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L-C-105 Lo9.Pdf (Link Is External) FIRST APPRAISAL SERVICES An Appraisal Report for the Valuation of a Vacant Tract of Land Owned by State of Arizona Location of Property to be Appraised: Southeast corner of Citrus Road and McDowell Road 17605 W. McDowell Road Goodyear, Arizona 85395 Report Dated: Effective Date: December 3, 2020 November 30, 2020 Prepared for: Arizona Department of Transportation Right of Way Operations Section 205 S. Seventeenth Avenue Prepared by: Room 331, Mail Drop #612E Phoenix, Arizona 85007 Timothy A. Haskins, ASA Arizona Certified General Real Estate Appraiser #30668 Reference: First Appraisal Services, PLC 3420 E. Shea Boulevard, Suite 200 FAS 1.20-2824.00 Phoenix, Arizona 85028 Project: M697201X 602.264-0011 [email protected] Highway: Bob Stump Memorial Parkway Section: I-10 Traffic Interchange Parcel: L-C-105 FIRST APPRAISAL SERVICES 3420 E. Shea Boulevard, Suite 200 | Phoenix | Arizona | 85028 6 0 2 . 2 6 4 - 0 0 1 1 | [email protected] December 3, 2020 Mr. Timothy O’Connell Review Appraiser Arizona Department of Transportation Right of Way Operations Section 205 S. Seventeenth Avenue Room 331, Mail Drop #612E Phoenix, Arizona 85007 RE: Project: M697201X Highway: Bob Stump Memorial Parkway Section: I-10 Traffic Interchange Parcel: L-C-105 Dear Mr. O’Connell: In accordance with your request and authorization, I have prepared an appraisal of the property referenced above. I am pleased to present the narrative Appraisal Report transmitted by this letter, containing pertinent data related to the valuation of the property appraised. The subject property is comprised of a 42.581-acre tract of land located at the southeast corner of Citrus Avenue and McDowell Road in Goodyear. A physical inspection of the property was made on November 30, 2020, without representatives of the property owner present. The purpose of this appraisal is to provide an opinion of the market value of the property identified herein. The intended use of this appraisal is to assist in decisions regarding the possible sale or disposal of the property being appraised. The effective date for this appraisal assignment is November 30, 2020. This appraisal report has been written in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation, the Code of Ethics of the American Society of Appraisers, the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, the Federal Highway Administration (FHWA) Uniform Act, 49 CFR Part 24, and the guidelines and standards of the Arizona Department of Transportation. FAS 1.20-2824.00 i Mr. Timothy O’Connell Arizona Department of Transportation December 3, 2020 The opinion of market value as defined and expressed herein is subject to the Underlying Assumptions and Limiting Conditions set forth in this report, as well as the appraiser’s certification. There have been no extraordinary assumptions or hypothetical conditions made for this appraisal assignment. As a result of my investigation and study, I am of the opinion that the market value of the fee simple estate of the appraised property, as of November 30, 2020, is: NINE MILLION TWO HUNDRED SEVENTY-FOUR THOUSAND DOLLARS $9,274,000.00 Thank you for the opportunity to be of service to you. If you have any questions or if we may be of any further assistance in this matter, please do not hesitate to call or write this office. Respectfully submitted, FIRST APPRAISAL SERVICES Timothy A. Haskins, ASA Arizona Certified General Real Estate Appraiser No. 30668 FAS 1.20-2824.00 FIRST APPRAISAL SERVICES ii Table of Contents Letter of Transmittal ....................................................................................................................................................... i Table of Contents..........................................................................................................................................................iii Summary of Salient Facts and Conclusions .................................................................................................................. v State Map ...................................................................................................................................................................... vi Regional Map .............................................................................................................................................................. vii Aerial Map .................................................................................................................................................................. viii INTRODUCTION ....................................................................................................................................................... 1 PURPOSE AND SCOPE OF THE APPRAISAL ......................................................................................................... 2 Purpose ..................................................................................................................................................................... 2 Scope of Work .......................................................................................................................................................... 4 Limiting Conditions .................................................................................................................................................. 6 FACTUAL DATA........................................................................................................................................................ 7 IDENTIFICATION OF THE REAL ESTATE ............................................................................................................. 8 OWNERSHIP AND OCCUPANCY ............................................................................................................................. 8 Ostensible Owner ...................................................................................................................................................... 8 Occupancy ................................................................................................................................................................ 8 REGIONAL ANALYSIS .............................................................................................................................................. 9 Location and Climate ................................................................................................................................................ 9 Population ............................................................................................................................................................... 10 Economic Trends .................................................................................................................................................... 11 Real Estate Market Sectors ..................................................................................................................................... 16 NEIGHBORHOOD ANALYSIS ................................................................................................................................ 21 Location .................................................................................................................................................................. 21 Transportation ......................................................................................................................................................... 22 Demographics ......................................................................................................................................................... 24 Land Use Patterns ................................................................................................................................................... 25 Amenities ................................................................................................................................................................ 26 Trends ..................................................................................................................................................................... 26 REAL PROPERTY DESCRIPTION........................................................................................................................... 27 Site Data.................................................................................................................................................................. 27 Zoning ..................................................................................................................................................................... 29 Easements and Restrictions..................................................................................................................................... 30 Taxes and Assessments ........................................................................................................................................... 30 Division of Real and Personal Property .................................................................................................................. 31 VALUATION ANALYSIS ........................................................................................................................................ 32 HIGHEST AND BEST USE ......................................................................................................................................
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