09-28-15 Agenda, Packet & Committee Meeting Notice

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Four sales of special purpose buildings are noted in this report. They are summarized in the following grid and are detailed over the previous pages. The sales are summarized as follows: Location City Sale Sale Building Year Price/Bldg SF Date Price Size Build 1111111111IMMIII 111Millit.. AIM 111 725-739 N College South Bend 12/15/13 $150,000 41,849 910&1985 $3.58 833 30th Street South Bend 11/6/09 $75,000 15,018 1926 $4.99 2602 Western Ave South Bend 10/18/10 $68,976 4,680 1,920 $14.74 203 E Ewing St South Bend 11/30/06 $100,000 5,272 1960 $18.97 Subject South Bend 30,332 1900&1964 All four of these sales have similar land to building ratios. They also have access to street parking. OBSERVATIONS: The property at 725-739 College Street was an industrial building that was purchased for use as a church. The building was in very poor condition. The buyer purchased this building and had to do very extensive remodeling. Its condition is likely inferior to that of the subject property. Further, this property had no visibility from a commercial corridor. The value of the subject property is likely greater than the price per square foot shown by this sale,which was $3.58. The property at 833 30th Street is a church building that needed extensive remodeling. The selling broker indicated that there was possibly asbestos on the building interior. This building is not located in a commercial corridor,but is located in a stable residential neighborhood. Its location is judged to be similar to that of the subject property. This building is larger in size like the subject property. Of the four sales identified in this report, this property is most like the subject property. Therefore, the value of the subject property is judged at$4.99. The sale at 2602 Western Avenue is located in the same corridor as the subject property. It was purchased by a social organization. The building is dissimilar in that it contained retail space on the grade level and an apartment on the upper level. The building was smaller in size. Smaller buildings typically have a higher unit cost. It is unlikely the value of the subject property is at or above$14.74. The property at 203 E. Ewing was a sale of a church building. The building appears to have superior condition. Also, it is located at the intersection of two busy roads and is surrounded by stable neighborhoods. It is unlikely the value of the subject property is at or above$18.97. Based on the above analysis,the value of the subject property is estimated at $4.99/SF. 35