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Owner of Record:
Prepared For:
Appraised By:
REAL ESTATE APPRAISAL
Complete Appraisal; Summary Report
498-500 Hallett Street, Bridgeport, Fairfield County, CT
As Of
April 4, 2014
Good Shepherd Christian Church Volume 4405, Page 24
Walter M. Spader, Jr., Esq. The Marcus Law Finn
275 Branford Road, North Branford, CT 06471
JOHN LO MONTE REAL ESTATE APPRAISERS & CONSULTANTS P.O. Box 290-0563, Wethersfield, Connecticut 06129-563 + (860) 635-7500; Fax 635-3339
John .Lo di(onte REAL ESTATE APPRAISERS & CONSULTANTS P.O. BOX 290-0563 • WETHERSFIELD, CT. 06129-0563 • (860) 635-7500 • FAX (860) 635-3339
April 15, 2014
Atty. Walter M. Spader, Jr. The Marcus Law Firm 275 Branford Road, North Branford, CT 06471
RE: 498-500 Hallett Street, Bridgeport, Fairfield County, CT
Dear Atty. Spader:
At your request, and for the benefit of your client MTAG, CAZ, LLC, we examined the premises (exterior only) on Friday, April 4, 2014 with the purpose to determine the market value (as is) of the subject commercial business site located on the easterly side of Hallett Street in Bridgeport, Fairfield County, Connecticut.
The purpose of this report is to evaluate the subject property based on the "as is" value found at the time of inspection of April 4, 2014. This report is to give you a written evaluation of the subject property to assist your client in asset valuation and/or portfolio management for legal proceeding purposes.
This is a complete appraisal, summary report intended to comply with the reporting requirements set forth in Standards Rule 2.2 of the Uniform Standards of Professional Appraisal Practice (USP AP). As such it presents summary discussion of the data, reasoning and analyses used in the appraisal process to develop the appraiser's opinion of value.
To develop the opinion of valued contained herein, the appraiser executed a complete appraisal process, as defined by USPAP. Supporting documentation concerning the data, reasoning and analyses is retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and to the intended use stated above. The appraiser is not responsible for unauthorized use of this report.
John _£0 d/{onte REAL ESTATE APPRAISERS & CONSULTANTS P.O. BOX 290-0563 • WETHERSFIELD, CT. 06129-0563 • (860) 635-7500 • FAX (860) 635-3339
RE: 498-500 Hallett Street, Bridgeport, Fairfield County, CT
Introduction:
It should be noted that the subject property is a 3-story mix-use, i.e. residential and commercial (converted) property currently utilized as church/assembly hall owner occupied on the ground floor and as residential 10-unit apartment building on the upper floors. As of the valuation date the property appears to be substantially occupied, or the 10 apartments and the commerical outlet which apparently is owner occupied. Based on an exterior inspection only, the subject proeprty appears to be in average to above average overall condition.
Moreover, the basement is largely finished, or an area of 2,400 sq ft which is annexed to the ground floor for use as assembly hall. However, we could not verify the subject property occupancy status and/ or subject property overall condition since no interior inspection was allowed and/or possible.
Hence, we reserve the right to revise the contents and/or conclusion of this appraisal report, if deemed necessary, and/or if warranted. The ground floor comprises 4,096 sq ft of usable space fitted for use as church/assembly hall, or owner occupied facility DBA Iglesia Casa De Compasion.
The upper floors comprises ten residential units of various size and layout for a total of 11 mix-use units. Finally, as noted, we have conducted only an exterior inspection of the premises since access was not allowed and/or was possible.
The property consists of an older 3-story masonry frame with brick and stucco exterior, mixed-use commercial-residential structure having a total gross area of 14,672 sq ft, more or less; on the upper floors, there are a total of IO-apartments; unit mix is as follows: 6-apartments with 4-rooms comprising 2-bedrooms and 1-bath each, assumed of similar size, layout, and finish-condition and 4-apartments with 3-rooms comprising 1-bedroom and 1-bath each, also assumed of similar size, layout and finish-condition. As already repoted, the ground floor and finished basement is fitted for use as church and assembly hall, a total eleven (11) mix-use units.
REAL ESTATE APPRAISERS & CONSULTANTS P.O. BOX 290-0563 • WETHERSFIELD, CT. 06129-0563 • (860) 635-7500 • FAX (860) 635-3339
RE: 498-500 Hallett Street, Bridgeport, Fairfield County, CT
It is our opinion that the Income Approach tempered with the Market Sales Approach are the best determining factors in weighing an opinion of value of the subject property.
Of all three approaches the cost approach has least relevance due to the lack of truly comparable commercial land sales and the difficulty in determining the depreciated value of the older and in this case abandoned improvements.
The following is a description and narrative analysis using sales in Bridgeport, the methodology used in our opinion of value of the subject property as of the inspection based on the 100% interest given to the fee simple estate.
Introduction/Property History
The subject property owner purchased the property on Augsut 24, 2000, via Warranty Deed, as recorded in Volume 4405, Page 24 of the Bridgeport Land Records. Consideration stated in this deed is $150,000. To the best of our knowledge, no other transfers of the subject property have occurred in the last three years.
REAL ESTATE APPRAISERS & CONSULTANTS P.O. BOX 290-0563 • WETHERSFIELD. CT. 06129-0563 • (860) 635-7500 • FAX (860) 635-3339
RE: 498-500 Hallett Street, Bridgeport, Fairfield County, CT
498-500 HALLETT STREET, BRIDGEPORT
Units Mix and (Estimated/Stablized) Rent Roll (April, 2014)
Commercial Component; Owner occupied outlet DBA Iglesia Casa De Compasion of 4,096 sq ft. plus finished basement area of 2,400 sq ft, for a total useable area of 6,496 sq ft@ $3,500/month on a Gross Basis plus utilities; this is the equivalent of $6.47/sq ft of NRA
Unit #/Type Sq Ft± Comments Rental Rate ($)
Apts. 1, 2 & 3 860± sq ft 4-room (2-br) and 1 $850/mo. each; each bath each; average to cold flat
above average condition
Apts4&5 640± sq ft 3-room (1-br) & 1 bath $700/mo. each; each cold flat
Apts. 6, 7 & 8 860± sq ft 4-room (2-br) and 1- $850/mo/ each; each bath each; same as cold flat
above
Apts 9 & 10 640± sq ft 3-room (1-br) & 1 bath $700/mo. each; each same as above cold flat
Total Potential Gross Income: $11,400/mo x 12 = $136,800 yearly, or $9.32?Sq Ft (Avg.) of GBA
ENVIRONMENTAL DISCLAIMER
Unless otherwise stated in this report the existence of hazardous material which may or may not be present on the property was not observed by the appraisers. The appraiser has no knowledge of any such contaminants on the property.
The appraiser is not qualified to detect such substances as they may or may not exist presently. There are probably not substances such as asbestos, lead paint, urea formaldehyde and foam insulation which would effect the value of the property. The value estimated is predicated on the assumption that there is no such material on or in the property that would cause such a loss in value.
There is no responsibility assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. If there is such concern a Phase 1 property evaluation should be done.
~ohn .Lo d/(onte REAL ESTATE APPRAISERS & CONSULTANTS P.O. BOX 290-0563 • WETHERSFIELD, CT. 06129-0563 • (860) 635-7500 • FAX (860) 635-3339
RE: 498-500 Hallett Street, Bridgeport, Fairfield County, CT
498-500 Hallett Street, Bridgeport, CT
Gross Building Breakdown
Ground Floor: 4,096 sq ft
Lower Level: 2,400 sq ft
Upper Floors: 8,176 sq ft
Total: 14,672 sq ft GBA; 3-story on a full and largely finished basement
498-500 HALLETT STREET, BRIDGEPORT, CT
GENERAL DATA
Assessor's Reference: Map 43; Block 1753; Lot 5
Assessment Value: $836,110; Assessed Value: $585,290 (70% FMV)
Mill Rate (10-1-12): 41.855 mills Taxes: $24,497. 32 yearly
Site Size: 0.14± acres (6,200 sq ft); LBR: 0.5 to 1
Parking Spots: None
Condition: Based on an exterior inspection only, and based on adequate information contained in the Bridgeport Assessor's Office, the improvements appear to be adequately rehabbed and maintained; thus, assumed to be in average to above average overall condition. Apparently, replacement windows have been installed in the recent past according to Assessor's Office Records. However, since no interior inspection was possible and/or allowed, we reserve the right to revise the contents and/or conclusion of this report, if deemed necessary, or if warranted.
Highest and Best Use: As improved and "as is"
:John .-£0 dl/(onte: REAL ESTATE APPRAISERS & CONSULTANTS P.O. BOX 290-0563 • WETHERSFIELD, CT. 06129-0563 • (860) 635-7500 • FAX (860) 635-3339
RE: 498-500 Hallett Street, Bridgeport, Fairfield County, CT
Americans With Disabilities Act (ADA)
The Americans with Disabilities Act ("ADA") became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA.
It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act.
If so, this fact could have a negative impact on the value of the property. Since we have no direct evidence relating to this issue, we did not consider possible non-compliance with the requirements of ADA in estimating the value of the property.
Exposure and Marketing Period
The established market value reflects an exposure time of twelve months , reflecting the period prior to the date of value. A marketing period within twelve months is implicit in this analysis, recognizing the time period after the date of value to liquidate the subject property. The exposure time and the marketing period are based on the known marketing time of the sales in the region. Therefore, as a result of my inspection and based on my knowledge and experience as to real property value, it is my opinion that the market value (as is) of the subject property, as of April 4 , 2014 is:
$700,000 (SEVEN HUNDRED THOUSAND DOLLARS)
Respectfully submitted,
John Lo Monte, CCRA, GAA, CCIM Certified Commercial Appraiser CT Certificate No RCG377 Expiration Date: 4/30/2015
TABLE OF CONTENTS
Summary of Salient Facts and Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Assumption and Limiting Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Purpose of the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Function of the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Scope of the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Property Identified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Legal Description/Property History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Assessment and Tax Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Market Value Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Photographs of the Subject Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Bridgeport Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Community Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Neighborhood Data ......................................... 30 Neighborhood Map ......................................... 32 Zoning ................................................. 33 Description of the Site . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Building Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Assessor's Improvements Sketch ................................. 45 Highest and Best Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Valuation Premise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Direct Sales Comparison Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Income Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Reconciliation and Final Value Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 Appraiser's Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Restrictions on Disclosure and Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 Qualifications of the Appraiser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
498-500 HALLETT STREET, BRIDGEPORT, CT
GENERAL DATA
Assessor's Reference: Map 43; Block 1753; Lot 5
Assessment Value: $836,110; Assessed Value: $585,290 (70% FMV)
Mill Rate (10-1-12): 41.855 mills Taxes: $24,497.32 yearly
Site Size: 0.14± acres (6,200 sq ft); LBR: 0.5 to 1
Parking Spots: None
Condition: Based on an exterior inspection only, and based on adequate information contained in the Bridgeport Assessor's Office, the improvements appear to be adequately rehabbed and maintained; thus, assumed to be in average to above average overall condition. Apparently, replacement windows have been installed in the recent past according to Assessor's Office Records. However, since no interior inspection was possible and/or allowed, we reserve the right to revise the contents and/or conclusion of this report, if deemed necessary, or if warranted.
Highest and Best Use: As improved and "as is"
Property Appraised: 498-500 Hallett Street, Bridgeport, Fairfield County, CT
Property Type:
Ownership
3-story converted (older) mix-use residential-commercial masonry frame building with brick and stucco exterior comprising one commercial church outlet on the ground floor and ten apartments of various size and layout on the upper floors; total of 11 rental (mix-use) units.
The building was built in 1916 circa according to assessor's office records. Total GBA is approximately 12,272 sq ft above grade area. In addition, a 2,400 sq ft of lower level area is annexed to the ground floor for use as assembly hall; thus, total (useable) GBA is 14,672 sq ft. As noted, currently the subject property appears to be substantially owner and tenants occupied and in average to above average (exterior) overall condition.
Good Shepherd Christian Church Volume 4405, Page 24
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 1
SUMMARY OF SALIENT FACTS AND CONCLUSIONS, continued
Assessor's Reference:
Interest Appraised
Land Site
Land to Building Ratio
Assessment Value
Assessed Value
Taxes
Zoning
Date Of Inspection
Date Of Valuation
Map 43, Block 1753, Lot 5
100% of the entire fee simple
6,200± sq ft (0.14± acre)
0.5 to 1
$836,110 (100% FMV)
$585,290 (70% FMV)
$24,497 .32 yearly; as is (List of 2012)
RC; Multi-Family Zoning District
April 4, 2014
April 4, 2014
Highest & Best Use As improved; mix-use commercial-residential property.
Property Description One detached 3-story mix-use masonry frame brick building, with one commercial outlet and ten (10) apartments, built in 1916 circa.
Introduction:
It should be noted that the subject property is a 3-story mix-use, i.e. residential and commercial (converted) property currently utilized as church/ assembly hall owner occupied on the ground floor and as residential 10-unit apartment building on the upper floors. As of the valuation date the property appears to be substantially occupied, or the 10 apartments and the commerical outlet which apparently is owner occupied. Based on an exterior inspection only, the subject proeprty appears to be in average to above average overall condition.
Moreover, the basement is largely finished, or an area of 2,400 sq ft which is annexed to the ground floor for use as assembly hall. However, we could not verify the subject property occupancy status and/ or subject property overall condition since no interior inspection was allowed and/or possible.
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page2
SUMMARY OF SALIENT FACTS AND CONCLUSIONS, continued
Introduction: , continued
Hence, we reserve the right to revise the contents and/or conclusion of this appraisal report, if deemed necessary, and/or if warranted . The ground floor comprises 4,096 sq ft of usable space fitted for use as church/assembly hall , or owner occupied facility DBA Iglesia Casa De Compasi(on.
The upper floors comprises ten residential units of various size and layout for a total of 11 mix-use units . Finally, as noted , we have conducted only an exterior inspection of the premises since access was not allowed and/or was possible.
The property consists of an older 3-story masonry frame with brick and stucco exterior, mixed-use commercial-residential structure having a total gross area of 14,672 sq ft, more or less; on the upper floors , there are a total of IO-apartments; unit mix is as follows: 6-apartments with 4-rooms comprising 2-bedrooms and 1-bath each, assumed of similar size, layout, and finish-condition and 4-apartments with 3-rooms comprising 1-bedroom and 1-bath each, also assumed of similar size, layout and finish-condition. As already repoted, the ground floor and finished basement is fitted for use as church and assembly hall, a total eleven (11) mix-use units.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 3
SUMMARY OF SALIENT FACTS AND CONCLUSIONS, continued
498-500 HALLETT STREET, BRIDGEPORT
Units Mix and (Estimated/Stablized) Rent Roll (April, 2014)
Commercial Component; Owner occupied outlet DBA Iglesia Casa De Compasion of 4,096 sq ft. plus finished basement area of 2,400 sq ft, for a total useable area of 6,496 sq ft@ $3,500/month on a Gross Basis plus utilities; this is the equivalent of $6.47/sq ft of NRA
Unit #/Type Sq Ft± Comments Rental Rate ($)
Apts. 1, 2 & 3 860± sq ft 4-room (2-br) and 1 $850/mo. each; each bath each; average to cold flat
above average condition
Apts4&5 640± sq ft 3-room (1-br) & 1 bath $700/mo. each; each cold flat
Apts. 6, 7 & 8 860± sq ft 4-room (2-br) and 1- $850/mo/ each; each bath each; same as cold flat
above
Apts 9 & 10 640± sq ft 3-room (1-br) & 1 bath $700/mo. each; each same as above cold flat
Total Potential Gross Income: $11,400/mo x 12 = $136,800 yearly, or $9.32?Sq Ft (Avg.) of GBA
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page4
SUMMARY OF SALIENT FACTS AND CONCLUSIONS, continued
498-500 Hallett Street, Bridgeport, CT
Gross Building Breakdown
Ground Floor: 4,096 sq ft
Lower Level: 2,400 sq ft
Upper Floors: 8,176 sq ft
Total: 14,672 sq ft GBA; 3-story on a full and largely finished basement
Improvements:
Condition:
Cost Approach
Since the property was not fully inspected the condition, quality, and degree of the improvements at the property must be reconstructed not only from a visual inspection (exterior only), but also from files, photographs, if any available, recollections and records from various agencies including the Bridgeport Assessor's office, and the Bridgeport Building and Zoning office.
Based on an exterior only inspection of the premises, based on information contained in the assessor's office field card, and based on our experience and knowledge it is your appraiser's opinion that the overall "as is" condition of the subject property as of April 4, 2014, the appraisal date, was average to above average overall.
Considered but not utilized
Direct Sales Comparison Approach to V aloe $630,000
Income Approach to Value (By Mortgage-Equity Technique, Ellwood Method)
Final Estimate of Market Value (As Is):
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants
$745,000
$700,000
Page 5
ASSUMPTIONS AND LIMITING CONDITIONS
This Appraisal Report has been made with the following general assumptions:
1) No responsibility is assumed for the legal description or for matters including legal or title considerations. The title to the property is assumed to be good and marketable unless otherwise stated.
2) The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated.
3) Responsible ownership and competent property management are assumed.
4) The information furnished by others is believed to be reliable; however, no warranty is given for its accuracy.
5) All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property.
6) It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging engineering studies that may be required to discover them.
7) It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report.
8) In this appraisal assignment, the existence of potentially hazardous material used in the construction or maintenance of the building, such as the presence of urea-formaldehyde, foam insulation, and/or the existence of toxic waste, which may or may not be present on the property, has not been considered. The appraiser is not qualified to detect such substances. The user of this report is urged to obtain an environmental site assessment report certifying that the site is not environmentally contaminated.
9) It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in the appraisal report.
498-500 Hallett Street, Bridgeport, Fairfield County John l~ Monte Real Estate Appraisers & Consultants Page 6
ASSUMPTIONS AND LIMITING CONDITIONS, continued
10) It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based.
11) It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report.
12) Included in this report are sales from various sources. A concerted effort has been made to personally verify the market data contained herein with reliable sources. Occasionally, some new information is found on these sales or errors may be found and corrected. If any errors or omissions are discovered, they will be brought to the Client's attention. The appraiser must reserve the right to change the conclusion, if required, due to a subsequent discovery.
13) The value is estimated under the assumption that there will be no international or domestic, political, economic, or military actions that will seriously affect real estate values throughout the country.
14) This appraisal was prepared for the benefit of The Marcus Law Firm, Attn: Atty. Walter M. Spader, Jr. It may be used for legal proceedings or for determination of market value which may be used for asset valuation, and/ or portfolio management.
15) The appraiser, by reason of this appraisal, is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made.
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 7
ASSUMPTIONS AND LIMITING CONDITIONS, continued
16) Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser.
17) The value of a lawsuit that can be brought against the appraisal firm and the appraisers is limited to their compensation; any conclusions, determinations, and opinions of value are so limited to such enumeration in court action.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page8
PURPOSE OF THE APPRAISAL
The purpose of the appraisal is to estimate the "as is" market value of the fee simple interest to the subject property, 498-500 Hallett Street, Bridgeport as of April 4, 2014.
Fee simple interest is composed of the land, improvements, and all of the rights normally acquired by ownership; the subject property fee simple interest is also subject to any existing lease(s). The fee simple value of the property will be estimated on a cash basis or its equivalent. This appraisal report will be used for collateral evaluation, and/or portfolio management by the client.
FUNCTION OF THE APPRAISAL
The function of the appraisal is to serve as an indication of property value for the client so that the subject property may be used for asset evaluation and/or for portfolio management evaluation for legal proceeding purposes.
SCOPE OF THE APPRAISAL
The scope of the appraisal includes an inspection of the subject property; an evaluation of the subject property in terms of its conformity to local requirements and the suitability of the property for its locale and intended use, and the collection of data to formulate and support an estimate of value, "as is" for the subject property, as of April 4, 2014.
Data is collected in the general market area which may include surrounding cities and/or towns. When possible, the information is confirmed by authoritative sources and/or the parties involved in the transactions. All pertinent data will be reported, to the best of the appraiser's knowledge and ability.
The appraiser cannot be held responsible for the perceptions and conclusions inferred by the reader of this report. While the appraiser is ready and willing to discuss, amplify, and clarify any item of reporting contained herein, the degree to which the appraisers are obligated to accommodate the client, beyond the contractual bounds and the reporting standards of USP AP, is entirely at the discretion of the appraiser. To provide service beyond these bounds is not within the scope of this report.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 9
PROPERTY IDENTIFIED
The property has a street address of 498-500 Hallett Street, and according to the Bridgeport Land Records it is known as Lot 5, Block 1753 on Map 43 in the Bridgeport Assessor's Office.
498-500 HALLETT STREET, BRIDGEPORT
Units Mix and (Estimated/Stablized) Rent Roll (April, 2014)
Commercial Component; Owner occupied outlet DBA Iglesia Casa De Compasion of 4,096 sq ft. plus finished basement area of 2,400 sq ft, for a total useable area of 6,496 sq ft@ $3,500/month on a Gross Basis plus utilities; this is the equivalent of $6.47/sq ft of NRA
Unit #/Type Sq Ft± Comments Rental Rate($)
Apts. l, 2 & 3 860± sq ft 4-room (2-br) and 1 $850/mo. each; each bath each; average to cold flat
above average condition
Apts4&5 640± sq ft 3-room (1-br) & 1 bath $700/mo. each; each cold flat
Apts. 6, 7 & 8 860± sq ft 4-room (2-br) and 1- $850/mo/ each; each bath each; same as cold flat
above
Apts 9 & 10 640± sq ft 3-room (1-br) & 1 bath $700/mo. each; each same as above cold flat
Total Potential Gross Income: $11,400/mo x 12 = $136,800 yearly, or $9.32?Sq Ft (Avg.) of GBA
Introduction/Property History
The subject property owner purchased the property on Augsut 24, 2000, via Warranty Deed, as recorded in Volume 4405, Page 24 of the Bridgeport Land Records. Consideration stated in this deed is $150,000. To the best of our knowledge, no other transfers of the subject property have occurred in the last three years.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 10
LEGAL DESCRIPTION/PROPERTY HISTORY
Grantor: Assembly of Pente Costal Church of Jesus Christ, Inc.
Grantee: The Good Shepherd Christian Church
Recorded: Bridgeport Land Records, Volume 4405, Page 24
Instrument: Warranty Deed
Date: August 24, 2000
Recorded: August 24, 2000
Sale Price: $150,000
For metes and bounds please refer to this Warranty Deed in the Addenda section of this report. There have not been any other transfers affecting the subject property in the last three years.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 11
ASSESSMENT AND TAX DATA
The current assessment and taxes on the subject property is as follows:
498-500 Hallett Street. Bridgeport. Fairfield County. CT
Assessment: $836, 110 (full market value; as is)
Assessed Value: 70% of FMV; $585,290 (as is)
Tax Rate: 41.855 Mills per each $1,000 of the assessed value.
Assessed Taxes: $24,497.32 yearly
Date of Assessment: October 1, 2012
The above assessment is based on 70 per cent of market value with the last revaluation having taken place in the City of Bridgeport in 2011. Revaluation methods in Bridgeport usually are based on the cost method of valuation.
Typically, the Marshall Valuation Service is utilized to estimate reproduction cost new, and buildings are depreciated accordingly. Site valuation is typically based on value per site, with adjustments for frontage, depth, and comer influence. The mill rate has been set at 41.855 mills for the grand list of October 1, 2012.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 12
MARKET VALUE DEFINITION
As defined in the Office of the Comptroller of the Currency Appraisal and Evaluation Guidelines promulgated on December 10, 2010, the following is the definition of Market Value included in this report:
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus.
Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
1. buyer and seller are both typically motivated.
2. both parties are well informed or well advised and each acting in what he considers to be his own best interest.
3. a reasonable time is allowed for exposure in the open market.
4. payment is made in cash in U.S. dollars or in terms of financial arrangements comparable thereto.
5. The price represents the normal consideration for the property sold unaffected by special financing or sales concessions granted by anyone associated with the sale.
The Most Probable Sales (Selling) Price is defined as:
"That price at which a property would most probably sell if exposed to the market for a reasonable time, under conditions prevailing as of the date of appraisal." (The Dictionacy of Real Estate Appraisal. 4th Edition, Appraisal Institute, 2002).
Leased Fee Estate is defined as:
11 An ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The right of the lessor (the leased fee owner) and the leased fee are specified by contract terms contained within the lease. 11
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 13
MARKET VALUE DEFINITION, continued
Fee Simple
"The most complete form of ownership is title in fee. Such ownership establishes an interest in real property known as fee simple interest; i.e., absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police owner and escheat. "
The Appraisal of Real Estate Twelfth Edition, published by the Appraisal Institute, 875 North Michigan Avenue, Chicago, Illinois, 2001, Page 68.
Gross Building Area
"The total floor area of a building, including below-grade space but excluding unenclosed areas, measured from the exterior of the walls."
The Appraisal of Real Estate Fourth Edition, published by the Appraisal Institute. 550 West Van Buren Street, Suite 1000, Chicago, Illinois, 2002, Page 131.
Gross Living Area
"The total area of finished, above-grade residential space excluding unheated areas such as porches and balconies; the standard measure for determining the amount of space in residential properties. "
The Dictionary of Real Estate Appraisal Fourth Edition, published by the Appraisal Institute, 550 West Van Buren Street, Suite 1000, Chicago, Illinois, 2002, Page 132.
Prospective Value Estimate
"A forecast of the value expected at a specified future date. A prospective value estimate is most frequently sought in connection with real estate projects that are proposed, under construction, or under conversion to a new use, or those that have not achieved sellout or a stabilized level of long-term occupancy at the time the appraisal report is written."
The Dictionary of Real Estate Appraisal Third Edition, published by the Appraisal Institute, 875 North Michigan Avenue, Chicago, Illinois, 1993, Page 283.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 14
PHOTOGRAPHS OF THE SUBJECT PROPERTY April, 2014
OVERALL CLOSE-UP FRONT AND NORTH SIDE VIEW AND CONSTRUCTION DETAILS
OVERALL VIEW OF FRONT AND PARTIAL SOUTH SIDE LOOKING NORTHEASTERLY
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 15
PHOTOGRAPHS OF THE SUBJECT PROPERTY April, 2014
REAR AND p ARTIAL SOUTH SIDE Vrnw AND F'INSIH-CONDITION
CLOSE-UP NORTH SIDE VIEW OF SUBJECT AND CONSTRUCTION DETAILS
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants
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PHOTOGRAPHS OF THE SUBJECT PROPERTY
CLOSE-UP FRONT SIDE VIEW AND FINISH-CONDITION
C LOSE-UP VIEW (PARTIAL) OF REAR AND SOUTH SIDE
AND CONSTRUCTION DETAILS
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants
April, 2014
Page 17
PHOTOGRAPHS OF THE SUBJECT PROPERTY
OVERALL VIEW OF SOUll-1 SIDE A.'\'D CO~STRUCTION DETAILS
II
ADDITIONAL CLOSE-UP VIEW OF (PARTIAL) FRONT SIDE
AND CONSTRUCTION DETAILS
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants
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Page 18
PHOTOGRAPHS OF THE SUBJECT PROPERTY April, 2014
STREET SCENE LOOKING SOUTHERLY ALONG HALLETT STREET
ALTERNATE OVERALL VIEW OF SOUTH SIDE AND FINISH-CONDITION
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 19
PHOTOGRAPHS OF THE SUBJECT PROPERTY
CLOSE-UP VIEW OF FRONT SIDE AND CONSTRUCTION DETAILS
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants
April, 2014
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PHOTOGRAPHS OF THE SUBJECT PROPERTY
VIEW OF GROUND MOUNTED COMPRESSORS
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Es tate Appraisers & Consultants
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Page 2 1
PHOTOGRAPHS OF THE SUBJECT PROPERTY
STREET SCENE LOOKING NORTHERLY ON HALLETT STREET
498-500 Hallett Street, Bridgeport, Fairfield County John Lo M onte Real Estate Appraisers & Consultants
April, 2014
Page 22
J1J.lillGEPORT MA£
Bridgeport Harbor
498-500 Hal/ell Street, Bridgeport, Fairfield CountY John Lo Monte Real Estate Appraisers & Consultants
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COMMUNITY DATA
The City of Bridgeport, Connecticut is located in Fairfield County, in the Southwestern comer of the state. The city is bounded by Trumbull and Easton on the north, Stratford on the east, Long Island Sound in the south and Fairfield in the west.
Bridgeport is the largest city in both the county and in the state. While it is prominent in terms of size, it has not historically shared in the same level of prosperity as the balance of the region.
Specific events in Bridgeport reflect the general patterns in the county. Several major industrial concerns have recently decided to close, move, or consolidate resulting in manufacturing layoffs. Among these were Bryant Electric, Carpenter Steel, and Basick and Sprague Meter Co.
Like most regions in Connecticut and the Northeast, Bridgeport and Fairfield County have been adversely affected by the current economic recession. However, the city does enjoy many of the positive attributes of the county. The higher education institutions in the county are clustered around Bridgeport.
Bridgeport University and Housatonic Community College are within four miles of downtown Bridgeport. The city is also a major health care center in the region with three hospitals employing nearly 5 ,000 medical and support staff. Accessibility, housing affordability, and proximity to the labor force are elements in which Bridgeport could be ranked as superior to other communities closer to New York.
Population
In 2011 the state population was 3,610,073 an increase of 6.0% over the 2000 figure. The County's population has also increased from 882,567 in 2000 to 927 ,503 in 2011. This reflects a small 0.95 % increase during eleven year time frame. Bridgeport population has increased; according to the latest count, the 2011 population was 146,824 up 7 ,295 since 2000 representing a 5. 2 % increase.
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COMMUNITY DATA, continued
Transportation
Greater Bridgeport is on the main travel corridor to New England. The region's location on 1-95 provides good connections to New York and Boston. Ties to other parts of the state are strengthened by three major highways: the Merritt Parkway (AKA Route 15), Route 8 and Route 25.
The greater Bridgeport Transit District operates 16 fixed routes in Bridgeport, Fairfield, Stratford and Trumbull. Eight lines operate seven days a week. One express route is operated during weekday rush hours from Trumbull. The GBTD averages approximately 403, 000 rides monthly.
Three intercity bus operators utilize the Bridgeport Transportation Center: Arrow, Peter Pan and Greyhound, Inc. Principal service points from Bridgeport include New York City, Albany, Boston, Springfield, Worcester, New Haven, Hartford, Providence and Portland.
Commuter train service between New York and New Haven is provided by the Metro North Commuter Railroad to the region's four train stations: Bridgeport, Fairfield, Southport and Stratford. Trains operate seven days a week. Discounts are offered for the elderly, handicapped and off peak commuters and school commutations. About 25 million passengers use the New Haven Line annually.
Sikorsky Memorial Airport, in Stratford, is owned by the City of Bridgeport. Commuter service and general aviation flights are operated making Sikorsky the busiest airport in the State. There commuter airlines provide direct connections to Boston, Baltimore, New York, Philadelphia and Washington as well as Hartford, New Haven and Groton. International flights are available at either Bradley International in Windsor Locks, Connecticut or the two New York airports all being of equal distance from Bridgeport.
The Bridgeport and Port Jefferson Steamboat Company operates two ferry boats, which connect Bridgeport with Long Island. Service is provided year round and it takes approximately 90 minutes.
Seven taxi firms in the region provide service to all towns.
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COMMUNITY DATA, continued
Public Utilities and Services
Public Utilities services are provided by private companies including: Electricity--United Illuminating Co., Natural Gas--Southem Connecticut Gas Company, Water--Bridgeport Hydraulic Company, Telecommunications--Southern New England Telephone. Sewer and solid waste disposal are both provided by the city. The city has 450 full time police persons and 408 full time fire fighters.
Housing
As of 2012 the City of Bridgeport had 60,147 housing units. Over 68% of the total housing stock is multi-family; single family units as a percent of the total housing stock is 31.3%. As in many areas in the state, the costs of housing have risen dramatically since the 2000's.
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COMMUNITY DATA, continued
HOUSING
2012 Town County
Housing Stock 60,147 360,423
Existing Units (total) 31.3 63.9 % Single Unit Detached
New Permits 175 2,138 Authorized (total); 2012
Demolitions (2012) 8 386
Residential Sales; 2010
Number 303 4,096
Median Price $177,150 $375,000
Sales Price Distribution (2010)
Number of Sales Town
Less than $100, 000 44
$100,001-$200,000 179
$200,001-$300,000 62
$300, 001-$400 '000 9
$400,001 or more 9
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants
County
136
510
788
734
1,928
State
1,481,396
64.4
4,669
955
17,157
$246,000
State
1,114
5,005
4,614
2,589
3,835
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COMMUNITY AND LOCATIONAL DATA, continued
Income:
In 2011, the median household income in Fairfield County was $85,558; this figure is above the 2010 median household income figure of $77,620, or a 6.4% increase.
Bridgeport's 2011 median household income, as estimated by the Connecticut Department of Economic and Community Development, was $40, 94 7 which was well below the State of Connecticut's $69,243 and Fairfield County's $82,558. When compared with its six neighboring towns, Bridgeport's income ranks at the bottom.
BRIDGEPORT AND ENVIRONS 2011 MEDIAN HOUSEHOLD INCOME
State of Connecticut $69,243
Fairfield County $82,558
Trumbull $106,058
Stratford $67,761
Shelton $83,128
Fairfield $118,476
Stamford $78,201
Danbury $65,656
Bridgeport $40,947
Source: Connecticut Department of Economic and Community Development; Town Profiles January 2013
Employment
The unemployment rate for Bridgeport in December 2013 was 10.3% compared with 6.3% for the Bridgeport-Stamford Labor Market area, 7 .4 % (seasonally adjusted) for the state during the same period and 6.7% (seasonally adjusted) for the nation.
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COMMUNITY DATA, continued
Conclusion
The financial uncertainties which placed Bridgeport at a disadvantage, relative to the surrounding communities, in retaining existing businesses and in attracting new industries, are greatly reduced. The consensus among the real estate professionals who were surveyed for this appraisal is that economic recovery in Bridgeport, is well underway; however, there is the possibility that property values may lag behind improvements in other sectors.
Finally, Bridgeport benefits from its location in an historically affluent geographical area, and from the accessibility provided by an extensive and efficient transportation network.
Bridgeport is in the process of repositioning itself in the Fairfield County marketplace. New affordable and market housing will provide a much needed home for the region's labor pool. Housing and entertainment venues are revitalizing the city's CBD. Commercial interest is increasing as a result. The waterfront will be largely transformed from heavy industrial land uses to housing, commercial and public access/open space. To this extent, although the city has entered into an agreement with a major developer whereby the city has sold 52 ± acres with waterfront in exchange for development of the site into office hub, retail, restaurants and housing, any potential development is currently on hold due to the economic recession affecting the region, the state and the nation. Such development, when completed, is projected to transform the city landscape in a major way, particularly along the waterfront, or on Long Island Sound.
Bridgeport's strong focus on transit-oriented development will be a big help in mitigating the congestion on 1-95 and the Merritt Parkway. Bridgeport meets critical investment criteria -low barriers to entry and significant opportunity for capital appreciation.
Source: The Bridgeport Economic Resource Center
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NEIGHBORHOOD DATA
The purpose of the Neighborhood Data section is to analyze the influence of the surrounding neighborhood on the highest and best use of the subject property. A neighborhood is a group of complimentary land uses, as defined in the 12th Edition of The Awraisal of Real Estate, (The Appraisal Institute, 2001). A neighborhood exhibits a greater degree of uniformity than a larger area. Neighborhood boundaries often coincide with changes in land use, occupant characteristics, and physical characteristics such as street patterns, terrain, lot sizes, and transportation arteries.
The subject property is located in the central-east quadrant of Bridgeport comprised between East Main Street to the west; Berkshire A venue and Boston A venue (Route 1) to the north; the so-called Yellow Mill Pond and Seaview A venue to the east; Arctic Street and Barnum A venue to the south. The subject is located on the easterly side of Hallett Street a two-way main arterial route (south/north). The stretch of Hallett Street where the subject property is located is comprised between Arctic Street (north) and Maple Street (south).
Immediately to the north and south of the subject, we find mostly three and four multi-family residential dwellings as well as multi-family apartment buildings one of such 6-family apartment buildings is situated to the north of the subject itself. However, the most prominent positive influence is the presence of the rehabbed as well as expanded middle school building complex situated on the northwest comer of Hallett and Stillman Streets, or within the general subject's neighborhood. The subject neighborhood is somewhat easily accessible via Interchanges 28 and 29 of Stratford A venue and Interstate 95, or Route 8/25, respectively.
Two of the main arterial thoroughfares in this neighborhood and in the City of Bridgeport as well are East Main Street one block to the west of the subject itself, and Barnum A venue. The latter bisects the subject neighborhood and the city of Bridgeport in a west/ east direction; in addition, East Main Street intersects Boston A venue about four blocks to the north; the East Main Street corridor is one of the city's major north/south arterial routes.
Many of the commercial or mix-use buildings, as well as many of the residential dwellings in the subject immediate and/or general neighborhood have been rehabbed and the majority of the two and three family dwellings in the immediate subject neighborhood are owner occupied, or primarily owner occupied.
The life of a neighborhood has four stages: 1) Growth, 2) Stability, 3) Decline, 4) Revitalization. The subject neighborhood would best be described as Number 2, in a state of stability and as number 4, in a state of revitalization at the same time.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 30
NEIGHBORHOOD DATA, continued
The subject is located in a mix-use neighborhood that contains a blend of old commercialresidential mix-use dwellings and several commercial buildings, particularly along Barnum A venue and East Main Street, and old residential dwellings, some of the oldest of which are on Brooks Street, on Putnam Street, on Stillman Street and Hallett Street as well, and date back to the 19th century.
Many of the other streets around Hallett Street, such as Putnam Street, Shelton Street, Stillman Street, Orchard Street, William Street, and Ogden Street, to name only a few, have similar characteristics of the subject neighborhood.
Vehicular access to and through the neighborhood is presently good with East Main Street, Berkshire Avenue and Barnum Avenue being major north-south and east-west, respectively, arteries connecting this area of Bridgeport with Route 8/25, Route 1 and 1-95.
City services and utilities are all commonly available in the neighborhood. Utilities are comprehensive, available everywhere in the neighborhood, and reasonably priced. City water and sewer, electric and telephone service are all available, as is cable TV service. Streets are paved, with sidewalks, curbs, storm drains, and street lighting on all streets.
The overwhelming majority of uses throughout the neighborhood are for two, three and four family homes, small to medium apartment buildings and small mix use buildings. Business properties vary from small neighborhood stores and shops to medium-sized retail outlets.
Business properties in the area are generally in the small to medium size range, as is typical of neighborhood business. Zoning is a mixture of planned and spot zoning, and no problems are apparent as a result of this combination of zoning and property uses.
Conclusion:
In conclusion, the subject neighborhood is considered average, i.e. typical for residential use/ occupancy. The somewhat negative perception attached to the city of Bridgeport is slowly changing; in the opinion of experts and real estate market participants, the city and its neighborhoods are the target of major changes, i.e. development of its highly sought after waterfront. Due to its unique location approximately 70 miles north of New York City and easily accessible from anywhere in New England, as well as the availability of adequate land suitable for a major (commercial) development.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 31
NEIGHBORHOOD MAP
498-500 Hallett Street, Bridgeport, Fairfield County John Lo M onte Real Esta te Appraisers & Consultants
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Page 32
ZONING
The property being appraised is situated within a R-C; High Density Residential Zoning District within the City of Bridgeport. These districts exist for the protection of areas that have been and are being developed predominately for High-Middle Density dwellings of various types. Accordingly, the use of land and buildings within these areas is limited in general to dwellings at a density of about 22 dwellings units per acre and to such nonresidential uses as generally support and harmonize with a middle density area.
(Article 4. Section 4. Zoning Ordinance) Use permitted by right include single family, two family, and multi-family dwellings, home occupations customarily and traditionally conducted in a dwelling such as dress making, offices and studios of doctors, dentists, architects, artist designers accountants, lawyers, engineers, tutors, real estate and insurance agents, brokers and members of other recognized professions residing in the same dwelling unit, incidental to the main purpose as a residence (excluding veterinaries, dancing and music studios having more than one student at a time, barber shops, beauty parlors, and other similar uses).
Bulk and Area Restrictions applicable to the Subject: Lot Width: 60 feet
Minimum Area:
Minimum Lot Area Per Dwelling Unit:
Front Yard:
Side Yard:
Rear Yard:
Maximum Height:
Maximum Building Coverage:
Maximum Site Coverage:
Parking:
9,400 sq ft
2,700 sq ft
15 feet with exceptions
One at least 10 feet or 40 % of the height (greater of the two)
20 % depth up to 20 feet
5 stories or 60 feet
60% (5,400 sq ft)
70% (includes all buildings, paving and sidewalks on lot)
One space per dwelling unit, located either on the same lot or within 300 feet walking distance.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 33
ZONING, continued
The property appears to be a legal non-conforming use of the site that pre-dates the current zoning regulations. As such, the improvements on the site could be re-built on the assumption that the existing building footprint and building height are not exceeded.
Source: Zoning regulations City of Bridgeport; Article 4, Section 4 Zoning Ordinance
Field Card Specifications - City of Bridgeport
Parcel Number: Map 43, Block 1753, Lot 5
Class: R-C; High-Density Residential district
Lot size: 6,200± SF/0.14± acres
The site is typical of those found in the neighborhood where the subject property is located. Land to building ratio is 0. 5 to 1, and the lot width is 50 feet, more or less.
For the full description of the permitted uses of this zone, including accessory and incidental uses, please see the Bridgeport Zoning Regulations, Section 4 Article 4.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 34
DESCRIPTION OF THE SITE
According to the 12th Edition (2001) of The Appraisal of Real Estate, "A site is a land that is improved so that it is ready to be used for a specific purpose. A site analysis is the relation of neighborhood characteristics with the highest and best use of the property. These characteristics include topography, availability of utilities, frontage and soil conditions."
Due to the building footprint and due to the site width and overall site size, i.e. land to building ratio, there is no on-site parking; moreover, open space is very limited. There is no landscaped area on the site; there are concrete sidewalk and steps to access the building to the front. Further site improvements consist of chain link fence along the rear, north and south boundary line(s).
The site is served by all public utilities and is not in a flood plain, according to FEMA Map No.090002 0004C, Panel 4 of 7, dated March 1, 1984, zone C, or areas outside the 500-year flood plan area.
As noted, the subject property consists of a single tax parcel of approximately 6,200 sq ft (0.14± acres). The site is rectangular in shape and is at street grade, throughout. The lot has a 50 feet of frontage along Hallett Street. As noted, there is no on-site parking. Nonmetered street parking is available along Hallett Street.
The site is an average city site, as to overall site size, with average locational characteristics and average access characteristics. Moreover, despite the no on-site parking and limited open space, functional utility is considered to be average, i.e. typical, since there are hundred of buildings throughout the subject neighborhood and the city with limited and/ or no on-site parking and very limited open space. To this extent it should be noted here that public transportation and accessibility are average, or typical.
The subject site is typical of the neighborhood and is compatible with the surrounding area; the site is adequate for its present use for the location of a mix-use building, and should continue to be sufficient for the support of the subject premises well into the foreseeable future.
The subject site is serviced by all the following utilities: electricity, telephone service, natural gas, municipal water and sanitary sewer.
Located on the subject site is a 3-story brick and stucco exterior residential and commercial mix-use building, with a total of 11 mix-use units. To help the reader visualize the subject site, an assessor's map is included on the following pages.
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DESCRIPTION OF THE SITE, continued
Site Identification
Tax Assessor Reference: Map 43; Block 1753; Lot 5
Source of Site Data: Tax Assessor Map: Bridgeport Land Records, and physical inspection by the appraiser
Physical Characteristics
Site Improvements
Land Area: Approximately 6,200 square feet of land, or 0.14 acres, more or less, in total. The appraiser has utilized the land area from the referenced Assessor's Map, legal description and assessor's office records.
Frontage: 50 feet along the easterly side of Hallett Street
Topography: The site is well-contoured, level and at street grade throughout
Configuration: Rectangular
Access: Due to the improvements, footprints, configuration, shape-size on the site, due to site depth, and lot width, there is no on-site parking and limited adequate open area as well.
Landscaping: None
Easements/Restrictions
No easements have been noted in the land records, other than typical utilities easements of record. However, this office is not a title searching firm, and a more detailed review should be made if the client desires.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 36
DESCRIPTION OF THE SITE, continued
Site Improvements, continued
Nuisances and Hazards
Inland Wetland-Watercourses: A review of the official wetlands and watercourses map indicate that the subject property is not impacted by wetlands.
Flood Zone
FEMA/FIRM: Community Panel No: 09002 0004C revised on March 1, 1984, Panel 4 of 7. The site is situated in zone "C" or areas of minimal flooding.
Utilities
Sanitary Sewers: Municipal Water: Natural Gas: Electricity: Telephone:
Excess Land: None
Site Utility:
Connected Connected Connected Connected Connected
The parcel does not allow on site parking; however, it provides adequate frontage (exposure) and visibility. Hence, the physical and functional characteristics of the site appear to be in conformance with the standards of typical purchasers in the marketplace.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 37
DESCRIPTION OF THE SITE, continued
Site Improvements, continued
Underground Tanks: None noted; however, the appraiser is not qualified to detect any underground fuel oil tanks; the client should consult expert opinion, if desired.
The site has been used as commercial apartment building property for approximately 111 years, and there may have been some materials present on the site that could affect the site even today. Environmental hazards such as solvents and petroleum products, which may or may have not been present on the property, may continue to manifest themselves years after their use and storage.
Hence, a thorough environmental assessment is recommended to anyone with an interest in the subject property.
In the absence of any known or suspected detrimental environmental conditions, this appraisal is predicated on none being present that could affect the value of the property. Should such conditions become known, then this appraisal is subject to revision.
If more information is needed, the client should consult an expert in this field.
Conclusions
The subject site, as improved, is developed to its highest and best use. The load-bearing capacity of the top- and sub-soils is assumed to be sufficient to support the subject structure.
The physical characteristics of the site are typical, more or less, of those expected by the market in a residential, flex-use zone district.
As a result, the highest and best use is for the continuation in its present condition, as of the effective date of the report, and as improved, commercial, i.e. mix-use residential and commercial building complex.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 38
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498-500 Halle tt Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 39
BUILDING DESCRIPTION
Introduction:
It should be noted that the subject property is a 3-story mix-use, i.e. residential and commercial (converted) property currently utilized as church/assembly hall owner occupied on the ground floor and as residential 10-unit apartment building on the upper floors. As of the valuation date the property appears to be substantially occupied, or the 10 apartments and the commerical outlet which apparently is owner occupied. Based on an exterior inspection only, the subject proeprty appears to be in average to above average overall condition.
Moreover, the basement is largely finished, or an area of 2,400 sq ft which is annexed to the ground floor for use as assembly hall. However, we could not verify the subject property occupancy status and/ or subject property overall condition since no interior inspection was allowed and/or possible.
Hence, we reserve the right to revise the contents and/or conclusion of this appraisal report, if deemed necessary, and/or if warranted. The ground floor comprises 4,096 sq ft of usable space fitted for use as church/assembly hall, or owner occupied facility DBA Iglesia Casa De Compasion.
The upper floors comprises ten residential units of various size and layout for a total of 11 mix-use units. Finally, as noted, we have conducted only an exterior inspection of the premises since access was not allowed and/or was possible.
The property consists of an older 3-story masonry frame with brick and stucco exterior, mixed-use commercial-residential structure having a total gross area of 14,672 sq ft, more or less; on the upper floors, there are a total of 10-apartments; unit mix is as follows: 6-apartments with 4-rooms comprising 2-bedrooms and 1-bath each, assumed of similar size, layout, and finish-condition and 4-apartments with 3-rooms comprising 1-bedroom and 1-bath each, also assumed of similar size, layout and finish-condition. As already repoted, the ground floor and finished basement is fitted for use as church and assembly hall, a total eleven (11) mix-use units.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 40
BUILDING DESCRIPTION, continued
498-500 HALLETT STREET, BRIDGEPORT
Units Mix and (Estimated/Stablized) Rent Roll (April, 2014)
Commercial Component; Owner occupied outlet DBA Iglesia Casa De Compasion of 4,096 sq ft. plus finished basement area of 2,400 sq ft, for a total useable area of 6,496 sq ft@ $3,500/month on a Gross Basis plus utilities; this is the equivalent of $6.47/sq ft of NRA
Unit #/Type Sq Ft± Comments Rental Rate ($)
Apts. 1, 2 & 3 860± sq ft 4-room (2-br) and 1 $850/mo. each; each bath each; average to cold flat
above average condition
Apts 4 & 5 640± sq ft 3-room (1-br) & 1 bath $700/mo. each; each cold flat
Apts. 6, 7 & 8 860± sq ft 4-room (2-br) and 1- $850/mo/ each; each bath each; same as cold flat
above
Apts 9 & 10 640± sq ft 3-room (1-br) & 1 bath $700/mo. each; each same as above cold flat
Total Potential Gross Income: $11,400/mo x 12 = $136,800 yearly, or $9.32?Sq Ft (Avg.) of GBA
Introduction/Property History
The subject property owner purchased the property on Augsut 24, 2000, via Warranty Deed, as recorded in Volume 4405, Page 24 of the Bridgeport Land Records. Consideration stated in this deed is $150,000. To the best of our knowledge, no other transfers of the subject property have occurred in the last three years.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 41
BUILDING DESCRIPTION, continued
498-500 Hallett Street, Bridgeport, CT
Gross Building Breakdown
Ground Floor: 4,096 sq ft
Lower Level: 2,400 sq ft
Upper Floors: 8,176 sq ft
Total: 14,672 sq ft GBA; 3-story on a full and largely finished basement
498-500 HALLETT STREET, BRIDGEPORT, CT
GENERAL DATA
Assessor's Reference: Map 43; Block 1753; Lot 5
Assessment Value: $836, 110; Assessed Value: $585,290 (703 FMV)
Mill Rate (10-1-12): 41.855 mills Taxes: $24,497.32 yearly
Site Size: 0.14± acres (6,200 sq ft); LBR: 0.5 to 1
Parking Spots: None
Condition: Based on an exterior inspection only, and based on adequate information contained in the Bridgeport Assessor's Office, the improvements appear to be adequately rehabbed and maintained; thus, assumed to be in average to above average overall condition. Apparently, replacement windows have been installed in the recent past according to Assessor's Office Records. However, since no interior inspection was possible and/ or allowed, we reserve the right to revise the contents and/ or conclusion of this report, if deemed necessary, or if warranted.
Highest and Best Use: As improved and "as is"
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 42
BUILDING DESCRIPTION, continued
The following provides a brief summary of the improvements located on the site.
Commercial (Mix-Use) Building
Type- Use: Commercial; mix-use; mix-use (commercial) and apartments
Age: Constructed in 1916 circa according to city records.
Number of Stories: 3
Number of Units: Eleven (11), in total
Units Mix: Assumed to be owner and tenants occupied; owner occupied commercial outlet, DBA Iglesia Casa De Compasion; ten apartments for the upper floors, for a total of eleven (11) mix-use units.
Gross Building Area
Area: Masonry frame with brick exterior, converted (mix-use) building consisting of 12,272 ± sq ft total above grade gross building area including 3-stories. There is a full and largely finished basement comprising 2,400 sq ft of useable space as well as, mechanical and owner's storage area.
Exterior
Walls: Masonry bearing brick walls and stucco exterior
Roofs: Flat with rolled composition paper with tar/gravel cover and slight pitch for drainage; condition unknown
Doors and Windows: Combination of insulated metal doors set in wood frame for the exterior. Solid wood/hollow core doors for the interior. Replacement double hung windows with double pane; with aluminum screens.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 43
BUILDING DESCRIPTION, continued
Interior
Foundation: Concrete with concrete floor, lally columns and wood beams.
Floors: Combination of linoleum, vinyl tiles and carpet cover over slab and subflooring. Linoleum tile and/or ceramic tiles cover for kitchens and bathrooms, respectively. Combination of vinyl tiles and linoleum floor cover for the ground floor area.
Walls: Painted drywall and panelling throughout.
Ceilings: Combination of painted drywall for the apartments, and dropped ceiling for ground floor commerical outlet.
Heat/Hot Water: Combination of gas hot air, gas hot water, electric baseboards and gas space heaters for the 11 mix-use units; gas fired hot water heaters of 30 gallons each for the apartments and commercial outlet
Electric/ Lighting: Circuit breaker system with individual meters and BX wiring. 200 amperes main service with 100 amperes distribution to the units.
Kitchens/Bathrooms: Formica and/or wood kitchen cabinets and counters with stainless sink. The bathrooms have either cast iron tubs or fiberglass tub with shower; ceramic tile walls around tub area and vinyl and/or ceramic tile floor cover. Combination of wall mounted and vanity sinks throughout.
Stairways: Wood risers, leaders and banister that are in average condition.
Miscellaneous: There are 3-story open porches on the rear side comprising 693 sq ft in total
Condition: As already reported, the overall condition of the improvements is assumed to be average to above average for the interior and mechanicals component and in average to above average for the exterior. For a visual representation, the reader could refer to the photographs of subject property section earlier in the report.
In conclusion, the subject property overall condition appears to be average to above average based on an exterior inspection only.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 44
ASSESSOR'S ~ROVEMENTS SKETCH 498-500 Hallett Street, Bridgeport
~so1 I 120011 FUS
FUS BAS
FOP FOP FOP
ClAC
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants
33
10
40
April, 2014 Not to Scale
Page 45
IDGHEST AND BEST USE
Highest and best use is defined as: "That reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal.
"The definition immediately above applies specifically to the highest and best use of the land. It is to be recognized that in cases where the site has existing improvements on it, the highest and best use may very well be determined to be different from existing use. The existing use will continue, however, unless and until land value in its highest and best use exceeds the total value of the property in its existing use.
"Implied within these definitions is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual property owners. Also implied is that the determination of highest and best use results from the appraiser's judgement and analytical skill, i. e., that the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (market value) another appropriate term to reflect highest and best use would be most probable use. In the context of investment value an alternative term would be most profitable use."
Real Estate Appraisal Terminology Compiled and Edited by Byrl N. Boyce, Ph. D. American Institute of Real Estate Appraisers Society of Real Estate Appraisers
In considering the highest and best use for the subject property your appraiser consideration has been given to the following: the most profitable economic use, assuming that the zoning and resulting legal use are appropriate for the subject. The property is located in a mixed residential and commercial neighborhood. The site is already improved with a mix-use (converted) building that makes substantial contribution to the property value.
Considering then the average to above average (exterior) average (as is) overall condition of the improvements, and considering the purpose of this report, it's your appraisers' opinion that the highest and best use for the subject property will be for its continued use as a mixuse (commercial-residential) building for its remaining economic life.
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 46
IDGHEST AND BEST USE, continued
Furthermore, considering the location and neighborhood, the zone, shape and size of the site, and frontage the only financial feasible use is as improved.
By definition the highest and best use of the site would be the best utilization of the land configuration in conjunction with zoning, location and all the amenities described above. To make such an analysis of the site is beyond the scope of this appraisal but for purposes of this appraisal the use is considered to be its best and highest.
ffighest And Best Use As Improved
The subject is improved with a one, 3-story 14,672± square foot mix-use commercialresidential masonry frame (converted) building which layout of the improvements meet with the character of the neighborhood; moreover, though the premises are not in keeping with the density required, based on current zoning regulations, such use is considered to be legal and non-conforming since it predates the existing zoning ordinances regulations for the city of Bridgeport.
The site for purposes of this appraisal will be considered adequate for the consideration of the best and highest use with remodeling, and rehab of the subject eleven ( 11) mix-use units has occurred as needed.
The value of the land as vacant is available to be improved to its "Highest and Best Use" should be considered equal to the value of the site as improved now. For purposes of this appraisal the use will be considered as defining and supporting its Best and Highest Use.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 47
VALUATION PREMISE
There are three classical approaches to value used in appraising real estate. They are defined as follows:
COST APPROACH: "That approach in appraisal analysis which is based on the proposition that the informed purchaser would pay no more than the cost of producing a substitute property with the same utility as the subject property. It is particularly applicable when the property being appraised involves relatively new improvements which represent the highest and best use of the land or when relatively unique or specialized improvements are located on the site and for which there exist no comparable properties on the market."
DIRECT SALES COMPARISON APPROACH: "That approach in appraisal analysis which is based on the proposition that an informed purchaser would pay no more for a property than the cost to him of acquiring an existing property with the same utility. This approach is applicable when an active market provides sufficient quantities of reliable data which can be verified from authoritative sources. The direct sales comparison approach is relatively unreliable in an inactive market or in estimating the value of properties for which no real comparable sales data are available. It is also questionable when sales data cannot be verified with principals to the transaction. "
INCOME APPROACH: "That procedure in appraisal analysis which converts anticipated benefits (dollar income or amenities) to be derived from the ownership of property into a value estimate. The income approach is widely applied in appraising income-producing properties. Anticipated future income and/or reversions are discounted to a present worth figure through the capitalization process. "
Real Estate Appraisal Terminology Compiled and Edited by Byrl N. Boyce, Ph. D. American Institute of Real Estate Appraisers Society of Real Estate Appraisers
The Cost Approach to Value will not be developed because of the age and condition of the buildings on the property. Estimates of overall accrued depreciation on buildings of this age and condition are difficult to assign; furthermore truly comparable land sales in Bridgeport, are not readily available to determine the site value; therefore for these reasons the Cost Approach to Value will not be developed here.
The subject property will be evaluated using the Direct Sales Comparison Approach to value and the Income Approach to value. These approaches to value can be found on the following pages.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 48
DIRECT SALES COMPARISON APPROACH
Under the Direct Sales Comparison Approach, market values are derived from a study of similar properties. Hypothetically, the adjustments made using the Direct Sales Comparison Approach reflect a buyer's preference for a building. A mix-use building comparable to the subject property would represent an acceptable alternative for a buyer in the current market. Adjustments are made in order to establish comparability based upon the appraiser's knowledge of the market, observation of price, locational trends, amenities, and discussions with principals and brokers in the market place.
This approach is related to the principle of substitution. No one will pay more for a property if he can acquire one of similar utility for a lower price. The value of the subject is presumed to be directly related to the price of the comparable sale. Similarity of use, for example, a mix-use building used as a comparable for valuing another mix-use building is an analogy which is easily accepted by everyone involved with real estate. Both appraisers and laymen accept and understand this method of valuing real estate.
The similarity of use is the easiest of characteristic to find in a comparable sale. Unless the appraiser is dealing with a special-purpose property, there are usually a number of buildings used for similar purposes. Due to zoning regulations, buildings used for similar purposes frequently are located in the same general area.
Identical buildings, that is buildings which are physically identical, are rare in commercial structures. Even if an identical building was found and was located on a site identical in size and topography and was served by the same utilities, the appraiser would have to deal with location. Each location on earth is unique and requires adjustments in order to deal with the difference between the property being valued and the sale used as a comparable.
Adjustments must be made for locational and physical differences. Adjustments are always made from the sale to the subject. If a sale has a superior characteristic, the adjustment is negative. If the characteristic is inferior to the subject, the adjustment is positive. The object is always the property being appraised and all the adjustments are an attempt to make the sale price of the comparable equal to the value for the subject.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 49
DIRECT SALES COMPARISON APPROACH, continued
Physical characteristics are not the limit of what should be examined by the appraiser. The circumstances which surround a particular sale are in many cases as important as the physical similarity to the subject. General market conditions, at the time the comparable was sold, may differ markedly from current conditions. An adjustment for time may be used to deal with this adjustment.
The conditions of sale are also important. Was the sale an arms-length transaction? Did the seller receive something of value for the property besides cash? If the seller provided financing, was what he or she received equal to or less than "all cash"? Many of these questions are raised by our definition of value and the appraiser in making comparisons must be able to identify and deal with the circumstance which surround a particular transaction.
In order to discover these circumstances, the appraiser has checked the land records. Brokers and principals to transactions have been contacted and the information obtained has been used to adjust the various sales.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 50
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DIRECT SALES COMPARISON APPROACH, continued
SALE #1 1804 Barnum Avenue, Bridgeport, CT
Sold on 1-22-2014; Sale Price: $440,000 ($31.34/sq ft GBA)
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 51
DIRECT SALES COMPARISON APPROACH, continued
Sale No. 1; 1804 Barnum Avenue, Bridgeport, CT
Property Type:
References:
Financing:
Comments/ Remarks:
Mix-use; residential/retail
1804 Barnum Avenue Associates to Dolarek 4, LLC Recorded: Volume 8987, Page 22 Date: January 22, 2014 Sale Price: $440,000 Zone: Commercial; ORG Site Size: 6,816± square feet (0.16 acres±) Building size: 14,038± square feet Land to Building Ratio: 0.5 to 1 Age: 1917 circa; remodeled Units Mix: Retail-apartments; 3-story (mix-use)
utilized as Pawn Shop, Beauty Salon and residential; comprising 6-3-room (1-br) and 4-4-room (2-br) apts. average overall condition (as if completed) and subject to an estimated $90,000, cost-tocure. There are ten (10) apartments and two stores for a total of twelve mix-use units.
Sale price per SF of building: $31.34 (to include the land)
Map 50, Block 1837, Lot 43
At Market
This sale is a very good comparable of similar use, functional utility, within a similar subject's market area and it is a very recent sale as well. Inferior overall condition (as is); superior location as to neighborhood composition and curb appeal.
An adjustment is needed and will be applied for location (superior). Also, an adjustment is needed and will be applied for site size/LBR (larger; superior). The subject property is considered to be in superior overall condition (as is); hence, an adjustment is needed and will be applied for building condition-type and configuration (inferior) to the subject, overall.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 52
DIRECT SALES COMPARISON APPROACH, continued
SALE #2 24 72 Main Street, Bridgeport, CT
Sold on 6-4-2012; Sale Price: $300,000 ($46.62/sq ft GBA)
498-500 Hallett Street, Bridgepon, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 53
DIRECT SALES COMPARISON APPROACH, continued
Sale No. 2, 2472 Main Street, Bridgeport
Property Type: Mix-use; residential/retail Guides Birute Trustee to Angelina Killman Recorded: Volume 8615, Page 31 Date: June 4, 2012 Sale Price: $300, 000 Zone: Office-Retail Commercial District; ORG Site Size: 5,227 ± square feet (0.12 acres±) Building size: 6,435 ± square feet Units Mix: Retail-apartments mix-use building outlet; 1 and
3-story (mix-use) utilized as retail, and residential; average overall condition
Sale price Per SF of building: $46.62 (to include the land)
References: Map 52, Block 2111, Lot 2/A
Financing: None noted; a cash sale is assumed
Age: 1910 circa; remodeled
Comments/Remarks: This sale is a very good comparable of similar use, functional utility, within the subject neighborhood in the central quadrant of Bridgeport, and it is a very recent sale as well. This sale comprises, one and 3-story structure utilized as mix-use of retail (2,925 ± sq ft) and a residential 3,510 sq ft), for a total of 6,435 sq ft GBA. Inferior condition-type to the subject, overall; superior location as to neighborhood composition and curb appeal.
Adjustments will be applied for building condition-type (slightly inferior), and for location (superior). This sale is considered to be in a superior overall location as to neighborhood composition, and curb appeal.
Finally, an adjustment is needed and will be applied for building size (smaller).
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 54
DIRECT SALES COMPARISON APPROACH, continued
SALE #3 1840-1846 Barnum Avenue, Bridgeport, CT
Sold on 4-24-2013; Sale Price: $360,000 ($50.65/sq f t GBA)
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 55
DIRECT SALES COMPARISON APPROACH, continued
Sale No. 3; 1840-1846 Barnum Avenue, Bridgeport, CT
Property Type:
Financing:
Comments/ Remarks:
Mix-use; residential/retail Frank Mason to Beata Polcyn, et al Recorded: Date: Sale Price: Zone: Site Size: Building size: Units-mix:
Sale price
Volume 8821, Page 234 April 24, 2013 $360,000 I-LI; Light Industrial District 4,684 square feet± (0.11 acres±) 7, 108 ± square feet One and 2.5-story (retail/residential) mix-use building on a small lot. Individual utilities.
Per SF of Building: $50.65 (to include the land)
References: Map 50, Block 1838, Lot 1
Purchase money mortgage from seller in the amount of $252,000
Age: 1912 circa
Slightly inferior building condition-type; superior location and curb appeal to the subject. Adjustments will be applied for building size, i.e. number of units, for site size/LBR (smaller; inferior) for building condition-type (inferior) and for location considered to be superior overall to the subject.
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 56
DIRECT SALES COMPARISON APPROACH, continued
SALE #4 177 Remington Street, Bridgeport, CT
Sold on 4-11-2013; Sale Price: $272,500 ($54.94/sq ft GBA)
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate A ppraisers & Consultants Page 57
DIRECT SALES COMPARISON APPROACH, continued
Sale No. 4; 177 Remington Street, Bridgeport, CT
Property Type:
Comments/ Remarks:
Mix-Use Residential-Retail Wetton Remington Capital to Remington Street, LLC Recorded: Volume 8813, Page 77 Date: April 11, 2013 Sale Price: $272,500 Zone: RC; Commercial District Site Size: 5,000 square feet± (0.115 acres±) Building size: 4, 960 ± square feet Units Mix: Two-story walk-up mix-use retail residential
building; there is limited on-site parking. Superior overall condition-type; superior location.
Sale price Per SF of Building: $54.94 (to include the land)
Financing:
Age:
$252,500 purchase money mortgage in favor of grant or
1921 circa
This is a good comparable sale within a similar subject's market area. An adjustment, however, is needed and will be applied for location considered to be slightly superior as to neighborhood composition and curb appeal. This sale consists of one store and four apartments, for a total of five mix-use units.
Further adjustments are needed and will be applied for building condition-type (slightly inferior) and for building size (smaller).
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 58
DIRECT SALES COMPARISON APPROACH, continued
The salient characteristics of the sales are presented in tabular form below. These characteristics, along with other features of the subject and sale properties, will be used as a basis for the adjustments to the sales in the development of a value estimate by the direct sales comparison approach.
Sales Summary
Subject Sale 1
Date of Sale N/A 1 /14
Building Size (SF) 14,672 14,038
Sale Price N/A $440,000
Land Area (Acres) 0.14± 0.16
Land-to-Building Ratio 0.5 0.5
Commercial Area (%) 44%± 33%±
Building Age 1916± 1917±
Financing At Market
Sale Price/SF* $31.34
*Of building, to include the land
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants
Sale 2
6/12
6,435
$300,000
0.12
0.8
35%±
1910±
At Market
$46.62
Sale 3 Sale 4
4/13 4/13
7,108 4,960
$360,000 $272,500
0.11 0.12
0.7 1.0
33%± 25%±
1912 ± 1921 ±
At Market PMM
$50.65 $54.94
Page 59
DIRECT SALES COMPARISON APPROACH, continued
The unit of comparison utilized in this analysis is the sale price per square foot of gross building area to include the land. By considering this adjustment procedure, a reliable indication of value can be derived for the subject property. Seven common elements of comparison that causes prices to differ between properties are listed below. When appropriate other elements of comparison such as financial characteristics are considered.
Real Property Rights Conveyed
Financing Terms
Conditions of Sale
Market Conditions (Time of Sale)
Location
Physical Characteristics
A table of adjustments, seen on the following page, will attempt to reconcile these selling prices into an estimate of value for the subject converted (mix-use) property.
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DIRECT SALES COMPARISON APPROACH, continued
Adjustment Grid I
Sale No. 1 I Sale No. 2 Sale No. 3 Sale No. 4
Address 1804 Barnum 2472 Main 1840-1846 1 77 Remington Avenue, Street, Bridgeport Barnum Avenue, Street, Bridgeport Bridgeport Bridgeport
Sale Price Per Sq Ft ($) 31.34 46.62 50.65 54.94
Property Interest 1.00 1.00 1.00 1.00 Fee Simple
Financing 1.00 1.00 1.00 1.00 Conventional or Cash
Conditions of Sale Arm's 1.00 1.00 1.00 1.00 Length
Market Conditions 1.00 1.00 100 100 Typical Jan 14 June 12 Apr 13 Apr 13
Multiplier 1.0000 1.0000 0.10000 0.1000 Adjusted Sale Price($) 31.34 46.62 50.65 54.94
Other Adjustment
Location -10% -10% -10% -10%
Physical Characteristics* +20% +0% +5% -5%
? ... )> .. .::<.,:·:::::<:
Building Sii.l!J .. +0% ~15% '0% .·•: .•• ~15% ·.
Building:Conditionflype •·• +25% +15% +10% +10%
Basement +0% . +0% +0% +0% . .... < I: .. <. )./
I.:
1 .••... : . $fte S#8/(!Jfi) • :.i5% I: •· ntU · .. ··: .. +5%·· .+0% . <· .•. '~ ,T ~,·, : .
Economic Characteristics 0% 0% 0% 0%
Use 0% 0% 0% 0%
Non-Realty Components 0% 0% 0% 0%
Sum of Other Adjustments +10% -10% -5% -15% ($) $3.13 ($4.66) ($2.53) ($8.24)
Indicated Value of Subject 34.47 41.96 48.12 46.70 ($)/sq ft
* Physical Characteristics is Sum of the Items (Building Size, Building Condition, Basement, and Availability of Parking} Below.
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 61
DIRECT SALES COMPARISON APPROACH, continued
Conclusion of Value by the Sales Comparison Approach
The indicated values range from $34.47 to $48.12/sq ft with intermediate values of $41.96 and $46.70/sq ft. This is a wide range, but one from which a reasonable valuation on a per unit basis can be extracted, in our opinion. The average of the four sales utilized is $42.81/square foot of GBA to include the land. The value range represents the value of the subject "as is 11 which talces into account the subject's adequate maintenance and overall finish-condition and type.
$i1fi.:itt.J(.ffl.b.~r Y $a1~ l>ri~e ~~f/ < · .· : :.«a1lli.iE!a.s~1e Pric~ P.~f: < ~Cl ~I •·• : . $.(i!ftlof.G~A
Sale 1 $31.34 $34.47
Sale 2 $46.62 $41.96
Sale 3 $50.65 $48.12
Sale 4 $54.94 $46.70
Average Adjusted Sales Price Per SQ FT = $43.00 (rounded)
Analysis
The appraiser has analyzed four (small to medium sized) commercial mix-use building sales.
The sales have been adjusted to compensate for differences between the subject property and the sale properties. Such items as building condition-type, site size/parking, market conditions, (time of sale), building size, location, financing and conditions of sale have been considered, and adjustments were rendered to account for these differences.
The adjustments process should, in theory, bring selling prices into line with a value range that indicates the worth of the subject property, on the basis of current market behavior, as shown by the sales cited. The adjustments themselves are straightforward and for the most part are reasonable.
After making various adjustments, the indicated price (rounded) per square foot ranged from $34 to $48; as already reported, this is a wide range of values, but one from which a reasonable value estimate on a per unit basis can be extracted.
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 62
DIRECT SALES COMPARISON APPROACH, continued
Analysis, continued
Sales 1 3 and 4 are the most recent sales. All four Sales are fairly similar in use, i.e. commercial-retail and/or mix-use to the subject. We believe that all four sales utilized are good as to type (mix-use) and zone.
Hence, considering the subject's configuration, location, condition and use, we conclude that the value for the subject property is $43. 00 per square foot above grade area, and also for the the finished lower level area of 2,400 sq ft, and include the land and all the site improvements. Therefore, the value of the subject property is:
Calculatin&
14,672 sq ft x $43.00/sq ft = $630,896, rounded say to $630,000
Estimate of value by the Direct Sales Comparison Approach, say: $630,000 (As Is)
(SIX HUNDRED THmTY THOUSAND DOLLARS)
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 63
INCOME APPROACH
The Income Capitalization Approach is based on the principle of anticipation, in which an investor purchases an income-producing property based on its earning power, or the income it could generate. This approach is based on the investment concept that the larger the income stream a property can generate, the greater the value of the property. In purchasing a property, the investor/purchaser is exchanging present day dollars for an income stream to be received in the future.
In this report the Direct Capitalization technique will be applied. Direct Capitalization converts an estimate of the first year of stabilized income expectancy into an indication of value by dividing the year's stabilized income estimate by the appropriate capitalization rate.
To arrive at an estimated market value for the fee simple interest subject property, the following steps will be undertaken:
1. Estimate the gross income (PGI) and terms under which the subject would be rented, based on analysis of the current rents the property is generating, if any, along with comparable market rental data;
2. estimate an allowance for vacancy and credit loss;
3. ascertain the expenses that will be applied to the property's income stream;
4. determine the net operating income (NOi) imputed to the real estate;
5. derive an overall capitalization rate based on market data;
6. capitalize the NOi into an estimate of market value.
Potential Gross Income:
Potential Gross Income (PGI) is the maximum income a property can generate at full occupancy. The PGI will be estimated by analyzing rental data for properties of similar type in the neighborhood, and/or in somewhat similar adjoining neighborhoods.
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 64
INCOME APPROACH, continued
The income approach to value is developed using a Direct Capitalization Approach to evaluate the subject property from an investor's point of view. The first step in processing this approach is to estimate an income stream for the subject property which currently is assumed to be largely occupied as of the valuation date, that is April 4, 2014.
It is assumed that given the property configuration, the lease arrangements for the retail stores will be on a gross basis, plus utilities, where the lessor pays the property taxes and property insurance as well as any increases from the base year.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 65
INCOME APPROACH, continued
Establishing Rental Income
The income method projects expected income and expenses and with the bottom figures tries to project a net operating income figure as well as an overall value based on the data available as well as the appraisers' opinions based on market trends and other rental figures in the immediate neighborhood, and throughout the city of Bridgeport.
A market survey was undertaken calling various landlords, property managers and real estate companies who have retail-office space and apartments for rent or have leased such properties in Bridgeport and/or in the immediate vicinity of the subject. On the following pages is data indicating comparable rental rates and/ or asking rents of similar commercial space and similar residential units ranging from 1 and 2 bedrooms all within the guidelines of the subject mix-use composition. This market analysis (residential component), indicates rents for similar apartments as high as $700 (1-br) and as high as $850 (2-br) per month. The higher rental rates include utilities and appliances (generally); the lower rental rates are for cold flat units (generally) but include appliances.
The first floor combined with the finished lower level comprising approximately 6,496 square feet of rentable space, is fitted for use as church/assembly hall, or owner occupied outlet. The following are the estimated and stabilized rents for the subject mix-use units as of April 4, 2014.
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 66
INCOME APPROACH, continued
498-500 HALLETT STREET, BRIDGEPORT
Units Mix and (Estimated/Stablized) Rent Roll (April, 2014)
Commercial Component; Owner occupied outlet DBA Iglesia Casa De Compasion of 4,096 sq ft. plus finished basement area of 2,400 sq ft, for a total useable area of 6,496 sq ft@ $3,500/month on a Gross Basis plus utilities; this is the equivalent of $6.47/sq ft of NRA
Unit #/Type Sq Ft± Comments Rental Rate ($)
Apts. 1, 2 & 3 860± sq ft 4-room (2-br) and 1 $850/mo. each; each bath each; average to cold flat
above average condition
Apts4&5 640± sq ft 3-room (1-br) & 1 bath $700/mo. each; each cold flat
Apts. 6, 7 & 8 860± sq ft 4-room (2-br) and 1- $850/mo/ each; each bath each; same as cold flat
above
Apts 9 & 10 640± sq ft 3-room (1-br) & 1 bath $700/mo. each; each same as above cold flat
Total Potential Gross Income: $11,400/mo x 12 = $136,800 yearly, or $9.32?Sq Ft (Avg.) of GBA
In order to determine whether the estimated (commercial-residential) rental rates are reasonable, a survey of current rental rates was conducted throughout the city of Bridgeport and particularly in the subject neighborhood if any available.
The following rental data, contract-asking, was collected in this survey.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 67
INCOME APPROACH, continued
If JJ.~i~g~pp~··~p~ir.¢~t: ~~~!.fil:.~it .. ~~y· .·. ...... ·.······· ... _~•··············· .. ···· \ ...
... ... · .
··•. ·• ... . .. • ........... Unit Mix Rent $/mo ..... -.... ·.••• ...................... :•• ...... ....
880-886 Hancock 3BR 975-Avenue 1,000
1742 Barnum Avenue 4-2BR 650-675
2378 East Main Street 2-2BR 675-700 1-1 BR 650
123-125 Pixlee Place 4-2BR 7005-725
204 Holly Street 6-2BR 725-750
558-560 Noble Avenue 2-2BR 725-750
169-175 Pequannock 4-2BR 775 Street
599-601 Brooks Street 6-2BR 800
503 East Main 8-2BR 725-750 Street
1407 East Main 4-4BR 975-Street 1-2BR 1,050
980
51 9 Laurel A venue 5-1BR 650-700
200 Park St 6-3BR 900-975
587-593 Brooks 6-3BR 1,050 Street
168 Williston Street 6-2BR 775
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants
.· ·.
Square Utilities· vaccificy.Rat8 Feet± .• 1nCludecl•
1,000 None 3% during year (est.)
850 H.H.W About 3% avg
1,320 None About 3% 800
875 None 3% avg 7% during year
900 Cold Flat NIA
800 None 3% Avg
810 None 3-5% Avg
920 None 3% avg
800 H.H.W. 5% avg
1,200 None 2% avg 950
500 None 3% avg
1,040 Limited 3% avg
1, 150 None 2% avg
960 Limited 4% avg
Comments
Three-story 6-family apt building; no parking; average to good condition. Large units.
Three-story mix-use retail and apartment building built in 1890 circa. Property is in fair to average condition. Limited on-site parking.
One, 3-story, frame multi-family dwelling. Units have gas and electric heat. On-site parking. Average condition and quality.
Frame four family building. Limited on-site parking. Average condition and quality.
6-family dwelling; adequate on-site parking. Average condition.
Mix-use 3-family dwelling; average location and condition.
Mix-use 6-family building; average location and condition
6-family building; average condition; no parking
Mix-use 12 units building; average condition
5-family building; good to very good condition
Mix-use building; avg cond.
6-fm bldg; avg cond
6-fm bldg; avg plus cond; no parking
6-fm bldg; average cond; cold flat
Page 68
INCOME APPROACH, continued
Market <Commercial) Rent, continued
I ····: .• ·R~t~i1l.ease.•surv~Y·.·.·.·
·· Colltract Re11ts .....
\$izt!(Sq ft) Address Rent($) •· .... 1 69-1 7 5 Pequannock $1,575/mo. Street
558-560 Noble $1,050/mo. Avenue
1310-1318 Stratford $1,325/mo. Avenue
641 -643 lranistan $1,050/mo. Avenue
1219 East Main $1,400/mo. Street
1 7 42 Barnum A venue $1,200/mo.
1331-1335 East Main $1,425/mo. Street
1 804 Barnum Avenue $1,000/mo.
$975/mo
1 071 Pembroke $1,050/mo. Street
858 Noble Avenue $1,000/mo
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants
1,900± sq ft
1, 100
1,450
1,000
1,500
1,400
1,800
1,300
1,300
1,000
900
Terms
Modified Gross
Modified Gross
Modified Gross
Modified Gross
Modified Gross
Modified Gross
Modified Gross
Modified Gross
Same as above
Modified Net
Gross Plus Utilities
I Comments
..
Mix-use building with 1-retail unit and 4 apartments. Tenants pay for their own utilities; first floor is utilized as grocery store.
Mix-use dwelling with 3-units total; grocery store and apts.
Mix-use dwelling comprising a package store and apts.
Mix-use (formerly) dwelling with one retail and 3-apts.
Mix-use dwelling comprising one retail and two apts.
Mix-use building with one retail and 4 apts.
Older, mix-use 3-story commercial building; subsequently this building was demolished for parking
MTM; mix-use 3-story brick building; no on-site parking
Same as above
3-year lease; mix-use 3-story brick building; on-site parking
MTM, Mix-use 3-story brick building; no on-site parking
Page 69
INCOME APPROACH, continued
Market (Commercial) Rent, continued
' - · .. ·.·,-,··-·
.// ..... ~etail:Le.ase S.lli-Y:e~ · ····••.·: .U>•.···.·.· · ···: ................. Q9gtr@(!t::J!.¢.gt~><•·•·
1742 Barnum Avenue, Bridgeport
2347 Barnum Avenue, Stratford
1141 Barnum A venue, Stratford
1756 Barnum A venue, Stratford
.... , ~ ... · .•. ·. ·.·.<·.;. ...... · ..
•. < : It..~!:::(~): v $1,075/mo.
$1,100/mo.
$1,250/mo.
$1,150/mo.
1,400
1,000
1,600
1,188
fcomme~ts Modified Mix-use building with one
Gross retail and 4 apts.
Modified Older, mix-use 1 and 3-Gross story commercial building
Modified Mix-use 1 and 2-story Gross (converted) commercial
building
Modified Mix-use 2-story commercial Gross building
One-story (strip center) property of 9,000 sq ft on a slab known as 140 North Avenue rents as follows:
140 NORTH A VENUE, BRIDGEPORT; RENT ROLL (October, 2013) Unit# Tenant Monthly Rent Sq Ft Rent/Sq Ft
1 Sign-A-Rama $2,800 3,000 $11.20/sq ft 2 Confidential $3,0UU 3,000 $12.00/sq ft 3 Beauty Salon; $1,500 1,500 $12.00/sq ft
Ultimate U Hair Salon
4 SIC $1,250 1,500 $10.00/sq ft Communications
Double Face Billboard Sign: $950/month Total Monthly Rent: $8,550 x 12 = $102,600 yearly or $11.40/sq ft of usable GBA (9,000 sq ft). Tenants are responsible to pay for heat, hot water and electric charges. Owner is responsible to pay for real estate taxes, property insurance, trash hauling and ground maintenance.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 70
INCOME APPROACH, continued
Establishing Rental Income, continued
The income of the subject is based on eleven (11) rental units (commercial-residential) which are existing presently and would more than likely continue in the future.
Based on the comparable (residential-commercial) contract rents (refer to the tables on the preceding pages), based on the comparable commercial (contract) rents, based on the condition, average to below average overall of the subject mix-use units and based on location considered to be average, it is our opinion that the subject estimated and stabilized rental rates compare generally to open market price levels, In this case, then we can base the property income on the estimated and stabilized rental rates.
The apartments include heat and hot water; the (commercial) tenants are deemed responsible for payment of utilities and trash removal.
The operation and cost to maintain the subject property involve a number of factors which individually can be projected, or are available and projections can be made for one year analysis.
There must be a management fee and time projected even if it would be by an owner. A 5 3 figure for an outside vendor seems more than reasonable who would handle any maintenance problems and overall costs associated with the upkeep and caring of the subject property. This management cost is figured on the effective gross income line in the analysis.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 71
INCOME APPROACH, continued
Establishing Rental Income, continued
Based on the assumption that the subject is in average to above average overall condition, a 3 % figure is set aside for capital improvements and reserves based on the effective gross income.
There are advertising fees which need to be set aside with the need to advertise available units due to tenants turnover.
There needs to be an administrative cost as well as legal and bookkeeping on the subject property which is modestly figured based on the need.
A 4 % figure based on the gross effective income is set aside for repairs and maintenance due to the observed average to above average overall condition for the subject.
The net operating income for one year period thus can be calculated and determined.
Vacancy and Collection Loss
There appear to be a number of signs for lease in the subject neighborhood; however, similar mix-use buildings in the immediate as well as general subject neighborhood, appear to be substantially occupied indicating positive market attitude for this location in this market.
For our analysis, on the assumption that the property is largely occupied as of the valuation date and considering the estimated and stabilized rental rates utilized, a 5 % vacancy and collection loss factor will be utilized for the first year of the anticipated five year holding period.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 72
INCOME APPROACH, continued
Establishing Rental Income, continued
First Year Stabilized Rental Income
498-500 HALLETT STREET, BRIDGEPORT
Units Mix and (Estimated/Stablized) Rent Roll (April, 2014)
Commercial Component; Owner occupied outlet DBA Iglesia Casa De Compasion of 4,096 sq ft. plus finished basement area of 2,400 sq ft, for a total useable area of 6,496 sq ft@ $3,500/month on a Gross Basis plus utilities; this is the equivalent of $6.47/sq ft of NRA
Unit #/Type Sq Ft± Comments Rental Rate ($)
Apts. 1, 2 & 3 860± sq ft 4-room (2-br) and 1 $850/mo. each; each bath each; average to cold flat
above average condition
Apts4&5 640± sq ft 3-room (1-br) & 1 bath $700/mo. each; each cold flat
Apts. 6, 7 & 8 860± sq ft 4-room (2-br) and 1- $850/mo/ each; each bath each; same as cold flat
above
Apts 9 & 10 640± sq ft 3-room (1-br) & 1 bath $700/mo. each; each same as above cold flat
Total Potential Gross Income: $11,400/mo x 12 = $136,800 yearly, or $9.32?Sq Ft (Avg.) of GBA
Calculating: 11 mix-use units 11,400 Monthly x 12 = $136,800 Yearly Gross Potential Rental Income
Less Vacancy/Collection Loss Factor (5%) = $6,840 yearly
Effective Gross Income (EGI) = $129,960 yearly (First Year)
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 73
INCOME APPROACH, continued
498-500 Hallett Street, Bridgeport, Fairfield County, CT
First Year Operating Expenses (Actual and Stabilized)
.··· 1··
: ITEM AM.()UNT ($) :< CQ~S I
. ·.
FIXED CHARGES
Real Estate Taxes 24,497 Actual
Insurance 7,336 Estimated; $0.50 sq ft of gross building area (14,672 sq ft)
Total 31,833 $2.17/sq ft (rounded) of GBA (14,672 sq ft)
VARIABLE CHARGES
Heat/hot water (Gas) $0
Management (5 % of EGI) 6,498
Water/Sewer 5,700
Electricity 3,000
Trash Collection 0
Supplies - Miscellaneous 6,000
Repairs and Maintenance 4 % of EGI 5,198
Accounting and Legal 2,700
Advenising 1,200
Reserves for Replacement/Capital 3,899 Improvements
Total (variable) 34,195
Total Expenses $66,028 first year only
Stabilized EGI
NET INCOME TO LAND AND BUILDING (NOi) ($)
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants
129,960
63,932
Tenants
Market rate (rounded)
Est; $475/month (average)
Common areas only $250 monthly average; est.
Included with Real Estate Taxes
Estimated; $500/month average
Estimated, first year only
Estimated; $225/month average
Estimated; $100 monthly average
3 % of EGI; estimated
50.8% of EGI
49.2% ofEGI
Page 74
INCOME APPROACH, continued
Analysis of Operating Expenses
The estimated expenses are 50.8% of estimated effective gross rental income ($129,960). This figure fits market parameters of 45% to 50% of EGI; thus, the data appears reliable for properties of this type, cold flat, with conservative stabilized rental income and with an occupancy factor estimated at 95 % . Expenses are based on actual and estimated expenses.
The individual expense items are consistent with expenses for this type of property, with the current market condition, as of the appraisal date, and with the estimated competitive rental rates utilized.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 75
INCOME APPROACH, continued
CAPITALIZATION RATE
The rate at which this income is capitalized is developed from various factors that influence the rate. The investor's anticipated return on his equity, for example, is estimated with regard to industry expectations, and is also compared to competitive rates available for other types of investments, such as Treasury bills or high quality bonds. Debt service must be considered, and the rate at which financing costs are recovered makes up another component of the capitalization rate. The annual debt service is dependent on the term of the mortgage and its interest rate.
The subject property will be evaluated by direct capitalization and at an overall rate. The basic valuation formula for this is:
Value = Income I Rate
The overall rate will be determined using the Ellwood mortgage-equity capitalization analysis, incorporating equity build-up and change in value, if any. Basically, this formula recognizes that the overall capitalization rate is the weighted average of the mortgage and equity components of value, including credit for equity build-up over the holding period and for any change in value (appreciation or depreciation) during this period.
ASSUMPTIONS
The following assumptions will be made in the construction of an overall rate:
Mortgage Component: The mortgage component is estimated to be 70 3 of the total investment and is considered to be the market norm as of the date of appraisal.
Equity Component: The equity component will therefore be 30 3 of the total investment, once again reflecting current market parameters.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 76
INCOME APPROACH, continued
ASSUMPTIONS, continued
Mortgage Financing: There is presently conventional bank financing available for commercial real estate in the northeastern United States. Conversations with lenders from First Niagara, People's United Bank and United Bank revealed that recent loans, or any loans currently being considered, would carry interest rates in the 6. 50 to 7. 25 % range. For our analysis of this property, the mortgage interest rate is considered to be 7. 00 % , equivalent to prime rate plus 400 basis points (4.00%), and the mortgage term is projected to be 20 years.
Eguity Rate: The required return on equity is expected to be 12. 0 % , and is based on a survey of competitive alternative investments available. Inherent in the equity rate is the presence of "safe" alternative rates of 2.0% to 3.0% in the marketplace from investment such as high-rated corporate bonds or Treasury notes. In addition, there is a 7-9% "add-on" to compensate the investor for the risk and illiquidity related to this long-term real estate investment, particularly for a property such as the subject, mix-use and in average overall condition.
Alternatively, high-yield corporate bonds are yielding 3.75% to 4.09%. These bonds reflect greater risk, and consequently have greater yields, and are commensurate with the yield rate anticipated by equity investors in real estate. Regardless of the approach considered - the safe-rate-plus-risk-factor, or the high-yield corporate bond rate - the best estimate of investor expectations suggests a 12.0% yield rate for the equity investment.
Holding Period: The holding period, the term which an investor can typically be expected to retain his investment, is considered; and the anticipated mortgage debt payoff and change in property value during this holding period are both calculated during this holding period, and at the rates assigned in our model.
A 5 year holding period is considered appropriate for property of this type. The typical investor will look to refinance or sell the property after this period of time.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 77
INCOME APPROACH, continued
ASSUMPTIONS, continued
Change in Value Over Holding Period: Value change has typically been positive; that is, property values have typically risen over the holding period. However, considering the effect of the last economic recession and considering the unstable still outlook for the city, the region, and the state appreciation at the end of the five year holding period is not considered supportable and none will be applied.
All of these factors can be combined to produce a net income, capitalization rate, and estimate of property value as shown on the following page.
Capitalization Process (By Mortgage-Equity Technique, Ellwood Method)
As noted, the overall capitalization rate is derived for this property through the MortgageEquity Technique (Ellwood Method). This technique recognizes and gives effect to mortgage financing and equity yields. net income before recapture and debt service is processed into value by the overall rate which includes the following considerations:
1. Equity position: The typical length of ownership required to attract investment.
2. Terms of obtainable first mortgage; interest rate, amortization, mortgage, loan-to-value ratio and overall costs.
3. Estimated appreciation or depreciation (if any) of property values for the ownership period.
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 78
INCOME APPROACH, continued
Estimated Capitalization Rate (by Mortgage-Equity Technique. Ellwood Method), continued
For purposes of this analysis, it is presumed that the subject property will be conventionally financed for a term of 20 years at a loan: value ratio of 70 % , with an interest rate of 7. 0 %
It also presumed that the equity position is entitled to a return of 12.0% at least.
A five year projection period is utilized.
Finally, it is conservatively estimated that no value appreciation is considered appropriate over the projection period and none is utilized.
CAPITALIZATION RATE
Mortgage ( % ) Equity(%) Interest ( % ) Equity Rate ( % ) Term (years) Holding Period (years) Value Change ( % )
Rate Development
70.00 30.00 7.00% 12.00 20.00 5.00 0.00
Mortgage Requirement 0.7000 x 0.0925
Equity Requirement 0.3000 x 0.1200
=0.0647
=0.0360
Less Credit for Equity Build-Up (5 yrs) 0. 7000 x 0.1336 x 0.1574 =-0.0147
Less Credit for Change in Value (5 yrs)
Equals
Call -
0.000 x 0.1574
0.0860 or 8.60%
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants
=-0.0000
0.0860
Page 79
INCOME APPROACH, continued
The estimate of value by direct capitalization is now a simple matter of dividing the net operating income by the capitalization rate. Doing so-
$63,932 divided by 0.0860 = $743,395
V aloe by Income Approach (Direct Capitalization):
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants
say, $745,000
Page 80
RECONCILIATION AND FINAL VALUE ESTIMATE
To summarize, the values indicated by the three approaches are as follows:
DIRECT SALES COMPARISON APPROACH: $630,000
COST APPROACH: Considered but not used
INCOME CAPITALIZATION APPROACH: $745,000
Of the three methods which could be used in determining the value of 498-500 Hallett Street, Bridgeport, the income approach and market sales approach have the most weight. The cost approach is difficult to use with accuracy because of the need to measure physical and functional obsolescence. The Direct Sales Comparison Approach used recent sales of comparable property, adjusted for structural and locational attributes that differ from the subject's.
The Income Capitalization Approach used the concept that an investor would buy the property for investment purposes. The buyer would look at the income that the building is producing and base his price on the desired equity yield rate, given market financing terms.
In both approaches, the concept of substitution is prevalent. In the Income Approach paradigm, if an investor can get a better yield by investing in another property, there is no reason he would purchase the subject. Alternately, he could be indifferent between two investments if both forecast the same equity yield rate. In the Sales Comparison Approach paradigm, the same thinking prevails; the investor bases his purchase price on his desired equity yield rate.
498-500 Hallett Street, Bridgeport, Fairfield County John lo Monte Real Estate Appraisers & Consultants Page 81
RECONCILIATION AND FINAL VALUE ESTIMATE, continued
Hence, we cannot ignore the conclusion of market value by Sales Comparison; implicit in the value is the investor' s equity yield requirement. The conclusion of value by Income Capitalization is given a 60% weight and the conclusion of value by Sales Comparison is given a 40% weight. The value conclusion is $699,000, rounded say, to $700,000, or $4 7. 71/ sq ft of GBA to include the land and all of the site improvements.
On the basis of the data presented in this report, and in the opinion of the appraiser, the market value "as is" of the fee simple interest of the subject property at 498-500 Hallett Street, Bridgeport, Connecticut, as of April 4 , 2014, is:
$700,000 (SEVEN HUNDRED THOUSAND DOLLARS)
Respectfully ,
John Lo Monte , CCRA, GAA, CCIM Certified Commercial Real Estate Appraiser CT Certificate No. RCG377 Expiration date 4/30/2015
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 82
APPRAISER'S CERTIFICATION
Property Appraised: 498-500 Hallett Street, Bridgeport, Connecticut
Final Value of Estimate: $700,000 (As Is)
Date of Appraisal: April 4, 2014
I hereby certify that the appraisal has been made in accordance with the standards of ethics and practices of the Appraisal Institute of which Mr. Lo Monte is an associate member. Amongst the most pertinent of these, the following should be highlighted:
1. The statements of fact contained in this report are true and correct.
2. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event.
3. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved.
4. The opinions and conclusions herein expressed are mine and in no way reflect those of another without due acknowledgment.
5. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, unbiased professional analysis, opinions and conclusions.
6. My analyses, opinions and conclusions were developed and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and the Standards of the Appraisal Institute.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 83
APPRAISER'S CERTIFICATION, continued
7. No one provided significant professional assistance to the persons signing this report.
8. The appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan.
9. I have made a personal inspection (exterior only) of the property that is the subject of this report.
John Lo Monte, CCRA, GAA, CCIM Certified Commercial Real Estate Appraiser CT Certificate No. RCG377 Expiration date 4/30/2015
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 84
RESTRICTIONS ON DISCLOSURE AND USE
Disclosure of the contents of this appraisal report is governed by the Regulations and Standards of Ethics of The Appraisal Institute.
Neither all nor any part of the contents of this report, (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute) shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without the prior written consent and approval of the appraiser.
This appraisal report has been prepared for the exclusive benefit of our client. It may not be used or relied upon by any other party. Any party who uses or relies upon any information in this report, without the preparer' s written consent, does so at his own risk.
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 85
QUALIFICATIONS OF THE APPRAISER
JOHN LO MONTE, CCRA, GRI, CCIM, GAA
Certified Commercial Real Estate Appraiser Graduate Realtor Institute
Certified Commercial Investment Member General Accredited Appraiser
State Of Connecticut General Certified Real Estate Appraiser. Certificate No. RCG377
Associate Member, The Appraisal Institute - (No. 17680)
REAL ESTATE EDUCATION
1976
1980
August, 1990
September, 1990
April, 1991
March, 1991
May, 1991
October, 1991
May, 1992
October, 1992
October, 1995
August, 1996
MEMBERSHIP
Real Estate Principals & Practices - University of Hartford
Graduate of the Realtor Institute (G.R.I.) I, II, Ill
SPP Course from the American Institute for Real Estate Appraisers.
Appraisal Course I for Real Estate Broker
Appraisal Course II for Real Estate Appraiser, Manchester Community College
Exam 1 A-1 Real Estate Appraisal Principles and Exam 1 A-2 Basic Valuation Procedures, of the Appraisal Institute
Capitalization Theory and Techniques - Part A, of the Appraisal Institute
Capitalization Theory Techniques - Part 8, of the Appraisal Institute
Case Studies in Real Estate Valuation, Course 2-1 of the Appraisal Institute
Report Writing, Course 2-2 of the Appraisal Institute
Standards of Professional Practice (Part A & B); US PAP From the Appraisal Institute; Chicago, Illinois
Subdivisions analysis/evaluation from the Appraisal Institute, Chicago, Illinois
Broker's License, 1978, License No. 410896 C.C.l.M., Certified Commercial Investment Member, November, 1987, Certificate No. 2998 G.A.A., General Accredited Appraiser, November, 1994, Certificate No. 301
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 86
QUALIFICATIONS OF THE APPRAISER, continued
JOHN LO MONTE, CCRA, GRI. CCIM, GAA, continued
State of Connecticut Licensed Real Estate Appraiser, Certificate No. RCG377
Associate Member, The Appraisal Institute, No. 17680
National Association of Realtors, member since 1976
Connecticut Association of Realtors, member since 1976
Greater Hartford Board of Realtors, member since 1976
Realtors Cl D Member
Member of the Commercial Real Estate Council Greater Hartford Board of Realtors
Member of the Wethersfield Housing Partnership Committee since 1989
Chairman of the Realtor Political Action Committee, Greater Hartford Board of Realtors for 1 988 and 1989
Board of Directors: Connecticut Association of Realtors
1989 and 1990 Conventions Chairman for the CCIM, Connecticut Chapter
Certified Real Estate Appraiser, C.R.E.A., of the National Association of Real Estate Appraisers.
Certified Commercial Real Estate Appraiser, CCRA of the National Association of Real Estate
EXPERIENCE
16 years at Carsan Realty of Hartford, Inc.
General Manager, from 1986 to 1989, of Carsan Realty of Hartford, Inc. In the past 16 years, over 65 million dollars of residential and commercial real estate transacted.
Qualified Expert Witness, State Superior Court, Federal Court
498-500 Hallett Street, Bridgeport, Fairfield County John Lo Monte Real Estate Appraisers & Consultants Page 87
Property Deed Appraiser's Certification Copy
Assessor's Field Card Miscellaneous
ADDENDA
' i I
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CopyrightlD 1978 ALL.sTATE LEGAL. t-ron: Ind. or Corp. D 11 11 s T • 1 A Division of AIJ.sme lntemationaJ. Inc. 800-222-0510
~ al[ Jrop& fD J~ ~rtt Jd sfja( ~mr. ~mfinJ\1 1-iuOUI tle,That Assembly of Pentecostal Church of Jesus Christ, Inc.
a Religious l!'orporation, organized and existing under the laws of the State of Connecticut, and acting herein by Reverend Othonial Torres, its President, duly authorized
herein desi~a.ted as the Granto1'8 for the conaideration of ONE HUNDRED FIFTY THOUSAND ($150, 000. 00) DOLLARS '
received. to t.Mfull sal\sfa.ction of the Grantors,from The Good Shepherd Christian Church of the City of Bridgeoprt, County of Fairfield and State of Connecticut whose mailing address is 7 25 Hancock Avenue, Bridgeport, Connecticut 0 6 605
ha-ein ~ated as the Grantees, do herebtl give, grant, bargain, sell and convey to Ute Grant.ees All that certain piece or parcel of land, with the buildings thereon, situated in the City of Bridgeport, County of Fairfield and State of Connecticut, being bounded and descibed as follows; to wit:
NORTHERLY:
EASTERLY:
SOUTHERLY:
WESTERLY:
by land now or formerly of Margaret M. Rusnak, 124 feet, more or less~
by land now or formerly of William F. Thompson, et al. in part and in part by land now or formerly of Francisco Charneco, in all, SO feet, more or less;
by land now or formerly of Antonio Riccio, 124 feet, more or less;
by Hallett Street, 50 feet, more or less.
Said premises are also being known as 500 Hallett Street, Bridgeport, Connecticut ..
Subject to: Taxes on the Grand List of October 1, 1999, which the Grantee herein assumes and agrees to pay.
C'(,~\. t. Y/~:· .. Ci: IA.A RECEl '1l:.0 ,. ~ .. CITY iJ. · STATE
. ~F_p;;_T TO~ Eiucs oFFlCE
ii'o 'la.•~ auh to ~olb the premises lrereby eonveye~ with the appurtenances thereof,. unto the Grantees and unto tAe Graiit.ees' heirs, BUCCeSBors and a.BSigns forever and to the Grantees" and their own~ use and belwof; .iub the Granton do/or tlunnaelves. their hei:rs, auccessors aml a.BSigns covenant 1DilA the Grantees, their heirs., BUCCessDTB a1Zd "8Bigns that the Grantors ere weU seized of the premises as a good indefeasibk estate in FEE SIMPLE; and have good. right to grant and ee>nWfl the same in manner .. . . . .... ... - .... - ,.. . - .
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u.nu uurir neirs. successors ana eu1signs against au claims and demands whatsoever. e:z:cept as herein stated. In aU refnmcu Mrein tc cnJI' partiu. ,:ienona. mtilia or t:OrpOfUtion.s. tM ..u of an11JHJrtieular11t:nder or tM plural or aingular
ttum&n- ill inl.iruled lo inel&Ltle ~ appropriate~ or nvmber ca tM tat of tlae 'Ufi.tliin inatn&ment mav ~ire.
ln ~ibtc.1u1 ~~erc11£, the Grant.ors have hereunto set their hands and seals, or if a corporatUm, it has caused these presents to be signed l:ly its corporate officers and its corporate seal to be a/fked. hereto, this 22nd day of August D 2000 Assembl~of P ntecostal Church Signed. Sealed and Delivered in the present:e of
'1("' or Atted by i \ It\ '1 :' • '· • I I . : --····~···· :· ..... ; .;._J ... ~ .. J ... ~ti.k. ... -.... ········-·--·········· (/d~~n ~ ~ ·r~< .... ¥g.-~-·····---r·.., l\.J i- · b·.,y(e·
of Jesus Chr" ~ - ~·
~~-9ltnonxarL'torres-;--rt:s-~· President '°~ ·1 ~
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~bttt' 0£ a:oattttdicut Qiou11tu of-Fairfield } ••· Fairfield August 22, 2000
The<foregoing instrume?it was acknowledged before me this 22nd day of · August .fiX200 ,by Reverend Othonial Torres President of the Assembly of
Pentecostal Church of Jesus Chrr.l~WJll.c:uJ.,.uL._ .. _. ___ , ____ _
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• • ut'"'' •J' ..,v,.auuu. '970 J.J.n..IJ.1..11!. J. .l .':I .l tt::>UU J\'lAl' W: 4J/ 175J/ 5/ / Bldg Name: State Use: 280
Vision ID: 15552 Account #RN-0000160 Bldg#: 1of1 Sec#: I of 1 Card I of Print Date: 04/0412014 09:20 ··rl/DD-·7. - TOPO. 1!Tll 1TTR.~ .~TllT mn,j n rnr,jTTnN 1 ._. 'ltrcr.1v • .fl.flR ... --,,.,.1<.f116
GOOD SHEPHERD CHRISTIAN CHUI IDescription Code Appraised Value Assessed Value
725 HANCOCK AVE ... om Land 2-1 55,280 38,700 6015 ... om Bldg 2-2 780,830 546,590 BRIDGEPORT, CT
IBRIDGEPORT, CT 06605 -· -;:_ .-. •- -·SUPPLEMENTAL DATA -·· ~dditional Owners: Other ID: 1753-05-
!Census Tract CEN738 !Heart
VISION l\bstract 200 Freeze ~pccial Dist
GIS ID: 1753-5 ASSOCPID# Total 836,UO 585,290 RECORD OF OWNERSHIP BK-VOi/PAGE SALE-DATE. lulu vii SALE PRICE v.c PREVIOUSASSESSMENTS fHISTORJ .
GOOD SHEPHERD CHRISTIAN CHURCH 4405/ 24 08124/2000 Q I 150,000 Yr. Code Assessed Value Yr. Code Assessed Value Yr. Code Assessed Value 12012 2-1 38,700 ZOil 2-1 38,700 2010 2-1 38,700 12012 2-2 546,590 ZOil 2-2 546,590 ZOIO 2-2 546,590
Total: 585.290 Total: 585.290 Total: 585 290 EXEMPTIONS OTHER-ASSESSMENTS Tliis sigmuure acknowledges a visit by a Data Collector or Assessor
Year Tvoe Deserio/ion Amount Code Descrintion Number Amount Comm. Int.
: :.·.: .. : · . ·_ APPRAISED VALUE SUMMARY
.,._,_,_ Appraised Bldg. Value (Card) 756,750 .•
ASSESSING NEIGHBORHOOD Appraised XF (B) Value (Bldg) 24,080 NBHD/SUB I NBHDNAME I STREET INDEX NAME I TRACING I BATCH Appraised OB (L) Value (Bldg) 0
014/A I I I I Appraised Land Value (Bldg) 55,280 ''
.· _.- .. · - _·_. - .
NOTES: Special Land Value 0 ,. - . : -_-. .·
MZ3=1-J RM APT, 2ND & JRD FL=6-4 RM APTS F=LO/SO , 2-3 RM APTS, MEETING RM. W/BAR=FBM Total Appraised Parcel Value 836,110
lST=CHURCH Valuation Method: c
Adjustment: 0
Net Total Appraised Parcel Value 836,110
BUILDING PERMIT RECORD VISIT/ CHANGE HISTORY Permit ID Issue Date TvnP n..scriotion Amount lnso. Date %Como. Date Como. '::omments Date Tvoe JS ID Cd. Puroose!Result
10/1012008 AD 91 Com Field Review 3/3/1992 KC A Inside Inspection
. - LAND LINE VALUATION SECTION B Use Use Unit # Code Description Zone D Frontage Den th Units Price I. Factor SA C. Factor ST. ldx Adi. Notes· Adi Special Pricinit Adi. Unit Price Land Value l 280 Mix Use Comm RC 6,204 SF 11.14 1.00 5 1.00 1440 0.80 8.91 55,280
Total Card Land Units: 0.14 AC Parcel Total Land Area: l>.14AC I Total Land Value: 55,280
Property Location : 498 HALLETT ST #500
Vision ID: 15552 MAP ID: 43/ 1753 / 5/ I
Account # RN-0000160 Bldg #:
Eleme111 Cd.
rame Type aths/Plumbing eiling/Wall ooms/Prtns all Height 10
Vo Comn Wall
Mix Use Comm
asonry verage eil & Walls
CONSTRUCTION DETAIL CONTINUED Element Cd. Ch escriplion
MIXED USE Code escri lion Perce111a e 280 !ix Use Comm 100
COST/MARKET VA LUA TJON Adj. Base Rate:
\cplace Cos1 YB
Dep Code Remodel Rating Year Remodeled Dep% Functional Obslnc Exrcmal Obslnc
osl Trend Factor Stalus V.Complele
verall % Cond pprais Val ep % Ovr
Dep Ovr Comment Misc Imp Ovr Misc Imp Ovr Comment
ost to Cure Ovr ost to Cure Ovr Commenl
3.95
,327,639 916
OB-OUTBUILDING & YARD ITEMS(L) I XF-BUILDING EXTRA FEATURES(B)
B 100 13,680 B 100 10,400
BUILDING S UB-AREA SUMMARY SECTION Code escri lion livin Area Gross Area E . Area Unit Cost Unde rec. Value
BAS First Floor 4,096 4,096 4,096 93.95 384,801 FBM Finished Basement 2,400 3,200 1,920 56.37 180,376 FOP Open Porch 0 693 173 23.45 16,253 FUS Finished Upper Stor·y 8,176 8,176 7,767 89.25 729,675 UBM Unfin Basement 0 880 176 18.79 16,534
Ttl. Grn.u livl l .emt! Art!n: 14.672 17.045 14.132 1.327.639
B ldg Na me:
I of I Sec#: I of
lUBM[880]
FBM[3200] FUS FUS BAS
FOP FOP FOP
State Use: 280
Card of Print Date: 04/04/2014 09:20
33
10
• City Of Bridgeport
Bill#:
Unique ID:
District & Flag:
Name:
Address:
Property Location:
Volume:
Page:
Due 1:
Due2:
Due 3:
Due 4:
Assessment
Exempt
Net
To Pay This Bill in Full:
Payment Details
Tax Payer Information
2012-1-0012426 (REAL ESTATE)
1753--05-------
GOOD SHEPHERD CHRISTIAN CHURCH
498 HALLETT ST 500 43 1753 5
Bill lnfomation as of 0410312014
07/01/2013 Install $12,248.66 Total Installment: 1:
01 /01/2014 Install $12,248.66 Paid: 2:
Install $0.00 Tax!Princ/Bint Due: 3:
Install $0.00 Interest Due: 4:
$585,290 Total : $24,497.32 Lien Due:
$0 Total $0.00 Fee Due: Adjustment:
$585,290 Mill 44.855 Total Due: Rate
No payment found!
I* Total Payments made to taxes in 2013:
$24,497.32
$0.00
$24,497.32
$2,572.22
$0.00
$0.00
$27,069.54
$27,069.54
* This is not a tax form, contact your financial advisor for information regarding tax reporting.
Dato G 1,fJ1E1/¢1· 01 031 01·J
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City of Bridgeport, Connecticut Geographic Information System
The City of Bridgeport does not warrant the accuracy of the information contained heroin nor Is It responsible for any errors or omissions. accuracy, t imeliness, or completer
of ony of the information prov ided herein. The Ci ty of Bridgeport assumes no liability foc its availability, or compatibili ty with users' software or computers. The City of Bridgeport explt
disclaims any representations and warranties Including, without limitation, the implied warr!
45 90 of mercha_nt~bility ancj !i,l!l,ess for a pa~icular purp.ose. The Cit~ of Bri_dgeport _also sh~ll as! *' s
no hab1hty for: 11 ~y errors, omissions, or onaccuractes 1n the mformatK>n provided --------========-·--------------'9di::dr2. Mvded!;innm~rt"' "' ~M i nnt~t..a ... '"'" " '"'• . ... ,,..,_ '"-·· · ""'- ..
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PARTIAL INDEX TD
CITIES AND TOWNS
Ansoni.1. .. . . 0..3 Bolton Nocch • • . 0.4 Bridgopon .....• E-2 Br1.s1ol • .• • • • •. B-3 C.nun .....• A-2
3
CoAchuter • • • • C 5 Comwall Bndgt. B-2 Danbury ....•• 0-2 Danielson . . ... 8·6 D1nen •• .•••••• E- 1
D
Otep R111er . . • 0-4 D~rby . • 0-~
E.111 Hartl0td . 8-4 F11m.ld . .• E·2 Glestonbury .••• 8-<t Gr1nby , . . . .. A·J Groc:nw1dl., , • • ,£. 1 Gto1on . • . • •. . D·S H1md•n . • , . . 0-3
4
ROCKY
H1ortford .•••.• 9.4
lnchfit*d . , S.2 M adison . . . 0-4 Manchuler . . . . 8-4 Menden • . . C· J Middle1own .. , . C-4 M ilford •. , • . . 0·3 MOO$up. . B·6 Naugaruck .. C-2
N•w Bm11n 8-3 New H1..,en 0 -J Newing ion 8-4 New london 0 -S NffW M11f0td • C-2 Norfolk . . . . A-2 Norwalk. • . . .. E-2 Norwich • • C· 5 Old Saybrook . 0 -5
5
CONNECTICUT
Pawa1ud: . 0-6 Phoenuv11/c A-5' P~1nvtlle 8-3 Poniand (.4
Putnam ... . . . A-6 RidgefJ9ld . • . . 0 - 1 Rockville . ..•. . A-4 Shehon . 0-2 Sourh1ng1on . . c.J
SCALE O F M ILES 0 5 10 1 5
ONE INCH • APPRO XIMATELY 11 MILES
C) 1956 R.R. Domul/ey ~ SotU Compan:r
S1aHord Sp11ngs A· 5 St•mlo.-d . . . . £.I S1orung1on • • 0.6 Scorrs • • • • • B-5 Sir.ulord ... . • • D·2 Touyville . •. . • B-3 Thompsonville . A-4 Tornng1on . • • 8-2 W•U•ngfmd .•.. C·l
Warubury C·l We1he~fiold 9. 4 West H•nford • B-J Wesc H•ven .. . D·l We.s1oon ••. • .• E·2 Willim•n1ic . B· 5 Wind'°' . . • .. • A·4 WindSot Loe Its . , A·4 Winsled .• . . . . A-J
6
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STATE OF CONNECTICUT • DEPARTMENT OF CONSUMER PROTECTION Be it known that
GIOV Al"'\J"NI ·LOMONTE -PO BOX 290563
• 1f.':·\ ~~};~~{~ ~ •"Jr·' WETHd~:1lS~JE~;E~~' 06129
''""':\.• ·- ... ¥'1>.'1 .. ~ ·". "~;~~·· r:.~~:~~ :; .. · . ' ..... \, If y ./~ \ \' Ji air. ~tr 11
• J~ ·r-_., ... 1. ~~C\ • J~ " ·..-~ !4'- ..:,t. , ; ·~?T r ~. • • ~ j " t·;;:.:-. .:~~·r1 . ._, \
has bec:n certified by the Df.,,ar~!ltien~t;:~~u€1itt Protection as a licensed
CERTIFIED G~NE~.,~lt§TATE APPRAISER ):; .. =:6~ ·,., .~ .-3t-~~c if~:~
~~'flf,~'f§._~~1~buo·377
Effe'ctive: -05/01/2014- ·- ·~· ·
Expiration: 04/30/2015
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