6503 EVERGREEN WAY SPORTYS BEEF AND BREW 2018-01-02 MF Import

H H b � ro C H 7 H{� N H 5 Nn � H 'F O la D � N H � H � °z n o r+ cn o c� • n❑ � H tL H y O N O H n C N �3 � r �v �a z y m yom �f � , �� � o' � =. P��S� i/ �� MGMORANDUM TO: James Driscoll, He�lring Examiner FROM: Cr�ig'fiu�lerron, Real Property Manager / DATE: November 24, 1992 SUBJECT: SPOR7'Y'S I3GEF AND BRE�V/APPGAL N892 In response to a reyuest by Larry Crawford Assistant Public Works Direcror, I havc analyzed the above referenced property (6503 Evergreen Way) for the purpose or forming an opinion of the market value otthe building onl as of 1989. In order to determine a presumptive building value as of 1939, I have considerecl th� followin6: 1) The building was assessed at a value of �109,900 for tlie 1987 tax year. For Purposes discussed later, it should be noted diat the Snohomish Counry Assessors detennined a depreciation factor of 554'o in determining this value. It is przsi:med that this is physical depreciation only and does not consider functional and economic obsolescence. 2) The building was again revalued in 1991 at $219,200. This value was determined after the properry owner had appe�lled die Assessors value of $280,000+ to the Board of Lqualization. The he�lring before Uie Board of Equalization is based upon testimony provided by the appellant and the Coi�nry Assessors' staff. It can be re�lsonably assumed that the $219,2000 is indicative of a fair market value. Therefore, "backing out" die $73,423 cost and expense to remodel the subject building in 1989, could reFlect a building value of $145,777. 3) A copy of an appraisal dated May 2, 1988, that was submittecl by the appellant to assist in cletermining the buildmg value as of the date of the appra�sal has been reviewed. Gven thaugh this report was on an adjacent property and nut the sttbjec[ property the report had been revised (presumpUvely by the appellant) to indicate a subject building replacement value of the subject at �17�,200 (4920 square fcet �n $35.00). However, no consideration was given to the tact lhat the subject build'uig was physically depreciated. As noted in /!1 abovc, in 1987, the Snohomish County Assessors had calculated a depreciation factor of 55% of replacement value. This would indicate a building value of $77,490 ($172,200 less $94,710). PIe�1se be advised this is not an appraisal of the subject building's 1989 value. I[ merely utilizes the information Ihat was provided to me in order to extrac[ a historic value. The analysis above is subjective, but it does assist in calculating a potential building value circa 198). CP:cAlrywn)J CITY OF EVERETT• 3200 Cedar Street • Everelt, WA 98201 •(206) 259-8800 • Fax (206) 259•8882 ��'