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Appraisal Report Renton Municipal Airport Renton, Washington

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Appraisal Report Renton Municipal Airport Renton, Washington Appraisal Report Renton Municipal Airport Renton, Washington Report Date: May 29, 2019 FOR: Casey Boatman, Airport Business Coordinator City of Renton 616 West Perimeter Road Renton, WA 98057 Valbridge Property Advisors | Puget Sound 18728 Bothell Way NE, Suite B Bothell, WA, 98011 425-450-4040 Valbridge Job No.:19-0104 valbridge.com May 29, 2019 Mr. Casey Boatman Airport Business Coordinator City of Renton 616 West Perimeter Road Renton, WA 98057 Via e-mail ([email protected]) RE: RENTON AIRPORT LAND RENT RE-VALUATION (Our File #19-0104) Dear Mr. Boatman: At your request, we have completed a Narrative Appraisal Report in order to convey our opinion of the market rental rates for land and selected individual buildings on or near the Renton Municipal Airport. This report provides an analysis of airport properties with respect to current market activity to assist in pending lease and/or purchase negotiations with airport tenants. With respect to land, our conclusions have been generated through an analysis of comparable land sales activity, as well as activity at other regional airports, and our inspection of the various properties. This report includes descriptions, comparable analysis, and an opinion of market rent for the land owned by the City of Renton in order to assist in ground lease negotiations for the airport in its entirety. In doing so, we have observed the various properties on the airport and selected a representative parcel size of 1.50 acres for our land analysis. We have also analyzed an additional city-owned, off-airport parcel located nearby. The land analysis is intended to provide an opinion of market rent for this land only (excluding improvements and any potential leasehold interest in the land) unless otherwise noted. Our improved property rental rate analysis includes the study of building rental rates at competing airports. Our improved property market value analysis includes a cost approach with respect to the structure, as well as consideration of age, quality, and depreciation of improvements, to name a few. This is a Narrative Appraisal Report, intended to comply with the reporting requirements of the Code of Ethics and Standards of Professional Appraisal Practice, which include Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Institute. As such, it presents no discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraisers’ opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraisers’ file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use previously stated. 19-0104mb– © 2019 Valbridge Property Advisors | Puget Sound The appraisers are not responsible for unauthorized use of this report. Use of this report by a third party is not intended. The value conclusions herein are given subject to the specific assumptions and limiting conditions stated immediately following this transmittal letter, as well as others identified in the report. Based on our investigation and analysis of all relevant data, our concluded opinions, as of March 27, 2019, are as follows: Summary of Conclusions Property Conclusion* Market Rent Analyses Airport-wide Ground Rent $1.10 per sf/yr Boeing Employees Flying Association (BEFA $8.50 per sf/yr Leven Estate Hangar $9.15per sf/yr Leven Estate Office Building $15.00 per sf/yr T-Hangars $395.00 per mo 300 Rainier Avenue N. (Land Only) $1.82 per sf/yr 300 Rainier Avenue N. (Land and Building) $13.00 per sf/yr As-Is Market Value USCBP Modular Office $23,000 rounded If you have further questions not answered in the accompanying report, please do not hesitate to call. Sincerely, VALBRIDGE PROPERTY ADVISORS PUGET SOUND S. Murray Brackett, MAI Christina J. Lovell, Associate Senior Managing Director Washington License #27011-1001951 Washington License #27011-1100853 04/18/2020 11/22/2019 kr Enclosures 19-0104mb– © 2019 Valbridge Property Advisors | Puget Sound Page 2 RENTON MUNICIPAL AIRPORT TABLE OF CONTENTS Table of Contents Page Letter of Transmittal Executive Summary Introduction Identification of the Subject Property ............................................................................................. 1 Legal Description .................................................................................................................................... 1 History and Ownership ......................................................................................................................... 2 Date of Inspection/Valuation ............................................................................................................. 2 Intended Use/User of Report ............................................................................................................. 2 Property Rights Appraised .................................................................................................................. 3 Scope of the Appraisal .......................................................................................................................... 3 Hazardous Waste/Extraordinary Assumptions ............................................................................ 4 Personal Property ................................................................................................................................... 4 Marketing and Exposure Periods ...................................................................................................... 4 Area Development and Land Uses ................................................................................................... 5 Market Analysis - Industrial ................................................................................................................ 5 Market Analysis - Office ....................................................................................................................... 9 Market Analysis - Aviation ............................................................................................................... 11 Factual Data Description of Renton Municipal Airport ............................................................................ 13 Site Size: ........................................................................................................................................... 13 Utilities:............................................................................................................................................. 13 Access: .............................................................................................................................................. 14 Topography: ................................................................................................................................... 14 Soils: .................................................................................................................................................. 14 Zoning/Land Use: ......................................................................................................................... 14 Assessed Value / Taxes: ............................................................................................................. 14 Easements/Encumbrances ........................................................................................................ 15 Property Utility .............................................................................................................................. 15 Description of Properties Analyzed ....................................................................................... 15 Highest and Best Use As If Vacant ............................................................................................................................................ 22 Conclusion of Highest and Best Use - As If Vacant ......................................................... 23 As Improved .......................................................................................................................................... 24 Valuation Methodology Method 1: Sales Comparison Approach - Surrounding Off-Airport Land ............ 25 Method 2: Direct Comparison – Airport Lease Rates .................................................... 25 The Cost Approach to Value .................................................................................................... 25 Reconciliation and Application of Rental Rates ................................................................ 25 Ground Rent Analysis – Airport-Wide 19-0104mb– © 2019 Valbridge Property Advisors | Puget Sound Page i RENTON MUNICIPAL AIRPORT TABLE OF CONTENTS Method One - Off-Airport Land Analysis ............................................................................ 26 Discussion of Land Sales - Conclusion of Base Land Value ......................................... 26 Discussion of Adjustments ............................................................................................................... 27 Transactional Adjustments ....................................................................................................... 28 Property Adjustments ................................................................................................................. 28 Lease Conditions Adjustment .................................................................................................. 3 1 Aviation Use Restriction
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