Reso 2003-596 - Laserfiche WebLink

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- I I I - - - I I II II II I I I I I IiI; II~ ,t II" 8iI: \ Rug 05 03 OS:50a 10,4 Sale R;-4 and R-5 at $32.00 and $30.00 per square foot, respectively, should indicate upper limits of the value for the subject lots. Sale R-5 is currently vacant. The owner plans to construct a single family residence on the site, Sale R-6 contains an older residence. Reportedly, the owner plans to demolish the existing residence and construct a single family residence, These lots are located approximately five blocks southwest of the subject lots and are considered slightly better in location, The subject lot backs to the William Lehman Expressway. Duplex Lot Sales The duplex lot sales range in unit price from $33,14 to $59,66 per square foot. These lots arc being assembled by one buyer with the intent to remove the existing duplexes and construct townhouses. Excluding Sale D-l, which is older in time and Sale D-7, which is the latest sale and appears a premium was paid for assemblage, the remaining sales have unit prices ranging from $43.09 to $46.40 per square foot. The sales properties arc generally more functional than the subject duplex zoned properties. Parcel I is triangular in shape and Parcels 2 and 3 have excessive depth. ~ There arc few areas in the subject neighborhood or nearby neighborhoods with duplex zoning. The sales contain older duplexes and are located within a three block radius of the subject lots. Based on a careful analysis of the salcs,tbe values of the subject lots are estimated as follows: Parcell (RU-2 Zoned) 6,689 square feet x $25.00 per square foot = Rounded $167,225 $165,000 Parcel 2 (RU-2 Zoned) 10,355 square feet x $35.00 per square foot = Rounded $362,425 $362,500 Parcel 3 (RU-2 Zoned) 20,937 square feet x $30.00 per square foot = Rounded $628,110 $630,000 Parcel 4 (RU-l Zoned) 7,500 square feet x $25.00 per square foot = $187,500 " I I; QUINLIVAN APPRAISAL 31