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LAND APPRAISAL REPORT <br />Referenc <br />'roperty Address 1711 Marietta Zi code .4 <br />city South Bend County St. Joseph State IN <br />Legal Description Lots 72 & 73 33 Ft Mid Pt Ea H StudebaK- 1st raised . Fee Leasehold <br />Sale Price $ <br />Date of Sale Loan Term yrs Property Rights Appraised <br />Actual Real Estate Taxes S (yr) Loan charges to be paid by seller $ <br />Other sales concessions <br />Landerlclient City of South Bend IN/Board of Public Work Address <br />Occupant Vacant Appraiser <br />Carolenter Instructions to Appraiser Market Udl Ue <br />'047-1842 <br />3 <br />DeMinimis PUD <br />Location 0 Urban ❑ Suburban, ❑ Rural <br />Under 25% <br />75% ner <br />Employment Stability <br />C7­d <br />El <br />r..° <br />❑ <br />Built Up ® Over 75% ❑ 25% to <br />❑ Slow <br />Convenience to Employment <br />❑ <br />LR <br />❑ <br />❑ <br />Growth Rate ® Fully Dev. ❑ Rapid ❑ Steady <br />� Declining <br />Convenience to Shopping <br />❑ <br />® <br />❑ <br />❑ <br />❑ <br />Property Values ❑ Increasing ❑ Stable <br />P Y <br />❑ Over Supply <br />Convenience to Schools <br />❑ <br />❑ <br />g ❑ In Balance <br />DemandlSupply ❑ Shortage X <br />Mos. ❑ 4-6 Mos. ® Over 6 Mos. <br />Adequacy of Public Transportation <br />❑ <br />❑ <br />❑ <br />❑ <br />Cl <br />Marketing Time ❑ Under 3 <br />Family 2-4 Family Apts. _% Condo `% Commercial <br />Recreational Facilities <br />❑ <br />❑ <br />® <br />® <br />❑ <br />❑ <br />Present Land Use 1 00% 1 _% _% <br />Adequacy of Utilities <br />_% Industrial_% Vacant°� ❑ Taking Place l'1 <br />Likely ❑Likely f'1 <br />Property Compatibility <br />❑ <br />❑ <br />IN <br />❑ <br />❑ <br />❑ <br />Change to Present Land Use [� Not <br />Protection from DetrimentalConditions <br />❑ <br />f � jFrom TO <br />x. Vaeen <br />Patica ontl Fira Protection <br />® <br />7) <br />0 <br />_ Q Tonent <br />Pra�am,nnnr dccuvencv �� <br />S 9,000 S 36,000 Predominant Value $30 , 000_ <br />General Appearance of Properties <br />❑ <br />❑ <br />Single Family Price Range to <br />20 to 100 yrs Predominant Age 70 yrs <br />Appeal to Market <br />Single Family Age yrs <br />Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, <br />schools, view, noise) Sub ' eel <br />be to be built <br />pro <br />ert <br />u on <br />has 33' x 80' dimensions - 2,640 s . ft. - which would appear <br />to able <br />however, limitation of structure size will be due to set back requirements. <br />33' X 80' = 2640 Sq. Ft. or Acres <br />❑ Corner <br />Lot <br />Dimensions <br />B - Residential Present improvements ❑ do ❑ do not conform <br />to <br />zoning <br />regulations . <br />Zoning ctassification <br />Highest and best use: ❑ Present use ❑Other (specify) Single Fami 1 <br />Average <br />Public Other (Describe) OFF SITE IMPROVEMENTS Topo <br />Elec. ® Street Access: Publ,c Private Size <br />Poor <br />Rect n 1 e <br />Gas © Surface Paved Shape <br />Water Maintenance: ® Public ❑ Prtvate View <br />Urban <br />San.Sewer ❑x fXJ Storm $.we. Curb/Gutter Drainage <br />Average <br />HUD Identified Special Flood <br />HazardArea7�No�Yes <br />❑ Underground Elect. &Tel Sidewalk Street Lights Is the property located ina <br />V Comments (favorable or unfavorable including any apparent adverse easements, encroachments or <br />other adverse conditions) <br />The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The descrip- <br />tion includes a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties. It a significant <br />item in the comparable property is superior to, or more favorable than, the subject property, a minus () adjustment adjustmentt sum de, thus increasthe ecated n9 the value <br />subject; if a significant item in the comparable is interior to, or less favorable_ than, the subject property, a p 1 <br />ted value of the subject. COMPARABLE NO. 3 <br />COMPARABLE NO. 1t <br />COMPARABLE NO. Z <br />ITEM Subject Property Kaley St. between <br />Address 1711 Marietta 606 Wenger 9W. Calvert I-WW H <br />Sales Price <br />Price/sq- ft. <br />Date of Sale and DESCRIPTIO <br />Time Adjustment <br />I_ncation <br />33 x 8 <br />Sales or Financing <br />Concessions <br />Net Ad . (Total) <br />Indicated Value <br />of Subject <br />G c�mmo.+tc on Marlcot tJ to • h <br />SUbYe t. <br />400 <br />` <br />S <br />S .1901sgft <br />r$.075758/sq <br />.189/sgft <br />MLS {_ <br />Aditlstment <br />DESCRIPTION <br />Adjustment <br />DE19B5PTYOf`t Adjustment <br />DESCRIPTION <br />+ 25 <br />t <br />1980 + 500 <br />1990 <br />Urban Ave. I - 250 <br />Urban/Fair t <br />Urban/Fair <br />50 132/Ave. <br />I - 700 <br />40 x 132 Ave. - 500 <br />40 x 132/Ave. - 500 <br />I <br />I <br />x <br />•-t <br />' <br />! <br />t <br />I <br />I <br />I <br />• <br />1 <br />I <br />i <br />t 0 <br />❑ Minus <br />Plus., ©Minus <br />I <br />t <br />I <br />!S 700 <br />' <br />! <br />I <br />t <br />❑ Plus; X Minus 500 <br />1 <br />❑ Plus; i$ <br />Lrb 500 <br />$ 400 <br />�S 300 <br />for lots <br />which are <br />all jar er ban <br />a+a Pxnr sses a value <br />W <br />Comments and Conditions of Appraisal; Sub ect i 5 zoned for m - <br />u on which covers e can take place. The ultimate 1056 s . ft. would cr <br />limit multifamily thus its highest and best use is sin le fami1 . <br />Final Reconciliation: The S 1 z <br />J 4 + r, <br />T <br />ESTIMATE THE MARKET VALUE, AS DEFINED, OF SUSPECT PROPERTY AS OF <br />,nrn <br />19 y`f to be $ JUu <br />