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AGENDA
Transportation Committee Regular Meeting
4:30 PM - Monday, December 7, 2020
Video-conference
1. Set Compensation for Bronson Way Street Vacation
a) AB - 2765 City Clerk recommends acceptance of the appraisal of Street Vacation Petition
VAC-20-001, with CITC (Construction Industry Training Center) for a one-foot wide strip of
right-of-way, located near 1300 Bronson Way N and situated east of Garden Ave N, west
of Meadow Ave N, north of Bronson Way N, and south of N 2nd St, and submits the staff
recommendation to set the compensation at zero dollars ($0).
2. Emerging Issues in Transportation
Currently, due to the spread of COVID-19, all regularly-scheduled committee meetings will be held as necessary via
video-conference. City hall is closed to the public.
If you would like to attend this week's meeting remotely, you can do so by going to
https://us02web.zoom.us/j/83890582146
Zoom Meeting ID 838 9058 2146 Passcode 293702
You can call through Zoom at 253.215.8782 and use the Meeting ID
AB - 2765
City Council Regular Meeting - 23 Nov 2020
SUBJECT/TITLE: Determination of Compensation for Street Vacation VAC-20-001;
Portion of ROW near 1300 Bronson Way N
RECOMMENDED ACTION: Refer to Transportation (Aviation) Committee
DEPARTMENT: City Clerk
STAFF CONTACT: Jason, Seth
EXT.: 6502
FISCAL IMPACT SUMMARY:
N/A
SUMMARY OF ACTION:
An appraisal has been submitted on behalf of CITC (Construction Industry Training Center) for acceptance and
determination of compensation due to the City for the area to be vacated in Street Vacation Petition VAC-20-
001 for a one-foot wide strip of alleyway located near 1300 Bronson Way N and situated east of Garden Ave N, west
of Meadow Ave N, north of Bronson Way N, and south of N 2nd St. (Petitioner: Sigmund, File No. VAC-20-001).
EXHIBITS:
A. Issue Paper
B. Appraisal
STAFF RECOMMENDATION:
Accept the appraisal and set compensation at $0.
AGENDA ITEM #1. a)
DEPARTMENT OF COMMUNITY &
ECONOMIC DEVELOPMENT
M E M O R A N D U M
DATE:November 16, 2020
TO:Ryan McIrvin, Committee Chair
Members of Transportation Committee
CC:Armondo Pavone, Mayor
Members of Renton City Council
FROM:Chip Vincent, CED Administrator
STAFF CONTACT:Amanda Askren, Property & Technical Services Manager
SUBJECT:Street Vacation Compensation, VAC 20-001;
1300 Bronson Way N
ISSUE:
What value should Council wish to set compensation for the 1-foot street vacation
located in alleyway of 1300 Bronson Way N?
RECOMMENDATION:
Staff recommends that Council set compensation for the proposed street vacation at $0
based on the required 1-foot dedication on the east side of the alley to maintain a 16-
foot alley width.
BACKGROUND SUMMARY:
A vacation petition was received on July 21, 2020 and verified September 1, 2020 to
vacate a 1-foot strip of alley on which an existing building sits. The alleyway was
originally dedicated on the plat from 1907. The petition is in conjunction with proposed
and active land development for CITC, the owner of the property.
The Public Hearing was held on October 19, 2020. During the review period, the street
vcation petition was sent to internal and external reviews with no comments to effect
the street vaction. Public comments were heard at the Public Hearing and the City did
receive one letter, which has been responded to. The Council approved the street
vaction with the following conditions:
Dedication of 1-foot on east side to maintain 16-feet of alleyway.
AGENDA ITEM #1. a)
Transportation Committee
Page 2 of 2
November 16, 2020
Petitional provide an appraisal of the 1-foot vacation.
The appraisal was submitted to the City for review. In reviewing the appraisal, City staff
determined that the appraisal was for the vacation of the 1-foot alley, the dedication of
the 1-foot alley and the additional dedicated Right-of-Way required for the
development of the property. The appraisal returned a negative dollar amount $4,800
and in favor of the applicant.
The filing fee and compensation are typically set from the appraisal. However, in this
case, the appraisal provided includes more than just the proposed vacation area. Staff
did not request a new appraisal as our recommendation to Council is to set the
compensation at $0. This recommendation is based on the 1-foot dedication required
on the east portion of the alley to maintain a 16-foot alleyway. The proposed vacation
square footage matches the request on the other side and therefore is an equal
proposal of land.
The filing fee was invoiced at the minimum amount per the fee schedule and will help
offset staff and filing fees incurred to finalize the street vacation.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 1 Parcel: NA
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WSDOT NARRATIVE APPRAISAL REPORT
Parcel No.:
Owner: Construction Industry Training
Council of Washington
Washington State Federal Aid No.: NA
Department of Transportation Project: CITC Renton Alley Vacation
R/W Plan Title: Terrane Surveys
Plan Sheet: NA
Plan Approval Date: April 8, 2020
Date of Last Map Revision: NA
CERTIFICATE OF APPRAISER
I certify that, to the best of my knowledge and belief:
the statements of fact contained in this appraisal are true and correct;
the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conclusions, and are my
personal, unbiased professional analyses, opinions, and conclusions;
I have no present or prospective interest in the property that is the subject of this appraisal, and I have no personal interest or bias
with respect to the parties involved;
my compensation is not contingent upon the reporting of a predetermined value or direction that favors the cause of the client, the
amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event;
my analyses, opinions, and conclusions were developed, and this appraisal has been prepared, in conformity with the Uniform
Standards of Professional Appraisal Practice and the Uniform Appraisal Standards for Federal Land Acquisitions; I have made a personal inspection of the property that is the subject of this report. I have made a personal inspection of the comparable
sales contained in the report addenda;
I have afforded the owner or a designated representative of the property that is the subject of this appraisal the opportunity to
accompany me on the inspection of the property.
Lynnel Jones provided significant professional assistance to the person signing this report. (If there are exceptions, the name of each
individual providing significant professional assistance must be stated - please see Scope of Work Section);
I have disregarded any increase in Fair Market Value caused by the proposed public improvement or its likelihood prior to the date
of valuation. I have disregarded any decrease in Fair Market Value caused by the proposed public improvement or its likelihood
prior to the date of valuation, except physical deterioration within the reasonable control of the owner;
this appraisal has been made in conformity with the appropriate State and Federal laws and requirements, and complies with the
contract between the agency and the appraiser;
The property has been appraised for its fair market value as though owned in fee simple, or as encumbered only by the existing easements
as described in the title report dated July 9, 2019.
The opinion of value expressed below is the result of, and is subject to the data and conditions described in detail in this report of 999
pages.
We made a personal inspection of the property that is the subject of this report on October 13, 2020.
The Date of Value for the property that is the subject of this appraisal is October 13, 2020, which is the date of valuation agreed to by
WSDOT and which is the date of possession and use.
Per the Across The Fence (ATF) Value definition herein, the value conclusions for the property that is the subject of this appraisal on a
cash basis are:
ACROSS THE FENCE (ATF) VALUE: DEDICATION $17,400
ACROSS THE FENCE (ATF) VALUE: VACATION $12,600
Date of Assignment or Contract: October 01, 2020 Name: Steven Price, MAI, CRE
Date Signed: October 14, 2020 Signature:
Washington State-certified general real estate appraiser certification number: #1100364
DO NOT WRITE BELOW THIS LINE
Headquarters Service Center Date Stamp Region Date Stamp
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 2 Parcel: NA
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Assignment Scope of Work
The clients for this report are the Construction Industry Training Council of Washington (CITC) and their legal
counsel, Stephan Wakefield. The City of Renton is an intended user for this report.
WSDOT requires that, in addition to compliance with USPAP, this report must also meet the WSDOT Standards
as set forth in the WSDOT R/W Manual Chapter 4, the WSDOT Appraisal Report Guide, and Federal
Regulations as defined in 49 CFR part 24. This appraisal conforms to those requirements for a Strip Appraisal
(A4-6.17 Tab E Project and Strip Appraisal Procedures). Given the intended use of this report for the evaluation
of right-of-way dedications and vacations, it does not include the Summary of Appraisal Conclusions, the
Federal Personalty Realty Report, or the owner contact section. In the event of conflict or dispute in determining
correct appraisal procedures that are not addressed in the standards noted above, the Uniform Appraisal
Standards for Federal Land Acquisition (Yellow Book) will be the determining authority.
Under 49 CFR, the client is required to take an active role in developing the scope of work. However, it is the
ultimate responsibility of the appraiser to develop a complete Scope of Work and produce a credible appraisal
report. The appraiser’s SCOPE of WORK is included in Section 5 of the report. The report must adhere to the
WSDOT and Federal Standards as described above and the specific task assignment for this parcel. The task
assignment for this report must be included in the report or addendum.
Appraisal Information and Definitions
The intended use of this appraisal is to provide information to the client as a basis for a dedication of land to
the City of Renton and a corresponding vacation of public right-of-way from the City of Renton.
Unless stated otherwise in the report, the property rights appraised constitute the fee simple interest.
“Fair Market Value” is defined as; the amount in cash which a well-informed buyer, willing but not
obligated 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 or may be reasonably adaptable
(Washington Pattern Instruction 150.08).
"Across The Fence (ATF) Value" "In the valuation of real estate corridors, the value concluded based on
a comparison with adjacent lands before the consideration of any other adjustment factors. The ATF value
accounts for location and market conditions. Accordingly, this is an intermediate value without (or prior to) the
consideration of the corridor factor. Note that this term and related corridor valuation terms may be defined
differently in different jurisdictions. Pending federal legislation and the interpretation of the courts may render
the current definitions invalid." (Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed.,
Chicago: Appraisal Institute, 2002)
The intended users of this report are the Construction Industry Training Council of Washington, their legal
counsel, Stephan Wakefield, and the City of Renton. The appraisal is intended for use to document a street
vacation from the City and a dedication of other lands to the City.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 3 Parcel: NA
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AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 4 Parcel: NA
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APPRAISAL ASSUMPTIONS AND LIMITING CONDITIONS
1. The property description supplied to the appraiser is assumed to be correct;
2. No survey of the property has been made or reviewed by the appraiser, and no responsibility is assumed in
connection with such matters. Illustrative material, including maps and plot plans, utilized in this report are
included only to assist the reader in visualizing the property. Property dimensions and sizes are considered to be
approximate;
3. No responsibility is assumed for matters of a legal nature affecting title to the property, nor is any opinion of title
rendered. Property titles are assumed to be good and merchantable unless otherwise stated;
4. Information furnished by others is believed to be true, correct, and reliable. However, no responsibility for its
accuracy is assumed by the appraiser;
5. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless so specified within the
report. The property is assumed to under responsible, financially sound ownership and competent management;
6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures which would
render the property more or less valuable. No responsibility is assumed for such conditions or for arranging for
engineering studies which may be required to discover them;
7. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on
the property, was not observed by the appraiser. However, the appraiser is not qualified to detect such substances.
The presence of substances such as asbestos, urea-formaldehyde foam insulation or other potentially hazardous
materials may affect the value of the property. The value conclusions in this report are predicated on the
assumption that there are no such materials on or in the property that would cause a loss of value. No responsibility
is assumed for any such conditions, or for the expertise required to discover them. The client is urged to retain an
expert in this field if desired. The analysis and value conclusions in this report are null and void should any
hazardous material be discovered;
8. Unless otherwise stated in this report, no environmental impact studies were either requested or made in
conjunction with this report. The appraiser reserves the right to alter, amend, revise, or rescind any opinions of
value based upon any subsequent environmental impact studies, research, or investigation;
9. It is assumed that there is full compliance with all applicable Federal, state, and local environmental regulations
and laws unless noncompliance is specified, defined, and considered in this report;
10. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless non-
conformity has been specified, defined and considered in this report;
11. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative
authority from any local, state, or Federal governmental or private entity or organization have been or can be
obtained or renewed for any use on which the value estimate is based;
12. The appraiser will not be required to give testimony or appear in court because of having made this report, unless
arrangements have previously been made;
13. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for
any purpose by any person other than the client without the written consent of the appraiser, and in any event,
only with properly written qualification and only in its entirety;
14. Neither all nor any part of the contents of this report, or copy thereof, shall be conveyed to the public through
advertising, public relations, news, sales, or any other media without written consent and approval of the
appraiser. Nor shall the appraiser, client, firm, or professional organization of which the appraiser is a member be
identified without the written consent of the appraiser;
15. The liability of the appraiser, employees, and subcontractors is limited to the client only. There is no
accountability, obligation, or liability to any third party. If this report is placed in the hands of anyone other than
the client, the client shall make such party aware of all limiting conditions and assumptions of the assignment and
related discussions. The appraiser is in no way responsible for any costs incurred to discover or correct any
deficiencies of the property;
16. It is assumed that the public project which is the object of this report will be constructed in the manner proposed
on the most recent right of way plan prior to the appraisal date and in the foreseeable future;
17. Acceptance and/or use of this report constitutes acceptance of the foregoing assumptions and limiting conditions.
18. No services regarding this subject property were performed by the appraiser within the three-year period
immediately preceding acceptance of the assignment.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 5 Parcel: NA
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SUBJECT PLOT PLAN
Shown are subject whole property site dimensions, access frontages,
improvement locations and dimensions, acquisition area and dimensions,
“North arrow,” camera location and direction for each attached subject photo.
Subject Property Aerial (King County iMap, 2019)
Before Area: 65,176 sf
After Area: 65,042 sf
Total Dedications: 449sf
Total Vacations: 315 sf
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 6 Parcel: NA
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SUBJECT PHOTOGRAPHS – 2
Date of Photos: October 13, 2020 Photographer: Steve Price
1. Northeast corner of the site; Parcel with R10 Zoning. 2. Alley as seen from the North.
3. Area of Triangular Dedication at the Corner of Garden and
Bronson.
4. Area of Dedication along the North Side of Bronson.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 7 Parcel: NA
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SUMMARY NARRATIVE APPRAISAL REPORT
1. OWNER:
Construction Industry Training Council of Washington
2. LOCATION OF SUBJECT:
1300 Bronson Way North, Renton, WA 98057
3. SUBJECT LEGAL DESCRIPTION:
The following is the legal description for the subject from the July 9, 2019 title
report prepared by Chicago Title Insurance Company.
Lots 1 through 16, inclusive, Block 1, Car Works Addition to Renton, according
to the plat thereof recorded
in Volume 15 of Plats, Page 47, in King County, Washington.
Tax Parcel Numbers: 135230-0025, 135230-0005, 135230-0045, 135230-
0050, 135230-0060, 135230-0071
4. DELINEATION OF TITLE (5 years):
The 6 tax parcels comprising the subject were acquired for $3,975,000 in July
2019, under Recording Number 20190709000644. The property had been
listed on the open market since mid-2017 and was under contract to the current
buyer for feasibility and contingencies for about 9 months prior to closing.
There had been some hazardous materials located previously on the site, and
full testing and documentation was required before closing. The listing broker
indicated that there were other buyers interested in the property. He reported
serious interest came from other owner users such as churches or sales and
service users. He noted that multifamily developers were less interested in the
property because of the difficulty and complexity of the zoning requirements
and the large amount of ground floor commercial space required under the
zoning code.
5. THE APPRAISAL PROBLEM AND APPRAISER’S SCOPE OF
WORK:
The purpose of this appraisal is to estimate the Across the Fence Value of the
land areas to be dedicated to the City of Renton and the land areas to be vacated
by the City of Renton. Because the subject consists of street right of way, an
“across the fence” (ATF) appraisal methodology is used.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 8 Parcel: NA
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The intended users of this report are the Construction Industry Training
Council of Washington, their legal counsel, Stephan Wakefield, and the City of
Renton. The appraisal is intended for use to document a street vacation from
the City and a dedication of other lands to the City.
Larger Parcel
The larger parcel is the portion of a property that has unity of ownership,
contiguity, and unity of use. For purposes of this report, the subject tax parcels
are considered the Larger Parcel. It is my understanding that the owner of the
subject does not own any adjacent property.
Extent of Research and Level of Analysis
The scope of the investigation and analysis, as well as the geographical area and
time span searched for market data, is described in the valuation section of the
body of this appraisal. There are three basic, traditional approaches to the
estimation of Fair Market Value: The Cost Approach, the Income Capitalization
Approach, and the Market or Direct Sales Comparison Approach. Land
valuation by the direct sales comparison approach is utilized.
The first portion of this report identifies and describes the subject property. We
have prepared a detailed and extensive review of the site’s underlying zoning
and its use regulations. We have also investigated the history of the property
and the character and physical characteristics of its buildings and land areas.
The valuation of the subject property is based on a careful determination and
identification of what the current subject property consists of, and its highest
and best use as though vacant and as improved.
The sale comparisons used in this report are all similarly-sized and similarly-
located commercially-zoned land parcels and multifamily residentially-zoned
land parcels. We talked extensively with participants involved in those
transactions.
Lynnel Jones of Terra Property Analytics LLC provided significant professional
assistance in the preparation of this report by researching some of the market
data used herein.
6. PROPERTY RIGHTS TO BE ACQUIRED AND EFFECTS OF
ACQUISITION/PROJECT (Include description of area being
acquired in fee, in easement and access if applicable):
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 9 Parcel: NA
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AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 10 Parcel: NA
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Project Description / Proposed Project
The existing Bryant Motors building being renovated is sited on approximately
64,000 square feet of commercial and residential zoned land in Renton,
Washington (City of Renton CA (Commercial Arterial) and R-10 (Residential)
Zoning). The existing building is located on a CA (Commercial Arterial)-zoned
northern lot with land that is currently parking across an alley to the east and
includes two R-10 zoned residential parcels on the northeast side of the subject
property.
During planning for this project, surveys determined that the existing Bryant
Motors building encroaches by one foot into the City-owned alley. In order to
remedy this situation, the owner will dedicate the eastern one foot of the alley
and additional lands along Bronson Way N to the City, and the City will vacate
the western one foot of the alley.
Per the dedication and vacation surveys provided to us, CITC will dedicate
408sf on the east side of the alley and on the north side of Bronson Way, east
of the alley. They will also dedicate 41sf at the intersection between Garden Ave
N and Bronson Way N. CITC will acquire from the City via vacation 315sf on
the west side of the alley.
The scope of the renovation for CITC of Washington will include approximately
31,000 square feet of fully renovated and 2015 UBC code-compliant vocational
school occupancy space, including: new foundations, walls, glazing; roof
structure, doors, windows, entries and fully handicap-accessible spaces for
Administrative, Classroom, and Laboratory uses; the addition of fire sprinklers
and fire alarm systems; and all new interiors including all finishes, materials,
and partitions.
The sitework will include the creation of new parking at the eastern commercial
and residential parcels of the 1300 Bronson Way North property; upgraded and
replaced modern storm water and drainage, sanitary sewer, water; new and
under-grounded electrical and natural gas utilities; new site access, drives,
sidewalks, accessible routes and site connections; new landscaping, site
lighting; and other required upgrades and new construction per the City of
Renton, Washington.
A full structural (seismic and gravity) upgrade will be undertaken, including
new seismic and wind-resisting steel braced frames, new concrete footings and
foundations, new interior and exterior walls, new exterior curtain walls, and
the renovation of the existing glued-laminated beam and heavy tongue-and-
grove decking roof structure.
The Construction Industry Training Council of Washington (CITC)
(http://citcwa.org/) will be using the facility exclusively as a state-licensed,
non-profit vocational trade school for the construction industry, offering
training throughout Washington State.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 11 Parcel: NA
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Dedication 1: Bronson Way N and Garden Ave N
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 12 Parcel: NA
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Dedication 2 – East Alley
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 13 Parcel: NA
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Vacation: West Alley
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 14 Parcel: NA
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7. DESCRIPTION OF SUBJECT PROPERTY including but not limited to:
Neighborhood:
Puget Sound Area Data
Population
During the past 40 years, the population of Washington State has grown by an
average of 20% per decade. The state's population growth rate declined in 1972
after the Boeing bust but recovered by the 1980s. The state’s population
declined again after the technology stock collapse in 2000 to a low of 1.10% in
2003. Then, it began a gradual upward climb back to 1.91%, 1.62%, and 1.27%
per year in 2006, 2007, and 2008. 2009 saw a drop to 0.96%. In 2010, 2011
and 2012, the state experienced a population fall with the annual population
change falling between 0.64% and 0.78%. Growth rates were still negative in
2013, but improving. The annual percentage change in 2014 was positive for
the first time since 2008 at 1.24%. Growth in 2016 was 1.73%, in 2017 was
1.76%, and in 2018 was 1.6%. Growth is expected to slow down steadily, ending
at about 0.73% for the year 2040. There are now 7,546,410 people in the State.
By 2040, the state’s population is forecast to be nearly 9.1 million people.
King, Pierce, Snohomish and Kitsap counties comprise the Central Puget Sound
Region and account for 55% of Washington's total population. These four
counties experienced a population increase of more than 11% during 2000 to
2010 and 14% from 2010 to 2019.
Population Change and Rank for Counties, April 1, 2010 to April 1, 2019
Office of Financial Management, Forecasting and Research Division
County
2010
Population
Census
2019
Population
Estimate
2010-2019
Numeric
Change in
Population
2010-2019
Percentage
Change in
Population
2010
Share of
State Total
Population
2019
Share of
State Total
Population
2019
Rank by
Population
Size
King 1,931,249 2,226,300 295,051 15.28 28.72 29.50 1
Kitsap 251,133 270,100 18,967 7.55 3.73 3.58 7
Pierce 795,225 888,300 93,075 11.70 11.83 11.77 2
Snohomish 713,335 818,700 105,365 14.77 10.61 10.85 3
State Total 6,724,540 7,546,410 821,870 12.22 100.00 100.00 .
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 15 Parcel: NA
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The Office of Financial Management reports growth has been concentrated in
large metropolitan areas. 73% of the growth occurred in the state’s largest five
counties: Clark, King, Pierce, Snohomish and Spokane. From 2010 to 2019,
these counties accounted for 73% of the state’s total population growth, with
King County accounting for 36% of the state’s total growth. OFM stated the
increase in migration is being driven by the strength of the economy and job
growth in these metropolitan counties. The top 15 cities for population growth
are shown below.
City County
2010-2019
Numeric Change in Population,
Adjusted for Annexation
Seattle King 138,640
Vancouver Clark 17,384
Bellevue King 17,307
Tacoma Pierce 13,003
Renton King 12,943
Pasco Franklin 12,931
Spokane Spokane 11,933
Kent King 11,931
Auburn King/Pierce 11,540
Redmond King 11,385
Kennewick Benton 9,669
Bellingham Whatcom 8,867
Everett Snohomish 8,775
Lacey Thurston 8,666
Federal Way King 8,534
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 16 Parcel: NA
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Washington State suffered sharp job losses during the Great Recession and very
slow growth for the next five years. In December 2013, Washington State finally
recovered all of the jobs lost during the recession. The Economic and Revenue
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 17 Parcel: NA
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Forecast Council predicts employment growth will have an average annual rate
of 1.4% per year in 2017 through 2021, which exceed the national forecast. The
Washington State Unemployment Rate peaked at 10.0% in February 2010 and
has been dropping ever since. The unemployment rate in Washington as of
January 2020, was 4.4% (the US rate was 3.5% as of February 2020).
The Washington State Economic and Revenue Forecast 2nd Quarter 2020
report notes the following economic trends for Washington State:
• The Washington economy has entered a severe recession because of
extreme social distancing in response to COVID-19.
• The decline in Washington employment in April was unprecedented and
unemployment reached an all-time high.
• Washington initial claims for unemployment insurance rose to
unprecedented levels.
• Washington housing construction has declined but Seattle-area home
prices rose over the year.
• Washington exports continue to decline and Washington manufacturing
activity is contracting.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 18 Parcel: NA
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• Core Seattle consumer price inflation remains slightly above the
national average.
• Compared to February, the Washington economic forecast features
lower employment, personal income, housing, and inflation.
The June 2020 Forecast Council's Report states:
Since our last forecast in February, the [overall US] economic
outlook has changed dramatically due to the COVID-19
pandemic. The forecast for GDP growth in 2020 is now -6.1%,
down from +1.9% in the February forecast. For 2021, real GDP
growth is 4.0%, up from 2.0% in the previous forecast….Our
forecast for GDP growth is 3.9% for 2022, 3.2% for 2023, and
2.3% for 2024 and 2025. This compares to GDP growth rates in
the February forecast of 1.9% in 2022 and 2.0% each year
thereafter.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 19 Parcel: NA
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The Washington economy has entered a severe recession because
of extreme social distancing in response to COVID-19. The
decline in Washington employment in April was unprecedented
and unemployment reached an all-time high. Washington initial
claims for unemployment insurance rose to unprecedented
levels. Washington housing construction has declined but
Seattle-area home prices rose over the year. Washington exports
continue to decline and Washington manufacturing activity is
contracting. Core Seattle consumer price inflation remains
slightly above the national average.
We have five months of new Washington employment data since
the February forecast was released. The 468,800 decline in
Washington employment in April was unprecedented in its depth
and speed. Even with a slight rebound in May, total nonfarm
payroll employment fell 417,600 (seasonally adjusted) in the five-
month period. The February forecast expected an increase of
32,600 in January, February, March, April, and May. Private
services-providing sectors lost 322,900 jobs in the five-month
period. Construction employment declined by 39,500 jobs and
manufacturing declined by 32,000 jobs including the loss of
6,700 aerospace jobs. Government payrolls declined by 22,500
jobs in January, February, March, April, and May…
Washington’s unemployment rate soared to 16.3% in April from
5.1% in March and 3.8% in February before declining to 15.1% in
May. The April rate was an all-time high in the series that dates
back to 1976 (see Figure 2.1). The February unemployment rate
was an all-time low….
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 20 Parcel: NA
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Washington exports declined over the year for a sixth consecutive
quarter. Year-over-year exports decreased 35.1% in the first
quarter of 2020. The large decline was mostly because of
transportation equipment exports (mostly Boeing planes) which
fell 59.2% over the year. Boeing suspended deliveries of the 737
Max in March 2019. First quarter exports of agricultural products
decreased 21.3% over the year and exports of all other
commodities (mostly manufacturing) declined 5.7% over the
year.
Washington housing construction slowed in the first quarter of
2020 but still exceeded the February forecast. In the first quarter,
49,800 units (SAAR) were permitted, down from 53,900 in the
fourth quarter of 2019. First quarter permits consisted of 24,800
single-family units and 25,000 multi-family units. The February
forecast assumed an average rate of 44,900 (SAAR) units for the
first quarter consisting of 23,700 single-family units and 21,200
multi-family units. Permits dropped sharply in April to just
28,600 units (SAAR) before rebounding to 56,600 in May (see
Figure 2.2). The average for the first two months of the second
quarter was 42,600 units consisting of 16,000 single-family units
and 26,600 multi-family units. The February forecast predicted
24,300 single-family units and 21,600 multifamily units for a
total of 45,900 units in the second quarter….
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 21 Parcel: NA
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10/2014 2020018
This forecast is the first to incorporate the devastating impact of
COVID-19 on the economy. Virtually every aspect of the forecast
is significantly lower than in the February forecast. We expect a
5.5% decline in Washington employment this year compared to
the 1.8% increase in the February forecast. We expect above
average growth through the remainder of the forecast as the
economy recovers from this deep recession. We expect
employment growth to average 2.1% per year in 2021 through
2025 compared to the 0.9% average rate expected in February.
Our forecast for nominal personal income growth this year is
3.8%, down from 4.7% in the February forecast. The adverse
effects of the recession on personal income this year are mitigated
by substantial income support through the CARES Act. Our new
forecast for nominal personal income growth in 2021 through
2025 averages 3.5% per year, which is down from the 4.7% rate
expected in the February forecast. The effect of the recovery on
growth in 2021-25 is offset by the loss of CARES Act support. We
expect 37,100 housing units authorized by building permits this
year, down from 45,500 units in the February forecast. We expect
permits to average 39,000 in 2021 through 2025, down from
42,900 in the February forecast. We expect the Seattle CPI to rise
1.4% this year compared to 1.6% in the February forecast. We
expect Seattle inflation to average 1.9% per year in 2021 through
2025, down from 2.2% in February. (Source: Washington State
Economic and Revenue Forecast, June 2020)
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 22 Parcel: NA
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10/2014 2020018
Source: Washington State Economic and Revenue Forecast, June 2020
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 23 Parcel: NA
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10/2014 2020018
Neighborhood:
The City of Renton is located in King County at the confluence of SR 167, I-5,
and I-405. It is situated on the southern shore of Lake Washington about 11
miles southeast of Seattle and about 11 miles southwest of Bellevue. Renton was
incorporated in 1901. The population in 2019 was 101,751 (US. Census 2019).
The subject is located just north of downtown Renton.
The City’s early economy was based on coal mining, clay production, and
timber export. Today, Renton is best known as the final assembly point for the
Boeing 737 family of commercial airplanes. It is also home to a growing number
of well-known manufacturing, technology, and service companies, including
Boeing, Paccar, Providence Health & Services, and Wizards of the Coast. As of
2001, 40% of all commercial aircraft in the air were assembled in Renton.
Boeing remains the largest employer in Renton, which is home to over 10,000
employees and three of the aerospace giant's six major business divisions:
Boeing Commercial Airplanes, Boeing Capital Corporation and the Shared
Services Group.
Renton is home to IKEA, Fry’s Electronics, the Federal Aviation
Administration’s Northwest Mountain Regional Office, a branch of the Federal
Reserve Bank and many major retailers. Recent development also includes the
Virginia Mason Athletic Center, which houses the Seattle Seahawk’s
Headquarters and training facility. In order to revitalize its downtown, Renton
created an auto sales zone near the SR 167/I-405 interchange. In 2004, Renton
built a new transit center and parking garage in its downtown, which spurred
the development of a new town square, the Piazza, a City-owned events center
called the Pavilion Building, and several private mixed-use residential and
retail buildings.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 24 Parcel: NA
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10/2014 2020018
Renton City Limits
In 1992, Boeing purchased the Longacres horseracing track and started
conversion of it into an office park called Longacres Park. In 2007, a former
Boeing manufacturing site in northeast Renton was redeveloped into The
Landing, an urban village with 500,000sf of retail, restaurant and
entertainment space as well as two high-end apartment communities, The
Sanctuary and The Reserve. These two complexes contain a combined 880
units.
At the south end of the lake, another former industrial site was redeveloped
into the Southport Project by Michael Christ. Southport supports the Bristol
luxury apartments, the 347-room 12-story Hyatt Regency Lake Washington
completed in 2017, and three, 9-story buildings consisting of 730,000sf of class
A office space completed in 2019. Much of the funding for the hotel and the new
office buildings was via the EB-5 visa program.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 25 Parcel: NA
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10/2014 2020018
Renton Land Use Map
As of 2016, the largest private and public employers within the City limits are
as shown below:
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 26 Parcel: NA
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10/2014 2020018
Renton has added almost 12,000 new residents in the past 7 years
April 1, 2017 Population of Cities, Towns and Counties
Office of Financial Management, Forecasting and Research Division
Jurisdiction
2010 Population
Census
2011 Population
Estimate
2012 Population
Estimate
2013 Population
Estimate
2014 Population
Estimate
2015 Population
Estimate
2016 Population
Estimate
2017 Population
Estimate
State Total 6,724,540 6,767,900 6,817,770 6,882,400 6,968,170 7,061,410 7,183,700 7,310,300
Unincorporated
State Total 2,478,323 2,454,633 2,438,547 2,449,701
2,470,761 2,497,039 2,516,902 2,557,466
Incorporated
State Total 4,246,217 4,313,267 4,379,223 4,432,699
4,497,409 4,564,371 4,666,798 4,752,834
King County 1,931,249 1,942,600 1,957,000 1,981,900 2,017,250 2,052,800 2,105,100 2,153,700
Unincorporated
King County 325,000 285,265 255,720 253,100
252,050 253,280 245,920 247,060
Renton 90,927 92,590 93,910 95,540 97,130 98,470 101,300 102,700
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 27 Parcel: NA
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10/2014 2020018
Subject Description
A. Present use:
The subject is composed of 6 parcels totaling 1.50 acres, the majority of which
are zoned Commercial Arterial (CA), with the exception of the 2 vacant parcels
in the northeast corner that are zoned Residential-10 (R-10).
According to the King County Assessor’s Report, the site is improved with a
“service garage,” of which 17,343sf was built in 1936 and sited on Parcel
135230-0025 and 16,480sf was built in 1968 and sited on Parcel 135230-0005.
Parcels 135230-0060 and 135230-0071 are currently paved but otherwise
vacant lots, with the latter in use for parking.
Digital Plat (King County Department of Assessment)
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 28 Parcel: NA
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10/2014 2020018
B. Accessibility and Road Frontages:
The subject’s parking lot fronts, and is accessed primarily from, Bronson Way
North to the subject’s south. Bronson Way N is a principal arterial street. The
subject’s street frontage to the north is North 2nd Street, to the east is Meadow
Avenue North and to the west is Garden Avenue North.
While I-405S is located only 0.2 miles to the subject’s east (where it intersects
with Maple Valley Highway WA-169), the driving distance from I-405S to the
subject is about 1.6 miles from the nearest I405S exit, Exit 3 (WA-515/Talbot
Road S), then accessing S Grady Way, then Main Ave S to Bronson Way N. The
subject is a 10-minute walk east from the South Renton Park & Ride and from
downtown. The property faces Liberty Park, near the Cedar River.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 29 Parcel: NA
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10/2014 2020018
C. Land Contour and Elevations:
The subject site itself is relatively flat. The LIDAR image below gives some idea
of the general land contours around the subject.
King County iMap, with Elevation Contours
Critical Areas and Resource Lands
The subject does not appear to contain any wetlands or critical areas.
Flood Hazard
The subject is not located in a special flood hazard area.
According to FEMA FIRM Map 53033C0977G effective August 19, 2020, the
subject property is located in Zone X. Zone X represents areas with annual
probability of flooding of 0.2% or 1% of an annual flood risk less than 1 foot. As
shown below, the subject does not lie within a floodway or in a 100-year flood
zone.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 30 Parcel: NA
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10/2014 2020018
Hazardous Materials
I was not provided with a Phase I or II environmental audit of the subject
property. It is an assumption of this report that there are no hazardous
materials or toxic contaminants located in or on the subject site. If we are
provided with additional information on this matter, we reserve the right to
adjust the opinion of value contained herein.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 31 Parcel: NA
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10/2014 2020018
D. Land Area:
The King County Assessor's Reports show the subject as having a total of 65,176
sf (1.50 acres) of land area.
Land Area, In the Before (King County Assessor’s Office)
In the After, the fee-owned land area of the subject property will be 65,042 sf.
Land Area, In the After (King County Assessor’s Office)
E. Land Shape:
The subject site is roughly rectangular, but with a triangular addition on the
southwest.
F. Utilities:
The subject property is served by all normal public utilities.
G. Present Zoning:
Underlying Zoning
The majority of the subject site is zoned Commercial Arterial (CA). The 2
parcels on the northeast corner is zoned Residential-10 (R-10).
APN
Lot Size
(SF)Zoning
Lot Size
(Acres)
Bldg Net
Area (SF)
135230-0025 17,343 CA 0.40 16,471
135230-0005 16,480 CA 0.38 16,480
135230-0060 14,454 CA 0.33
135230-0071 8,659 CA 0.20
135230-0045 4,120 R-10 0.09
135230-0050 4,120 R-10 0.09
TOTALS 65,176 1.50 32,351
APN
Lot Size
(SF)Zoning
Lot Size
(Acres)
Bldg Net
Area (SF)
135230-0025 17,457 CA 0.40 16,471
135230-0005 16,640 CA 0.38 16,480
135230-0060 14,309 CA 0.33
135230-0071 8,476 CA 0.19
135230-0045 4,080 R-10 0.09
135230-0050 4,080 R-10 0.09
TOTALS 65,042 1.49 32,351
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 32 Parcel: NA
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10/2014 2020018
Subject Zoning (CA zone shaded Red; R-10 zone shaded Green)
The intent of the Residential-10 Zone (R-10) is "high-density residential
development that will provide a mix of residential styles including small lot
detached dwellings or attached dwellings such as townhouses and small-scale
flats….Allowable base densities range from five (5) to ten (10) dwelling units
per net acre."
The intent of the Commercial Arterial Zone (CA) is to support "business areas
characterized by enhanced site planning and pedestrian orientation,
incorporating efficient parking lot design, coordinated access, amenities and
boulevard treatment with greater densities. The CA Zone provides for a wide
variety of retail sales, services, and other commercial activities along high-
volume traffic corridors. Residential uses may be integrated into the zone
through mixed-use buildings."
Permitted uses within the R-10 zone include:
• Detached residential dwellings
• Attached dwellings including flats and townhouses
• Adult family homes
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 33 Parcel: NA
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10/2014 2020018
• Parks
• Assisted living facilities are permitted as an administrative conditional
use.
Permitted uses within the CA zone include:
• Veterinarian offices
• Multifamily uses ("In the CA Zone where abutting a residential zone if
at least one vertical mixed-use building is constructed along the street
frontage(s) with a minimum of two (2) residential stories above
commercial, the standalone residential building(s) are sited closest to
the abutting residential zone and, if townhouses, limited to three (3)
stories")
• Higher education facilities
• Trade or vocational schools as a hearing examiner conditional use
• Parks
• General and medical offices
• Conference centers
• Fast food and sit-down restaurants
• Retail sales
• Recreational facilities
• Hotels and motels
• Daycare centers
• Gas stations
• Research and development uses
• Automobile sales within a wholly enclosed building
For any street frontage in the CA zone, residential development requires
ground-floor commercial with at least 2 residential stories above. Ground-floor
commercial must occupy at least 50% of the gross ground-floor area. Such
ground-floor space must be a minimum of 30 feet deep on average and have a
minimum floor-to-ceiling height of 18 feet with a minimum clear height of 15
feet. All ground-floor commercial space must be designed with the central
plumbing drain line and a grease trap and ventilation sap for a commercial
kitchen hood/exhaust.
The portions of the subject site zoned CA is covered by the District "D" Urban
Design Regulations. These regulations are designed to encourage a mixed range
of land uses, encourage pedestrian activity, and allow for a variety of building
sizes and ample natural light. Natural lighting must be considered when siting
buildings and "pedestrian-oriented façades" are required with building entries
facing the street and ground-floor façades having 75% transparent window
space. Ground-floor residential must be set back 10 feet with landscaping and
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 34 Parcel: NA
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10/2014 2020018
elevated above street level for residents' privacy. Architectural transitions are
required adjacent to residential neighborhoods. Surface parking must be
screened and may not be located between the building and the front or side
yard. Large surface parking lots must be designed to accommodate future infill
development. Structured parking along street frontages must be developed
with at least 75% of the façade being ground-floor retail space. Access to
parking and garages must be from alleys when available.
Single-use residential or mixed-use projects with 10 or more dwelling units
must provide common open space and recreation areas at 50sf per unit. Non-
residential uses over 30,000sf in size are required to provide ground-level
pedestrian-oriented open space and amenities. Façade modulation is required
at intervals of no more than 40 feet with a minimum modulation of 2 feet deep.
Any façades visible to the public shall have at least 50% transparent windows,
and the area between 4 feet and 8 feet above ground-level windows in these
areas must contain clear glazing and cannot be tinted or dark.
Permitting History
The subject property is currently in the permitting process for an extensive
rehabilitation of the existing 31,000 square-foot building.
Easements and Encumbrances
We were provided with a title report prepared by Chicago Title Insurance
Company and dated July 9, 2019.
The policy notes reservations of coal and mineral rights, but this is typical for
the neighborhood. There is an electric utilities easement to PSE.
This report assumes there are no other easements and/or encumbrances that
create a significant adverse impact to the utility or value of the property. If we
are provided with evidence to the contrary, we reserve the right to change our
valuation.
H. Highest and Best Use If Vacant:
The highest and best use is that which is legally permissible, physically possible,
and financially feasible, and which results in the highest value for the subject
site.
I am of the opinion that the highest and best use of the subject property, as of
the date of valuation, is commercial or sales and service development on the
CA-zoned portion and multifamily residential development on the R-10 zoned
portion.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 35 Parcel: NA
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10/2014 2020018
I. Improvements:
History and Use
The subject property has been used by Bryant Motors for its truck sales and
service business since 1947. The original, one-story structure dates to 1936 with
three subsequent additions. According to the King County Assessor’s
Department, the building is a “service garage” totaling 32,951sf.
J. Specialty Items:
None.
K. Real Estate Taxes:
The Total Assessed Value (2019 Valued Year) for the subject parcel is
$5,192,500, of which $1,526,400 is attributed to land and $3,666,100 is
attributed to improvements. As shown below, Assessed Values for 2020 Valued
Year is available for the 4 parcels zoned for commercial use, but not yet
available for the 2 parcels zoned for residential use.
The 2020 Taxes total $63,353.69. All taxes are paid and there are no
delinquencies. However, the 2020 2nd Half taxes for Parcel 135230-0050,
$747.72 due November 2, 2020, has not yet been paid.
The subject is identified by the Assessor as 135230-0025, 135230-0005,
135230-0045, 135230-0050, 135230-0060, 135230-0071.
L. Assessments Current and Pending:
None
M. Existing Lease or Rental Data: (Include current estimated market rent)
N/A
Parcel (APN)
2019 Valued Year:
Appraised Land
Value ($)
2019 Valued Year:
Appraised
Improvements
Value ($)
2019 Valued Year:
Appraised Total ($)
2020 Tax Year:
Taxes ($)
2020 Valued Year:
Appraised Land
Value ($)
2020 Valued Year:
Appraised
Improvements
Value ($)
2020 Valued Year:
Appraised Total ($)
135230-0025 398,800 1,814,400 2,213,200 27,384.10 398,800 1,872,000 2,270,800
135230-0005 362,500 1,851,700 2,214,200 27,395.96 362,500 1,909,500 2,272,000
135230-0045 133,000 0 133,000 1,495.45 N/A N/A N/A
135230-0050 133,000 0 133,000 1,495.45 N/A N/A N/A
135230-0060 300,000 0 300,000 3,352.26 300,000 0 300,000
135230-0071 199,100 0 199,100 2,230.47 199,100 0 199,100
TOTAL 1,526,400 3,666,100 5,192,500 63,353.69 ---
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 36 Parcel: NA
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10/2014 2020018
N. Highest and Best Use of the Whole Property as Improved:
I am of the opinion that the highest and best use of the subject property, as
improved, as of the date of valuation, is commercial or sales and service use of
the existing building on the west side of the site (the CA-zoned portion), parking
uses on the east side of the alley, and multifamily residential development on
the R-10 zoned portion.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 37 Parcel: NA
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10/2014 2020018
8. APPROACHES TO VALUE:
Valuation is based on the direct sales comparison approach to value.
9. VALUATION-BEFORE:
A. Site Valuation:
(1) Sales Comparison Approach:
(a) Scope of Data Search:
We have researched sales of comparable vacant commercial and multifamily
residential land parcels in and near downtown Renton using data from the
CBA, CoStar, NWMLS and public records. We have interviewed market
participants. None of the sales were reported to be REO or distress sales.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 38 Parcel: NA
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10/2014 2020018
(b) General Discussion:
CA and CD Zone Sale Comparisons
Land Sale Comparison #1 is two platted lots which the buyer acquired in 2018
for development of a bank branch. However, following acquisition, the buyers
determined that the City zoning of the site requires a minimum 20 foot ceiling
height for the 1st floor and structured parking, which made their proposal
infeasible. They are waiting until the Covid19 pandemic dies down and will
reconsider what to do with the property then. The parcels are 15,007sf in size,
and the sales price was $47.64 per square foot.
Land Sale Comparison #1
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 39 Parcel: NA
RES-208
10/2014 2020018
Land Sale Comparison #2 is the acquisition of a 6,000sf lot with the CD zoning
designation. There is an older house on the lot in reasonable condition, but the
buyer plans to demolish and redevelop with 6 multifamily units. According to
brokers, because this parcel is within an airport buffer zone, development is
allowed without a commercial component, even though the parcel is within the
CD zone. [I was not able to verify this from reading the zoning code.] The sales
price is equivalent to $52.54 per square foot of land area and $52,542 per unit.
Land Sale Comparison #2
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 40 Parcel: NA
RES-208
10/2014 2020018
Land Sale Comparisons #3 and #4 are two sales in quick succession of a 6,000sf
parcel with the CD zoning designation. Like the previous sale comparison, this
parcel has the CD zoning designation, it is within the airport buffer zone and
does not require a commercial component on the ground floor. The 1st buyer
prepared a good schematic design for 9 units total, although apparently a
maximum of 14 units could be permitted on the site. The 2nd purchaser may
plan to build as few as 4 larger units. Apparently, the first buyer decided to flip
the property and pursue another development site in Pierce County. The first
sale was in May 2024 at $41.67 per square foot of land area and the second sale
occurred 2 months later for $45.83 per square foot of land area.
Land Sale Comparisons #3 and #4
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 41 Parcel: NA
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10/2014 2020018
Land Sale Comparison #5 is an older restaurant building and adjacent parking
lot, which were purchased in December 2019 for $1,800,000 or $34.62 per
square foot of land area. The northern lot is zoned CA and the southern lot,
which is used for overflow parking, is zoned R-8. The buyer will rehabilitate the
older restaurant building and occupy it as a restaurant. This transaction
involved the same seller who has been selling a number of parcels in this
immediate neighborhood, including the property at 511 Airport Way. Both this
property and 511 Airport Way were originally sold several years earlier under
seller-financed contracts, but ended up reverting to the original owner.
Land Sale Comparison #5
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 42 Parcel: NA
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10/2014 2020018
Land Sale Comparison #6 is adjacent to #5 and both are properties that a
longtime owner had received back in lieu of foreclosure and then resold. It is a
16,000sf CA parcel which sold in December 2018 for $48.44 per square foot of
land area. We were not able to fully confirm all of the details of this transaction.
Land Sale Comparison #6
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 43 Parcel: NA
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10/2014 2020018
Land Sale Comparison #7 is an assemblage by one buyer of 4 tax parcels under
2 different ownerships in May 2018. The property has the CD zoning
designation. The acquisition price for all 4 parcels was $1,656,000 or $28.20
per square foot of land area. Since the buyer was the assembler, the acquisition
price does not reflect the additional value of the assemblage. Sometime
following the acquisition, the buyer did preliminary permitting and planning,
and the property was resold to an affordable housing developer in September
2020 for $3,200,000, or about $55 per square foot.
Land Sale Comparison #7
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 44 Parcel: NA
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10/2014 2020018
Multifamily Zone Sale Comparisons
Land Sale Comparison #8 consists of 5,750sf of land with the R-8 zoning
designation. The buyers plan to build one single-family house on the property
and occupy the house. It sold for $185,500 in December 2019, or $32.17 per
square foot of land area.
Land Sale Comparison #8
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 45 Parcel: NA
RES-208
10/2014 2020018
Land Sale Comparison #9 is an R-8 zoned lot with 9,000sf on Pelly Avenue. It
was acquired for $300,000 in March 2019, or $33.33 per square foot. At the
same time, the buyer acquired an adjacent 9,000sf parcel from the same seller,
which is improved with a 1927 house in good condition for a price of $425,000.
The listing broker was not sure what the buyers’ plans are.
Land Sale Comparison #9
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 46 Parcel: NA
RES-208
10/2014 2020018
Land Sale Comparison #10 is a view townhouse site located on the hill above
Renton along Sunset Boulevard. This 0.89-acre parcel was purchased in
February 2018 without permits for $1,350,000. The price is equivalent to
$34.69 of land area. 15 townhouses are planned for the site, indicating a price
of $90,000 per unit.
Land Sale Comparison #10
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 47 Parcel: NA
RES-208
10/2014 2020018
Land Sale Comparison #11 is a midblock apartment site located between
Military Road South and International Boulevard. This property sold for
$795,000 in March 2019 for $29.31 per sf. It was purchased for residential
redevelopment, but no permits have yet been applied for. Allowed density
under this zoning designation is relatively low at 13 units for this site, indicating
a price of $61,154 per unit. The property is adjacent to some older multifamily
apartment projects in poor condition and some sales and service uses.
Land Sale Comparison #11
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 48 Parcel: NA
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10/2014 2020018
LAND SALE SUMMARY - CA and CD Zone
Location Size, SF Zoning
Acres Sale Price Price per MFR Density Price per
Sale Date $/sf Units/Acre Unit
1 CA Vacant Land 15,007 CA $715,000 $47.64
115 S 3rd St.0.34 Oct-18
Renton
2 CD Land with SFR 6,000 CD $315,250 $52.54 6 $52,542
82 Williams Ave S 0.14 May-19 43.56
Renton
3 Vacant Land 6,000 CD $250,000 $41.67 9 $27,778
117 Wells Ave S 0.14 May-20 65.34
Renton
4 Vacant Land 6,000 CD $275,000 $45.83 4 $68,750
117 Wells Ave S 0.14 Jul-20 29.04
Renton
5 Restaurant/Bar/Parking Lot 52,000 CA & R-8 $1,800,000 $34.62
455 Airport Way 1.19 Dec-19
Renton
6 Vacant Land 16,000 CA $775,000 $48.44
511 Airport Way 0.37 May-18
Renton not fully confirmed
7 Assemblage 58,730 CD, RMU $1,656,000 $28.20
617 Williams Ave S 1.35 Jul-18
Renton $3,200,000 $54.49 78 $41,026
Sep-20 57.85
Subject CA Dedications
CITC Proposed Campus APN -0025 41 CA $1,640 $40.00
1300 Bronson Way North APN -0060 145 CA $5,800 $40.00
Renton APN -0071 183 CA $7,320 $40.00
369 $14,760
CA Vacations
APN -0025 155 CA $6,200 $40.00
APN -0005 160 CA $6,400 $40.00
315 $12,600
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 49 Parcel: NA
RES-208
10/2014 2020018
(c) Comparative Analyses:
CA and CD Zone Sale Comparisons
The subject property has a good location for dense multifamily development,
but the CA zone requires significant ground floor commercial if one builds
multifamily. The CD zone has similar requirements, but 3 of the sale
comparisons exploited a loophole due to proximity to the airport and are not
required to build ground floor commercial. The other CD comparison, #7, is
located outside of the downtown central business district area and is therefore
exempt from ground floor commercial requirements.
Comparison #1 was purchased for commercial development. It is smaller in size
and has a more central location than the subject property. Its price of $47.64
per square foot should be adjusted downward relative to the subject.
Comparison #2, #3, and #4 are all relatively small lots with CD zoning, which
were purchased for multifamily redevelopment, but are exempt from ground
floor commercial space. Given their small size and their ability to be developed
with multifamily without ground floor commercial, their indicated prices
should be adjusted downward relative to the subject.
Comparison #5 consists of 2 parcels separated by an alley with the CA zone on
one and a residential zoning on the other. The buyer will rehab the old
restaurant on the commercial site. The subject site has a superior location and
the majority of the subject site has the CA zone. Overall, I have adjusted the
indicated sales price of this comparison of $34.62 per square foot upward
relative to the subject.
Comparison #6 is a smaller parcel than the subject, and we were not able to
fully confirm the details of this comparison. Based on size, a downward
adjustment is warranted.
Comparison #7 is similar in size to the subject and has a similar location, but
its zoning designation allows for single-use multifamily with no ground-floor
commercial required. It sold for $28.20 per square foot in July 2018. The initial
sale reflects the acquisition price of the assemblage, and its market value as
assembled is likely higher. It resold with extensive planning completed in
September 2020 for $54.49 per square foot. Given the requirement for ground-
floor commercial at the subject property and the fact that significant permitting
was in place for the 2020 resale of #7, an indicated value between the initial
acquisition and the 2020 acquisition is indicated for the subject.
Based on these sale comparisons, I have arrived at an indicated value for the
CA land portion of the subject property of $40 per square foot of land area.
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 50 Parcel: NA
RES-208
10/2014 2020018
LAND SALE SUMMARY - Multifamily Zoned Sites
8 R8 vacant land 5,750 R8 $185,000 $32.17 1 $185,000
207 Garden Ave N 0.13 Dec-19 7.57
Renton
9 2 Vacant lots 9,000 R8 $300,000 $33.33
245 Pelly Ave N 0.21 Mar-19
Renton
10 View Townhouse Site 38,912 RM-F $1,350,000 $34.69 15 $90,000
701 Sunset Blvd NE 0.89 Feb-18 16.78
Renton
11 Apartment Site 27,120 HDR $795,000 $29.31 13 $61,154
3446 S 146th St.0.62 Mar-19 20.87
Tukwila
Subject
CITC Proposed Campus R10 Dedication 80 R10 $2,640 $33.00
1300 Bronson Way North APNs -0045 & -0050
Renton
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 51 Parcel: NA
RES-208
10/2014 2020018
Multifamily Zone Sale Comparisons
The multifamily land sale comparisons show a fairly narrow range of pricing
between $29.31 per square foot and $34.69 per square foot. The R-8 zone is
fairly comparable to the subject's R-10 zone, and it does appear to be common
for developers to build at lower density, rather than the maximum, for smaller
parcels in the downtown Renton area.
With relatively even weight on the 4 multifamily sale comparisons, I have
arrived an indicated value for the R-10 portion of the subject of $33 per square
foot of land area.
(d) Correlation and Conclusion of Sales Comparison Approach to Land Value
Before:
The subject's immediate market area has ample recent transaction data, for
both commercial and multifamily zoned land. Overall, given the quantity and
quality of the market data, the sales comparison approach for the land value of
the subject property is well supported.
(2) Income Approach to land value (if appropriate):
N/A
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 52 Parcel: NA
RES-208
10/2014 2020018
(3) Correlation and Final Conclusion of land value Before:
Per the dedication and vacation surveys provided to us, CITC will dedicate
408sf on the east side of the alley and on the north side of Bronson Way N on
Parcel 1352300071. CITC will also dedicate 41sf at the intersection between
Garden Ave N and Bronson Way N. CITC will acquire from the City via vacation
315sf on the west side of the alley.
The exhibit below sorts the dedications and the vacations by zone and tax
parcel. The total Across the Fence market value for all dedications from CITC
to the City is $17,400.
The total Across the Fence market value for the vacation by the City on the west
side of the alley is $12,600.
CA Dedications sf $/sf
APN -0025 41 CA $1,640 $40.00
APN -0060 145 CA $5,800 $40.00
APN -0071 183 CA $7,320 $40.00
369 $14,760
R10 Dedication
APNs -0045 & -0050 80 R10 $2,640 $33.00
All Dedications 449 $17,400
CA Vacations
APN -0025 155 CA $6,200 $40.00
APN -0005 160 CA $6,400 $40.00
315 $12,600
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 53 Parcel: NA
RES-208
10/2014 2020018
B. Whole Property Valuation:
N/A
10. REMAINDER EVALUATION:
N/A
(6) Recapitulation:
All Dedications $17,400
All Vacations $12,600
11. EXPLANATION, MEASUREMENT, SUPPORTING DATA
AND ALLOCATION OF DAMAGES, COSTS TO CURE, AND
SPECIAL BENEFITS:
N/A
AGENDA ITEM #1. a)
Appraiser: Steve Price, MAI, CRE Page 54 Parcel: NA
RES-208
10/2014 2020018
Section 15 Addenda
AGENDA ITEM #1. a)
MARKET DATA
(1) ADDRESS or LOCATION: 115 S 3rd St., Renton, King 98057
(2) SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE;
(3)
a. Access: HWY 167 to S 3rd St.
b. Use at Sale: Vacant
c. H & B Use: Commercial
d. Zoning: CA
e. Dimensions: 102’ x 150’
f. Area: 15,007
g. Sale Date: 10/18/18
h. Price: $715,000.00
i. Instrument Type: SWD
j. Terms: All cash to seller
k. Ex.Tax# or AF #: 20181018000735
l. Seller: Valerie Steiner
m. Buyer: WWX Limited LLC
n. Confirmed with: Dien Le, 425.652.6987 Date:10/08/20
o. Confirmed by: Lynnel Jones
p. Date Inspected: 10/13/2020
(4) LEGAL DESCRIPTION or TAX PARCEL NUMBER: 000720-0137, -0123
(5) PHYSICAL CHARACTERISTICS (description at sale, confirmation information, changes
since sale, etc.):
A.) Property Description: The buyer purchased the 2 lots intending to build a bank
branch but that proposal was declined by the City. The buyers were told that the ceiling height
has to be 20' of the first floor. They were also told that parking has to be attached to the
building. The broker said that the City is trying to enforce underground parking for new
buildings in this zoning. They haven't been able to get any of their proposals past planning
cleared so decided to wait until after Covid settles down before trying again.
B.) Confirmation Data and Comments: arms length, normal sale.
(6) ANALYSIS:
ITEM CONTRIBUTION VALUE MARKET UNIT
Land: 15,007 sf $ $715,000.00 $ /sf
Buildings: __________ $ $
Other (Site, Yard, etc.): $ $
TOTAL SALE PRICE $$715,000.00 $
AGENDA ITEM #1. a)
AGENDA ITEM #1. a)
MARKET DATA
(1) ADDRESS or LOCATION: 82 Williams Ave S, Renton, King 98057
(2) SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE;
(3)
a. Access: Williams Ave S
b. Use at Sale: SFR
c. H & B Use: MF
d. Zoning: CD
e. Dimensions: 122’ x 50’
f. Area: 6,000
g. Sale Date: 05/08/19
h. Price: $315,250.00
i. Instrument Type: SWD
j. Terms: All cash to seller
k. Ex.Tax# or AF #: 20190807001295
l. Seller: Maxwell Ryan
m. Buyer: Joseph Bernasconi
n. Confirmed with: Steven Dobson, 206.947.8765 Date:10/08/20
o. Confirmed by: Lynnel Jones
p. Date Inspected: 10/13/2020
(4) LEGAL DESCRIPTION or TAX PARCEL NUMBER: 0007200147
(5) PHYSICAL CHARACTERISTICS (description at sale, confirmation information, changes
since sale, etc.):
A.) Property Description: There is a house on the site but the buyer plans on demoing
and building 6 units. There is a development loophole that these builders are trying to take
advantage of before the City closes it. If a lot is within a certain distance to the airport and has
CD zoning; the builder doesn't have to build a commercial portion on the ground floor.
B.) Confirmation Data and Comments: The broker wasn't directly involved in this
transaction but this buyer purchased one of the brokers listings and is active in the area as a
builder.
(6) ANALYSIS:
ITEM CONTRIBUTION VALUE MARKET UNIT
Land: 6,000 sf $ $315,250.00 $ /sf
Buildings: __________ $ $
Other (Site, Yard, etc.): $ $
TOTAL SALE PRICE $ $315,250.00 $
AGENDA ITEM #1. a)
AGENDA ITEM #1. a)
MARKET DATA
(1) ADDRESS or LOCATION: 117 Wells Ave S, Renton, King 98057
(2) SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE;
(3)
a. Access: Wells Ave S
b. Use at Sale: Vacant
c. H & B Use: MF
d. Zoning: CD
e. Dimensions: 120’ x 51’
f. Area: 6,000
g. Sale Date: 05/11/20
h. Price: $250,000.00
i. Instrument Type: SWD
j. Terms: All cash to seller
k. Ex.Tax# or AF #: 20200512000615
l. Seller: Ren-Four Inc.
m. Buyer: Scott Donogh
n. Confirmed with: Steven Dobson, 206.947.8765 Date:10/08/20
o. Confirmed by: Lynnel Jones
p. Date Inspected: 10/13/2020
(4) LEGAL DESCRIPTION or TAX PARCEL NUMBER: 007200168, -2025
(5) PHYSICAL CHARACTERISTICS (description at sale, confirmation information, changes
since sale, etc.):
A.) Property Description: The buyer purchased to build 9 units but could build up to 14
based on zoning. This property doesn't have to have commercial on the ground floor due to
airport proximately loophole. The broker said that the size of the water line may have to be
increased depending on the number of units.
B.) Confirmation Data and Comments: The broker said that the buyers 9 unit plan was
really well done. Buyer is experienced builder in the area.
(6) ANALYSIS:
ITEM CONTRIBUTION VALUE MARKET UNIT
Land: 6,000 sf $ $250,000.00 $ /sf
Buildings: __________ $ $
Other (Site, Yard, etc.): $ $
TOTAL SALE PRICE $ $250,000.00 $
AGENDA ITEM #1. a)
AGENDA ITEM #1. a)
MARKET DATA
(1) ADDRESS or LOCATION: 117 Wells Ave S, Renton, King 98057
(2) SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE;
(3)
a. Access: Wells Ave S
b. Use at Sale: Vacant
c. H & B Use: MF
d. Zoning: CD
e. Dimensions: 120’ x 51’
f. Area: 6,000
g. Sale Date: 07/17/20
h. Price: $275,000.00
i. Instrument Type: SWD
j. Terms: All cash to seller
k. Ex.Tax# or AF #: 20200721001707
l. Seller: Scott Donogh
m. Buyer: Joseph Bernasconi
n. Confirmed with: Steven Dobson, 206.947.8765 Date:10/08/20
o. Confirmed by: Lynnel Jones
p. Date Inspected: 10/13/2020
(4) LEGAL DESCRIPTION or TAX PARCEL NUMBER: 723150168, -2025
(5) PHYSICAL CHARACTERISTICS (description at sale, confirmation information, changes
since sale, etc.):
A.) Property Description: The buyer plans on doing less than the 9 units...possibly 4.
B.) Confirmation Data and Comments: The buyer and seller are both experienced
builders. The seller decided not to build on this site but to build on a site in Pierce County
instead.
(6) ANALYSIS:
ITEM CONTRIBUTION VALUE MARKET UNIT
Land: 6,000 sf $ $275,000.00 $ /sf
Buildings: __________ $ $
Other (Site, Yard, etc.): $ $
TOTAL SALE PRICE $ $275,000.00 $
AGENDA ITEM #1. a)
AGENDA ITEM #1. a)
MARKET DATA
(1) ADDRESS or LOCATION: 455 Airport Way, Renton, King 98055
(2) SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE;
(3)
a. Access: Airport Way
b. Use at Sale: Vacant restaurant and bar
c. H & B Use: Commercial
d. Zoning: CA and R8
e. Dimensions: Irregular
f. Area: 52,000
g. Sale Date: 12/18/19
h. Price: $1,800,000.00
i. Instrument Type: SWD
j. Terms: All cash to seller
k. Ex.Tax# or AF #: 3026221
l. Seller: Donald Schumsky
m. Buyer: Hong Kong Seafood Restaurant
n. Confirmed with: Steve Pelluer, 425.450.1180 Date:10/05/20
o. Confirmed by: Lynnel Jones
p. Date Inspected: 10/13/2020
(4) LEGAL DESCRIPTION or TAX PARCEL NUMBER: 7229300545, 0007200039
(5) PHYSICAL CHARACTERISTICS (description at sale, confirmation information, changes
since sale, etc.):
A.) Property Description: The buyers plan on renovating the building and turning it back
into a restaurant. As far as the broker knows the extra parcel they got zoned R8 will continue to
be used as parking for the restaurant.
B.) Confirmation Data and Comments: The building had been foreclosed on and the
Schumsky family got it back in 2017.
(6) ANALYSIS:
ITEM CONTRIBUTION VALUE MARKET UNIT
Land: 52,000 sf $ $1,800,000.00 $ /sf
Buildings: __________ $ $
Other (Site, Yard, etc.): $ $
TOTAL SALE PRICE $ $1,800,000.00 $
AGENDA ITEM #1. a)
AGENDA ITEM #1. a)
MARKET DATA
(1) ADDRESS or LOCATION: 511 Airport Way, Renton, King 98057
(2) SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE;
(3)
a. Access: Airport Way
b. Use at Sale: Vacant
c. H & B Use: Commercial
d. Zoning: CA
e. Dimensions: 162’ x 93’
f. Area: 16,000
g. Sale Date: 12/17/18
h. Price: $775,000.00
i. Instrument Type:
j. Terms: All cash to seller
k. Ex.Tax# or AF #: 201812171225
l. Seller: Renton Place LLC
m. Buyer: Dreamliner LLC
n. Confirmed with: Date:
o. Confirmed by: Unconfirmed
p. Date Inspected: 10/13/2020
(4) LEGAL DESCRIPTION or TAX PARCEL NUMBER: 7229300580
(5) PHYSICAL CHARACTERISTICS (description at sale, confirmation information, changes
since sale, etc.):
A.) Property Description:
B.) Confirmation Data and Comments:
(6) ANALYSIS:
ITEM CONTRIBUTION VALUE MARKET UNIT
Land: 16,000 sf $ $775,000.00 $ /sf
Buildings: __________ $ $
Other (Site, Yard, etc.): $ $
TOTAL SALE PRICE $ $775,000.00 $
AGENDA ITEM #1. a)
AGENDA ITEM #1. a)
MARKET DATA
(1) ADDRESS or LOCATION: 615-617 Williams Ave S, Renton, King 98055
(2) SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE;
(3)
a. Access: S Grady Way and Williams Ave S
b. Use at Sale: Vacant and a fourplex
c. H & B Use: MF
d. Zoning: CD, RMU
e. Dimensions: Irregular
f. Area: 58,730
g. Sale Date: 2018
h. Price: $1,656,000.00
i. Instrument Type: SWD
j. Terms: All cash to seller
k. Ex.Tax# or AF #: 20180511001335, 20180511001334, 20180511001336
l. Seller: Clare, Puget Western
m. Buyer: Cordova Renton LLC
n. Confirmed with: Brent Nelson, 425.455.2664 Date:10/05/20
o. Confirmed by: Lynnel Jones
p. Date Inspected: 10/13/2020
(4) LEGAL DESCRIPTION or TAX PARCEL NUMBER: 1723059069, 1823059115,
1823059282, 1723059136
(5) PHYSICAL CHARACTERISTICS (description at sale, confirmation information, changes
since sale, etc.):
A.) Property Description: 3 of the 4 parcels were vacant and a fourplex on the fourth.
The fourplex was considered a land deal but with intermittent income.
B.) Confirmation Data and Comments: The buyer is a home builder and the sales took
some work to get them to come together.
(6) ANALYSIS:
ITEM CONTRIBUTION VALUE MARKET UNIT
Land: 58,730 sf $ $1,656,000.00 $ /sf
Buildings: __________ $ $
Other (Site, Yard, etc.): $ $
TOTAL SALE PRICE $ $1,656,000.00 $
AGENDA ITEM #1. a)
AGENDA ITEM #1. a)
MARKET DATA
(1) ADDRESS or LOCATION: 207 Garden Ave N, Renton, King 98057
(2) SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE;
(3)
a. Access: Garden Ave North
b. Use at Sale: Vacant
c. H & B Use: SFR
d. Zoning: R8
e. Dimensions: 115’ x 49’
f. Area: 5,750
g. Sale Date: 12/19/19
h. Price: $185,000.00
i. Instrument Type: SWD
j. Terms: All cash to seller
k. Ex.Tax# or AF #: 20191219000512
l. Seller: Wende Family Living Trust et al
m. Buyer: Elves/Schaffer
n. Confirmed with: Lisa Roberts, 206.300.6304 Date:10/08/20
o. Confirmed by: Lynnel Jones
p. Date Inspected: 10/13/2020
(4) LEGAL DESCRIPTION or TAX PARCEL NUMBER: 7564600270
(5) PHYSICAL CHARACTERISTICS (description at sale, confirmation information, changes
since sale, etc.):
A.) Property Description: The lot is slightly smaller than a normal City lot but the buyers
took that into account with the floorplan.
B.) Confirmation Data and Comments: Buyers plan on building a home and living there.
Arms length.
(6) ANALYSIS:
ITEM CONTRIBUTION VALUE MARKET UNIT
Land: 5,750 sf $ $185,000.00 $ /sf
Buildings: __________ $ $
Other (Site, Yard, etc.): $ $
TOTAL SALE PRICE $ $185,000.00 $
AGENDA ITEM #1. a)
AGENDA ITEM #1. a)
MARKET DATA
(1) ADDRESS or LOCATION: 245 Pelly Ave N, Renton, King 98057
(2) SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE;
(3)
a. Access: Pelly Ave N
b. Use at Sale: Vacant
c. H & B Use: SFR
d. Zoning: R8
e. Dimensions: 97’ x 90’
f. Area: 9,000
g. Sale Date: 03/06/19
h. Price: $300,000.00
i. Instrument Type: SWD
j. Terms: All cash to seller
k. Ex.Tax# or AF #: 20190315000318
l. Seller: Nakashima/Wilson
m. Buyer: Tim and Joseph Green
n. Confirmed with: Jim Muir, 206.947.8791 Date:10/13/20
o. Confirmed by: Lynnel Jones
p. Date Inspected: 10/13/2020
(4) LEGAL DESCRIPTION or TAX PARCEL NUMBER: 7225000330, -0325
(5) PHYSICAL CHARACTERISTICS (description at sale, confirmation information, changes
since sale, etc.):
A.) Property Description: The 2 lots were listed separately and the broker wanted to sell
them separately. He felt he could have gotten more selling each lot. The broker said he had
builders interested in the separate lots.
B.) Confirmation Data and Comments: The buyer also purchased the adjacent home on a
double lot. They thought they got a good investment. The broker wasn't sure if the buyer is
using the home or if it was an investment purchase.
(6) ANALYSIS:
ITEM CONTRIBUTION VALUE MARKET UNIT
Land: 9,000 sf $ $300,000.00 $ /sf
Buildings: __________ $ $
Other (Site, Yard, etc.): $ $
TOTAL SALE PRICE $ $300,000.00 $
AGENDA ITEM #1. a)
AGENDA ITEM #1. a)
Appraiser: Steve Price Page 1
RES-210
Rev 12-00
MARKET DATA
(1) ADDRESS or LOCATION: 3446 S 146th St., Tukwila, King 98168
(2) SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE;
(3)
a. Access: S 146th from SR 99/ INt'l Blvd
b. Use at Sale: Vacant
c. H & B Use: MFR
d. Zoning: HDR
e. Dimensions: 210 X 130
f. Area: 27,120
g. Sale Date: 3/28/2019
h. Price: $795,000
i. Instrument Type: WD
j. Terms: All cash to seller
k. Ex Tax# or AF #: 201903280830
l. Seller: Jeong-Won Kim
m. Buyer: Suchi Holdings LLC
n. Confirmed with: Michelle Chang,
206.448.9600
Date:6/10/2019
o. Confirmed by: Lynnel Jones
p. Date Inspected: 6/18/2019
(4) LEGAL DESCRIPTION or TAX PARCEL NUMBER: 004000-0325
(5) PHYSICAL CHARACTERISTICS (description at sale, confirmation information, changes
since sale, etc.):
A.) Property Description: The site is all usable and the buyer is expected to build
apartment units. The broker wasn't sure how many.
B.) Confirmation Data and Comments: Normal sale
(6) ANALYSIS:
ITEM CONTRIBUTION VALUE MARKET UNIT
Land: 27,120 sf $ $795,000 $ /sf
Buildings: __________ $ $
Other (Site, Yard, etc.): $ $
TOTAL SALE PRICE $ $795,000 $
AGENDA ITEM #1. a)
Appraiser: Steve Price Page 2
RES-210
Rev 12-00
AGENDA ITEM #1. a)
Appraiser: Steve Price Page 1
RES-210
Rev 12-00
MARKET DATA
(1) ADDRESS or LOCATION: 701-707 Sunset Blvd NE, Renton, King 98056
(2) SALE SKETCH AND PHOTO ARE ON FOLLOWING PAGE;
(3)
a. Access: West side of Sunset at top of hill.
b. Use at Sale: Vacant Land
c. H & B Use: MFR
d. Zoning: RM1
e. Dimensions: Irregular
f. Area: 38,912
g. Sale Date: 2/28/2018
h. Price: $1,350,000
i. Instrument Type: WD
j. Terms: All cash to seller
k. Ex Tax# or AF #: 201802280830
l. Seller: Tottenham LLC
m. Buyer: Royal Creek LLC
n. Confirmed with: David Knight, 253.631.9545 Date:6/5/2019
o. Confirmed by: Lynnel Jones
p. Date Inspected: 6/18/2019
(4) LEGAL DESCRIPTION or TAX PARCEL NUMBER: 311990-0005, -0010, -0011
(5) PHYSICAL CHARACTERISTICS (description at sale, confirmation information, changes
since sale, etc.):
A.) Property Description: The buyer proceeded with permitting right after sale. 15 view
townhouses.
B.) Confirmation Data and Comments: Normal sale
(6) ANALYSIS:
ITEM CONTRIBUTION VALUE MARKET UNIT
Land: 38,912 sf $ $1,350,000 $ /sf
Buildings: __________ $ $
Other (Site, Yard, etc.): $ $
TOTAL SALE PRICE $ $1,350,000 $
AGENDA ITEM #1. a)
Appraiser: Steve Price Page 2
RES-210
Rev 12-00
AGENDA ITEM #1. a)
Terra Property Analytics, LLC Voice 206.213.0810 Valuation
PO Box 31097 Fax 206.299.4464 Litigation Support
Seattle, Washington 98103 www.reresources.com Consulting
Terra Property Analytics, LLC
STEVEN P. PRICE, MAI, CRE
APPRAISER'S EXPERIENCE DATA
Mr. Price entered private appraisal practice with Shorett & Riely in 1986 and formed Therrien &
Price, LLC in 1994. In 1998, Terra Property Analytics, LLC was formed.
Mr. Price has performed appraisals and market studies on a wide range of property types including
offices, industrial buildings, hotels, low income and special needs housing, medical properties,
master planned communities, restaurants, leasehold and leased fee estates, special purpose
properties, and vacant land. He has testified before the King County Council, Washington State
Superior Court, U.S. Bankruptcy Court, U. S. Tax Court, and prepared numerous reports for
litigation.
He was a board member for the Chinese Information and Service Center in Seattle for 15 years,
served as board president for 3 years, and developed their new 18,000sf office in the International
District. He was on the board of University Child Development School and chaired their Facilities
Committee. He is on the approved appraiser list and the review appraiser list of the Washington
State Department of Transportation. He was Chairman of the Pacific Northwest Chapter of the
Counselors of Real Estate for 3 years.
Mr. Price graduated from Wesleyan University in 1986 with a Bachelor of Arts degree in
Economics. In 2000, he completed a two-year postgraduate certificate in Theoretical and Applied
Geographic Information Systems through Simon Fraser University in Vancouver, BC. He is
currently enrolled in a Masters Degree in Civil Engineering at the University of Washington. He
was admitted to membership with the Counselors of Real Estate in November, 2003; certificate no.
2171. He was awarded the MAI designation by the Appraisal Institute in October of 1993, Member
Number 10,148. He is a Washington State Certified General Real Estate Appraiser, #1100364
(Expiration Date October 18, 2021).
A partial list of appraisal and consulting clients is as follows:
Legal
Attorney General of Washington
Salter Joyce Ziker
Forsberg & Umlauf PS
Byrnes & Keller LLP
Marsh Mundorf Pratt Sullivan + McKenzie
Jager Law Firm
Lane Powell
Tousley Brain Stephens PLLC
Buck & Gordon and Gordon Derr
Houlihan Law
Mills Meyers Swartling
Short Cressman & Burgess
Bagley Mullins Law Group
Riddell Williams P.S.
Stoel Rives, LLP
Kenyon Disend, PLLC
Government
City of Seattle
State of Washington, WSDOT, GA, AG, &
DCTED
City of Bellevue
City of Lynnwood
City of Bothell
City of Redmond
City of Woodinville
City of Bellingham
University of Washington
Federal Way Public Schools
United State Postal Service
King County Library System
City of Covington
Port of Seattle
Washington State Parks
AGENDA ITEM #1. a)
Terra Property Analytics, LLC
Corporate & Development
Intracorp
Harbor Properties
Unico Properties
Fremont Dock Company
Seneca Group
Low Income and Special Needs Housing
Seattle Housing Authority
Tacoma Housing Authority
Housing Resources Group
CHHIP
Plymouth Housing
Downtown Emergency Service Center
St. Andrews Housing Group
HomeSight
AF Evans Company
Interim Community Development
King County Housing Authority
Seattle Chinatown International District PDA
Non-Profit Institutions
Puget Consumers Coop
The Trust for Public Land
Whidbey Camano Land Trust
Financial Institutions
Bank of America
US Bancorp
Washington Trust Bank
Banner Bank
Union Bank
Realty Advisors and Pension Funds
New York State Teachers Retirement System
California Public Employees Retirement
System
Los Angeles County Employees Retirement
System
Publications
“Surface Interpolation of Apartment Rental Data: Can Surfaces Replace Neighborhood Mapping?”
Appraisal Journal, July 2002.
“Low Interest Rates Driving Up Prices for Local Real Estate”, Seattle Daily Journal of Commerce,
November 7, 2002.
“Unique Design Brings Boeing Workers Together”, Seattle Daily Journal of Commerce, A & E
Perspectives, November 18, 2004, and The Counselor, Winter 2004, Vol. 49 No. 4.
“Shanghai Development Takes Off, Transforming the Residential and Commercial Landscape”,
Real Estate Issues, Fall 2006, Vol. 31 No. 2.
Presentations
“The Top Ten Things Every Practitioner Should Know about Appraisals and Appraisers”, June 6,
2004. Washington State Bar Association, 2004 Real Property, Probate and Trust Section Midyear
Meeting.
“The Gift Planner’s Guide to the Commercial Real Estate Market”, January 10, 2005, Washington
Planned Giving Council, January Meeting.
Awards
Steve received the Bridge to Success Award in 2007 from the Chinese Information and Service Center
for the successful planning, negotiation, and development of the agency’s new headquarters and
counseling facility in the International District of Seattle.
AGENDA ITEM #1. a)
Terra Property Analytics, LLC Voice 206.213.0810 Valuation
PO Box 31097 Fax 206.299.4464 Litigation Support
Seattle, Washington 98103 www.reresources.com Consulting
Eminent Domain Assignments
1999 WSDOT, Atlas Foundry. Special purpose facility. Three partial acquisitions
2000 WSDOT, SR304 Bremerton, 20 parcels. 10 were partial acquisitions
2001 30 parcel partial take assignment for WSDOT in Bellingham along SR 539
2000, City of Bellevue, partial taking built-to-suit auto service building,
2003, Warehouses in Canyon Park, Northshore School District
2001, 5 waterfront parcels in Southport, for ferry landing, WSDOT
2003, WSDOT in Bellingham along SR 539, 4 partial acquisitions
2003, City of Woodinville, Easement Valuation
2004, WSDOT, SR 9, gas station partial taking
2004, City of Woodinville, 1 partial and 1 Total Acquisition
2005, WSDOT, Sequim, 2 Partial Takes from US Fish & Wildlife, Industrial Building and Forest
Land
2005, WSDOT, 8 full acquisitions, Fife
2005, WSDOT Partial Acquisition, Retail in floodway
2005, Client was Condemnee, Partial Acquisition of BP Land in Everett
2005, WA State Dept of General Administration, Office Building, Total Acquisition
2006, City of Shoreline, BNSF Right of Way Temporary Construction Easement
2006, City of Covington, Right of Way Funding Estimate, 1 total acquisition, 6 partial acquisitions,
and special benefits study
2006, Port of Seattle, 1 Total Acquisition
2006, Client was Condemnee, NC3 land, Total Acquisition, Capitol Hill
2006, Client was Condemnee, NC3 land, Total Acquisition, West Seattle
2006, City of Woodinville, Leasehold Valuation following Public Acquisition
2006, Port of Seattle, 11.19 acres of surplus streets
2006, City of Bellingham Railroad, 2.5 miles of Railroad Right of Way
2006, City of Enumclaw, Street Vacations
2007, WSDOT, Cross Base Highway, 2.5 miles of longitudinal easement on railroad RW,
Lakewood
2007, WSDOT, Maytown Stormwater Site, industrial parcel w/o utilities
2007, Attorney General’s Office, Skagit County 30 acre site Ag parcel w/ grandfathered
commercial use
2007, City of Covington, 7 acre parcel encumbered by access easement and BPA power line
easements
2007, Attorney General’s Office, Renton 7 acre commercial parcel
2008, WSDOT, Partial Acquisition of Federal F & W Building
2008, WSDOT, SR410 5 Mitigation Partial Takes
2008, City of North Bend, Partial Acquisition
2008, WSDOT, 2 Snoqualmie Pass proposed subdivision parcels
2009, City of Milton,
2009, WSDOT, Milton Safeway, 4 partial acquisitions
2009, City of North Bend, Partial Acquisition of Contaminated Property
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2009, WSDOT, Auburn Wetland Mitigation Site
2009, Review of WSDOT partial acquisition appraisal in Fife for property owner
2010, Appraisal for adjoin owner of WSDOT surplus RW
2010, 3 Lake Union improved waterfront parcels for possible negotiated acquisition. WSDOT
2010, State vs City of Des Moines, Partial acquisition of surplus WSDOT RW
2010, City of Bellevue, 7 Strip Takes, 120th Ave NE
2011, City of Bellevue, 4 Partial Acquisitions, including a RR corridor and possible demolition of
a big box retail store
2011, WSDOT, SR 167 Fife, 6 partial acquisitions
2011, Hall Equities, WSDOT Surplus RW in Shelton
2011, WSDOT, SR 410 Tracy Parcel
2011, Attorney General’s Office, Contaminated Gas Station Partial Take
2011, Attorney General’s Office, SR 509 Surplus Property
2011, WSDOT, 2 Parcels, SR 101 Port Angeles
2012, Wilson v. Sound Transit, SFR and Land Value
2012, WSDOT, Contaminated Parcel, SR 101 Port Angeles
2012, City of Bellevue, Mediation
2012, City of Bellevue, Partial Acquisition, Crossing over abandoned RRRW
2012, Attorney General’s Office, SR 101 Port Angeles
2012, City of North Bend, PFE
2012, Houlihan Law for Parcel Owners, 4 Partial takes by ST, SeaTac
2012, Port of Seattle, Waterfront Industrial Partial Acquisition by KC
2012, City of Bellevue, Review – partial Acquisition of Slopes and Wetlands
2012, Kennedy Estate, Consulting for ST Tunnel Acquisition
2012, City of Bellevue, NE 4th Street Partial Acquisitions, four complex parcels
2012, First-Citizens v. Buchan, Land Valuation
2012-2013, Attorney General’s Office, 8 separate partial acquisitions, SR 101 Sequim
2012, City of North Bend, PFE on three parcels
2013, City of Forks, abandoned gravel pit
2013, City of Yelm, appraisal reviews, four parcels
2013, City of Bellevue, Office Building for Total Acquisition
2013, Attorney General’s Office, Access Restriction Taking, SR 520
2013, City of Bellevue, 120th Ave Strip Take Amendments
2013, WSDOT, Inverse Condemnation Lawsuit, Kitsap County
2014, City of Covington, Three Total Acquisitions for Parks
2014, City of Bellingham, Total Acquisition, Interchange Hotel Site
2014, Attorney General’s Office, Partial Take, Assertion of Damages to Proposed Structure
2014, Attorney General’s Office, Partial Take, SFR Proximity Damages
2014, Attorney General’s Office, Access Restriction Taking, SR 520
2014, Attorney General’s Office, Port Angeles, Partial Take with Functional Damage to Truck
Repair Shop
2014, WSDOT, Partial Take, Renton, Interchange Hotel Parcel
2014, WSDOT, Renton, Partial Take of Off-Site Parking Easements
2014, Starwood Hotels, Partial Take by WSDOT
2014, BRE/WHM LLC Hotels, Partial Take by WSDOT
2014, Hotel Contaminated with Methamphetamines, Total Take by City of Bellingham
2014, City of Bellevue, Office Building for Total Acquisition
2015, Attorney General’s Office, Inverse Condemnation Case, Pacific Highway South
2015, Attorney General’s Office, Partial Take of Fast Food Restaurant
2015, Kent Fire Department, Partial Take of Residential Land
2016, Tousley Brain Stephens PLLC, Partial Take of Vacant Land
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2016, Tousley Brain Stephens PLLC, Partial Take of Airport Parking Facility
2016, City of Covington, PFE for 17 partial acquisitions
2016, Attorney General’s Office, Partial Take of Agricultural Land
2016, Attorney General’s Office, Partial Take of Unbuildable Residential Parcel
2016, WSDOT, Total Acquisition of Urban Gas Station and Grocery Store
2016, Attorney General’s Office, Building Encroachment on State Right-Of-Way
2017, City of Covington, 16 Partial Acquisitions
2017, City of North Bend, 3 Partial Acquisitions
2017, WSDOT, 3 Appraisals of Access Right Acquisitions
2017, WSDOT, Temporary Construction Easement Acquisition
2017, WSDOT, 2 Year TCE with Major Impacts on Use
2018, Attorney General’s Office, Partial Acquisition
2018, Attorney General’s Office, Partial Acquisition, Superfund Site
2018, WSDOT, Surplus Property Valuation
2018, Tacoma Public Utilities, Easement and Surplus Property Valuation
2018, Attorney General’s Office, Total Acquisition, Urban Site
2018, Microsoft, Sound Transit Partial Acquisitions
2018, Foster Pepper, Sound Transit Total Acquisitions
2018, Attorney General’s Office, Partial Acquisition of Contaminated Site
2018, WSDOT, 2 Airspace Lease Appraisals
Excludes: Reviews of Eminent Domain Appraisals, Appraisals for dispositions or negotiated
acquisitions by Public Agencies, and Street and RW Valuations for vacation or non-contested
acquisition.
AGENDA ITEM #1. a)