14 SKOKIE HIGHWAY in UNINCORPORATED LAKE COUNTY Near LAKE BLUFF, ILLINOIS 60044 Second City Appraisal
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APPRAISAL REPORT 14 SKOKIE HIGHWAY in UNINCORPORATED LAKE COUNTY near LAKE BLUFF, ILLINOIS 60044 Second City Appraisal, LLC 420 Lake Cook Road, Suite 116 Deerfield, IL 60015 www.secondcityappraisal.com (224) 804-6533 [email protected] SECOND CITY APPRAISAL, LLC Appraising Chicago for Three Generations 420 Lake Cook Road, Suite 116 Deerfield, IL 60015 (847) 858-0176 (Voice) ANDREW J. RICHTER, MAI PRESIDENT [email protected] Mr. Dan Rogers March 5, 2019 President Rockland Fire Protection District 14 North Skokie Highway Lake Bluff, Illinois 60044 Dear Mr. Rogers: As you recently requested, we have prepared an appraisal valuing the fee simple interest in the property commonly known as 14 SKOKIE HIGHWAY in UNINCORPORATED LAKE COUNTY, near LAKE BLUFF, ILLINOIS. The property consists of the 26,087 square foot (0.60 acre), virtually rectangular shaped interior site, improved with a 12,242 square foot, one and part two-story on slab, masonry constructed fire house, built in 1970. The fully- sprinklered building has a five-bay fire truck garage at the front, and 7,742 square feet (63.2%) of finished space on two floors, providing training, classroom and on-duty staff lounge and kitchen areas. At the date of our inspection, the building was vacant, with the fire protection equipment and staff only recently relocated. We hereby certify that we have no past, present or contemplated future interest in the property; that neither this appraisal, nor the compensation therefore, are contingent upon the value reported; that we have most recently inspected the property on February 20, 2019; and that this appraisal report has been made in conformity with Standard 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP); the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA); and the Appraisal Institute, which has the right of review. We herewith deliver our appraisal report, which describes the property and the methods used to arrive at a final opinion of value for the described interest in the property. As supported in this report, it is our considered opinion that the market value of the fee simple interest in the subject real estate, subject to the terms and conditions of this report, but with no property-specific hypothetical conditions or extraordinary assumptions, as of the date of our inspection on February 20, 2019, was: SIX HUNDRED THIRTY THOUSAND DOLLARS ($630,000) Respectfully submitted, Andrew Richter, MAI President SUMMARY OF SALIENT FACTS Property Address: 14 N. Skokie Highway in Unincorporated Lake County near Lake Bluff, Illinois Property Type: Fire-house building Lot Size (Land Area Ratio): 26,087 square feet (2.13:1) Building Size: 12,242 square feet Building Description: A 12,242 square foot, one and part two-story on slab, masonry constructed fire house, built in 1970. The fully- sprinklered building has a five-bay fire truck garage at the front, and 7,742 square feet (63.2%) of finished space on two floors, providing training, classroom and on-duty staff lounge and kitchen areas. At the date of our inspection, the building was vacant, with the fire protection equipment and staff only recently relocated. Condition: Good Highest and Best Use: If vacant: Interim holding of the site until new development is deemed to be financially feasible. As Improved: Conversion to an auto service garage. Hypothetical Conditions & Extraordinary Assumptions: None. Date of Valuation & Inspection: February 20, 2019 OPINION OF MARKET VALUE –FEE SIMPLE INTEREST AS IS - AS OF FEBRUARY 20, 2019 SIX HUNDRED THIRTY THOUSAND DOLLARS ($630,000) TABLE OF CONTENTS INTRODUCTION Title Page ..... .......... .......... .......... .......... ...................... .......... .......... ......... i Letter of Transmittal .......... .......... .......... ...................... .......... .......... ........ ii Summary of Salient Facts . .......... .......... ...................... .......... .......... ....... iii Table of Contents .... .......... .......... .......... ...................... .......... .......... ....... iv DESCRIPTION, ANALYSIS AND CONCLUSIONS Property Identification ....... .......... .......... ...................... .......... .......... ........ 1 Legal Description ... .......... .......... .......... ...................... .......... .......... ........ 1 Intended Use and User of the Appraisal .. ...................... .......... .......... ........ 1 Hypothetical Conditions & Extraordinary Assumptions .......... .......... ........ 2 History of Recent Conveyances ... .......... ...................... .......... .......... ........ 2 Definition of Market Value .......... .......... ...................... .......... .......... ........ 2 Scope of Work Performed . .......... .......... ...................... .......... .......... ........ 3 Competency Provision ....... .......... .......... ...................... .......... .......... ........ 4 Designated Flood Plain ...... .......... .......... ...................... .......... .......... ........ 4 Zoning .......... .......... .......... .......... .......... ...................... .......... .......... ........ 5 Tax Data ...... .......... .......... .......... .......... ...................... .......... .......... ........ 6 Area Data ..... .......... .......... .......... .......... ...................... .......... .......... ........ 7 Site Data ...... .......... .......... .......... .......... ...................... .......... .......... ...... 10 Description of Improvements ....... .......... ...................... .......... .......... ...... 12 Highest and Best Use ......... .......... .......... ...................... .......... .......... ...... 15 Opinion of Market Value ... .......... .......... ...................... .......... .......... ...... 19 Comparable Sales #1 - #6 ......... .......... ...................... .......... .......... ...... 19 Comparable Sales Map .. .......... .......... ...................... .......... .......... ...... 24 Alternate Building Sales .... .......... .......... ...................... .......... .......... ...... 27 Certification . .......... .......... .......... .......... ...................... .......... .......... ...... 31 ADDENDA Subject Photos ........ .......... .......... .......... ...................... .......... .......... ...... 32 Lake County Tax Parcel Map ....... .......... ...................... .......... .......... ...... 43 Area Statistics ......... .......... .......... .......... ...................... .......... .......... ...... 44 Lake Bluff Infographic ...... .......... .......... ...................... .......... .......... ...... 45 Subject Map . .......... .......... .......... .......... ...................... .......... .......... ...... 48 Chicago and Vicinity Map . .......... .......... ...................... .......... .......... ...... 49 Assumptions and Limiting Conditions .... ...................... .......... .......... ...... 50 Qualifications of the Appraisers ... .......... ...................... .......... .......... ...... 51 Page No. 1 PROPERTY IDENTIFICATION The subject property is commonly known as 14 SKOKIE HIGHWAY in UNINCORPORATED LAKE COUNTY, near LAKE BLUFF, ILLINOIS (Census Tact #8632.02). The property consists of the 26,087 square foot (0.60 acre), virtually rectangular shaped interior site, improved with a 12,242 square foot, one and part two-story on slab, masonry constructed fire house, built in 1970. The fully-sprinklered building has a five-bay fire truck garage at the front, and 7,742 square feet (63.2%) of finished space on two floors, providing training, classroom and on-duty staff lounge and kitchen areas. At the date of our inspection, the building was vacant, with the fire protection equipment and staff only recently relocated. LEGAL DESCRIPTION The Lake County GIS/Mapping Division Tax Parcel Map Page 150 describes the property as follows: Lot 1 in Knollwood Fire Department/Rockland Fire Protection District Consolidation in the Northeast 1/4 of the Northeast 1/4 of Section 19, Township 44 North, Range 12 East of the Third Principal Meridian, in Lake County, Illinois. This legal description was taken from our reading of the Lake County Tax Parcel Map which is reproduced in the Addenda of this report and is for informational purposes only. It should be confirmed by a licensed surveyor prior to any transfer or encumbrance of the property. INTENDED USE AND USER OF THE APPRAISAL This appraisal will develop our opinion of the market value, as herein defined, of the fee simple interest in the property described above, in its “as is” condition as of the date of our inspection on February 20, 2019. The opinion of market value developed in this appraisal is subject to the terms and conditions set forth in this report, including those specified in the standard Assumptions and Limiting Conditions in the Addenda, with no property-specific hypothetical conditions or extraordinary assumptions. Our opinion applies solely to the above date, and there are no representations or warranties, expressed or implied or otherwise made by us, pertaining to the future value of real or personal property. This appraisal has been prepared at the request of Mr. Dan Rogers of the Rockland Fire Protection District (the RFPD). The RFPD is our client and the intended users of this report, which is intended to assist the RFBD in planning for the property’s possible disposition. It thus excludes any personal property, as only the real estate would