APPRAISAL with Roundhouse Parking Lot sale and purchase-WF-R-7-18-2019
July 18, 2019
Elizabeth Hynes
67‐69 Old South Street
Northampton, MA 01060
Biapita LLC
47 Jackson Street
Holyoke, MA 01040
3‐5 Clarke Avenue, LLC
c/o Hampshire Property Management
PO Box 686
Northampton, MA 01061
Email letter (no hard copy) to: David Bloomberg‐ david@fierstkane.com; Elizabeth Hynes‐
erhynes32@yahoo.com; Rich Madowitz‐ rmm@hpmgnoho.com; Eric Suher‐ esuher@essports.com;
Gary Martinelli‐ Gary@gmartinellilaw.com
RE: Purchase of land‐‐Roundhouse Parking Lot and New Haven & Northampton Canal Rail Trail
Sale of easement—Roundhouse Parking Lot
Dear Elizabeth, Rich, Eric, Gary, and David,
As you remember, we agreed when we met a few months ago that before we moved forward on our
purchase (by willing buyer/willing seller or by eminent domain taking) of the sliver of land we need to
expand the Roundhouse Parking Lot that we would explore selling you an easement for access across
the parking lot and, using a shared driveway, onto your property.
We just received that new appraisal. Attached is the appraisal we did last year of the land we need to
purchase and the appraisal we did this year of the easement you want to purchase.
Accordingly, contingent on final City Council approval and due diligence, this is an offer to:
1. Purchase the small slivers of land, as shown on a “Plan of Land in Northampton, Massachusetts,
Hampshire Registry, Prepared for Tighe & Bond, Inc., by Northeast Survey dated 6/15/2017 and
recorded at the Hampshire Registry of Deeds at Plan Book 241, Page 38 (1/5/2018) and related
construction and slope easements.
2. An offer to sell the access easements, including the loss of three parking spots, from Old South
Street to your property, subject to an analysis of on turning radius needs.
City purchase of land to expand parking lot
Parcel Owner Address Fee purchase Easements Price*
Parcel B Elizabeth Hynes 67 Old South St 430 square ft 40 sq. ft. $5,000
Parcel C Biapita, LLC 73 Old South St 891 square ft 181 sq. ft. $8,000
Parcel D 3‐5 Clark Ave, LLC 3‐5 Clark Ave 105 square ft 918 sq. ft. $1,000
SUBTOTAL $14,000
1 City parking spot easements per parking spot $19,000
3 City parking spots Easements for 3 parking spots SUBTOTAL $57,000
*based on LandVest 5/14/19 (city purchase) and 7/17/2019 (city sale) appraisals
As you all requested, my office remains ready to recommend moving the existing Central Business District
zoning line to the rear of the homes you own on Clarke Avenue to make it easier to attract new development.
We can’t do that, of course, until we purchase the sliver of land we need since that could make the land we are
buying more expensive, which wouldn’t be fair to us.
We are ready to move forward based on the appraisals. If you are not ready to purchase the easements from
us, we would just move forward on our purchase of land from you and could sell you easements as a later date.
I look forward to working with you on this. Please let me know within a couple of weeks if you accept our offer
or have any questions.
Sincerely,
Wayne Feiden, FAICP
Director of Planning & Sustainability
REAL PROPERTY APPRAISAL
Roundhouse Parking Lot
OWNED BY:
City of Northampton
LOCATED AT:
Off south Street
City of Northampton, MA 01060
PREPARED FOR:
Wayne Feiden, Director of Planning & Sustainability
City of Northampton
210 Main Street, City Hall
Northampton, MA 01060
PREPARED BY:
Jay E. Closser, ASA
LandVest, Inc.
445 Tully Road
Orange, MA 01364-9641
REPORT DATE:
July 17, 2019
EFFECTIVE VALUATION DATE:
June 3, 2019
LV: #10563
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July 17, 2019
Wayne Feiden, Director of Planning & Sustainability
City of Northampton
210 Main Street, City Hall
Northampton, MA 01060
RE: Roundhouse Parking Lot
Dear Wayne:
At your request, I have investigated the above-referenced properties in the City of Northampton in
Hampshire County, MA, to develop an opinion of its market value of an individual parking space
in the Roundhouse Parking Lot owned by the City of Northampton.
You have asked for the current market value of an individual parking space in the Roundhouse
Lot.
The effective valuation date is June 3, 2019, the date of the property of my inspection of the
property.
The accompanying appraisal report, of which this letter of transmittal is an integral part, has been
completed in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP)
of the Appraisal Foundation. The appraisal has been completed for Wayne Feiden, Director of
Planning and Sustainability, City of Northampton, MA.
Based on the analysis contained in this report, it is my opinion that a parking space at the
Roundhouse Parking Lot, on the effective valuation date of this appraisal, was worth:
$19,000
If you have any questions, please do not hesitate to call.
Respectfully submitted,
Jay E. Closser, Senior Advisor and Appraiser
(MA Certified General License #730)
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CERTIFICATE OF VALUE
I hereby certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are believed to be true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported
assumptions, limiting conditions and legal instructions, and are my personal,
impartial, and unbiased professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this
report, and no personal interest or bias with respect to the parties involved.
My engagement and compensation in this assignment were not contingent upon
developing or reporting predetermined results.
My compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a stipulated
result, or the occurrence of a subsequent event directly related to the intended use of
this appraisal.
The appraisal was made and the appraisal report prepared in conformity with the
requirements of the Uniform Standards of Professional Appraisal Practice (USPAP)
of the Appraisal Foundation.
I formally inspected the property on June 3, 2019 which involved a hiking the
property.
Jay Closser made a personal inspection of the appraised property that is the subject of
this report and all the comparable sales used in developing the estimate of value.
Jay Closser appraised the property that is the subject of this appraisal in the past three
years.
The use of this report is subject to the requirements of the Appraisal Institute relating
to review by its duly authorized representatives.
No one provided significant professional assistance to the persons signing this report.
The following represents my opinion of the subject property’s market value on the
effective valuation date:
3
By: Date: July 17, 2019
Jay E. Closser, ASA
(MA General Appraiser’s License #730)
4
ASSUMPTIONS AND LIMITING CONDITIONS
The certification of the appraiser(s) appearing in this appraisal report is (are) subject to the
following assumptions and conditions, and to such other specific and limiting conditions as are
set forth by the appraiser(s) in the report:
Extraordinary Assumptions
1. I have utilized the Extraordinary Assumption that the subject property does not have any
contamination or hazardous materials on site.
Hypothetical Condition
1. I have not used any Hypothetical Conditions in this appraisal.
Standard Limiting Conditions
1. The appraiser assumes no responsibility for matters of a legal nature affecting the
property appraised or the title thereto, nor does the appraiser render any opinion as to the
title, which is assumed to be good and marketable. The appraisal assumes the property is
under responsible ownership.
2. Sketches, maps, plans and exhibits in the report may show approximate dimensions, and
are included to assist the reader in visualizing the property. The appraiser has made no
survey of the property. Data relative to size and area were taken from sources considered
reliable. Except otherwise noted, it is assumed that no encroachments exist.
3. The appraiser, by reason of this appraisal, is not required to give further consultation,
testimony, or attend court with reference to the property that is the subject of this
appraisal, unless arrangements have otherwise been made.
4. The appraiser assumes there are no hidden or unapparent conditions of the property,
subsoil, or structures which would render it more or less valuable. The appraiser assumes
no responsibility for such conditions or for engineering which might be required to
discover such factors.
5. Information, estimates, and opinions furnished to the appraiser and contained in the
report, were obtained from sources considered reliable and believed to be true and
correct. However, no responsibility for the accuracy of such items furnished can be
assumed by the appraiser.
6. Neither all, nor any part of the content of the report, or copy thereof, including
conclusions as to the property value, the identity of the appraiser, professional
designations, reference to any professional appraisal organizations, or the firm with
which the appraiser is connected, shall be used for any purposes by anyone but the client
specified in the report, or professional appraisal organizations, without the previous
written consent of the appraiser; nor shall it be conveyed by anyone to the public through
advertising, public relations, news, sales, or other media, without the written consent and
approval of the appraiser. The report will be subject to the Freedom of Information Act.
5
7. The date of value is expressed within this report. Any forecasts included in this report
are based on existing market conditions and expectations. The appraiser takes no
responsibility for any events, conditions, economic factors, physical factors, or other
circumstances occurring after the date of value that would affect the opinions expressed
in this report.
8. Except as otherwise noted, it is assumed that there are no encroachments, building
violations, code violations, or zoning violations affecting the subject property.
9. Responsible ownership and competent property management are assumed.
10. 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.
11. 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.
6
SUMMARY OF SALIENT FACTS
Location: Old South Street, City of Northampton, Hampshire County,
Massachusetts
Owner of Record: City of Northampton
Subject Property: 157 parking spaces
Deed Reference: N/A
Effective Date of Value: June 3, 2019
Property Rights
Appraised: The “as is” rights, title, and interests in the above-
referenced properties
Highest and Best Use: Vacant land
Zoning: CB
Legal Access: Old South Street
Improvements: There are no improvements on the subject property
Topography: Moderately sloping
Waterbodies: None
DEP Wetlands: None
Floodplain: Not in 100-year floodplain
Amenities: Downtown location
Liabilities: None
Type of Property: Surface parking lot
Extraordinary Assumption: I have utilized an Extraordinary Assumption that the
subject property does not have any contamination or
hazardous materials on site.
Hypothetical Condition: I have not utilized Hypothetical Conditions in this
appraisal
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I. SCOPE OF APPRAISAL & DEFINITIONS
A. PURPOSE OF APPRAISAL
The purpose of this appraisal is to provide an opinion of the market value of the
Roundhouse Parking Lot on a per lot basis, as of June 3, 2019, the date of my inspection
of the premises.
B. CLIENT
The clients of this appraisal are Wayne Feiden of the City of Northampton Office of
Planning and Sustainability.
C. INTENDED USE & USER
The intended use is for to provide the market value of the premises for internal
disposition purposes.
The intended users are Wayne Feiden, the City of Northampton and its advisors.
D. EFFECTIVE DATE OF VALUATION
I inspected the property on June 3, 2019 which will serve as the effective valuation date
of this appraisal.
E. MARKET VALUE DEFINED
In this appraisal, “market value” is defined by Title XI of the Federal Financial
Institution Reform, Recovery, and Enforcement Act (FIRREA) of 1989, revised
June 7, 1994, and amendments thereto, as follows:
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 are 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 is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
(5) The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone associated
with the sale.
8
Source: Code of Federal Regulations, Vol. 55, No. 165, Page 34696, Aug. 24,
1990.
F. APPRAISAL PROBLEM AND SCOPE OF INVESTIGATION AND ANALYSES
APPRAISAL PROBLEM
The appraisal problem to be resolved is to determine the value of the subject property
based on highest and best use. The property is an operating surface, parking lot in the
City of Northampton.
SCOPE OF APPRAISAL AND ANALYSES
In developing opinions of value of the defined subject property rights, a review and
inspection of the subject property and the comparable sale properties have been made.
Sales and property information were obtained by reviewing information published by the
Massachusetts Multiple Listing Service (MLS-PIN); the Hampshire County Registry of
Deeds, The Warren Publishing Company, LandVest, Inc.'s internal files and information
provided by participants in the transactions. The City of Northampton provided income
and expense information for the subject property. Mapping was provided by LandVest’s
GIS Department utilizing public information and the survey of the property provided by
my client.
I have utilized the Income Approach to value the subject property.
G. HIGHEST NAD BEST USE
The highest and best use for the subject property is continued use as a surface parking lot.
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VI. VALUATION
A. VALUATION METHODOLOGY
In the appraisal of real estate there are three recognized approaches to value. These are:
(1) the Cost Approach; (2) the Income Approach; and (3) the Sales Comparison (Market)
Approach. The Cost of Development, or Subdivision Approach, is a subset of the sales
comparison or income approaches.
The Cost Approach is a method whereby the actual costs to build are considered,
with deductions for all forms of physical and functional obsolescence, arriving at
a depreciated building cost. This cost is added to the value of the land to arrive at
a value via the cost approach. This approach is based on the theory that an
informed buyer would not buy a property that it would cost less to build.
The Income Approach is based on the principle of anticipation which states that
value is the present worth of the anticipated future benefits, or income to the
property. The reliability of this approach is limited when it is applied to
properties that are not usually bought and sold for their rental potential.
The Market Approach or Sales Comparison Approach is in which recent sales
of comparable properties are analyzed and compared to the subject property with
adjustments for perceived differences. The Market Approach is based on the
theory of exchange which implies that a comparison of similar properties has been
made by the potential purchaser, and that the purchaser would not pay more than
the cost of acquiring a property with the same utility.
The Cost of Development Approach (or Subdivision Approach) is an income
valuation technique applicable to multiple unit property, or property demonstrably
capable of being divided into multiple retail units. This method seeks to simulate
the criteria and actions of the likely market buyers of such property, i.e.,
developers. Projections of revenues and costs over the assumed sellout or
absorption period are based on market indicated unit prices, costs and timing. An
allowance for developer’s profit must be made to derive a credible indication of
residual, “as-is” property value, which models the wholesale price of a property.
In this appraisal I have used the Income Approach.
(1) COST APPROACH TO VALUE
The Cost Approach is not used; it is not suitable as a self-sufficient technique to value
vacant land, nor relevant in this appraisal.
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(2) SALES COMPARISON APPROACH (MARKET APPROACH)
To use the market approach, sales must be found and verified that are comparable to the
subject property being appraised. These sales must have occurred under normal market
conditions and be relatively concurrent with the date of the appraisal. Adjustments are
made to the comparable sales to compensate for differences with the subject property.
Financing and time considerations are the first adjustments made as well as adjustments
for conditions of sale. After adjusting for time and financing, physical adjustments are
made for location, size, development potential or higher and better use, amenities and
liabilities, capital improvements, access and special conditions. In quantitative
adjustment, the final adjusted value is the product of the original unit price and the
percentage adjustment for time and financing, multiplied by the total of the physical
adjustments if applicable. In Qualitative analysis, plusses and minuses are applied for
characteristics of the property that cannot be specifically quantified.
Due to the absence of sales of comparable properties, I have not used the Market
Approach.
(3) INCOME APPROACH TO VALUE
I have considered the Income Approach in this analysis. The subject property is an
income producing property with 157 parking spaces in the Central Business District of
the City of Northampton. I have utilized income and expenses provided by the City of
Northampton.
B. VALUATION:
Income and Expense Summary:
The Roundhouse Parking Lot has 157 parking spaces off Old South Street. The City
currently charges $0.25 per hour per space (11 spaces currently are charged $0.75 per
hour). The rate is considered low and was intended to encourage downtown shoppers
and workers to utilize the space. The market rate for the lot is estimated to be $1.00 per
hour.
The parking lot generates about $500 per space per year in parking tickets, for a total of
about $78,500.
The lot is essentially full, with an estimated 85% occupancy rate (60% in the morning to
98%, afternoons and evenings). The lot operates from 8:00 AM through 6:00 PM (10
hours daily), 6 days a week. There is some potential to collect later into the evening.
Maintenance costs $245 per space per year (based on total parking structure maintenance
costs provided by the City of Northampton), for a total of about $38,465. Capital costs
for the Roundhouse Parking Lot were estimated at $10 per space per year, for a total of
$1,570 per year (paving replacement etc.).
Please refer to the following table which shows the estimated income at Current Rates:
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Current Rates
Item # of spaces
Current Rate
(hourly)
Potential Hours
(daily)
Potential
Gross Income
(daily)
Potential Gross
Income
(annual)
Occupancy
Rate
Actual Gross
Income
(@$0.25/hr)
Parking Spaces: 146.00 $ 0.25 10.00 $ 365 $ 114,318 85% $ 97,170
11.00 $ 0.75 10.00 $ 83 $ 25,839 85% $ 21,963
Total: 157.00
Parking Ticket
Income: $ 78,500 $ 78,500
Current
(approx.) 10.00 $ 448 $ 218,657 85% $ 197,633
Gross Income: $ 197,633
Management / Insurance:5% $ 9,882
Expenses/space:$245 $ 38,465
Reserves/space:$10 $ 1,570
Expense subtotal: $ 49,917 $ 318 per space
Net Income: $ 147,717
The rates at Roundhouse Parking Lot are below market and were intended to be that way
to encourage downtown activity. Market rates are significantly higher and estimated at
about $1.00 per hour, with upside potential. I have prepared the following pro-forma
income and expense table based on Market Rates.
Market Rates
Item # of spaces
Market Rate
(hourly)
Potential Hours
(daily)
Potential
Gross Income
(daily)
Potential Gross
Income
(annual)
Occupancy
Rate
Market Gross
Income
(@$1.00/hr)
Parking Spaces: 146.00 $ 1.00 10.00 $ 1,460 $ 457,272 85% $ 388,681
11.00 $ 1.00 10.00 $ 110 $ 34,452 85% $ 29,284
Total: 157.00
Parking Ticket
Income: $ - $ 78,500 $ 78,500
Market 10.00 $ 1,570 $ 570,224 85% $ 496,465
Gross Income: $ 496,465
Management / Insurance:5% $ 24,823
Expenses/space:$245 $ 38,465
Reserves/space:$10 $ 1,570
Expense subtotal: $ - $ 64,858 $ 413 per space
Net Income: $ 431,607
To value the income stream I will use a discounted cash flow analysis. I will remove
relevant expenses to arrive at net income. The net income will be discounted to the
present using a discount rate. The income value in year six will be converted into a
selling price using the appropriate capitalization rate for the property type. The selling
price and the annual net income will be discounted to the present. The sum of all the
discounted income will represent the current market value of the subject property by the
Income Approach.
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Discounted Cash Flow Analysis
(1) Current Rates
The current total estimated annual net income is $147,717, which is $941/space. This net
income is based on the current parking rate $0.25 per hour per space for 146 spaces, plus
$0.75 per hour for 11 spaces.
Discount Rate
The discount rate is that rate which, when applied to the projected periodic cash flows,
converts those cash flows to their present value. It is equivalent to the internal rate of
return (IRR) on either the equity or the entire property (free and clear of debt). The
Appraisal Institute defines the IRR or Yield Rate as:
The effective return on investment, as paid in dividends or interest.
To discount the proceeds to the present I have utilized a discount rate of 10%. The
discount rate is basically the rate of return that an investor must receive to justify the
investment. It is also referred to as the capitalization rate, the hurdle rate, cost of capital -
the discount rate is used in financial analysis as the interest rate for discounting expected
future cash flows to adjust for risk and the time value of money. The discount rate
reflects the risk of an investment: risky investments employ higher discount rates while
safe investments use lower rates.
For this report I have used an overall rate of 10% which includes risk and profit.
Appreciation
I have included an annual appreciation rate of 2.50% based on historic trends as well as
current and anticipated market conditions in the subject area.
Occupancy Rate
I have used an annual occupancy rate of 85%.
Property Management and Insurance Costs
Property management and insurance costs have been estimated at 5% of gross revenues.
I have deducted this from the effective gross income.
Indirect Costs
Expenses have been estimated at $245 per parking space for a total of $38,465. Reserves
for replacement have been estimated at $10 per space.
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Reversion at end of holding period
The owner would sell the property at the end of the holding period. I will base the selling
price on the income stream in year 6 and a capitalization rate of 10%.
Final Value – Based on Current Income
As the spreadsheet on the next page shows, after removing the relevant expenses in each
year and discounting the proceeds of the harvests and the reversion of the remaining
timber value in year 2024, the present value of the property is calculated at $1,567,042 or
$1,570,000, rounded, which represents $10,000 per parking space.
Please refer to our Discounted Cash Flow Analysis on the next page.
Subject: Roundhouse Parking Lot - Current Rates18-Jul-19Property Address: Old South Road, Northampton, MA Effective Valuation Date: 03-Jun-19 Spaces $/SpaceMarket Value Estimate for: Parking Spaces 157.00 10,000$ Present Value of Land: $680,252 Reversion: $886,790Total Value Rounded: $1,570,000 Overall Rate of Return: 27.91% ASSUMPTIONS:# Units Income ItemTax Rate per $1,000 of Value @ Yr End -$ 157 @ $147,717 Total Annual Net IncomeMarket & Advertising Cost 0.00% @ $0 Appreciation 2.50% @ $0 Discount Rate 10.00% @ $0 @ $0 @ $0 YEAR:0 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 TOTALTotal Annual Net Income0 1.00 1.00 1.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 6.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00TOTAL SALES PER YEAR:0 1.00 1.00 1.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 6.00APPRECIATION:0.0% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%PROJECTED REVENUES ($000)Total Annual Net Income -$ 148$ 148$ 148$ 148$ 148$ 148$ -$ -$ -$ -$ 886$ Annual Appreciation-$ -$ 3.7 3.8 3.9 4.0 4.1 -$ -$ -$ -$ 19$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL ANNUAL GROSS REVENUES ($000)-$ 148$ 151$ 155$ 159$ 163$ 167$ -$ -$ -$ -$ 906$ Ann. Gross Rev w/Appreciation148$ 151$ 155$ 159$ 163$ 167$ -$ -$ -$ -$ 944$ Cummulative Gross Revenues148$ 299$ 454$ 613$ 776$ 944$ 944$ 944$ 944$ 944$ 944$ Remaining Gross Retail Value906$ 780$ 650$ 510$ 360$ 210$ 50$ 170$ -$ -$ -$ -$ DIRECT COSTSRoad Construction:LengthUnit CostSewer Line Extension0.00$0-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Roadway0.00$350-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Driveway0.00$9-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Street Improvements $0 LS-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Site Preparation/Demolition0.00 $25,000 LS-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ DIRECT SUBTOTAL-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ INDIRECT COSTSMarketing & Advertising0.00% -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Legal - Initial Approvals$0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Legal - Lot Sales$0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Land Use Change Tax- -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Property Survey & Engineering Expenses$0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Wetland Surveying and Soil Testing$0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Utility Company Fee #Poles:- $0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ R.E. Taxes (Per $1000 of Market Value)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Transfer Taxes0.00%-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Interest on Direct Costs0.00%-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Contingency(%Dir+Indir Costs)0.00%-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ SUB-TOTAL-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Profit from Net Lot Sales @0.00%-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ INDIRECT SUBTOTAL-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL EXPENSES ($000)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ NET INCOME ($000)-$ 148$ 151$ 155$ 159$ 163$ 167$ -$ -$ -$ -$ 944$ Discount Factor1.000 0.909 0.826 0.751 0.683 0.621 0.564 0.513 0.467 0.424 0.386 -$ 134$ 125$ 117$ 109$ 101$ 94$ -$ -$ -$ -$ >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> >>>>>>>>>> >>>>>>>> >>>>>>>>>>> >>>>>>>>>> >>>>>>>> >>>>>>>>>>>>>>>>>>> >>>>>>>>>>>>>>>>>>>>>>$680||||||||||||||||||||||||||||||||||||||||PRESENT VALUE OF INCOME STREAM
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(2) Market Rates
The Market based annual net income is $431,607, which is $2,749/space. This net
income is based on the market estimated parking rate $1.00 per hour per space for 157
spaces.
Discount Rate
The discount rate is that rate which, when applied to the projected periodic cash flows,
converts those cash flows to their present value. It is equivalent to the internal rate of
return (IRR) on either the equity or the entire property (free and clear of debt). The
Appraisal Institute defines the IRR or Yield Rate as:
The effective return on investment, as paid in dividends or interest.
To discount the proceeds to the present I have utilized a discount rate of 10%. The
discount rate is basically the rate of return that an investor must receive to justify the
investment. It is also referred to as the capitalization rate, the hurdle rate, cost of capital -
the discount rate is used in financial analysis as the interest rate for discounting expected
future cash flows to adjust for risk and the time value of money. The discount rate
reflects the risk of an investment: risky investments employ higher discount rates while
safe investments use lower rates.
For this report I have used an overall rate of 10% which includes risk and profit.
Appreciation
I have included an annual appreciation rate of 2.50% based on historic trends as well as
current and anticipated market conditions in the subject area.
Occupancy Rate
I have used an annual occupancy rate of 85%.
Property Management and Insurance Costs
Property management and insurance costs have been estimated at 5% of gross revenues.
I have deducted this from the effective gross income.
Indirect Costs
Expenses have been estimated at $245 per parking space for a total of $38,465. Reserves
for replacement have been estimated at $10 per space.
Reversion at end of holding period
The owner would sell the property at the end of the holding period. I will base the selling
17
price on the income stream in year 6 and a capitalization rate of 10%.
Final Value – Based on Market Income
As the spreadsheet on the next page shows, after removing the relevant expenses in each
year and discounting the proceeds of the harvests and the reversion of the remaining
timber value in year 2024, the present value of the property is calculated at $4,471,672 or
$4,470,000, rounded, which represents $28,471 per parking space.
Please refer to our Discounted Cash Flow Analysis on the next page.
Subject: Roundhouse Parking Lot - Market Rates18-Jul-19Property Address: Old South Road, Northampton, MA Effective Valuation Date: 03-Jun-19 Spaces $/SpaceMarket Value Estimate for: Parking Spaces 157.00 28,471$ Present Value of Land: $1,880,599 Reversion: $2,591,073Total Value Rounded: $4,470,000 Overall Rate of Return: 26.37% ASSUMPTIONS:# Units Income ItemTax Rate per $1,000 of Value @ Yr End -$ 157 @ $431,607 Total Annual Net IncomeMarket & Advertising Cost 5.00% @ $0 Appreciation 2.50% @ $0 Discount Rate 10.00% @ $0 @ $0 @ $0 YEAR:0 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 TOTALTotal Annual Net Income0 1.00 1.00 1.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 6.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00TOTAL SALES PER YEAR:0 1.00 1.00 1.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 6.00APPRECIATION:0.0% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%PROJECTED REVENUES ($000)Total Annual Net Income -$ 432$ 432$ 432$ 432$ 432$ 432$ -$ -$ -$ -$ 2,590$ Annual Appreciation-$ -$ 11$ 11$ 11$ 12$ 12$ -$ -$ -$ -$ 57$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL ANNUAL GROSS REVENUES ($000)-$ 432$ 442$ 453$ 465$ 476$ 488$ -$ -$ -$ -$ 2,646$ Ann. Gross Rev w/Appreciation432$ 442$ 453$ 465$ 476$ 488$ -$ -$ -$ -$ 2,757$ Cummulative Gross Revenues432$ 874$ 1,327$ 1,792$ 2,269$ 2,757$ 2,757$ 2,757$ 2,757$ 2,757$ 2,757$ Remaining Gross Retail Value2,646$ 2,280$ 1,890$ 1,480$ 1,050$ 600$ 130$ 500$ -$ -$ -$ -$ DIRECT COSTSRoad Construction:LengthUnit CostSewer Line Extension0.00$0-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Roadway0.00$350-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Driveway0.00$9-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Street Improvements $0 LS-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Site Preparation/Demolition0.00 $25,000 LS-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ DIRECT SUBTOTAL-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ INDIRECT COSTSMarketing & Advertising5.00% -$ 22$ 22$ 23$ 23$ 24$ 24$ -$ -$ -$ -$ 138$ Legal - Initial Approvals$0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Legal - Lot Sales$0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Land Use Change Tax- -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Property Survey & Engineering Expenses$0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Wetland Surveying and Soil Testing$0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Utility Company Fee #Poles:- $0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ R.E. Taxes (Per $1000 of Market Value)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Transfer Taxes0.00%-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Interest on Direct Costs0.00%-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Contingency(%Dir+Indir Costs)0.00%-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ SUB-TOTAL-$ 22$ 22$ 23$ 23$ 24$ 24$ -$ -$ -$ -$ 138$ Profit from Net Lot Sales @0.00%-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ INDIRECT SUBTOTAL-$ 22$ 23$ 24$ 26$ 26$ 28$ -$ -$ -$ -$ 149$ TOTAL EXPENSES ($000)-$ 22$ 23$ 24$ 26$ 26$ 28$ -$ -$ -$ -$ 149$ NET INCOME ($000)-$ 410$ 419$ 429$ 439$ 450$ 460$ -$ -$ -$ -$ 2,607$ Discount Factor1.000 0.909 0.826 0.751 0.683 0.621 0.564 0.513 0.467 0.424 0.386 -$ 373$ 346$ 322$ 300$ 279$ 260$ -$ -$ -$ -$ >>>>>>>>>>>>>>>>>>>>>>>>>>>> >>>>>>>> >>>>>>>>>> >>>>>>>> >>>>>>>>>>> >>>>>>>>>> >>>>>>>> >>>>>>>>>> >>>>>>>> >>>>>>>>>> >>>>>>>>>>$1,881||||||||||||||||||||||||||||||||||||||||PRESENT VALUE OF INCOME STREAM
19
(3) Blended Rates
The Blended based annual net income starts at is $147,717, which is $941/space. This
net income is based on the current parking rate $0.25 per hour per space for 157 spaces. I
have increased this rate by 20% per year over the holding period. The net income in year
6 (2024) will be about $367,567, which is about $2,341 per space.
Discount Rate
The discount rate is that rate which, when applied to the projected periodic cash flows,
converts those cash flows to their present value. It is equivalent to the internal rate of
return (IRR) on either the equity or the entire property (free and clear of debt). The
Appraisal Institute defines the IRR or Yield Rate as:
The effective return on investment, as paid in dividends or interest.
To discount the proceeds to the present I have utilized a discount rate of 10%. The
discount rate is basically the rate of return that an investor must receive to justify the
investment. It is also referred to as the capitalization rate, the hurdle rate, cost of capital -
the discount rate is used in financial analysis as the interest rate for discounting expected
future cash flows to adjust for risk and the time value of money. The discount rate
reflects the risk of an investment: risky investments employ higher discount rates while
safe investments use lower rates.
For this report I have used an overall rate of 10% which includes risk and profit.
Appreciation
I have included an annual appreciation rate of 20% which would bring the rate up to
market rates in six years.
Occupancy Rate
I have used an annual occupancy rate of 85%.
Property Management and Insurance Costs
Property management and insurance costs have been estimated at 5% of gross revenues.
I have deducted this from the effective gross income.
Indirect Costs
Expenses have been estimated at $245 per parking space for a total of $38,465. Reserves
for replacement have been estimated at $10 per space.
20
Reversion at end of holding period
The owner would sell the property at the end of the holding period. I will base the selling
price on the income stream in year 6 and a capitalization rate of 10%.
Final Value – Based on Market Income
As the spreadsheet on the next page shows, after removing the relevant expenses in each
year and discounting the proceeds of the harvests and the reversion of the remaining
timber value in year 2024, the present value of the property is calculated at $2,962,942 or
$2,960,000, rounded, which represents $18,854 per parking space.
Please refer to our Discounted Cash Flow Analysis on the next page.
Subject: Roundhouse Parking Lot - Blended Rates18-Jul-19Property Address: Old South Road, Northampton, MA Effective Valuation Date: 03-Jun-19 Spaces $/SpaceMarket Value Estimate for: Parking Spaces 157.00 18,854$ Present Value of Land: $1,012,613 Reversion: $1,950,329Total Value Rounded: $2,960,000 Overall Rate of Return: 30.97% ASSUMPTIONS:# Units Income ItemTax Rate per $1,000 of Value @ Yr End -$ 157 @ $147,717 Total Annual Net IncomeMarket & Advertising Cost 0.00% @ $0 Appreciation 20.00% @ $0 Discount Rate 10.00% @ $0 @ $0 @ $0 YEAR:0 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 TOTALTotal Annual Net Income0 1.00 1.00 1.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 6.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00TOTAL SALES PER YEAR:0 1.00 1.00 1.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 6.00APPRECIATION:0.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%PROJECTED REVENUES ($000)Total Annual Net Income -$ 148$ 148$ 148$ 148$ 148$ 148$ -$ -$ -$ -$ 886$ Annual Appreciation-$ -$ 29.5 35.5 42.5 51.1 61.3 -$ -$ -$ -$ 220$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL ANNUAL GROSS REVENUES ($000)-$ 148$ 177$ 213$ 255$ 306$ 368$ -$ -$ -$ -$ 1,106$ Ann. Gross Rev w/Appreciation148$ 177$ 213$ 255$ 306$ 368$ -$ -$ -$ -$ 1,467$ Cummulative Gross Revenues148$ 325$ 538$ 793$ 1,099$ 1,467$ 1,467$ 1,467$ 1,467$ 1,467$ 1,467$ Remaining Gross Retail Value1,106$ 1,180$ 1,240$ 1,280$ 1,280$ 1,230$ 1,110$ 440$ -$ -$ -$ -$ DIRECT COSTSRoad Construction:LengthUnit CostSewer Line Extension0.00$0-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Roadway0.00$350-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Driveway0.00$9-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Street Improvements $0 LS-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Site Preparation/Demolition0.00 $25,000 LS-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ DIRECT SUBTOTAL-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ INDIRECT COSTSMarketing & Advertising0.00% -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Legal - Initial Approvals$0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Legal - Lot Sales$0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Land Use Change Tax- -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Property Survey & Engineering Expenses$0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Wetland Surveying and Soil Testing$0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Utility Company Fee #Poles:- $0 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ R.E. Taxes (Per $1000 of Market Value)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Transfer Taxes0.00%-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Interest on Direct Costs0.00%-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Contingency(%Dir+Indir Costs)0.00%-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ SUB-TOTAL-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Profit from Net Lot Sales @0.00%-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ INDIRECT SUBTOTAL-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL EXPENSES ($000)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ NET INCOME ($000)-$ 148$ 177$ 213$ 255$ 306$ 368$ -$ -$ -$ -$ 1,467$ Discount Factor1.000 0.909 0.826 0.751 0.683 0.621 0.564 0.513 0.467 0.424 0.386 -$ 134$ 146$ 160$ 174$ 190$ 207$ -$ -$ -$ -$ >>>>>>>>>>>>>>>>>>>>>>>>>>>> >>>>>>>> >>>>>>>>>> >>>>>>>> >>>>>>>>>>> >>>>>>>>>> >>>>>>>>>>> >>>>>>>>>> >>>>>>>> >>>>>>>>>> >>>>>>>>>>$1,013||||||||||||||||||||||||||||||||||||||||PRESENT VALUE OF INCOME STREAM
22
C. CORRELATION OF SUBJECT MARKET VALUE
The Cost Approach was not considered applicable to the appraisal because the subject
land is vacant.
I did not utilize the Sales Comparison approach.
I utilized the Income Approach in this appraisal to value the subject property based on
current income and expenses, with consideration for market rates. I have developed
values under three scenarios: (1) Current Rates at $0.25 per hour - $10,000 per space; (2)
Market Rates at $1.00 per hour - $28,471 per space; and (3) Blended Rate starting at
$0.25 in year 1 and increasing by 20% per year through year 6 to $0.75 per hour -
$18,854 per space.
Given that the lot currently charges $0.25 per hour, it is my opinion that the rate would be
increased incrementally to get close to the market rate. This value is represented by the
Scenario #3, the Blended Rate, which is $18,854, or $19,000 per space, rounded.
In conclusion, it is my opinion that the market value a single parking space at
Roundhouse Parking Lot, as of June 3, 2019, the effective date of this valuation,
was:
$19,000 per space
23
APPENDICES
APPENDIX 1:
Qualifications of Jay E. Closser, Senior Advisor
24
QUALIFICATIONS OF THE APPRAISER
JAY E. CLOSSER, ASA
Senior Advisor, Real Estate Consulting Group, LandVest, Inc.
Jay E. Closser is a Senior Advisor with the Real Estate Consulting Group of LandVest,
Inc., a broad-based real estate company involved in all aspects of land planning, real
estate brokerage, consulting, development, and conservation planning. As Senior
Advisor, he is responsible for residential and commercial appraisals, development
feasibility studies, land use planning and design, and implementation of development
projects.
Prior to joining LandVest, Inc., Mr. Closser was the Principal of Temple Hill Associates,
an appraisal firm owned by Mr. Closser. He was the Town Appraiser in Concord, MA, a
position where he was responsible for the valuation of all real estate in the town for
taxation purposes. Mr. Closser has lectured and published articles on the Valuation of
Land under Conservation Restrictions.
Mr. Closser received a Bachelor of Arts degree in English from Princeton University in
1975. He is a Certified General Appraiser with Massachusetts General License CG #730;
Maine General License CG #1523; New Hampshire General License NHCG #779; and
Vermont License CG #80-232. He is an affiliate of the Appraisal Institute. He is a
Senior Member of the American Society of Appraisers.
REAL PROPERTY APPRAISAL
Map Parcel
Assessed
Acres
Assessed
Sq. Ft.
Subject
Acquisition
Sq. Ft.
Temp
Disturbance
Sq. Ft.
Remaining
Sq. Ft.
31D-226 A 1.39 60,723 2,362 60 58,361
31D-224-
1 B 0.35 15,115 430 40 14,685
31D-223-
1 C 0.50 21,693 891 181 20,802
31D-222 D 0.66 28,880 105 918 28,775
2.90 126,411 3,788 1,199 122,623
OWNED BY:
Parcel A: Northampton Housing Authority
Parcel B: Elizabeth Hynes
Parcel C: Biapita LLC
Parcel D: 3-5 Clark Avenue, LLC
LOCATED AT:
49 Old South Street
67 Old South street
73 Old south Street
3-5 Clark Avenue
City of Northampton, MA 01060
PREPARED FOR:
Wayne Feiden, Director of Planning & Sustainability
City of Northampton
210 Main Street, City Hall
Northampton, MA 01060
PREPARED BY:
Jay E. Closser, ASA
LandVest, Inc.
445 Tully Road
Orange, MA 01364-9641
REPORT DATE:
July 17, 2018
EFFECTIVE VALUATION DATE:
May 14, 2018
LV: #10345
1
July 17, 2018
Wayne Feiden, Director of Planning & Sustainability
City of Northampton
210 Main Street, City Hall
Northampton, MA 01060
RE: Vacant land in four parcels totaling 3,788 sq. ft. for acquisition; 1,199 sq. ft. of
temporary disturbance for the New Haven and Northampton Canal Line;
Owned by Northampton Housing Authority; Elizabeth Hynes; Biapita LLC; and 3-5
Clark Avenue, LLC.
Dear Wayne:
At your request, I have investigated the above-referenced properties in the City of Northampton in
Hampshire County, MA, to develop an opinion of its market value of each acquisition and
temporary taking as of May 14, 2018, the date of my inspection of the land.
The subject property to be acquired is part of the Roundhouse Parking Expansion which involves
moving the existing trail to the south onto the respective portions of the four ownerships. The
land to be acquired is shown on a survey prepared on June 6, 2017 by Northeast Survey
Consultants. The survey identifies the respective portions of the property to be acquired as Parcel
A - 2,362 sq. ft.; Parcel B – 430 sq. ft.; Parcel C – 891 sq. ft.; and Parcel D 105 sq. ft. The
temporary disturbances were provided by the Planning and Sustainability Office. The temporary
disturbance or taking, affects all four Parcels: Parcel A – 60 sq. ft.; Parcel B – 40 sq. ft.; Parcel C
– 181 sq. ft.; and Parcel D – 918 sq. ft. The subject of this appraisal is the northernmost portion
of four improved parcels: Parcel A is part of 49 South Street, an improved parcel with 60,723 sq.
ft.; Parcel B is part of 67 South Street, an improved parcel with 15,115 sq. ft.; Parcel C is a part of
73 South Street, an improved parcel with 21,693 sq. ft.; and Parcel D, which is a part of 3-5 Clark
Avenue, an improved parcel with 28,880 sq. ft.
In total, the proposed acquisition will encompass 3,788 sq. ft. The temporary disturbance will
include a total of 1,199 sq. ft. The purpose of this appraisal is to estimate the market values of
each acquisition and temporary taking.
The effective valuation date is May 14, 2018, the date of the property of my inspection of the
property.
The accompanying appraisal report, of which this letter of transmittal is an integral part, has been
completed in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP)
of the Appraisal Foundation. The appraisal has been completed for Wayne Feiden, Director of
Planning and Sustainability, City of Northampton, MA.
2
Wayne Feiden
July 17, 2018
- Page 2 –
Based on the information and analysis is this report, the following represents my opinion of the
value of the subject property as of the effective valuation date, May 14, 2018:
Address Map Parcel
Subject
Acquisition
Sq. Ft.
Temp
Disturbance
Sq. Ft.
Market
Value of
Acquistion
Market
Value of
Temp
Disturbance
for 1 year
49 Old South
Street 31D-226 A 2,362 60 19,000$ 48$
67 Old South
Street
31D-224-
1 B 430 40 5,000$ 48$
73 Old South
Street
31D-223-
1 C 891 181 8,000$ 163$
3-5 Clark
Avenue 31D-222 D 105 918 1,000$ 826$
3,788 1,199 33,000$ 1,085$
If you have any questions, please do not hesitate to call.
Respectfully submitted,
Jay E. Closser, Senior Advisor and Appraiser
(MA Certified General License #730)
3
TABLE OF CONTENTS
PART I: INTRODUCTION ...................................................................................................................................... 5
CERTIFICATE OF VALUE ............................................................................................................................................. 6
ASSUMPTIONS AND LIMITING CONDITIONS ............................................................................................................. 8
I. SCOPE OF APPRAISAL & DEFINITIONS ....................................................................................................... 12
A. PURPOSE OF APPRAISAL ................................................................................................................................ 12
B. CLIENT ........................................................................................................................................................... 12
C. INTENDED USE & USER .................................................................................................................................. 12
D. EFFECTIVE DATE OF VALUATION.................................................................................................................... 12
E. MARKET VALUE DEFINED ............................................................................................................................... 12
F. APPRAISAL PROBLEM AND SCOPE OF INVESTIGATION AND ANALYSES ......................................................... 13
G. COMPETENCY ................................................................................................................................................ 14
PART II: FACTUAL DATA ..................................................................................................................................... 15
II. IDENTIFICATION OF SUBJECT PROPERTY ................................................................................................... 15
A. ADDRESS AND ASSESSOR REFERENCE ........................................................................................................... 15
B. SUBJECT OWNERSHIP ‐ HISTORY OF TITLE AND USE AND LEGAL DESCRIPTION ............................................. 15
III. AREA, CITY AND NEIGHBORHOOD DATA ................................................................................................... 16
A. GENERAL OVERVIEW ‐ LOCATION .................................................................................................................. 16
B. REAL ESTATE MARKET.................................................................................................................................... 19
IV. PROPERTY DATA ...................................................................................................................................... 20
A. SITE DESCRIPTION .......................................................................................................................................... 20
B. IMPROVEMENTS ............................................................................................................................................ 21
C. USE HISTORY .................................................................................................................................................. 29
D. SALES HISTORY .............................................................................................................................................. 29
E. ASSESSMENT AND ANNUAL TAX LOAD .......................................................................................................... 29
F. LAND USE REGULATIONS ............................................................................................................................... 29
PART III: DATA ANALYSIS AND CONCLUSIONS BEFORE ACQUISITION ................................................................. 32
V. HIGHEST AND BEST USE ANALYSIS BEFORE ACQUISITION ............................................................................. 32
VI. VALUATION BEFORE PARTIAL ACQUISITION ................................................................................................ 34
A. VALUATION METHODOLOGY ......................................................................................................................... 34
B. LAND VALUATION BEFORE PARTIAL ACQUISITION: ....................................................................................... 35
C. CORRELATION OF SUBJECT MARKET VALUE BEFORE ACQUISITION .............................................................. 41
PART IV: DATA ANALYSIS AND CONCLUSIONS AFTER ACQUISITION ................................................................... 42
VII. HIGHEST AND BEST USE ANALYSIS AFTER ACQUISITION ............................................................................. 42
VIII. VALUATION AFTER PARTIAL ACQUISITION ................................................................................................ 44
A. VALUATION METHODOLOGY ......................................................................................................................... 44
B. LAND VALUATION AFTER PARTIAL ACQUISITION: ......................................................................................... 45
C. CORRELATION OF SUBJECT MARKET VALUE AFTER ACQUISITION ................................................................. 51
IX. VALUATION OF TEMPORARY TAKING .......................................................................................................... 52
D. FINAL VALUE ESTIMATE TEMPORARY TAKING ............................................................................................... 53
4
PART V: EXHIBITS AND APPENDICES .................................................................................................................. 54
APPENDIX 1: ............................................................................................................................................................ 55
Legal Documents ................................................................................................................................................ 55
APPENDIX 2: ............................................................................................................................................................ 60
Plans, Surveys ..................................................................................................................................................... 60
APPENDIX 3: ............................................................................................................................................................ 61
Comparable Sales Detail .................................................................................................................................... 61
APPENDIX 4: .............................................................................................................................................................. 1
Qualifications of Jay E. Closser, Senior Advisor .................................................................................................... 1
5
PART I: INTRODUCTION
6
CERTIFICATE OF VALUE
I hereby certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are believed to be true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported
assumptions, limiting conditions and legal instructions, and are my personal,
impartial, and unbiased professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this
report, and no personal interest or bias with respect to the parties involved.
My engagement and compensation in this assignment were not contingent upon
developing or reporting predetermined results.
My compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a stipulated
result, or the occurrence of a subsequent event directly related to the intended use of
this appraisal.
The appraisal was made and the appraisal report prepared in conformity with the
requirements of the Uniform Standards of Professional Appraisal Practice (USPAP)
of the Appraisal Foundation.
I formally inspected the property on May 14, 2018 which involved a hiking the
property.
Jay Closser made a personal inspection of the appraised property that is the subject of
this report and all the comparable sales used in developing the estimate of value.
Jay Closser has done no work on the property that is the subject of this appraisal in
the past three years.
The use of this report is subject to the requirements of the Appraisal Institute relating
to review by its duly authorized representatives.
No one provided significant professional assistance to the persons signing this report.
The following represents my opinion of the subject property’s market value on the
effective valuation date:
7
Address Map Parcel
Subject
Acquisition
Sq. Ft.
Temp
Disturbance
Sq. Ft.
Market
Value of
Acquistion
Market
Value of
Temp
Disturbance
for 1 year
49 Old South
Street 31D-226 A 2,362 60 19,000$ 48$
67 Old South
Street
31D-224-
1 B 430 40 5,000$ 48$
73 Old South
Street
31D-223-
1 C 891 181 8,000$ 163$
3-5 Clark
Avenue 31D-222 D 105 918 1,000$ 826$
3,788 1,199 33,000$ 1,085$
By: Date: July 17, 2018
Jay E. Closser, ASA
(MA General Appraiser’s License #730)
8
ASSUMPTIONS AND LIMITING CONDITIONS
The certification of the appraiser(s) appearing in this appraisal report is (are) subject to the
following assumptions and conditions, and to such other specific and limiting conditions as are
set forth by the appraiser(s) in the report:
Extraordinary Assumptions
1. I have utilized the Extraordinary Assumption that the subject property does not have any
contamination or hazardous materials on site.
Hypothetical Condition
1. I have not used any Hypothetical Conditions in this appraisal.
Standard Limiting Conditions
1. The appraiser assumes no responsibility for matters of a legal nature affecting the
property appraised or the title thereto, nor does the appraiser render any opinion as to the
title, which is assumed to be good and marketable. The appraisal assumes the property is
under responsible ownership.
2. Sketches, maps, plans and exhibits in the report may show approximate dimensions, and
are included to assist the reader in visualizing the property. The appraiser has made no
survey of the property. Data relative to size and area were taken from sources considered
reliable. Except otherwise noted, it is assumed that no encroachments exist.
3. The appraiser, by reason of this appraisal, is not required to give further consultation,
testimony, or attend court with reference to the property that is the subject of this
appraisal, unless arrangements have otherwise been made.
4. The appraiser assumes there are no hidden or unapparent conditions of the property,
subsoil, or structures which would render it more or less valuable. The appraiser assumes
no responsibility for such conditions or for engineering which might be required to
discover such factors.
5. Information, estimates, and opinions furnished to the appraiser and contained in the
report, were obtained from sources considered reliable and believed to be true and
correct. However, no responsibility for the accuracy of such items furnished can be
assumed by the appraiser.
6. Neither all, nor any part of the content of the report, or copy thereof, including
conclusions as to the property value, the identity of the appraiser, professional
designations, reference to any professional appraisal organizations, or the firm with
which the appraiser is connected, shall be used for any purposes by anyone but the client
specified in the report, or professional appraisal organizations, without the previous
written consent of the appraiser; nor shall it be conveyed by anyone to the public through
9
advertising, public relations, news, sales, or other media, without the written consent and
approval of the appraiser. The report will be subject to the Freedom of Information Act.
7. The date of value is expressed within this report. Any forecasts included in this report
are based on existing market conditions and expectations. The appraiser takes no
responsibility for any events, conditions, economic factors, physical factors, or other
circumstances occurring after the date of value that would affect the opinions expressed
in this report.
8. Except as otherwise noted, it is assumed that there are no encroachments, building
violations, code violations, or zoning violations affecting the subject property.
9. Responsible ownership and competent property management are assumed.
10. 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.
11. 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.
10
SUMMARY OF SALIENT FACTS
Location: Parcel (A): 49 Old South Road; Parcel (B): 67 Old South
Street; Parcel (C): 73 Old South Street; Parcel (D): 3-5
Clark Avenue; City of Northampton, Hampshire County,
Massachusetts
Owner of Record: (A) Northampton Housing Authority; (B) Elizabeth Hynes;
(C) Biapita LLC; (D) 3-5 Clark Avenue, LLC
Subject Property: (A) 2,362 sq. ft. acquisition; 60 sq. ft. temporary taking;
(B) 430 sq. ft. acquisition; 40 sq. ft. temporary taking; (C)
891 sq. ft. acquisition; 181 temporary taking; (D) 105 sq. ft.
acquisition; 918 temporary taking
Deed Reference: (A) 1461-235; (B) 9490-156; (C) 8386-229; (D) 7405-175
Effective Date of Value: May 14, 2018
Property Rights
Appraised: The “as is” rights, title, and interests in the above-
referenced properties
Highest and Best Use: Vacant land
Zoning: GB; URB
Legal Access: Old South Road
Improvements: There are no improvements on the subject property
Topography: Moderately sloping
Waterbodies: None
DEP Wetlands: None
Floodplain: Not in 100-year floodplain
Amenities: Downtown location
Liabilities: None
Type of Property: Portion of Larger, improved Parcels
Extraordinary Assumption: I have utilized an Extraordinary Assumption that the
11
subject property does not have any contamination or
hazardous materials on site.
Hypothetical Condition: I have not utilized Hypothetical Conditions in this
appraisal
12
I. SCOPE OF APPRAISAL & DEFINITIONS
A. PURPOSE OF APPRAISAL
The purpose of this appraisal is to provide an opinion of the market value as is of the
subject properties, containing, in total, 3,788 sq. ft. of vacant land for acquisition and
1,199 sq. ft. of vacant land for a temporary taking, as of May 14, 2018, the date of my
inspection of the premises.
B. CLIENT
The clients of this appraisal are Wayne Feiden of the City of Northampton Office of
Planning and Sustainability.
C. INTENDED USE & USER
The intended use is for to provide the market value of the premises for acquisition and
temporary taking.
The intended users are Wayne Feiden, the City of Northampton and its advisors.
D. EFFECTIVE DATE OF VALUATION
I inspected the property on May 14, 2018which will serve as the effective valuation date
of this appraisal.
E. MARKET VALUE DEFINED
In this appraisal, “market value” is defined by Title XI of the Federal Financial
Institution Reform, Recovery, and Enforcement Act (FIRREA) of 1989, revised
June 7, 1994, and amendments thereto, as follows:
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 are 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 is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
(5) The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone associated
13
with the sale.
Source: Code of Federal Regulations, Vol. 55, No. 165, Page 34696, Aug. 24,
1990.
F. APPRAISAL PROBLEM AND SCOPE OF INVESTIGATION AND ANALYSES
APPRAISAL PROBLEM
The appraisal problem to be resolved is to determine the value of the subject properties
based on highest and best use. The subject properties are portions of Larger Parcels that
are improved with residential apartments. The subject properties are unbuildable portions
of these Larger Parcels.
Access to the subject property is available from Old South Road, a paved public way in
Northampton.
SCOPE OF APPRAISAL AND ANALYSES
In developing opinions of value of the defined subject property rights, a review and
inspection of the subject property and the comparable sale properties have been made.
Sales and property information were obtained by reviewing information published by the
Massachusetts Multiple Listing Service (MLS-PIN); the Hampshire County Registry of
Deeds, The Warren Publishing Company, LandVest, Inc.'s internal files and information
provided by participants in the transactions. Sales activity was discussed with real estate
professionals familiar with the area to determine the condition of the market and buyer's
motivations. Mapping was provided by LandVest’s GIS Department utilizing public
information and the survey of the property provided by my client.
In this appraisal I have not valued the existing improvements of the Larger Parcels. The
subject properties are slivers of excess land located on the northern portion of each
Larger Parcel. The disposition of the subject properties will not affect the value of the
improvements, which will be the same before and after the acquisition and temporary
taking. The difference in value will be based on the land area acquired and the loss of
use to the Remainder Property, if any, before and after the Acquisition and Temporary
Disturbance. To value the subject land, I have reviewed land sales in Northampton and
Florence and surrounding towns including South Hadley. The comparable sales were
verified with the grantor or grantee, if they could be reached, by discussions with other
people familiar with the transaction, and public records.
I have utilized the Market Approach to value the acquisition. I have valued each Larger
Parcels before and after the partial acquisition. I have valued the temporary taking based
on the loss of beneficial use over the term of the temporary taking.
14
G. COMPETENCY
The appraiser confirms that he: a) is a State Certified General Real Estate Appraiser in
the Massachusetts where the property is located, and b) has, within the past 10 years,
completed at least the minimum classroom hours of non-duplicative education prescribed
for the certified general real property appraiser classification by the Appraisal Standards
of the Appraisal Foundation.
15
PART II: FACTUAL DATA
II. IDENTIFICATION OF SUBJECT PROPERTY
A. ADDRESS AND ASSESSOR REFERENCE
The subject properties are located at 49, 67, and 73 Old south Road, and 3-5 Clark
avenue in Northampton, MA. The four properties are shown on the City of Northampton
Assessors’ Map 31 D as Lots 226, 224, 223, and 222.
B. SUBJECT OWNERSHIP - HISTORY OF TITLE AND USE AND LEGAL
DESCRIPTION
The estate to be appraised consists of the rights contained in the deeds through which the
current owners acquired their interest in the property. As of the effective valuation date,
title to the subject properties were vested in:
(A) Northampton Housing Authority
(B) Elizabeth Hynes
(C) Biapita LLC
(D) 3-5 Clark Avenue, LLC
I was not provided with a Title Examination. Title to the subject properties is assumed to
be clear and marketable.
16
III. AREA, CITY AND NEIGHBORHOOD DATA
A. GENERAL OVERVIEW - LOCATION
The city of Northampton is the county seat of Hampshire County, Massachusetts, United States.
As of the 2010 census, the population of Northampton (including its outer villages, Florence and
Leeds) was 28,549.
Northampton is known as an academic, artistic, musical, and countercultural hub. It features a
large politically liberal community along with numerous alternative health and intellectual
organizations.
Northampton is part of the Pioneer Valley and is one of the northernmost cities in the Knowledge
Corridor—a cross-state cultural and economic partnership with other Connecticut River Valley
cities and towns. Northampton is part of the Springfield Metropolitan Area, one of western
Massachusetts's two separate metropolitan areas. It sits approximately 19 miles north of the city
of Springfield.
Northampton is home to Smith College, Northampton High School, Smith Vocational and
Agricultural High School, and the Clarke Schools for Hearing and Speech.
19
B. REAL ESTATE MARKET
Sales activity in Northampton has averaged about 424 transactions per year since 2012. The
median sales price has ranged from $240,000 to $277,894, an average of $263,666. I have
summarized the sales statistics in the following table:
Northampton
- all sales
thru
4/1/2018
Average
(excluding
2018)
Year 2012 2013 2014 2015 2016 2017 2018
# Sales 375 399 391 438 464 474 134 424
Median Price $ 240,000 $ 255,000 $ 270,000 $ 264,100 $ 277,894 $275,000 $ 276,250 $ 263,666
Annual
Change 6% 6% -2% 5% -1% 0% 3%
Monthly 0.52% 0.49% -0.18% 0.44% -0.09% 0.04%
The table shows that the sales activity increased from 375 sales in 2012 to 474 sales in 2017.
Land Sales
Land sales have been few in Northampton in recent years as few vacant lots are available,
particularly in the downtown location. I reviewed land sales in Northampton and Florence and
found 10 sales that have occurred since 2012. These sales involved unbuildable land as well as
buildable land. The sales were located within the GB and URB zoning districts. The highest
price was $268,000, which was paid for a 1.1-acre lot on Hatfield Street in the URB zone. The
price represents about $5.59 per square foot. The lowest price was $11,000, which was paid for
about 5.70 acres of backland on Coles Meadow Road. The price represents about $0.04 per
square foot. Overall the range of sales showed prices ranging from $0.04 to $16.40 per square
foot.
Conclusion
Sales activity has increased in recent years. The median price is up slightly from $240,000 in
2012 to $277,894 in 2016. Land sales have shown values ranging from $0.04 to $16.40 per
square foot.
20
IV. PROPERTY DATA
A. SITE DESCRIPTION
The subject property is located off Old South Road and Clark Avenue in Northampton, MA. The
subject is comprised of portions of four contiguous Larger Parcels under four separate
ownerships. The subject land is vacant. The shape is irregular but can generally be described as
four slivers of land on the northern edge of each ownership. The abutting property to the north is
the City-owned Roundhouse Parking Lot. In total the subject properties contain about 3,788 sq.
ft., which extends about 232 linear feet from east to west. The maximum width is about 30
linear feet. The temporary taking has not been delineated on the surveyed area. My client
identified the respective amounts expected to be taken from each property but provided no term
for the temporary disturbance. In total, the temporary taking amounts to about 1,199 square feet.
The subject property of this appraisal is the northernmost portion of four improved Larger
Parcels: Parcel A is part of 49 South Street, an improved parcel with 60,723 sq. ft.; Parcel B is
part of 67 South Street, an improved parcel with 15,115 sq. ft.; Parcel C is a part of 73 South
Street, an improved parcel with 21,693 sq. ft.; and Parcel D, which is a part of 3-5 Clark Avenue,
an improved parcel with 28,880 sq. ft. Each of the Larger Parcels is a buildable lot with
improvements.
After the acquisition and during the temporary taking, the remaining land of the four Larger
Parcels will, in each case, be sufficient to meet zoning requirements. I have been advised that
none of the temporary takings affects the existing parking areas of the respective Larger Parcels.
I was not provided with a plan showing the location of the temporary takings nor given an
estimate of the term of the temporary taking.
Legal Access
The subject land is located to the rear of each property’s frontage on Old South Road and Clark
Avenue. None of the subject properties *Parcels A, B, C, D) has frontage. All four Parcels are
designated as “not a building lot” on the Northeast Survey Consultants survey plan.
Physical Access
Each of the four subject parcels is physically accessible through the adjacent city parking lot and
from the existing trail that runs along the south side of the parking lot.
Topography
The topography of the property is gentle to the north, sloping to the south.
Utilities
All city utilities are available on Old South Street and Clark Avenue.
21
Conclusion
The subject property is a sliver of sloping land containing about 3,788 square feet slated for
acquisition, and 1,199 square feet required for a temporary taking to facilitate grading and
construction. The land extends about 232 linear feet from east to west and has a maximum width
of about 30 feet. The Larger Parcels are buildable lots with improvements. Each Larger Parcel
will have sufficient land area to meet zoning after the acquisition and temporary taking. The
buildings will not be affected by the acquisition and temporary taking.
B. IMPROVEMENTS
The subject property has no improvements. The Larger Parcels are improved. The property at
49 Old South Street is improved with a 7-story building owned by the Northampton Housing
Authority. It contains 62 living units and was built in 1965. The property at 67 Old South Street
is improved with a Colonial Style house with 2 living units that was built in 1900. It has a total
of about 4,096 sq. ft. of living area. The property at 73 Old South Road is improved with a 5-
unit Garden Apartment building that was built in 1900.
Please refer to the Base Map Orthophotograph, Site Constraints, Floodplain Map, and
Photographs on the following pages.
<---Subject
25
(1) Subject (B, C, D) properties northern boundary along bike path, looking west
(Jay Closser)
26
(2) Subject (A) abutting existing bike path looking east (Jay E. Closser)
27
(3) Subject (B, C, D) interior view looking west (Jay E. Closser)
28
(4) Looking east at northern subject boundary along existing bike path (Jay E. Closser)
29
C. USE HISTORY
The properties are portions of improved parcels on Old South Road and Clark Avenue
which have been used for residential purposes.
D. SALES HISTORY
I was unable to establish the price for 49 Old South Street. Assessment records cite Deed
1461-235 which is a Declaration of Trust dated 1947. The property at 67 Old South
Street was purchased in 1998 for $175,000 as described in Deed Book 5553-332. 73 Old
South Street was acquired for $340,000 in 2005 as described in Deed Book 8386-229.
The property at 3-5 Clark avenue was acquired in 2003 for $400,000, described in Deed
Book 7405-175.
E. ASSESSMENT AND ANNUAL TAX LOAD
Owner Address Map
Deed
Reference Date Sale Price Parcel
Assessed
Acres Land Value
Land
Value /
SF
Building
Value
Total
Assessment
Northampton
Housing
Authority
49 Old
South
Street 31D-226 1461-235 A 1.39 563,980$ 9.29$ 3,916,520$ 4,480,500$
Hynes,
Elizabeth
67 Old
South
Street
31D-224-
1
5553-332;
9490-156 12/4/1998 175,000$ B 0.35 139,800$ 9.25$ 250,200$ 390,000$
Biapita LLC
73 Old
South
Street
31D-223-
1 8386-229 8/10/2005 340,000$ C 0.50 142,090$ 6.55$ 361,010$ 503,100$
3-5 Clark
Avenue, LLC
C/O Hampshire
Property
Management
3-5 Clark
Avenue 31D-222 7405-175 8/21/2003 400,000$ D 0.663 144,600$ 5.01$ 277,400$ 422,000$
Total: 2.90 990,470$ 7.84$ 4,805,130$ 5,795,600$
There is no separate assessment for the subject land of this appraisal. The overall annual
taxes on 67 Old South Street are about $6,645; on 73 Old South Street, about $8,573; on
3-5 Clark avenue, about $7,191. The property at 49 Old South Street is owned by the
Northampton Housing Authority and is exempt from taxation. The overall land
assessment is $990,470. The average land assessment per square foot is about $7.84.
F. LAND USE REGULATIONS
Northampton Zoning
The subject properties are in the Central Business (CB) and Urban Residence C (URC)
zoning districts. The road frontage for each parcel is in the URC zone. The dimensional
requirements for these zones are:
30
Central Business (CB)
Minimum Lot Size: None
Road Frontage: None
Setbacks:
Front yard 0-5’
The minimum height is 30 feet and the maximum is 70 feet.
Urban Residence C (URC):
Minimum Lot Size: 2,500 sq. ft.
Road Frontage: 50 linear feet
Depth: 75 feet
Setbacks:
Front yard 10’
Side yard 10’ (20’ if bldg. taller than 40’)
Rear yard 20’
Open Space 30% min.
The CB is for Central Business use. The URC zone is for urban residential and
commercial uses. Other uses are permitted.
Conclusion
The subject property is located within the Central Business Zone and the Urban
Residential Zone. The subject properties do not meet zoning requirements for building
lots. The Larger Parcels all have sufficient land area and frontage to meet zoning
requirements. After the acquisition, adequate land area and frontage will remain to meet
zoning requirements.
Please refer to Zoning Map on the following page:
32
PART III: DATA ANALYSIS AND CONCLUSIONS BEFORE ACQUISITION
V. HIGHEST AND BEST USE ANALYSIS BEFORE ACQUISITION
Highest and best use is defined as:
The reasonably probable and legal use of vacant land or an improved property, which is
physically possible, appropriately supported, financially feasible, and that results in the highest
value. The four criteria the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity.1
The land to be acquired consists of small slivers of vacant land with no road frontage that are
accessible through a parking lot and an existing trail. The properties are shown on a plan
prepared by Northeast Survey Consultants as Parcel A with 2,362 sq. ft.; Parcel B with 430 sq.
ft.; Parcel C with 891 sq. ft., and Parcel D with 105 sq. ft.
The subject properties are portions of Larger Parcels: Parcel A is a 2,362-square foot portion of
a 60,723-square foot improved lot at 49 Old South Road; Parcel B is a 430-square foot portion of
a 15,115-square foot improved lot at 67 Old South Road; Parcel C is an 891-square foot portion
of a 21,693-square foot improved lot at 73 Old South Road; and Parcel D is a 105-square foot
portion of a 28,880-square foot improved lot at 3-5 Clark Avenue.
After the acquisition the remaining land of each larger parcel will be sufficient to meet zoning
requirements.
In this analysis I have valued the land of each Larger Parcel before and after the partial
acquisition. The improvements will not be affected by the acquisition or the temporary taking
and have been excluded from this analysis. The difference between the before and after values is
the value of the proposed acquisition.
Legal Permissibility, Physical Possibility, Financial Feasibility, Maximally Productive Use
Before Partial Acquisition
The Larger Parcels are in downtown Northampton abutting the City of Northampton
Roundhouse Parking Lot and the bike trail along the parking lot’s southern boundary. The
purpose of the proposed acquisition is to expand the parking lot by moving the bike trail onto the
acquired land.
The Larger Parcels have adequate land area and frontage to meet zoning requirements for
building lots.
Based on the foregoing, if vacant, I believe the Larger Parcel land is suitable for development
1The Dictionary of Real Estate Appraisal (Appraisal Institute, Chicago, 1993, page 171.)
33
and that such use would be legally and physically possible.
Land is in demand in Northampton. I have reviewed 10 sales and found prices ranging from
$0.04 per square foot for wetland impacted backland, to $16.40 per sq. ft. for a basic-sized
building lot. Based on the demand for land in Northampton, it is my opinion that sale of the
Larger Parcel land, for development is the most financially feasible use that would also be
maximally productive in the current market.
As improved
The Larger Parcels are all improved. Legally and Physically, each property meets zoning
requirements. The market shows demand for dwelling units in downtown Northampton and it is
my opinion that the current use of the Larger Parcels is financially feasible and the maximally
productive use.
For the purposes of this analysis, I have excluded the existing buildings from the valuation
process. The existing buildings will remain after the proposed acquisition and will not be
affected either positively or negatively by the proposed acquisition or temporary taking. I will
value the Larger Parcels’ land as if vacant.
In conclusion, it is my opinion that each Larger Parcels’ highest and best use, before the
partial acquisition, if vacant, is to be sold for development.
34
VI. VALUATION BEFORE PARTIAL ACQUISITION
A. VALUATION METHODOLOGY
In the appraisal of real estate there are three recognized approaches to value. These are:
(1) the Cost Approach; (2) the Income Approach; and (3) the Sales Comparison (Market)
Approach. The Cost of Development, or Subdivision Approach, is a subset of the sales
comparison or income approaches.
The Cost Approach is a method whereby the actual costs to build are considered,
with deductions for all forms of physical and functional obsolescence, arriving at
a depreciated building cost. This cost is added to the value of the land to arrive at
a value via the cost approach. This approach is based on the theory that an
informed buyer would not buy a property that it would cost less to build.
The Income Approach is based on the principle of anticipation which states that
value is the present worth of the anticipated future benefits, or income to the
property. The reliability of this approach is limited when it is applied to
properties that are not usually bought and sold for their rental potential.
The Market Approach or Sales Comparison Approach is in which recent sales
of comparable properties are analyzed and compared to the subject property with
adjustments for perceived differences. The Market Approach is based on the
theory of exchange which implies that a comparison of similar properties has been
made by the potential purchaser, and that the purchaser would not pay more than
the cost of acquiring a property with the same utility.
The Cost of Development Approach (or Subdivision Approach) is an income
valuation technique applicable to multiple unit property, or property demonstrably
capable of being divided into multiple retail units. This method seeks to simulate
the criteria and actions of the likely market buyers of such property, i.e.,
developers. Projections of revenues and costs over the assumed sellout or
absorption period are based on market indicated unit prices, costs and timing. An
allowance for developer’s profit must be made to derive a credible indication of
residual, “as-is” property value, which models the wholesale price of a property.
In this appraisal I have used the Market Approach.
(1) COST APPROACH TO VALUE
The Cost Approach is not used; it is not suitable as a self-sufficient technique to value
vacant land, nor relevant in this appraisal.
35
(2) SALES COMPARISON APPROACH (MARKET APPROACH)
To use the market approach, sales must be found and verified that are comparable to the
subject property being appraised. These sales must have occurred under normal market
conditions and be relatively concurrent with the date of the appraisal. Adjustments are
made to the comparable sales to compensate for differences with the subject property.
Financing and time considerations are the first adjustments made as well as adjustments
for conditions of sale. After adjusting for time and financing, physical adjustments are
made for location, size, development potential or higher and better use, amenities and
liabilities, capital improvements, access and special conditions. In quantitative
adjustment, the final adjusted value is the product of the original unit price and the
percentage adjustment for time and financing, multiplied by the total of the physical
adjustments if applicable. In Qualitative analysis, plusses and minuses are applied for
characteristics of the property that cannot be specifically quantified. In this appraisal, I
have used qualitative and quantitative analysis.
(3) INCOME APPROACH TO VALUE
I have considered the Income Approach in this analysis. I have utilized the Income
Approach to analyze the value of the temporary taking which will affect about 1,199 sq.
ft. of land around the four subject parcels. The value of land for a temporary taking is
best calculated utilizing a land rental rate or yield rate. I will address the temporary taking
in the final section of this report.
B. LAND VALUATION BEFORE PARTIAL ACQUISITION:
Sales Comparison Approach
In arriving at an opinion of value for the subject property, I have reviewed sales of vacant
land. The sales are summarized and discussed in the following pages.
Please refer to Sales Summary on the following pages. For Sales Details please refer to
Appendix 3 (Please note that the Sales numbers are preceded by the LandVest Project
number #10345 – therefore Sale #1, for example, is shown as #10345.01).
Roundhouse Parking ExpansionSales SummaryId# Town Address Grantor Grantee Date Price Acres Square feet $/Sq. Ft. Frntge Zoning Map Use Comments1 NorthamptonRust Avenue, Lot #2Izer, Emily & Jenna Ober, Jeremy 07-Apr-16 $ 85,000 0.12 5,184 $ 16.40 55 URB 38A-153 Vacant; 1 lotBuilding lot near downtown. The buyer subsequently built a house on the premises which sold for $392,000 in 2017. The lot was split from a larger improved parcel.2 Northampton Fern Street Shea, DeborahMontgomery, Jesse 22-Jan-16 $ 92,000 0.13 5,663 $ 16.25 68URB 16B-27-1 Vacant; 1 lotSmall lot in established neighborhood near Look Park. The buyer built a new house which sold in March 2017 for $429,000.3FlorenceMaple Street, #74Maduka, ThankgodSeven Sisters Land, LLC 22-Jun-18 $ 170,000 0.34 14,810 $ 11.48 83 GB 23A-34Vacant; buildable lotOne of few remaining vacant lots in downtown Florence. The land is located within the General Business Zone.4 NorthamptonRust Avenue, Lot #2 Foster, MarionIzer, Emily & Jenna 09-Mar-16 $ 50,000 0.12 5,184 $ 9.65 55 URB 38A-153 Vacant; 1 lotBuilding lot near downtown. This property was resold in April 2016 for $85,000 to a builder who subsequently built a house on the premises which sold for $392,000 in 2017. The lot was split from a larger improved parcel.5 NorthamptonHatfield Street, #68McCutcheon, DavidL. P. Sudette Builder, Inc. 01-Oct-14 $ 268,000 1.10 47,916 $ 5.59 122 URB18C-45, 180, 181, 182Vacant; multi-unit potentialParcel of improved land purchased for redevelopment. This parcel is comprised of four lots. The buyer was a builder who has built multi-family dwellings on the property.6 Florence Juniper St.Connor, Kathleen M.Tal-Baker, Maya & Brien 05-Aug-16 $ 22,500 0.11 4,792 $ 4.70 50 URB 16B-21-1Vacant; marginal lotMarginal lot near Look Park and a bike path. The land is located between Bridge and Fern Street. Buyer has built a house which sold for $180,000 in May 2017.7 NorthamptonRiverside Drive Perrault, PhilipLane, Alexander & Zaman, Syeda 24-Apr-16 $ 18,500 0.28 12,197 $ 1.52 375 URB 30B-68Vacant; unbuildableUnbuildable land on Riverside Drive. The lot is improved with a dilapidated barn that the buyers repaired. The land is not suitable for building.8 NorthamptonColes Meadow RoadGoodale, Helen N. Kors, Sven 31-Jul-12 $ 11,000 5.70 248,292 $ 0.04 0 RR WSP 8-44-1Vacant; unbuildableWooded land with wet areas to the rear and along the frontage. The land has about 92 linear feet of frontage on Coles Meadow Road. The land was sold separately from the house in front. The allocated price for the backland was $11,000.May 14, 20181LandVest, Inc.
37
Discussion of Sales
The 8 sales shown above include vacant land that was purchased for use in Northampton.
The per square foot prices range from $0.04 to $16.40.
Sales Comparison – 49 Old South Street (land only)
In the final analysis I have utilized Sales #1, #2, #3, #4, #5, #6 and #7.
I excluded Sale #8, which is an older sale.
Adjustments
I have made both quantitative adjustments and qualitative adjustments. The quantitative
adjustments are derived from paired sales or discussions with contractors, etc., and are
expressed as a percentage of the sale price. The qualitative adjustments are primarily
based on judgment. They are expressed as a + (plus) or a - (minus). In the adjustment
table I will tally the qualitative adjustments at the bottom of the page. The magnitude of
the adjustment will be slight, moderate, or significant. A slight adjustment would be
indicated by one plus or minus; moderate would be two pluses or minuses; and
significant would have three. I will consider and discuss the qualitative adjustments after
I have used the quantitative adjustments to calculate the adjusted price.
The unit of comparison is price per square foot.
Market Conditions
I adjusted for market conditions at the rate of +2% per year since 2015.
Conclusion
After adjustments the Sale per square foot prices range varies from $1.58 to $17.08. The
average of these five sales is $9.66 per square foot and the median is $9.71 per square
foot.
I have considered all sales and given the most weight to Sales #3 and #5. Based on this
analysis, it is my opinion that the subject property was worth $8.00 per square foot, for a
total of $485,781 or $486,000, rounded.
At $8 per square foot, the subject property value falls within the unadjusted and the
adjusted range of the selected sales.
In conclusion, it’s my opinion that the value of the Subject Property’s 60,723± sq. ft., as
of the effective valuation date of this appraisal, via sales comparison, is $486,000.
38
Sales Comparison – 67 Old South Street (land only)
In the final analysis I have utilized Sales #1, #2, #3, #4, #5, #6 and #7.
I excluded Sale #8, which is an older sale.
Adjustments
I have made both quantitative adjustments and qualitative adjustments. The quantitative
adjustments are derived from paired sales or discussions with contractors, etc., and are
expressed as a percentage of the sale price. The qualitative adjustments are primarily
based on judgment. They are expressed as a + (plus) or a - (minus). In the adjustment
table I will tally the qualitative adjustments at the bottom of the page. The magnitude of
the adjustment will be slight, moderate, or significant. A slight adjustment would be
indicated by one plus or minus; moderate would be two pluses or minuses; and
significant would have three. I will consider and discuss the qualitative adjustments after
I have used the quantitative adjustments to calculate the adjusted price.
The unit of comparison is price per square foot.
Market Conditions
I adjusted for market conditions at the rate of +2% per year since 2015.
Conclusion
After adjustments the Sale per square foot prices range varies from $1.58 to $17.08. The
average of these five sales is $9.66 per square foot and the median is $9.71 per square
foot.
I have considered all sales and given the most weight to Sale #3. Based on this analysis,
it is my opinion that the subject property was worth $12.00 per square foot, for a total of
$181,384 or $181,000, rounded.
At $12 per square foot, the subject property value falls within the unadjusted and the
adjusted range of the selected sales.
In conclusion, it’s my opinion that the value of the Subject Property’s 15,115± sq. ft., as
of the effective valuation date of this appraisal, via sales comparison, is $181,000.
Sales Comparison – 73 Old South Street (land only)
In the final analysis I have utilized Sales #1, #2, #3, #4, #5, #6 and #7.
I excluded Sale #8, which is an older sale.
39
Adjustments
I have made both quantitative adjustments and qualitative adjustments. The quantitative
adjustments are derived from paired sales or discussions with contractors, etc., and are
expressed as a percentage of the sale price. The qualitative adjustments are primarily
based on judgment. They are expressed as a + (plus) or a - (minus). In the adjustment
table I will tally the qualitative adjustments at the bottom of the page. The magnitude of
the adjustment will be slight, moderate, or significant. A slight adjustment would be
indicated by one plus or minus; moderate would be two pluses or minuses; and
significant would have three. I will consider and discuss the qualitative adjustments after
I have used the quantitative adjustments to calculate the adjusted price.
The unit of comparison is price per square foot.
Market Conditions
I adjusted for market conditions at the rate of +2% per year since 2015.
Conclusion
After adjustments the Sale per square foot prices range varies from $1.58 to $17.08. The
average of these five sales is $9.66 per square foot and the median is $9.71 per square
foot.
I have considered all sales and given the most weight to Sale #3 and Sale #5. Based on
this analysis, it is my opinion that the subject property was worth $9.00 per square foot,
for a total of $195,236 or $195,000, rounded.
At $9 per square foot, the subject property value falls within the unadjusted and the
adjusted range of the selected sales.
In conclusion, it’s my opinion that the value of the Subject Property’s 21,693± sq. ft., as
of the effective valuation date of this appraisal, via sales comparison, is $195,000.
Sales Comparison – 3-5 Clark Avenue (land only)
In the final analysis I have utilized Sales #1, #2, #3, #4, #5, #6 and #7.
I excluded Sale #8, which is an older sale.
Adjustments
I have made both quantitative adjustments and qualitative adjustments. The quantitative
adjustments are derived from paired sales or discussions with contractors, etc., and are
expressed as a percentage of the sale price. The qualitative adjustments are primarily
based on judgment. They are expressed as a + (plus) or a - (minus). In the adjustment
40
table I will tally the qualitative adjustments at the bottom of the page. The magnitude of
the adjustment will be slight, moderate, or significant. A slight adjustment would be
indicated by one plus or minus; moderate would be two pluses or minuses; and
significant would have three. I will consider and discuss the qualitative adjustments after
I have used the quantitative adjustments to calculate the adjusted price.
The unit of comparison is price per square foot.
Market Conditions
I adjusted for market conditions at the rate of +2% per year since 2015.
Conclusion
After adjustments the Sale per square foot prices range varies from $1.58 to $17.08. The
average of these five sales is $9.66 per square foot and the median is $9.71 per square
foot.
I have considered all sales and given the most weight to Sale #3 and Sale #5. Based on
this analysis, it is my opinion that the subject property was worth $9.00 per square foot,
for a total of $259,923 or $260,000, rounded.
At $9 per square foot, the subject property value falls within the unadjusted and the
adjusted range of the selected sales.
In conclusion, it’s my opinion that the value of the Subject Property’s 28,880± sq. ft., as
of the effective valuation date of this appraisal, via sales comparison, is $260,000.
Parcel A Larger Parcel Before Partial AcquisitionRoundhouse Parking Lot ExpansionSale adjustmentITEM SubjectSale #1 Adj Sale #2 Adj Sale #3 Adj Sale #4 Adj Sale #5 Adj Sale #6 Adj Sale #7 Adj OwnerNorthampton Housing Authority Ober MontgomerySeven Sisters Land, LLC IzerL. P. Sudette Bubilder, Inc. Tal-Baker LaneAddress49 Old South Road, Northampton, MARust Avenue, Northampton, MA Fern Street, Northampton, MA Maple Street, #74, Florence, MA Rust Avenue, Northampton, MA Hatfield Street, #68, Northampton, MA Juniper Street, Northampton, MA Riverside Drive, Northampton, MA Sales Price N/A $85,000 $89,000 $170,000 $50,000 $268,000 $22,500 $18,500 Price/Sq. Ft. $16.40 $15.72 $11.48 $9.65 $5.59 $4.70 $1.52 VALUE ADJUSTMENTS Description DescriptionDescriptionDescriptionDescriptionDescriptionDescriptionDescriptionConditions of SaleNone knownNone knownNone knownNone knownNone knownNone knownNone knownDate of Sale/Time5/14/20184/7/2016 $ 0.68 1/22/2016 $ 0.73 1/22/2018 $ 0.52 3/9/2016 $ 0.06 10/1/2014 $ 0.37 8/5/2016 $ 0.16 4/24/2016 $ 0.06 LocationDowntownNear downtown Look ParkFlorenceNear downtownNear downtownFlorenceFlorenceImprovements None None None None None None None None Square feet 60,723 5,184 5,663 14,810 5,184 47,916 4,792 12,196 Frontage 355 55 68 83 55 122 50 50 ViewAvgAvgAvgAvgAvgAvgAvgAvgUseLand onlyVacant Vacant VacantVacantVacantVacantVacantSpecial Conditions: NoneNone None None None None None None Total Quantitative Adj. $ 0.68 $ 0.73 $ 0.52 $ 0.06 $ 0.37 $ 0.16 $ 0.06 Total Value: $17.08 $16.45 $12.00 $9.71 $5.97 $4.85 $1.58 May 14, 2016LandVest, Inc.
Parcel B Larger ParcelBefore Partial AcquisitionRoundhouse Parking ExpansionSale Adj.ITEM SubjectSale #1 Adj Sale #2 Adj Sale #3 Adj Sale #4 Adj Sale #5 Adj Sale #6 Adj Sale #7 Adj OwnerHynes, Elizabeth OberMontgomerySeven Sisters Land, LLCIzerL. P. Sudette Bubilder, Inc.Tal-BakerLaneAddress67 Old South Street, Northampton, MARust Avenue, Northampton, MA Fern Street, Northampton, MA Maple Street, #74, Florence, MA Rust Avenue, Northampton, MA Hatfield Street, #68, Northampton, MA Juniper Street, Northampton, MA Riverside Drive, Northampton, MA Sales PriceN/A$85,000 $89,000 $170,000 $50,000 $268,000 $22,500 $18,500 Price/Sq. Ft. $16.40 $15.72 $11.48 $9.65 $5.59 $4.70 $1.52 VALUE ADJUSTMENTS Description DescriptionDescriptionDescriptionDescriptionDescriptionDescriptionDescriptionConditions of SaleNone knownNone knownNone knownNone knownNone knownNone knownNone knownDate of Sale/Time5/14/20184/7/2016 $ 0.68 1/22/2016 $ 0.73 1/22/2018 $ 0.52 3/9/2016 $ 0.06 10/1/2014 $ 0.37 8/5/2016 $ 0.16 4/24/2016 $ 0.06 LocationDowntownNear downtown Look ParkFlorenceNear downtownNear downtownFlorenceFlorenceImprovements None None None None None None None None Square feet 15,115 5,184 5,663 14,810 $ - 5,184 $ - 47,916 $ - 4,792 $ - 12,196 $ - Frontage 121 55 68 83 55 122 50 375 ViewAvgAvgAvgAvgAvgAvgAvgAvgUseLand onlyVacant Vacant VacantVacantVacantVacantVacantSpecial Conditions:NoneNone None None None None None None Total Quantitative Adj. $ 0.68 $ 0.73 $ 0.52 $ 0.06 $ 0.37 $ 0.16 $ 0.06 Total Qualititative Adj. Total Value: $17.08 $16.45 $12.00 $9.71 $5.97 $4.85 $1.58 May 14, 2018LandVest, Inc.
Parcel C Larger ParcelBefore Partial AcquisitionRoundhouse Parking ExpansionSale Adj.ITEM SubjectSale #1 Adj Sale #2 Adj Sale #3 Adj Sale #4 Adj Sale #5 Adj Sale #6 Adj Sale #7 Adj OwnerBiapita LLC OberMontgomerySeven Sisters Land, LLCIzerL. P. Sudette Bubilder, Inc.Tal-BakerLaneAddress73 Old South Street, Northampton, MARust Avenue, Northampton, MA Fern Street, Northampton, MA Maple Street, #74, Florence, MA Rust Avenue, Northampton, MA Hatfield Street, #68, Northampton, MA Juniper Street, Northampton, MA Riverside Drive, Northampton, MA Sales PriceN/A$85,000 $89,000 $170,000 $50,000 $268,000 $22,500 $18,500 Price/Sq. Ft. $16.40 $15.72 $11.48 $9.65 $5.59 $4.70 $1.52 VALUE ADJUSTMENTS Description DescriptionDescriptionDescriptionDescriptionDescriptionDescriptionDescriptionConditions of SaleNone knownNone knownNone knownNone knownNone knownNone knownNone knownDate of Sale/Time5/14/20184/7/2016 $ 0.68 1/22/2016 $ 0.73 1/22/2018 $ 0.52 3/9/2016 $ 0.06 10/1/2014 $ 0.37 8/5/2016 $ 0.16 4/24/2016 $ 0.06 LocationDowntownNear downtown Look ParkFlorenceNear downtownNear downtownFlorenceFlorenceImprovements None None None None None None None None Square feet 21,693 5,184 5,663 14,810 $ - 5,184 $ - 47,916 $ - 4,792 $ - 12,196 $ - Frontage 70 55 68 83 55 122 50 375 ViewAvgAvgAvgAvgAvgAvgAvgAvgUseLand onlyVacant Vacant VacantVacantVacantVacantVacantSpecial Conditions:NoneNone None None None None None None Total Quantitative Adj. $ 0.68 $ 0.73 $ 0.52 $ 0.06 $ 0.37 $ 0.16 $ 0.06 Total Value: $17.08 $16.45 $12.00 $9.71 $5.97 $4.85 $1.58 May 14, 2018LandVest, Inc
Parcel D Larger ParcelBefore Partial AcquisitionRoundhouse Parking ExpansionSale Adj.ITEM SubjectSale #1 Adj Sale #2 Adj Sale #3 Adj Sale #4 Adj Sale #5 Adj Sale #6 Adj Sale #7 Adj Owner3-5 Clark Avenue, LLC Ober MontgomerySeven Sisters Land, LLC IzerL. P. Sudette Bubilder, Inc. Tal-Baker LaneAddress3-5 Clark Avenue, Northampton, MARust Avenue, Northampton, MA Fern Street, Northampton, MA Maple Street, #74, Florence, MA Rust Avenue, Northampton, MA Hatfield Street, #68, Northampton, MA Juniper Street, Northampton, MA Riverside Drive, Northampton, MA Sales PriceN/A$85,000 $89,000 $170,000 $50,000 $268,000 $22,500 $18,500 Price/Sq. Ft. $16.40 $15.72 $11.48 $9.65 $5.59 $4.70 $1.52 VALUE ADJUSTMENTS Description DescriptionDescriptionDescriptionDescriptionDescriptionDescriptionDescriptionConditions of SaleNone knownNone knownNone knownNone knownNone knownNone knownNone knownDate of Sale/Time5/14/20184/7/2016 $ 0.68 1/22/2016 $ 0.73 1/22/2018 $ 0.52 3/9/2016 $ 0.06 10/1/2014 $ 0.37 8/5/2016 $ 0.16 4/24/2016 $ 0.06 LocationDowntownNear downtown Look ParkFlorenceNear downtownNear downtownFlorenceFlorenceImprovements None None None None None None None None Square feet 28,880 5,184 5,663 14,810 $ - 5,184 $ - 47,916 $ - 4,792 $ - 12,196 $ - Frontage 84 55 68 83 55 122 50 375 ViewAvgAvgAvgAvgAvgAvgAvgAvgUseLand onlyVacant Vacant VacantVacantVacantVacantVacantSpecial Conditions:NoneNone None None None None None None Total Quantitative Adj. $ 0.68 $ 0.73 $ 0.52 $ 0.06 $ 0.37 $ 0.16 $ 0.06 Total Value: $17.08 $16.45 $12.00 $9.71 $5.97 $4.85 $1.58 May 14, 2018LandVest, Inc.
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C. CORRELATION OF SUBJECT MARKET VALUE BEFORE ACQUISITION
The Cost Approach was not considered applicable to the appraisal because the subject
land is vacant.
I did not utilize the income approach.
The Sales Comparison Approach reflects the actions of knowledgeable buyers and sellers
in the real estate market. I utilized seven sales in the final analysis to value the four
Larger Parcels.
In conclusion, it is my opinion that the market value of the four Larger Parcels
(land only), before the partial acquisition, as of May 14, 2018, the effective date of
this valuation, was:
Address Map Parcel
Assessed
Acres
Assessed
Sq. Ft.
Land Market
Value Before
partial acquisition
49 Old South
Street 31D-226 A 1.39 60,723 486,000$
67 Old South
Street
31D-224-
1B0.35 15,115 181,000$
73 Old South
Street
31D-223-
1C0.50 21,693 195,000$
3-5 Clark
Avenue 31D-222 D 0.66 28,880 260,000$
2.90 126,411 1,122,000$
The aggregate final value is $1,122,000, which is about $8.88 per sq. ft. of total land area.
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PART IV: DATA ANALYSIS AND CONCLUSIONS AFTER ACQUISITION
VII. HIGHEST AND BEST USE ANALYSIS AFTER ACQUISITION
Highest and best use is defined as:
The reasonably probable and legal use of vacant land or an improved property, which is
physically possible, appropriately supported, financially feasible, and that results in the highest
value. The four criteria the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity.2
The land to be acquired consist of small slivers of vacant land with no road frontage that are
accessible through a parking lot and an existing trail. The properties are shown on a plan
prepared by Northeast Survey Consultants as Parcel A with 2,362 sq. ft.; Parcel B with 430 sq.
ft.; Parcel C with 891 sq. ft., and Parcel D with 105 sq. ft.
After the acquisition of Parcel A, the Remainder Parcel at 49 Old South Road will contain
58,361 sq. ft. After the acquisition of Parcel B, the Remainder Parcel at 67 Old South Road will
contain 14,685 sq. ft. After the acquisition of Parcel C, the Remainder Parcel at 73 Old South
Road will contain 20,802 sq. ft. After the acquisition of Parcel D, the Remainder Parcel at 3-5
Clark Avenue will contain 28,775 sq. ft.
After the acquisition the land area of each Remainder Parcel will be sufficient to meet zoning
requirements.
In this analysis I have valued the land of each Remainder Parcel before and after the partial
acquisition. The improvements will not be affected by the acquisition or the temporary taking
and have been excluded from this analysis. The difference between the before and after values is
the value of the proposed acquisition.
Legal Permissibility, Physical Possibility, Financial Feasibility, Maximally Productive Use
After Partial Acquisition
The Remainder Parcels are in downtown Northampton abutting the City of Northampton
Roundhouse Parking Lot and the bike trail along the parking lot’s southern boundary. The
purpose of the proposed acquisition is to expand the parking lot by moving the bike trail onto the
acquired land.
The Remainder Parcels have adequate land area and frontage to meet zoning requirements for
building lots.
Based on the foregoing, if vacant, I believe the Remainder Parcels land would be suitable for
2The Dictionary of Real Estate Appraisal (Appraisal Institute, Chicago, 1993, page 171.)
43
development and that such use would be legally and physically possible.
Land is in demand in Northampton. I have reviewed 10 sales and found prices ranging from
$0.04 per square foot for wetland impacted backland, to $16.40 per sq. ft. for a basic-sized
building lot. Based on the demand for land in Northampton, it is my opinion that sale of the
Remainder Parcels land for development is the most financially feasible use that would also be
maximally productive in the current market.
As improved
The Larger Parcels are all improved. Legally and Physically, each property meets zoning
requirements. The market shows demand for dwelling units in downtown Northampton and it is
my opinion that the current use of the Larger Parcels is financially feasible and the maximally
productive use.
For the purposes of this analysis, I have excluded the existing buildings from the valuation
process. The existing buildings will remain after the proposed acquisition and will not be
affected either positively or negatively by the proposed acquisition or temporary taking. I will
value the Larger Parcel land as if vacant.
In conclusion, it is my opinion that each Larger Parcel’s highest and best use after the
partial acquisition, if vacant, is to be sold for development.
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VIII. VALUATION AFTER PARTIAL ACQUISITION
A. VALUATION METHODOLOGY
In the appraisal of real estate there are three recognized approaches to value. These are:
(1) the Cost Approach; (2) the Income Approach; and (3) the Sales Comparison (Market)
Approach. The Cost of Development, or Subdivision Approach, is a subset of the sales
comparison or income approaches.
The Cost Approach is a method whereby the actual costs to build are considered,
with deductions for all forms of physical and functional obsolescence, arriving at
a depreciated building cost. This cost is added to the value of the land to arrive at
a value via the cost approach. This approach is based on the theory that an
informed buyer would not buy a property that it would cost less to build.
The Income Approach is based on the principle of anticipation which states that
value is the present worth of the anticipated future benefits, or income to the
property. The reliability of this approach is limited when it is applied to
properties that are not usually bought and sold for their rental potential.
The Market Approach or Sales Comparison Approach is a method in which
sales of comparable properties are analyzed and compared to the subject property
with adjustments for perceived differences. The market approach is based on the
theory of exchange which implies that a comparison of similar properties has been
made by the potential purchaser, and that the purchaser would not pay more than
the cost of acquiring a property with the same utility.
The Cost of Development Approach (or Subdivision Approach) is an income
valuation technique applicable to multiple unit property, or property demonstrably
capable of being divided into multiple retail units. This method seeks to simulate
the criteria and actions of the likely market buyers of such property, i.e.,
developers. Projections of revenues and costs over the assumed sellout or
absorption period are based on market indicated unit prices, costs and timing. An
allowance for developer’s profit must be made to derive a credible indication of
residual, “as-is” property value, which models the wholesale price of a property.
In this appraisal I have used the Market Approach.
(1) COST APPROACH TO VALUE
The Cost Approach is not used; it is not suitable as a self-sufficient technique to value
vacant land, nor relevant in this appraisal.
45
(2) SALES COMPARISON APPROACH (MARKET APPROACH)
To use the market approach, sales must be found and verified that are comparable to the
subject property being appraised. These sales must have occurred under normal market
conditions and be relatively concurrent with the date of the appraisal. Adjustments are
made to the comparable sales to compensate for differences with the subject property.
Financing and time considerations are the first adjustments made as well as adjustments
for conditions of sale. After adjusting for time and financing, physical adjustments are
made for location, size, development potential or higher and better use, amenities and
liabilities, capital improvements, access and special conditions. In quantitative
adjustment, the final adjusted value is the product of the original unit price and the
percentage adjustment for time and financing, multiplied by the total of the physical
adjustments if applicable. In Qualitative analysis, plusses and minuses are applied for
characteristics of the property that cannot be specifically quantified. In this appraisal, I
have used qualitative and quantitative analysis.
(3) INCOME APPROACH TO VALUE
I have considered the Income Approach in this analysis. I have utilized the Income
Approach to analyze the value of the temporary taking which will affect about 1,199 sq.
ft. of land around the four subject parcels. The value of land for a temporary taking is
calculated utilizing a land rental rate or an appropriate rate of return applied over the term
of the taking. I will address the temporary taking in the final section of this report.
B. LAND VALUATION AFTER PARTIAL ACQUISITION:
Sales Comparison Approach
In arriving at an opinion of value for the subject property, I have reviewed sales of vacant
land. The sales are summarized and discussed in the following pages.
Please refer to Sales Summary on the following pages. For Sales Details please refer to
Appendix 3 (Please note that the Sales numbers are preceded by the LandVest Project
number #10345 – therefore Sale #1, for example, is shown as #10345.01).
Roundhouse Parking ExpansionSales SummaryId# Town Address Grantor Grantee Date Price Acres Square feet $/Sq. Ft. Frntge Zoning Map Use Comments1 NorthamptonRust Avenue, Lot #2Izer, Emily & Jenna Ober, Jeremy 07-Apr-16 $ 85,000 0.12 5,184 $ 16.40 55 URB 38A-153 Vacant; 1 lotBuilding lot near downtown. The buyer subsequently built a house on the premises which sold for $392,000 in 2017. The lot was split from a larger improved parcel.2 Northampton Fern Street Shea, DeborahMontgomery, Jesse 22-Jan-16 $ 92,000 0.13 5,663 $ 16.25 68URB 16B-27-1 Vacant; 1 lotSmall lot in established neighborhood near Look Park. The buyer built a new house which sold in March 2017 for $429,000.3FlorenceMaple Street, #74Maduka, ThankgodSeven Sisters Land, LLC 22-Jun-18 $ 170,000 0.34 14,810 $ 11.48 83 GB 23A-34Vacant; buildable lotOne of few remaining vacant lots in downtown Florence. The land is located within the General Business Zone.4 NorthamptonRust Avenue, Lot #2 Foster, MarionIzer, Emily & Jenna 09-Mar-16 $ 50,000 0.12 5,184 $ 9.65 55 URB 38A-153 Vacant; 1 lotBuilding lot near downtown. This property was resold in April 2016 for $85,000 to a builder who subsequently built a house on the premises which sold for $392,000 in 2017. The lot was split from a larger improved parcel.5 NorthamptonHatfield Street, #68McCutcheon, DavidL. P. Sudette Builder, Inc. 01-Oct-14 $ 268,000 1.10 47,916 $ 5.59 122 URB18C-45, 180, 181, 182Vacant; multi-unit potentialParcel of improved land purchased for redevelopment. This parcel is comprised of four lots. The buyer was a builder who has built multi-family dwellings on the property.6 Florence Juniper St.Connor, Kathleen M.Tal-Baker, Maya & Brien 05-Aug-16 $ 22,500 0.11 4,792 $ 4.70 50 URB 16B-21-1Vacant; marginal lotMarginal lot near Look Park and a bike path. The land is located between Bridge and Fern Street. Buyer has built a house which sold for $180,000 in May 2017.7 NorthamptonRiverside Drive Perrault, PhilipLane, Alexander & Zaman, Syeda 24-Apr-16 $ 18,500 0.28 12,197 $ 1.52 375 URB 30B-68Vacant; unbuildableUnbuildable land on Riverside Drive. The lot is improved with a dilapidated barn that the buyers repaired. The land is not suitable for building.8 NorthamptonColes Meadow RoadGoodale, Helen N. Kors, Sven 31-Jul-12 $ 11,000 5.70 248,292 $ 0.04 0 RR WSP 8-44-1Vacant; unbuildableWooded land with wet areas to the rear and along the frontage. The land has about 92 linear feet of frontage on Coles Meadow Road. The land was sold separately from the house in front. The allocated price for the backland was $11,000.May 14, 20181LandVest, Inc.
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Discussion of Sales
The 8 sales shown above include vacant land that was purchased for use in Northampton.
The per square foot prices range from $0.04 to $16.40.
Sales Comparison – 49 Old South Street (land only)
In the final analysis I have utilized Sales #1, #2, #3, #4, #5, #6 and #7.
I excluded Sale #8, which is an older sale.
Adjustments
I have made both quantitative adjustments and qualitative adjustments. The quantitative
adjustments are derived from paired sales or discussions with contractors, etc., and are
expressed as a percentage of the sale price. The qualitative adjustments are primarily
based on judgment. They are expressed as a + (plus) or a - (minus). In the adjustment
table I will tally the qualitative adjustments at the bottom of the page. The magnitude of
the adjustment will be slight, moderate, or significant. A slight adjustment would be
indicated by one plus or minus; moderate would be two pluses or minuses; and
significant would have three. I will consider and discuss the qualitative adjustments after
I have used the quantitative adjustments to calculate the adjusted price.
The unit of comparison is price per square foot.
Market Conditions
I adjusted for market conditions at the rate of +2% per year since 2015.
Conclusion
After adjustments the Sale per square foot prices range varies from $1.58 to $17.08. The
average of these five sales is $9.66 per square foot and the median is $9.71 per square
foot.
I have considered all sales and given the most weight to Sales #3 and #5. Based on this
analysis, it is my opinion that the subject property was worth $8.00 per square foot, for a
total of $466,885 or $467,000, rounded.
At $8 per square foot, the subject property value falls within the unadjusted and the
adjusted range of the selected sales.
In conclusion, it’s my opinion that the value of the Subject Property’s 58,361± sq. ft., as
of the effective valuation date of this appraisal, via sales comparison, is $467,000.
48
Sales Comparison – 67 Old South Street (land only)
In the final analysis I have utilized Sales #1, #2, #3, #4, #5, #6 and #7.
I excluded Sale #8, which is an older sale.
Adjustments
I have made both quantitative adjustments and qualitative adjustments. The quantitative
adjustments are derived from paired sales or discussions with contractors, etc., and are
expressed as a percentage of the sale price. The qualitative adjustments are primarily
based on judgment. They are expressed as a + (plus) or a - (minus). In the adjustment
table I will tally the qualitative adjustments at the bottom of the page. The magnitude of
the adjustment will be slight, moderate, or significant. A slight adjustment would be
indicated by one plus or minus; moderate would be two pluses or minuses; and
significant would have three. I will consider and discuss the qualitative adjustments after
I have used the quantitative adjustments to calculate the adjusted price.
The unit of comparison is price per square foot.
Market Conditions
I adjusted for market conditions at the rate of +2% per year since 2015.
Conclusion
After adjustments the Sale per square foot prices range varies from $1.58 to $17.08. The
average of these five sales is $9.66 per square foot and the median is $9.71 per square
foot.
I have considered all sales and given the most weight to Sale #3. Based on this analysis,
it is my opinion that the subject property was worth $12.00 per square foot, for a total of
$176,224 or $176,000, rounded.
At $12 per square foot, the subject property value falls within the unadjusted and the
adjusted range of the selected sales.
In conclusion, it’s my opinion that the value of the Subject Property’s 14,685± sq. ft., as
of the effective valuation date of this appraisal, via sales comparison, is $176,000.
Sales Comparison – 73 Old South Street (land only)
In the final analysis I have utilized Sales #1, #2, #3, #4, #5, #6 and #7.
I excluded Sale #8, which is an older sale.
49
Adjustments
I have made both quantitative adjustments and qualitative adjustments. The quantitative
adjustments are derived from paired sales or discussions with contractors, etc., and are
expressed as a percentage of the sale price. The qualitative adjustments are primarily
based on judgment. They are expressed as a + (plus) or a - (minus). In the adjustment
table I will tally the qualitative adjustments at the bottom of the page. The magnitude of
the adjustment will be slight, moderate, or significant. A slight adjustment would be
indicated by one plus or minus; moderate would be two pluses or minuses; and
significant would have three. I will consider and discuss the qualitative adjustments after
I have used the quantitative adjustments to calculate the adjusted price.
The unit of comparison is price per square foot.
Market Conditions
I adjusted for market conditions at the rate of +2% per year since 2015.
Conclusion
After adjustments the Sale per square foot prices range varies from $1.58 to $17.08. The
average of these five sales is $9.66 per square foot and the median is $9.71 per square
foot.
I have considered all sales and given the most weight to Sale #3 and Sale #5. Based on
this analysis, it is my opinion that the subject property was worth $9.00 per square foot,
for a total of $187,217 or $187,000, rounded.
At $9 per square foot, the subject property value falls within the unadjusted and the
adjusted range of the selected sales.
In conclusion, it’s my opinion that the value of the Subject Property’s 20,802± sq. ft., as
of the effective valuation date of this appraisal, via sales comparison, is $187,000.
Sales Comparison – 3-5 Clark Avenue (land only)
In the final analysis I have utilized Sales #1, #2, #3, #4, #5, #6 and #7.
I excluded Sale #8, which is an older sale.
Adjustments
I have made both quantitative adjustments and qualitative adjustments. The quantitative
adjustments are derived from paired sales or discussions with contractors, etc., and are
expressed as a percentage of the sale price. The qualitative adjustments are primarily
based on judgment. They are expressed as a + (plus) or a - (minus). In the adjustment
50
table I will tally the qualitative adjustments at the bottom of the page. The magnitude of
the adjustment will be slight, moderate, or significant. A slight adjustment would be
indicated by one plus or minus; moderate would be two pluses or minuses; and
significant would have three. I will consider and discuss the qualitative adjustments after
I have used the quantitative adjustments to calculate the adjusted price.
The unit of comparison is price per square foot.
Market Conditions
I adjusted for market conditions at the rate of +2% per year since 2015.
Conclusion
After adjustments the Sale per square foot prices range varies from $1.58 to $17.08. The
average of these five sales is $9.66 per square foot and the median is $9.71 per square
foot.
I have considered all sales and given the most weight to Sale #3 and Sale #5. Based on
this analysis, it is my opinion that the subject property was worth $9.00 per square foot,
for a total of $258,978 or $259,000, rounded.
At $9 per square foot, the subject property value falls within the unadjusted and the
adjusted range of the selected sales.
In conclusion, it’s my opinion that the value of the Subject Property’s 28,775± sq. ft., as
of the effective valuation date of this appraisal, via sales comparison, is $259,000.
Parcel A Larger ParcelAfter AcquisitionRoundhouse Parking ExpansionSale Adj.ITEM SubjectSale #1 Adj Sale #2 Adj Sale #3 Adj Sale #4 Adj Sale #5 Adj Sale #6 Adj Sale #7 Adj OwnerNorthampton Housing Authority Ober MontgomerySeven Sisters Land, LLC IzerL. P. Sudette Bubilder, Inc. Tal-Baker LaneAddress49 Old South Road, Northampton, MARust Avenue, Northampton, MA Fern Street, Northampton, MA Maple Street, #74, Florence, MA Rust Avenue, Northampton, MA Hatfield Street, #68, Northampton, MA Juniper Street, Northampton, MA Riverside Drive, Northampton, MA Sales PriceN/A$85,000 $89,000 $170,000 $50,000 $268,000 $22,500 $18,500 Price/Sq. Ft. $16.40 $15.72 $11.48 $9.65 $5.59 $4.70 $1.52 VALUE ADJUSTMENTS Description DescriptionDescriptionDescriptionDescriptionDescriptionDescriptionDescriptionConditions of SaleNone knownNone knownNone knownNone knownNone knownNone knownNone knownDate of Sale/Time5/14/20184/7/2016 $ 0.68 1/22/2016 $ 0.73 1/22/2018 $ 0.52 3/9/2016 $ 0.06 10/1/2014 $ 0.37 8/5/2016 $ 0.16 4/24/2016 $ 0.06 LocationDowntownNear downtown Look ParkFlorenceNear downtownNear downtownFlorenceFlorenceImprovements None None None None None None None None Square feet 58,361 5,184 5,663 14,810 $ - 5,184 $ - 47,916 $ - 4,792 $ - 12,196 $ - Frontage 355 55 68 83 55 122 50 50 ViewAvgAvgAvgAvgAvgAvgAvgAvgUseLand onlyVacant Vacant VacantVacantVacantVacantVacantSpecial Conditions:NoneNone None None None None None None Total Quantitative Adj. $ 0.68 $ 0.73 $ 0.52 $ 0.06 $ 0.37 $ 0.16 $ 0.06 Total Value: $17.08 $16.45 $12.00 $9.71 $5.97 $4.85 $1.58 May 14, 2018LandVest, Inc.
Parcel B Larger ParcelAfter Partial AcquisitionRoundhouse Parking ExpansionSale adj.ITEM SubjectSale #1 Adj Sale #2 Adj Sale #3 Adj Sale #4 Adj Sale #5 Adj Sale #6 Adj Sale #7 Adj OwnerHynes, Elizabeth OberMontgomerySeven Sisters Land, LLCIzerL. P. Sudette Bubilder, Inc.Tal-BakerLaneAddress67 Old South Street, Northampton, MARust Avenue, Northampton, MA Fern Street, Northampton, MA Maple Street, #74, Florence, MA Rust Avenue, Northampton, MA Hatfield Street, #68, Northampton, MA Juniper Street, Northampton, MA Riverside Drive, Northampton, MA Sales PriceN/A$85,000 $89,000 $170,000 $50,000 $268,000 $22,500 $18,500 Price/Sq. Ft. $16.40 $15.72 $11.48 $9.65 $5.59 $4.70 $1.52 VALUE ADJUSTMENTS Description DescriptionDescriptionDescriptionDescriptionDescriptionDescriptionDescriptionConditions of SaleNone knownNone knownNone knownNone knownNone knownNone knownNone knownDate of Sale/Time5/14/20184/7/2016 $ 0.68 1/22/2016 $ 0.73 1/22/2018 $ 0.52 3/9/2016 $ 0.06 10/1/2014 $ 0.37 8/5/2016 $ 0.16 4/24/2016 $ 0.06 LocationDowntownNear downtown Look ParkFlorenceNear downtownNear downtownFlorenceFlorenceImprovements None None None None None None None None Square feet 14,685 5,184 5,663 14,810 $ - 5,184 $ - 47,916 $ - 4,792 $ - 12,196 $ - Frontage 121 55 68 83 55 122 50 375 ViewAvgAvgAvgAvgAvgAvgAvgAvgUseLand onlyVacant Vacant VacantVacantVacantVacantVacantSpecial Conditions:NoneNone None None None None None None Total Quantitative Adj. $ 0.68 $ 0.73 $ 0.52 $ 0.06 $ 0.37 $ 0.16 $ 0.06 Total Value: $17.08 $16.45 $12.00 $9.71 $5.97 $4.85 $1.58 May 14, 2018LandVest, Inc.
Parcel C Larger ParcelAfter Partial AcquisitionRoundhouse Parking ExpansionSale Adj.ITEM SubjectSale #1 Adj Sale #2 Adj Sale #3 Adj Sale #4 Adj Sale #5 Adj Sale #6 Adj Sale #7 Adj OwnerBiapita LLC OberMontgomerySeven Sisters Land, LLCIzerL. P. Sudette Bubilder, Inc.Tal-BakerLaneAddress73 Old South Street, Northampton, MARust Avenue, Northampton, MA Fern Street, Northampton, MA Maple Street, #74, Florence, MA Rust Avenue, Northampton, MA Hatfield Street, #68, Northampton, MA Juniper Street, Northampton, MA Riverside Drive, Northampton, MA Sales PriceN/A$85,000 $89,000 $170,000 $50,000 $268,000 $22,500 $18,500 Price/Sq. Ft. $16.40 $15.72 $11.48 $9.65 $5.59 $4.70 $1.52 VALUE ADJUSTMENTS Description DescriptionDescriptionDescriptionDescriptionDescriptionDescriptionDescriptionConditions of SaleNone knownNone knownNone knownNone knownNone knownNone knownNone knownDate of Sale/Time5/14/20184/7/2016 $ 0.68 1/22/2016 $ 0.73 1/22/2018 $ 0.52 3/9/2016 $ 0.06 10/1/2014 $ 0.37 8/5/2016 $ 0.16 4/24/2016 $ 0.06 LocationDowntownNear downtown Look ParkFlorenceNear downtownNear downtownFlorenceFlorenceImprovements None None None None None None None None Square feet 20,802 5,184 5,663 14,810 $ - 5,184 $ - 47,916 $ - 4,792 $ - 12,196 $ - Frontage 70 55 68 83 55 122 50 375 ViewAvgAvgAvgAvgAvgAvgAvgAvgUseLand onlyVacant Vacant VacantVacantVacantVacantVacantSpecial Conditions:NoneNone None None None None None None Total Quantitative Adj. $ 0.68 $ 0.73 $ 0.52 $ 0.06 $ 0.37 $ 0.16 $ 0.06 Total Value: $17.08 $16.45 $12.00 $9.71 $5.97 $4.85 $1.58 May 14, 2018LandVest, Inc.
Parcel D Larger ParcelAfter AcquisitionRoundhouse Parking ExpansionSale Adk.ITEM SubjectSale #1 Adj Sale #2 Adj Sale #3 Adj Sale #4 Adj Sale #5 Adj Sale #6 Adj Sale #7 Adj Owner3-5 Clark Avenue, LLC Ober MontgomerySeven Sisters Land, LLC IzerL. P. Sudette Bubilder, Inc. Tal-Baker LaneAddress3-5 Clark Avenue, Northampton, MARust Avenue, Northampton, MA Fern Street, Northampton, MA Maple Street, #74, Florence, MA Rust Avenue, Northampton, MA Hatfield Street, #68, Northampton, MA Juniper Street, Northampton, MA Riverside Drive, Northampton, MA Sales Price N/A $85,000 $89,000 $170,000 $50,000 $268,000 $22,500 $18,500 Price/Sq. Ft. $16.40 $15.72 $11.48 $9.65 $5.59 $4.70 $1.52 VALUE ADJUSTMENTS Description Description Description Description DescriptionDescriptionDescriptionDescriptionConditions of SaleNone knownNone knownNone knownNone knownNone knownNone knownNone knownDate of Sale/Time5/14/20184/7/2016 $ 0.68 1/22/2016 $ 0.73 1/22/2018 $ 0.52 3/9/2016 $ 0.06 10/1/2014 $ 0.37 8/5/2016 $ 0.16 4/24/2016 $ 0.06 LocationDowntownNear downtown Look ParkFlorenceNear downtownNear downtownFlorenceFlorenceImprovements None None None None None None None None Square feet 28,775 5,184 5,663 14,810 $ - 5,184 $ - 47,916 $ - 4,792 $ - 12,196 $ - Frontage 84 55 68 83 55 122 50 375 ViewAvgAvgAvgAvgAvgAvgAvgAvgUseLand onlyVacant Vacant VacantVacantVacantVacantVacantSpecial Conditions: NoneNone None None None None None None Total Quantitative Adj. $ 0.68 $ 0.73 $ 0.52 $ 0.06 $ 0.37 $ 0.16 $ 0.06 Total Value: $17.08 $16.45 $12.00 $9.71 $5.97 $4.85 $1.58
51
C. CORRELATION OF SUBJECT MARKET VALUE AFTER ACQUISITION
The Cost Approach was not considered applicable to the appraisal because the subject
land is vacant.
I did not utilize the income approach.
The Sales Comparison Approach reflects the actions of knowledgeable buyers and sellers
in the real estate market. I utilized seven sales in the final analysis to value the four
Larger Parcels.
In conclusion, it is my opinion that the market value of the four Remainder Parcels
(land only), after the partial acquisition, as of May 14, 2018, the effective date of this
valuation, was:
Address Map Parcel
Subject
Acquisition
Sq. Ft.
Remaining
acres
Remaining
Sq. Ft.
Land Market
Value After
partial
acquisition
49 Old South
Street 31D-226 A 2,362 1.34 58,361 467,000$
67 Old South
Street
31D-224-
1 B 430 0.34 14,685 176,000$
73 Old South
Street
31D-223-
1 C 891 0.48 20,802 187,000$
3-5 Clark
Avenue 31D-222 D 105 0.66 28,775 259,000$
3,788 2.82 122,623 1,089,000$
The aggregate final value is $1,089,000, which is about $8.61 per sq. ft. of total land area.
52
IX. VALUATION OF TEMPORARY TAKING
Description of Temporary Taking
The subject property to be acquired is part of the Roundhouse Parking Expansion which
involves moving the existing trail to the south onto the respective portions of the four
ownerships. The temporary disturbances were provided by the Planning and
Sustainability Office. The temporary disturbance or taking, affects all four Parcels:
Parcel A – 60 sq. ft.; Parcel B – 40 sq. ft.; Parcel C – 181 sq. ft.; and Parcel D – 918 sq.
ft. The temporary taking is the northernmost portion of four improved parcels: Parcel A
is part of 49 South Street, an improved parcel with 60,723 sq. ft.; Parcel B is part of 67
South Street, an improved parcel with 15,115 sq. ft.; Parcel C is a part of 73 South Street,
an improved parcel with 21,693 sq. ft.; and Parcel D, which is a part of 3-5 Clark
Avenue, an improved parcel with 28,880 sq. ft.
The temporary disturbance will include a total of 1,199 sq. ft. The purpose of this
appraisal is to estimate the market values of each temporary taking.
Value Considerations of Temporary Taking
The value of a temporary taking is based on the difference between the value of the
property before the taking and the diminution in value during the taking. Temporary
takings can result when a condemner acquires a permanent property right and a
temporary easement beyond the permanent property right for construction of a proposed
public improvement. When the construction of the public property is complete, the
construction easement is extinguished and the unencumbered fee interest in the land
reverts to the owner. The compensation resulting from a temporary taking is usually the
calculated based on the economic rent of the affected area for the term of the easement.
In the absence of comparable rental data, the appropriate rate of return must be estimated
and applied to the fee value of the temporary taking before the acquisition and to then
adjust the fee value of the Temporary Taking based on the loss of use for the term of the
Temporary Taking. The term of the taking has not been established. For the purposes of
this analysis I have assumed that the Temporary Taking will have a term of 1 year.
The fee value of the Temporary Taking land (part of the respective Larger Parcels) is
shown in the previous section of this appraisal as: Parcel A - $8.00 per sq. ft.; Parcel B -
$11.97 per sq. ft.; Parcel C - $8.99 per sq. ft.; and Parcel D - $9.00 per sq. ft.
Based on a 10% annual rate of return, I have estimated the value of the Temporary
Takings as shown in the table on the following page:
53
Temporary
Taking Sq.
ft.
$/Sq. ft.
of Fee
Interest
Fee Value
before
temporary
acquisition
Rate of
Return
Yield for
1 year
Value of
Temporary
Taking for
1 year
Parcel A 60 8.00 $ 480 10% $ 48.02 $ 48
Parcel B 40 $ 11.97 $ 479 10% $ 47.90 $ 48
Parcel C 181 $ 8.99 $ 1,627 10% $ 162.70 $ 163
Parcel D 918 $ 9.00 $ 8,264 10% $ 826.45 $ 826
Totals: 1,199 $ 10,851 $ 1,085
Temporary Taking
As the table show, the total value of the Temporary Taking is $1,085. This represents the
value of the loss of beneficial use of the Temporary Taking for one year. Typically, in
this type of analysis, discounting of the final proceeds is required. However, in this case,
the amount of rent is small and the duration of the term is only one year rendering the
discount insignificant.
D. FINAL VALUE ESTIMATE TEMPORARY TAKING
My review of the local real estate market found no comparable rental properties. In their
absence I have estimated a reasonable annual rate of return at 10% which I have applied
to the fee value of the land proposed for Temporary Taking. Assuming the Temporary
Taking will last for a duration of one year, I have estimated that the market value is:
$1,085
54
PART V: EXHIBITS AND APPENDICES
APPENDIX 1: Legal Documents
APPENDIX 2: Plans, Survey
APPENDIX 3: Comparable Sales Details and Maps
APPENDIX 4: Qualifications of Jay E. Closser, ASA
55
APPENDIX 1:
Legal Documents
56
Deed Book 1461, Page 235
Northampton, MA : Commercial Property Record Card
[ Back to Search Results ][ Start a New Search ][ Help with Printing ]
Search For Properties
Parcel ID Name Street Name
31D-226 Search Reset
Parcel ID Card Routing No Location Zoning State Class Acres
31D-226-001 1 49 OLD SOUTH ST 970 - n/a 1.394
Living Units
62
Owner Information
Northampton Housing Authority
Deed Information
Book/Page:0
Deed Date:n/a
Building Information
Building No:1
Year Built:1965
No of Units:62
Structure Type:Apartment - High Rise
Grade:B
Identical Units:1
Valuation
Land:$563,980
Building:$3,916,520
Total:$4,480,500
Net Assessment:$4,480,500
Property Picture
[ No Picture Available ]
Sales History
Book/Page Date Price Type Validity
Out Building Information
Structure Code Width Lgth/SqFt Year RCNLD
Exterior/Interior Information
Levels Size Use Type Ext. Walls Const. Type Partitions Heating A/C Plumbing Condition Func. Utility Unadj. RCNLD
01-01 1x6800 Apartment Brk/Conc Blk Fire Resist Normal Hot Air Unit Normal Normal Normal 267810
02-07 1x6800 Apartment Brk/Conc Blk Fire Resist Normal Hot Air Unit Normal Normal Normal 1038220
Building Sketch
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Notice
The information delivered through this on-line database is provided in the spirit of open access to government information and is
intended as an enhanced service and convenience for citizens of Northampton, MA.
The providers of this database: CLT, Big Room Studios, and Northampton, MA assume no liability for any error or omission in the
information provided here.
Currently All Values Are Finalized For Fiscal Yr 2017.
Comments regarding this service should be directed to: jsarafin@northamptonassessor.us
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57
Deed Book 5553, Page 332
Northampton, MA : Residential Property Record Card
[ Back to Search Results ][ Start a New Search ][ Help with Printing ]
Search For Properties
Parcel ID Name Street Name
31D-224 Search Reset
Parcel ID Card Map-Block-Lot Location Zoning State Class Acres
31D-224-001 1 67 OLD SOUTH ST 104 - n/a 0.347
Owner Information
Hynes Elizabeth
69 Old South St
Northampton MA 01060
Deed Information
Book/Page:9490/156
Sale Date:2008/05/20
Dwelling Information
Living Units:2
Style:Col/Gam
Story Height:2
Exterior Wall:Frame
Attic Living:Unfin
Basement:Full
Year Built:1900
Ground Floor Area:2080
Unfinished BSMT Area:1760
Fin BSMT Living:0
Tot Living Area:4096
Rec Room:0 x 0
Tot Rooms:14
Bedrooms:9
Full Baths:3
Half Baths:0
Mas Fire Place 0
Frame Fire Place 0
Heating Type:Basic
Valuation
Land:$139,800
Building:$250,200
Total:$390,000
Property Picture
Sales History
Document No Date Price Type Validity
n/a 1998/12/01 $175,000 Land + Bldg N
Permit History
Date Purpose Price
2008/10/16 NEW WINDOWS $800
2008/08/19 10 X 9 POOL DEC $5,000
Out Building Information
Type Qty Year Size1 Size2
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Building Sketch
Notice
The information delivered through this on-line database is provided in the spirit of open access to government information and is
intended as an enhanced service and convenience for citizens of Northampton, MA.
The providers of this database: CLT, Big Room Studios, and Northampton, MA assume no liability for any error or omission in the
information provided here.
Currently All Values Are Finalized For Fiscal Yr 2017.
Comments regarding this service should be directed to: jsarafin@northamptonassessor.us
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58
Deed Book 8386, Page 229
Northampton, MA : Commercial Property Record Card
[ Back to Search Results ][ Start a New Search ][ Help with Printing ]
Search For Properties
Parcel ID Name Street Name
31D-223 Search Reset
Parcel ID Card Routing No Location Zoning State Class Acres
31D-223-001 1 73 OLD SOUTH ST 111 - n/a 0.498
Living Units
5
Owner Information
Biapita Llc
Deed Information
Book/Page:8386/229
Deed Date:2005/08/10
Building Information
Building No:1
Year Built:1900
No of Units:5
Structure Type:Apartment - Garden
Grade:C+
Identical Units:1
Valuation
Land:$142,090
Building:$361,010
Total:$503,100
Net Assessment:$503,100
Property Picture
Sales History
Book/Page Date Price Type Validity
n/a 2005/08/10 $340,000 Land + Bldg 0
Out Building Information
Structure Code Width Lgth/SqFt Year RCNLD
Exterior/Interior Information
Levels Size Use Type Ext. Walls Const. Type Partitions Heating A/C Plumbing Condition Func. Utility Unadj. RCNLD
B1-B1 1x2268 Support Area Wood Joist Normal None None Normal Normal Normal 16860
01-01 1x2268 Apartment Frame Wood Joist Normal Hw/Steam None Normal Normal Normal 53430
02-02 1x2268 Apartment Frame Wood Joist Normal Hw/Steam None Normal Normal Normal 51410
Building Sketch
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Notice
The information delivered through this on-line database is provided in the spirit of open access to government information and is
intended as an enhanced service and convenience for citizens of Northampton, MA.
The providers of this database: CLT, Big Room Studios, and Northampton, MA assume no liability for any error or omission in the
information provided here.
Currently All Values Are Finalized For Fiscal Yr 2017.
Comments regarding this service should be directed to: jsarafin@northamptonassessor.us
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59
Deed Book 7405, Page 175
Northampton, MA : Residential Property Record Card
[ Back to Search Results ][ Start a New Search ][ Help with Printing ]
Search For Properties
Parcel ID Name Street Name
31D-222 Search Reset
Parcel ID Card Map-Block-Lot Location Zoning State Class Acres
31D-222-001 1 3 CLARK AVE 104 - n/a 0.663
Owner Information
3-5 Clarke Avenue Llc C/O Hampshire Property Mngt
P O Box 686
Northampton MA 01061
Deed Information
Book/Page:7405/175
Sale Date:2003/08/21
Dwelling Information
Living Units:2
Style:Col/Gam
Story Height:2
Exterior Wall:Frame
Attic Living:Unfin
Basement:Full
Year Built:1900
Ground Floor Area:1984
Unfinished BSMT Area:2084
Fin BSMT Living:0
Tot Living Area:3808
Rec Room:0 x 0
Tot Rooms:14
Bedrooms:6
Full Baths:2
Half Baths:0
Mas Fire Place 2 / 2
Frame Fire Place 0
Heating Type:Basic
Valuation
Land:$144,600
Building:$277,400
Total:$422,000
Property Picture
Sales History
Document No Date Price Type Validity
n/a 2003/08/21 $400,000 Land + Bldg 0
Permit History
Date Purpose Price
2007/04/18 NEW REAR DECK $4,000
Out Building Information
Type Qty Year Size1 Size2
Building Sketch
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Notice
The information delivered through this on-line database is provided in the spirit of open access to government information and is
intended as an enhanced service and convenience for citizens of Northampton, MA.
The providers of this database: CLT, Big Room Studios, and Northampton, MA assume no liability for any error or omission in the
information provided here.
Currently All Values Are Finalized For Fiscal Yr 2017.
Comments regarding this service should be directed to: jsarafin@northamptonassessor.us
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60
APPENDIX 2:
Plans, Surveys
61
APPENDIX 3:
Comparable Sales Detail
Sale #10345.01
Address:Rust Avenue, Lot #2
Town:Northampton
County:Hampshire
Deed:12239-56
Price:$85,000
Date:4/7/2016
Grantor:Izer, Emily & Jenna
Grantee:Ober, Jeremy
Improvement:None GLA:
Use:Vacant; 1 lot
$/GLA:
Map/Lot:38A-153
Acres:0.12
Frontage:55
Utilities:e/t/s/w
$/acre:$714,286
Amenities:None
Liabilities:None
Topography:Gentle
Verification:MLS/ Public record
Soil:Sandy
Comments:Building lot near downtown. The buyer subsequently built a house on the
premises which sold for $392,000 in 2017. The lot was split from a larger
improved parcel.
Zoning:URB
Market Data - 1
Sale #10345.02
Address:Fern Street
Town:Northampton
County:Hampshire
Deed:12182-164
Price:$92,000
Date:1/22/2016
Grantor:Shea, Deborah
Grantee:Montgomery, Jesse
Improvement:None GLA:
Use:Vacant; one lot
$/GLA:
Map/Lot:16B-27-1
Acres:0.13
Frontage:68
Utilities:e/t/s/w
$/acre:$707,692
Amenities:None
Liabilities:None
Topography:Gentle
Verification:MLS/ Public record
Soil:Sandy
Comments:Small lot in established neighborhood near Look Park. The buyer built a new
house which sold in March 2017 for $429,000.
Zoning:URB
Market Data - 2
Sale #10345.03
Address:Maple Street, #74
Town:Florence
County:Hampshire
Deed:12989-125
Price:$170,000
Date:6/22/2018
Grantor:Maduka, Thankgod
Grantee:Seven Sisters Land, LLC
Improvement:None GLA:
Use:Vacant; buildable
$/GLA:
Map/Lot:23A-34
Acres:0.34
Frontage:83
Utilities:e/t/s/w
$/acre:$500,000
Amenities:None
Liabilities:None
Topography:Gentle
Verification:Selling broker
Soil:Sandy
Comments:One of few remaining vacant lots in downtown Florence. The land is located
within the General Business Zone.
Zoning:GB
Market Data - 3
Sale #10345.04
Address:Rust Avenue, Lot #2
Town:Northampton
County:Hampshire
Deed:12215-347
Price:$50,000
Date:3/9/2016
Grantor:Foster, Marion
Grantee:Izer, Emily & Jenna
Improvement:None GLA:
Use:Vacant; 1 lot
$/GLA:
Map/Lot:38A-153
Acres:0.12
Frontage:55
Utilities:e/t/s/w
$/acre:$420,168
Amenities:None
Liabilities:None
Topography:Gentle
Verification:MLS/ Public record
Soil:Sandy
Comments:Building lot near downtown. This property was resold in April 2016 for
$85,000 to a builder who subsequently built a house on the premises which
sold for $392,000 in 2017. The lot was split from a larger improved parcel.
Zoning:URB
Market Data - 4
Sale #10345.05
Address:Hatfield Street, #68
Town:Northampton
County:Hampshire
Deed:11767-101
Price:$268,000
Date:10/1/2014
Grantor:McCutcheon, David
Grantee:L. P. Sudette Buildiner, Inc.
Improvement:Old house GLA:
Use:Vacant; multi-unit potential
$/GLA:
Map/Lot:18C-45, 180, 18
Acres:1.10
Frontage:122
Utilities:e/t/s/w
$/acre:$243,636
Amenities:None
Liabilities:None
Topography:Gentle
Verification:Selling broker
Soil:Sandy
Comments:Parcel of improved land purchased for redevelopment. This parcel is
comprised of four lots. The buyer was a builder who has built multi-family
dwellings on the property.
Zoning:URB
Market Data - 5
140
125133.28
73.26
24 40.5
83.27
145.86
125
132
70
103
70
186
150
396
150
80
380
61.91
30
20
149.8
100
417.23
350
158.48
418
180.96
167.47
30 20 2020
20
30
100
836.28
92.1
359.42
161.2
92.1 72
394.5
100.5 417.3
30
90
31.62
100
302020
100
20
202020
30.8520
202030
2020
30
20140.48
149.48 20
20
113.49
131.48
122.48 20
20
30
84.84
379.28
100
10020
20
30
20
30
20 748.12
30 59.2
338.6
93.3
150.6
140.2
100
404
124.84
20
30.1
2030 30
70
20
20
20
151.84
50
100
208
100
113.46
100
109.33
150
110
100150
29.15
10
20 2030
20
30.1 100
441.6
121.1
368.84
348.3
152.9
116.97
99.49
124.11
75
104.5
100
191
78.8
176.5
198.94
71.85
85.66
238
218.22
139
155
118
106
737.5
300
242
813.1
460.1
529
420
851.13
734
857
424
525
85
112.5
211.74
109.36
10275
100.21
130.58
185.95 54.53
165.64
32.87
75
50
105
100
100 100
139.7
64.67
120
140
151.6
151
150
132.11
170
167.4
73.7
32
151
75
206.5
9575 9575
75
95
95
759.16
190
379.9
95
95
75
75
95
140
151
229.7
140
75
151
190.7
82
92.5 85
110
325.6
73.75
158.2
152.7
66 70.3 154.22
75
179
122.6
200
200
519.96 157.80
125
125
102.95
65
65
125
125
70.02 100
225
70.01
172
65
125
65
65
125
426.21
519.20
65 77.48
65
200
125
125
28.91
12192.99
65.16
213.84
585
100
65
65
125
183.5
9575
385
386.5
95
75
95
155.5
87
169.5
137
86 86
160
92.9
105.67
237
220
150
295.8
150
185.2
140
124
256 256
160.0
256
154.25
46.38
50.78
96.00
150
15075
150
45.2
112.5 150
112.5
150
150
110
172
246.06
160.30
156.40
246.06
165 80 161.2 100
89.03
308.49
178.72
124.12
38.83
55.13
124.12
89.03
38.83
55.13178.72
292.51
100.01
231.29
739.29
739.29
720
116.52
410 82.4
113.72
132 60
104
700
650 70
108
103 70
80
97
117.2
103.4
103.4
31.83
22
22
32.89
110.4
21.93
172.6
30.1
98.4
36.34
100
92.8
20
20
20
100.09
90
100
15.7
90.49
100
100
121.1
30.1
37.12
147.7
110
97
113.9
97.25
100
108.7
75
65
107
597
65
65
100
98.7
101.5 100
65
160
84.15 82.75 84.55
133.9
264
90
100.5
150
155
278
199
294.5
93.5
114.8
100.1
516
154
75
75
81.29
100
80.67
111.01
100
75
75
100
100
110.5
101 45 132
100
100
75
48.85 10590
140
100
100
100
100 75
100
100
92.85
91.9 103.6
166.7
75
150
85
136.5
148.1
124
10264.5 28
102
95
75
75
75
75
75
155.7
84.34
133
42.56
90.8
8055.2
93.57
195.36
65
143.5
122
103.67
75
191.9
65
65
65
65
98.5
100
65
88.9165
98.5
65
67
12
56.3488.91
80 92
113.47104.05
67.26
254.94
148
112.5
207.79
95
95
72.7
85
75
85
75
85 90
86.6 90
94.74 108.8
85
184.90
1405570
65.91 124
75
131.8
110
49
128.67
495.5
133.41
92.5
15
429.6
128.53
131.87
140.2
128.50
429.6
394.5 100 118.8
132
118.8
181.01
83.47
265.32
495.5
83.47
35.38
207.6
18.2953.81296.20
174.86
22
32.9
22
22
22
100
164.6
20
20 100
95.60
147
120
65
75
75
140
229.9
67
95.45
84.6
140
100
379.9
100
134
100
202.00
172.00
50.80
160.89
117.00
204.49
119.22
55.00160.89
188.03
70.69 82.91 86.13 92.44
34.35
96.45
65.00
66.25
92.22
191.18
42.38 136.66
85.33
136.66
85.33
50.7550.75
117.26117.2641.48
81.66
71.0771.07
164.09
155.98
82.43
92.03 105.32 108.03
48.7986.1792.4692.46
134.96
13.29
18C-025
18C-026 18C-027
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18C-17218C-17318C-17418C-175
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18D-009
18D-038
18C-050
18C-054
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24A-001
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24A-04324A-249
24B-079
24A-224
18C-040
18C-041 18C-042 18C-177
18C-028
999-998
17D-009
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999-998
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18C-045 999-998
18 -018
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999-998
18 -025
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18D-001
18C-051
Zoning: URC
Zoning: URC
Zoning: SC
Zoning: SR
Zoning: SR
Zoning: HB
Zoning: RR
Zoning: RR
Zoning: RR
Zoning: URBCRABAPPLELNASPENLNDOGWOODLN HATFIELDSTHAMPS
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Map SheetNorthampton Zoning Map 18C
13
08
03
51 52
3534
27 28
36
49
37
29
20 26
50
14
48
21
53
40
02
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19
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45 46 4742 43 4441
39
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10 11A
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38A
31A
24A
16A
22B
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10B
39A
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17A 17B
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30D30C
17D
12C
23C22D
38D
31D
24D
32C
23D
18D16D16C
10D
17C
25C
18C
property line dimension
lot numbermap number
99C-999
488.32
135
291.08
150.79
107.6
84.32 89.97
71.2 66
376.17
89.98
68 68
75
136.18
227.53
"A" Street"B" Streetwww.NorthamptonMA.gov e-mail: CityGIS@NorthamptonMA.gov
0 10050Meters
0 100 200 300 400 50050 Feet
Assessor lines revision date: 01 January 2018
Projection: Massachusetts State Plane (NAD83)These maps are not intended for use in conveyances and they contain errors and discrepancies. Individuals requiring an authoritative property boundary or other location must retain the services of a professional land surveyor.E
Sale #10345.06
Address:Juniper Street
Town:Florence
County:Hampshire
Deed:12363-60
Price:$22,500
Date:8/5/2016
Grantor:Connor, Kathleen M.
Grantee:Tal-Baker, Maya & Brien
Improvement:None GLA:
Use:Vacant; marginal lot
$/GLA:
Map/Lot:16B-21-1
Acres:0.11
Frontage:50
Utilities:e/t/s/w
$/acre:$204,545
Amenities:None
Liabilities:None
Topography:Gentle slope
Verification:MLS / Public record
Soil:Sandy
Comments:Marginal lot near Look Park and a bike path. The land is located between
Bridge and Fern Street. Buyer has built a house which sold for $180,000 in
May 2017.
Zoning:URB
Market Data - 6
Sale #10345.07
Address:Riverside Drive
Town:Northampton
County:Hampshire
Deed:12251-3
Price:$18,500
Date:4/24/2016
Grantor:Perrault, Philip
Grantee:Lane, Alexander & Zaman, Sye
Improvement:Old barn NV GLA:432
Use:Vacant; unbuildable
$/GLA:$43
Map/Lot:30B-68
Acres:0.28
Frontage:375
Utilities:None applicab
$/acre:$66,071
Amenities:None
Liabilities:Shape
Topography:Steep
Verification:MLS / Public record
Soil:Sandy
Comments:Unbuidlable land on Riverside Drive. The lot is improved with a dilapidated
barn that the buyers repaired. The land is not suitable for building.
Zoning:URB
Market Data - 7
67.3
166.3
264
107.25
160
198
198185
198
277.2
104.94139.94
140.9
75
40
100 422.0560.6
100
87.78
290.03251.1 17.48
47.5
165
149
47.1
69.5
148.5
147.93
90
130
71.28
75
140
75
148.5
148.9
249.2
70.3
167
165.74
247.5
150
149
79.2
75
158.4
74.25
445.5
107.25
100
100
172.25
178.68
462
87.78
132
462
56.78
88.42
132
72.6
165
165.66
148
147.93 66
72
86.4685.8
184.8 99
168.96
165.56
156.3
112.2
148.5 165
165
174.0772.6
174.07176.7
169.12
171.6
174.07
174.24
126.06
99
152.46 87.12
99284.46
169.02
142.56
106.26
138.6 82.5
188.7
142.56
70.62
280.5
132
132
139.9
132.8
20
490
151.48
204 250
229
165.51
100
101.00
103.70
68.00
66.17
113.59
73.75
56.65
117.07
132.84
281.50
187.00
24.50
110.00
80
244.09
83.00
54.55
235.70 86.14
85.00
102.50
58.00
310
295
266.2
347.6
370.29
110
132
370.29154.00 122.8
125
125 80
46
100113
122.8
495
74.2
205
150
87.78
178.68 132
142.56
442.1 441.38
125
100
165
129100
13040
55
87.8
75.5148.5
166 165
152
2222 190 225
72
11.5 215
250
181
130
291
319.5
163.6
157.64
165
314.5
110.8
142.56
106.2651.15
51.15
256.74
165
170.28
132
100.4
128
78.8183
94.1
55
148
415.5
25.7
335
359
192.1177
75.8
104.499
100
9224 150
50103.82
191.08
303.5
141.3
250.3
60.8
209.9
43.1
20 92
125.4
163.6
242
57
88
89.7
201.3
114.1
195.07
127
150
154.16
40 100
135 70
70
118 70
391.48
70
165
90
88.22
232
64.3770.00
30
35.74
17.3
234
146
30.5
11.4
34.81
144.5 54
144.5
172.90
107.10
160.00
45.00
265.60
281.43281.43
22.93
30.00
140.59
27.6922.67 73.26
123.10
6.4416.75
88.03
110.59
15.68
114.82
60.12
12.89
120.44
145.18
142.36 140.38 120.87
422.75
128.41
120.54
210.31
20.73
59.16
70.00
82.89
142.80
172.70
70.00
492.75
340.00
340.00
147.95
147.95
133.84
164.74
89.00
133.4769.89
133.84
164.74
60
60.5
60.6
12
52
80.00
101.81
158.00
40
301
173
118
70
186 89
120.93
144.5
198
210
82.5
107.25
213.78
164.99
20.9 43.2
139.94
52.3 109.56
66
10040
59.7
75
115.5 60.3
100
63.97
74.2
148.5
6682.5
156
75
166.89
142.56
77.55
74.25
107.25
74.25
74.25
74.25
99
60
99
90.75 375
91.9
132
165
165
165
71.94
56.78
143.88
87.1 91.9
143.88
82.5
82.5
109.8 82.575
97.56
62.0447.52
194.7
66 76.56
84.75
80.75
38
22
80.8
229
90
99
68.9
117.2
68
83
50
202.4
94.87 100
99
80
80
96.40
82.4
152.31
111111
117
130
73
360
4840109.6 75
87.5
72.6
39.2 1140
139
93.06
21.3
405.4
90
60
90
100
185.46
140.3
132
76.1
100
100
104.2
50
249.5
50
50 51.25102.03
62.41
123.45
114
86.6
241
140
50 130.9
24.6
105 70
113.3
70
90
6183.52
85.25
120
79
101.26
7.55
122.60
203.05
120.31
149.43
60.55
19.56
79.00
78.91
40.00
40.00
370.00
157.03
107.58
111.89
80.00
59.68
78.06 78.06
136.40 71.12
132.00
132.00
100
82.5
70
165
50
99.5
60.5
77.55 60
99
71.94
165
214.5
120
150.4
119.99
174.1
100.03
108.3 150
50
60
87
70
89
58
54
179.49
70
148.2
130
76.95
94.87
132
90.75
95
199.43
75
101.5
61.4
148.99 65.65 64.71
73.50
73.50
171.23
60.01
46.07
218.46
194.77 194.77
131.92
57.58
50.00
85.0053.2853.28
85.0085.00
111.57
113.67
98.54
235.55
80.00
101.81
236.19
170.00
255.00
236.19
170.00
158.00
40
335
80 25
80
278
262.61
105.00
146.81
75.00
127
105.00
146.81
282.39
275.00
300.00
8
23C-030 23D-040
23D-04223D-04423D-045 23D-046 23D-04723D-06823D-06923D-070
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30B-011 30B-012
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30B-056 30B-057
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30B-119 30B-120
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30C-067
30D-002
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30D-008 30D-015
31A-104
31A-314
31A-315
31A-316
31A-330
31C-001
30B-013
30B-125
30B-099
30B-100
30B-102
30B-101
23D-194
30B-015
30B-021
30B-022
30B-038
30B-010
30B-126
30B-023
999-998
999-998
30B-127
xxx-xxx
30B-128
30B-129
Zoning: SC
Zoning: SC
Zoning: SC
Zoning: OI
Zoning: URA
Zoning: FFR
Zoning: FFR
Zoning: SR
Zoning: URB
WARD AVEMAPLEWOOD TERRVERNON STWOOD AVE
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Map SheetNorthampton Zoning Map 30B
13
08
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51 52
3534
27 28
36
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20 26
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02
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06 07
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property line dimension
lot numbermap number
99C-999
488.32
135
291.08
150.79
107.6
84.32 89.97
71.2 66
376.17
89.98
68 68
75
136.18
227.53
"A" Street"B" Streetwww.NorthamptonMA.gov e-mail: CityGIS@NorthamptonMA.gov
0 10050Meters
0 100 200 300 400 50050 Feet
Assessor lines revision date: 01 January 2018
Projection: Massachusetts State Plane (NAD83)These maps are not intended for use in conveyances and they contain errors and discrepancies. Individuals requiring an authoritative property boundary or other location must retain the services of a professional land surveyor.E
Sale #10345.08
Address:Coles Meadow Road
Town:Northampton
County:Hampshire
Deed:10993-44; 11031-262
Price:$11,000
Date:7/31/2012
Grantor:Goodale, Helen N.
Grantee:Kors, Sven
Improvement:None GLA:
Use:Vacant: non-buildable
$/GLA:
Map/Lot:8-44-1
Acres:5.70
Frontage:0
Utilities:N/A
$/acre:$1,930
Amenities:None
Liabilities:Access
Topography:Gentle
Verification:Selling broker
Soil:Sandy
Comments:Wooded land with wet areas to the rear and along the frontage. The land has
about 92 linear feet of frontage on Coles Meadow Road. The land was sold
separately from the house in front. The allocated price for the backland was
$11,000.
Zoning:RR WSP
Market Data - 8
173.13378.48167.31369.46115.15102.3124582.46225249.50612950700800226.84160.46220240240220116.2484.88223.67620565.12739.80872600948.51959.49200307582.1581.46132.66157.59105.9196.88110.0759.37200219.21897.6255160264.2621077.05212.7389.37152.43178.87275.22275204.8459.78490465335.82225.51158.57297.07150302.77250118.62287.3616010016014.81149.258.71125130135.696501095100203751951902402029015070441.4914604452785.54217517381941364501650845218.34367.89431.9919817401360160092400135348138.07202.41238.21200214613.54958200238.63162.69311.75400119.8617288.2668.99238.841.4927.5200418.20495.23320291.4554.65135.36125.08583.80583.80125.08135.36390.00390.00170.00170.00202.27202.27462.29527.57521.34388.78696.01339.71339.71493.66493.66216.90216.90674.28239106155.47391.39360.00125.80189.80363.36363.36957.39130.38130.3895.9195.91203.71203.71200.00200.00549590.590.390.590.190.2159.8169.8151.1140.43139.5136.5125.1124.9413.50285.85224.57198.16200.20224.57451.49450.00872.00200.20198.16394.74394.74471.3193.00268.00116.96383.66897.621281.28670.00515.00228.89156.17100200.84194.30155.70170180154.17203.39175929696198251.41359.7817540017589.3712096125520.4905302016013070225.885105.15135104.26165175214132106.91185100.48605100200122.94135.63257.71125.81100.58909090909063.03186.9736.26221.74113.714.48605238.840.10286.93115162.0048.00209.95229.20258.70197.25422.50422.50197.25239.2726.93136.59261.92172.07324.60700294.08115125113.00360.00391.39409.70370.00362.41281.14360.0047914282026.93136.59261.9236.5671.5384.8842.5359.27132.2224.00203.7726.2456.0243.6640.6935.1922.0825.6824.3630.8032.6934.5170.85154.9940.52225.35450.00820.88854.71582.15261.93209.5591.58172.68109.7127.9703 -01203 -01908 -00608 -00708 -00808 -01108 -03808 -05008 -05208 -05313 -06308 -05113 -04713-06208 -00908 -01208 -01308 -01408 -01508 -01608 -01708 -01808 -01908 -06808 -02103 -00808 -00208 -02408 -02508 -02608 -02708 -02808 -02908 -03008 -03108 -03208 -03408 -04108 -04208 -04308 -04408 -04508 -04608 -02308 -06208 -04008 -05803 -00708 -00108 -00308 -00408 -07008 -03608 -06508 -05508 -03708 -05908 -05408 -06308 -06108 -06708 -057999-99813 -09713 -09813 -00113 -10113 -10008 -03508 -03308 -00507 -03508 -02208 -06413 -073999-99808 -049999-998999-998999-998999-998Zoning: SCZoning: SCZoning: FFRing: FFRZoning: FFRing: FFRoning: FFRZoning: SRZoning: OIZoning: HBZoning: RRZoning: RRZoning: WSPZoning: SCZoning: WSPZoning: WSPC OLESM EADOW R D UNKNOWN(LAURELPARK)NORTHKINGST-RT5&10NORTHAMPTONST(LAURELPHAVENAVE(LAUR E L PARK)UNKNOWN(LAURELPARK)SCOTTAVE(LAURELPARK)HEADINGAVE(LAURELPARKI-91THECIRCLE(LAURELPARK)I-91SPRINGFIELDST(LAURELPALLENRDEMBURYLN(LAURELPARK)I-91ASHBURYAVE(LAURELPARKCLARKAVE(LAURELPARK)BAKERST(LAURELPARK)ALLENRDALLEN RDTRINITYCIR(LAURELPARKLAU R E LPARKI-91THELA N E (LAUREL PARK)I-91I-91I-91Map SheetNorthampton Zoning Map08130351 52353427 28364937292026501448215340020906 071904 05013345 46 4742 43 444139121511182232251011A11C38A31A24A16A22B30A10B39A23B16B30B15B23A31B 32A17A 17B25A38B24B38C31C24C18C30D30C17D12C23C22D38D31D24D32C23D18D16D16C10D17C25C08property line dimensionlot numbermap number99C-999488.32135291.08150.79107.684.3289.9771.266376.1789.98686875136.18227.53"A" Street"B" Streetwww.NorthamptonMA.gov e-mail: CityGIS@NorthamptonMA.gov010050Meters0 100 200 300 400 50050FeetAssessor lines revision date: 01 January 2018Projection: Massachusetts State Plane (NAD83)These maps are not intended for use in conveyances and they contain errors and discrepancies. Individuals requiring an authoritative property boundary or other location must retain the services of a professional land surveyor.E
Qualifications 1
APPENDIX 4:
Qualifications of Jay E. Closser, Senior Advisor
Qualifications 2
QUALIFICATIONS OF THE APPRAISER
JAY E. CLOSSER, ASA
Senior Advisor, Real Estate Consulting Group, LandVest, Inc.
Jay E. Closser is a Senior Advisor with the Real Estate Consulting Group of LandVest,
Inc., a broad-based real estate company involved in all aspects of land planning, real
estate brokerage, consulting, development, and conservation planning. As Senior
Advisor, he is responsible for residential and commercial appraisals, development
feasibility studies, land use planning and design, and implementation of development
projects.
Prior to joining LandVest, Inc., Mr. Closser was the Principal of Temple Hill Associates,
an appraisal firm owned by Mr. Closser. He was the Town Appraiser in Concord, MA, a
position where he was responsible for the valuation of all real estate in the town for
taxation purposes. Mr. Closser has lectured and published articles on the Valuation of
Land under Conservation Restrictions.
Mr. Closser received a Bachelor of Arts degree in English from Princeton University in
1975. He is a Certified General Appraiser with Massachusetts General License CG #730;
Maine General License CG #1523; New Hampshire General License NHCG #779; New
York General License #46-42271; and Vermont License CG #80-232. He is a practicing
affiliate of the Appraisal Institute. He is a Senior Member of the American Society of
Appraisers.