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HomeMy WebLinkAbout1980 Austin Appraisal Report for water and sewer treatment facilities%Edward W. Austin Realtor and Appraiser ITHACA. N. Y. APPRAISAL REPORT AND VALUATION ANALYSIS PROPERTY OF: City of Ithaca Sewer and Water Treatment Facilities PREPARED FOR: City Engineer Mr, Phil Cox PREPARED BY: Edward W. Austin Realtor - Appraiser Edward W. Austin Realtor and Appraiser ITHACA. N. Y, Subject Parcel I Looking Northwesterly Subject Parcel II Looking Northeasterly Edward w. Austin Realtor and Appraiser ITHACA. N. Y. Subject Parcel III Looking Northwesterly Subject Parcel IV Looking Northwesterly Edward W. Austin Realtor and appraiser ITHACA. N. Y. - v4 n Subject Parcel V Looking Southerly .4^"'W-- i". ■••tv'.'; . ■ , .4/. ■I-" ■4. j'.. ' . 4 f }..• Edward w. Austin Realtor and Appraiser ITHACA. N. Y. TABLE OF CONTENTS Page CERTIFICATION OF APPRAISAL 1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS 2 PURPOSE OF APPRAISAL 3 APPRAISAL PROBLEM 3-4 DEFINITION OF VALUE APPRAISED 4-5 PROPERTY DESCRIPTION 6-8 AREA AND NEIGHBORHOOD ANALYSIS 8-11 LOCATION 9-11 ECONOMIC TRENDS 12 SALES HISTORY OP PROPERTY 12 ZONING 12 HIGHEST AND BEST USES 13 PROPERTY VALUATION 13-14 LAND VALUE 14-18 LAND SALES CHART 15 COST APPROACH TO VALUE 19 ESTIMATE OF INITIAL COST CHART 20 MARKET DATA APPROACH 21-22 CONCLUSION OF VALUE, MARKET DATA 23 CORRELATION AND CONCLUSION OF VALUE 23 APPRAISED VALUE. 23 ADDENDUM Area Maps Location Maps Tax Parcel Maps Sales Limiting Conditions Qualifications -I,-.-. -S-- Edward W. Austin Realtor and appraiser ITHACA. N. Y. CERTIFICATION OF APPRAISAL I hereby certify that I have personally examined and inspected the within property, that to the best of my knowledge and belief the statements contained in this appraisal, and upon which the opinions expressed herein are based, are correct, subject to the limiting condi tions herein set forth. Employment in and compensation for making this report are in no way contingent upon the value reported, and I certify that I have no financial interest in the subject property. In my opinion, the full and fair value of the property as of June 10, 1980 is: (See Sheet 23) Dated June 10, 1980 Edward W. Anstin Page 1 Edward W. Austin Realtor and appraiser ITHACA. N. Y, SUMMARY OF SALIENT FACTS AND CONCLUSIONS REPUTED OWNER; ADDRESS OF PROPERTY; PROPERTY RIGHTS APPRAISED: TYPE OF PROPERTY: LOT AREA: 1^ City of Ithaca First, Franklin & Third Streets Fee Simple Public Utility Parcel I - 68,882 square feet Parcel II - 35,732 square feet Parcel III - 12,000 square feet Parcel IV - 543,193 square feet Parcel V - 296,208 square feet BUILDING IMPROVEMENTS: ZONING: DATE VALUE ESTIMATE: DATE OF APPRAISAL: APPRAISED VALUE; Office building, warehouse,garage storage, sewer treatment facilities P"1 June 10, 1980 June 10, 1980 See sheet 23 Page 2 Edward w. Austin Realtor and appraiser ITHACA. N. Y. PURPOSE OF APPRAISAL The purpose of this appraisal is to estimate the value of the following listed tax parcels and parts thereof, presently owned by the City of Ithaca, Parcel # I II III IV Tax Map # V 25-4-1 25-2-1 25-1-5 24-1-1 23-1-1 (part of) APPRAISAL PROBLEM The problem posed in this appraisal is to estimate the value of a series of parcels of land owned by the City of Ithaca and used presently or in the past as a part of the Water and Sewer Department of the City. Two different values will be sought in this appraisal. Market Value and Value in Use, Market Value will be used for those properties that could or would be commonly bought and sold on the open market. Value in Use will be sought for those "Special Purpose Properties" that are not commonly traded in the Market Place but do have a value in use. Page 3 Edward w. Austin Realtor and Appraiser ITHACA. N. Y. The Market Data Approach is the most reliable indica tor of value for those properties commonly traded in the Market Place. The Cost Approach is the best and most reliable indicator for "Special Purpose Properties". The appraiser was instructed to value parcels I through V as bare land and further to value parcel I with present improvements, to value parcel IV with the special purpose improvements thereon. Parcel IV is the only parcel that will be valued by the Cost Approach to value. DEFINITION OF VALUE APPRAISED The values reported in this appraisal will be Market Value for those parcels that would have a substitute or similar use and Use Value for those Special Purpose Parcels. Market Value is considered to be that amount of money, expressed in dollars, that a property would bring if exposed on an open, coir^etitive market for a reasonable period of time to find an informed, knowledgeable buyer, the buyer and seller being fully informed of all the uses to which the property is capable, neither being under duress to buy or to sell. Page EDWARD W. AUSTIN Realtor and appraiser ITHACA. N. Y. Use Value or Value in Use is the value of a "Special* Purpose Property", Special-Purpose Property is defined in the American Institute of Real Estate Appraiser's Appraisal Terminology and Handbook as being, "A property devoted to or available for utilization for a special purpose, but which has not independent marketability in the generally recognized acceptance of such a term, such as a clubhouse, a church property, a public museum, a public school, and so on. It also includes other buildings having value, such as hospitals, theatres, breweries and others which cannot be converted to other uses without large capital invest ments. " In estimating the Market Value, a search has been made for sales of bare land and also of properties similar and comparable to Parcel number I. In estimating the Value in Use of Parcel number IV, construction costs furnished by consulting engineers Stearns & Wheeler has been used in conjunction with esti mated land value. Page 5 Edward W. Austin Realtor and Appraiser ITHACA. N. Y. PROPERTY DESCRIPTION The property being appraised is composed of five different parcels of land presently owned by the City of Ithaca, The following drawing, made a part of this appraisal, entitled "Proposed Treatment Plant Site Layout" indicates the individual parcels. Dimensions on all the land and buildings in this appraisal have been talcen from tax maps and records in the Tompkins County Assesors office. The general location of the parcels is in the northwesterly section of the City of Ithaca bounded in part by Cascadilla Creek, Lake Street, along Franklin and First Streets and divided by State Route 13. Parcel I is known as tax map parcel number 25-4-1 and is located at the corner of Franklin and First streets, According to the dimension on the tax map, the lot should contain approximately 68,882 square feet of land. The building improvements on the parcel are of brick, block, and frame construction. It consists of the main building, which is partially two stories in height, an open faced storage building, and a one story garage building also containing the paint shop. The main building is used for Page 6 Edward W. Austin Realtor and Appraiser ITHACA. N. Y. offices, workshop area and general storage. The property record card in the Assessor's office indicates the ground coverage of the building to be approximately 8,250 square feet with an area of approximately 690 square feet on the second floor. The open face storage shed is indicated to be approximately 1,433 square feet and the garage building to be approximately 3,422 square feet of ground coverage. Parcel II is known as tax map parcel number 25-2-1 and is bounded on the westerly side of First Street, on the southerly side of Franklin Street, on the northerly side by State Route 13, and on the easterly side by Lake Street. The dimensions on the tax map indicate the lot should con tain approximately 35,732 square feet of land area. The building improvements on this parcel are all "Special Purpose" building improvements used in the sewer treatment process. Parcel III is a portion of a larger city owned triangular parcel bounded by First Street, Franklin Street, and State Route 13. Its size is approximately 80 feet by 15 feet. This is a part of tax map parcel number 25-1-5. Parcel IV as shown on "Proposed Treatment Plant Site Layout" is composed of tax map parcel number 24-1-1 and a portion of tax map parcel number 23-1-1. This parcel is very irregular and is bounded by Cascadilla Creek Page 7 EDWARD W. AUSTIN Realtor and appraiser ITHACA, N. Y. /o /7 'on the northeasterly side and by the Railroad on 13 southerly side. Due to the irregular boundaries, the area is estimated to be 12.47 acres. This parcel con tains improvements used in the sewer treatment process. Parcel V will be the remainder of tax map parcel number 23-1-1 after a portion has been added to tax map parcel number 24-1-1 to create Parcel IV. The area of this parcel is bounded by Cayuga Inlet on the westerly side, Cascadilla Creek on the northerly side, and lands of the State of New York on the Southwest. AREA AND NEIGRBORHOOP ANALYSIS The various parcels of the subject property are adjoining or near to New York State Route 13 and are in an area devoted primarily to business, industry, and property owned by both the State of New York and the City of Ithaca, New York State has a large tract of adjoining land used by the New York Department of Transportation for open storage and garage space. Immediate neighbors are a trucking terminal, scrap metal junk yard, a bowling alley, super markets,, a marina, and inexpensive residences. Page 8 EDWARD W. AUSTIN Realtor and appraiser ITHACA. N. Y. Location; The City of Ithaca is located in the center of the Finger Lakes region of Central New York State, an area noted for its educational institutions and its position as an agricultural center of the Northeastern United States. Situated in Tompkins County, it is served by a network of state highways including the following routes; 13, 89, 96, 96B, and 79. The City of Ithaca, with an estimated population of 28,200, is wholly surrounded by the Town of Ithaca. Al though the Municipalities are not primarily industrial communities, they have over 60 manufacturing establish ments- It is estimated that the Consumer Spendable income for 1978 was $529,717,000. Among the principal products manufactured are; Computer terminals, shotguns, research instruments, heat resistant materials, power-drive chains, automatic pre cision scales, scientific instruments, satellite-borne sensors, and other sophisticated electronic devices. The municipalities have available all the usual com mercial services and a-number of shopping centers in which are located branches of various national chain and depart ment stores. Page 9 Edward w. Austin Realtor and Appraiser ITHACA. N. Y. The Ithaca area has long been culturally and academi cally influenced by both Cornell University, founded in 1865, and Ithaca College, founded in 1892. Ithaca College is located on a new multi-million dollar campus, while Cornell has added modern buildings and research facilities to its original campus. Student enrollment at Cornell University in 1979-1980 was approximately 16,500 and at Ithaca College it was approximately 4,100. Cayuga Lake, more than 40 miles in length, is the largest of the six major lakes in the Finger Lakes Region and offers a variety of recreational activities. There are ten state, municipal, and private boat-launching sites lining the Lake for all types of boating activities. There is also a variety of winter recreational facili ties including several ski centers and two ice rinks in the area. The Ithaca area is served by U.S. Air, Cummuter, Mall and Empire Airlines, from the Tompkins County Airport with jet flights to New York City, Washington, Pittsburgh, and Chicago. Direct air passenger, mail, and cargo service is also furnished to 23 New York State communities and six Massachusetts communities and areas of New Jersey, New Hampshire and Michigan. The Municipalities are also served Page 10 EDWARD W. AUSTIN Realtor and Appraiser ITHACA. N. Y. by the Greyhound Bus Lines with a terminal located in the City of Ithaca, Fire protection is supplied by volunteer companies and the full time paid fire department of the City of Ithaca. Police protection is furnished by City, Village, and County Police Departments as well as the New York State Police. Gas and electricity are furnished by the New York State Electric and Gas Corporation. Source: Tompkins County Chamber of Commerce Page n Edward w. Austin Realtor and appraiser ITHACA. N. Y. ECONOMIC TRENDS The economic condition of the Ithaca area is healthy comparatively. Employment is good along with a relatively low unemployment rate. Many people consider the "business" of Ithaca to be education due to Ithaca College and Cornell University being located here. These educational insti tutions do not flucate rapidly and have a stabilizing effect on the Community. Several large national corpora tions or divisions thereof are located in Ithaca; Morse- Borge Warner, National Cash Kegister Co., Ithaca Gun Co., and others along with many smaller corporations that help stabilize the area, SALES HISTORY OF PROPERTY There has been no sale of the subject land parcels in the past ten years, ZONING The area of the subject parcels is in the P-1 designated area. The permitted primary uses are: Public recreation Pxiblic and semi-public institutions whose purpose is education—with exceptions. Accessory uses and service buildings for permitted uses, upon issuance of a special permit. Page 12 Edward W. Austin Realtor and Appraiser ITHACA. N. Y. IHIGHEST AND BEST USES The Highest and Best Use of the subject parcels is considered to be the present use do to the zoning placing a legal limitation on use. Upon the discontinuance of the present use of the subject parcels for the purpose of this appraisal, it is assumed the zoning would be changed to a classification in keeping with the neighborhood. PROPERTY VALUATION In arriving at an estimate of value, the three approaches to value have been considered and only two have been used. The Income or Economic Approach has not been used due to a lack of sufficient information on rental data to justify a conclusion to value. The Market Data and Replacement Cost Approaches have been used. In the Market Data Approach, a search has been made for the most recent sales of bare land and improved prop erties that are located in commercially and industrially zoned areas in the City of Ithaca. From these sales, an estimate of value has been drawn. Information has been obtained from the consulting engineers Stearns & Wheeler, a local contractor and Page 13 Edward w. Austin Realtor and appraiser ITHACA. N. Y. national cost service, as to the estimated replacement cost of buildings and improvements for the cost approach to value. To this has been added land value to arrive at a value estimate. hmP VALUE The following sales of bare land have been analyzed and compared to the subject property to draw a conclusion as to the bare land value of the subject pafrcels. The sales prices shown and the lot sizes have been taken from records in the County Assessor's Office. Land Sale # Date Location Lot Size Selling Price 1 11/79 S. Meadow St. 00 • a $330,000.00 2 11/79 S. Meadow St,5.9 a $138,000.00 3 4/79 Elmira Road .9 a $ 42,500.00 4 6/77 225 Elmira Rd,.91 a $ 72,000.00 5 6/77 326 Elmira Rd..82 a $110,000.00 6 5/76 720 Willow Ave..459 a $ 15,000.00 7 11/73 200 Hancock St.1.95 a $ 45,000.00 8 9/73 506 Esty St..29 a $ 11,500.00 9 9/73 509 Esty St..315 a $ 11,500.00 Page 14 LAND SALES CHART Sale # 1 2 3 4 5 6 7 8 9 Zoned B-5 B-5 B-5 B-5 B-5 M-1 B-2 I-l I-l Acreage 14.8 5.9 .9 -91 .82 .459 1.95 .29 .31 Sq. ft. lot area 644,688 257,004 39,204 39,884 36,150 20,000 84,942 12,864 13,728 Sale ' -Price $330,000.00 $138,000.00 $ 42,500.00 $ 72,000.00 $110,000.00 $ 15,000.00 $ 45,000.00 $ 11,500.00 $ 11,500.00 Sale Price Sales per sq. ft. Date $ .51 11/79 $ -536 11/79 $1.08 4/79 $1.80 3/77 $3.04 7/77 $ .75 5/76 $ .52 12/73 $ .89 9/73 $ .83 9/73 Adj. sale * Price Sq. ft. $ .51 $ .536 $1.16 $2.23 $3.76 $ .99 $ -79 $1.33 $1.24 ^ m § o t 5 >^ a § ° ^ C S i!j Hi — » z '13 D) 03 (D * This adjustment is based on time only. Consideration has been given to adjustments for lot size, use, and location and will be dealt with later in this report. The adjustment for time is based on an estimated increase of 8% per year. Edward w. Austin Realtor and Appraiser ITHACA. N. Y. The land sales charted show a range of $.51 to $3.76 per square foot when adjusted for time only. Further consideration needs to be given to location, size and use of the sales lots when being compared to the subject parcels. As shown on the chart, generally square foot values on the large plots are lowest with the highest price on the small lots and the medium sized lots being the med ium range of selling prices. An analysis has been made of two sales in the immediate neighborhood of the subject land parcels. The recent sale of the three quarters interest in Grossman Industrial Properties Inc. to Hospital Management Group and the sale from M. Bennett to H. W. Tayton Co. Inc. By abstraction and adjustment for time, land values are indicated to be approximately $.83 and $1.00 per square foot. The land area of the Grossman property is approx imately 89,515 square feet and the Bennett property being approximately 31,929 square feet. A comparison has been made between Subject Parcels I & II and those sales that are the best indicators of value to these parcels. The sales considered are the above named Grossman sale, Bennett sale, and also lot sale number 7. These sales are all in the immediate neighborhood but the Page 16 Edward W. Austin Realtor and Appraiser ITHACA. N. Y. Grossman and Bennett sales are considered to have better locations with their exposure and access to Route 13 for business purposes. The lot size of the Grossman sale and sale number 7 are very equal to Parcels I & II. There is a wide variety of use in the three comparables used but all are used commercially. Value indicated by these sales is assumed to be $.80 per square foot. Subject Parcel III is considerably smaller in land area and is best compared to lot sales numbers 8 & 9. It is felt that the use of parcel III could be comparable to sales 8 & 9 and the location is comparable to these two lot sales. Value is assumed to be $1.25 per square foot. Parcel IV is a large lot containing approximately 12.47 acres of land. This parcel is best compared to sales 1 & 2 for size but does not have the valuable location advantage. For the purpose of this appraisal, it was assumed that the land was vacant and the zoning could be changed to a commercial use. Bare land value is assumed to be $.38 per square foot. Parcel V is also a large lot zoned M-1. The only lot sale in the M-1 district was sale 6. The M-1 district permits a wide rauige of commercial uses and the value range is very comparable to other business zones. Parcel V is restricted in use due to two electric transmission Page 17 Edward W. Austin Realtor and appraiser ITHACA. N. Y. lines bi-secting the lot. The access to the lot is by a paved, dead end street. Use of the lot is further restr icted due to the location of the sewer treatment plant. While there is a minimum amount of odor associated with the sewer plant, it is assumed that there would be a very limited demand for the property. The square foot selling price of Sale #2 was S.536 for a prime location in a commercial zone, with better access and a more flex ible lot for development. Value of Parcel V is estimated to be 25% less or $.40 per square foot. It has been concluded from the analysis of the lot sales that value is not dictated by zoning but rather by location and lot size. It is assumed that land value of the subject parcels is as fbllows: Parcel I Parcel II Parcel IJI Parcel IV Parcel V 68,882 sq.ft. at $ .80 = $ 55,105.00 107,361 sq.ft. at $ .80 = $ 85,888.00 12,000 sq.ft. at $1.25 = $ 15,000.00 ^543;i93 sq.ft. at $ .38 = $206,413.00 296,208 sq.ft. at $ .40 = $118,483.00 Page 18 -f: . pJ-T n %■ .'^.v ■> r| . ,, -■- ^^ ■jrr 'i'c.. ■•#• '> ■-', J' •K" » ■ '\ :'3m:•^ -v.( % Edward w. Austin Realtor and Appraiser ITHACA, N. v. ESTIMATE OF INITIAL COST AERATED GRIT CHAMBER AND TWO PRIMARY SETTLING TANKS ITHACA WASTEWATER TREATMENT PLANT (Year 1960) From Contract No. 1; 1. Aerated Grit Chamber 2. Primary Settling Tank No, 1 3. Primary Settling Tank No, 2 4. Change Order No, 1 (grit chamber) From Contract No, 2; 1, Overhead piping between tanks a. Pipe Supports and Bases - 8 at $828 b. Pipe and Couplings - 30-inch diameter 2, Yard Piping Across Highway (use as casing to install new force main) 250 feet at $40 From Contract No, 3; 1, Underground feeders and wiring to tanks Foundation Work by City (estimate); 1, Surcharge Site 2, Level and prepare foundation under tanks $43,210 72,550 72,550 470 6,620 3,350 10,000 2,000 5,000 5,000 Construction Subtotal— $220,750 $220,750 Percentage of Total Construction Cost; 220,750 ]L00 = 24 45% 882,610 + 20,000* Engineering Costs; 1, Stearns & Wheler: 24.45% x $79,872 = $ 19,530 2. Subsurface Investigation; 24.45% x $2,487 = 610 TOTAL ESTIMATED COST = $240,890 Adopt ♦Total Site Foundation Work by City (estimate) Information taken from Stearns & Wheler $241,000 Page 20 Edward W. Austin Realtor and Appraiser ITHACA. N. Y. MARKET DATA APPROACH The Market Data Approach will be "used to estimate value to subject Parcel I. This parcel contains a two story building that houses offices, workshop, and general storage plus a garage building and an open faced shed. The land area is estimated to be approximately 68,882 square feet. In the search for sales of properties similar to the subject Parcel I, the following listed properties have been analyzed to determine the indicated -value to Parcel I. The following information on sales amounts, lot sizes, and building improvements has been obtained from the records of the Tompkins County Assessment Department. Sale #Date Location Sale Price RP-1 8/79 723 Cascadilla St.$ 75,000. RP-2 5/74 409 Third St.$ 42,500. RP-3 4/79 702-704 W. Buffalo St.$ 50,500. RP-4 10/79 801-811 W. State St.$130,000. RP-5 3/75 West State St.$100,000. RP-6 2/76 120 Brindley St.$ 55,000. RP-7 6/75 104 Cherry St.$137,000- RP-B 2/76 716 W. Clinton St.,$100,000. RP-9 5/75 381 Elmira Rd.$150,000. RP-10 2/80 Third St.(157,333) Edward W. Austin Realtor and appraiser ITHACA. N. Y. The subject property has been compared to the two sales in the immediate neighborhood. Sales parcels RP-2 and RP-10. Consideration has been given to the date of sale, lot size and building improvements. The follow ing chart shows the comparison made. Sale Date Sale Price Lot Size Building Area Subject I.58 a II,672 sq.ft, RP-2 5/74 $42,500. • 73 a 4,821 sq.ft. RP-10 2/80 $157,333. 2.05 a 14,400 sq.ft. Sale RP-2 was adjusted a plus $29,500 for a smaller lot, and a plus $36,000 for a smaller building. A time adjustment of $20,400 was made based on an estimated average of 8% per year increase in value since 1974. An indicated value to the subject property of $128,400.* Sale RP-10 was adjusted a minus $16,500 due to the subject lot being smaller and a minus $16,400 for the newer and larger building improvements on the sale pro perty. There was no time adjustment made on this sale. The indicated value to the subject based on this compari son is $124,500. Page 22 Edward W. Austin Realtor and Appraiser ITHACA, N. Y. CONCLUSION OF VALUE, MARKET DATA It is assumed that the value of Parcel I by the ' Market Data Approach is $125,000. CORRELATION AND CONCLUSION OF VALUE The Market Data Approach to Value has been utilized to arrive at a value estimate of subject parcels I, II, III, and V. The improvements of parcel IV has been arrived at by the Cost Approach, to this has been added the land value to arrive at the value estimate. The value of parcels IV and V as combined would be the sum of the two parts. APPRAISED VALUg The appraised value of the individual parcels are as follows: $125,000. $ 85,900. $ 15,000. $408,940. $118,500. Value of parcels IV and V as combined would be fc Say $627,400..: Parcel I Parcel II Parcel III Parcel IV Parcel V Page 23 \CAYU6A LAKE VftLAGE OF CArOGAITHACA EnDOEZu 'JfOfRUA L \ se ^ -It- I A-__1 ' i'SC4a, AREA LOCATIONS SUBJECT PAPCELG f W J/ IT?. A ^ I :• 105 fe--7^££N i Jj' L LOCATION MAP IICVISXMS SFtEWL DISTRICT mPORMATtOW LEGfHD \CAYUGA LAKE ITHACA ^ ice OF CAYUGA It 3 7 P3' *■U ll-=F ^p_2, ^ 29 .l/*~f= m^ege r ^s-■( S*SC4 ^ H^ri , d. =aJrr^ KP-3 1 M/ V-r^V LOCATION MAP NeVlSKMS SFB3AL OtSTRCr INreRIAATKM L£GfKO •Y 1. iMe >1 •' * **WCVf V IMl ^Utj: i » n LE G E N D jO o o o (L i U 2 R- i b Es n n a R- 2 b R- 3 b Ei 3 B- 1 V/ / / / A FH - 1 B- 2 1^ FW - 1 B- 3 1- 1 B- 4 KS 3 M- 1 B- 5 MH - 1 ^ Is n d m a r k , di s t r i c t t. . ZO N I N G MA P • CI T Y OF IT H A C A NE W YO R K AD O P T E D MA Y 25 . 19 7 7 CE R T I F I E D * ' / ci t y cl e r k ll ti l C ' V O 25 0 50 0 NO R T H 10 0 0 Edward w. Austin Realtor and appraiser ITHACA, N. Y. LAND SALE #1 GRANTOR: GRANTEE: DATE OF SALE: RECORDED: LOCATION: LOT SIZE: Ufair Realty Corp. Elmira Building Co. Inc. 11/7/79 11/8/79 Book 574 Page 249 South Meadow Street 14.8 acres ZONING:B-5 TYPE OF IMPROVEMENTS:None CONSIDERATION PAID: REMARKS: $330,000.00 Sale Price indicates $.51 per square foot Edward W. Austin Realtor and ^dppraiser ITHACA. N. Y. LAND SALE #2 GRANTOR: GRANTEE: DATE OF SALE: RECORDED: LOCATION: LOT SIZE; Ufair Realty Corp, Mauboussin Enterprises 11/5/79 11/6/79 Book 574 Page 216 South Meadow Street 5.9 acres ZONING:B-5 TYPE OF IMPROVEMENTS None CONSIDERATION PAID:$138,000.00 REMARKS:Sale Price indicates $.536 per square foot c EDWARD W. AUSTIN Realtor and appraiser ITHACA. N. Y. _ LAND SALE #3 GRANTOR:Leo Guentert GRANTEE:Vasilios Zikakis DATE OF SALE:4/27/79 RECORDED: LOCATION: LOT SIZE: ZONING: 4/27/79 Book 570 Page 400 Elmira Road •9 acres B-5 TYPE OF IMPROVEMENTS None CONSIDERATION PAID;$42,500.00 REMARKS:Sale Price indicates $1.08 per square foot Edward w. Austin Realtor and Appraiser ITHACA. N. Y. LAND SALE #4 GRANTOR;D. E. Cole 7 GRANTEE: DATE OF SALE: RECORDED: LOCATION: LOT SIZE; D, J. Lucenti 2/18/77 3/3/77 Book 556 Page 270 225 Elmira Road •91 acres ZONING: TYPE OP IMPROVEMENTS B-5 None If - ,CONSIDERATION PAID; REMARKS: $72,000,00 Sale Price indicates $1,80 per square foot Edward W. Austin Realtor and Appraiser ITHACA. N. Y. LAND SALE #5 GRANTOR: GRANTEE: R. Weiner Virgo Holding Co. Ltd DATE OP SALE;6/14/77 RECORDED:7/18/77 Book 558 Page 862 LOCATION:326 Elmira Road LOT SIZE:•82 acres ZONING:B-5 TYPE OF IMPROVEMENTS None CONSIDERATION PAID $110,000.00 REMARKS:Sale Price indicates $3.04 per square foot c Edward w. Austin Realtor and appraiser ITHACA, N. Y. LAND SALE #6 GRANTOR; GRANTEE; C. Yengo B, Avramis DATE OF SALE:5/14/76 RECORDED:5/14/76 Book 551 Page 282 LOCATION:720-724 Willow Avenue LOT SIZE:.459 acres ZONING;M-1 TYPE OF IMPROVEMENTS None CONSIDERATION PAID $15,000.00 REMARKS:Sale Price indicates $.75 per square foot Edward W. Austin Realtor and Appraiser ITHACA. N. Y. LAND SALE #7 GRANTOR:Colonial Real Estate Association GRANTEE;A. Petito DATE OF SALE: RECORDED: LOCATION; 11/16/73 12/21/73 Book 512 Page 755 200 Hancock Street LOT SIZE:1.95 acres ZONING: TYPE OF IMPROVEMENTS B-2A None CONSIDERATION PAID $45,000.00 REMARKS:Sale Price indicates $.52 per square foot Edward w. Austin Realtor and Appraiser ITHACA. N. Y. .:W LAND SALE #8 t- GRANTOR: GRANTEE: DATE OF SALE: M, Shulman A. Ceracche & Co. Inc. 9/5/73 RECORDED:9/5/73 Book 510 Page 584 LOCATION:506-508 Esty Street LOT SIZE:•29 acres ZONING:I-l TYPE OF IMPROVEMENTS:None CONSIDERATION PAID:$11,50-0.00 REMARKS:Sale Price indicates $.89 per square foot f.-' Edward w. Austin Realtor and Appraiser ITHACA, N. Y. -a; LAND SALE #9 -■V'k ■\ ■ A'' ;A' GRANTOR: GRANTEE: DATE OF SALE: RECORDED: LOCATION: LOT SIZE: ZONING: TYPE OF IMPROVEMENTS CONSIDERATION PAID: REMARKS: V A. - • k/" Av.i-v-k . A.V M, Shulman A, Ceracche & Co. Inc. 9/5/73 9/5/73 Book 510 Page 587 509-511 Esty Street •315 acres I-l None $11,500.00 Sale Price indicates $.83 per square foot 5*' Ji' • 1:... >• - .V . ;-S:r fc. s ..Vf^ Edward W. Austin Realtor and Appraiser ITHACA. N, Y. SALE RP-1 GRANTOR: GRANTEE: DATE OF SALE: RECORDED: LOCATION; LOT SIZE: ZONING: TYPE OF IMPROVEMENTS CONSIDERATION PAID: REMARKS: Mobil Oil Coarporation Novarr-Mackesey Construction Co.Inc 8/9/79 9/27/79 Book 573 Page 358 723 Cascadilla Street 264* X 210' I-l Storage tanks, steel clad ware house $75,000.00 Storage tanks appear to be a liability % H.. Si' •■'-.• Edward w. Austin ^iealtor and appraiser ITHACA. N. Y, SALE RP-2 GRANTOR; GRANTEE: DATE OF SALE: RECORDED; LOCATION: LOT SIZE: ZONING: TYPE OF IMPROVEMENTS CONSIDERATION PAID: REMARKS: M, Bennett H, W, Tayton Co. Inc 5/17/74 5/17/74 Book 522 Page 184 Third & Franklin Streets 119' X 112' B-2A Freight warehouse - trucking terminal $42,500.00 Ideal location for trucking terminal Edward W. Austin Realtor and Appraiser ITHACA. N. Y. SALE RP-3 GRANTOR:M. Ciaschi GRANTEE:A, DiGiacoino DATE OF SALE:4/23/79 RECORDED:4/23/79 Book 570 Page 294 LOCATION: LOT SIZE: 702-704 West Buffalo Street 93V21' X 185'/135» ZONING:B-4 TYPE OF IMPROVEMENTS Retail coininercial CONSIDERATION PAID;$50,500.00 REMARKS:One story block building Edward W. Austin Realtor and Appraiser rrHACA. N. Y. SALE RP-4 GRANTOR; GRANTEE: DATE OF SALE: RECORDED: LOCATION: F. Saturn Agway, Inc. 8/7/79 10/25/79 801-811 West State Street LOT SIZE:189* X 175' ZONING:I-l TYPE OF IMPROVEMENTS CONSIDERATION PAID: REMARKS: Retail store and lumber storage sheds $130,000.00 Sold as a going business - title transfer delayed ;• N.. '^y ' r n te V'\ v.," "k'"""■■ '; !:■ Edward W. Austin 'Realtor and Appraiser ITHACA. N. Y. SALE RP~5 GRANTOR; GRANTEE: DATE OF SALE; RECORDED: LOCATION; LOT SIZE: ZONING; TYPE OF IMPROVEMENTS CONSIDERATION PAID REMARKS: C. Wilson W, Allmandinger 3/26/75 3/26/75 Book 543 Page 100 West State Street 160» X 84* & 54' X 95* (two tax parcels) B-4 Gas station - warehouse $100,000,00 One of the larger retail tire outlets EDWARD W. AUSTIN Realtor and appraiser ITHACA. N. Y. SALE RP-6 GRANTOR;L. Missillier, Estate GRANTEE:H, Perry DATE OF SALE:2/24/76 RECORDED:2/26/76 Book 550 Page 259 LOCATION:120-140 Brindley Street LOT SIZE:241» X 319' ZONING:I-l TYPE OF IMPROVEMENTS CONSIDERATION PAID; Multi-Story wood frame warehouse, older $55,000.00 REMARKS:Several older buildings, wood frame Edward W. Austin Realtor and Appraiser ITHACA. N. Y. SALE RP-7 GRANTOR:L, Hardesty GRANTEE:Freeman & Wallace DATE OF SALE:6/16/75 RECORDED;6/26/75 Book 546 Page 58 LOCATION: LOT SIZE: 104-130 Cherry Street 1.41-acres ZONING:I-l TYPE OF IMPROVEMENTS: One story, block, small structure CONSIDERATION PAID:$137,000.00 REMARKS:Lot has a large frontage •?V' Edward W. Austin Realtor and Appraiser ITHACA. N. Y. SALE RP-8 GRANTOR:Akers & Keller GRANTEE:G. Grant DATE OF SALE:2/26/76 RECORDED:2/26/76 Book 550 -Page 256 LOCATION:716-718 West Clinton Street LOT SIZE: ZONING: 1.14 acres I-l TYPE OF IMPROVEMENTS; 2-one story block buildings CONSIDERATION PAID:$100,000.00 REMARKS:Retail tire store and auto service former farm machinery sales w 1/ . Edward W. Austin Realtor and Appraiser ITHACA. N. Y. SALE RP-9 GRANTOR:Wayne Plumbing & Heating Co. Inc GRANTEE:Vasilios Zikakis DATE OF SALE: RECORDED: 5/9/75 5/13/75 Book 545 Page 307 LOCATION:381 Elmira Road LOT SIZE:1.57 acres ZONING:B-5 TYPE OF IMPROVEMENTS CONSIDERATION PAID: One story block building & storage sheds $150,000,00 REMARKS:Retail and wholesale plumbing and heating Edward W. Austin Realtor and appraiser ITHACA. N. Y. SALE RP-10 GRANTOR: GRANTEE: DATE OF SALE: RECORDED: LOCATION: Grossman Industrial Properties, Inc Hospital Management Group Inc 2/1/80 2/1/80 Book 575 Page 1075 Third Street LOT SIZE: ZONING: 2.06 acres I-l TYPE OF IMPROVEMENTS CONSIDERATION PAID: Pre-engineered steel building and storage sheds $118,000.00 (2/3 interest sold) REMARKS:Retail lumber yard and building supply Edward w. Austin calior an raxser ITHACA. N. Y. STATEMENT OF BASIC ASSUMPTIONS AND LIMITING CONDITIONS Your Appraiser assumes: 1. No responsibility for matters which are le^ in nature, nor has any opinitm on title bm rendered. 2. That any legal desaiption furnished is correct. 3. That the title to the property is madcetable. 4. Tliat the property is free and clear of all liens, encumbrances or defects of title odier than as stated in this report Hiis report is submitted with the following limiting conditions: 1. No responsibility is assumed for matters of a legal nature. 2. No responsibility is assumed for information furnished by others and believed to be reliable. 3. No engineering survey of the property was made by the appraiser. The exhibits herein are included only to assist the reader in visualizing the property. 4 This appraisal was made for the purpose stated and should not be used f<v any other purpose. 5. The value assigned to the land and improvements, if any, are their value in relation to each other and should not be used separately. 6. We are not required to give testimony or to appear In court by reason of this appraisal with reference to the property in question, unless arrangements have b^ previously made therefor. Edward W. Austin ^Realtor itud Appraiser ITHACA N V QUALIFICATIONS OF THE APPRAISER Appraiser: Edward W, Austin 104 Williams Glen Road Ithaca, New York 14850 Currently licensed by the State of New York as a Real Estate Broker. Maintains his office at the above address to conduct general realty brokerage, management and appraissd. Has been in the real estate business since 1949, actively engaged in appraising, buying, selling, leasing, and managing of real estate in Tompkins, Tioga, Seneca, Cayuga and Schuyler Counties. Has served as President of the New York State Appraisal Society, and presently is on the President's Advisory Committee, Past I^esident of the Ithaca Board of Realtors, has served as a Director of the New York State Association of Realtors, has served two terms on the Executive Committee of the New York State Association of Realtors, and Past Regional Vice President of the New York State Association of Realtors. The following is a partial listing where he has been employed as a fee appraiser by businesses, individuals, corporations, governmental agencies, banks and at torneys to estimate value of residential, commercial and industried properties in matters pertaining to taxation, condemnation, sales and mortgage financing. Attorney General, State of New York N.Y.S. Department of Public Works N.Y.S. Department of Transportation New York State Electric and Gas Corp. Finger Lakes State Park Commission Humble Oil and Refining Company Atlantic-Richfield Refining Corp. Exxon Company Tompkins County Area Development, Inc. County of Tompkins County of Schuyler City of Ithaca Town of Ithaca Town of Candor Town of Dryden Town of Danby Village of Lansing Village of Spencer Cornell University Ithaca Board of Education Ithaca Housing Authority Equitable Relocation Management Edward W. Austin ^liealtor niuf _yippraiser ITHACA N V -2- Homequity Eastman Kcxiak Merrill Lynch Relocation Management Allegheny Airlines Endicott National Bank Tioga State Bank Marine Midland Bank First National Bcink of Ithaca Citizens Savings Bank Tompkins County Trust Company Ithaca Savings and Loein Association Cornell Federal Credit Union Alternative Federal Credit Union Cooperative GLF Exchanget Inc. Agway, Inc. Finger Lakes Tool and Die Co. John C. Lowery, Inc. Hi-Speed Check Weigher Co., Inc. Rumsey-Ithaca Corp. Albanese Plumbing & Heating, Inc. Wesley McDermott, Esquire Edward Y. Crossmore, Esquire Harry Hamilton, Esquire Victor Borst, Esquire O'Connor, Sovocool, Phann & Tyler Robert J. Hines, Esquire Has completed specialized study in real estate appraising in the University of Rochester, N. Y., University of Tampa, Florida, University of Connecticut at Storrs, New York State School of Advemced Studies in Real Property Acquisi tion, and New York State Institute of Assessors Officers Seminar at Cornell University. Maintains active membership in the following organizations: New York State Appraisal Society, Past President Ithaca Board of Realtors, Past President National Association of Realtors New York State Association of Realtors