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Sturgis Property Appraisal - 05.01.1987 V --- - - --- = REALTOR = - - ---- - -- ---- -- I The Market Ptare ,Mountain Park No. 4C Monrue llarkuav Lake Oswego, Oregon 97034 phone:636-9433 i'. i' _ I I! APPRAISAL REPORT PREPARED FOR THE CITY OF TIGARD I I' i STURGIS PROPERTY I I. I I `I C. C. DAWELL C.R.A. -- c� PROFESSIONAL APPRAISER fS 30 YEARS r j T A B L E O F C O N T E N T S { TITLE PAGE ( X ) LETTER OF TRANSMITTAL ( X ) i LOCATION SKETCH ( X ) LEGAL DESCRIPTION ( X ) r � HIGHEST AND BEST USE ( X ) 'i SITE AND NEIGHBORHOOD ( X ) i SITE MAP ( X ) SITE IMPROVEMENTS ( ) r DEPRECIATION SCHEDULE ( } ` ALLOCATION - SUMMATION APPROACH ( X ) COMPARISON APPROACH ( X ) i GRID ANALYSIS ( X ) ECONOMIC APPROACH ( } I PROPERTY RATING ( X ) FACTS AND CONCLUSIONS ( X ) CORRELATION OF VALUE ESTIMATES ASSESSED VALUATION DATA ( X ) i, PHOTOGRAPHS ( X ) �I CERTIFICATION ( X ) i STATEMENT OF LIMITING CONDITIONS ( X ) j QUALIFICATIONS OF THE APPRAISER ( X ) � I C. C. DAWELL C.R.A. f c7 PROFESSIONAL APPRAISER C� 30 YEARS AJi 16805 S. Old River Drive Lake Oswego, Oregon 47034 phone:636-9433—636-2484 May 1, 1987 Tom Brian City of Tigard _ P. O. Box 23397 I' I Tigard, Oregon 97223 RE: Hall Blvd. Local Improv. Dist. - Tigard - Sturgis Dear Mr. Brian: Property In compliance with your request, the undersigned has made an inspection and completed an appraisal of real property located at 13055 S. W. Hall Blvd. - Tigard, Oregon. This real property is legally described as follows: Tax Lot 400, in the NE-1 4 of the SE- of Section 2, Township 2 South, (; Range 1 West of the W.M. , in the City of Tigard, County of Wash- ington, and the State of Oregon, except that part lying within the public ways, if any. 3 Please be informed that a careful and personal inspection was made of this properr� and due consideration was given to all factors and forces that influence values. The attached report contains an analysis of general and specific data which was deemed to be essential to support the estimate of value as reported herein under the comparison, summation, and economic approaches to value, if applicable. As a result of my investigation and findings it is my considered and professional opinion that the real property, as described above, warrants a market value as of May 1, 1987. In the amount of: Market Value Estimate: $130,000.00 Should questions arise in connection with this report or if I can be of further assistance in the valuation of real estate, please feel free to call upon me. i Respectfully submitted, C • Li e� � I i i C. C. Dawell Professional Appraiser C. C. DAWELL PROFESSIONAL APPRAISER (� 30 YEARS I� Lac T, � t. 1 A /7rZ;VEt ` y • R • 041[ tT •f J If t Location Mai tr • ^O � 111011r'TT. i Y I I ; ■u � II , _ DAKOTA t •�� d ���IST Ii �, � � as ►TAP►i[ ST. "� •i: • � � y 11 S =i JEWS rSIR Ll '/� • 1! r/ RYLL ST. Rr.ANc - yr, VLL i Li i R t r I ^ [1T11�R W ST. ;1oil ©� 1ir• A D►RTr/O I I, tl l t D 11 1\1141.1 / � S 4 � fit ii. t r � i `•IR tea. s �t- S+ 1 S DEFRDELI e .;,• caLS i.RC Subject uc i \ 11 e�_ cooK // • pc Ki -91 rr ��Cr•ARUA.� ST v . � . \,, � —.6 ,I S■ , I / CHER 11�'f tr a ♦~ S i EDGFr DOD ST. •�; SM MCIYIE. ST_ i u •jV �. -O •V Iy�C.40:DT M .A a O ; Q =r R IL MW IL - .V r4 I w O ♦ POLLV E. CT. W DOKALD / ST .� �, t Ci sr r1 SF ELROSEY OIf REEK Cl uMRi•K•u iA CLEN ELR S" CT O q li ' - f ♦ ` T T YOVNTARIVIEi • REEK w IE � IARC ^> T T _ KR � i •t W.E. TE Xi r ta f IrC2 aT c 1 S. CD •� r CC n- I LA Ali/ t t RIME / ` V _ i .L ' t � ►E 1 t --cm._rorrE R 11 �� 11 W T r ci 1 s T Ti 1 •{1 1 i Si rODOK. � ti TATTIER T It I { ROS[ ti 1 1 1 •1f� T. KAA C STCA y � tl � � S C Q 1 1`~� {• sr O �� V•. • " '•lTV DRiK 4-0 ___- - ' �� DOR RIw■ h.' I{ l`t !' 1 � E•� .a 5111; '{ i {{/ i C. C. DAWELL C.R.A. t'= PROFESSIONAL APPRAISER Q 30 YEARS I Legal Description I. i i� _ TAX LOT 4 0 0 I' Ii i SECTION TWO NE -1 SE4 ! TOWNSHIP TWO , SOUTH RANGE ONE WEST j! I' MERIDIAN WILLAMETTE I i II COUNTY WASHINGTON I STATE OREGON I i j EASEMENTS UTILITY i _ I I EXCEPTIONS PUBLIC WAYS i i i I I `I C. C. DAWELL C.R.A. PROFESSIONAL APPRAISER Q 30 YEARS SE i 4 • . ` n� yH`- ��'- 7 T @t ik'-T `�r !-• -tl�` '�T�� �i.a� its -� T' yat° ,tk.•- ;-dam j .+C.-! t,_ zr. LL t 1 � � e� "K. 'x'`` -,i'4'-n.s' •e 2, �'• `1r r �� - c}. . = ayz Pkat lVap Elie spa ' SEE 1rtR!OP 10 i 41 • fie-SW COAA <34 too- .�• v.q Jl-' ; _ y - �. - ' e� i _-�is- �-x r- - � -� - - � • ^s� � ;; �; !• scst�as \; Subject bra is � 1 Z72•72_ s Co• _ ria-t- - � � sHfi i' ,� • C. C. DAWELL C.R.A. �- ----- - PROFESSIONAL APPRAISER 30 YEARS 1 II - r I HIGHEST AND BEST USE " j i The highest and best use is that use to which a property may be put that will return the greatest amount of net income to the I' land. The highest and best use of the subject at this time is for Central Business District site development consistent with Zoning Regulations of the City of Tigard, Oregon. MARKET VALUE DEFINED I The highest price estimated in the terms of money or its equiva- lent which a property will bring if exposed for sale in the open market with a reasonable time allowed to find a purchaser buying with knowledge of all the uses to which the property is capable of being used. i'. DEPRECIATION DEFINED Depreciation is a loss in value from any cause. It can be physical, functional or economic. Physical and functional depreciation are curable but in theory economic is not. I PURPOSE OF THE APPRAISAL The purpose of this appraisal is to establish an estimate of market j value of the interest in the property described herein as of the date of this report, or if the property is being acquired under eminent domain proceedings, then the market value is as of the date of taking. i USE AND OCCUPANCY The property, at this time, is being held as an investment with anticipation of speculation and/or development, and is unoccupied, i and the owner of record appears to be Richard Norman Sturgis, Trustee. i `I C. C. DAWELL C.R.A. L a PROFESSIONAL APPRAISER Q 30 YEARS iz -P • - i1 now Zoning Map �� 1 �- 3 6 41f 711 NIP lo C no f \ `� rte•®�4'� AV AL \_ -B . _ R- . 40, 41f, A _ �__ i 44*1 4P CBD • �t .� - - .�,".�`� CBD R -12 ��,R_i� \ Subject 1 �. NO 4. Ilk 40 fes• �. =-smsl. Ilgo:_s lm ,[Qinot R I -s;.cci --- r : 7 y � • C. C. DAWELL C.R.A. �.., �; ----------�--- c7 PROFESSIONAL APPRAISER CS— I 7/ 30 YEARS I� SITE AND NEIGHBORHOOD I' Lot Grade . . . . . . . . . . . . . 1' -4' Above i Topography . . . . . . . . . . . . . . Generally Level Soil Composition . . . . . . . . . Loam i Drainage . . . . . . . . . . . . . . . . Good Flood Hazard Area . . . . . . No { Sanitation . . . . . . . . . . . . . . . . Sewer i. Water Supply . . . . . . . . . . . . Public Street . . . . . . . . . . . . . . . . . . . Asphalt Egress/Ingress . . . . . . . . . . Hwy. 217 _ Driveway . . . . . . . . . . . . . . . . Rock i { Easements . . . . . . . . . . . . . . Utilities i Building Density . . . . . . . . . . 7570 Zoning . . . . . . . . . . . . . . . . . . CBD Conditions/Restrictions . . . None I Average Age . . . . . . . . . . . . . 10 to 50 Years Vacancy Factor . . . . . . . . . . .0375 (Improved) Ij Average Value . . . . . . . . . . . $2.50/$5.00 p.s.f. Trend . . . . . . . . . . . . . . . . . . . Stable (Up) i Income Level . . . . . . . . . . . . $15M/$30M �I C. C. DAWELL G.R.A. PROFESSIONAL APPRAISER Q 30 YEARS j; iL ,Q� 100 I; EF MAP ( \ I ' 2S 1 ?AD / 11 it I ?A f 6941 it ( Plot Plan ! \, \b erl iID` Alonc Butnh•am o I 2 0 0.0 5 ?vllllr, 300 i- c 60Ac. 6 1< W (C'S 13,665) 643/533 o I! Z 2000 _-7- 589° O E I 499 7 t 205.33 401 400 i! 8 BB Ac. I z 32 +OU.03 P 7 ( f 50f. 3.9 324 5 i I v , I 3"!1 50 r i• Z C 10 -4 ' Q 600 8.03Ac. ' {"w LLJ y 1 ! •= 1T�5 3 N N(n Vs woAb i ! r i eV C. C. DAWELL C.R.A. _- __ _ -c7 PROFESSIONAL APPRAISER Q �— 30 YEARS 1 i� PROPERTY RATING i j Architectural Planning. . . . . . Unimproved Use . . . . . . . . . . . . . . . . . . Investment Conformity . . . . . . . . . . . . Average i, Location . . . . . . . . . . . . . . . Average i Stability . . . . . . . . . . . . . . . Average Quality . . . . . . . . . . . . . . . . Average Future Depreciation . . . . . . . Transitional Condition . . . . . . . . . . . . . . Vacant Neighborhood Maintenance . . . Typical Industrial i Schools and Shopping. . . . . . . Good/Good Marketability. . . . . . . . . . . . Average I' Transportation. . . . . . . . . . . Excellent I� i' i i C. C. DAWELL C.R.A. PROFESSIONAL APPRAISER (� _ 30 YEARS- Ml j ALLOCATION OF VALUE ESTIMATE f I LAND: .96 ac. (Inside irregular) 41, 817 s.f. @ $3. 10 p. s.f. $129, 632.00 i i' IMPROVEMENTS: (Depreciated) None $ 0.00 i i' i ON-SITE IMPROVEMENTS: Excluded, if anv. $ 0.00 Ij I I I TOTAL VALUE OF LAND AND IMPROVEMENTS: SUMMATION (COST) APPROACH: $ 0.00 COMPARISON (MARKET) APPROACH: $129,632.00 ECONOMIC (INCOME) APPROACH: ROUNDED TO MARKET VALUE: (Effective 3. 108) $130,000.00 i NOTE: Replacement Cost Factors are from reliable sources and have been compared to recent contractor estimates. I � I NOTE: OAF = Overall Factor (Land and Improvements' i i ! C. C. DAWELL C.R.A. t' a PROFESSIONAL APPRAISER Q 30 YEARS i Comparable Market Data O Q I w r =�� E L O O tD ! I I' Q o Cl) O m I I i- Cl) M oLo Lo-zj- Z < I I ( j r (r CU c- c - - - - -- c 0 Q h W fA 69 ' Q m to 69 r y I �I (C Y a L3 ai Q T 0 M f6 c6 E E a a co s 4- I aJ ; rt3; ma@ V U c.J Q00 O N > i :3 ! O � EO E+ U •r 1 •r l0 O f I �--f� I O Ln �- c U y U t- 4- � cn Q L Lor ,-p r - - - - - W r; C r l i J-•r -F-� L/)' w N aJ Ol c6 m (o ro co cc (o (o ! ray r6. r6 L' O Q)i C7 C7 cy y c c(n O U 0� p 1 ( O O C7' p� UI �I N a i YID La a Lo Ln cn w r W z w w w w w U�wjiw z v `� �I N a) u) E i O O chiN O^a O N olC) (O L I O 00Lo r O c rr Q OIa t` N NItsT UO p ZLn 00r -rl 1 a co w L E a W N -O D coN m W (A FA er �_ m Z �I U cd O .{.J O r •N r SI C N fo v i6 - I N F 1 Sr aJ N -C3 �j I N M N-5 n C i 3w a 4- t--( > Q1 I I.—I M = I c6 O Q N O > rI �I ISI G-' N �j U UO0rLor -0r rrr rr W r Or CO _ , E- N I t.9 C d•r U, Lo I y•�' N 1 f6 U) fO co «S (o fo R: lO fo, to s- m > t to i \ > { t\ S- V 1 Ln w Ln � 00I = = = IMILl � N O O fO i IV al � �' J p 1 r - O c O (Oa=jpQl 00m 7 � WlOWrWZW W W WUe•-tWZ U I QJ as c to > i ❑ +�I •t^ •rI L31 C) O «E O. I I r I O' +� +� 5-10 E T L C _( =m O I O I O r aJ 0) Q), r I '¢ N On M M _0 cOl I N N f` O Z r _ + - - -i ' N r :3 =3 r Q L O- wl 63 � N 0 O a i _ I TI _ -m O c m j 64 b9 ! �� O �mI ` 17 Y YIr O �I ZI 00 I S� i C •rI•r (O O O 2 O ¢> cr I U I Lr�=' E E a; -a N. I l �; ! ro aJ fa� X �j o' Q co d U I U U i r00 �r rrr r- LL, r Or O Y E L.o r � N r fo Gt aJ fO (a ro co co (U co (o S.. fO to nt4 O O r •fo N_I wr :3 00 s _ � � � O � = Q = I E U p O m O n- N N O CL E'j y m� 7 M W LM r W Z W W W W W U W �-+ W Z •r •r Y Lf') CD CL:E C 7 � m r \ N co I �-• N L�f fo (o •i•-) r .2?.- C• I N N \ .� y m�2 O Q) p [V t _y s- C, ^ 'a N N OUJ z f Q 0 cU o 4"'s a r O N O c- I. a_to p fo O m E m c OC S O d ui I - f- i O o- O O O cr s- O co 3 r 4-3 L:to w m U ^ O '•r U m f r O fo L V) co aw w r O 00',-p W aJ r (o LL 0- � a)•0 m •m m Q) U a> `tis E- m m N OIU p co cr_ U Ur s- +� C > U dS S >•r Ii U O o d Lo O rl QJ p0 r •r •r fO aJ L W •r `r > 4- - m D O y O Lo M 1 S- QJ d' Q) r r t C co r (o aJ O -C3 _ •r U) O >> r-M N r a) Z 1 > -0 O O •r U U E = C U N L O M 3 1 > Z.- QJ O = N =•r CO 4-) M X CD m fO to•r co , w O r S �•-( Lo Q (•--t r J Z o- a- Q 0- f"- U S >. W L D c w � rfl es Q) a) O O- y 1C N OO -- m E a> > a N o o +�r� c a?? t6 .0 0 c -p N N U Lo i c` c�• t0 as cD G) t6 m m O c Q)M O c tII LL as a) E Q a O aJ co y to C QJ QJ r r r tomo c is 2 to °' L co a) U ycts E c c o > o f I=14- c r m > u) O Li c c QJ li o H v (O «S a) t6 C O C fa LL O O > Vs % C LJ) V) d' Gj• { as cn c _ O E Q u) O Q O m = m O O O o N , N N i L m C.LO. fa J X m (a m m @ US O p m a) Q) _ V C C N U Q c6 = E r N c'7 a J F 0 (�- m m o v �, E o m m to o 3 m - c m c to m e u) E as as as J F- a d p p 1- J W fLiJ C7 H LL N ~S to D a- N W U F- uJ U z C O U LA6 in Ln C. C. DAWELL C.R.A. !�I PROFESSIONAL APPRAISER (S 30 YEARS b .......... j T "6 Y�! (!-11 l \,\� ,\// ♦/ + `�`s F•�P.,'Roa;w.- I r.`_ E)1I"AL_ S_ —V KaI MC R\rti UL', r c > CT Lot. AL T T Comparable Market Data 11 < LAKE Z., V 7-7 EJ. S7. 1 7, j SA Z, LE SALE ( � , / s, TI No No. 2 .0 ­­aE G @-, — SALE \\ / PARK No. 3U /2 su subject ,/ L moi.G FIRS? rn SALE C«E No 4 Wk 7 7 7 7: c Ic- C F, EUIE CT, ILAMANCRA > DA DAW nj,,s- T 2, is �Ij z K&B-1 01 t ZI c� �C, E t i= ; It ­D1 S7 CrS, L Market Data Map I G G 7L r AFT 0 71 RL L C. C. DAWELL C.R A. �7 —------ c PROFESSIONAL APPRAISER 30 YEARS _ SUMMARY OF FACTS AND CONCLUSIONS There are three classic approaches to value. The summation, 0 or cost, •approach to value is generally the upper limit of value. This is the process by which the replacement cost of the existing improvements is taken new, less their accrued depreciation, if any, to which the market value of the land is added. Another approach to value is the economic, or income approach. This W I is the process by which the market net income of an investment in real estate is converted into value by the means of calculating I i the typical return one would expect if he were to make a like in- .. vestment and also recapture the said investment except for the land, which in theory does not depreciate. A third approach to i value is the comparison approach. This is the process by which the subject property is compared to similar properties that have t sold in recent times in the area of the subject. When the sum- mation or economic approaches are not employed, then the comparison approach is known as the market value. Frequently i the approaches to value are weighted and correlated into a con- clusion of market value. The following steps have been taken in an effort to determine the r market value of the subject property. An actual inspection of the C. C. DAWELL C.R.A. I c`1 PROFESSIONAL APPRAISER �` 30 YEARS property was made and measurements were taken-for the purposes ,I of approximating the corners of the property and its location in jrelationship to the property surrounding it. The traffic flow and pattern was observed for the purposes of determining whether i there were any hazards having to do with egress or ingress. Photographs were taken for the purposes of refreshing memories at a later date and to be used in the `report. The topography of i, the subject site was studied and a site analysis was made. The {' area surrounding the property was examined and a neighborhood analysis was made. People living in the area surrounding the property were talked with to help determine if they had special I knowledge of any factors that might influence values in the area. Real estate brokers doing business in the area were contacted and their opinions as to value were solicited. The economics of i the area in which the property is located was considered in _ I determining if there were actually a market for the property. (I Local, state, and federal comprehensive development plans were considered to help determine the future development of the area. i Zoning authorities were contacted to determine if they had juris- diction over the subject property and to find out what the existing �{ zoning was and if it were subject to change in the reasonably near i j future. County, state and federal maps were acquired for the j i � I { Q C. C. DAWELL C.R.A. L PROFESSIONAL APPRAISER 30 YEARS �} f purposes of determining the approximate size of the subject site. j Water supplies were investigated to help determine if they were _ adequate and potable. Sanitation authorities were contacted and I is their requirements were correlated as to the subject property. Transportation was considered as a factor that would influence values. Officials of the county assessor's office were contacted and their files and data were examined to find if there were any information of record that might influence the value or use of the property. The county deed records were examined to help deter- mine if there were any instruments that were of record that might tend to limit the use of the property. Title insurance companies i doing business in the county in which the property is located were contacted and their records were examined to determine if there were any sales of similar properties that had occurred in recent times that might support the comparison approach. I� f; I A voluminous amount of market data was investigated and considered in support of the appraiser's opinion as set out herein, and some i of that data has been incorporated in this report. The property is located in what, historically, , has been referred to �j as the City of Tigard, which lies within the sphere of influence of I C. C. DAWELL C.R.A. I PROFESSIONAL APPRAISER 30 YEARS i fI. the Metropolitan Area of Portland, Oregon. i _ The property is more precisely located at 13055 S. W. Hwy. 217, I or Hall Blvd. and addresses out of Tigard, Oregon, with a zip code of 97223. The property lies within the Comprehensive Development Plan, as executed and adopted by the City of Tigard, and this plan indicates that the property shall be used and developed along the lines of Central Business District activities. i The property, at this time, is zoned CBD, which is a Central Business District designation. The current use of the property would be treated as being consistent with the zoning, and the zoning is consistent with the Comprehensive ;! is ' Development Plan. The highest and best use of the subject property has been determined _ I by this appraiser to be for Central Business District use and development. i i The property consists of an irregular shaped, inside tract of land, C. C. DAWELL C.R.A. c1 PROFESSIONAL APPRAISER 30 YEARS containing approximately .99 acres, or about 43, 124 square feet, with just over 162 feet of frontage along S . W. Hwy. 217, or Hall Blvd. The site lays from one to four feet above the grade of the �I i street, and the topography would be referred to as a mild or gentle I; i slope from north to south, virtually being level or flat for most f ' purposes. The soil composition is made up of a loam, which is a _ mixture of sand, silt, and clay, with the clay and silt ratio being predominant, and there is a top soil overburden. Soil stabilization i! is reasonably good, and the property lies outside of a H.U.D. !� designated flood hazard district. The traffic flow and pattern in I, j the area of the subject was observed, and no hazards were found, other than those that occur where egress and ingress for access is off of a highly-traveled vehicular used, inside collector, where commercial and industrial activities are taking place. The site enjoys all of the usual public utilities and services, which include j: public power, public telephones, City of Tigard police and fire i I protection, there is public sewer and water, paved streets, close proximity to Tri-Met transportation. The site satisfies the requirement of a good Central Business District site,with the first i i! being employee off-street parking, room to expand, close proximity to all forms of transportation, a good back-up trade area, and a 'I ready-available labor force. C. C. DAWELL C.R.A. c7 PROFESSIONAL APPRAISER Q 30 YEARS I� j Four sales of property, that had occured close by, were used to support the appraiser's opinion, of the market value of the subject. Sale No. (1) located at 9145 Railroad Street, which would be part of a tract fronting on Burnham, was sold by Cash's Realty recently for $110,000. 00. This property is zoned CBD, the same as the subject, is an inside location, contains 34, 848 square feet, or . 80 acres, and sold in 1987 for $3. 15 per square foot. Sale No. (2), located at 9875 Burnham Street, is an inside location, improved with a series of small buildings, which under the Highest and Best Use, were assigned no value. The site contains 61, 855 j square feet, or about 1.42 acres, and sold in April of 1984 for $175,000.00, or about $2. 82 per square foot. This property has the same zone as the subject, which is CBD. A third sale which was considered because it enjoys retail service commercial influence is located at 13047 S. W. Pacific Highway 99, and this property sold in December of 1986 for $625,000.00, or $4.49 per square foot. The zone is C-G which would permit some retail service commercial activities that the subject might not. Sale No. (4), is much like sale No. (3), is located at 13578 S. W. Pacific Highway 99, and this property sold in February of 1985, for $500,000. 00, or $4.92 per square foot. The zone was C-G, like sale No. (3). i Sales (1) through (3) were compared to the subject by a grid analysis, indicating an adjusted price per square foot of $3. 10. Applying $3. 10 per square foot to the subject's 41, 817 square feet, this would be $129,632.00, which was rounded to an estimated market value of $130, 000.00 for the subject, as of May 1, 1987. The primary purpose of this report is to estimate the market value of -he Sturgis Property. Note; The traffic flow, and count, along Hall Blvd. or Hwy. 217, at the subject's location is increasing, and is approaching the volume, that could cause problems having to do with egress and ingress for access to the subject. i! i II C. C. DAWELL C.R.A. PROFESSIONAL APPRAISER 30 YEARS i i �I {I ASSESSED VALUATION DATA County . . . . . . . . . . . . . . . Washington _ I Map Number . . . . . . . . . . 2 S-1 W-2DA !' Cade . . . . . . . . . . . . . . . . . 23-20 Account No . . . . . . . . . . . 1004-0319 i 3 Tax Lot No . , . . . . . . . . . (Covers other 400 (401) property) i Acreage . . . . . . . . . . . . . . .96 ac. Land Value . . . . . . . . . . . $80,600.00 Improvement Value . . . . $ 0.00 I i True Cash Value . . . . . . $80,600.00 — i Assessed Value . . . . . . . (100 j) $80, 600.00 Tax Rate . . . . . . . . . . . . . 21.32 i. i Taxes Ad Valorem . . . . (Est.) $ 1,718.39 ii �I Comprehensive Plan . . . Central Bus. Dist. I Zoning CBD C. C. DAWELL C.R.A. ' PROFESSIONAL APPRAISER Q e30 YEARS �I r I I I Y Scene showing the property from Hall Blvd. I I., i I' i. Y II I� Scene showing the property from Hall Blvd I� C. C. DAWELL C.R.A. _3 PROFESSIONAL APPRAISER Q 30 YEARS SIC' `y' w 111 AIAAII s " •• • • • W., f� ♦ �► + .�� I7(f�r i� -.�'• _ 'yam s r. r { . - 7 r I " CERTIFICATION f — i II This is to certify that the undersigned has made a careful and personal inspection of the property legally described herein and that all findings, statements and opinions submitted in i' this report are correct to the best of his knowledge. This appraisal was prepared for the purposes of estimating the market value of the subject property and the value estimate certified below is not in any way contingent on any monetary fees or interests whatsoever. The appraiser has no present or prospective interest in the subject property and the fee agreed upon is in no way related to or contingent upon the value reported. I It is further certified that this appraisal has been made in conformity with professional standards. The market value of the subject property as described herein is certified as of May 1, 1987. . . . . . . . . . . . . . . . . . . . . . . .to be: j Market Value Estimate: $130, 000.00 Certified by C. C. Dawell I. F.A .C. Professional Appraiser !i I� I f _ f I `I C. C. DAWELL C.R.A. I f PROFESSIONAL APPRAISER Q 30 YEARS - i STATEMENT OF LIMITING CONDITIONS - i I C. I I . The propern< is free and clear of all liens and encumbrances other than those listed in the deed of record. 2. The appraiser did not search validit% of title nor does he assume responsibility for corrections which a survey of I; the property may reveal. I; i 3 . The sale of this property will be on a cash or its equivalent basis since unique financial arrangements, good or cum- bersome, are bound to affect the price at which this properrNr may sell in the open market. i 4. The information contained herein is not guaranteed, but it was gathered from reliable sources which are believed to be a ccura to. _ I i I 5. No responsibility is assumed for matters that are legal in character. 'i 6. The sketches and maps are accurate only for purposes of approximation. i 7. This report is not to be reproduced in part or as a whole without written consent of the appraiser. ! v C. C. DAWELL C.R.A. I' c7 PROFESSIONAL APPRAISER 30 YEARS --------------- ------ ---- - ---- --- - --- --- -- --- 16805S. Old River Drive Lake Oswego, Oregon 97034 phone:636-9433—636-2484 APPRAISER ' S QUALIFICATIONS i PERSONAL : i Born in Portland, Oregon in 1927. Resident of Multnomah County for 22 years; Washington County, 14 years; and Clackamas County, 24 years. i i EDUCATION : I (i Portland Public Schools, Portland, Oregon. Northwestern College of Law, including courses in Legal Methods, Real Property, Personal Property, Law of Equity, Law of Sales, Contract Law, The Law of Agency, Domestic Relations, The Law of Torts, Legal Bibliography, and The Law of Evidence. — i Real Estate Instructors Course, Real Estate Department of Oregon. Appraisal courses attended, including Clackamas Community College, 1974, Real Estate Finance, Instructor: Weeks; Clackamas Community College, 1973, Real Estate Appraising II, Instructor: Zwingli; Mt. Hood Community College, 1968, Real Estate Trends and Economics of Oregon, Instructor: Lou Prichard; American Right of Way Association Field Testing Appraisal Techniques S.R.A. • and S.R.A. — � seminars; Income Properties Course. Residential Appraisal Course (1) Portland Community College; ERC Relocation Seminar, 1985; ARA Legal Descriptions, 1985; FHA/SFR Training, 1986; OMB/FNMA Report Writing, 1986; Depreciation seminar IFA, 1986; Map and Compass Orientation, Clackamas Community College, 1985; R-41C seminar NA/FA, 1986; R-41C class A/REA, 1987. r EXPERIENCE : j Title examiner for the Title and Trust Company. I orb C. C. DAWELL L PROFESSIONAL APPRAISER (; 4 30 YEARS _ I6805S. Old River Drive Lake Oswego, Oregon 97034 phone:636-9433—636-1484 QUALIFICATIONS CONTINUED i. i Mortgage loan manager for American Savings and Loan Association, servicing Multnomah, Washington, Clackamas and Yamhill Counties. Mortgage bank manager for Commonwealth, Inc. , servicing Mult- nomah, Washington, Clackamas, Yamhill, Marion, Polk, Lincoln, _ Tillamook and Coos Counties for conventional, F.H.A. , G. I. , and farm loans. i — Executive Director and Consultant to Urban Renewal Project No. R-14, Oregon C. B.D. Project (H. U. D.) 1966, 1967 and 1968. Condemnation reports and expert testimony in state and federal courts for both government bodies and private property owners. More than 800 court appearances since 1963. i Approved real estate consultant for urban renewal projects. Approved re-use appraiser for urban renewal projects. Real estate tax counseling, including reports for tax appeals. PROFESSIONAL MEMBERSHIPS: Member National Association of Review Appraisers, Designation C.R.A. I Senior member of the National Association of Independent Fee Appraisers, Real Estate Counselors Designation No. 59, Past President and State Director of the Oregon Chapter. 'i t I. Member of the American Right of Way Association, Chapter No. 3. i Member of the National Association of Housing and Redevelopment Officials, N.A.H. R. O. , since 1967. Licensed Real Estate Broker, State of Oregon, License No. 99050. i I C. C. DAWELL �= PROFESSIONAL APPRAISER (; A 30 YEARS 16805S. Old River Drive Lake Oswego, Oregon 97034 phone:636-9433—636-2484 I QUALIFICATIONS CONTINUED i' Certified Class One, Urban Appraiser, State of Oregon. Certified Class Two, Rural Appraiser, State of Oregon. i Approved Real Estate Instructor for the Community College System of the Sta to of Oregon. I Member of the Delta Theta Phi Law Fraternity 1956, No. 37388. I. CASUALTY LOSSES: is I �i Farmers Insurance Group. TransAmerica i Aetna Insurance Company. , j Safeco Insurance Company. I State Farm Insurance Company. Unigard Insurance Company. SPECIAL APPOINTMENTS: i; Certified Special Appraiser for the Department of Veterans' Affairs, State of Oregon, for the years 1966 - 1969. Federal National Mortgage Association. I i I I U. S. Department of Housing and Development FHA Appraisal Panel. I � j MORTGAGE LENDING: l F.H.A. and G. 1. lending practices, including loan submissions. I� II ! I I C. C. DAWELL a PROFESSIONAL APPRAISER (� 30 YEARS 16805 S. Old River Drive Lake Oswego, Oregon 97034 phone:636-9433—636-2484 QUALIFICATIONS CONTINUED Life insurance loan submissions for residential, commercial, farm and industrial lending. Feasibility and economic studies having to do with real estate. EMPLOYEE RELOCATION: Homequity, Inc. Chem Exec. Executrans, Inc. Equitable Relocation TransAmerica Relocation Services, Inc. Commonwealth Relocation Employees Transfer Corporation. Cigna Corporation Coldwell Banker Relocation. Better Homes and Gardens Esco Corporation. Relocation Funding APPRAISAL REPORTS PREPARED FOR: Canadian Imperial Bank of Commerce Pacific Northwest Bell Ii II First Interstate Bank B.F. Goodrich United States National Bank IBM The Oregon Bank General Foods Corporation Ij Lewis and Clark Bank Tektronix li Brookings Land & Townsite Co. Oregon Iron and Steel Sea First AMFAC Mortgage C. C. DAWELL a PROFESSIONAL APPRAISER 30 YEARS 16805 S. Old River Drive Lake Oswego, Oregon 97034 phone:636-9433—636-2484 QUALIFICATIONS CONTINUED !j Far West Federal Bank AVCO Financial Services _ Exxon Company, U. S. A. Hanna Industries Gulf Oil Company of U. S. Hanna Trust f Phillips 66 Church Construction Co. j' Union Oil Company of U. S. Sherwood and Roberts Portland General Electric Rawlins Realty i Lexton-Ancira Pete Wilson Realty Pacific Power and Light Georgia-Pacific Corporation I� Ladd Estate New York Life Insurance Co. Albertson, Inc. City of Lake Oswego Tualatin Development Company City of Lincoln City I Rinker Development Company City of Depoe Bay North Clackamas School District City of Yachats I� Wadhams, Inc. City of Tualatin Oak Lodge Sanitation District Alcoa, Incorporated I � Cascade Utilities Honeywell Company Port of Portland Arctic Circle Port of Cascade I >cks Legal Aid Society �I Oregon Tel Co. Ford Motor Company i i i C. C. DAWELL 1) PROFESSIONAL APPRAISER (; _ 4 30 YEARS �i 16805S. Old River Drive Lake Oswego, Oregon 97034 phone:636-9433—636-2484 _ QUALIFICATIONS CONTINUED ,I i Crown Employees Fed. Credit Union Volkswagen of America i _ Oregonian Employees Fed. Credit Un. Paul Murphy Postal Employees Fed. Credit Union J. W. Brayson Numerous attorneys, many churches and private clients throughout the states of Oregon, Washington, and California. i it it I ,i i; i' I (' I l i I I �I i i C. C. DAWELL PROFESSIONAL APPRAISER (; 30 YEARS