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Temple Boathouse Site Appraisal

Temple Boathouse Site Appraisal

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Published by Parks_RecCommission

Additional information about the site of the proposed boathouse for the Temple University Rowing Program. This document provides an property assessment of the value of the land where the boathouse is proposed to be built.

Additional information about the site of the proposed boathouse for the Temple University Rowing Program. This document provides an property assessment of the value of the land where the boathouse is proposed to be built.

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Published by: Parks_RecCommission on Dec 28, 2012
Copyright:Attribution Non-commercial

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09/17/2013

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 A
PPRAISAL
R
EPORT
 
Prospective Temple University Boathouse SiteKelly Drive, just south of Strawberry Mansion BridgePhiladelphia, PA 19121File No.: 12249
Prepared for
Temple UniversityVivacqua Hall, Suite 415P.O. Box 2843Philadelphia, PA 19122Attn: Ms. Linda Frazer, Director of Business ServicesMr. Richard Rumer, Associate Vice President of Business Services
Prepared by
L
UKENS
&
 
W
OLF
 
 
 
R
EAL
E
STATE
A
PPRAISERS AND
C
ONSULTANTS
 
1626
 
S
PRUCE
S
TREET
,
 
P
HILADELPHIA
,
 
P
ENNSYLVANIA
19103
 
 
(215)
 
545-1900
 
 
F
AX
:
 
(215)
 
545-8548
December 19, 2012Temple UniversityVivacqua Hall, Suite 415P.O. Box 2843Philadelphia, PA 19122Attn: Ms. Linda Frazer, Director of Business ServicesMr. Richard Rumer, Associate Vice President of Business Services
RE: Summary Appraisal Report
Prospective Temple University BoathouseSiteKelly Drive, just south of StrawberryMansion BridgePhiladelphia, PA 19121File No.: 12249Dear Ms. Frazer and Mr. Rumer:In accordance with your request, we have appraised the captioned property and our findings arepresented in the following report. This is a Summary report as defined by Uniform Standards of Professional Appraisal Practice (USPAP) under Standards Rule 2-2(b). This format provides asummary of the appraisal process, subject and market data and valuation analyses to develop theappraiser's opinion of value. Supporting documentation concerning the data, reasoning andanalyses is retained in our file.
 Extraordinary Assumptions:
 
We have estimated the site to contain approximately 75,000 square feet of which about15,000 square feet is in the water.
 
 
We have been informed by the Fairmount Park Commission that the current zoning does notmatter and, for purposes of our valuation analysis; any use that is physically possible andfinancially feasible should be considered.
 
 
It is our understanding that the cost to repair the river retaining wall is approximately$1,500,000.
 
Considering the elevation of the site and its proximity to the river, any construction willrequire significant flood considerations.
 
Access to the site and parking on adjacent lot will be provided by a cross-easement.
 
We have assumed that the river retaining wall will be completely repaired in a timely fashionby the Fairmount Park Commission, at its sole cost.
 
Ms. Linda Frazer and Mr. Richard RumerDecember 19, 2012 Page No.2
 Hypothetical Conditions:
 
There are no hypothetical conditions for this value.
As Is Market Value:
After considering all factors, it is our opinion and we hereby certify that the market value of thefee simple interest in the subject property, as of December 7, 2012, was:
–One Million Five Hundred Thousand Dollars–$1,500,000
Further, if a buyer of the site were required to repair the river retaining wall in order to developthe site, the cost of repair would be a direct offset against value. Therefore, after considering allfactors, it is our opinion and we hereby certify that the market value of the fee simple interest inthe subject property, if the buyer is required to repair the river retaining wall, as of December 7,2012, was:
–Nominal–
We certify that we have no present or contemplated future interest in the property beyond thisassignment. We have not performed prior services regarding the subject property, as anappraiser or in any other capacity, within the three year period immediately preceding acceptanceof this appraisal assignment.Please reference this report for important information regarding the scope of research andanalysis for this appraisal, including property identification, inspection, highest and best useanalysis, and valuation methodology. Your attention is also directed to the Limiting Conditionsand Assumptions section of this report. Acceptance of this report constitutes an agreement withthese conditions and assumptions.

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