1 ANALYSIS: Land Area Price Unit Value
1 300,276 SF $430,185 $1.39!SF
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' COMPARABLE SALE NO. 62
LOCATION: Southwest corner of East Valley Highway and
future S.W. 27th St.
LEGAL: Lot 1, Block 1, BN Orillia Ind. Park 41.
ZONING: L-1, Renton
tLAND AREA: 4.68 a.res (203,779 SF)
SALE DATE: 2-22-82
PRICE: $289,000
EXCISE TAX NO. : 872292
GRANTOR: Ritar Investments, Inc. , Homasa Capital, Inc. ,
Whetstone Investments, Inc.
GRANTEE: BNL Development Corp.
STREET IMPROVEMENTS: 2 lane street (E. Valley Hwy only)
Open ditches
t Sanitary sewer
Water mien
t *,IzALYSIS: Land Area Price Unit Value
203,779 SF $288,000 51.41/SF
1
' COMPARAPLF SALE NO. 63
' LOCATION: 18441 East Valley Hiqhway
LEGAL: Lot 1, SP F.G.D.J. (Auditor's File No. 8004100384)
1 ZONING: M2. Xent
1 LAND AREA. 3.97 acres (173,010 SF)
SALE DATE: 4-25-80
1 PRICE. $280,000
EXCISE. TAX NO. : 589633
1 GRANTOR: Dalton J. Bonds, Stella P. W. Bonds, James
Reinmiller 6 Teresa Reinmiller, F.G.D.J. Co. ,
1 a GP.
GRANTEE: Rollins Leasina Corp. , a Delaware Corp.
1 Q7REFT IMPPOVE.MFNTS: 2 lane blacktop street
Open ditches
1 Fire hydrant
Sanitary sewer
1 ANALYSIS: Land Ar ca Price Unit Value
173,010 Sr $280,u00 $1.62/SF
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' COMPARABLE SALE NO. 64
LOCATION: East side of E. Valley Hwy, 18400 block.
LEGAL: Lets 1, 2, 6 3, Hill's East Valley SP Phase III.
ZONING: M-L, Ring Co.
' LAND AREA: 6.56 acres (285,803 SF)
SALE DATE: 5-23-80
' PRICE: $503,588
EXCISE TAX NO. : 592743
' GRANTOR: Hill Investment Co. , a Wash. Ltd. Partnership
' GRANTEE: Miller Cascade Foods, Inc. , a Wash. Corp.
STREET IMPROVEMENTS: 2 lane blacktop street
' Open ditches
Fire hydrant
Sanitary sewer
ANALYSIS: Land Area Price Unit Value
285,803 SF $503,588 $1.76/SF
1
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COMPARARLF SALE NO, 65
1 LOCATION: North side of S.W. 29t}, St. , 40C' east of Lind
Ave. S.W,
LEGAL: Lots 10 6 11, 91k 1, 9N Orillia Ind. Park 01.
20NING: M-P, Renton
LAND AREA: 8.93 acres (388,871 SF)
SALE DATE: 12-28-81
PRICE: $750,000
EXCISE TAX NO, : 665690
GRANTOR: St, Reqis Paper Co.
GRANTEF: HNL Development Co.
STREET IMPROVEMENTS: S.W. 29th St. fully improved and
S.W. 27th St. alona north property
line to be constructed in LID 314.
1 ANALYSIS: Land Area Price Unit Value
' 388,871 SF $750,000 $1.9WSF
■
COMPARABLE SALE NO. 66
' LOCATION: Northwest corner S.W. 43rd St. 6 E. Valley Hry.
LEGAL: Block 3, BN Northern Orillia Ind. Park of Rentcn •1
' ZONING: M-P, Renton
' LAND AREA: 24.8 acres (1,OS0,.A8 Sr)
SALE DATE: 11-28-78
' PRICE: $2,150,108
EXCISE TAX NO. : 509221
GRANTOR: Glacier Park Co.
GRANTEE: Kc11/Intereal Northwest
STREET IMPROVEMENTS: Many improvements since purchase
ANALYSIS: Land Area Price Unit Value
t1,080,288 SF $2,150,108 $1.9911SF'
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' COMPARABLE SALE NO. 6'
LOCATION: North side of S.N. 27th St. between. Lind nve. S.N.
and East Valley Highway.
' LEGAL: Tax Lct 6, NW 30-23-5
ZONING: L-1, Renton
' LAND AREA: 33.57 acres (1,462,309 SF)
SALE DATE: 12-23-8i
tPRICE: $3,314,882.28
' EXCISE TAX NO. : 66299,
GRANTOR: Rorald Allison i Virginia M. , h/w, John weber 6
Charlene A. , h/w, Richard Divan 6 Heidi, h/w,
' Richard Iversen, sinale.
GRANTEE: Puaet Sound Power a Liqht Co.
' STREET IMPROVEMENTS: Mast to be completed by :.ID 314
ANALYSIS: Land Area Prn.:e ''nit Value
1,461,309 Sr $3, 314,882.2R $2.2 /Sr
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COMF1nABLF SALE NO. a9
tLOCATION: 18435 East Valley Highway
LEGAL: Lot 2. SP SO-?
ZONING: M2, Rent
LAND AREA: 2.84 acres (123,646 SF)
SALT DATE: 6-20-SO
PRICE: 6298,79C
EXCISE TAX NO. : 59659?
GRANTOR: ,elton J. Bonds 6 Stella Bonds, and James F.
Reinmiller t Theresa, F.G.D.J. CO. , a GP-
GRAN—ME: Gordon F. F. Fall a Carole Fall
STRUT IMPR0V`M%TS: 2 lane :,lacktop street
Cpen ditches
Fire hydrant
Sanitary sewer
ANALYSIS: Land Area Price Unit Value
123,646 SF $298,790 52.42lSF
COMPARABLE SALE NO. E9
' LOCATION: 4060 Lies Ave. S.W.
(Northeast corner of Lind Ave. S.K. 4 S.W. 41st St.
LEGAL: Lot 5, Block 2, BN Orillia Ind. Park 01.
ZONING: N,-P, Renton
' LAND AREA: 4.93 acres (214,641 SF)
SALE DATE: 12-5-19
' PRICE: $568,800
AEXCISE TAX NO. : 572263
GRANTOR: rlarier Park Co.
GRANTEE: Brunswick Corp. , a Delaware Corp.
STREET IMPROVEMENTS: Present improvements by LID 302.
' ANALYSIS: Land I.rea Price Unit Value
214,641 SF $568,800 $2.E5!SF
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' COMPARABLE SALE NO. 70
' LOCATION: North of S.W. 7th St. , 700' W. of Maple S.W.
LEGAL: Tax Lot 36, SW 18-23-5
ZONING: M-P, Renton
1 '.AND AREA: 1.03 acres (44,700 SF)
SALE DATE: 10-36r-8:.
' PRICE: $110,000
EXCISE TAX NO. : 662286
' GRANTOR: Burlington Northern Railroad Co.
GRANTEE: Seventh Ave. Corp. , a Wash. Corp.
STREET IMPROVEMENTS: Blacktop street
' Storm sewers
Curbs
Sidewalks
Fire hydrant
Sanitary sewer
Street lightinq
Underground power
ANALYSIS: Land Area Price Unit Value
44,700 SF 5 .0,000 $2.4oiSF
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' COMPARABLE SALE NO. 71
' LOCATION: South side of S.W. loth St. 950' W. of Lind S.W.
LEGAL: Lot 1, SP 138-81
ZONING: M-P, Renton
' LAND ARE;.: 1.16 acres (50,486 SF)
SALE LnTC: 5-19-81
' PRICE: $174,240
EXCISE TAX NO. : 637913
GRANTOR: Delbert Anderson 6 Nancy L. , h/w, Mary A. Wilson,
Carl B. North, and LeRoy A. Bowen, all single.
GRANTEE: Vehicle Test Technology, Inc. , a wash. Corp.
' STREET IMPROVEMENTS: Paved street
Storr sewers
Curbs
' Sidewalks
Fire hydrant
Sanitary sewer
Street liahtina
Underaround power
ANALYSIS: Lard Area Price Unit Value
50,486 SF $174,240 $3.45/SF
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1 COMPARABLE SALE NO. 72
LOCATION: Northeast Corner of Lind Ave. S.W. 6 S.W. 43rd.
LEGAL: Lot 1, Noll Business Center
1 ZONING: M-P, Renton
1 LAND AREA: 1.50 acres (65.205 SF)
SALE DATE: 5-19-81
1 PRICE: $249,777
EXCISE TAX NO. : 638158
1 GRkNTOR: Noll/Intereal Northwest, a Calif. GP.
1 GRANTEE: F.I.G. Holdino Co. , a Calif. Corp.
STREET IMPROVEMENTS: All present improvements put in
1 through LID 302 and S.W. 43rd St.
LID paid for by seller.
1 ANALYSIS: Land Area Price Unit Value
65,205 SF $249,777 $3.83/SF
1
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COMPARABLE SALE NO. 73
LOCATIC": South side S.K. 10th St. , 650' W. of Lind S.W.
LEGAL: Lot 2, SF 138-81
' ZONING: M-P, Renton
LAND AREA: 1.16 acres (50,486 SF1
Sr.LF. DATE: 2-23-P'
' PRICE: 235,350
EXCISE TAX NO. : 668120
' ^RANT( P: Delbert Anderson c Nancy L. h/w, and Mary A. Wilson,
Carl B. North, and LCRoy A. Bowen, as th respect-
ive estates.
GRANTEE: Johnson-Lieber, Inc. , as nominee for a Wash, Ltd.
Partnership.
STREET IMPROVEMENTS: Paved street
' S.orm sewers
Curbs
Sidewalks
Fire hydrants
' Sanitary sewer
Street liahtinn
Underaround power
' ANALYSIS: Land Area Price Unit Value
50,06 Sr $235,350 $4.66!SF
SALE NO. 74
LOCATION: East side East Valley Hwy, 3400 b:7ck.
LEGAL: Lot 1, SP 14-81
tZONING: L-1, Renton
LAND AREA: 1.68 acres (73,020 SF)
SALE DATE: 5-29-81
PRICE: $364,941.85
EXCISE TAX NO. : 639494
' GRANTOR: Banyan Investment Group, a partnership
GRANTEE: Seattle Eye Building Corp.
S'rtEET iMPAOVEMEN°S: Paved treet
' Open ditches
Fire hydrant
Sanitary sewer
' ANALYSIS: Land Area Price Unit Value
' 73.020 Sr $364,947,85 $5.00/SF
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SALE NO. 75
LOCATION: S.N. corner E. Valley Hwy 6 S.W. Ilst St.
LrCAL: Lot 1, Koll Business Center
ZONING: M-P, Renton
LAND AREA: 1.36 acres (59,411 SF)
SALE DATE: 3-26-80
' PRICE: 5?B51000
EXCITE TAX NO.: 566013
ANTOR: %all 'I ctereal Northwest, a partnership
GP
-k National Bank of Wash. , a wash. Corp.
GNOR Paci!i-
' FTFEET IMPROVEMENTS: Paved street
Storm sewers
Curbs
Sidewalks
Fire hydrant
Sanitary sewer
Street liohtina
Underground power
Price unit Value
ANALYSIS: Land Area 56./8!SF
59,117 SF 5385,000
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•
Appraisal of
Effects on Rohl Property
• 3130 Fast Valley Road
(Parcel 411
as a result of
• Renton Local Improvement District No. 314
•
Made for
The City of Renton
•
As of
• January 11, 1983
•
by
J. Ralph Gilbo
Real Estate Appraiser and Consultant
•
•
J. Ralph Gilbo
Real Estate Appraiser i Consultant
1150N 93rd STREET
SEATTLE,WASHING TON 98103
PHONE II0e15:3.1143
January 11, 1993.
Mr. Lawrence J. Warren
City Attorney, City of Renton
100 South Second Street
i Post Office Box 626
Renton, Washington 98057
Dear Mr. Warren:
As you requested, I have made an appraisal of the
effects on value to the Kohl property, 3330 East Valley
Road, as a result of Local Improvement District No. 314.
I certify that a complete and thorough investigation
has been made, includi,q an inspection of the subject prop-
erty and other properties that have recently sold, are
located in comparable areas, and are sufficiently comparable
to give an indication of the effect on fair marke-. value
of the subject property.
f
1 It is my opinion the values are:
Before value: 179,40b S.F. @ $2.00/SF - $359,000
•
After value: 179,196 S.F. @ 52.40/SF $130,750
Estimated assessment of L.I.D. 314 = $ 81,960
Benefit to land: 179,496 S.F. @ $0.40/SF = $ 71,750
Estimated cost in excess of benefits $10,210
Very truly yours.
• U. 4 ; nv.
J. Ralph Gilbo
CFRTIF1 N
The author does hereby cert: y that, except as otherwise
noted in this report:
• 1. I have n:. present or c- emplated fct�re interest in
the real estate inclu.l, in this report.
I have no personal in �st or Dias with respect to the
subject matter of thi -port or the parties involved.
3. To the best of my knowledge and belief the statements of
• fact contained in this report upon which the analyses,
opinions, and conclusions expressed herein are based,
are true and correct.
4. No one other than the author prepared the analyses,
• conclusions, and opinions concerninq real estate that
are set forth in this report.
•
•
• 2
• OWNEk;
Peter R. Kohl and Delores T. Kohl, husband and wife.
ADDRESS:
3330 East Valley Road, Renton, WA 95055
•
LEGAL DESCR1pTICVU
That portion of Of the Southeastthe South 4 of the North
• Situate M" lyinq;West Section Pub Township 23 h of the Northwest
30,
in the City unlit State North, Rence 5
1 of Renton,AL Count Highwe}• No. 5;
PURPOSE OF Y Of Kino,
— AP` State of Wash.
The
of t of this appraisal is
Firatn of the fair market value to advise the City of
Wit ho is to determine the fair market the
subject Property.
31/ (refer red as
s Of Local value of the pert determine to as the before sitlmProvement DiatrPrt y
-I. . 31<tim fair market value ituation)of th , end second No.
. situationl . Prove ments completed (referred rtyewi Aeaaftthe
er
hspecialrbenefiti
aence teen the two values operty. is considered to be
Fair market Val 0 the
buy
ue is the
f and ewhichle welluin not Obi9ed amount to in
buy cash
the which a well-informed
in
ed
er, will
would
:hell
ichit,
thewould
Property ePg�adepted land into
mi onaidn rat Pon to 11ieseto to
qht reason be applied.
3
•
• NEIGHBORHOOD LOCATION AND DFSCRIPTION:
The subject is located in southwest Renton in s generally
Light Industrial and Manufacturing Park neighborhood.
It is southwest of the interchange of a major Interstate
• highway and SR 167, also called the Valley Freeway. It is
conveniently accessible from both major highways via inter-
changes and major arterial roads.
The subject property fronts on East Valley Road, a former
State highway replaced by SR 161 as the major north-south
• highway. The property lies in an established strip develop-
ment of uses generally associated with light to heavy industry,
such as heavy equipment storage, sales, and repair; auto
wrecking yards; storage warehouses, and construction compar-
yards.
• The larger area from southwest to northwest of the subject
is mostly lame tracts of vacant land waitinn development.
There are scattered newer high quality offices and warehouses,
The trend in this area is for light industrial and manufactur-
ina park uses of high operational, development, and enviror-
mental standards.
•
DESCRIPTION OF SUBJECT PROPERTY:
The subject is a fairly level, rectangular, fenced and gravel
surfaced tract with 32-4.48 feet of frontage on East Valley
• Road. It is 4.12 acres, or 179,496 square feet in area.
In the before situation East Valley Road is a two lane black-
top surfaced road with gravel shoulders and open drainage
ditches. Utilities available are water, power, and sanitary
Newer.
•
The rear of the tract is along the limited access line of SR
167 and the tracts slono this strip may benefit from exposure
to SR 167.
The property is zoned L-1, Light Industry District by Renton.
•
The subject is presently used for a construction company office
and equipment and maintenance yard.
•
•
• HIGHEST AV� BEST USE:
The highest and best use of the subject land is for light
industrial uses of a type compatible with the zoning and
similar to the existing uses along the strip.
• The strip established with these uses is over 3,000 feet
long along East Valley Road and consists of seven omiers
with various uses from Jonathan's Storage northerly to
The Lumber Mdrket.
These uses are long-standina established uses and tend to
• inhibit many of .he higher and better uses permissible by
the zoning and wf,ich would probably develop if the strip
were vacant. For example, the auto wrecking yard adjacent
to the subject world be considered a blight for many comr-
ercial and light industrial uses. A prudent purchaser
would prefer to locate his business west of East Valley
• Road in an improving neighborhood of higher environmental
standards.
The subject land is well located for its limited highest and
best use. The highest and beat use of the whole property,
land and existing improvements, is as improved.
•
ASSESSED VAL'JATIM
The assessed valuation of the subject property for 1982 is
$186,500 with t116,700 apportioned for land and $9,800 for
• improvements. The taxes are $1,731.46.
•
•
•
5
•
• BEFORE VALUATION:
COMPARATIVE A4ALYSIS:
Five sales of land comparable to the subject were selected
for analysis and comparison to the subject before L.I.O.
114 situation.
Sale 1:
This sale is to a truck leasing corporation on a tract on
East Valley Road south of the subject. Both have the same
road improvements and utilities. She subject has a superior
location and a larger road frontage. The comparable sale
has some lcss of area due to its 60' access road out to the
street. The indicated value of the subject land by comparison
is F In;SF.
Sale 2:
This Bale is on the east side of East Valley Road south of
the subject. Both have the same road improvements and
utilities. The subject has a more useable shape, the comp-
arable sale being somewhat triangular. The indicated value
of the subject land by comparison is $1.85/SF.
Sale 3:
This sale is just southeast of SR 167 in northeast Rent.
Both have the sane utilities but the comparable sale is on
a gravel street. The subject has a better location. The
indicated value of the subject land by comparison is $2.10;SF.
Sale 4:
This sale is in an area of comparable uses and improvements
to the subject. The location is considered equal but the
comparable sale has a loss of area because of a storm retention
pond. The indicated value of the subject land by comparison is
$2.00/Sr.
Sale 5:
This tract was purchased in a rapidly improving area south of
the subject. The comparable sale location is somewhat superior
as it is in the path of higher uses. Street improvements and
Utilities are the same. The indicated value of the subject
lend by comparison is $2.00/SF.
6
•
CONCLUSION - BEFORE VALUE:
The comparable sales indicate a range in value from a low
of $1.85%SF for Sale 2 to a high of $2.10/SF for Sale 3.
All are a3od comps-able sales and after making the necessary
adjustments the indicated before value of the subject land
is $359,000, or $2.00/SF.
HIGHEST AND BEST USE - AFTER SITUATION:
In the after situaticn the subject and the entire area
surrounding the subject will have all of the street and
utility improvements associated with the highest type of
development. These include storm sewers, curbs, sidewalks,
underground power, and street lighting.
When these improvements are installed in a suitably large
area with room for new expansion and growth they tend to
significantly affect the land value. In the case of L.I.D.
314 there will be a distinct and immediate positive impact
on land values due to the improvement of all lands lying
westerly of East Valley Road. The land will become more
attractive and practical to build on, there will be more
dema::d, and values will sharply increase. The result is
a higher , d better use for tracts in that area directly
due to the L.I.D. 314 improvements.
In the case of the subject property it is located in a
comparatively small strip of established uses which limit
its development potential. Being established, it will only
be after a Iona period of time that the strip could be
expected to be upgraded with higher uses.
The L.I.D, 314 improvements, especially the storm drainage,
will have a beneficial effect on the value of the subject,
but not to the degree of the large developable areas west
cf the subject. The highest and best use being limited to
the types of uses currently existing in the subject strip
limits the benefits of the improvements. Some of the
improvements such as curbs, curb cut access points, side-
walks, underground power, and street lights are not normally
associated with or required for the existing uses. The
improvements do not elevate the highest and best use of the
subject. The highest and beat use is still limited in the
after situation to the existing use.
The highest and best use of the subject in the after situation
is the present use.
7
• TE4 UpTIO ALYSIS' tp th ao ect tev se
elected6
Vpa t y:er 1,D•
oOf
e of
COMPARATIVE land co 1pisot to the gUb)
�M1 FoUT qs s s and 1, b)eCt PT In o?eTdcY
anaiv
sotaation' loco, toh qe' is%e ...
/SF-
Sal le 11asva k e�land by cOmP tret aTlgOn ioT loca��e
i
• bo lUe ofsthe sub)ec °f lanO in The oraicated va
va ,,,,let tract 0.Obt," 0/SC
e ): ,] et $
Th kes Bide c+a tt
b y c mPaTlgOn isStion
eriot ,oc
d vale
• °ftt the aUb)pCt tract °iaI I'd tin9 �5p Sppndtcate
1 ]aT9eY treat 1 is SZ'
This sale s$aeWal oa bYd cOmPaTison sape mProvem;ns tea
• of the sUb)ect la land wi i higher ,the se- he
Salmi a tract�o s s]i paY lson is
is sale ja be aeve]oPea and by co
• b t co of the a�b)ec om a 10W Of
Ue
val a range 0 ST tot a bey 5'. 3j4 nts
CONCLUSlOtiTsa]es in si tiigh f m k,rg nf�eY the L•.
• arab]e le to nd after•act land
The 10/5 to able saleo�a5oe aU SZ•40/SF'
e pT
good c 3 P ated je 54j0
the i'4ements
•
4
•
•
RECAPITULATION:
•
Before value: 179,496 S.F. @ $2.00/SF - $359,000
After value: 179,496 S.F. @ $2.40/SF - $430,750
• Estimated assessment of L.'.D. 314 $ 81,960
Benefit to land: 179,496 S.F. @ $0.40/SF $ 71,750
Estimated cost in excess of benefits $ 10,210
9
•
•
ASSUMPTIONS AND LIMITING CONDITIONS
1. All dimensions and legal descriptions are assumed to
• to correct as found throuch inspection of available
records.
2. The information used in the data furnished is considered
to be reliable. If any errors in this report are found,
,ae right is reserved to modify the conclusions reached.
•
3. Employment to make this report does not require testimony
in court or any public or other hearing as an expert wit-
ness unless mutually satisfactory arranaements a.o made
in advance.
• 4. Neither the employment to make this analysis nor the
compensation is contingent upon the COnClus,oi. .
n
t
d
10
COMPAPAi u 7AI•
LOCATION: 18441 East Valley Ro, -
Gu'0 Lot Sp F,G,D,J, (Auditor's File No. 8004100384) .
ZONINr: M2, Kent
LAND AREA: 3,97 acres (173,010 Sr)
SALE DATE: 4-25-80
PRICE: $280,000
EXCISE TAX NO.: 509633
GRANTOR: Deleon J, Bonds, Stella P.W. Bonds, James
41 Reinmiller 6 Teresa Reinmiller, F.G,D,J. Co. ,
a r.,P,
GRANTFE: Robins Leasinq Corp. , a Delaware Corp,
STREET IMPROVEMENTS: 2 lane Dlaaktop street
• Open ditches
Fire hydrant
Sanitary sewer
. ANALYSIS: Land Area
Price Unit Value
173,010 sF 5280,000
51.62/SF
11
COMPARABLE SALE NO. 2
LO^_ATION: East side of E. Valley Road, 1R400 block.
LEGAL: Lots 1, 2, 6 3, Hill's East Valley SP Phrse III.
♦ ZONING: M-L, King Co.
LAND AREA: 6.56 ac: (285,803 SF)
SALE DATE: 5-23-80
PRICE: $503,580
EXCISE TAX NO. : 592743
GRANTOR: Hill Investment Co. , a Wash. Ltd. Partnership.
• GRANTEE: Miller Cascade Foods, Inc. , a Wash. Corp.
STREET IMPROVEMENTS: 2 lane blacktop street
Open ditches
Fire hydrant
• Sanitary sewer
ANALYSIS: Land Area Price Unit Value
2E5,803 SF $503,588 $1.76/SF
12
COMPARABLE SALE NO. 3
•
LOCATION: Fast side of 88th Ave. S. , 365' So. of S. 288th ST.
LEGAL: Tax Lot 320, NW 18-22-5.
• ZONING: CM, Kent
LAND AREA: 3.35 acres (146,123 SF)
SALE DATE: 12-12-80
• PRICE: $262,500
EXCISE TAX NO. : 625837
GRANTOR: 88th Street South Associates, a Ltd. Partnership.
GRANTEE: Richard Morse i Gail, h,/w
STREET IMPROVEMENTS: 2 lane gravel street
Open ditches
• Fire hydrant
Sanitary sewer
ANALYSIS: Land Area Price Unit Value
146,123 SF $262,500 $1.80/SF
•
•
13
•
•
COMPARABLE. SALE NO. 4
•
SO, side of S. 96th, 900 block.
LOCATION: S
LEGAL: East half of Tract 17 Meere's Five Acre Tracts.
,
• ZONING: MH, Xin4 CO,
LAND AREA: 2.42 acres (105,415 SF)
SALE DATE: 4-18-80
• PRICE: $202,000
EXCISE TAX NO.: 588924 h/`a,
GRANTOR: wil].ard S. Crow 6 Rose Marie,
GRAN-'EE: Donald E. Cole 6 Ruth E. Cole, and
"
Charles R Hornan 6 Arden G. Homan STREET IMPROVEMENTS: 2 lane blacktop street
Open ditches
• Fire hydrant
Sanitary sewer
Price Unit Value
ANALYSI �: Land Area 51.92/SF
• 105,415 SF $202,000
•
14
•
•
COMPARABLE SALE NO. 5
•
LOCATION: 8500 S. 208th St.
LEGAL: Tax Lots 32 6 33, SW 6-22-5.
• ZONING: M2, Kent
LAND AREA: 4.94 acres (215,059 SF)
SALE DATE: 7-6-81
• PRICE: $500,000
EXCISE TAX NO. : 647060
GRANTOR: Lloyd Iddinas, Marlene M. Iddinas, James R.
Iddinas, Jacqueline L. Iddinas.
•
GRANTEE: Jack A. Benaroya Co. , a Wash. Corp.
STREET IMPROVEMENTS: 2 lane blacktop stree-
• Open ditches
Fire hydrant
Sanitary sewer
ANALYSIS: Land Area Price Unit Value
• 215,059 SF $500,000 $2.32/SF
•
•
15
•
•
COMPARABLE SALE NO. 6
LOCATION: 21216 72nd Ave. S.
LEGAL: Tax Lot 36, NW 12-22-4
ZONING: M2, Kent
LAND AREA: 4.66 acres (202,875 SF)
SALE DATE: 9-15-81
• PRICE: $496,250
EXCISE TAX NO. : 653075
GRANTOR: Kent Properties, Ltd. , a Canadian Corp.
• GRANTEE: Bruce W. Solly and Paul R. Moraan, as nominees
for a Joint Venture to be formed.
TREET IMPROVEMENTS: Paved street
Storr sewers
• Curbs
Fire hydrant
Sanitary sewer
Pideraround power
• ANALY. :S: Land Area Price Unit Value
202,875 SF $496,250 $2.45/SF
•
•
16
•
•
COMPARABLE SALE NO. 7
LOCATION: No. side 37th St. N.N. , 210' east of "B" N.W.
LEGAL: Lot 2, Valley Business Park
• ZONING: M-1, Auburn
LAND AREA: 0.90 acres (39,406 SF)
SALE DATE: 3-3-62
• PRICE: $98,205
EXCISE TAX NO. : 672456
GRANTOR: Valley Business Park
• GRANTEE: Asplund General Partnership
STREET IMPROVEMENTS: Paved street
Storm severs
Curbs
• Fire hydrant
Sanitary sewer
Underground power
ANALYSIS: Land Area Price Unit Value
•
39,406 Sr $98,205 $2.49/SF
•
17
COMPARABLE SALE NO. 8
•
LOCATION: Southeast side of S. 196th St. , 200' north of
58th Place So.
LEGAL: Lot 2, SP 80-14
•
ZONING: Mi, Kent
LAND AREA: 6.82 acres (297,079 SF)
SALE DATE: 11-26-80
PRICE: 5800,660
EXCISE TAX NO. : 620164
GRANTOR: Union Pacific Land Resources Corp.
GRANTEE: Toys "R" Us, Inc. , a Delaware Corp.
STREET IMPROVEMENTS: Paved street
Storm sewers
. Curbs
Sidewalks
Fire hydrants
Sanitary sewer
Street ) iahtino
Underground power
• ANALYSIS: Land Area Price Unit Value
297,079 SF $800,660 $2.70/SF
•
18
•
•
COMPARABLE SALE NO. 9
•
LOCATION: 23000 block of North 6th St.
LEGAL: Lot 12, Kent Valley Industrial Park.
ZONING: M3, Kent
•
LAND AREA: 2.27 acres 198,745 SF?
SALE DATE: 4-30-81
PRICE: $296,235
•
EXCISE TAX NO. : 636865
GRANTOR: Base:.-Kiene, a partnership
GRANTEE: Bank, a partnership
r
STREET IMPROVEMENTS: Paved street
Storm sewers
Curbs
Sidewalks
• Fire hydrants
Sanitary sewer
Street light..nq
Underqround power
• ANALYSIS: Land A.-ea Price Unit Value
98,145 SF $296,235 $3.00/SF
•
•
19
(-NV
RF
OFFICE OF THE CITY ATTORNEY• RENTON.WASHINGTON
J 7 ros.m�•o.sa• ioo a aw s.au. • ¢wron.,..wm.on nos. ass.an
i
p9 � LAW RENCE 7 WARREN, nn u.osn[+ DANIEL KELLOGG. .nrnw nr..no•ns.
a DAVID M DEAN, .asrcrm. nr..no•.e
P
�lFC SEPTE� MARK E.BARBER. .sus..... c.+..•a.«s.
ZANETTAI CONTrs, c.+•..o.«s.
August 20, 1982
TO: DICK HOUGHTON, PUBLIC WORKS DIRECTOR
FROM: LAWRENCE I. WARREN, CITY ATTORNEY
RE: LID 314
Please find enclosed copies of portions of appraisals
done on the Kohl Excavating property and the Pierotti
property in conjunction with their protests concerning
their estimated assessments on LID 314. As you will
note the Kohl assessment sets the increased value of the
property between $13,000 and $20,OOC, and the Pierotti
appraisal estimates the increased value at somewhere
between $6,500 and $10,000. Both of these numbers ate
substantially lower than our original estimates.
The appraisals should be reviewed with the knowledge that
the appraisals were done by appraisers retained by the
properc,' owners and will therefore be slanted somewhat
in the property owner's favor. For example, I do not
believe the appraisals adequately take into account the
benefits to those properties due to increased circulation
f-om the new roadways.
Your office has taken upon itself the task of hiring Ralph
Gilbo or some other acceptable appraiser to review the
properties and give us a second figure. We then will use
those figures in an attempt to decrease the assessments
for the small property owners along, the east side of the
East Valley Highway.
Both the Pierottis '^d Kohl Excavating pointed out to me
the fact that all of the work to date has been done on the
opposite side of the street from their businesses, and that
they had benefitted little from utilities going in.
Apparently they both have water and sanitary sewer available
and both claimed that the storm sewer will do them little or
no good as they already have catch basins in front of their
businesses that will adequately provide for storm water
Page 2
Dick Houghton
August 20, 1982
runoff. In fact, M,. Pierotti pointed out to me that he
had three catch basins in front of his place with three
inch the and seven feet of pit-run gravel, He stated
that when the improvements are placed in, he will be left
with only one catch basin and undoubtedly will gain a
poorer quality of gravel. Mr. Ivan Christianson of Kohl
Excavating made a similar complaint due to the change in
the location of the edge of the road, that they will lose
the value of prior catch basins.
Both parties complained to me that the deep ditches placed
on the west side of the East Valley Highway did not benefit
their properties, but were largely for the benefit of the
major property owners. Finally, both parties complained
that they felt the pre-loading being done for the extension
of the roads and building of other roads was being done
at such a time and in such a fashion that the pre-load material,
once removed, would not be able to be used for back-fill
on the job, even though the material was high quality pit-run.
I have been asked what is going to happen with that pre-load
and whether or not the LID will be compensated for the cost
of the material once it is removed. I think we should he
prepared to answer that question.
As a final matter, Mr. Pierotti showed me where the P-9
channel was supposed to run. He particularly pointed out
a problem that he believes exists on the west side of Lind
Avenue just north of the Olympic Pipeline facility. It
appears to the naked eye as if the channel stops at that
point as there is a higher section of land where the pipelines
run from Olympic Pipeline, and the ditch appears on both the
east side and the west side of the pipeline, but there is
nothing apparent to the eye that would provide for drainage
across t' e pipeline. If there is in fact a drain installed
in that location, we should be prepared to so state as this
undoubtedly will be raised some time in the future.
I believe that both the Pierottis and Kohl Excavating are
satisfied with the City's efforts to try to assist them in
reducing their assessments. Any benefit that we can give
to these property owners should likewise be extended to the
other property owners along the East Valley Highway to the
extent that they can prove that their properties are similarly
situated. I know for a fact that Gary Merlino is getting
Page 3
Dick Houghton
August 20, 1982
water to a portion of his property that is presently not
being served by water. His assessment should be correspondingly
higher than the Pierottis and Kohl Excavating because Merlin
will be getting water while the other two already have it.
if you have any questions about the appraisals or my visual
observations about the project, please feel free to contact me.
Lawrence 3. Warren
LJW ds
Enc.
cc. Mayor - with copy of appraisals
Suite 110.E\cMCKxl Bk�q.2(V: o b_th.VI Mit'N F. kkik�^n.11'3>latltltefI WX i.: 206455-4880
August 5, 1982
Mrs. Delores Kohl Re: Research 6 Advisor :
Mr. Ivan Christianson P 01'info
Kohl Excavators, Inc. L.I.D. 314 Impact on
3330 East Valley Road 3330 East Valley Road
Renton, Washington 98055 Renton, Washington
File No: 82717
Dear Mrs. Kohl and Mr. Christianson:
Pursuant to your request. I have evaluated your property both before
and after proposed L.I.D. 314, on a preliminary basis for your advisory
purposes only, and submit my conclusions herein.
The purpose of this study is to assist you in objectively analyzing
whether or not your property has any special benefits ass result of
the L.I.D. and the possible monetary extent of those special benefits,
if they are found to exist.
I will describe the subject property and the L.I.D. and then evaluate
the subject property both before the L.I.D. and after the L.I.D.
Sub ect Probe rcy Description:
The subject property is a rectangular tract which is located approx-
imately two blocks north of the South 18Oth exit and SR 167, near the
south city limits of Renton, Washington.
The general .,.rea is south of I-405, west of SR 167 and east of 1-5,
It is known as the north end of the Kent Valley, only because Kent
is centrally located in the Hey.
More specifically, the West Valley Road and the East Palley Road
each run north/south on either side of the valley, both proceeding
south from I-405 on the north, all the way to Sumner on the south.
The entire valley area has developed into an industrial and warehouse
area because of its close proximity to Seattle, availability to rail
and accessibility to freeways.
Please see Exhibit A which is a vicinity map indicating the subject
property.
Research &Valuation,U-itisive{y
The subject property is located along the east side of the East Valley
1 Road, within the Renton city limits.
Land uses in the area are light industrial, commercial near South 180th
and transitional uses on unimproved land awaiting development.
Both the Burlington Northern, Renton lI and the Orillia Industrial Parks
are along the west side of East Valley and across from the subject
property.
The subject site has 324.48 feet of frontage on East Valley Road and has
an average depth of 545 ft., all lying west of the SR 167 and contains
approximately 186,001 sq. ft. or 4.27 acres, according to the King County
Department of Assessments. The total site includes Tax Lot 90 in Section
30 Township 23 N Range 5 E.N.H.
Please refer to Exhibit B which is a subject site mar.
The tract is level and approximately at street grade with East Valley Road.
The site west of SR 167 is zoned LI, which is a Renton light industrial
zone.
Available utilities include a 12" water main which is in East Valley Road
along the east boundary and a 12" sewer main which is a 21 ft. west of
the centerline of East Valley Road. Public power and telephone are also
available.
East Valley Road is an approximately 26 foot wide paved, two-lane road
with gravel shoulders.
Current taxes and assessed valuation are $1,733.46 for taxes and $186,530
for .,sse:sed value, with $176,700 being allocated to land.
The subject improvements are not described becaure they do not appear to
impact our findings. They do include a construction shop, a fenced equipment
yard and a small office type facility.
The subject is used for an excavating equipment yard with all improvements
appearing to be in reasonably good condition.
The L.I.D.:
An L.S.D. is short for Local Improvement District which is a special
assessment district that is established to collect property assessments
which pay for public improvements that directly benefit the district
properties.
It is based upon the Revised Code of Washington, RCW 35.43.010 through
35.56.290.
The city is to impartially and equitably determine the amount to charge
each properr owner based upon the special benefit received. (35.43.040.042)
(35.44.010)
Special benefits are those benefits which accrue directly, solely
and ep cularily to the advantage -f the subject property.
These benefits are distinga i�]ed from general benefits which are those
benefits which arise from the fulfillment of the public object whi:h
justified the L.I.D., sucl : s the en;oyment of the facilities provided
by the L.I.D. and from the increased ,eneral prosperity of the community
as a result.
Special benefits are generally thought of as being measured by an increase
in property value at least equal to or in excess of the proposed L.I.D.
assessment. It may also provide a utility that was not prev,ously
available making the land more saleable or developable; it may reduce
the cost to connect to an available utility due to proximity; and/or it may
provide or create special ingress and egress or change the pro'hable highest
and best use and therefore change or enhance the land value. These are all
examples of special benefits to a property.
Methods that can be used the the city to assess the property specially
benefited can be referred to as the :one termini method, square footage
method, front frontage method, unit method or a combination of the above
methods.
The subject L.I.U. 314 inclu.rs improvements to streets, water, sewer
and storm drainage in the area from S.W. 16th to S.l• 43rd Street in a
north/south direction and from East Valley Road on the east to Lind Avenue
and Longacres Parkway on the west.
Along Fast Valley Road and specifically near the subject property, street
lights, a six foot concrete sidewalk, curbs, a widened 36 foot road and
a 36 inch storm drain system will be installed.
Please refer to Exhibit C for a visual depiction of the subject site
improvements, as reflected by Jones and Associates, Engineers.
It currently would be difficult to ascertain what, if any, special
benefits the subject site would have as a result of the L.I.D Sidewalks
are not needed when no pedestrian traffic exists. The wider road would
appear o be a general benefit to the larger community in as much as
existinn development does not fully utilize the current road. The curbs
are a function of the atom drains and gutter system. The storm drainage
could be a benefit when the area is fully developed. However, the extra-
ordinarily large storm drain pipe, which increases it. size from south tc
north is obviously very expensive and would appear to have a carrying
capacity such larger than nteded for the subject and adjoining property.
It would thus appear to be primarily for the large vacant properties along
^\ the west side of East Valley Road, which are low and vet and have a drain-
age problem, which when developed would cause a neighborhood storm drain
problem without the new storm drain system. It would appear to be
nuestionable as to whether the storm drain is a special or general benefit.
The street lights would appear to orovlde for general safety but the type
of development in the area, namely vacant land and light industrial uses,
do not generate nuch traffic or pedestrian need for street lights at hours
when it is dark.
It certainly could not be specificall• construed to be a special benefit
to the subject property just because it lights the aidevaik and street.
The subject site already has access to tewc water and a paved road,
all of which are adequate for the legal and +rmissible use of 'light
industrial for which the subject property is zoned and used.
Subject Property evaluation Before and After L.I.D.:
In order to ascertain if the current market would recognize a sp cial
benefit in the form of increased value to a site for s1.:ewalas, a wider
street, street lights and storm drainage in light industrial zoned land
when compared to a similar site with adequate onsite storm drain retention,
sanitary sewer, water, paved streets but no curbs, sidewalks or storm drain,
system, I have analyzed and compared two types of market evidence.
On type includes tracts representing the After L.I.D. 314 situation,
namely improved industrial park s.tes. This would somewhat represent
the After or specially benefited value since all the L.I.D. 314 character
ibtics are in place.
The other type includes tiacts where water, sower, and paved road existed
but no curbs, sidewalks, street lights or storm drainage system existed,
which basically represents the before L.I.D. 314 situation.
1 have anal-zed random land .ales which have deterred from 1g19, 1980,
190_ and 1982 in the two townships of 22 and 23 and the two ranges of
4 and S. This encompasses the area from south Kent to Renton and includes
the Tukwila area.
The study included 49 total sales, all which have occurred it .he area,
14 of vhich were in platted industrial parks with facilities similar
to Af tee the I .I.D. 314 value and the 35 remainder wr re in unplatted
..yeas, where Lrbs, sidewalks and street lights did not directly relate
or were available to the sale property.
The following tabulations indicate each of the four township and ranges
and the mean findings of each:
22-4-4 J
Loc`io. Sale
S/!- Oa-te Acre "Before
. So, 285th Size Sale Price ""After
d Valley Freeway 36- Price Pd./SF Price
2• S, 221st d 68th So, 21-4 2/82 `onlnv Pd./Sp Plat
3. 76th 12-22- 2.7 Ac. Name
S. d S. 202nd 4 2/82 2.7
7 S 185,000
$1.70
4• Went Valley d So. 212th 122Z-4 2182 8.5 177,72� 1.51 H1
5• h• 4th d Sc, > 2-4 885,000 M2
2.Och 5/82 15.1 2.39 6' S. 228th d 6200 All, 12-22-4 7/81 1.746,000 MJ
7• Wes c V 4.2 2.65 M1
Valley d S. 188th 14-22-4 12/81 20 535.482 2.93 `12
S. 19230 68th S. 2-22-4 18
2. 5.345 3/80 2.53 I1q
9• 72nd S. d S. 206th 1-22-4 1/81 6 1-057,245
N2
10, S. 196th d 58th P1. S. 12-22/4
1/8] 2S.i 749.315 2.87 11. S, 211th s IJest Valle 2-22 4 11/80 3.350,000 M1
12. 6200 81k Y Rd' 11-22-4 7 J7 9'S 800 M1
S• 212th 1!81 ,660 2.45 $2.84 Daon Add n.
13. 212th d Wesc Valle 11-22-4 2,600,000 I
14.
Y Nlghway 12- 12/80 5 1.57 M1
191 19500 d 66th So, 22-G 337,860
11/80 9 1.55 MA
15. 5. 194 ch '2nd S, 1-22-4 2/81 747,655
16, 22141 W 15.2 1.91 MA
West Jalle 2/%2-4 5/81 3,004,38L
17. 62nd S. d Y Highway 11-22-4 6.5 M1 54 S. 194th 5/81 934,243 S,C, Corp.
2-22-4 2 M1 Pk.
6' S• 196th d 62nd S. 4/A; 175,000 3•50 •• „
19. 3 2.00 H1 S, 212th d Wes[ 2-22-4 7181 44b,660
20, Valley Nighway 12-22-4 9.6 !12 N 6th d S. 228th 8/81 1,423,212 3.42 S.C. Corp,
21. NEC 72nd S. d S. 13-22-4 4'1 Ml Pk.
4l81 545,961 3.40
22, 228th 2.2 3.06 M1 "
S. 212th d 7100 blk 13"22-4 7/81 29b.235
23. S 1
212th W 12-22-4 .7 3.09 West Valle 6/81 320,558 Ken[ (alley
Y H1.ghwaY 12-22-4 5.4 653,333 M1 3.35
" 1.78
Unpletted re res 6/81 11.6 M1
Platted r P ents Before L.I.D. 1,306,666
epresents Af[e. L.I.D. 334 Characteristics -59
characteristics HEA.. a 2.14/af
$
3.42/s.:
- J
23-4
*Before **After
Sale Acre Sale Price Price Plat
Location ;�':/R Date Size Price Pd./SF Zoning Pd./SF Name
SBA lodd 6 Cascade 2?-4 4/82 5.9 1,001,858
M7 $3.90/sE S.C. Indus[.
Part
. - NWC West Valley 5 Strander 25-23-4 5/82 ,
598,658 $1.96 M1
3. Monster Rd/1400 blk 24-23 11/81 70,000 2.54
LI Renton
4, Southcenter Blvd., 1600 blk 24-23-4 8/79 1 5
800,000 2.45 M1
5. E. side 68th S., 100 blk 25-23-4
5'80 10.6 1,464,000 3.17 CH
6. 80 S. d S. .90th 36-23-4 4180 3.1
200,875 M2 1.49 BN Na rPac
Ind. Dist. Div 1
�. SW 43rd 6 80th S. 36-23-4 11/80 11.2 1,425.000 M2 2.92. Div 2
8. S. 190th 6 W. Valley 35-23-4 11/80 19.8 2,310,695 c
H1 2.7 S.C. Corn,
Park
9. 3900 b/k d West Valley 25-23-4 3/81 5.8
568,000 ;..25 HP
10. So. 190th d 62nd South 36-23 6/81
2.1 273,657 __ H2 2.99
MEAN 2.48/sf 2.81/ef
• Unplat[ed represents Before L.S.D. 314 characteristics
"" Platted represents After L.I.D. 31l characteristics
23-5
*Before ReAfter
Location Sale Acre Sale Price Price ^1st
S/S/R Date Size Price Pd./SF Zoning Fe'./SF Name
I. .• loth 6 Grady 19-23.-5 2/P2 1.16 AC 235,350 $4.66 HP Renton
2. SW 27th 6 E. Valley Road - S.W.C. 30-23-5 2/82 4.3 288,000
L1 Renton $1.54
3. N aide 5W 12th - W. of Seneca 19-23-5 3/82 .56
54,000 5.37 L1
4. SW 27th 6 Lindi East Valley 30-23-5 12181 38.2
3,31G,882 1.99 L1
1 .
NE 3rd 6 2900 blk 16-23-5 12/81 2.09 300,000 3.30 L1
6. SW 29, , 6 Lind 30-23-5 12/81 8.4 750,000
mr 2.05
7. 18441 East Valley 31-23-5 4/PO 3.7 280,000 1.74 M2
8. 18400 East Valley 31-23-5 5/80 3.6 503,588 3.21 t4,
9. 18441 Eaa, Valley highway 31-23-5 6/80 3.2
2'9,790 2.14 :12
10. 3400 Blk - Eist Valley Highway 30-23-5 5/81
364,948 1.68 L1
11. Lind '.W, 6 Grady 19-23-5 5/81 1 174,240 4.00 MP
S 1.Unplacced represents Before L.I.D. 314 tLarecteristica MEAN $ 3.12
Platted represents After L.I.D. 314 characterlsiics
i
J
22-5
*Before
Sa.e Acre Sale Price
Location
S T B Drte Size Price Pd./SF Zonin
1. E. side 84th S. at 9600 blk 6-22--5 5/80 13 ac. 1,100,000 $1.^4 M2
84th S. 4 20400 Blk 6-22-5 9/81 2.1 352,808 3.86 M2
7, 8400 blk of �. 208th 6-22-5 7/81 5
00,000 2.30 M2
4. 20280 and 84th S. 6-22-5 9/81 2.3 239,760 2.39 M2
MEAN $2.63/s.f.
Unplatted represents Before L.I.D. 314 characteristics
A sumnwry of this data, util-'zlug mean values because of the quantity of
data, indicates that the 35 sales most like the subject situation Before
1 L.I.D. 314 indicates a mean unit value range per sq. ti. of $2.59/s.f. or
$481,743 f.,r -he subject 186,001 sq. ft. site.
The 14 sales moat like the subject site After L.I.D. 314, and specially
benefited to approximately the same extent, reflects a mean unit value of
$2.66/s.f. or $494,763 for the subject 186,001 sq, ft. site.
Mean values were also used because no clear cut market difference could be
found between fully developed and partially developed industrial land.
The four townships and ranges studied reflect from a low mean of $2.14/s.f.
to a high of $3.12/s.f. for unplatted or pre L.I.D. 314 values and from a
low of $1.80/s.f. to a high of $3.42/s,f. for platted or After L.I.D. 314
values. 'n Township 23 Range 5 which is the subject area, the unplatted
sales exceed the platted sales in value. In Township 22 Range 4 and Township
23 Range 4, the platted values exceed the unplatted value. In Township 22
Range 5, no platted sales exiated.
The difference reflected is $13,020 so even though no or minimal special
benefits are visually apparent, the market does appear to reflect that a
special benefit does exist but to a much lesser extent than the city
claims to exist.
The difference between the market evidence special benefit and the city
assessment estimate for the subject site would appear to be in the sub-
stantial am , if administrative costs in the project, which amount to
over 37% of instruction cost, much of which would appear to be
attributable to those properties west of East Valley Road which is where
a majority of the L.I.D. is and properties are which appear to be receiving
the greatest special and genetal ben^,fits of the project.
Also, many -tems appear to be oversized to be of a sole and peculiar
benefit only to the subject site. They appear to be designed for
capacities anticipated as a result of the several major industrial
parks on the west side of East Valley Road and beyond. Thus, they do
not appear to be a special benefit to the subject property except in an
indirect way.
i
Thus, it would appear that your property has a special ben it of from
1 $13,000 to perhaps a maximum of $20,000, as a result of I.D. 314. }
If you have any questions, pleare jet me know.
Yours ve iirPiq
s THE HJ ER ASS ATES
i
Roland J ceear, A.A.I.
RJH:dr
$UiR 110 E\CMcxxf F31�g.2050II?Ih Ayr nur\E it,•foyvc iy achinCu.m 9HOOa 200i455 9880
August 5, 1982
Mr. Emilio Pierotti Re: Rasearch 6 Advisory Opirion
3412 East Valley Road L.I.D. 314 Impact on
Renton, Washington 98055 3412 East Valley Road
Renton, Washington
File No: 82701
Dear Mr. Pieratti:
Pursuant to your request, I have evaluated your property both
before and after proposed L.I.D. 314, on a preliminary basis for
your advisory purposes only, and submit my conclusions.
The purpose of this study is to assist you in objectively analyzing
whetl.,r or not your property has any special benefits as a result
of the L.' D. and the possible monetary extent i those special
benefits, if they are found to exist.
I will describe the subject property and the L.I.D. and then evaluate
the subject property both befora the L.I.D. and after the L.I.D.
Sub ert Property Descri+_tion:
The subject property is a rectangular tract which is located approx-
imately one block north of the Sjuth 180 exit and SR 167, nea,
the south city limits of Renton, Washington.
The peneral area is south of I-405, vest of SR 167 and east of I-5
It is nown as the uorth end of the Rent Valley, only because Kept
is centrally located in the valley.
More specifically, the West Valle,; Road and the Eas• Valley Road
each run north/south on either side of the valley, both proceeding
south from 1-405 on the north, all the way to Sumer o.. the south.
The entir,. lev area has d,,,eloped into an industrial and warehouse
area beta,. , of its close proximity to Seattle, availability to rail
and accessibility to freeways.
Please see Exhibit A which is a vicinity rap indacatin;,. the subject
property.
1
Research &Valuation,Exclusively
3
1 The subject property is located along the east side of the East Valley
Road, within the Renton city limits.
Land uses in the area a , light industrial, commercial near South 180th
and transitional uses on unimproved land awaiting development.
Both the Bur_ington Northern, Renton I1 and Orillia Industrial Parks
are along the west side of East Valley and across from the subject
p operty.
The subject site has 304 feet of frontage on East. Valley Road and has
an average depth of 493 feet lying west of the SR 167 and contains
approximately 95,642 sq. ft. or 2.20 acres. The total site includes
Tax Lot 27 in Section 30 Township 23 N Range 5 E.W.M. and contains
138,956 sq. ft. or 3.91 acres.
Please see Extibit B which is a subject site map.
That part of the site lying east of SR Lr7 is not considered, in as
much as it has a different zoning, access and environing characteristics.
The tract west of SR 157 is level and approximately at street grade.
The site west of cR 167 is zoned LI, which is a Renton light industrial
zone.
Available utilities include a 12" water main which is in East Valley
Road and a 12" sewer main which is 21 ft. west cf the centerline of
East Valley Road. Public power and telephone are also available.
East Valley Road is an approximately 26 foot wide paved, two-lane road
with gravel shoulders.
Current taxes and assessed valuation ate $1,218.98 for taxes and
$130,200 for assessed value, with $111,100 being allocated to land.
The subject improvements are not described because they do not appear
to impact our findings. They do include a corrugated metal shop, a
mobile trailer office, fencing., fuel tank, and numerous other minor
improvementr.
The subject is used for a construction equipment yard wit . all improve-
ments appearing to be in reasonably &cod candition.
The l..T.D.:
An L.I.D. is short for Local Improvement District which is a special
assessment district that Is established to collect property asaessments
which pay for public improvements that directly benefit the district
properties.
^� It is based upon the Revised Code of Washington, RCW 35.43.010
through 35.56.290.
The city is to impartially and equitably determine the amount to charge
each property owner based upon the special benefits received. (35.43.040.042)
(35.44.010)
Special benef. s are those benefits which accrue directly. solely and
pecularily to the advantage of the subject property.
These benefits are distinguished from general benefits which are those
benefits which arise from the fulfillment of the public object which
justified the L.I.D., such as the enjoyment of the facilities provided
by the L.I.D. and from the increased general prosperity of the commdnity
as a resu7.t.
Special benefits are generally thought of as being measured by an
increase in property value at least equal to or in excess of the
proposed L.I.D. assessment. It may also provide a utility that
was not previously available sakirg the land more saleable or developable;
It may reduce the cost to connect to an available utility due to proximity;
and/or it may provide or create special ingress and egress or change the
probable highest and best use and therefore change or enhance the land
value. These ate all examples of special benefits to a property.
Methods that can be used by the city to assess the property specially
benefited can be referred to as the zone termini nuthod, sque-- `ootage
method, front frontage method, unit method or a combination of the above
nethods.
The subject L.I.D. 314 includes improvements to streets, water, sever
and storm drainage in the area from S.W. 16th to S.W. Ord Street in a
north/south direction and from East Valley Road on the east to rind
Avenue and Lorgacres Parkway on the west.
Along East Valley Road and bpacifically near the .object property, street
lights, a air_ foot concrete sidewalk, curbs, a widened 36 foot road and
a 36 inch storm drain system will be installed.
Neese refer to Exhibit C for a copy of blueprint by Jones Associates
Engineers, as it affects the subject site.
It currently would be difficult to ascertaii what, if any, special
benefits the subject site would have as a result of the L.I.D. Sidewalks
are not needed when no pedestrian traffic exists. The wider road wn,,ld
appear to he a general benefit to the 1—ger com,:anity in as much as
existing development does not fully utiiize the current road. The curbs
are a function or the storm drains and gutter system. The storm drainage
could be a benefit when the area is fully developed. However, the
extraordinarily large storm drainage pipe, which increases in sire from
south to north, is obtiously very expensive and would appear to have a
carrying capacity much larger than needed for the subject and adjoining
property.
2,•2-�
Location
Sale
1, S. 2j 6 Valley Freev S/�- p� Size Sale Acre *Prices **After
2, S. 111 at 6 68th So. av 36-22-4 Price
3. 76 2/82 - P�"� 2onln ?rlce Plat
4, th S. S S. 202nd 12'22-4 2/82 2.7 Ac. S 185.000 8 P�� N-amine_
West Valle 1-22-4 2'7 7D M1
5, N Y 6 SO. 212th 2/82 177,724 4th 6 S. So. 12-12-G 8.5 I.51 M2
2 JOth
6. 5/82 15 1 885,000
7. a 22Bth 6 6200 Blk 12-22-4 2.39 M3
7/81 1,746,000
. Wee[ Vailev 24-22-4 4.2 2.65 H3
8• 19230 6Bth S4 S' 188th 12J81 2D 535,492
2-22-4 2,185 2.93 M2
30, S2nd S. 6 S. 206th 1-22-4 3/81 1,65),245 2.51 MA
196th 1/81 6
4 SBth P1. S, 12-22/4 1t81 M2
11, S. 112th S W 2-22-4 27.1 749,315 1.87
12. West Vet ley Rd, 11/80 3,330.000 M1
62D0 Blk S. 212th 11-22-4 7,5 M3
13. 212th 1/81 37.9 800,660 $2.84
11-22-4 1'45 M1 Dann Addn,
14. 4 West Val Highway 12/80 2.600,000 191 19500 6 66th So. 12-22-4 5 1'57 M1
194th 6 11/80 9 737,860
62nd S. 2-�2 4 2/81 747 1.55 NA
. 2
2141 Wear 2/22-4 15,2 .655 1.91
17. 62nd S 6 Valley HSghvay 11- 5/81 6,5 3.004.384 f64
S. 194th �2-4 5/81 9-'�•,243 M1 4.5<
18. S. 196th 6 62nd S. 2-22-4 2 M3 S'C• Corp.
19, 4/81 175.000 3.J0 Pk
20, N•6[!hh 6 West Vall eY H1 2-22 4 7181 J 446,660 2.00 Ml '
h 4 S. 218th ghvaY 11-22-4 9.6 M2
21. NEC 72nd S• 8/81 1,423,212 3.42
73-22-4 4.1 M1 S.C. Corp. Pk
22, S, 212th 6 S. 22Ath 4/81 2.2 545,961 3.40 •, „
6 7100 blk 1]'22„ 3.06 Mi
12-22-4
2.2
2�' OS. 212th West Vallev Highway 12-22-4 6/81 5,4 320,55A M1 3.09 Kent Vell
aR p aed e-e represents Before L.I.D. 6/81 11.6 651, 311
2.78 HI 3.25 ey
Platt
presents After L,l.p, 314 char ,t++f
315 ac rerla[ica 2.59
c ha racter_s ties MSAh
S 3.42/s.f.
1
22-5
*Before
Sale Acre Sale Price
Location S/T/R Date Size Prue Pd./SF zonl ng
1. E. F'de 84th S. at 9600 b1K 6-22-5 5/80 13 ac. 1,100,000 $1.94 M2
2. 84th S. 4 2040C Blk 6-22-5 9/81 2.1 352,808 3.86 M2
3. 8400 blk of S. 208th 6-22-5 7/81 5 500.000 2.30 M2
20280 and 84th S. 6-22-5 9181 2.3 239,760 2.39 M2
MEAN $2.63/s.f.
• Unplatted represents Before L.I.D. 314 characteristics
Location Sale Acre *Before
S/-TAR Date Size Sale **After
Price
SF Plat
Price Pd./SF Price
1• SEC Todd 4 Cascade /Sr ZonS�p� pd.
36-23-4 4/82 ---L Name
5'9 1,001,858
$3.90!st S.C. Irdust.
NWC Nest Valley d strander 25-23_4 5/ Park
82 7
598,6)d $1.96 3. Monster F 11400 blk Ml
24-23-4 11/81
4• Souc he ant ei Blvd., 70,000 2.59
Li Renton
1600 blk 24_23-4 8/79
7.5 800,000
5. E. aide 68th S., 2.45 M1
100 blk 25-23-4 5/80
10.6 1,464,000
b. 80 S. b S. J.17 CM
190th 36-23-4
4/80 3.1
200,875 7, SW 43rd 6 80th S. 36-23-4 M2 1.49 BN 6.cpac
11/80 11.2 1,425,000 Ind. Dist. Div i
8. S. 190th 6 W. Valley H2 2.92 Div. 2
35-23-4 11/80 19.8
2.3)0,695
9• 3900 blk a West Valley Ml 2.75 S.C. Corp,
25-23-4 3/81 Park
5.8 568,000
10. So. 190th 6 2.25 MP
62nd South
36-23-4 6/81
2.1 273,657
— M2 2,_99
* Unplatted rep resen[s Before L.I.D, 314
** Platted re charflc teris[1cs MEAN 2.48/af
presents Aft L.I.O. 314 2,81/ei
characteristics
23-5
*Before **After
Sale Acre Sale Price Price Plat
Location S/T/R Date Size Price Pd./SF Zoning Pd./SF N.=e
1. SW loth 6 Grady 19-23-5 2/82 1.16 Ac. 235,350 $4.66 MP Renton
2. SW 27th S E. Valley Road - S.W.C. 30-23-5 2!82 4.3 288,000 L1 Berton $1.54
3. N side SW 12th - W. of Seneca 19-23-5 3/82 .56 54,OC� 5.37 L1
4. SW 27th S Lind/East Valley 30-23-5 12/81 38.2 3,314,882 1.99 L1
5. NE 3rd 6 2900 blk 16-23-5 12/81 2.09 300,000 3.30 L1
6. SW 29th 6 Lind 30-23-5 12/81 8.4 750,000 MP 2.05
18441 East Valley 31-23-5 4/80 3.7 280,000 1.74 M2
B. 18400 East Valley 31-23-5 5/80 3.6 503,588 3.21 ML
9. 18441 East Valley Highway 31-23-5 6/80 3.2 298,790 2.14 M2
10. 3400 Blk - East Valley Highway 30-23-5 5/81 5 364,948 1.68 L1
11. Lind S.W. d Grady 19-11-5 5/81 1 174,240 4.00 MP
MEAN S 3.12 $1.80
* Unplatted r esents Before L.I.D. 314 characteristics
** Platted represents After L.I.D. 314 characteristics
12
A summaar., of thi6 data, utilizing mean values because if the quantity of
data, indicates that the 35 sales most like the subject situation Before
1 L.I.D. 314 indicate: a mean unit value range per sq. ft. of $2.59/s.t. or
$247,713 for the subject 95,642 sq. ft. site.
The 14 sales most like the subject site After L.I.D. 314, and specially
benefited to approximately the same extent, reflects a mean unit value of
$2.66/s.f. or $254,408 for the subject 95,642 sq. ft. site.
Mean values were alro used because no clear cut market difference could be
fount between fully developed and partially developed industrial land.
The four townships and ranges studied reflect from a low mean of $2.14/s.f.
to a r,igh of $3.:1/s.f. for unplatted or pre L.I.D. 314 values and from a
low of $1.80/s.f. to a high of $3.42/s.f. f.r platted or After L.I.D. 314
values. In Township 23 Range 5 which is the scbjec, area, the unplatted
sales exceed the patted saies in value. In Township 72 Range 4 and Township
23 Range 4, the platted values exceed the inolatted value. In Township 22
Range 5, no platted sales existed.
The difference reflected is $6,695, so even though no or minimal special
benefits are visually apparent, the market does appear to reflect that
a special benefit does exist but to a much lesser extent than the city
claims to exist.
The difference between the market evfoence special benefit and the city
assessment estimate for the subject site would appear t- be in the sub-
stantial amount of administ_.acive costs in the project, which amount to
over 37Z of the construction cost, much of which •cuuld �.ppear to be
attributable to those propercies west of Cast Valley Road which is where
a majority f the L.I.D. is and the properties which appear to be receiving
the greatest special and general benefits of the project are located.
Also, many items appear to he oversiz=d to be of a sole and peculiar
benefit my to tie su' iect site. They appear to be designed for capacities
anticipated as a r .t of the several major industrial parka on the west
side of East Valley Road and beyond. Thus, thty do not apieat to be a
special benefit to the subject property, except in an indl:eet way.
Thus, it would appear that your property has a special benefit of from
a low of $6,500 to perhaps a maximum of $10.000, as a result of L.I.D.
14.
If you have any questions, please let me know.
Yeurs ry truly.
TH HOEF -ASSO�ATe5
Rol xs defer, N.A.:
RJH:dr ,�''
Suite tiq E\enood 8kk JOSO 1121h A\t'nlK•`E.Eielknta•,1t3Sn;IlQRxt 98fx14 2067455-98tu1
September 2, 1982
Mr. £Nan :'cCcrd Re: Research 6 Advisory Opinion
Continertal, Inc. y/L.I.D. 314 Impact on
8th Floor Jonathan Self Storage Facility
Pacific Building 3600 East Valley Road
Seattle, Washington 98104 Renton, Washington
File No: 82816
r at Mr. McCord:
Pursuant to your request, h.ve evaluated the Jonathan Sell Storage
Unit site In Renton, both lefore and of Vr proposed L.I.^. 314, on a
preliminary basis for your advisory use only, ..:nd submit herein my
conclusions.
The purpose of this study is to assist you in objectively analyzing
whether or not the Jonathan Self Storage Unit property has any special
benefits as a result of the L.I.D. and the possible monetary extent of
those special benefits, if they are found to exist.
I will describe the subject property, then the L.I.D. and then evaluate
the subject property both before the L.I.D. and after the L.I.D. Any
positive difference which exists after the L.I.D., could be a special
neneflt as a result of the L.I.D.
�'ubjert Yrnpr rt), nr sct_i pion:
The subject prope�cy is a more or less rectangular tract which is located
approximately one Block north of the South I80th exist with SR 167, near
the south city limits of RenR,n, Washington.
The general area is south of I-405, west of SR 167 and ,.Ast of I-5.
It 1s known as the north end of the Kent Valley, only because Kent Is
centrally located in the valley.
More specifically, the West Va.ley Road and the East Valley Road e:ch
run north/south on either side of t•e valley, both proceeding south from
1-405 on the north, all the way to Sumner on the south.
The entire valley area has devfloped into an industrial and warehouse
area because of its close pre Snity to Seattle, availability to rail
and accessibility to freeway;.
Please see Exhibit A which is a vie?city map indicating the subject
property.
Research &Valuation,Exclusively
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--- Exhib;t A
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3
The subject property is Iolated along the east side of the East '.'.11ey
Road, within the Renton city limits.
Lard uses in the area are light industrial, commercial near South 180th
or S.W. 43rd as it is also known and .ransitional uses on unimproved land
awaiting development.
Both the Burl-nf .on Northern Renton II and the Orillia Industrial Parks
are alcng the west side of EaaL Valley Road and basically a^toss the
street from the subject property.
The subject site has 446 feet of frontage on East Valley Road and has
an average depth of 450 feet, all lying west of the SR 167 and contains
approximately 196.999 sq. ft. or 4.52 acres, according to the R'--
County Department of Assessments. The total site includes Tax LoL 04
in Section 30 Township 23 N Range 5 E.N.M.
Plea3e refer to Exhibit B which is a coi of the Assessor's subject site
map.
The subject tract is level and approximately at street grade with East
�dlley Road.
The site is zoned LI, which is a Renton light industrial zone.
Available utilities include a 12" water main which is in East Valley Road,
along the east boundary, and a 12" sewer main which is 21 ft. west of
the centerline of East Valley Road. Public power and telephone are also
available.
East Valley Road is an approximately 26 foot wide paved, two-lane road
with gravel shoulders.
Current taxes and assessed valuar!on are $12,289.82 for taxes and $1,336,600
for assessed value, with $116,600 being allocated to the land.
The subject improvemen^s are not described because they do not appeal to
impact our findings. They do include a multiple unit, concrete block
constructed, mini warehouse complex.
,ne L.I.D.:
An L.I.D. is short for Local Improvement District which is a special
assessment district that is established to collect property assessments
which pay for public improvements that directly benefit the district
properties.
10 A
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•'ti.r.;. .,e na• EAST VALLEY HWY.-- � _ _��°
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Exhlit B
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It is based upon the Revised Code of Washington. RC%% 35.43.C10
through 35.56.290.
The city is to impartially ind equitably determine the amount to charge
each property owner based unon the sUecial benefits received. (35.43.040.04i) ,
(35.44.010)
Special benefits are those benefits which accrue directly, solely and
pecularily to the aJvantage of the subject property.
These benefits are distinguished from general benefits which are those
benefits which arise from the fulfillment of the public object which
justified the L.I.D., such as the enjoyment of the facilities provided
by the L.I.D. and from the increased general prosperity of the coamunit-
as a result.
Special benefits arc generally thought of as being measured by an
increase in property value at least equal to or in excess of the
proposed L.I.D. assessment. It may also provide a utility that
was not previously available making the land more saleable or develcp-
able; it may reduce the cost to connect to an available utility due to
proximity; andior it may provide or create special ingresr and egress or
change the probable highest and best use and therefore change or enhance
the land value. These are all examples of special benefits to a property.
Methods that can be used by the city to assess the property specially
benefited can be referred to as the zone termini method, square footage
nethod, front frontage method, unit method or a combination of the above
methods.
fhe subject L.I.D. 314 includes improvements to streets, water, sewer
and atom drainage in the area frim S.W. 16th to S.W. 43rd Street 1n a
north/south direction and from East Valley Road on the east to Lind
Avenue and l.ongacres Parkway on the west.
Along East Valley Road and specifically near the subject pnperty, . .cl
lights, a six foot concrete sidewalk, curbs, a widened 36 foot road and
a 30 inch atom drain system will be installed.
Please refer to Exhibit C for a copy of blueprint by Jones Associates
Engineers, as it affects the subject site.
It currently would be difficult t, ascertain what, if any, special
benefits the subject site would ha+e as a result of the L.I.D. Sidewalks
are not needed when minimal pedestrian tralfic exists. The wider road
would appear to be a general benefit to Or large, community in as nuth
as existing development does not fully utilise the current road. The
curbs are a function of the atom drains and gutter system. The storm
drainage could be a benefit when the area is fully dev.loped. However,
the extraordinarily large atom drainage pipe, which increases in size
from south to north, is obviously very expensive and would appear to
have a carrying capacity much larger than needed for the subject property.
7 7
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It would thus appear to be primarily for the large vacant properties
along the west side of East Valley Road, which when developed, would
cause a neighborhood storm drain problem without the new storm drain-
age system. It %vuld appear to be questionable as to whether the storm
drain is a special or general benefit to the subject property.
The street li3hrs would appear to provide for general public safety.
Vacant land and light industrial uses do not generate much traffic or
pedestrian need for street lights. It certainly could not be specifically
construed to be a special benefit to the subject ptoperty just because it
lights the sidewalk ani street.
The subject Site already has access to sever, wao+r and a paved road,
all of which are adequate for the legal and perm'ssible light industrial
uses for which the subject property is zoned •t,d its mini warehouse use.
Subject Prop•,rtv Evaluation before and After L.I.D.:
In order to ascertain if the current market would recognise a special
benefit in the form of increased value to a site for sidewalks, a wider
street, street lights and atom drainage on light industrial zoned land
when compared to a similar site with adequate onsite storm drain retention,
sanitary sewer, water, paved streets but no curbs, sidewalks or storm
drain system, I have analyzed and compared two types of market evidence.
one type includes tracts representing the After L.I.D. 314 situation,
namely improved industrial park sites. This would somewhat represent
the After or specially benefited value since all the L.I.D. 314 character-
istics would be in place.
The other tvpe data includes tracts where ;ter, sever and paved road
existed but no curbs, sidewalks, street lights or Store drainage system
existed, which basically represents the before L.I.D. 314 situation.
I have analyzed random land Sales which have occurred from 1919 through
May 1982 in the two townships of 22 and 23 and the two range of 4 and S.
This encompasses the area from south Kent to Renton and includes the
Tukwila area.
The study includes 49 total sales, all which have occurred in the area,
14 of which were in platted industrial parks with facilities similar
to After the L.I.D. 314 value and the 35 remainder were in unplatted
areas, where curbs, sidewalks and street lights did not directly relate
or were available to the sale property.
The following tabulations indicate each of the four township and ranges
and the mean findings of each:
22-4
Location Sale Acre Sale *Before **After
SS/t/R%R Date Size Price Price Plat
Price Pd./SF toning Pd. SF_1• moo. 285th d Valley Freewy ha-fie
2• S. 121et 6 68ih So, 36-22-4 2182 2.5 Ac.
$ 177,724 $1.51 M1
12-22-4 2/82 2.7 3. 76th S. d S. 202nd 885,000 2.39 y1
1-22-4 2/A2 A.5 4. West Valley d So. 212rh 746.000 2.65 M3
12-22-4 5/82 15,1 5. N. 4rh d So, 230th 1,335,482 2.93 H1
1I-22-4 7/81 4,2 6. S. 228th d 6200 8Jk 185,345 2.51 M2
14-22-4 12/81 20). West Valley 6 S. 188th 2,185,345 2.51 14A
2-23-4 3/80
R. 19230 S.
th S.
1,657.245 M2
1-22-4 1%81 6 9. 72nd S. d S. 206th 12-22/4 M1
749,315 2.87
10, S. 196th d 58th P1. s. 1/81 27,1 3,350,000
2-22-4 I1/80 7.5 M2' S1.84 Dann Addn.
11. S. 212th 6 West Valley Rd. 800,660 2.45 M1
12, 6200 Blk S. 212th i1-22-4 1/81 37.9
2,600,000 1.51 HI
13. 212th d treat Valley Highway 11/80 9 337.860 1.55 MA
11-22-4 12/80 5
12-22-4
34, 191 19500 d 66ch So. 747,655 1.91 MA
2 15- S. 194th d 62nd S. 2-22-4 2/81 15. 3,004,384 MI
2/22-4 5/81 6.5 3.354 0
11-22-4 5/81 2 S.C. Corp. P 16. 22141 ueac Valley Highway 934,143 !tl �,
.30 �. Ip
17. 62nd S. d S, 194th 175,000 2,00 MI18. S. 196th d 62nd S, 2-22-4 4/81 3
446,660 M2 2-22'4 7/81 9.6 3.42 S.C. Corp. P
19. S. 212th d treat Valley Highway 4.1 1,423,232
12-22-4 8/81 ml 7.40
20. N 6ch d S. 22Bch 545,961 3.06 M1
21. NEC 72nd S, d S. ^28th 13-22-4 4/81 2.2 296,235
13-22-4 7/81 2.2 MI 3. Rent Valley
22. S. 212th d 7100 blk 320,558 M1 3.35
35
12-22-4 6/81 5.4
23. S. 212th West Valley Highway 12-22-4 653,333 2.78 M1
6/81 11.6 1.306,666 _
* Unplatted represents Before L.I.D. 314 characteristics 2 59
** Platted represents After L.I.D. 314 characteristics MEAN $ 2.14/af $ 3,42/s.f.
22-5
Sale `Before
Location Acre Sale PrI_a
S/T R Date Sire P.tce Pd./SF Zoning
1. E. side 84th S, at 9600 blk 6-22-5 5/80
13 a 1,100,C 10 $1.94 H2
2. b4th S. 6 20400 Blk 6-22-5 9/81 2.1
352,808 3.86 M2
3. 8400 blk of S. 208th 6-22-5 7/81
5 500,000 2.30 M2
.. 20280 and 84th S. 6-22-5 9/81
2.3 239,760 2.39 M2
MEAN $2.63/s.f.
♦ Vnplatted represents Before L.I.D. 314 characteristics
23-4
*Before **After
Sale Acre Sale Price Price Plat
Location S/T/R Date Sire Price Pd./SF Zoning Pd./SF Name
1. SEC Toted 4 Cascade 36-23-4 4/82 5.9 1,001,850 M2 $3.90/of S.C. Indust.
Park
— NWC West Valley 6 Strander 25-23-4 5/82 7 598,658 $1.96 M1
3. Monster Rd/1400 blk 24-23-4 11/81 70.000 2.59 L1 Renton
4. Southcenter Blvd., 1600 blk 24-23-4 8/79 7.5 800,000 2.45 M1
5. E. side 68th S., 100 blk 25-21-4 5/80 10.6 1,464,000 3.17 CM
6. 80 S. 4 S. 190th 36-23-4 4180 3.1 200,875 M2 1.49 BN NorPac
Ind. Dist, Div
7. SW Ord 4 80th S. 36-23-4 11/80 11.2 1,425,000 M2 2.92 Div. 2
8. S. 190th 4 W. Valley 35-23-4 11/80 19.8 2,370,695 M1 2.75 S.C. Corp.
Park
9. 3900 blk 4 West Valley 25-23-4 3181 5.8 568.000 2.25 MP
10. So. 190th 6 62nd South 36-23-4 6/81 2.1 273,657 M2 2.99
MEAN 2.48/sf 2.81/sf
* Unplatted represents Before L.I.D. 314 characteristics
** Platted represents After L.I.D. 314 characteristics
23-5
*Before •a
Location Sale Acre After
Sale Price Price P
S/T/R Date SSrePlatPrice Pd./5F 2oniu Pd./SF Name
1. SW loth 6 Grady 19-23 ,/v
1 - AC. 2. ,33.. _ M.• Renton
2. SW 27th 6 E. Valley Road - S.:,.C, 30-23-5 2/82 4.3
288,000 L1 Aent.in S1.54
I. N side SW 12th - W. 0f Seneca
19-23-5 3/82 ,56 54,000 5.37 L1
4. SW 27ch 4 Lind/East Valley 3U-23-5
12l81 38.2 1,3i 4,882 1.99 L1
5. NE 3rd 4 2900 blk 16-23-5 12/81 2.00
300,000 3.3G L1
i. SW 29th 6 Lind 30-23-5
12/81 8.4 '50,000 fff
2.05
7. 18441 Fast Valley 31-23-5 4/80 3.7
280,000 1.74 y2
8. 18400 East Valley 31-23-5 5/80
3.6 503,588 3.21 K.
9. 18441 East Valley Highway 31-23-5 6/80 3.2
298,790 i,14 MI
M 3400 Blk - East Vallev Highway 30-23-5 5/81 t
364,948 1.68 L1
11. Lind S.W, 4 Crad° 19-23-5
5l81 1 174,240 4_00 MP
• Unplatted represents Before L.I.D. 314 characteristics MEAN $ 3.12 S1.80
•• Platted represent< After L.I.D. 314 cnararteriaties
A sumary of this data, utillsing mean values because of the quantity of
data, indicates that the 35 safes most like the subject situation fefore
L.I.D. 314 and 14 sales most like the subject site After L.I.D.. 314.
Mean values were also used because no clear cut market difference could be
found between fully developed and partially developed industrial land. $o
the average difference, after considering all the information was utilized.
The four townships and ranges studied reflect from a low mean value of $2.14
per sq. ft. to a high of $3.12;s.f. for inp'&tttd or pre L.I.D. 314 values
and from a low of $1.80/a.f, to a high of $3.42/a.f. for platted or After
L.I.D. 314 values. In Township 23 Range 5, which is the subject area, the
anplatted sales exceed the platted salts in value. In Tovaship 22 Range
4 and Township 23 Range 4, the platted values exceed the unplatted value.
In Twonship 22 Range 5, no platted sales existed so an analysis could not
be made between the two but .ere r,rlated to the ether sales in the area.
The mean unit values for the 35 sales most like the subject of .ation and
before the L.I.D., reflect a unit value range of $2.59/s.f. o, 510,227
for the 196.999 s.f. The 14 sales poet like the subject and c _er L.I.D.
314, and appearing to be specially benefited, as a result, r .ct a unit
value of $2.66/s.f. or $524,017 for the 196,999 s.f.
The difference between the tow values Is $IJ,790, so even though no or
minimal special benefits are visually apparent, the market does appear to
reflect that a special benefit does exist but to a such lesser extent than
the city claim to exist.
Tne difference between the market evidence special benefits and the city
assessment estimate for the subject site would appear to be in the sub-
stantial amount of administrative costa in the project, which amount to
over 372 of the construction cost, much of which would appear to be
attributable to those properties west of East valley Road, which is
where a ma+arity of the L.I.D. in, and which properties appear to be
recO ving the pre at special b neflts of the project.
Also, many items appear to be oversized to be of a sole and pe^uliar
benefit only to the subject site. They appear to be designed for
capacities anticipated as a result of the aeveral major Industrial parks
on the west side of East Valley Road and beyond. Thus, they do not
appear to be a special benefit to the su',,ject property, except in an
Indirect way.
Thus, it would appear that your property has a special benefit of from
a low of $10,000 to perhaps a maxivium of $20.000, as a result of L.I.D. 314.
If you have any questions, please let me know.
Uurs____very
y�
t ly,
Tlit.006 t ASgOC�IiQ'
Cam---
Roland J!!j s afar, MAI
RJR.
CEETIFICATE OF EVALUATION'
The undersigned does hereby certify that, except as otherwise noted in
this report:
1. 1 have no present or contemplated interest in the real estate
that is the subject of this report.
2. 1 have no personal bias with respect to the subject matter of
this appraisal report or the parties involved.
3. To the hest of my knowledge and belief, the sta.. its of
fact contained in this .port, upon which the analyses,
opinions and conclusionb are based, are true and correct.
4. Thiv evaluation sets forth all limiting conditions
affecting the analyses, opinions and conclusions.
5. The report ' as been made in conformity with and is
subject to ,he Code of Professional Ethics and Standards
of Professional Conduct of the American institute of Real
Estate Appraisers.
6. The American Institute of Real Estate Appraisers conducts
a voluntary program of continuing education for its
designated members. M.A.I.'s and R.M.'s who meet minimum
standards of this program are awarded periodic educational
certification. I an certified under this program through
.January 31, 1983. -_
Roland Jemes efer, M.A.I.
l
e
September 1982
UNDERLYING ASS(APTIONS AND CONTINGENT CONDITION'S
1. This report sets forth all of the limiting conditions (imposed by
terms of my assignment or by the appraiser) affecting the analysis,
opinions and conclusions contained herein,
2. No one ether than the appraiser prepared the analysis, conclusions
and opinions concerning real estate, that are set forth herein, un-
less otherwise noted elsewhere in the report.
3. Neither all nrr ally part of the contents of this report (especially
any conclusions as to value. +density of the appraiser cr his firm
or any reference to the American Institute of Real Estate Appraisers
or to the M.A.I. designation) shall be disseminated to the public
through the advertising, public relations, news or sale! media or any
other public weans of communication without the pr.�r written consent
of the appraiser.
4. No investigation of title to proper,: has been made, anti premitcs are
assumed to be free and clear of ali -antracts, mortgages, deeds . f
trust, leases, use restrictions and reservations, easements, cases
or actions pendita, tax liens and bonded indebtedness, unless other-
wise specified.
S. No survey, legal or engineering analysis of this property has been
made. it is assumed that the legal description and area computations
used are accurate, we assume existing boundaries to he correct and
assume no responsibility for any conditions not readily observable
from our customary inspection, which might affect the valuation,
excepting those items specifically mentioned herein. We further
assume condition of the property unchanged since date o' last in-
spection.
6. This report it. based, in part, upon the best information available,
assembled fro:,i a wide range of sources, and thrrefore, Incorporated
data cannot be guaranteed. An impractical and uneconomic expenditure
of time would be required to furnish unimpeachable verifications,
particularly as to engineering, construction and structural data, title
and use restrictions, zoning and proposed public or private projects in
the area,
7. If values are assigned to improvemerts or separate land areas in this
report, that these values are in proportion to the contribution these
improvements or areas made to the value of the property as a whole.
S. That the appraiser has no responsibility to appear in c.ourc or any public
or other hearing As an expert witness, with respect to this property
unless satisfactory arrangements are previously made therefor.
9. The fee received for this assignment is in no manner coitingent upon
:he estimate of value reported.
PROFESSIONAL QUALIFICATIONS
ROLAN'D .LAMES HOEFER, M.A.I.
EDUCATIONAL
BACKGROUND: Seattle Facific University
Graduate in Economics and business
University of Washington
Graduate Studies - Real Estate Research
A Economic Analysis
Instructor - Bellevue Community College
Real Estate Principles
SPECIALIZED
PROFESSIONAL
COURSES: Computer Applications In Real Estate - American Institute
of Real Estate Appraisers, 1976
Tax Considerations in Real Estate Transactions - Society
of Real Estate Appraisers, 1S'6
The Valuation of Leases and Leasehold Interests - Society
of Real Estate Appraisers, 1976
Residential Condominium Seminar - Society of Real Estate
Appraisers, 1979
Solar Workshop for the Financial Community - National
Solar Heating 6 Cooling Information Center, 1979
Business Valuation Seminar - American Institute of Real
Estate Appraisers, 1980
Contemporary Appraising: Models, Methods 6 Cases -
Northvest Center for Professional Education, 1980
Published April 1981 - Mobility Magazine
"A Prescription for Curing Relocation's Ailments"
PROFESSIONAL
AFFILIATIONS: M.A.I. (14911) - American Institute of Real Estate Appraisers
A.A.C.I. (/1289) - Appraisal Institute of Canada
National Ass4ciatfon of Business Economists
American Real Estate 8 Urban Economics Association
Seattle-King County Board of Realtors
Approved Level 3 - Federal Natlm,al Mortgage Association (FNMA)
COMMUNITY
AFFILIATIONS: Bellevue Downtown Association
Bellevue Rotary Club
EXPERIENCE: Principal, The Hoefer Associates, 1976 to Present
The Western Appraisal Company, 1965 - 1973
President - Daystar Fatms, Inc.
President - Maranatha: Association Sol C3 Corp.
EXPERT
WITNESS: Testified as expert valuation vltness in Superior Court
ie numerous jurisdictions.
PARTIAL
CLIENTELE: Associated with the business, economic or real estate
valuation analysis, for but not limited to, the following:
Shell Oil Company Midas Realty Company
Standard Oil Company State of Washington
Atlantic Richfield Co. King County
Dillingham Development Co. City of Kent
i m1f1c Northwest Bell City of Tacoma
Puget Sound Power 6 Light City of Hoquiam
Honeywell City of Bellevue
Foss Launch 6 Tug U.S. Department of N vy
I.B.M. U.S. Coast Guard
Scott Paper Co. Armv Corp of Engineers
Merrill Lynch Relocation Mgmt. Seattle Pacific University
Coca-Cola Company C.N.A. Financial Corporation
Pentagram Corporation Seattle-First National Bank
Food Horizons, Inc. Rainier Bank
General Telephone of Northwest Sherwood 6 Roberts, Inc.
Payless Drugs of the Northwest, Inc. First Mutual Savings
Washington Federal Savings Veterinary Medical Groups
Security Savings & Loan Burlington Northern
As well as numerous attorneys, accountants d private. parties.
J. Ralph Gilbo
Real Estate Appraiser 6 Consultant
a
` - 11kILI&STREEJ
SEA I i. . W ASHINGTON 48103
PHONE 120b) 523 1143
.tune 1, 1994.
Mr. Lawrence J. Warren
City Attorney, City of Renton
100 So.tth Second Street
Post Office Box 626
Renton, Washington, 9805'
Re: Appraisal Considerations
Broadacres Property
Parcels <d, 78, 79, and
80.
Renton L. I .D. 314
Dear Mr. Warren,
As you requested I have made a specific study of the
effects of the L. I .D. 314 improvements on the subject prop-
erty.
The property is sole and unique in the L. I .D. 314 area.
In comparison to the other ownerships it is very large, over
45 acros of which are in the I . I.D. S14 boundaries,
Unlike the ather properties in the L. I .D. 314 area
approximately 63% of the land remains more than 600 feet
from a public dedicated and improved street, The nearest
public street , S.W. 27th Street, abuts the subject land by
means of a dead end at approximately the center of the east
boundary. The improvements to this point are full and
complete.
The access and availability of utili•ies is considered
to he adequate for development to its highest an,' best use
of approximately the easterly 600 feet of the tr t. This
portion of the tract would have all the amenitie required
for full development , including excellent access. Short
internal road systems are commonly a part of a development
of this size,
There is approximately 1040 feet lying westerly of
the easterly 6�10 feet which can be considered to benefit
less as a result of L. I .D. 114 than the easterly 600 feet
of approximately 16. 5 acres. Tor this large western
portion to develop to a higher and better use it would
require that the owner provide at his expense a complete
and fully improved extension of S.W. ?'th Street to obtain
full and satisfactory access to the whole tract.
For this reason I omitted consideration of sales of
the Farlingtcn Colf Course land in my appraisal of January
11 , 1493 on the effects of I.I .D. 314 on land value:, in
the general L. I.P. 314 area. The golf course land had
access at points to streets and utilities but would require
a great deal of internal development at t.,e owner's expense.
The westerly 1040 feet does benefit considerably from
1..i.D. 314 but not as much as the typical parcel enjoying
frontage..
Benefits to the western portion consist of the new
proximity of streets and utilities by the extended S.W.
1'th Street . This availability makes the land more valuable
and more readily and fully useable.
It is pertinent that my definition of the benefits to
the land from I .I.D. 114 in all cases are those which
accrue as a result of the dit ,erence :n fair market value
between the before I.A.D. .114 situation and the completed
situation. These two situations imply an informed and
willing seller and like buyer. Benefits should not be
considered as to whether they exist for the ,)resent owr -
for his present use.
I recommen.l that in this special situation the .asterly
600 feet of the tract be assessed :�t 1001 of the typical
assessment and that portion of the tract westerly of the east
600 feet be assessed at 601 of the typical assessment . On
an overall basis this calculates to an assessment for the
whole tract of approximately 7S4 of the full amount .
Very truly yours,
J. Ralph Gilbo
Real Estate Appraiser 6 Consultant
1150 N 43rd STREET
SEATTLL.WASHINGTON 98103
PHONE 120e15231143
.June 1, 1984.
Hr. Lawrence J. warren
City Attorney, City of Penton
1Dn South Second Street
Post Offict Sox 626
Renton, Washington 9805-
Re: Appraisal Considerations
Garfield Associates, Ltd.
Parcels 24-D and 24-I
Renton L.I.P. 314
Dear Mr. warren,
As you requested I have made a specific study of the
effects of the L.I.D. 314 improvements on the subject prop-
erty.
The subject had improved street frontages before L.I .D.
314 but i. in the affected area. The fact that the benefits
may he snnew;:at lower than those fronting on new fully im-
proved streets has been compensated for bq a lower proposed
assessment .
The entire surrounding area has been upgraded reflect-
ing in higher values for the property. This was proved by
the use of many comparable sales. Especially important is
the now adequate area-wide storm drainage which prior to
L.I .D. 314 was a serious factor in inhibiting development
of the area. Surface and subsurface drainage from the
subject property contr:'outed to the problem.
It is my uptnon that the fair market value of the
suhject will increase by an amount considerably in excess
of the amount of the proposed assessment.
Very truly yours,
Jle-sd LA-
J. Ralph Gilbo
J. Ralph Gilbo
Reel Estate Appraise. 6 Consultant
1150 N.93N STREET
SEATILE,WASHINGTON 94103
PHONE 1I04" 523-1143
June 1, 1984.
Mr. Lawrence J. Warren
Citv Attorney, City of Renton
100- South Second Street
Post Office Box 626
Renton, Washington 98057
Re: Appraisal Considerations
A-Economy Storage
Parcels 16 and 17
Renton L.I.D. 314
Dear Mr. Warren,
As you requested I have made a specific study of the
effects of the L.I .D. 314 improvements on the subject prop-
ertv.
I appraised the effects of L. I.D. 314 on two specific
parcels (41 and 43) east of East Valley Road on January 11,
1983 for the City of Renton. The conclusion was that not
only parcels 41 and 43 but also the entire strip east of
East Vallev Road including parcel 44 (,Jonathan's Storage)
northerly to the end of the strip benefited to a lesser
degree from the effects of L.I.I.. 314 than the typical
parcel west of East Valley Road.
In studying the subject parcel it is reasonable and
appropriate to extend the same conclusion to this property.
It is improved with a storage facili*y similar to Jonathan's
and its possibility of a higher and better use is inhibited
for the same reasons.
The subject property does benefit from the improvements
but not to the degree of the adioining lands.
The L.I .D. 314 improvements upgrade the entire
neighborhood. The storm drainage is especially important
and like all others in the area the subject ha' contributed
to the problem by lack cf adequate facilities for handling
its own surface and subsurface drainage.
Very truly yours;
d. a.0 L.
J. Ralph Gilbo
ENDING
OF FILE
FILE n� �ro LTD *t 314
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