Weiler Appraisal Inc
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Weiler Appraisal Inc. Appraisal Report of Parcel ED-769 123 N. Broadway Street, De Pere, Brown County WI, 54115 Weiler Appraisal Inc. April 3, 2018 Ms. Kimberly Flom Development Services Director City of De Pere 335 S. Broadway Street De Pere, WI 54115 Dear Ms. Flom: As requested, I have appraised Parcel ED-769 located at 123 N. Broadway Street, City of De Pere, Brown County, WI. The appraised property consists of a 0.241 acre parcel of land used as a Parking Lot. The Current As Is Market Value of the Fee Simple interest in the property, as of March 15, 2018, is as follows: One Hundred Twenty Six Thousand Dollars $126,000 The attached appraisal report contains the market data and analysis upon which the value conclusion was based. The report has been prepared in compliance with the Uniform Standards of Professional Appraisal Practice. The appraisal report and all of the appraiser's work in connection with the appraisal assignment are subject to the Limiting Conditions and Assumptions section of this report, and all other terms stated in the report. Any use of the appraisal by any party, regardless of whether such use is authorized or intended by the appraiser, constitutes acceptance of all such limiting conditions and terms. Sincerely, Weiler Appraisal Inc. Detlef H. Weiler, MAI Wisconsin Certified General Appraiser WI-237-10 1221 Bellevue St., Suite 202 Green Bay, WI 54302 Phone (920) 544-0264 Weiler Appraisal Inc. Table of Contents Summary of Important Facts and Conclusions ............................................................................... 1 Limiting Conditions and Assumptions ........................................................................................... 2 Scope of Work ................................................................................................................................ 4 Purpose of the Appraisal ................................................................................................................. 6 Intended Use ................................................................................................................................... 6 Client and Intended User ................................................................................................................ 6 Property Rights Appraised .............................................................................................................. 6 Date of Valuation ............................................................................................................................ 6 Sales History ................................................................................................................................... 6 Extraordinary Assumptions ............................................................................................................ 6 Hypothetical Conditions ................................................................................................................. 7 Marketing Time and Exposure Time .............................................................................................. 7 Market Value Definition ................................................................................................................. 8 Legal Description ............................................................................................................................ 8 Plat Map ...................................................................................................................................... 9 General Market Area Analysis...................................................................................................... 10 Neighborhood Description ............................................................................................................ 17 Neighborhood Map ................................................................................................................... 18 Site Description and Analysis ....................................................................................................... 20 Assessment and Taxes .................................................................................................................. 22 Zoning ........................................................................................................................................... 22 Real Estate Market Analysis ......................................................................................................... 23 Highest and Best Use .................................................................................................................... 26 Approaches to Value ..................................................................................................................... 27 Sales Comparison Approach ......................................................................................................... 28 Land Sales Map......................................................................................................................... 36 Land Sales Adjustment Analysis .............................................................................................. 36 Sales Comparison Approach Conclusion.................................................................................. 42 Final Reconciliation ...................................................................................................................... 44 Certification .................................................................................................................................. 45 Exhibits: Photographs.................................................................................................................................... A Flood Plain Map .............................................................................................................................. B Qualifications .................................................................................................................................. C Weiler Appraisal Inc. Summary of Important Facts and Conclusions Subject Property: Parcel ED-769 123 N. Broadway Street, De Pere, Brown County, WI, 54115 Owner: City of De Pere Effective As Is Date of Value: March 15, 2018 Intended Use: The intended use is to determine the market value for the proposed marketing of the property for redevelopment. Intended User(s): City of De Pere Land Size 0.241 Acres Zoning: B-1, Central Business District Highest & Best Use, as Vacant: Retail or Restaurant development, with potential upper floor residential uses. Market Value Conclusions: Sales Comparison Approach: $126,000 Income Capitalization Approach: NA Cost Approach: NA Final Value Conclusions: As Is Value Conclusion(s) $126,000 Effective Date (s) March 15, 2018 Property Rights Fee Simple 1 Weiler Appraisal Inc. Limiting Conditions and Assumptions Acceptance of and/or use of this report constitutes acceptance of the following limiting conditions and assumptions; these can only be modified by written documents executed by both parties. 1. This appraisal is to be used only for the purpose stated herein. While distribution of this appraisal in its entirety is at the discretion of the client, individual sections shall not be distributed; this report is intended to be used in whole and not in part. No part of this appraisal, its value estimates or the identity of the firm or the appraiser(s) may be communicated to the public through advertising, public relations, media sales, or other media. 2. All files, work papers and documents developed in connection with this assignment are the property of Weiler Appraisal Inc.. Information, estimates and opinions are verified where possible, but cannot be guaranteed. Plans provided are intended to assist the client in visualizing the property; no other use of these plans is intended or permitted. 3. The description of any improvements provided in the appraisal was based on physical observations of the improvements, as well as floor plans and/or building plans that may have been made available to the appraiser. However, the appraiser is not qualified to detect the presence of any mechanical or structural defects in the improvements. It is therefore assumed that the structure and all mechanical systems are in proper functional and working condition, unless specifically stated otherwise in this report. 4. All engineering studies are assumed to be correct. The plat maps and illustrative material in this report are included only to help the reader visualize the property. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for obtaining the engineering studies that may be required to discover them 5. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyl, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, was not called to the attention inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test for such substances. The presence of such hazardous substances may affect the value of the property. The value opinion developed herein is predicated on the assumption that no such hazardous substances exist on or in the property or in such proximity thereto, which would cause