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City Appraisal The Austin McGuire Company Valuation Analysis Of A retail property Located at 328 Greenwich Avenue Stamford, Connecticut 06902 Prepared For Mani Poola, P.E. Traffic Engineer Engineering Department 888 Washington Boulevard – 7th Floor Stamford, CT 06901 Prepared By The Austin McGuire Company 64 Wall Street, Suite 401 Norwalk, Connecticut 06850 “Navigating the built environment” May 23, 2017 PERSONAL AND CONFIDENTIAL Mani Poola, P.E. Traffic Engineer Engineering Department 888 Washington Boulevard – 7th Floor Stamford, CT 06901 Re: Valuation of a retail property located at 328 Greenwich Avenue in Stamford, Connecticut 06902 Dear Mr. Poola: Per your request, we have completed our appraisal assignment to estimate the market value of the referenced property (“subject property”) according to the definitions stated herein and subject to the assumptions, limiting conditions, and certification also contained in the report. The purpose of this report is to render an opinion of the as is market value of the fee simple interest in the subject property as of May 17, 2017, the date of drive by inspection. The purpose of this appraisal is to estimate the market value in connection with the acquisition of the Rights of Way with the full taking of 328 Greenwich Avenue for the Greenwich Avenue/Southfield Avenue at Selleck Street intersection improvements project. The appraised property consists of the land and improvements located at 328 Greenwich Avenue in Stamford, Fairfield County, Connecticut 06902. According to the assessor’s records, the site is 0.10 +/ acres and located along the east side of Greenwich Avenue at the northeast corner intersection with Selleck Street and Southfield Avenue in the Waterside submarket, south of I-95. Surrounding uses include small commercial and residential uses at the four way intersection with residential, commercial and industrial uses just beyond. The improvements consist of a one story, 851 square foot retail store with storefront facing Greenwich Avenue. Built in 1920, it was vacant and boarded up at our drive by visit. There appears to be 8 +/- parking spaces on site to the north and east of the improvements. 64 Wall Street, Suite 401 Norwalk, Connecticut 06851 Tele: (203) 299-0101 Fax: (203) 831-9042 “Navigating the built environment” Mr. Poola May 23, 2017 Page 2 This report has been prepared in conformance with Standards One and Two of the Uniform Standards of Professional Appraisal Practice (USPAP) and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). We have considered all three classical approaches in determining value, the Income, Cost, and Sales Comparison Approaches. As an improved retail property, we have considered the income and sales comparison approaches. It could be purchased by an owner user or investor. We have excluded the cost approach given the subjectivity of depreciation of older buildings as well as the non- conforming nature of the site for lot size and frontage to current regulations. However, we have included an estimation of land value as a cross check. Based upon our research and analyses, we have formed the opinion that the as is market value of the fee simple interest in the subject property, as of May 17, 2017, free and clear of financing, is: $295,000 The report has been prepared by Michael McGuire, MAI and Eileen Boyd. Their certificates of value are part of the report. The Austin McGuire Company has no present or contemplated interest in the property, nor any other interest that might prevent an unbiased valuation. Given the nature of the subject property, the market value estimate developed in this appraisal reflects a marketing period of up to 12 months and a similar exposure time of up to 12 months. Extraordinary Assumptions 1. Building and site size are based on the subject’s tax card from the city of Stamford. We reserve the right to alter or change our opinion of value if, subsequent to our appraisal, the measurement data is shown to be in error. 2. At our drive by, no conditions were observed that would indicate the presence or existence of hazardous substances, such as petroleum leakage, asbestos, or other adverse environmental conditions. However, the age of the improvements might suggest the presence of asbestos and/or lead paint. The value stated within this report is subject to change if any other hazardous substances or environmental conditions are detected by an expert in the field. The appraiser is not qualified to detect or measure hazardous materials and this appraisal is predicated upon the assumption that environmental hazards do not exist on the property. 64 Wall Street, Suite 401 Norwalk, Connecticut 06851 Tele: (203) 299-0101 Fax: (203) 831-9042 “Navigating the built environment” Mr. Poola May 23, 2017 Page 3 3. At the request of the client, we have performed a drive by inspection. 4. Based on a review of zoning regulations for C-B zoned properties, it appears the subject is nonconforming for lot size and frontage. However, we are not zoning experts. We have made the extraordinary assumption the subject is legal non-conforming. Very truly yours, Michael D. McGuire, MAI Eileen Boyd CT Certified General R.E. Appraiser CT Certified General R.E. Appraiser License Number RCG. 809 License Number RCG. 1131 Exp. 4/30/2018 Exp. 4/30/2018 64 Wall Street, Suite 401 Norwalk, Connecticut 06851 Tele: (203) 299-0101 Fax: (203) 831-9042 The Austin McGuire Company Table of Contents Page Table of Contents 5 Regional Map 6 Location Map of the Subject Property 6 Executive Summary 7 Introduction 9 Relevant Definitions 9 Scope of Work 10 Marketing Period 11 Area Analysis 12 Market Analysis 19 Description of the Property 21 Site Description 21 Photographs of Subject Property 23 Improvement Description 25 Highest and Best Use 26 Valuation Methodology 27 Income Approach 28 Sales Comparison Approach 35 Crosscheck – Land Value 39 Reconciliation and Opinion of Value 43 General Assumptions and Limiting Conditions 44 Certificate of Value 46 Qualifications 47 Addenda 50 5 The Austin McGuire Company Area Map Location Map 6 The Austin McGuire Company Executive Summary Property Address: 328 Greenwich Avenue in Stamford, Fairfield County, Connecticut 06902 Property Location: It is located on the east side of Greenwich Avenue in the City of Stamford, on the northeast corner of its intersection with Selleck Street and Southfield Avenue in the Waterside submarket, south of I-95, Parcel ID Number: 001/1681 Intended Use: To estimate the as is market value of the fee simple interest of the subject property in connection the acquisition of the Rights of Way with the full taking of 328 Greenwich Avenue for the Greenwich Avenue/Southfield Avenue at Selleck Street intersection improvements project. Intender User: The City of Stamford and/or its affiliates. Site Size and Shape: 0.10 +/- acre with a near rectangular shape Improvements Description: The subject has a one-story retail building, built in 1920 with gross building area of 851 +/- square feet. There is onsite parking for an estimated 8 +/- cars to the north and east of the improvements. Occupancy: Vacant Zoning: C-B (Community Business district) Flood Zone: FEMA Map # 09001C0516G (revised July 8, 2013) in Zone X flood hazard area, an area of minimal flood risk. Highest and Best Use: As improved for retail use or as permitted. Value Conclusion: $295,000 7 The Austin McGuire Company Aerial view of subject facing north Front of subject 8 The Austin McGuire Company Introduction Identification and History of the Subject Property The subject property is located at 328 Greenwich Avenue in Stamford, CT. It is identified on the assessor rolls as parcel number 001/1681. The current owner of record is Louis Katsos et al. The property was acquired by the present owners on July 9, 1998, as per Stamford Land Records Book 5040, Page 144, for recorded consideration of $115,000. Purpose and Use of the Appraisal The purpose of this report is to determine the as is market value of the fee simple interest of the subject property, as of May 17, 2017, the date of drive by inspection. The function of this appraisal is to estimate the as is market value of the subject property to be used in connection with the acquisition of the Rights of Way with the full taking of 328 Greenwich Avenue for the Greenwich Avenue/Southfield Avenue at Selleck Street intersection improvements project. Intended Use of the Report This report is intended for use by the City of Stamford and/or its affiliates. This report is not intended for any other use. Use of this report by others is not intended by the appraiser. Effective Date of Value Estimate The effective date of our as is market value estimate is May 17, 2017, the date of drive by inspection. On this date, a drive by inspection was conducted by Eileen Boyd. Relevant Definitions Market Value1 is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, and acting in what they consider their own best interest; 3. Reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
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