sample - Property Appraisal Services Inc.

112 Pages·2006·3.69 MB·English

by  Jude Collins

Real Estate Appraisers and Consultants

261 City Island Avenue, Bronx, NY 10464 303 Fifth Avenue, Suite 1616, New York, NY 10016
Phone [phone] Fax [phone] Phone [phone] Fax [phone]
Property Specific Information has been deleted
APPRAISAL REPORT
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Bronx (Riverdale), NY 10471
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44555500 MMoonnttggoommeerryy AAvveennuuee,, SSuite 1150
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By
Richard J. Anastasio, MAI
P. Jude Collins, ASA
Valuation Date
March 20, 2001
SUBJECT PROPERTY
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BBeetthheessddaa,, MMDD 2200881144---33334444
Re: 55553300---7722 NNeetthheerrllaanndd AAvveennuuee
Bronx, NY 10471
DDeeaarr MMss.. RRoouusssseeaauu::
As requested, we have conducted an inspection of the above premises for the purpose of
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estimating the reasonable Market Value of the Leased Fee Estate, subject to the Rent
Regulations of New York CityA and New York State as of March 20, 2001. We understand that
this report will be used for the purposes of underwriting a mortgage loan.
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The subject is comprised of four, 6 story and basement, elevator apartment buildings containing
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439 residential units and 2 Employee Apartments situated on two tax lots. There were no
vacancies at the time of inspection. The property reflects average overall cEondition and
maintenance; please see the Description of Improvements section regarding the condition of
the property.
Based upon the inspection of the subject property and the investigation and analyses
undertaken, we have formed the opinion that as of March 20, 2001, subject to the Standard
Limiting Assumptions set forth in this report, the Market Value of the subject property, in its “As
Is” condition is:
Twenty Three Million Dollars
($23,000,000)
In view of the current economy and rental market, it is felt that a sale could be affected as a rental
building at the above value within a twelve month period.
I certify that I have personally inspected (R. Anastasio – Exterior Only) the subject property, and
carefully examined and analyzed all factors pertinent to the final estimate of value reached
herein. To the best of our knowledge this Self Contained Appraisal was prepared in
conformance with Uniform Standards of Professional Appraisal Practice (USPAP) and Title XI
(and amendments) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989
(FIRREA).
P. Jude Collins, ASA Richard J. Anastasio, MAI
NYS Certified General Appraiser #46-670 NYS Certified General Appraiser #46-2882
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Subject Property: 55553300---7722 && 55553355---6655 NNeetthheerrllaanndd AAvveennuuee
((SS///WW///CC && SS///EE///CC ooff WWeesstt 225566ttthhh SSttrreeeett))
Borough of The Bronx, Riverdale Section
City and State of New York, 10471
Property Type: Residential multi-family, self service elevator apartment building.
Interest Appraised: Leased Fee Estate, subject to leases as a rental apt. building.
Plot Size: Two irregular tax lots 183,550 SF (4.21 Acres)
Flood Map: SThe subject is located in a FEMA Zone “C” (Area of minimal
flooding).
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Census Tract #: 323 M
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Description: Four 6 story and basement, detached, brLick and masonry, semi-
fireproof, self-service elevator, residential multi-family apartment
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buildings constructed in 1948 comprising 410,643 SF.
439 Apts. with 1,619.5 rooms, 439 baths.
Plus: 2 Employee Apartments.
Zoning: R4; Mid Density Residential District.
Tax ID: Borough of The Bronx, BBlloocckk 55995500,, LLoottss 442299 aanndd 443300
Highest and Best Use: As Improved, Residential Apartment Buildings.
Value Indications: Cost Approach Not Applicable
Market Approach $25,000,000
Income Approach $20,400,000
Final Value: $23,000,000
Date: March 20, 2001
Exposure Time: In view of the current economy, it is felt that a sale could be affected
at the above value within a twelve month period.
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IDENTIFICATION OF THE PROPERTY
The subject property consists of four, 6 story and basement, brick and masonry, detached, semi-
fireproof, self service elevator, residential multi-family apartment buildings having 439
Residential Apartments and two Employee Apartments. The improvements, constructed in 1948,
known as 55553300---7722 NNeetthheerrllaanndd AAvveennuuee,, is located in the Riverdale section of The Bronx, City and
State of New York.
PROPERTY OWNERSHIP & RECENT HISTORY
The current ownership, RRiivveerrddaallee GGaarrddeennss has owned the property for in excess of 5 years.
There are no known options, listings, or current sales on the subject property.
SUBJECT OF THE APPRAISAL
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The subject of this appraisal consists of a complex of four 6 story and basement, brick and
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masonry, detached, semi-fireproof, self-service elevator, residential multi-family apartment
buildings containing 439 Residential Units aMnd two Superintendent’s Apartment.
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PROPERTY RIGHTS APPRAISED
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Leased fee estate, subject to the Rent Regulations of New York City and New York State. Note
that the rents as provided to the appraisers are assumed to represent the legal rents pursuant to
the Rent Regulations of New York City and New York State.
PURPOSE AND FUNCTION OF THE APPRAISAL
The purpose of this report is to set forth an opinion of the market value of the subject as a rental
building, in connection with a mortgage application. The function is to assist the Lender in the
due diligence for a mortgage on the property.
DATE OF VALUE & PROPERTY INSPECTION
March 20, 2001
LEGAL DESCRIPTION
The subject is identified on the tax records of Bronx County, City of New York as BBlloocckk 55995500
LLoottttss 442299 aanndd 443300.. The subject building is located on the ssoouutthh wweesstt aanndd ssoouutthh eeaasstt ccoorrnneerrss ooff
West 225566tth SSttrreeeett aanndd NNeetthheerrllaanndd AAvveennuuee,, in the “Riverdale” section of The Bronx. Please see
a copy of the plot plan for a graphic description of the lot.
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SCOPE OF THE APPRAISAL
The scope of this appraisal assignment requires compliance with the Uniform Standards of
Professional Appraisal Practice promulgated by The Appraisal Standards Board of The
Appraisal Foundation and the Guide Notes to the Standards of Professional Appraisal Practice
adopted by The Appraisal Institute. These uniform standards contain binding requirements and
specific guidelines that deal with the procedures to be followed in developing an appraisal,
analysis or opinion. These uniform standards set the requirements to communicate the
appraiser’s analyses, opinions and conclusions in a manner that will be meaningful and not
misleading in the marketplace.
A full narrative appraisal of the subject property has been prepared. A physical interior and
exterior inspection of the property has been made. The subject data with respect to its size,
location, quality and zoning are considered and presented in this report. The general
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demographics of Riverdale were researched and analyzed to provide the basis used in
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formulating an estimate of Market Value. Data sources include county and state agencies, real
estate brokers and developers. Market data, including rental rates, vacancy/rent loss figures,
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operating expenses and supply and demand are among the many items researched, analyzed
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and presented. This data is used to consider the highest and best use of the subject and to
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estimate its Market Value as of the valuation date.
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The appraisers lack the knowledge and experience with respect to the detection and/or
measurement of hazardous substances. The value estimate derived herein is predicated on the
absence of such substances. It is recommended that an expert be retained to determine the
presence of any hazardous or toxic materials at the subject property.
The documentation necessary to arrive at an estimate of Market Value is considered in this
report. A thorough research of the market provided comparable data which was collected,
confirmed and analyzed in order to apply two of the three traditional methods of valuation which
included the Sales Comparison and Income Approaches. The Cost Approach was considered,
however, not utilized in this valuation. The difficulty in estimating accrued depreciation would
produce an unreliable indication of value using this method. In our opinion, this approach
provides a poor index of value as it does not relate to the income potential or alternative uses of
the property.
Recent sales of properties similar to the subject were analyzed in applying the Sales
Comparison Approach. Comparable rental data, income estimates, vacancy/rent loss
projections, operating expense data and investment return requirements were all utilized in
estimating the Market Value of the subject via the Income Approach.
The value estimates are inclusive of all land and improvements. Personal property, with the
exception of kitchen appliances, was not included in this valuation. The strengths and
weaknesses that exist in each approach were considered and judged in reaching a final
estimate of Market Value for the subject based on the prevailing market conditions on the
valuation date.
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DEFINITIONS OF PERTINENT TERMS
The definition of Market Value, is as follows:1 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 typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their
own best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment isS made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
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5. The price represents the normal conMsideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated with
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the sale.
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Definitions2 E
Fee Simple Interest Absolute ownership interest unencumbered by any other interest or
estate; subject only to the limitations of eminent domain, escheat, police
power, and taxation.
Leased Fee Estate An ownership interest held by a landlord with the right of use and
occupancy conveyed by lease to others; usually consists of the right to
receive rent and the right to repossession at the termination of the lease.
Leasehold Estate The right to use and occupy real property for a stated term and under
certain conditions; conveyed by a lease.
Market Rent The rental income that a property would most probably command on the
open market.
1 Uniform Standards of Professional Appraisal Practice, 2000
2 The Dictionary of Real Estate Appraisal, Third Edition, The Appraisal Institute, 1993
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