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Home My WebLink About530005.tiff { TABLE OF CONTENTS Page 1 --- Letter of Transmittal " 2 --- Purpose of Appraisal N 3 --- Methods of Appraisal " 4 --- General Description 5 --- " " 6 --- Estimate of Value by Replacement " 7 --- Estimate of Main Building Value on a Rental Basis " 8 --- Comparative Rental Data " 9 --- Breakdown of Value " lO --- Map P " 11 --- Pictures a 12 --- Pictures " 13 --- Appraiser's Qualifications " 14 --- Conditions of Appraisal ticq/WS December 16, 1953 Board of County Commissioners of Weld County, Colorado Gentlemen: Pursuant to your request for an appraisal of property known as the Weld County Hospital located on Block 18 , City of Greeley, Colorado. I have carefully examined said property, considered all factors effecting the value thereof and submit here- with my appraisal report which is an estimate of the fair cash market value as of December 15, 1953. The term "Market Value" as used herein is defined as "that price which the property would bring if exposed to the market for a reasonable length of time, the sale taking place between a buyer and seller who are well informed about the property, are ready, willing and able to act, but not compelled to act". It is my opinion that the market value of said property as above defined is DD • • PURPOSE OF APPRAISAL It is my understanding that the purpose of this appraisal is to estimate the actual cash market value of the subject property. In the definition of Market Value the terms "reasonable length of time" and "well informed about the property" are used. Further defining these terms; it is assumed in general real estate practise a reason- able length of time to offer a property of this kind on the market is six months. "Well informed about the property" is presumed to mean a buyer and seller who are thoroughly familiar with all factors effecting the value. The highest and best use of the property, any restrictive covenants that might limit its usage, the market trends, area develop- ment, etc. 2 METHODS OF APPRAISAL There are three generally accepted methods of approaching an estimate of real estate value to wit: FIRST -- An estimate of the cost of replacement after deducting for depreciation accur- ing from physical wear and tear, functional obsolescence or economic loss. SECOND -- By estimating the amount upon which a net rental income will yield a return comparable to similar investments. THIRD -- By comparison with sales of similar properties, where same is available. As we have no history of sales or rentals of property considered comparable to the subject, it is believed an estimate of replacement after deducting for depreciation furnishes the most reliable index to value in the present case. However, there is submitted herewith an estimate of income and expense based on an annual per square foot rental of rooms. 3 GENERAL DESCRIPTION Legal Block 184 being Lots 1, 2, 3, and 4 of said block bounded on the north by Orange Street, on the south by Elm Street, on the west by Sheridan Avenue, and on the east by Island Grove Park Drive. Location This location is at the north edge of Greeley just west of Island Grove Park and south of the Cache LaPoudre River. The land is almost level with gentle slopes away from the buildings; grounds are landscaped, seeded to lawn, and there are many good shade trees providing pleasant surroundings. Construction Improvements consist of a two story frame shingle roof building built for and used, until the past few months, as a county hospital. The building is approxi- mately 44 x 108 resting on a two foot concrete foundation with no basement except a small furnace room under the north side. It contains 13 rooms, 2 baths, halls and closets on the first floor and 19 rooms, a large sun porch, 2 full baths and 2 half baths on the second floor. Property is heated by a gas fired steam boiler. The boiler and equipment are of recent installation; balance of heating system is original installation except for replacements from time to time as required. Although the structure is about fifty years old, it appears to be in sound condition. 4 The hard wall plaster, for the most part, is firm; the roof, floors, and foundation are in good shape. The building throughout appears to be exceptionally well preserved for its age. There is a one story brick laundry building just north of the main structure 20 x 32 feet in sound structural condition. This is just a plain one room building with cement floor. Just east of the laundry building is a vegetable cellar with cement side walls to about 2'i feet above ground surface, gables of matched siding and shingle roof. This appears to be in good condition. It is about 2l;. x 30 feet. South of the main building is a small frame cottage about 14 x 24 feet with a lean to 10 x 12 in fair condition. The buildings were all measured, photographed, and carefully inspected. 5 ESTIMATE OF VALUE BY REPLACEMENT The main building contains 4643 sq. ft. on each of the first and second floors including offsets and porches for a total of 9286 sq. ft. estimating construction cost of entire area at $7.70 $ 71,502.00 Depreciation physical 50% - estimated value of building by replacement in present condition - 35,751.00 The building is further subject to a deprecia- tion on account of functional obsolescence (limited usage) 40% of its present value - - - - 14,300.00 Net value by replacement 4 21,451.00 Laundry building contains 640 sq. ft. at $6.50 - - - $ 4,160.00 Depreciation - physical 33 1/3% 1,387.00 2,773.00 Functional obsolescence 3� 1/3% 924.00 Net value by replacement $ 1,849.00 Estimated value of vegetable cellar $ 500.00 Frame Cottage contains 456 sq. ft. at $7.50 3,1}20.00 Depreciation 50% 1, 710.00 Net value by replacement $ 1,710.00 Estimated land value $ 1s500.00 6 ESTIMATE OF MAIN BUILDING VALUE ON A RENTAL BASIS The downstairs has 13 rentable rooms containing approximately 2,833 sq. ft. with a rental value of $1.25 per sq. ft. per annum $ 3,541.00 The upstairs has 20 rentable rooms containing approximately 3,336 sq. ft. with a rental value of $1.00 per sq. ft. per annum 3,336.00 Total income - - - - 4 6, 877.00 Estimated annual expenses assuming the building will have a future economic life of twenty-five years. Taxes estimated; heat and light estimates based on past experience. Taxes 0 300.00 Heat 1,350.00? Light 535.00 Insurance 170.00 Depreciation 856.00 Janitorial Service - - - 1,500.00 Hazard of vacancy - 72% of annual rent 516.00 Management 344.00 5, 573.00 Net income $ 1,304.00 A net income of $1,304.00 will show a return of 6% per annum on a value of $21,733.00. 7 COMPARATIVE RENTAL DATA Investigation of several well located buildings in the business section of Greeley reveals average second floor rentals as follows : The Greeley Building average 41.50 per sq. ft. per year. The Coronado Building average 41.50 per sq. ft. per year. • The Park Place Building average $1.50 per sq. ft. per year. The Kinney Building average 42.00 per sq. ft. per year. The New Weld County Savings Bank Building average $ 2.50 per sq. ft. per year. Other smaller buildings average $1.25 to $1.50 per sq. ft. per year. 8 From the foregoing investigation and analysis, it is my opinion that the market value of various parcels included in this appraisal is as follows: 1. Land 1,500.00 2. Main Hospital Building - - 21,500.00 3. Laundry Building 1,750.00 I}. Vegetable cellar 500.00 5. Small Frame Cottage - - - 1,700.00 Total 26,950.00 9 WEt. ,% �// `� '�, �,`! ; +` f rr. I. l / . / -'V, ,/ f /r / I 1 , - L�i ti otidr f ,/ - -_.� ! 1 ; ,\\ \ \ \ . 179 I ' n fk \ ;'�;' ISI,5AND GROVE •• IX 37 \\ '�`\ 38 1 a"1I I I I \\ .` A•,:` j % rk,' 194 • I9 I ti rr ,' CD x +�3i- r LAURE._ ST. lu 'D' ST. _ ( �? ,r i "Ir s rr _.=ate 1 I y E LM Z I I ` 1\,. I ...r_.._rl _ a • .f._ r.,+34� �* ,_1 Ixr._ • '' r xt IC -��-�,�»,_.,� _ 4��..r � tl� ., fr�f .� .-731:1—I—� n----I ® mar - _ k i Mid • yJIt . I+s ST. 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A Realtor, Appraiser with offices at 811 - Tenth Street, Greeley, Colorado. 2. Has been engaged in general Real Estate practise buying, selling and operating farms and ranches in Colorado for over forty years. 3. Has built, and supervised the building of, many city homes and all kinds of farm and ranch improvements. l4.. Has had twenty-five years experience managing farms and ranches in Colorado, Nebraska, Kansas, Iowa and Missouri. 5. Has made appraisals of all kinds of Real Estate for City of Greeley - County of Weld - U. S. Bureau of Reclamation - U. S. Veterans ' Bureau - U. S. Department of Justice - Bureau of Public Roads - Army Engineers - Banks - Insurance Companies and Individual Clients. 6. For past ten years served as appraiser for The Northern Colorado Water Conservancy District in connection with the acquisition of lands for The Colorado Big Thompson Trans-mountain Water Diversion Project. 7. Has qualified as an expert on valuation of Real Estate in many Colorado Courts. 8. A member of The National Association of Real Estate Boards. 9. Past President of The Colorado Chapter of The National Institute of Farm Brokers. 10. Holds Membership in The American Institute of Real Estate Appraisers. 11. Holds Membership in The Inter-national Society of R sidential Appraisers. 13 This appraisal is subject to the following assumptions and contingent conditions: 1. The legal description furnished me is assumed to be correct. 2. I assume no responsibility for matters of a legal character nor do I render any opinion as to the title. 3. It is assumed the title is merchantable, the property free of liens and encumbrances under responsible ownership and competent management. 14. The plat included in this report is to assist the reader in visualizing the property. No survey has been made by this appraiser. 5. The information furnished me by others is believed to be reliable but I assume no responsibility for its accuracy. 6. I hereby certify that I have no present or contem- plated interest in the property appraised. 7. This appraisal has been made in accordance with the rules of professional ethics of the American Institute of Real Estate Appraisers. Respectfully submitted, 7r";.•,1 : /11/. redi )Y( act, Thos. M. Welsh M. A. I. 11} Hello