HomeMy WebLinkAbout96-06395
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KEEN LEASING, INC,
V,
CUMBERLAND COUNTY BOARD OF
ASSESSMENT AND REVISION
OF TAXES
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
96.6395 CIVIL TERM
IN RE: REAL ESTATE TMM5ES~M.Em:.APPfiAL
Qflli1Qt!.MlJL9BDIDl.QE COURT
~.EEQBJU;lAYJ.IiY...4,
BAYLEY, J.t Novembsr 7, 1997:..
Keen Leaslng, Inc, flied an appeal from an assessment of lis property In
Middlesex TownShip, Cumberland Counly, on which It operates a full.servloe truok
rental and maintenance facility with substantlal outside storage of large types of
equipment and machinery, A de novo hearing was conducted on October 29, 1997.
The property 15 assessed at $274,660, The common lavel rallo 15 seven
percent. The Fourth to Eighth Class County Assessment Law at 72 P,S, Section
5453,601 (a), requires a determination of the "aclual value" of tllo taxpayer's property,'
In County of Monroe and Monroe County Boord of Assessment Appellls v.
Plnecrest Development Corp" 96 Pa, Commw, 200 (1986), tile Commonwealth
Court stated:
Pennsylvania case law has consistently held Ihat actual market
value Is that price which a purchaser, willing but not obligated to buy,
would pay an owner, willing but not obligated 10 sell, taking Into
consideration all uses for which the property Is adapted and might In
reafon be applied,
1, Cumberland County Is a Fourth Class County,
96-6396 CIVIL TERM
The cOllrt must weigh all 01 the evidence and judge thll oredlblllty 01 all 01 the
witnesses, Cumberl.nd V.II.y Sohool OI.lrlol v. Cumb.rl.nd Counly Bo.rd 0'
A.....m.nl App..I., 126 Pa. Commw, 649 (1989), The lunctlon 01 the courlls "to
weigh the contllctlng tesllmony and values e~pressud by the competing o~perts and
arrive at a valuation based upon the credibility 01 thalr opinions," Counly 0' Monro.
v. Bolue, 149 Pa, Commw, 456 (1992),
The subject Keen Leasing property conslsls 01 three contiguous tracts totalling
22.41 acres with 600 leel 01 Irontage on U,S, Route 11,1 Ills located within a halt mile
of an Interchange of Interstate 81 and within two miles of a Pennsylvania Turnpike
Interchange, Keen purchased the tracts In 1978, 1979 and 1985, Improvements
Include a two-story masonry offlc/3 building 0' 13,440 square leet with an attached
metal one-story 24 overhead door garage 01 20,660 square reel constructed In 1978;
a melal Quonset shop 019,900 square feet constructed In 1984, Bnd another metal
shop of 9,040 square feet constructed In 1987, There are seven underground fuel
tanks with a storage capacity 01 38,000 gallona, Other slle Improvements Include a
six feet high perimeter fence, a large asphalt paved parking area and other parking
and storage areas, The property Ie zoned Commercial Highway CH District.
The appraiser for Keen Lealllng Ie Palrlc;k F, Noone of Camp HilI. He Is a
2, In September, 1996, Keen Leasing, Inc, purchased a 4,82 acre rectangular
tract contiguous to the west side of the subject property for $260,172 or $53,978 per
acre, Keen uses the tract for oulslde storage 01 large types of equipment. The tract
has 328 feet frontage on U,S, Route 11,
-2-
86.6385 CIVIL TEAM
certllled appraiser with seven years experience appraising solely commercial and
Industrial properties, The appraiser lor the taxing districts Is Robert A, Jones at
Harrisburg, He Is a certified appraiser with a designation of SRA. Since 18BO, his
sole business has been commercial appraisals,
Both appraisers agreed that the manner In which tile subject property Is being
used by Keen Leasing constitutes a unique lunctlonal special purpose use which Is
the highest and best use and Is a permllted use In the zoning district. Neither
appraiser could locate another property with a similar use, Noone concluded that the
only valid appraisal mf'lthod at this special lunctlonal use property was the cost
approach, While Noone considered an Income or direct sales comparison analysis,
he did not conduct them, Jones, tOO, concluded that the cost approach was the
Illost reliable method at appraisal because at the special functional use at tha
property, However, he also conducted an Income and direct sales comparison
analysis which he believed added support to the validity at his cost analysis, Using
tho cost approach, Noone concluded that the actual value at the subject property Is
$2,800,000, Reconciling his three methods at appraisal, Jones concluded that the
actual value 01 the subject property was $3,460,OOO,~ The difference In the two
appraisals Is $650,000,
Initially, the taxing districts argue that the expert opinion 01 Noone cannot be
3, Using the cost appmach, Jones concluded that the actual market value was
$3,450,000, Using the Income approach, It was $3,500,000. Using the sales
comparison approach, It was $3,4Ql ,500,
.3.
96-6395 CIVIL TERM
considered because he did not conduct an Income and direct sale comparison
analysis, To the contrary, Wid find that Noono'lltesllmony as to the actual value of the
Keen Leasing's property Is suftlclent, competent I crr,dlble, llnd relevant evidence to
overcome the prima 'acle validity 01 Ihe lIssessment. See Delich Company v. Board
of Proplrty Allellmenl, 417 Po :2 1 3 (19135), Noone considered bul did not
conduct an Income or market Ilules comparison analysis because In his opinion they
were not valid methods of approlslll of this property on which Keen Leasing operates
a unique 'unctlonal specllll purposo use, Tho County Assessment Law provides at 72
P,S, ~ 6453,602(a):
It Ihall be Ihe duly 01 thl chlel allellor 10 rate and value all
lubJectl Ind object. 01 local tallallon, whether for county, township,
town I school (lIllceptln cllles), county Institution district, poor or
borough purpOSIlS, lIccardlng to tile actual value thereof, and In the
case 01 subjoctll nnd objocls 0' local tallatlon other than real property at
such rates find fJrlClJtl 'or which the sume would separately bona fide
sell. Alter thero hUll been estnbllshed and completed for the entire
oounty the perrnnnont Ilystem of records consisting of tall maps.
property record curdll und property owners' Index, as required by
section threo hundred Sill 01 the acl herein amended, real property shall
be assessed ot n vuluo based upon an established predetermined ratio I
of which proper nollco shall be given, not exceeding seventy-five per
centum (76%) of nclual vlllue, Such ratio shall be established and
determined by tho board of county commissioners, In arriving at actual
value tho county may utilize the current market value or It may adopt a
base your IIl1lrket value, In arriving at such value, the price at which any
proporty may actunlly have been sold either In the base year or In the
ourrent tll~uble year shall be eonsldered, but shall not be controlling,
Instend, Ilueh selling price estlmatt;J or actual shall be subject to
revision by Increase or decrease to acr.ornpllsh equalization with other
similar property within the county, In arriving at Ihe aclual value, all
three methods: namely, cost (reproduction or replacement, as
Ippllcable. les8 depreciation and all forms 01 obsolescence),
comparable lales and Income approaches, must be considered In
-4-
96.6395 CIVIL TERM
conjunction with one another, Aller tile completion of tile permanent
5YlSle/ll 01 record IS tor \Ile county, when valuing real property, the chief
Duellor Ihall 0110 toke Into conllderallonthe actuol vDlue of luch
property DI Indlcnted by the ule of the per/llanentlyetem of
recordl, cOlt chortl Gnd land vnluel applied on the bOlla of zonel
and dlltrlctl 01 well 01 the gonoml adhoronce to tho 81tablllhed
predetermined rollo, (Empl1115Is lidded,)
Section 5453,704(a) provides:
(n) Any perlon WllO sl1allllave appealed 10 tile board lor relief Irol11
any a5SeSSI11I3I1I, WllO ll1uy foe I aggrieved by 1110 ardor at 11113 board In
relation 10 sucl1 assessmol1t, moy oppeal frol11 Ihe order of the board
to the court and Il1erelJpol1the court Iholl procel3d 0111113 earllesl
convenlenltlme to bo by tllem appointed, of Wl'llcl1 l1otlco 511011 be given
10 the board to hear the eold appeol and Ihe proofs In the cOle I and
10 l11al<e 5UCl1 orders and decrefls determining IrClm the evidence
aubmllled otthe hearing, , , , [lll1e I11l1rl<et value, " (Emphasis
added,)
Under Section 5453,602(a), only Ihe cl1lel assessor ot Il1e counly IlliIm
conlSlc1er Ihe three meU-lods of appraisal In conjunction wllh one anolher In arriving 01
aclual value. There 15 no requlremenlln Section 5453,704(a) Ihal an expert wltnes5
le5l1fylng before Ihe court must aclually make an analysis of aclual value using all
Ihree methods of valuation, 841 Alsoclatel v. Board 01 Revlelon, 674 A,2d 1 :.109
(Pa, Commw, 1996); Appeall 01 Blue Ridge Hoven Welt Convaleecent Center,
Inc" 94.6566 and 94.6567 (order and unpublished opinion filed Seplember 26, 1996),
Under Section 5453,704(a), Ihe court may delermlne from tile "evidence submitted at
Ihe hearing" the aotual value of the property, The weight of Ihe evidence and lis
prObative value Is for the court 10 determine,
The taxing districts further argue that Noone's cost approach appraisal cannot
.(5-
96-6395 CIVIL TERM
be considered because It constitutes a value-In-use analysis In contravention of F . M
SchaeNer Brewing Company v. Lehigh County Board of Appe.I., 530 Pa, 451
(1992), In that case, a plurality opinion of the Supreme Court of Pennsylvania set
forth 'that a property's use and Its resulting value-In-use cannot be considered In
assessing fair market value of property for tllX assessment purposes In Pennsylvania,"
The Court set forth the proposition that:
Use value Is a concept based on the productivity of an economic good,
Use value Is the value a specific property has for a specific use, , , ,
Use value may vary, depending on the management of the property and
external conditions such as changes In the business, , , , Real property
may have a use value alld a market value, (Citation omitted,)
Because value-In-use represents the value to a specific user, the plurality concluded
that II:
[I]s not a reflection of fair market value and Is not rolevantln tax
assessment r.ases because only the fair market value (or value-In.
exchange) Is relevant In tax asses~ment cases,
Noone's cost approach appraisal Is not a value-In-use analysis as was the
taxing districts' appraisal In SchueNer Brewing,' After Noone datermlned the value
of the land component using a sales comparison method ($1,075,680), he determined
the total reproduction cost of buildings and Improvements ($2,708,399) less
depreciation of $992,089, He did not consider the value-In-use when he determined
4, In SchueNer Brewing, the taxing district appraised a property on which
there was an operating brewery by applying a replacement cost approach baeed on
the utility of the property which was producing 3.5 million barrels of beer per year
while Indirectly considering the machinery and equipment In the building,
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96.63~6 CIVIL TERM
reproducllon cosl. The depreciated value 01 the Improvements ($1,716,310) when
added to the value 01 the land rlllsulted In a total market value 01 $2,791,990 which
Noone rounded to $2,600,000, Jones applied tha same type 01 analysis, Using the
sales comparison mathod, he valued the land component at $1,210,140, He
determined that the reproduction costs 01 each building, the luel laclllty and the other
site Improvements totaled $2,614,140, less depreciation 01 $671,434 lor a total
depreciated value 01 the Improvements 01 $2,242,706, The depreciated value of the
Improvements when added to the land value resulted In an actual value 01 $3,462,646
which Jones rounded to $3,460,000,
Weighing the credibility of both experts I we conclude that the Income approach
used by Jones that Is based on general market data virtually has no value,
Furthermore, since no similar properties exist with which to compare the subject
property, the market comparison approach which requires so many adjustments limits
Its validity In determining actual value, Comparing truck terminals which have
restaurants and related lacllltles and warehouses to the subject property Is like
comparing apples to oranges,
The stretch of Route 11 on which the subject property Is located contains many
large truck terminals, warehouses, restaurants and motels, Because 01 locallon, land
In the area sells at a premium, Both experts used market sales comparisons to value
the land component of Keen Leasing'" property. Jones valued the land at $64,000
per acre for a total value of $1,210,140, Noone valued the land at $46,000 an acre for
.7.
96.6395 CIVil. TERM
a total value 01 $1,075,680, We believe that the land value arrived at by Jones, which
Is $134,460 higher than that arrived at by Noone, Is supported by the land
compareblllls In the Immediate area Including the 4,02 acre tract contiguous to the
west side 01 the subject property that l<efJn Leasing I In..::, purchased In Suptember,
1996 lor $53,976 per acre, Noone'5 per acre adjustment to his comparables based
simply on the 22.41 acre size of the I<een Lea"lng property Is not supportlld by the
credible evidence In this case,
The cost approach does contain some difficulties In drrlvlng at actual value
because of the age of the Improvements to Keen Leasing's property, Therl'llore, the
calculation of depreciation becomes a more Important lactor, This difficulty Is
reflected by tile fact that while Noone concluded that the total site reproduction cost
($2,706,399) was only $105,74111355 than what Jones concluded ($2,614,140),
neverthelos5, he was 01 the opinion that the total depreciation 01 the Improvements
($992,069) was $420,565 more than Jones determined ($571,524), Generally, we
believe that the method of calculating depreciation used by Jones Is more accurate
than the method used by Noone, However, considering the variables In Noone's and
Jones' analysis of depreciation and reproduction cost along with all of the evidence,
and weighing the qualifications of each expert wltnl;lss, tholr conflicting testimony and
opinions, and the strengths and weaknesses of their opinions, we conclude that the
actual value of the subject property Is $3,350,000,
.6.
-,
LIMITED IiUMMARY APPRAISAL REPORT
Thll II a Llmlled Summary Appralldl Report which II Intended 10 comply wllh Ihe reporting
requlremonls leI lorth under Slondords Rule 2.2(b) 01 Il1e Uniform Slandards 01 Prolesslonal
Apprallel Pracllcll lor a Summary Appraisal Raport, As luch, II preserlll only summery
dllculllonl 01 Ihe data, raalonlng, and IInolyslll that wara usad In the appraisal proceu to
develop the appraller'1 opinion or volt,/Q Supporting documanlollon concarnlng the dalll,
reuonlng, and analYlel II ralolrllJd Inlhe oppraller'1 ilia, The daplh 01 rjllcuulon contained
In Ihls report Is spoclllr. 10 Ihe noeds ollile cllant and lor Ihe Intended use Iloled below:
Furthermore I In accordance wilh prior ogrollmenl blltwean Ihe c1lenl and Ihe appraiser, Ihls
report II Ihe rosult 01 0 IImiled appraisal procan In Ihal certain allowable departures Irom
speclllc guidelines 01 Ihe Unllorm Slandards 01 Prolesslonal Appraisal Pracllce were allowed,
The Intended usar 01 Ihls report Is warned Iholthe reliability ollila value conclullon provided
may be Impacted to Ihe degrae Ihare 15 deporturll Irom Ipeclllc guidelines 01 USPAP
Client:
Keen LOlling, Ino,
19111 Harrisburg Pike
Cerilsle, PA 17013
Appr.l18r:
Patriok F, Noona
RSR Appraisers & Analysts
31111 N, 21al Straet
Camp Hili, PA 17011
19111 Hmlsburg Pike
MlddlesOll Townahlp
Cumborland County
Purpose of the Apprahiol: The purpose 01 Ihll appralsalla to asllmale the market valua 01
Ihe subJecl property as or the errecllve date,
SUbJeot:
Intended Use Of Report: This appraisal Is Intended 10 eEIIII the client and property owner,
Keen Leasing, Inc" in valuing Ihe property lor a real ellale lax aSlellmenl appeal.
Effeotlve Oato Of Value: Septllmber 24, 11l1l6
Dole Of Report: Seplember 24, 11l1l6
Property Rlghta Appraleed: The property nghls under appraisal In Ihll report are Ihe lee
slmplll ownership In Ihe sUbJecl property, Fee simple ownership 15 dellned as "ebsolule
ownarshlp unencumbered by any olher Inlerell or eslale, subJecl only 10 Ihe IImllollons
1m pOled by the govern menIal powerl 01 laxallon, eminent dome In, pollee power, and
eschea!.'"
lAppraI50111l51i1ulll, The ADDral5al 01 RoaLfID.~, 10lh Edlllon, (Chicago: 1992), Page 122,
3
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Olllnlllon or Marilll Valul: Markat value Is the major locus 01 most real property appraisal
aulllnments, 80lh economic end legal definitions 01 l11arkel value have been developed end
relined, A current economic dellnltlon agreed upon by lederel flnenclal Institutions In the
United Stotes Is:
'Thl 01011 ploblbll pllCI which. plopully Ihould hllno III . compullllVI und opun mnl~ul IJIIllm nil COMIIII)n.
"qUllllllo . r.'I nil, Iho buy., .nd 1U1I., .nch ocllllO flludunlly and ~nowlodguahly, and u,,'/mlno Ihu 11IICa 10 nul
aNlclld bl unduI ollmuluo 'mpllCllln Ihll dllll1l110n 10 1111 cunoummollun 01 . oolu .0 01 u Ipuc,',ud dolu nnd Ihu
pUllnO 0 11111 flom IIlIuI 10 buyu, undul condllluno whuluby
I) buy.r .nd 10lluI ." Iyplcolly mOllvnlud,
III bolh p.l1lu "I wulllnlol",ud 01 wull udvllld und Icllng ,n whollhuy conlldu, 1I,01t bo.1 Inl....I,
II I I "..on.blulllnl II .1I0wud fOl "po.."u In Iho opun "'Ol~UI.
Ivl poy",unl II m.do In 1.11111 of co,h In Unllud 610luI dollnll or In IU"11I 01 ',nonclol I"onoumonlo
cQ"'pnllblu IhuIUlo, nnd
vI Ihl 11IIcI ,up,uounlo Ihu no,mol conoldo,ol,on 101 Iho plopolly .old unuftoclud by opuclol 0' cluollVU
flnunclng or 101.. coneu..luno glonlod by nnyono oo,oclolu,' w,lh Ih. .010 2
Delcrlpllon or Ihe Appralaal Procell: The appraisal proceu Included an Inspection 01 the
$ubject property by PEll,nck F, Noone on Septembflr 24, 1!l9G, research and collection 01 data
on comparable land and building sales and leases Inlhe subject's neighborhood; verification 01
alllnlormatlon with bllyen, seliers, brokers, public records, and/or with other knowledgeable
sources, analysis 01 market conditions, locallonal lactors, physlcBI allribules and othar
pertlnentlaclors
l The apPlalser dig not UStl the Sales C9/l1parJ~9n or Incol11o Approaches to value, _Jllllllll
~'-~1f~oa_c.hes are considered 01 IItfle meaning in approlslng a special use property like th~
su e.O!. ~hlch are not regularly bought, sold or leased Inlhls market The primary approach to
valua is the Cost Approach, This Summary Appraisal Report 15 a brlel recapitulation 01 the
appraiser's data, 11I1alyses, and conclusions Supporting documentation Is retained In the
appraiser's IlIe,
Location: The subject property Is located at 1951 Harrisburg Pike (Routfl 11), In Middlesex
Township, and Is known and numbered as District 21, Map 7-465, Parcel 7A & 78, and Map 7-
463, Parcal 5 on the tax maps 01 Cumberland County,
The property Is located leu than one-hall mile east 01 Ihe intersection 01 Interstate 81 and
Route 11, and Is surrounded by truck terminals and commercial highway-related uses,
Property Description: The property IncllJdes a total 01 22,41 acres, InclUSive of Parcel 7A
(10,00 acres), Parcel 78 (2,50 acres), and Parcel 5 (9,91 acres), The site Is relatively Ilal. All
utilities are available, The property Is localed In Ilood Zone C, area 01 minimal flooding,
according to FEMA map 420383, datad June 15, 1981,
Easements on the property Include typical utility easements for water, sewer, gas, and
electricity, None of the axlstlng aasemenls appear to have an adverse effect on the
development of the property,
2Appralsal FQundallon, Standards of ProfesslonoLhmllilJsal Pracllce of the ADDralsallr~, 1995
Edition, (Wash, D,C,: 1995) Paoes 7-8,
4
Zoning: The property Is zoned CH - Commerclel Highway District, es shown on the zoning
maps of Middlesex Township, The current use of the property for lfllCk end heevy equipment
soles and service I Is a permitted use In Ihls zoning district. The existing Improvements
conform to the zoning regulotlons,
o.lllnptlon or Improvementl: The subject property Is owned ond operoled by Keen Leeslng,
Inc" for sellls, leoslng, and repair of lJ\Jcks and heavy equlpmant. As such, the Improvemenls
contain corporale offlc8s, ropalr garogas, and oqulpment stlJrage oreos, The proporty also
contains 0 fair amount of equlpmenl releted to II~ use as a repair facility, This equipment Is
considered pors0l101 proporty and wos not Included In the veluallon of Ihe property,
Building Improvementl: Tho Improvel11ents consist of a two-slory (110 elevolor) office building
containing 13,440 sqllaro foel, ond on attached one-story garage containing 20,650 square feel,
both of whlcll wore conslJ\Jcted In 197B There ere two additional buildings Including a 9,900
square foot quonsal.style garago building, and a 9,040 square foot shop bulldhlg, The bUilding
dasCf1ptlons ore delalled In Ihe followinglable:
BUilding Glnce Goroge Quon$ei Shop
No, SIll/lei 2 , 1 1
Dlmenllon 70' X 06' 70' X 295' 55' X 100' 80 X ',3'
Sill (S,F,I 13,~~0 20,060 0,000 9,0~O
WIIIHgl. 0' 17' 0' 10'
1101 1070 1978 190~ 1987
Ove,.1I Condition Good Average Average Averoge
Conlllucllon ClouD ClouD ClouS Clou5
Willi Oryv,t over Frome Meiol Meiol Meiol
Roor Buill-up Ilubber Meiol Meiol
FlooI 510b on G/ode Slob on Grode Slob on Grode Slob on Grade
Inleltol Cleu B OMce FIIlI$h Unnnl$hed Unnnl$hed Unnnl$hed
HVAC Forced Hot AlrlElllC AC Forced Hol Air Forced Hot Air Forced Hot Air
Plumbing '0 Flldu/e$ 11 Flldure$ Nono 8 Flldure$
Mile, No ElevateI' 2~ Ovhd Deer$ 2 Sliding Doors ~ Onhd, doors
Intenor Flnllh: The office building finlGh Includes painted drywall walls, carpeted and vinyl floors,
and a dropped acousticalllle celllng,lj'he space would be classified as good quality CIIiIB5 8 otflca
_ space, JAil othel Improvements have unlii11illilfd fmEiifo(space -- .' '--.. , - ,
Alltual Age: The office and ottacl,ed garage were constructed 1111976, The quonset bUilding was
conslructed In 1964, and the shop was constructed In 19B7
Effective Age: Tho effective age or the subject Improvemenls Is affected by the care and
lrealmentto the facility, All buildings are adequately maintained and In average overall condition
and worl<.lng order, It was r.oncluded thalti,e efrective age of the office building Is 10 years, and the
efrective age of the other buildings Is equal 10 their actual age, LIhe garage,_ql,Jl!.~!e!.llDd_!h.op are
subject to a fair al110unt o! abuse due to heavy equlpmenll11ovlnQln~iiiia out of the buildings, I'
The Marshall Valuation Guide a nallonal cost estimaUng guide used by real estate appraisers, lists
typlcel bUilding lives (economic life) for various typas of structures, based on type and quality of
construction,
5
A good quality Class D ofticll building hos 0 10101 IlconOllllc life or .15 yoars An average qwallty
Class IJ [)arago hos 0 1010leconol111c lifo of 30 YOIIlS Anllvllro[)o quollty Clllu 6 quonset building
and shop building hllve elololoCllllOl11lc ilIa 01 2[; yooIs
Condlllon Survey. Short.L1ved lIome: Plllnllng ond I11lnor repairs are up.lo,dole, All rool
coverings Ilpp01l1 to be sound All plul11blnu flxlurf/s appeared to lunctlon normally, All
olaclrlcal Ollllols, blllallllr boxes Ilnd cllcull boxes Wall! lepol1ed In [)ood worl<in[) order, Tha
HVAC equlpnllllll was Illso ropOl1od 101m In [)ood worl,ln[) ordor, POl11on5 01 tho ol/lcll
bulldln[) wel'u renovaled In 1085 ond 1000
Condlllon Survoy . Long.L1vlld lIel11e: All lonll.llvod Itel11s Including Ihe struclural systam
Ilppeor Inoveroge com1illon
SlIe Pavement: SlIfI povel11ont conslsl of approxll11etely 18,000 squam yards 01 G" asphalt
poven1flnl surrounding Iho bulldlng5, whlcllls [)onernlly In good condlllon, There Is GOO square
yards 01 7" concrole POVIlI11(lf1I, which 15 also In good condillon,
Thore Is on addltlonol 30,000 squolo yalds of looso [)I'llvulln 0 5tologe E1lea ollhe rear or Ihe
51113, The slolage area Is usod prinlllnly for hellvy equlpl11ent slorage, Including trocked
vehlclos lik", bulldozers, which could potontlolly tllar.up Ilsphllll pavul11ent.
Fencing: The enllro foclllty 15 surrounded by 2,600 linear feet 01 6' high choln link fenca,
Accass 15 conlrolled ot a Single l11alnoote, wllh a I11llnned guard house,
Underground Tanka: There 01'0 7 exlslln[) undorground fuel sloroge lanks on tha slle,
Including one - 20,000 gallon lank, ont'l - 10,000 gallon tonk, Iwo - 2,000 gallon tanks, two .
1,500 gallonlanks, and one. 1,000 gollonlanlls
Hlghllet and beet uao ae though vacant: Thu legally pell11lsslble usa of the SUbJect In Ihe
Commercial Highway (CH) Dlstrlcl, 15 lor various coml11erclal/relalluses such as l11erchandlslng
slores, restaurants, hotels, and professlonol offices, all of which typically occupy site of less
than 5 acres, The CH district also allows for 1110tor vehicle sales and service, construction and
farm equipment sallls and service, warehousing, and truck terminals, all of whlcll requlro 5 10
10 acre silas,
Dua to size of Ihe subject property (2241 ocres) It appears that the Highest and Best Use of
Ihe property as though vacant would be 'or 1110tor vehicle or equipment sales and service, or
for tl'uck terminals or warehousa 'acllltles, all of which ore ongoing on adjacent parcels In the
neighborhood
Highest and boet uao ae Improved: Nellher demolition of Ihe axlstlng Improvemenls and
redevelopment of Ihe subject slto, nor modification of tha exlsllng Improvements would result In
a higher return 10 Ihe land than is currently being acllleved with 11113 existing use as an
equipment sales and service facility, Tho exlsllng Improvemenls are therefore concluded to be
tha highest and best use liS Improved
AeaeaBI1l8nt and Taxee: The combined current assessment or the 3 parcels comprising the
subject property tolal $27';,860 Tho 1996.97 millage rates for Middlesex Township total 0,1525
mills, which based on a current assessmllnt, yields a total lax of $41,916 15
6
, ,
,
LIMITED SUMMARY APPRAISAL REPORT
This Is a Limited Summary Appralsnl Hepolt which 15 Intended to comply WIUl the repoltlng
requirements set forth under Stondluds Hule 2.2(b) of the Unlforlll Standards 01 Professlonol
APpraisal Pracllce lor 0 SUlllmary Appr3lsal Hepl1rt As such, It presents only summary
dlscu88ions or thll dota, reasoning, ond anolysas ttlat were used In the appraisal procen to
develop tha appraiser's opinion 01 volue Supporting doculllontallon concerning the data,
rellsonlng, and llnolysus 15 rutolned In tl1I' appralsar's fllo, The depth or discussion contained
In this report Is specific to tile need!, 01 \hu client and lor the Intended use stated below:
Furthermore, In accordance with prior ogrel!ll111nt blltwUUn the client and the appraiser, this
report 15 the result 01 0 limited appraisal process In that certain allowable departures from
specific guidelines 01 the Unllorm Standards 01 Professionol Appraisal Practice ware allowed,
The Intended user of this report 15 warned that the reliability of the value conclusion provided
may be Impacted to the degree there 15 departure from specific guidelines of USPAP
Client:
Keen l.eeslng, Inc,
1951 Herrlsburg Pike
Carllsle, PA 17013
Appraiser:
Patrick F. Noone
RBR Appraisers & Analysts
355 N, 21st Street
Camp Hili, PA 17011
Subject:
1951 Harrisburg Pike
Middlesex Township
Cumborland County
Purpose of tho APpraisal: The purpose 01 this oppralsal Is to asUmate the market value of
the subject property as of the effective date,
Intended Use Of Report: ThiS appraisal Is intended to assist the client and proparty ownar,
Keen Leasing, Inc.. In valuing the prop'ilrty for 0 real estate ta)( assessment appeal.
Effeatlva Dote Of Value: September 24, 1996
Date Of Report: September 24, 1996
Property Rights Appraised: The property rights under appraisal In this report are tho fell
simple ownership In the subject property, Fee simple ownership Is defined as "absolute
ownership unencumbered by any othor Interest or estate, subject only to the limitations
Imposed by the governmental powers of ta)(atlon. eminent domain, police power, and
escheat" ,
-~---,. .--~~'_._----
lAppraISalll1stltlJtll, Ih!Lf.oornlsnl 01 Renl Esln!.!l, 10th Edition, (Chlcn\Jo: 1992), Page 122,
3
Dllculllon Ind AnllYll1 or Lind 51181: In generlll, an upward adjustment will be made If
the comparable Is Inferior to tha subject lor a glvan elemlwt of companson, and downward
whare the comparable Is supanor to the subject for a given element of comparison,
Ellmlnll or Complrllon: Key velue elel11ents under scrutiny that may require edjustments
are proparty r1ghts conveyed, IInanclno terms, conditions of sale, time, location I physical
chlrlctenstlcs Including topography, shape, and size, These factors are the pnmary
Influences on site pnces and tend to aflectthe differences In price levels,
Property Rlghtl Conveyed: A transaction pnce Is elwoys predicated on the real property
Interest conveyed, All of the comparable sales Includad fee simple Interests and no
adjustments were warranted for property rlghta convoyed,
Flnlnclng Adjulltmonlll: The comparable sales havo be on adjusted first for IInanclng terms If
applicable, This adjustment randal'S the salas pnce to casl, aqulvalant larms Whare
fllvorable (below markat rata) financing terms are mada avallabla by the seller, the difference
between the favorable terms and the market rate tarms Is estimated, The prasont value of this
difference represents an advantage to tho camp arabia sola and warronls a negative
edjustment,
While this calculated amount Is not always the market's reaction to favoroble financing, It
serves the appraiser well as a gUide in the absence of market data, All soles ware cash
transactions, and no adjustments ware raqulred for f1nonclng,
Condltlonll or Slla: This adjustment Is applied If the..e ere any unusual circumstances
surrounding the transaction, such as foroclosuros, bulk solos, ralated partlos, assemblages
and tha like, All salas were arm's lenglh transactions and no adjustmants were required for
conditions of sale,
Time Adjullmenlll: Typlcelly, the best method of determining a lime adjustmantls through a
paired seles analysis, or through en analysis of a property which has rasold, In the absence of
extracllng a lima adjustment from tha sales, market datR Is helpful Ii, detormlnlng If a lime
adjustment Is warranted,
Based on the comparable sole pnce pAr acre as noted, It would appear that land prices have
steblllzed since 1994, and no adjustment Is warranted for time,
Locallon Adjulllmenlll: This adjustment Is based on the ralatlve strangth of the surrounding
land uses and accessibility 10 major activity centers and access ways, In a commercial
environment, the key element is location naar highly traveled corndors, Since all of the
compareble sales are located In the subject property's neighborhood, no adjustment was
warranted for location,
Developmenl Polenl/al: Development potential Is Influenced prlmanly by zoning, All sales
are zoned Commercial Highway, similar to the subject, and no adjustment was required for
development potentiaL
9
ESTIMATE OF REPLACEMENT COST
Repllcement COlt il the cost of conslructlon, at cumtnt prlcel, of building improvementl
hevlng utility equlvllantto Iha sublecl propllrty, but built with modern materlall Ind eccordlngly
to current Itandards, deslgn, and layout. Tha use of replacament COlt, II opposed 10
reproduction call, eliminates tha neod 10 estimate lome forms of functional and/or e>cternal
oblolescence,
The total replacement cosl of the subjectlmprovementl plus land value is usually an e>ccellenl
indicator of mar1<et value for a new or newly constructed property which don nol contain
physical deterioration I and functional and/or e>cternal oblolelcence, Reliability of this veluatlon
approech decrea5es when such forms or depreciation have to be estimated
Replacement costs consist of two components; direct construction costs and Indirect
construction cosls, Direct conslructlon costs Include the cost of labor and matenals necessary
to construct the Improvements new, IlS of the effective dete of the apprallal. To estimate the
replacement cost new of the subject Improvements, the Marshall Vllluatlon Servlce, e national
cost estimating servlce, was consullad,
Building Improvement COltl
BUilding omCI Gerege Quonut Shop
No, 51on.. 2 1 1 1
SIUIS,F,I 13,~~0 20,650 g,OOO O,O~O
WIll Hgt, 6' 11' 0' 16'
Aul 1076 1076 1064 1067
OVlr11l Condition Good Averege Ave/ege Averege
Conltruo1lon Cle.. 0 ClenD Cion 6 ClenS
Bill COlt (S,F,I $70 33 $2~ ~o $2000 52~AO
AdJultmlnta No EllIVolor ~2 25 Well Hgl +50 96 NA Well Hgl +$0,06
AdJuI'*' COlt (8,F,1 se6 06 526~7 52000 526A 7
Raglonll AdJultmlnl 1 O~ 1.03 1.07 1,03
LooI' AdJultmlnl 000 006 006 0,98
AdJua,*, Coat (5,F,1 570,10 52607 52007 52607
Building Cent 50~2, 1M 5536,261 $207,603 5234,769
rotal BUilding COil $1,020,70"
Site Improvement COlt
511a CI..rlnglOradlng 20 Acrll 53,000/ActI $60,000
Aephllt Pavlmlnt 16,000 5q Yd. 516 00/5q, Yd 5266,000
Cone"" Pavlmlnt 600 6q, Yd. $22 50/5q Yd $13,500
OravII Pavlmlnt 30,000 5q, Yd. $3 50/6q Yd, $106,000
Chlln link Flnce 2,600 L F $6,OOIlF $23, 1~0
Flnce Oate 2 Ee $570 Ee $1,140
20,000 Oal. rank 1 Ee 510,1500 $10,500
10,000 all, Tlnk 1 Eo 511,300 $11,300
2,000 all, r,nk 2Ee 55,500 $11,000
1,500 all, Tank 2Ee $~, BOO 50,600
1,000 all. rank 1 Ee 5~,2oo $4,200
FUIIClnopy 2,600 S F 510 50/S F 520,400
Fu"" Pumpa ~ Eo, 52,600 Eo 511,200
Total 511a Co.t 5566,960
Totll Bldg, 15111 Coat 52,607,777
11
Indlrect, or sort, costs Include conslructlon Inlerosl, archllect and enolnoerlng loos, legal and
accountIng loos, taxes and Insuranco, loenloos, edvorllslllg, closing cosls, conllngonclu, and
miscellaneous loas Thoso costs aro part of Iho osllmalo of dlroct costs tor roplacoment, os
ore clearing and grading lor Ihl! struclllro, tl10 cosl olulilltlos Irol11 tho slruclure to the lot line I
HVAC, plumbing, olocll1cal, and Iho Inlorior IInlsl1
Enlrepreneurlal Profit: Prom, Iho Inconlivo lor Iho dovolopor 10 bellr IIle cosl, lime and work
Involved In markollng a project and bringing It Inlo being, Is a crucial part 01 tho ovonlual cost
01 0 new building, Basod on discussions with devolopors, this prolllln Ihl! clmontmarketls
esllmated at B~I" which yields Il profit of $200,622
rolol Olrecl COil
sa,s07,777
um~
Saoo,s2a
Enlropreneurloll'rolll
Tolal Reproquetlon Cost:' Tho total calculaled roprodllcllon cost new ollha Improvements Is
esllmated a" $2,708,399 an~ calculaled by adding the reproducllon cosl plus entrepreneurial
prolll ($2,507,1n-do_$200',G~2),
Depreclallon: From Ihe lot III reproduction cost 01 the subject Improvements I an amount
attribuled 10 accrued depreciation must be subtr3cted, Accrued depreclallon Is ther loss In
value resulting Irom physical wear and toar, luncllonal obsolesconce, or economic
obsolosconce,
Physical Deleriorallon: Physical delorlorallon Is Iho loss In valuo Inhoront In the structuro
lis 011 as 0 rosult 01 aging and wear And toar Irom overyday use, Physical detorlorallon may be
brokon down Into two categories: curable physical & Incurable physical dutorloratlon,
Curable Physical Delerlorollon: Curable physical deterioration 15 defined os ",..a curable
delect caused by delerred malnlenance,,,l In Ihe Inspeclion ollhe subject properties, no Items
01 delerred maintenance were Idenllfled,
Incurable Physical Deterioration: Incurable physical deterioration 10 defined as "..,a delect
caused by physical deterlorallon thai Is Impractical or uner.:onomlc to correct ,,' Items with
Incurable physical deterioration are classified as short.llved and long-lived, A short-lived Item
Is 0 component that Is expected to have a remaining economic IIle that Is shorter than the
remaining economic IIle 01 the structure, A long-lived Item 15 a building component that 15
expected to have a remaining economic IIle that Is tho same as the remaining economic IIle 01
the entire structure,
Short-Lived llems: Several Items which would be considered short-lived, were Idenlllled In
the Inspection 01 the property Including the rool cover (office & garage), 1I00r cover (of lice) ,
r:elllngs (olllce), painting (olllce), and asphalt pavement.
JAmerlcon Inslltute of Real Estate Appraisers, Ol!;!Jm]jjlV of Real Eslate Acoralsol. 2nd Edition,
(Chicago: 1989),
4 Ibid,
12
AI60 Included 06 short.llved 1101116 WllS pOltlol1S 01 IhlllWAC (fwnoco, space hoolers, conlrols)
system, The remoll1lno pOltlons 01 this syslem Includlnu electrlcol wlllnu at III duclWOlk,
typlcolly hove ollie spon equol to Ihe tHllldlnus onlt oro deprllcl[llOd liS lonu.llved ItemB
Replocement cost for Blll11l-1ived lIems woro dololl111110d by consulllllllJn WillI Ihe MllIshall
Valuation Service All 01 Iho Iloms Within 1110 Ill/lldinu 1110 \lenllrnlly In uood woilllno order
Sllort-lIved Items Idenlified in till) sublod propmty lire as lollows
The effective aoe was Identified In conversatlol1S wltl1 Iho property owner and upon an
Inspection 01 Ihe property, Deproclatlon 15 calculated by dividing Iho effective aue by Il1e
normal life which yields the percenl depreciation 01 each Item Mulllplylno 1110 percent
depreciation by Ihe cost new ylolds Ihe deproclatlon for oAcll Item 1'0101 short-lived
depreclatlonaffectlno tlll!1 subject property 15 calculaled al $200,031,
Long-Lived Ilel115: Allor estlmalino the Incurable physlcol depreciAtion of short-lived Items,
Ihe lotal replacement cost new of tllese IIl!1ms Is 5ublracled Irom the lotol replacement cost
new of tholmprovement5 50 tllet IncurolJle phY51cal deterwallon of Ihe long.llved componenl5
may be estimated
Incurable phY51cal delerioratlon encompasse5 long. lived componenls which normally last for
the life of the Improvllment5 wllllout replacament The Incurable phy51cel deterioration was
estimated based on Ihe economic oge.llfe metllod, which calculates tllll depreciation 01 lono-
lived Ilems as a ratio of the effective age to the 10101 economic life A5 mentioned In the
Improvement Analysl5 5ectlon of 11115 report, Iile economic life of the office building was
estlmaled at 45 years The economic life of Ihe gerage wa5 llstltnated al 30 years, The
economic life of the quon5et building and shop building was Gstll11aled at 25 yearn
The effective age of the office was estimated al 10 years, Wlllc11 divided by the economic life,
yields a long.llved depreciation of 222% (10 yrs ,45 yrs) for Ihe office building based on the
economic ege-lIfe melhod
Similar calculations yield long.llved depreclallon of 60,0%% (18 yrs , 30 yr5) for the garage,
48,0% (12 yrs, , 25 yrs) for the quonset building, and 36,0% (9 yrs, , 25 yr5,) for Ihe shop
building,
13
'..
ASSUMPTIONS AND LIMITING CONDITIONS
1, No responsibility Is assumad lor the legal dascnptlons provided or lor mlllters
pertaining to legal or title considerations, Title to the property Is assumed to be good
end merketable unlell otherwise stated,
2, The property Is appraised Iree and clear 01 ony or all liens or anc.umbrancas unless
otherwise stoted
3, Responsible ownership and competent property menagement are assumed,
4, The Inlormellon lurnlshed by others Is believed to be reliable, but no warranty Is given
lor accuracy,
5, All engineering studies ere assumed to be correct The plot plans and illustrative
material In this report are Includlld only to help thll rlladar vlsuallza thll property,
6, No survey hes belln mede by thll appraiser and no responsibility Is assumed In
connection with such meltors,
7, It 15 assumed that there ora no hhlden or unapparent conditions 01 the property,
subsoil, or structures that render It mora or less valuable, No responsibility 15 assumed
lor such conditions or lor obtaining thll englneenng studies that may be requlrad to
discover them,
B It Is assumed the properly Is In lull compliance with all applicable lederal, stote, and
local environmental regulations .and laws unless the lack or compliance 15 stated,
described, and considered In the appraisal report,
e, It Is assumed lI,atthe utilization 01 the land and Improvements 15 within the boundaries
or property lines or the property described end that thera Is no encroachment or
trespass unless noted within the report,
10, The dlstribullon 01 the total valuation In this report betwean land and Improvements
applies only under the statad program utilization, The separate allocallons lor land and
buildings must not be used In conjunction with any other appraisal and are Invelld II 50
used,
11, Acceptanca and/or use 01 this appraisal report constitutes acceptance 01 the loregolng
Assumptions and L1mlllng Conditions,
12, The appraiser 01 this property will not be required to give testimony or appear In court
because 01 having made this appraisal. unless arrangements have been previously
made,
17
LIMITED SUMMARY APPRAISAL REPORT
This IS U LUl1I\llll SUl11l11ury ,\pprul5ul Roporl which 15 InlUI1llol1 to comply With ltla ropenlllQ
requlrel11ent5 5111 forth unuor Slandards Rula ;1.;!(hl 01 11111 Ul1Ifef/11 Standards or ProfeSSional
Apprnlsal Praellee 'or a SIJl11l11alY ApprUl&al Hllport /'s sllell II preol1nts only summary
dlscu5slons 01 Ihe data, fIlll&Onlll0, and analysll& Ihal worn l/so(1 In thll appllllsal process la
develop 1110 appraiser's opinion 01 valul!! Supporllng oocul11lJnlatlon conCllrnll10 the oola,
reasol1lno, and 1II10lyaes 15 retmnlltJ 111 tho appralsul's ,,10 Tho (Ioplll l11 dlocuulon contained
In Ihls report IS apeelllc to Ihu nlllHls 01 thl] cllunt ond for IIlu Inlendlld USU alaleu below
FurthlHl11ore, In aecordancll WillI prior Uoralll11llnt lJelWoon Iha cllllnl and II11J apprmser HII&
report IS the re5ull of a IImlh1l1 appraisal proeus5 In IIlal certain allowable departurllS Irom
speCific gUluellnes of Ihe Ul1Iform Slandards 01 Prole551lJl1al Appraisal Pracllce were allowed
Tho Intended U5er of 11115 rllporl15 warrleu 1I1atlhll rellablllly 01 Ihll value conclUSion provlood
may be lI11pr~cl<j(lIO IIIU degrelllll11ro 16 depallurelrol11 5pllel'le gUldellnlls of USPAP
Client:
Kilen Leaslno, Inc,
1951 Harrisburg Pike
CMlIsle, PA 17013
Appraiser:
Patrick F, Noone
RSR Appralsurs & Analysts
355 N, 21 st Streot
Camp Hili, PA 17011
Subject:
1951 Harrisburg Pike
Middlesex Township
Cumberland County
Purpose 01 the Appraisal: Tile purpose 01 Ihls appraisal IS 10 Ilstlmate the market value of
Ihe sublecl property as of tile effective dale
Intended Use 01 Report: ThiS appraisal 15 Intended 10 asslsllhe client and property owner,
Keen Leasing, Int, In valUing the property for a real estate lax assIls5mel1t appeal
Effective Date 01 Value: Seplember 24, 1996
Date Of Report: September 24,1996
Property Rights Appraised: The property nghts under appral5al In thl5 report are the fee
Simple ownership In the subjecl property, Fee Simple ownership Is defined as "absolute
ownership unencumbered by any other Interest or estale, sublect only to the Iimllallon5
Imposed by the governmental powers of laxalton emmen! domain, police power and
escheat" I
lApprlllsnllnsl,tule The ~rrOl~jJl')1 R.!nl E:;!.!ll~, lOn1 E<:IIc;r ICtllCIIQO 1092). Pant' 122
c
Ollllnlllon or Markot Valuo: Murklll vol"c IS thll n1l110r fOClJ6 01 mOst reul property upprulsol
a5slgnmllnls Bolh eCOnOl11lC and lagal 0011111110l1S of 111arklll vlllue I111Vll been OllVllll1pl;lll IIno
rafll1ed A Cll/ronl 11COn0l111C (loflnlllOIl agreed upon by fedarol fllwtlclol 1I15111l1tlClns 111 th/J
Ul1Iled Slales IS
.Thu mOGI ptobobll! plieD whltl, 1I plOpulty 'hOl.t1oJ e'ifllJ 1/1 jl com'H~lllIylt IIIHI IJpUI1 mBlkel untJlJt oil condlllOflli
If 00"'10 10 0 '0" &01. Ih. bUY.' oM 'olio' ooell lie! "9 ~'OOOI'") uII" .IIqy,loouuobly, OM OI&UI1III'U Ih" pllea 1& 1101
olloetoo by 1I110UO &1"nUlo& IInpliCit III Ihl& 0.'''''110" 1\ 1110 <0"1\/111111011011 0111 &010 III 0111 Ipacllloo 001. oM Iho
pUI'"g 011111. 110m I.ller 10 bUY.' 111100' CaMillo"' "".,.by
Ii buyo' ono \fll.' 0" typICally mollYfI.o
II) bolh partllf6 DIU wOlllnfoH"'lJd 01 Wlfll I..ICJ\,Ilil!O IIII1J lIClllllJ Ul WIHJllhUV conlillJet ltHm bltlt Inhuut,
IIq lJ IQdiOnllbl" tUl1lt Iii ulloWIJI' fo, tU:potlJltt Ir1I1'lJ open f1ljllkul
IVI pnymunt 1& madu 111 tl1lmft of Clllih lI\ UI~lltH1 tililllJli lJolI.Ht.i at III ttffllH) or IInnnClJl1 IHtrtnljenwnta
compotlbl. 1I1.,.tO, oM
vi tho pile II 'dJ:,el)enlli lhu normnl CQllfllOIHilt'on lor Ihl] P'OfJl'Ity 50ltJ IJnlllfllrll1lJ by ~PIICU]1 or cllall".
11I1IH1I;1I1I.) or ~LJll1b ~O"CI!5510n!i QrtJntel.J t) 1)I'~'CI'1J iJUCCHj!lN wllh lhlt ISRll l'
Oa5r.rlptlon 01 tho Appraisal Proco5s: The appralslll procllss IncllldLld an Inspocllon of Iho
sublecl property by Palllcl, F, Noonll on Septllmber 24, Hl~ 0, tQsearchund collection of dlltll
on comparable land and bUilding sales and 11IllSllS In the slIbJect's neighborhood, vallflcallon of
all Informalion wllll buyers, sellers, brokers, publiC rer:ords, and/or With other knowllldgaabla
SOllrcas, analYSIS of markllt condlllons locallonal faclors, phYSical allllblllas and other
perlinenll actors
The apprBlser did nol lIse Iho Sales Compunson or Income Approaches 10 vallie These
approaches are conSidered of IIl1le l11eal1ll1g 111 apprlllslng II speCial USA propllrty like lhe
sUbJecl, which are nol regl/larly bought, sold or leased In Ihls market The pllmory llpproach to
valuo IS the Cost Approach
ThiS Summary r,ppralslll Report IS 0 bne! recapltulallon of lhe apprlllsor's dala anlllysas, und
conclUSions SUPPOrtll1g documenllltlon 15 relall1ed In the opprOlsll"s file
Location: The sublect property IS locllteo at 1951 Harrisburg P,ke (Rollte 11), In Middlesex
Towl1shlP, and IS known and nlllnbered as Dlslnct 21, Map 7-465, Parcel 7A & 78, and Map 7.
463, Parcel 5 onlhe tax maps of Cumberland COllnly
The property IS localed lass Ihan ene.half mile east of the Ir,tersLlclion of IllIerslale 61 and
Route 11, and IS surrounded by trllel, terminals and commercial hlghway.relatmj uses
Property Description: The property Il1cludes a lolal of 2241 acres, II1c1uSIVe of Parc!!1 7A
(10,00 acres), Parcel 7B (2,50 acres), ana Parcel 5 (9,91 acres) The Slle IS relatively flat All
utilities are available The property IS located In flood Zone C, arlla of mll1ll11al flooding,
according to FEMA map 420363, doled June 15. 1961
Easements on the propllrty Include typ,cal Ullllty easel11ents for water sower, gas and
el~clnelly None of the eXlsling easoments aj:pear 10 have an adverse effect on Ihe
development of the property
.t.~prolsal Founonlloll SIilflCJaro5 or Proles5''''ilil ':'rrr'1."~.ilLE!ncll(;!U2~mJ!ill5i!.!.J.!.l~!1!.!Jl.!.Q 1995
EOlllon IWasr. 0 C 1995) Pages ,.8
Zoning: Tllll IlropOrly 15 lOlllll1 CH ' COl11l11erclol Hlot1wny DI5tncl 115 shown 1111 tho ~onlnu
1110pS 01 Mlodlesex Town5111p Tho Cllrlont use ot Ihll proporly lor Iruck Of1[lllllavy oqlJlpl11enl
solos und sOlVlce, 15 a pOlnllltlld llSO In tillS lllnlllll dlstllcl The IlxlSllIlg 1I1lprOVOl111lnts
conform Illlhc zonlll0 Itlllulollons
DlIa~npllon 0' ImprOVlIll1llnta: The 5uIJIIlCt property IS ownod and operated by Keon Luoslng,
Inc. lor solos, 10061ng, and ropulr 01 trucks and heavy eqUipment As such, the Improvllmonls
contain comOfalll olllcos, repair uoroges, and uqulpll1enl storage arens The property III so
contOlns a fair amount of equlpl11anl ralaled 10 Its use as a repair faCility TillS IIqulpmelll 15
conslderlld personal property and was notlncludad In the valuation or Ihe property
Building Itllprovoments: The 1I1lproYllmllnts consist or a two.slory (no lllevalor) office bUilding
containing 13440 squaff.l feet, and anallached one-story garage contollllng 20,G50 square fellt,
both or which werll conslnJctad In 1978 Thera are two additional bUildings Including a 9,900
squore tool quonset-slylo ll11fllgll bUlldlJlf], and 0 9,040 square fool Shop bUilding The bUilding
descnplions llrO delOlllld In tho follOWing lable
BUlhJlnQ OlllCO Garooo OUOI1&OI 5hop
No, 510rl.. 2 I I ,
Dilnenllon 70 X 00 70' X 20~' 66 y, 160 eo' x 113
51,u l6.F,I '3,~~0 20,660 0,000 9,040
Wall Hgl, H' ,,. Q' Ie
Age l07S 1076 lOS~ 1007
Oueroll Condition GooO Aue,ooo Auo'ogo Auo'80'
COl1atructlOI1 :lonO Clo~~ 0 Clan 5 Cion 5
Walla OI)'VII OVlI Pill"," M.lal Melol Melli
Roof BUIII'up Rubb~' Melol Melli
Floor 510ll on GIOO~ 510" ~n G'oda Slob on G,ooa Slob 011 G,oo.
Interior Clos. B Ol~ca FIIII." Ul1r,l1l.nll<1 Unhl1l.nco UI1~I1..nl<l
HVAC FOlcoo Hal AlliE lac AC FOlcl<l Hal All F OIcc'<l Hal All Fo,ced Hal Al,
Plumblr'o 16 F,,,u,c, I I FI>1u,a. NOll. 6 F,>1u'"
Mile, No Elovato, 2~ OvM 000" 2 51lts'''Q 000" ,\ O"ntJ 000"
Interior Flnlal1: The orfice bUilding finish Includes pain led drywall walls, carpeted and Vinyl noars,
and 0 dropped acoustlcalllle ceiling The space would be claSSified os good qualll~ Class B otflce
space All olher Improvemenls have unfil1lshed Intenor space
A~tual Age: The office and al10ched garage were conslruded In 1978 The quonsel bUilding was
construded In 1984, and Ihe shop was r.onslruded in 19B7
Etfecllvll Age: The etfec\iYf: ago of Ihe subled ImprOyemeD!!> IS affeded by the care and
treolmentto Ihe faCIlity All bUildings are adequalely malntal'l\:u and In ayerage overall condlllon
and worl<lng order There appears 10 De nu blllns or exces.,ye wear l herefore It WflS concluded
lhat Ihe effedlVl' 'loa IS llQuallo HIll actUAl oQe,
The Marshall Valuation Guide a nallonal cOfilesllmatlng gUldo used by realeslateappralsers, lists
typical bUilding lives (economic Ilk; 'IJr venous types of slructures, based on lype and quality at
conslructlon A good quallly ':las5 ') ,)rfice bUilding has a 10101 economic life of 45 years An
ayerage quality Class 0 garagl: 1"!m. J 10101 economic lite of 30 years An aye rage quality Class S
quonset blllldlng and shop bUilding hove a tOlal economic lite of 25 years
Condition Survoy . Short,Llvod ItOI11&: POIntlllg anti 1111110r ropOlr& lire 1,lp.lo'dlllo Mil rcof
covollngs appoor to be sound All plull1blnlJ IIXtLJrIlS oppeorlld 10 function normally Mil
elaclnclIlllu!lels, breakor boxes IInd ClrClllt boxes woro roported In \lOOll working order The
HVAC equipment was also rllportf/d 10 be In good worklnlJ ortler Portions or Ihe OlllCll
bUlldln\l wllro rllnovolod In 1985 and HllJO
Condition Survuy . Long,Llvud ItOI11&: Alllonu.llvlltj 1IIll11S Including Iho structural system
appeor In overagll condlllon
Silo Pavell1ent: Slle pavemenl conSlsl 0' approxlnlatllly 18,000 square yard& or e" ospholt
pavemllnt surrounding thu bUildings, which IS gllnllrolly In good condlllon, ThorlllS GOO squore
yards 01 7" concrele pavement, which IS also \n good condlllon
Thero 15 an addlllonol 30,000 uquaro yords of loose grovolln 0 storage area at the rear ollho
slle, The sloroge OrllO IS used prunonly 'or Iloavy ot1l\1pl1lent storage, Including tracked
vehicles like bulldozers, which could potenllally Illllr.up asphall pavemont
Fonclng: The onllre lOClllty 15 slHrounded by 2600 IIneor fellt 01 6' Illgh chain link fence
Access IS controlllllJ 01 il Single rmlln gule, With 0 rl10nnod guurd house
Undorground Tonks: Tllore ore 7 oXlstlng underground fLlel storage lanks on the Site,
Including one. 20,000 gallon lank, ono . 10,000 gilllon tonk, two. 2,000 gallon lanks, two .
1,500 gallon tilnks, and ono . 1,000 gallon ton\ls
Hlghost and bost U51! os though vllcant: Tho logally permiSSible use of the subject In the
Commercial HI\Jhway (CH) District, IS fllr various commerclal/rolall uses such as merchanOlslng
slores, restauranls, hotels Ilncl prolesslonal offices, all of which tYPically occupy 51te O( less
Ihan 5 acres TIle CH dlstrlcl 0150 111101'1'5 lor motor vehicle sales and service, construcllon and
farm equipment sillos ano service, woretloUSlng, ilnd truck te/mlnals, all 01 WhlCtl fequtre 5 10
10 acre sites
Due to size of the subject property (22 41 ilcres) It IIppears thai lhe Highest and Besl Use 01
the property ilS though vacant woul(j be for motor vehicle or equipment sales and service or
lor truck terminals or warehouse faCilities, all of which are ongoing on adlacent parcels In tho
neighborhood
Highest and best USIl as Improvod: Neither demollllon 01 the eXlsllng Improvements and
redevelopment 01 the sublect S\to, nor modllicatlon of the eXisting Improvements would result In
a hlghllr return to the land than Is currenlly belJ1g achieved wilh the eXisting US!! os an
equipment sales and service locility, The exisllng Improvements are therelore concluded to be
the highest and best use as Improved
Asse5sment and Taxes: The combined current assessment of the 3 parcels compnslng lhe
subject propeny total 5274,860 The 1996.97 millage rales for M,odlesox Township total 0 1~25
mills, which based on 0 current asse~sment, Yields il tOlallox 01 541.91615
Cumberland County currenlly assesses real estate based upon a common level ratio of 7" 01 the
market value ot lhe property Tho cun'ent assessment InOIClltes a market value of approximately
53,926,571 (:S27~ 860 .' 07) for t~le subject pmpeny
F
DI5cunlon and Analysis of Land Solos: In generul lln upward lllJIlJS1111Unl will be m/Hle If
tile compllrable 15 Inferior to the sublect lor II given element of comparison llnd downwurd
wild/a Ihe compllrablu IS supenor 10 Ihe sul1lectlor n given olemenl 01 comparison
Elenlonls of Comparison: I<ey vllllle elUI11l1l1ts under scrutliW thatmny reQU11Il adJustmenls
ara property IIghls conveyed, flnllnclng ton1l5, conditions of 5ale. IIIno location, physlcol
cnllrllctllnstlc5 Including topography, Sl111pO, llnd SilO Theso factors are the pllrnary
Inf,UdnCllS on 5110 pncos and terHlto i1f1ecIIl1l1 dlfferencos In pllcolovels
Property Rlghl.s ConI/eyed: A IrBnSllCllon price 15 always predicated on the real property
Interest convoyed All of Iho comparable sales Included lee Simple IntereslS llnd no
llOlU51monts wero warranted for property IIghls convoyed
FlnnncII1g Adjuslmonls: Tho comporable 50105 havo been adjusted first lor financing terms If
appllcablo, This adlustrnent ronoors 1110 salas pnco to cash oqulvlllent terms Whero
favorable (below markel mlo) Ilnl3nClr1\J tOllns aro mado aI/ail able by the seller, the difference
oetv.t!lln the favorablo hlrms llnd \110 market rate torms 15 esllmated The present I/alue 01 this
<J!fferonce rOlH05ant5 an advantago 10 tho compornblo sale and warrants a negative
UlJlUSlment
While Ihl5 calculated amount 15 not alwnys the market's reaction to lavorable finanCing, It
sorves the appraiser well as iI gUide In Iho absence 01 market data All sales were cash
transactions, GIld no adlustments ware reqUired for flllllllclng
Condillons of Salo: ThiS udlustment 15 applied If thoro are any unusual circumstances
surrounding lho transaction, such as foreclosuros, bulk sales, related ponies, assemblages
ana the like All salus woro arm 5 illflglh transactions and no adJustments were reqUired for
COl1dltlons 01 sale
Time AdJuslmllnts: TYPically, the be 51 melhod of determining a lime adlustment Is through a
palled sales analYSIS, or through an analYSiS 01 a property which has resold In the absence of
extracting a tlma adjustment Irom the sales, market data 15 holpful In delermlnlng If a time
aOlustmentts warranted
eased on the cOfTIparablo sale pllce per acre as noted, it would appear thai land prices hAve
SlaPlllzed SlnCl!l 1994, and no udJustment 15 warranted lor time,
Locallon Adjustments: ThiS adlustmenl 15 based on the n~latlve strength of the surrounding
10M uses and accessibility to malor activity centers and access ways In a commercllll
enlllonmenl, the key ehlmenl 15 locallon nllor highly traveled COrridors Sillce all of the
ccmparable solos are located In the subject propeny's neighborhood, no adlustmenl was
warronled for loco lion
Davelopmllnt Potenllal: Development potential IS Inlluenced pnmallly by zoning, All salos
are :onod Commercial Highway, 51mller to the subject, and no adJustment was reqlHred for
oe'lelopmenl potential
11
Phyalcal Condlllon: Physical condition Includes topography and u\lllty llvallabllity All sahH
are fla\. level sites with all public ulilllies available sll11llar to the ~ubJect No BClu~tment was
warranted for phySical condition
6lze: The slza adjustment 15 applied stIer all prior adjustment are mace to the sBles
Normally, economies of scale dictate that 0 larger property will sell for a lower unit value then 0
small property The sales rangll In size from 8ppro~lmately 2,00 to 500 acres, while the
sublact proparty Includas 3 parcels containing 1000 acres, 2,50 acrn, and 9,91 acrlls
respectively,
A Sl2a adjustment can ba detern11ned uSing a sll11ple linear regression progrsmln an electroniC
calculator 'fha program requires entering an Independent (total acreage) and dapendent
varlabla (prlca par acre) for aach comparable sola Slmpla ragresslon quantifies a two variable
relatlorlshlp and may be drawn as a Walght-line on a grid
ApplYing thiS 10 tha sales Yields 0 price for the slJbject property of 546,571 per acre for Iha
10.00 acre parcel, 557,487 for the 2,50 acre parcel and 5016,702 for tile 901 acre parcel
ApplYing a welghtad avarage to the pnce per acre of tl10 3 parcels, Yields a lotal price per acre
of 547,846 for Ihe 2241 acre sublact property
Conclusion: Based on foregOing analYSIS, a price per acre of $413,000 was chosan for Ihe
subject land which IS consistent with Iha valua of lanel prices In the neighborhOod Therefore,
the estimated fee Simple value of the sublect site as 01 September 24, 1996, IS 51,075,680
(548,000 X 2241 acres)
Check on Reasonableness: As a check on Ihe reasonableness of the estimated land value,
an adjacent sale of an improved property was analyzed, The sala was of Map 7.4155, Parcel
68, and includad 59,00 acres and a 299 door truck frelgllt terminal ThiS parcellS located just
north of the subject property, and has e~cellent VISibility from Interstate 81 The sale occurred
in March 1995, for a conslderBtlon of 58,850,000 At the time of the sale the parcel was
assessed lor a total of 5603,200 The land was assessed for 5207,500, or 34 .\% of Ihe total
assessed value
Applying the sama land value to total value ratio represented by Ihe assessment (34 01%), to
the sales price, yields an estimated land value of 53,044,388 ($8,650,000 X 344) or 551,600
per acre In conslderalion of the superior VISibility of this slle as compared to the sublect
property, the estimated land value of $48,000 for the sublect property appears reasonable
.-
'"'
ESTIMATE OF REPLACEMENT COST
Replacement cost Is the cost 01 construction, at current pnces, 01 building improvements
I1I1Vlng ullllly equivalent to Ihe sublecl property, but blJlII With modern matenals end accordingly
to current standards, design, and layout The use or replacement cost, as opposed to
reproducllon cost, ellmlnetes the need to estimate some fonns of functional and/or external
obsolescence
The total replacement cost 011110 sublectlmprovel11ents plus land value is usually an excellent
Indicator of market value lor 1I Ilew or newly constructed property which does not contain
physical detenoratlon, ond functional ond/or oxlornal obsolescel1ce Reliobllity 01 this valuation
approach decreeses when sucl1forms of depreCiation hove to be estimated
Replacement costs COI1Slst 01 two components; direct construction costs end Indirect
construction costs, Direct COl1structlon costs Include the cost or labor and materials necessary
to cOl1structthe IIl1\Jrovements new, liS of the effective date of the appraisal, To estimate the
replacement cost new 01 the sublecllmprovomenls, the Marshall Valuation Service, a natlol1al
cost estimating service, wes consulted
Building Improvement Cost:
BIllldlnD orr,ce oorege OUDn..1 5hDP
No, 51011.. 2 I I ,
511e (5,F,) 'J,440 20,660 9,900 9,040
Will Hgl, 8' 17' 9' 18'
Age 1078 '970 1964 1907
Ovelall Condlllon Oood Average Av"oge Average
Conlllucllon CianO CianO ClanS CI.n5
Bue Call (6,1',1 $70 J3 $24 49 S20 00 S24 49
Adlullmenll No EI.volor .$2 26 Well Hgl .SO 98 NA Wall Hgt .SO 98
AdJUlled CUll (5,1',) $6606 $26 47 $20 00 $26 47
Regional AdJullmDnl '04 , OJ '07 , OJ
Local Adjullmenl 090 090 090 096
/ldlUlled COIl (5,1' ,) $70 10 $25 97 52097 $2597
Bulldlno Call S942, W 55J5,26 , 5207,60J $234.769
Tolal DulI/Jlng Call $ 1020.797
Site Improvement COBt
611e ClearlngtOladlno 20 Acrll nOOOtAcr. 5eD.OOO
/Uphall P.vemen' , 6,000 Sq Yd. S1600lSq, Yd $266,000
Concl'llle Pavemen' 600 Sq Yd. $22 50/5q Y d S1J,500
Oravel Pavemen' 30 oeD Sq Yd. SJ 50/Sq Yd S105,OOO
Chain Link Fllnce 2.600 L I' S6 DOll I' S2J, , 40
FenCD Gate 2 E. $570 Eo SI,140
20,000 Oul. Tank IE. $19,500 519,500
10,000 Oal. Tank , Ea $1 1,JOO S1UOO
2,000 Oal. Tank Ha $5,500 511,000
1,500 Oal. Tank 2 E. $4,600 $9,000
1,000 Oal. Tank , E. $4,200 54,200
Fuel Canopy 2,60051' $105015 I' $29,400
F"er PumpI 4 E. $2,600 Eo $I I ,~OO
Tolal 5110 Call $See oeD
rolal Dldg, & 511D Call $2 EO: 777
13
1110troct or soil costs IIlClllll!! cunslll/CllUI1 II110rosl IlrC/lIloct Illld lJIl\JlIlIlIJflllU 10115 IOIJol olld
OCCOlJl1\1r1U fIlOS, tOXUS Olltlll1suronco, 100111005, IlllvlIIllslng, CIOSIIlU costs C0l1tIIlU!!IlCI1l5 Ulltl
11115colloneous fllus TI1U5U custs mu pall of Ulll tJslllllatu of direct costs II)r rllplOCel11Unl. 05
ore cleanno and gradlnu for thu structure, Iho cost of utilities from tho struCllJiO to the lotllno.
HVAC, plumbing, aloctncaL and tholntoflor 11111511
Entrepreneurial Profit: Pro iiI. tile Incentlvo for U10 developar to boor tho cosl. lime and work
IIWOIVlld In marketing a prolllct and bnnglllg It Into baing, IS 11 crucllll part of tho eventual cost
01 II new bUilding Based on diSCUSSions With developors, this prolll In the current market IS
estimated at 6%, whlcl1 y,ulds a profit of 5200,622, ce
ENTREPRENEURIAL PROFIT
$2.607,777
LQJl~
$2aOM2
TOTAL DIRECT COST
Total ReprQductlon Cost: Tho total calculrJlud reproduction cost new 01 the Improvements 15
estimated os 52,708,390 and calculated by adding the reproduction cost plus entrepreneurial
pro lit ($2,507,777 + $;100622)
Depreciation: For oXlstlng bUildings, an amount allnbutod to accrued depreCiation must be
sublracted from the replacement cost new 01 the Improvements Accrued dupreclation IS the
loss In value resulting frol11 phYSical detenorotlon, funclionol obsolescence, or economic
obsolescence
Physical Deterioration: PhYSical deterioration IS the loss In vahJe Inllerent In the structure
Its ell as a result of aging and wear and toOl' from everyday use, and IS 01 two kinds curable
and Incurable
Curable Physical Deterioration: Curable phYSical detenoratlon IS a defect caused by normal
wear and tear, accelerated by deferred maintenance In the office bUlld,ng, recent renovations
In , 965 and 1990, have ehmlnated most curable physlcul depreclallon normally assOCiated
With Intener finishes The other malor component assOCiated With curable phYSical
depreCiation IS the eXisting asphalt pavement
At the sublect property 1I"s Item IS susceptible to a greater amount of phYSical depreCiation
than most properties due to the high volume of heavy equipment traversing the pavement
The normal hfe of the pavement was estimated at 6 years and the olfectlve age, based on Its
current condition, was estimated at 5 years ThiS 1I1dlcates total depreCiation 01 the eXisting
pavement of 62,5% (5+6) Curable deterioration of the asphalt pavement IS estimated as
follOWS
ITEM: COST NEW
Alphalt Pvml. $288,000
NORMAL LIFE EFF, AGE '10 DEPRECIATION DEPRECIATION
8 Year. 6 Ye... 62,6'10 $180,000
Incurable Physical Deterioration: Incurable phYSical deterioration IS caused by phYSical
detenoratlon that IS Impractical or uneconomic to correct Incurable phYSical detenoratlon
er.compasses long-hved structural COfT'pOnenls which normally last for the hfe of the
i1r,crovements Without replacemelll The Incurable phYSical deterioration IS estimated on all
eCC'1omlC age.hfe baSIS
, .~
i,s mentioned In thll Descnptlol1 of Improvemenls Sllctlon of this rllport, Ihe OtflCIl and aUachlld
garage were constructed III 1078 The Quonsel bUilding WIlS conslrucled In 1964 Ilnd Ihe shop
WIlS constructed In 1967 Thllllffectlvo ege IS OQuello Ihe octualllge
The MOl'llhall Valuollon Guide a natlonel cosl esUmallng gUide used by realllsllltll appraisers, 115ts
IYPlcal bUlldlr1g lives (eCOnOllllc life) for vol110US types 01 structures, based on type and quality 01
construction A good quality Clus D offiCIi! bUilding has 0 I.otol economiC life 01 45 years, An
aVllrage quallly Class D garage has Il tolalllconomlc 1I1e 01 30 years An average Quality Closs 5
quonset bUilding and shop bUilding have 1l1011l1 economic IIle of 25 years,
For the office bUilding Wllh an etonomlc life of 45 yeef1lllnd Iln effllctlve Ilgl1 01 11:l yea", Indlcatllt.
10lallncurablll detenoratlon of ,10% (16+<15), or 5376,658 ($942,1014 X 40), Forthe gBrage bUilding
With Iln economic lIIe 01 30 years Ilnd an effective age 01 18 years, Indicates tolol Incurable
delenorlltion of 60% (Hh30), or 5321,769 (5536,261 X 60), For Ulll quonset building With an
economic IIle uf 25 yeaf1land an effetllVllllge 0112 years, Indlcales total Incurable detenoratJon of
48% (12+25), or $99,6411 ($207,603 X 46) I'or Ihe shop bUlldll1g With an ecunomlc 1I1e 01 25
yeers and an effective age 01 II years, Il1dlCOles tolel Incurable delenoratJon 01 36% (9,.25), or
$84,517 ($23-1.769 X ,36)
The lotallncurable phYSical delenorallon affoclln\J tho subject property 15 calculated as lollows'
OFFICE
GARAGE
QUONsET
sHOP
Total
1376,056
$321.7511
$09,540
ID..llZ
$052,703
Funcllonal Obsolescence: Functional obsolescence IS Il loss In value due to a reduction in
utility 01 the slructure 01 one or more of Its components ThiS lorm 01 depreciation results from
decreased capacity 01 Ihe slructure or component to perform the funcllon for which 't IS
Intended, in terms 01 current market standards No functional obsolescence was colculated
Economic Obsolescence: Economic absolescllnce IS the reduction 01 value attributable to
negative enVIronmental forces outSide the property boundaries The area surrounding thl!
subject remall1S stable l!nd no economic obsolescence wes calculated
Total Dllpreclatlon: The lotal amount of depreCiation affecting Ihe sublect property Is
calculated by adding the costs of all forms or depreCiation, Including the curable physlclll
deterioration (5180,000), plus the Iflcurable phYSical detenoratlon ($862.793) lor a total of
51,062,793
Subtracting total depreCiation ($1,062.793) from Ihe replacement cost new (52,507,7i7), Yields
the depreciated replacement cost of the Improvements on the sublect property as 51,444.984
15
ASSLJMPTIONS AND LIMITING CONDITIONS
" No reaponslblllty Is a5llumed lor Ihl/ legal descriptions prnvlded or tor moilers
pertolnlng to leplIl or title C0l161derallol1s Title 10 tho property IS euumed to be good
and merketable unleu otherwise stated
2, The property Is appraised freo and claar 01 any or all liens or encumbrances union
otherwlso stated,
3, Ruponslble ownership and compelanl property monogement are a5lumed
4, The Information furl1lst1ed by oll1ers IS believed 10 be relloble, but no warranly IS given
for accuracy,
5, All engll1eel'lng studioS are assumed to be correcl Tho plot plans and illustrallve
malerlalll1 this report ara Included only to help the roader visualize thfl property,
6, No survey has been made by tM approlser ond no responsibility IS a55umed In
connection with such malters
7, It IS assumed Ihot there are 110 hidden or unapparent conditions 01 the property,
SUbSOil, or structures that render It moru or less valuoble No responsibility IS assumed
for such conditions or for obtall1lng the engineering studies that may be required to
discover them,
8, It 15 a55umed the property Is In lull compllonce With all applicable federal. state, and
local environmental regulations and lows unless the lack of compliance Is stated,
descnbed, and considered In the apprBlsal report
9, It 15 assumed that the utilization of the land and Improvements 15 Within the boundaries
or property lines of the property deSCribed al1d that there IS no encroachment or
trespass unless noted within the report
10 The distnbution of the total valuation In thiS report between lal1d ana Improvements
applies only under the stated program utlllzalion The separate allocations for land and
bUildings must not be used In conjunction wltl1 any other appraisal and are Invalid If so
used,
11, Acceptance andlor use of thiS apprBlsal report conslitutes acceplance of the foregoing
Assumplions and limiting COl1dilions
12 The eppralser of thiS property Will not be required to give teslimony or appeer In court
becouse of having made this appraisal. unless arrangements have been preViously
made,
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APP~ISAL REPORT
I'OR
Ma, RICHARD R. VENSEL
CUMBERLAND VALLEY SCHOOL DISTRICT
01' A
Commercial I'acility
AT
1951 Harrisburg pike
Middlesex Township
carlisle, PA
,,\
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BY
,.j
" ROBER'r R. JONES, SRA,GM
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...j and
- C!lRIS'rOPHER M. JONES, SRA
"
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AS 01'
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JI\NUARY 13, 1997
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!O, N,>!lll,,, ,Ill lI'lI dill' 1'0111' ,J! I'll., ,")111' "lIttl oJI 111111
1:"~",llt (o'UI)l'o'l.dly ,lilY ""II,'!lIlll"IIU ,Ill lol Viil\loJ. tlloJ
!.dl!lItity oll' 11101 ilppr,,'IIIl!L "I 11101 hUll wltll wll1,:h hu
iu clllllln,:to!d. 'J!' .IIIY ll!h.ILo!llCn I,) tllO! Appriliuill
!nutitlltu) IIholll 1,10> 'n~J1.'oldll,,'nd, 1'lllllllIlJO!d olr
diuuelJ\illiltoJd tu I Ill! "llill ic U,roJw/h oldv'Jr!' il'3ill<)
IIledin, p\lbU,: r,dill!.oJllll llIedLI, IIU\~U 11I,~dlll, /.IilloHl
l1le<lin 01' illlY (JtlluL pllbll': IIlnil/H! of <.'0111111111I lo:n t iOIl
witllollt tllo IlL'i,lL' WL'!.tt'"1 ('OIlIl,JI)t ,1/1<1 ilpproVill of
tha "'Ithor of thiu J.O>pUL'[',
-w
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11. Unl,wu oth,llwill'! ';[',Il..d III tlllu r'!pnLt, tllu
exiutellGoJ of 1\il~ilrdo)\l1J llIiltonlillu, which lIIay OJ.' l1loy
110t be pn!ll'JIlt UII 1;11" pL"JpO!l'ty, Willi 1I00t oboerv'Jd by
the apprailJenl. '1'11'" ilp~JL'il ilJo!ru lIav,! 110 kllowledge
of the ,~xiBt<!lIc" or 1I1Icll llIilt'!I:ialB Oil or in tllo
property. The oppl'lliu'lL', hOWI,!V'H', ill 1I0t '1\1,11 if: ie<l
to detect hil~nrdo\l'J fHlbutilIlC"B, 'I'h,! pr'Hl'Hlc" of
Bubstollces 1I1I<.'h iliJ illlbo1utuII, 01' oth'!r potollt ially
ha~I\I'do\lu 1II0tel'iillll lIIay ,Ift<!ct tile VlllllO of tllo
propeJ:ty, 'I'll,! v;llll'~ >Jllt illllltad iu pn:ldicatod on the
ass\llIIpt ion thilt t lIo! I:" ,Ir,' no) u\lcll 1I11blltilnceu on Ol'
in the pl'Op'!l'ty wllicll '110\1101 C.llIIH! lous of VI111.1e,
No J:espollsibil ily 113 .l<.lillllll<!d fOJ: any Buch
condit ions. (Jl' for dny O'XPo:!l.t illl! 0 l' 'Jll(Jillue r inl!
Imowledge r'1'luired to diuGOVfll' th<!IIl, The client is
'H'ged to r'~tilin ,1n "xP"J:!'. in thiu Uelol, if IlO
desired,
"
12. Location of th(~ Bubject nite, or any POl-t.ion
thereof in II del ino:!dted w<!t land lIlay affect the
value of the property, The appJ:oiseJ:s nuaUllle that
the propeJ:ty is not loc!lted in il del ineatqd wetland
aJ:ea, Howevel', tllf~ appnliw!l' ill llot qualified to
deterllline whether tho~ Ilito! Ol' <l ponion thereof ill
locoted in i\ delilll,!ilted wetland ar<!n, The client
ill urged to l'etilin all >:!xp,er-t, ill thill fidd. if So
des iJ:ed, Thiu vn llll.! <':lnt imilto,!d ill pJ:oed icntod on the
assumption that 110 p.ll't of tl)o:! pJ:opel'ty io located
in a delineat,:d W,!tlollld ill'eil,
13, The appJ:niseJ:s <l/lSUIIl'J that all l'I!'lll i J:o!!d 1 icenllell OJ:
other leg.illlntivl1 Ol' admin.illtJ:i1t LYe iluthori?ations
fJ:om any gov,el'I""'lIItill IT )ll'ivote o!ntity OJ:
organi~ation have bO"1l Ol- can b,! obt.l ined for uses
on which the valuo. '~Ilt im;I!'...t1 cOlltnin<!d in thill
report aJ:e balled,
14, The bUilding fJi7-f! wan d"t'1nnin,"d by information
contnined in thf! Pllblic J:l.1conlu at the CUlllb<'JJ:li.lnd
County Court HOUB':I, ^ny chanqo ill building ilreo
determined by .1 '1u;tlifi<':d PJ:of,'sBiollal could nlter
till.! VIILllO .:0IWLlII11<JlIII,
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lEi, Tho Allloricllllu witllllillilbiliti<w Act (ADAl 1JOCillllo
offl.!,:tivo dilllllill'y ;"" l'I'I;~, W" 1I.lv" not lIIildu II
u[lJ!lciCic COlllpliiln.:lI mHvllY dnd <In<llyuif.l of tllil1
prop,~rty to dot.,rlllilll! wl'illtll'lL' ot' not it iu in
confol:llllty with tll,! V,It:iOllU dotai Lod roqllil:"'III'~lIt/J
of tllo ADA. II ill F'H1uibL'l thilt II complLlllc'1
UlIl;VOY 0/: tho ADA cUlILd t:otvlIlIL tll<lt tll", proporLY 1.t]
not 1.11 cOlllpL iilllc,. witll 011'1 ot' 11I01'''' of till!
loeqlli/.'l'llllflllttJ of tho .I<:t,. II' un, thiu fllet cOllLd
hllve <I 11e~Jiltivll 1lllp<lct Upoll th.1 value of tll'l
propeJ:'ty, fHncn wo Iwvo 110 <\inlct evid'Jllc,'l
relatin\1 to thiu 11ltllW, ~/o] did not cOlwid'll'
pos/Jibl'J non-colllpi1illlCO witll tll,'! roaqllirr.lmellts of
ADA ill eutilllill', in.) th" VitlU" of th'~ pl'<Jp'!rty,
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16. I hereby certify thilt 1 hllve no pnwent or
contelllplatod futuro int"nHlt in the pt'oporty
appraised OJ: tile nlSult of tllis i1ppl;aiual,
17, The Appraiuul IlIstiLuto offors II IIwndatory progrllm
for contillllin~J edllcution for it/.! RM, SRA, SRPA,
SREA AND MAL lIIembet.s, As of tht! date of this
appraisal Robert R. ,Jolles, SRA and Christophel' M,
Jon~s, BRA have cOlllputed the requirelllents of the
continUing educatioll progralll of the Appraisal
Institute,
I certify that thq usa of this report is
the requiL'€m.entfJ of tho Appraisal
relating to l'<~v[.!w by its duly
representatives,
19, I certify that, to the b'~lIt of our knowledge and
pelief, the reporl',ed analyses, opinions and
conclusions Wel'e d.!veloped, and this tOeport has
been prepared, in conforlllity with the requirements
of the Code of Plofessional Ethics and the
Standards of Plofeflsiollal Practi<:e of the Appraisal
Institute,
6W~ e~z:t:~,--
Ropert R, Jonet SHA, GAA ClldstoPher~nes, SRA
18,
subj ect to
Institute
authorized
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IDICN'rIIl'ICM'ION
Thl! ullbj lI"t 11l"'P'J1:t y I'ollui,ll:. IJ 01: l hrl]lJ
lano locatll', ill ~'lddl"'hlx 'l'llwlIllhtp,
County, tol,?nttrt,)<! ,Ill hllIolWlJI L~)5l
Pike, MtddllJunx 'l'oWlIllhlp, Cill'lil!l"l,
county, P"nlHlyl Ydlli,l,
pilJ.'C'll fJ U r
cUlllb<lrllllld
11'11:1' tlJl>urg
Clllllbllrlllnd
HIS'rORY Oil' OWNICRSHIP
'rhe de''lds l'lwonh'd 1.11 cUIIII)"L'IOlllol Coullty COUL't 1I0us<l
provide thl) tolluWtll'J i.lIl'uJ:In;\l"iulI, 011 April ;lll,
1976, ill Ilook 'IT'! P,I'II' ,It\\. tlldlcilt,!U tho!! OWIIOJ: to
PO CUInl><1J:lillld (\)Ullt y Il1dullt dOl I ll<lYlJ 10pl11!JIIt
AuthoL'ity c/o 1("')11 1,,<lillliI1'/ ll1C, 'l'hill tnll1~lf!n' Wilf.l
for 10 aCJ:cs oL [,uld ilt iJ cOlIsidQrnt .loll 01:
$125,000, The ,")xt pnd),wl, WiW 011 OctobeJ: 1 l,
1979, ill book 1<21l PiI'll.! I!;ll tlldlciltcd th,' OWn,)l: to
be I(een I,casing l11C, Thi,] tL",lll1ll'l~l:' Wau tal' f:,'j
acres of land lit a C(JIllJid'!I"iltion 0:: $31,2!;0, The
third pUJ:cha/Je Waf! Oil Octob<ll~ :/1, l'ill!>, in bool~ 03 1
I?age 131 illdicatod th,' Uwn')J: to bu l(nulI l.l~illJlng
Inc, ThIs t1'l1l1sL'n Willi 1'01,' ,12,O,\!; ncnnJ at a
consideratlol1 of $r,OO,OOO, Till' OWn'H'1.] have
subsequently dividud th", third plot illld uol<l oLf
several parcels of lalld, 'I'h" n"lIililliWI ilCtOa(1go as
indicated by thl~ CouL'thoUI3l~ l"<lconIIJ IU 'J, 91 aCJ:es,
The total ,1creaq" lllclu,,h,,j ill thQ tJ:ac;t to be
appraised is 22,11 ilCJ:<lS,
SCOPIC OF 'rHIC APPRAISAL
..,
The Uniform Stillld;ndlJ oL PI:ol'tJlJfJiOIl,lJ, Appnllsal
PJ:llctice ilnd the Stillldaul" oJ' Prol'esfJlonal Prnctice
of the AppraIsal Ilwtitut,'! I:()qult"<l that the extent
of the procr~S(J of co 11 'Jct.i Il'J , cOllf i ':ming ilnd
repoL.ting data b,~ deflcdbud, This requirement is
designlld to protect thIrd pilrti,w whofJe J:eliance on
an appra isa 1 roport milY be a I' Lt,cted by the extent
of the lnvcstlgatlon of the apprl1lfJers,
The followIng ifJ iln oVI'!J:view of the research and
analysis performed by th,'! appL'(lisl'!rS in completing
this relJol't,
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DESCRIPTION, ANALYSIS & CONCLUSIONS
GREATER HARRISBURG AREA ANALYSIS
Potentiel demand for and aupply of. real eatate property is the
reeult of growth and stability of the envirorunent in whioh a
property ia looated. In the prooe~a of identifying the demand
and l!Iupply for real e~tate propul"tiea, it il!l partioularly
appropriate that relative to the apprahal of the aubject
property, the eoonomic and demographic fore ell affecting the area
bo oonaidered.
REGIONAL DATA
'l'he aubjeot ill located in Middlel!lex 'l'ownahip, CUJnberland County.
It ie within the Greater Harril!lburg Metropolitan Area.
'fhe Harrisburg Metropolitan 8tatiatical Area mM8A 3240), aa
defined by the 0.8, Cnnaua Bureau, conaiata of four countiel!ll
Cumberland, Dauphin, Perry and Lebanon, '1'he moat heavily
developed and denaely populated araa ia located in aouthweatern
Dauphin and eaatern Cumberland countiea.
The area ia atrategically located in aouth oentral Pennaylvania.
Harriaburg, the atate capital, aituated on the eaat bank of the
Buequehanna River, ia centrally located. It liea approximately
205 milea eal!lt of Pittaburgh, the major city in wllatern
Pennl!lylvania and 105 millla weat of Philadelphia, the major city
in eastern Pennaylvania, Harriaburg ia approximately 80 milea
northwest of Baltimore and 115 miles to tha north of Waahington,
D.C.
The area ia traveraed by major national highways. Interatatss I-
81 and I-83 are the major north-aouth highwaya and Interatate I-
76, the Pennaylv/,lnia Turnpike (a toll road), croaaea in a
eaat/weat direction. All three roada have conveniently located
interohangea throughout the area, In addition to the
interatate road ayatem, the area in aerved by O.S, Routea 11,
15, 22, 72, 322 and 422, aa well aa PA Route 283 which are all
conaidered to be major traffic arteriea,
Aa a reault of the easy acceaaibility, aa well aa the location
of major government, conunercial and employment centera, tho area
continuen to be attractive to buaineaa and the local population.
DEMOGRAPHICS
The data pub1iahod by the 0,8, Cenaua Bureau indicate the
following atatiatica for the area, The 1990 cenaua indicated
the state population ia 11,861,643 which ia down .85% from 1980.
The 1994 eatimated population by the cenaus bureau for Dauphin
county ia 245,561 which ia an increaae of 3,3% over the 1990
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Number of Median Median per
Area Population Houuhold/l Falnil y Capita
Inoome Inoome
Pennsylvania 11, BB1, 643 4,495,966 $29,069 $14,068
Cumberland Co. 195,257 73,452 $32,297 $15,796
Pauphin Co. 237,013 95,264 $211,725 $14,890
LanQa/ltllr Co. 42~,822 150,956 $33,255 $14,235
Lebanon Co, 113,744 42,608 $29,613 $13,209
Perry Co, 41,172 14,949 $27,277 $11,941
York Co, 339,574 120,666 $30,820 $14,544
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It oan be readily ob/lerved that Cumberland
rea/lonable effeotive buying inoome whioh oompare/l
the inoome data of the /lurrounding countie/l,
County has a
favorably with
.,
CONCLUSION
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From the preceding data it can be concluded that the area i/l
/ltrategioally 100ated and ia 1gerved by an excellent highway
network which place/l the area within comfortable distanoe to
moet population centers 011 the northeaatern /leaboard. The area
has a diverl9J,fied economic balge reprelgenting manufaoturing,
aervice and goverrunent enterpriaea. Aa a result of the
oonmination of atrategic location and diveraified economio bllse,
continued ateady growth ia forecaated,
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REGIONAL LOCATION MAl? IS INCI,UDED ON l?AGE 10
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NEIGHBORHOOD
'1'he neighborhood analY/;lh, all dllfinllld by 'rhlt Oictionary of Relll
Elltate Appraillal, third edition, publhhed in 1993 by the
Appraillal Inlltitute ill/ "The objeotive enalYllill of observable
end/or qUftnl;ifiabh data indicating dillcerniblrt patternll of
urban growth, IItr\lctUl"Iil Ilnd change that lUay detraot from or
enhanoa property valultll, fOCUSll1I on four lIets of oonditions that
influenoe value 1I0cial, economic, governmental and .mvironmental
factorllll, Following i/l a sUllUnary analysis of the subject
neighborhood,
'rhe lIubjoct is located on tho north lIide of Hardllburg Pike
(U.S, Route 11), Middlesex 'l'ownship, Cumberlend County, The
naighborhood boundariell would be Route 944 on the northern lIide.
The W8IItern Boundary is the 'l'ownship line dividing Middlellex
Townllhip and Carlillle Borough, Tho Ilouthern boundary iu The
Pennllylvania Turnpike and the Eastern Boundary ill Route 114.
The lIubjeot property ls located neRr an exit/entranoe lI1? to
Interlltate 81, which is a major north/Ilouth highway through thB
area. The Bite is just east of the interchange 1116 for thll
Pennlly1vania 'rurnpike, which is a major ellllt/wellt highway
through the Brea. The neighborhood ie adj acent to the Borough
of Carlhle and Silver Spring 'rownship, both of which have good
IIhopping IInd employment opportunities, Silver Spring Townllhip
has lIeveral large emploYflrll and Ilhopping centerll. Silver Spring
Townllhip is home to PHICO and Hempt Farmll, The Silver Spring
Conunon IIhopping center ill 10catod at the intersection of Routes
11 and 114.
The area ill estimated to be 40% built up with 5% of the area
having a <lonunercial or industrial Ulle, 35% is Bingle family.
The remaining vacant or undeveloped land is utilized primarily
for agricultural purposes. The properties are yenerally
considered to be in a good Iltato of repair.
The Township ill servod by public water, lleWer, gas and electric.
The Townllhip utilizell the Bewage treatment plant for the Borough
of Carlillle to treat the Ilowage, The sewer authority maintainll
the linell and pumping stations. The townllhip Authority providell
the public water service to the neighborhood. The gaa Ilervice
is provided by u,a,I., and the electric service ill provided by
Pennllylvania Powllr and Light Company, The Township hall zoning
and building oodell which Bre enforced.
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OISCRIPTION OF IMPROVEMmNTS
OENERAL UEn~{IPTION
'rhe improvement a on th", uitl~ ">I\IIiUI: l)f I:OUI' bllilclingll, and for
purposes of this nppnlilllll thoy liP! d'H\CI,'ib'Jd ns I
"1
A.
'I'hl'l main buil.din~J III: th,' l'1ullt ul I:hll lot; will be
to as building "A", Thill if I II two Utol'y building
\lsed as n buuineuu OfUCl! fn". the cJW'Jt.ll'U,
rcfel.'rl'ld
which is
II.
13. 'l'his one stOl'y buildinq ill iltlilched to the 11381' wall of
building "A", It ilJ II mllilltll/)illICll \/'n'il~Jll with 24 oVl'lrhead
doors, There ill IIllothtH' f iniuhod nnlll within the \/aroge
which conta.inu <l purtlJ dllplH'tmollt IIlld ottico/J, Attached to
the real' at this build.in<J i,; the tuelill\/ ilren,
C, Thill building ill il one lltol'y ~Jilrilge ilnd work shop area.
D, One Story Quonl;,~t hut style bu.ild.in'J,
A more deta.iled deucription of the improvementll ill all folloWll,
I3UILDIN(J "A"
The tront section which is a two utory masonry bUilding 70 feet
wide and 96 feet long. which is a total of 13,440 square feet on
both floorll. The exterior of the building .is masonry, which is
a stucco material or drivit, There i/J a flat roof which can not
be observed from the ground, the Courthouue l'ecords indicate it
is a rubber roof. 'I'h(~re were no l''laks observed on the interior
and the root ill considered to be in aVerage condition. 'rhe
interior of the bUilding is finishod for use ns offices, The
concrete floors are covered with cilrpet, the wallll are drywall
and paneling and the ceilings are drop in liles, The building
is basically flex spac(~ and CMI be configul'ed to suit the
part icular needs of the tenant at allY time, There are two large
employee powder rooms on each floor and [\ fully (~quipped kitchen
on each floor, The kitchens also Berve as the lunch room and/or
a small lounge, Thero is forced warm heat ilnd Ct~ntt'al air
conditioning,
This building was ccnstructed in 1978, whir:h is 19 yeara old,
Courthouse recot'ds indicate it was remodeled and ot' updated in
1985 and 1990, the effective agft is estimated to be 10 years,
16
IH) ILl) J NO "H"
This building is attaclled to th., U'/Il' ,.eel iun of lllailding "^" I
it ia II onu stOl'Y IIli1intllnlln':ll building, Thlll'e Is IIItJtlll sidin~J
i1nd u tiut Ulo[ which IIpp.!nUI to bu i1 nlleb'lJ: l'oof, Thiu
buildin\J is 70 bwt wid'l nnd ,-'J!, [.wt low/ ("lIlt,linin\! 11 totill o[
~O, 650 llquilnl fU'lt o[ Ullllilblll IJlhle<l, It ill divided into thnw
sectiona, tho front ilJ uIJtld illl ., 1Il.1lnt.!nilnCll tucillty. This
!:lact ion h/HI a ixta''11 ov',dl"i1d dOlll'll w 1 t h ., i",...t l'i <! apllll<H'a, Tile
dOO1'S lll'a 1>1 fe.!t wi,lt~ ilnd 1'; I:unl hi'lh. 'I'h" ctlnttJr Ilection is
n paJ:tl] departlllent nnd lliW Iwv'l)"nl tiniullold IJffic/!s, Thill
office !:lection iu not eOlllpnl:ilbh! too tho finiall in thu fumt
affica building. The tiooUI i1l'1l vinyl, th" walls lIJ:a p.lnelin'j
and dl'ywllll and dl'op in tile C,! i lln\JfJ. 'I'11ll1:,! ia II lIlen' a locl(ar
roolll \~hich alao Uel'V'H) nu th,! bi1tllroolll. 'I'hlll'e is II uhower
stnll, ~ urinilis, two COIllIllOd'1/1 IInd it waflh flinl<. The socond
floor 1.13 finished fOI: use au a lunch l'oom, nnd IIlso sorV'Hl as 11
elllploYlle's lounge ilnd rest i11'ea. The thiJ:d section <Jl' the ona
at tha rear Qf the buildiWI iu a1130 a lIlaintonunce unw with 0
Qverhead dooJ:s, This section lu ui.lIlilill' to thlq front s",ction,
The overhead dOOl:S are 16 f",~t high and "itch one hols Ii electric
door opener attilchod. The t 1001'S al'e conCl'etll and there is Ii
drainage area in the centar of the iJuildin'I. The ceil ingll tlro
17 feet high. The heat is /3upplied by gHU fired foreud warm air
units. Th,~ bui Iding is lIet up to do IIhlintenolnce W<Jl'1< on larga
vehicles.
This building W.lS constnlct'ld in 1970. wh ich i/3 19 years old and
the effective age is estimated to be 18 yeaJ:S.
There is a fuel terminal attached to the roar wlill of the
building. It is a covered aJ:ea 70 foet wide Hnd 40 feet long
containing three fueling pUlllpS. Wll have been oldv ised that there
are 7 underground fuel storage tanks, The appraisers are not
aware of the age, type or conditi,<lIl of the underground fuel
storage tanks, For purposes of this olppraiSlil it is assumed
they are in compliance with the current D.E.P, J:egulationG. If
they are not in compliance this may impact the vlilue,
This fueling area was constructed in 1990, which is 7 years old
and the effective age is estimated to be 7 yeal's.
BUILDING "C"
This one story building is used as a work shop and lIIaintenance
garage. The I::uilding is 00 f'~et by 113 feet for a total of
9,040 square feet of usenble space. The exterior walls are
17
-
HIGHEST AND BEST USE ANALYSIS
Th<J ^pPI'iliual of "."Il ";III'iIt " , l"lhluill"d I,y till! ^,nuricillI
I,.l!ltitut'i of "eill I':utilt,,, ^l'lll.lill"jll, "l"v"lIth "dltlolll l')~Ii,
d,!f in.!u the hiHh'H1t and '''"It UII" .1111
'."1
"Thu l:'<l/1Il0Ililbly prob.lbl', ,llId l,..,.1l UII" ,,[ VII':lInt lilnd or
impl'over! proplJJ:ty which iu pIlYIlj,-'1l1y J!lJlllllbl.., i1ppn'Jprilltuly
uupported, finnncially Co.'iwi"!.,'. .Ind Ih.lt "'!/Illltu In th<J hi,-,hellt
villu'l. "
The definit ion illunediiltoly ilbovl! .lppllou to thu hiqhest i1nd bOllt
use of land. It m\HJt be l:<~cogni~,)d thllt in Cilll'!U whel'a a slto
hils existing improvements, l:hl~ hi'.lll.wt and b,!t3t IHJel mllY very
well be detfll'mined to be dift.!J:.!nt from tl)(! ,!xiuting use. The
existing use will continue, howl!vol', unleuu ,lnd until land value
in its highest and beut US" .!xc(!ods tll'! total v1l1ue of the
property in its oxistin'.l Uue,
The highest and best use of Ii paJ:cel of J:eal elltilte doeu not
depend on a subjecI'.ive analysis by the selleJ:, buy"r, developer
or. appraiser I it is fJhaped by the competitive forces in the
market where the property is located. Land as though vacant ifJ
a fundam.lntal concept of valuat ion theory and the bafJis of the
cost approach. Tho highest and b'!ot use of .1 pl'operty afJ though
vacant nllsumes a pal:c.!l is or can bt2 mad,~ Vilcant by demoliuhing
any improvements. It is also impli"d that tho dotal'lnination of
highest and b,,'st \we results frol11 th,! appl'iliser' II judgl~m<1nt and
analytical fJkills, i.e. that the use doterminod from analysis
roprefJents an opinion, not il fact to b" found. In apprnisa1
practice, the concllpt of hi'll1l!ot illld be/It use J:epresentfJ the
premifJe upon which value is bilsed. In the contoxt of tho 1110st
probable fJelllng price (milJ:ket value) anotheJ: appJ:opriate term
to reflect highest and befJt us," would be [1l'obable use.
In the procefJS of deterlllinlng the 1l1ghest ilnd best use of the
site ill.Lif vacant and aVoli labl,! to be put to its hJ.ghest and
best UFJl'!, the appralsel' paid P'Il'UculaJ: consideration to the
effects on use and value of the illte..nativ,~ uses which would be,
physically possible, r'~ilBonal:;l" ~ le'lally permissible,
adequiltel y fJupported and Unand., II y foan ible.
;!~
,-
VALUATION
^s ind~cllted ill the highufJt 1I11d bl.Hlt UfJe illlillYflis, the appraiflel'
will tlstimate the IIHHI<ut vllluu of thu properthlfJ according to
theil' higheBt and best UUt!. It i/j the appnllser'u opinion that
the highest and !Jest use of the prcp/H'ty ls as presently
improved.
In the nppraLslll proceUfJ the nppraiuer conaidarod tho
(tppliclltiul1 of the thnle llpprollcheu to value, 'rhe cost
approach, the il1come appronch ilnd tha direct ~Jales compal'ison
approach were all considered.
COST APPROACH
The cost approach to value is particularly Ilpplicable when the
improvements are l'alntively new 1I11d have minimal depreciation
and when there Is lIde'luata information on land salos. The
subject property hllU been updated lind the depreciation is
reasonably easy to estImate due to the estimated effective age
and remaining life. For tlles<~ J:easons the Cost ^pprollch is
thought to b", appl.icable In eatillwtillg the value,
Proper application of the Cost Approach requiJ:es the following
procedut'eo I
1. Estilllate the value at the site as if vacant and available
to be put to its highest and best use as of the date of the
apprllisal.
2. Eatilllate the reproductl.on casto new of the improvementu.
3. Estimate all elements of accruf.ld depreciation inclUding
physical depreciation BS well as fUllctional and economic
obuolescence.
4. Subtract total accrued depreciation from reproduction costs
new of the improvements.
5, Estimate the contributory value of the site improvements,
6, Add the estimated contributory value of the depreciated
site improvements and the estimate of the reproduction
costs, less deprec iat ion, to the est imated value of the
site,
These procedures will be explained as followsl
:l7
..
Building "0" (Quonset 13Uildi,n~jl
This building cost is eatillllltod ulJing the prefl'lbJ:ioated metal.
buildings section,
'"
Base Cost
Local ^djustmenl'.
Total ^djusted Cost
Building Si?e
$17,139
,99ls
$16,96
,~
9, 900 S, L~',
Batimated Replacelllent Cost
$160,003
..
'l'he effective age of this building is estimatad to be 12 years
as explained on page 18, The life expectancy for this type of
bul.lding is estilllated to be 25 Years. The calculated
dapreciation according to the curve ia 36'.
Oapreciation is estilll.ted to be
$60,481
Bstimated depre('~ated replacement for Building "0" is $107, 52~,
Building I
ruel 'rerminal
This building cost is estimated using the Marshall cost service
for this type improvement,
Base Cost
Local Adjustment
Total Adjusted Cost
Building Sl?e
Bstimated Replacement Cost
$14,58
.99\
$14 ,43
2,800 S.!",
$40,404
The following underground fuel tanks are included with the fuel
terminal I
II size value total value
1 20,000 $19,500 $19,500
1 10,000 $11,300 $11,300
2 2,000 $5,550 $11,000
2 1,500 $4,875 9,750
1 1,000 $4,200 $4, 200
Total $55,750
Total of building and tanks $96,154
36
...
INCOMlll APPROACH
The inc(lIIlu
worth of
pl'opurty,
ilppnJ..dl t() villUl! III b.Hl..d Oil t'ut 111I.lt ill!1 till! pnltlullt
1'1Itlll:n 1Jt'!lIut itu I'l/lult ill'I t!'tllll llWllnJ:ullip of 'I
...
'f'hl! inC0Il111 ilflproc'ch iu dl1l'1.ntld iI/J " ^ uut of prCJell,hll'lHl ill
which iln ilPPI'ltiS'H' dl!l'J.vllu il valllu illd1.,:.1t1.'Jn 1'01' in(!CJllle-
producl.WI propel'ty by conv''1.t i 11'1 "lit l.dPilt'!d b"lllll'itu into
prOP<lrtr villllt!. 'I'hiu eonV''l"/!illll lu "ccolllp1iullud ultlll!l' by 11
capItal ?oin" il Ulll<Jln yonr'/! lll'.'OIll" t1Xp,letilllcy or "II 11III1U01
IIVet'llge 01: UOV'tl'i11 Y',!ill'S' illcolII.! nxpncti.IIICl"" ilU II lIIilrkot
derived enpitilli?oiltl,.lI1 rnt", 'lI: il .;:.lpitilli?o.ltioll 1:i1te thot
reflects 11 IJpaeifiud illcom.j /Jilttl1rll, I:"..tunl 011 investment, dl1d
change in tile villull ()f the l"nvl'!ltlll'1I1t/ (JJ: ;!) d1.ucountinq the
ilnnual cllsh I'lowu 1'01' till! lIo1dill" p'!l:iod ilnd thl! reVr~I:SiOIl llt
a specifIed yield rute,
~
."
( The PictIollill"y of' HUill ';:ul:atl! ^ppl'aiUill, ^mel'ical1 Institute
of Rl'I111 l;;otlite ^ppl'i1ifJ'll'U, 4,lO N. ~11.(~lIi'1(\n ^V"., ILl
The Income ^P1Jl'0.lch io H<!n,.l'ally cOIHlidet"ed HS
I.ndJ.cator of value fOl' j ncome pmducing propel'ties
sufficient data aVililab1e to oxtl'act reliable rent
a cap rate.
a reliable
if there is
figures and
In order to complete the incoml! approach it is n<lcessary to
have adequate date 011 income nil expenses of the subject
property and cOlllpetin'1 Balllu. TIw subject pJ:operty is utill~ed
by the OWner and thio appraIuer did not have nccess to income
and expenses, We W':!l'e illfol"llled by thu controller for /(een
Company that I,ho J:'l.ll '!(ltat" in not owned by the CQmpany
operllting the business, but he dl.d not know what the l'ent was
or if any \~alJ paid to the Ownel' of th,~ n~al estate. It is a
common practice of the owner/operator to pay a rent equal to
the amount of the 11101'tgage payment, therefol:e it was believed
that rent extracted frolll tha lIIarket would be II better lIIeaoure
of the mar)<et rent. The ilppraistll's seardled the market for
rent inforlllation and expenses as well as pJ:evious appraioala or
commercial propertIes.
The Income ^pproach to value cOlwiotH of the following four
steps.
1, Estimate gross income - obtllin the rental schedule
and percentage of occupancy for the Bubject property
and for comparable pl'operties for the current ,1nd
.1'J
-.
...
,-,
paut Y"ill'U. Thlll illl:<Hlllllt illll W"'l not ,IVIlU"bl,> 1111
atlltlltl nbov'l, th'll'l!t<Jl"! tll/l IntOlllhlt tlln llbtll illud t rom
the mnrk'lt will bit uUliv.I/d,
2,
This dntll olJt"inod t\'llm 1'.I1l! IIhlrllltt wlll lJu i11l1l1yv.ed
lInd adjuatud to obt.lln illl .!ut im.ltlt or ~p:Osu iIlCOIII'!
applicllblu to t hu uub j 'Jct pr'Jp.nt y.
Stubili?e typiclll llXPl!IWUU' ,Jbt"ill UXP'!IlIJ<J data 011
the subject And cOlllparabllt pJ:opl!J:ttotJ to develop II
reconstructed illCClllt! "lid ,!xpl!nue Iltatelllt~lIt applicnble
to tho subj'lct pl'op<lrty. Tim llXpl!l)fW information was
not available. It ~fl bl!lieVlld a property such lHl
this would bll l'entl,d 011 a tJ:lpll/ nut loase with
mInimum expllnue to tho ownOl'. Th'j not oper,lt ing
income is aut illlilted on PIl'JO 4} of thl.s repol't,
.,
.-..
"-1
I
3. Arrive at iJ net optH'ating income and select the
propel' method alld nlte of clipitnlizatlon,
4. Capitalize tho net o~1<!nlting illcome of tho lJubject
property into an indication of vnlua.
.
1. Gross incomt1 estim~
. ,
In order to estimate all income Qn the oubject property, a
search of the market for l'<lntal data was completed.
Considering the subject pl'operty with nUml!I'OUS building it was
not possible to find a propel't,y with all similar uses, The
appraisers therefore obtained information on individual
properties to estimated the rent on each individual building.
The rents will bo applied to the individual buildings as
identified in the Cost approach section as BUildings "^", "B".
"C". "P" and Fuel Terminal.
Building "A" is the office bUilding.
two story office building containing
useable space.
Thio is the 19 year old
13, 440 square feet of
~
The follOWing
considered to
property.
bUildings were J:ented as off ice space and was
establJ,sh a rental ilmount for the subj ect
^ddress, Township, County
Sq. Ft. space rented Cost per squaJ:e foot.
-
1. 4713 Carlisle ~ike, Hampdell Township, Cumberland County
11,000 sq. ft, $(,.]0
40
-
I
...
,-,
],
4.
5 ,
...
6.
'.
-
Huito 10'-, 'l'l'illdll!
2,600 llq. ft.
360'1 Houemont ^vu,
l,159sq, [t,
IIUU/J. ("'IJt'.'I, IillvUl Illll'. CUl1Ib'"l'l<llld
!,ill.,-'i
Low,'" All,'n, l'lll1lburl.llld l',)Ullty
$H I ;.HI
3425 Sil1lp~on l;'l'ln'y Hd., LOWl~" ^llulI, Clllnlmr!ond Co.
2,3'15 sq. ft, $1],00
5 131'oadwood ^v'~, Cildis1u, Cumbudillld Coullty
2, 100 sq. ft. :;; 13 . 00
4720 Old Gettysblll'g Hd" I,OWOI' ^llen, ClIl1Ibnr!und
3,047 sq, ft. !,i13.50
7,
2 Lemoyne 01'.,
17,000 sq. tt,
)..,l1Ioyne, Cumbe 1'1 and Coun t y
$9,11
e. eoo Belevedere St., Carlisle, Cumberlllnd County
1,716 sq, ft, $13.9'7
9, 5 Brookwood Dr" Cnrlisle, Cumberland County
2,100 sq. ft. $13.00
10. 50 Brookwood Dr" carl isle, CumberlAnd county
1,692 sq, ft, $10,00
The above information was analyzed and thero is a broad rllnge
of value from $6.20 to $13,97, The median price ia $10.84 per
square foot, COlllparable nUlllber '7 is a large building which
rents for $9.11 per square f.oot. It is believed the subject
property would be in this range and a r<'!ntal of $9.00 per
square foot will be utilized for the subject office Building
"AU,
Buildings "13" and "C" are considered similar and the same rent
figure would be applicable for both buildings.
Building "B" is the Garage which is 19 years old containing
20,650 square feet of useable space.
Address. Township, County
Sq. Ft. space rentod
Cost per square foot.
1. 5100 PAxton Street, Swatara Township, Dauphin County
10,725 sq. ft. $5.71
2, 185 Second St" Highspire Bora, Dauphin County
11,764 sq. ft. $5.90
3. 4390 Chambershill Hd., Swatara Twp, Dauphin County
5,126 sq. ft. $5.85
H
Total project,~d alllllllll 1:'JIItal ~~.lol(), '/').Ij
1.... Ila~imat. BtabililIi1..JlSl_U.a.t.i.ng..JIixp..n.....
^II IltlltGd above thu ilp~H'i1iutll: W,l/J lI11t provided with Bny .incomG
or expense dnta, thel',!fol'lt UQlII't ilusulllptions mUllt be made to
complete thi,t aPPl'ollCh,
~
"
It l.s bdlieved a property uimilnJ: to the subject property would
be leased to <1 /Jinqlu cOlllpnny on il net, n'lt, net bllllia, IC any
expenaas Wel-a l.ncuned by thf! oWneJ: it WQuld be the taxes and
insurance, hOW<lVOl', this IIlny illWJ bl! pnid by the lessee,
The appraisel' recognizes thut th,~ obove expense may be paid by
t;he leaser IlJld that re.]el'VIlII Ilhould be considel'ed to arrive at
a net operating income.
'rhe apprailler hall not included in the estimated income the open
space storage ar,~a. This is <1 largll secure area t.o the rear of
the lot. It is bell.eved the inCOllle frolll this area would offset
any expenSlla not considered in this process, The income as
stated above $3~O / '726 is conaidel'ed to be the Net Operating
Income,
-,
3. Net Qperatin~ Income
The net operating income based on the projected income is
$340/726 and as explained above this is also elltimllted to the
net operating income.
4 ,Capitalization
Capitalization is a process by which projected net income is
converted into a single present value estimate. This value
est imate ia the amount of money which a typical/prudent
investor would be war.ranted to pay for the right to receive all
future net proceeds generated by the property as of the date of
the appraisal. Direct capitalization, using overall
capitalization r<1tes, obtained frolll mnrket data obtained from
similar pr.operties is most meaningful, As a result of the
1 imited sales of comparable pJ:Opert ies, no meaningf.ul direct
capitalization rat.es could be abntulctud from the market.
Since acquisition of multi-f<1mily propert.iefl is usually
achieved wich the aide of mort\jage finilncinq, a capitalization
rate developed via the Band of Investment Technique wal3 deemed
an appropriate altern<1tive. ^ capitalization rate derived
through this technique satisf ies the requirements of both debt
and equity.
o
...
'"'
',",
.,
..
DIRECT SALES COMPARISON APPROACH
In thin approach thu llppl'llilltll' i11:lYIIlPI.U I'll prllpill:U iln nnnlYlliu in
which he compnros propul'tinfl whi<:h "uv" bllnn tJold J:l!(:ently, to the
l.Iubject property {jnt! milk,~s o1djlHltlll':ntu tll th,! 1I1l1us pricell of the
comparable sales fOl' vo1do\ltl <Ii f fel'oncos, if nny, These dif farences
lIIoy consist of Ilu(:h itelllll ns prop'lJ:ty dghta, special financing,
condition of sule, market conditiollS, phynical chilracterlsticll,
locution and size.
^ search of the lIlarket was completed with very little success,
The appraisers reviewed a large number of sales and Belected the
five sales which were considered r~auonnbly well suited for
analysis,
There were no BaleB which are close to the subject property in size
and utility, There are several saleB of properties in the
neighborhood which have a similaJ: use, in that they arc truck
terminals or truck stops, They are the best campa rabies available
at the preBent time. The sllleB approach will be completed,
however, a lesser amount of weight wi 11 be placed on this approach
as compared to the cost approach, The appraisers will provide the
information as to the marl<et activity of similar saleB and will
arrive at a conclusion of value via this approach.
The appraisers inspected all the comparllble sales frolll the exterior
and utilized the information available at the courthouse to
complete this approach,
45
.....
c.,
-,
..J
Cl1l11pilt'llblu tJlIlll " 1
GranCorl Royco Incl1rpQJ:utad
Grantee I ^llF Fn1Ight llyatel1ls, TIlc.
Locationl ~001 lIuni/.lburg Pika, MiddlaaElx 'l'wp, I cumberland co,
Tax Map reference I 21-07-0463-3
Date uf transferl 01/17/96
Deed referencel 133-1131
Lot Sizel 24.51 ^cres
Floor ^rea, 74,44 7 Square Feot
pricol $3,050,000
Price per SIFI $51,71
Utilitiesl Water, SeWer, Oas, and Electric
Zoning I CH COl1lmercial lIighway
Land/floor ratiol 14.3 to 1
Verified with, Public Records llnd Newspaper adds.
Relllarksl This is a large truck terminal located next door to the
subject property. The site is similar in size with ~4.51 Acres,
The improvement a l.nclude a freight Dock with 101 door positions,
'l'here is a truck maintenance building containing approximately
20,000 square feet used for l:'epair, m,~intenance and parts facility.
There is an office & Durmitory building containing approximately
6,500 squal:'e feet of finIshed area, There is a fueling tel:'minal
with B underground storage tanks and 1 above ground tank. There
is a large paved parking area 307,000 square feet. There is 3,100
linear feet of chain link fence,
PICTURES ON nlE FACINO PllOE
16
Loqatlonl
COlllplllllblu I:)"l'j " .I
Clll'ol.inCl Fr.tl.ght C/lLTi'lru, C01'p
Con/Jol idutad FJ:<~ ightwllYu
1 Curolinll Way, Ml.ddlllllax 'I'wp, CUlIlbl.'lrlnnd Co,
Cll'l\ntorl
Clt'antae I
Tax Map referencal :1l-07-0465-006U
...,
I
Date of transferl
0:1/:14/95
120-040
Deed reference I
"1
I
,
Lot She I
59,0 ^Cl."all
."
Floor ^l."eal 189,088 Squllre Feat
Price I $8,850,000
Price pet" S/FI $46,80
UtUitiell1 Watal.", Sewer, (jas " Elect dc
Zoning I CH COl1l1nel."cial Highway
Landi flool." l."atiol 13 ,6 to 1
Vel."lfied withl Public Records
Relllarks I Thill sale is a large truck termJ.nal located just nOl."th of
the subject propel."ty, This propel."ty is considel."able lal."ge in site
al."ea and impl."ovements, however, the price pel." squal."e foot is
13 imilal." to compal."able number one,
'rhel."e al."e two lal."ge tl."uck
tel."minal (loading and unloading docks) buJ.ldings and a tl."uck
maintenance and l."epail." building similar to the subject pl."opel."ty.
PICTURES ON THE FACING PAGE
48
...
COlllllilUlbll! s,ll" " "
Grllntl1rl Clllllb,nllllld Coullty Illdulltdol nev,
Grantee I Oinllt Food HtOL't.Hf, Jlle.
Location I 110\9 IIl1n'i/.lblll:~1 Pika, Ml.tlr11esQX 'ro\l/tlship,
Clllllbal'lnnd C'lllnty
...
Tax Map reference I ~1-01-00\G7-0~4
Date of transferl 11/30/94
.,j,
Deed reference I 115-5tO
Lot Siz~1 10\,77 ^cres
Floor Areal 39,313 Squnre Feet
Pricel $2,000,000
Price per S/FI $50,87
Utilities I Water, Sewer, Gas &. li:lectric
Zoning I VC Vi llage Center
Land/floor ratiol 16,36 to 1
Verified withl Public Records llnd Newapaper add,
Remarks I This sale is of a large one story lIlasonry of f ice
building. The purchaser is in the process of developing the entire
site and there is s large addition to the building, The site is
the Administration Offices of Giant Foods Incorporated, It is
located approximately 1 mile west of the subject property near the
entrance to the Pennsylvania Turnpike.
PICTURES ON THE FACING PAGE
LOCATION MAP ON PAG! 51
50
...
LOCATION MAP
n 1\ .1 I( 1\ B C
E r: I/'U'W 1/'.", I~
, 1111 I~JljIl In_lb' I,'qlW
,tll "lIt!)1
~ , i
I "
~'lIhn.~ I ,Ii
.-....;; . I
I 1\
7' I J'
:. . V'lIII I i I II
I r 0' L 1.$10
I L
I
I "".0" ~ l
- I /, C,III.I, ,-
,
/~:
cc
I .h'_"
,'\ " ) Ih [,'''; I" '1-/
1." ,-.,,,, /
"I I hlll~ll-nt"'II~ ~,/ ~
W~ltl "ijllllhll~ 11(.
. "'h,tIHiI"'e
~~ .
TtJUNPIKk
~.
of
f~
/1'
ItOl.l.j
~~~\Of.;\
. ".,
,01. ,
~9'
"
.,
G /'"
! ~ ~/ ,v
~="-,'"
"
I
..--!~l~
,
."
51
...
COMPARABLm ANALYSIS
'1'0 nrdve at n <:lll,Tflllt: 1I111l:kllt Vitlllll tho followin'l itollls W'H:e
nnalYil.t!ld, ^ Inrlja tilll<l ndjuutlll'!llt will not "'lIl1lidal'ad /lU pd<:f.HI
huve been flt:nble 01' uli\jhtly illl[1rovin~1 UV'H' thu l'lut thrull y"nl'u.
Pate Price S~II Ft, PI: i <:0 a/I'
'"I 1, 11/17/~16 ~],II!jO,OOO '/4, '14" ~Ii t,'/1
2. 11/15/93 ~],~05,OOO H,'j!iO $91, !Hl
] , 0]/24/95 ~O,II!jO,OOO 109,000 1,146,00
4. 06/22/95 $],950,000 55,000 $'10.60
,- 11/30/% $2,000,000 ] !l,] 13 ~5(), 0"
~,
The l3ubject property lS cons ide l:f.lll "I-J f iv,'! bllildl.lIga,
Bllilding Peacrlpt lOll Hq, Ft,
Building II A" Office Building 13, HO
Building "n" Mal.ntonsnce Gal'ngu ~0,650
Buildl.ng IIC" Garage & Workshop 9,040
Bu ilding "nit Quonset BUilding 'J,900
Total square feet of usellble space 53,030
Plus the Fuel Terminal arell containing 2,600 square feet.
Comparable Number. One
Thia sale is adjacent to the eastem bOllndary lino of the subject
property, It is a tJ:uck te/:minal opernted by ^BF Freight Systems.
The site is similar in siil.e however the loading/unloading freight
docko are larger than tbe maintenance buildings on the subject
property, It is estilllated that the maintenance bUilding contribute
more to value than a dock, which in just open space. The cost per
square foot of $51.'11 will be adjusted upward for the loading dock
as compared to u garage and the fact of a larger building normally
io less per square foot.
COlllparable NUlllber Two
This sale is the flying "J" Truck Stop, located 1/2 block weat of
the subject along Route 11, Thia sale includes J large restaurant
and a large fueling terminal. Tbe owners have done oignificant
';1.
...
I.lIlfH'OVl!IIIIJlltu to t))l! 'lxtorl'n 1)1 l.i1" pnlfllJrty lJ1n':t~ t.t W,lU
pUl"cllaued. Tho valull flOI 111IUi11:'1 toot "l $'Jl,j() will bo adjustod
down to tnl<o into cOlHlid,n',ltloll tho I,'.,'utlllll"illlt ilnd till! lO(Jut iOIl lit
til'l '~Ilt.nlf1ce to Illt"UH.lltu Ill,
Compolrnbll! NUlllbl!l' 'J'hn!l!
Thin /lBle is adjacent to til.! 1I00'thel'n bound<1ry lille of the lIubject
pJ:operty. tt iB il tnlck t.ennin<11 op'n"lited by Consolidated
Freightway, The flite iu lIIuch li11"J'H' ill ulz'J with 1i9 i1CI',W of lund,
The buildings nro uub13l:i1ntially lal'g,] with 1119,000 square feat of
space which fa)' thl!! lIIoot pan an! till! loadiWJ/unlonding frl'tight
docks, ^S )ltl1ted for CllIIIPlil'obl,! nUIllt.lLl' Oil!, tho mil inten/lnce
bul.ldlngs are out imat'id to contrlbuttJ 11101'0 to vulue tilun a dock,
which in jU13t Op'JIl upactJ. Till! cost PU): l1'1U111'0 foot at $46,00 will
b'1 adjusted upwill'd tOt' til,! loadin\j docl< ilU compul:ed to n gllrllge and
the t<1ct of a lilJ:g<!J: bui Iding norllla 11 y i.1l lellll pllr Ilquare fool;,
Comparable Number FOUL'
This sale ifl located approxilllately 1/2 lIIile west of tha subject
property along the north side of Route 11, This property included
three tracts of land which consiat of <1 restauJ:ant, truck wash and
a small motel, whicil hilS been ).'tlmovlld from the lot:, This value of
$70.68 win not require much adjustment considering the fact of the
motel being included in this calculation which wO\,ld ot'fset the
hi\Jher value of the restauJ:<1nt,
COlllparable Number Five
This sale is appr.oximately 1 mile west of the sul:>ject property
a long the south s ide of Route 11, This of f l.ce building was
purchilsed by the Giant Food Stores for a regional office, This
sale is included to help establish a value per square foot for the
office building "^" on the subject property. Since the pur.chase
Giant has done extensiVe renovations ilnd <1dded 8 large section to
the rear of the buildinq. The value por 13qual'<! foot of $50.'70 will
be adjusted upwat'd for the s~:ZQ of th,: building being 39,313 squar.e
feet and also fOl' the inf,~rior condition to th.~ subjoct prIJperty.
In order. to arrive at a value by the Dirt!(;t sales Comparison
^ppro<1ch we will analyze tho sales from two different perspectives.
First we will value each individual bulldinq to at'J:ive at it value
for the entire facility. Second we will aBsign <1 value per square
foot to the .mtiro facility and compal'l! th,~ two approaclHls <1nd
53
...
,HTivtJ dt iI finnl l'olll'luuiqn of' vidu,", '1'11" il/J/li~lnl1d vnlu,) p".:
"'luilrll foot in this ilppnJill'h will inl'ludll th.. land illl compnnlli to
tho vnlulJ in thtJ ,:ost nppro'lcll which did not includ'J tho valul1 of
th<J lillltl,
Tho vllluo for the indIvidual bulltlin'Ju iu <!illc:ulatod to b<i o1t1
f 0 11 OWfll
The Office nuildinv "A" 1.s compnrtJd to COlllpllr.lbl'J Numbol' 5 which iu
lit $50,87 pOl' square foot, This if I ,1 uubstantinlly lllrgor buildin<J
llnd in 1.nferior condition, The valu<l pOl' square foot ill estimuted
to be $60,00 at the present tilllo,
The Maintenance Buildingu "13" alld "C" IIn! cOlllpared to the Camps
1,~,3 und 4 and llfter an ilnlllysie it is bolievlId the value of these
build1.ngs is $'/0.00 pel' square foot.
The Quonset building "D" is compared to Sal,"u 1 and 3 only and wi.ll
be l'educed in value for the fact it is IltoJ:age only, ^ value of
$40.00 per squlll~e foot will be assigned to this building.
Building Pescript ion Sq. Ft,
Building "1\" of f ice Buildl.ng 13,440 $60.00 $006,400
Building IIB" Maintenance Garage 23,450 $'/0,00 $1,641,500 ..
BuJ,lding liCit Garage & Workshop 9,040 $70,00 $63;2, BOO
Building IIDII Quonset Building 9,900 $40,00 $396,000
Total square fellt 55,830
.. This includes the fuel teJ:lIlinal with this building.
Total for all buildill~jS including th<!! land
$3,4'/6,'/00
The second approach is to arrive at a single value per square foot
for the entire cOlllplex, which would include the buildings and the
land. It is believed the fl.ve cOlllparables used do not contain a
"best" comparable on which the appraisers could place most weight
and use it for the value. The appraisers have elected to use the
mean of all five snles and a fi'lure of $62.00 per square foot will
be used for this approach, The total improved area including the
fuel terminal is 55,830 squilJ:e feet at $62,00 per square foot is a
value of $3,461,460.
The two Ilpproaches are very close with only it variance of $15,240.
It is believed the final value is via the direct sal.es Comparison
^pproach is $3,461, 461 which is rounded to $3,461,500,
54
...
RlllCONCILIA'l'ION
In this valulltioll the i1ppnliu'H' hilt! ,ltt.tJmptud lQ Uuo ,111 thr<l<l
llppl:OllCII<lU to vnlutl, 'rho VllhlU illt! kilt itJnu by thnJe nppl:oachaa or.)
013 Collowal
Cost ^ppronch
Income ^pproach
Pil:f.lct Sales comparison ^ppl'onch
$3,4liO,OOO
$3,500,000
$3,46t,500
^ll of the approaches havo curtain limitlltl.onl'l. 'rhe Cost ^pproach
WllS rossonably well applied. Tho lilnd vRlue could bf.l adequlltely
supported, 'rhe depreciatiQn ia normally the hardest part of the
cost approllch, however, the buildings aJ:e fairly new and have been
reasonably well lIIaintained, tho depreciation was easy to estimate
and is consl.dered accurate.
The value estimate via the cost ia $3,450,000,
The Income ApJ;lroach was appliud, however, due to the lack of
information on th.e income and expenses Qf the property all the
figures utilized to completo this approach wore either extracted
from the marJ<et or estimated by the appraisers, using d,~ta from
other commercial appraisals. 'rhis apPl'oach is higher that the
other two approaches and it is given less weight than the cost
approach due to the stated circumstances for completion of thl.s
approach, The income approach does support the value by the cost
apPJ:oach.
'rhe value estl.mate via the income approach is $3,500,000
The Pirect Sales Comparison Approach was applied, the appraiser
revj.ewed a large number (13) sales and selected the five most
cOlllparable, The value indication per square foot was utilized to
achieve a value. Two approaches were ut ilized with the information
extracted from the marl<et. 'rhe first approach looked at the
individual buildings and valued each bUilding separately and
55
...
CIlR'l' I I'I CA'l' ION
'l'he i1ppruiuer t;t!!rl: It i,ltJ illld illln",,! thtlt I
1, 'l'he apprnis.~rs hilv'l 110 prl/Ullllt In cOlltlllllpl(ltud f'lltUl'll ilH,llnlllt
in thl!l property llpprailMd/ "lid ,,'lil:ll'll' th" 'llllploYIIIl/llt to IIli1ku
the IIpprnisnl, nor th'l comp'!I1lli1tJ,on tOl' i.t, 1.11 ,xllltinH<lnl: upon
the apprniuod valu" (It th,! propl/rty.
2. The apprllisenJ hilvl! no P'luj(Jno.ll !.nt(!I:',ut 01: billS w!.th nmpect
to the llubjOl:t mlltt'!I' 01' th,! '1PP1'iliuitl J:llPO):t, Thu "1':lltilllllto
of Market Valuo" in th'l llP1H"liulll l'eport iu lIot llil/led in wh<llll
or in pnl't upon the, rilC<l, 1:0101', 01' 11Ilti.',lllill ol'igill 01' th'J
owner(~)) or OCCl.Ipilnt (sl of tho property ilpprllitJ<ld, 01' upon tlw
race, C0101', 01' national ol'iqin ot tho prl!tJt!nt ownlilr(u) OJ:
occupant (a) of tho pl'op'ntiou In thu vk!.nity 'If tho pl'Op<!l'ty
appraiaod.
), 'rhe appraisers have pursonally illsp<!ctl'd tho PI:OP'H:ty, '1'0 th(1
best of the apprnir.;eJ:'S kIlOwl,Jd'l.... and b,!!i,!f, illi utat',mentu
and informl1t ion in this repol:'t ill'(! t nil! alld C01.'l."Jct / and the
appl'aise): hilS not knowingly withh"ld ,lilY Iligniflcilnt
information,
4, All contingent alld limitin~J (:ollditl.<lIw arl! contained hl!reln.
'5, 'ro the bellt of our knowlod\JQ and bl! 1 i.! f, thl! reported
analyses, opinions and conclusions werl! d.,velopo'ld, and thia
report hilS been prepared, in conformity with th<! requirements
of the Code of Prof'1ssional Ethicll and the Standal'd/J of
Professional Appraiual Practice of the ^pprai/Jal Institute,
6. ^ll conclusions and opinions concerning the 1'<!al estate which
are Bet forth in the appraisal report were prepared by the
appraiser whose signature apP'Jars on the appJ:<'iisal report. No
change of any item in the appraiaal shall be made by anyone
other than the appraiser, and the ilpplaifJerS shall have no
responsibility for any such unauthorized change.
7. As of the date of this l'eport/ RobeJ:t R. Jones, SR^ and
Christopher M. Jones, SRA have cOlllpleted the requirements of
continuing education progralll of the AppraLsal Institute.
O. 'rhe uae of this report is subject to the requirements of the
^ppraiaal Inatitute relating to review by ita duly authorized
representatives,
57
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"tr;~p,,';",;'l, I~I'I
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Ocr II 10 ~III\ '19
lilAh, II" 11th ,,' " Oct.blr A, fJ. OM .,-,,1"".
h,,".,1 'h~ ..vltnt)'-nln. (1'179) '-1.111111" c.'roIU1." tI, I~ ""'''.
'ltl, ,,,,, Illlt.,I C'\I\I.16U: I>IWt~1.01'HJ!ltt co. t we. I . 1""'1I)'LvI"I. cort1outlon,
h.vlna It I p.'lndp.1 .Ule_ In thl r....n.hll' Ilr ll.mp~_I\, C'''lI1ty .t
Cumbnhnd .IIJ Ctlll,nOlUol.41th u( It''nlllylvnnh, QutltlJr, Ind 1)lr\:)I
d II" "hI t'"' IIhl Kn:U t~Mil"O life.,. rUI1I1I1)'lv'l1l.
corpur.tion ftlld h.vlnK I I,l.co Qt bOllllUI. l" tit.
Town.hlp
1>1 'HlldlllUN,
("Whit .1
CW1lborlln~,
'" ,I" \,.11 d r.l1l1lylv.nLIt. Q~'''nl:o', III l~' IIlhll rill tlII""..rU,
"," '/'111'01 CllrIL.I. l>.vallJlJlnJl'I1C Co, tine. I O....ntor, h, .",! III UIl'
.,I,t""," 0.1 1111 '''''' d 'l"hh'ty-on.. TlllJUund 1v" Ihmdrud t-Ltty and OO/lOO
<Gll,250,QQ) 11.11"., II,,'~I "1I11l1)' ill II" Un'IIJ ~111l1, ID II hll,,,,J rllJ Lt II" IIIJ
Kill" Ln.lnll, llle. I l.lnll1t.a,
'I II" 1"'11 II' ,I" '~h~llUn 11111<11, II" "11'1'1 ..I'lfhl II h,"L)' ll~nll..IIJ'I". till I'UII,J, bll,llnIJ. .~J,
,I"",J, .nlUllhJ, III,II,J 'lIJ '""'III1"J, ,,,J I'r ,11," 1"IIlIl" .l..... ,""1, ",,,,'in. hll.,llIn, .nlJ'U". Ilhu. ,"J
1""'"'" ~nlll II>, IIIJ
t<.." Llluins. Inc., Lt. '\Jcla..ol'l
II,JI'II.n1,
lit 111'111I11;" I':'H r:, rlllll ell hhJ, ,h",,, ln th" Town.hip ot Mlddle.OK, County
of Cumberland .nl' Con,nonwflalth of hllnlylv41l1a, mol" fully blJundlfd
.11d de.crlbld II' folloWN. to Witl
I!F.GlIUntW at II polnt on the wdltarn Une of l.nd. now or
ftH1narly of 5mlth' a 'flJrtnlnll h Corporatton at Uno of lal1d, of the
C\unbulal1d County 111thJIltt'lnl I)QvQLoplnant ^uthorlty, which point 1.
eoo' IMaaurod northwardly Uorth 07 dogrr:e. 32 mlnote. 00 '.cond. W"t
trom I pol11t on tl,e nortl,erl\ rlght-of-wIlY l1nl of U, 6. route No. Ll
(1/10 tolt rlght"i,')t-wrlY) I thdncu .slonK tlHI Unl or lande of Curnbu'lanlt
County lnduatrlnl Oevu\opmunt Authority ln a Sln.ralLy we.twardly
dlrection Uorth 82 dflguu 28 mlnut.. 00 ."conIJ. We.t, 5"'..'0 hat to
a pol11t on Qtllor 1.11da of tl1d GrAI1tor 11or.ln, th.11C. .lol1K .ald la.t
mention.d l1nl ot lSl1d. tl,u followlns two (2) cour... nnd d1.tlnclIll
II) In _ BonorallY nllrthwar~l, dlroct(oll Ilorth 07 dIEr... 32 ~Inur..
00 aecond. Enlt 200 talt, and (2) ln 4 glnerally "Itwnrdly directlon
South 82 dllsrullI 28 minlltea 00 uconda rut, 5','..'0 faut to a pnint
on the wu.tl,lrn Hnl! af land. I1r}W or tOl1n~rly ot 6mlthl. r.rminlh
Corporatlol1j and tlH!I1Ctl 410118 IInld lut Inol1tLoned Ll,n(l, of landsb (n
n gdllllrnlly lIoutl1wnrdly direction Soutl, 07 degra.1I 32 mll\ut.. 0
Ill!Cl.lllJa Wclte, 200 hot to it point, tho plnco ot Boglnnl118.
COU1'AIIUtlG 100,900 aqu/U'u hot, baln8 2.~ IIcrall.
ImWG I1l1r~ of tho ulna I1rotnlu. which Evely" V. L1n., widow,
by her nead dated tho l5th doy of October 1969, and r.corded l" the
Oftlel for thlt ltacordlnB at OQoda ln Ilnd tor the CQunty ot Cwnb.rl.ndL
,llnnlylvlnla., on October 20, 1969, 1n Oled Dook "K"l VoL 23, PI" 83/1
Runt.d and cunvlyed unto Car111h Dlvllopment Co" Inc., Grantor Ind
party of the tlrat part 11uroln.
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I,h,t 0111. C~",b, C.., P. Climb, C.., ,.. .
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.,,(~ iF ?J.., I~~ P :,,, C/O. /1.71.., /.51 .H-
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"'IT I ClE X
CH ' COMMERCIAL IHGHWAV DISTRICTS
J:
SECTION 10,01 ' INTENDED PURPOSE. Tho Clt COlllll10l'cl41 lilghw4Y District 15
dUigned to accommodato tho neod5 of tt'an51ont highway travelors who may
roqulre automotivo servlco. food and lodging, Othor similar usos serving
community needs portalning to automotIve 50105 and sorvicing are 0150
provided for in these districts,
All USl/S in the eH District shall comply with tho folloWing regulations:
I
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SECTION 10.02 - USE STANDAIlDS, Usos pormlttod In the (CH) Commorc101
Highway District sholl be subjoct to tho following conditions:
A, Parking, loading, or sorvlco Moas used by motor vohlclos sholl be
physically soparatod from 011 stroets by 0 sultnblo barrier against
unchannolod motor vehiclo accoss or l!gress, All roods, drlvl!ways,
parking oroas and walks shall be paved and malntainod in good
condition with hard surfacl! materials.
B, All accoss roods or drlvl!ways sholl bl! locatl!d not loss than Onl!
hundred (100) feet from tho Intersoction of any stroet right'of-way
1 ines, and shall bl! desigl1lld in a lIIannor conducivo to safe Ingress
and ogress.
C, Illumination, Whl!n lot linl!s lie within 35 fel!t of 0 Residential
District boundary or any lot in residential use. any Illumination or
floodlighting shall be arrAnged so there will be no glare of lights
on such lot or District boundary line.
0, Landscaping, The entire lot shall be suitably landscapl!d (except
for those areas which arl! covered by buildings or surfaced as
parking or service areas), All landscaping shall bl! properly
maintained throughout the life of any use on any lot.
E. Along each property line which is adjacl!nt to a Residential
District or lot In resldenttal use, the owner shall be reouired to
maintain a buffer strip ten (10) feet widl! which shall be planted
with a hedgp., evergreen shrubbery or suitable vegetatton to provide
appropriate screening against noise, glare, fumes, dust, and other
harmful effects, Said buffer strip shall be consistent with any
existing vegetation and the pl!rmltted USl! of the adjacent
residenttal property.
F. Additional conditions and safeguards as the Supervisors may Impose
in order to protect and pl'omote t.he heal th and safety and general
welfare of the community and the character of the neighborhood in
which the proposed use Is to be erected.
X,I
SECTION 10.03 - PEIlMITTED USE$, In 4 (Cft) Commercial lilghway District, no
building or premises 5hall be used and no building shall be erected,
which is arranged, intended or designed to be used In whole 01' In part,
for any purpose except those listed below, and all such uses shall be
subject to Land Development PI an approval In accordance wi t,h the
Middlesex Township Subdivision and Land Development Ordinance and those
regulations specified elsowhere In This Ordinance,
A.
Retail businessos, such as variety stores, apparel storos. drug
stores, grocery stores, eating and drinking establishments. 1 iquot-
stores. antique shOllS, auction houses, music shops, sporting goods
stores, and book, stationery, magazine, candy and tobacco shops.
Business services. such as banks, credit unions, loan companies and
other financial institutions, real estate and Insurance agencies,
utility offices, government, business and professional offices, and
veterinary clinics.
Personal services, such as barber shops, boallty salons, photogl'aphic
studios, coin operated laundromats, tailor, dress-making. millinery
and dry cleaning and laundry pick,up stations wherf/ the processing
is to be done elsewhere.
B,
C.
D. Repair services, such as radio, television and appl iance shops,
plumbing shops, carpenter shops, upholstery shops, and shoo-repair
shops.
E, Vehicle sales and services, such as service stations, repair
garages, new and used car dealers, and automotive suppl ies, subject
to the requirements of Section 14.46.
F. Hotels, motels and tourist homes subject to the requirements of
Section 14.47.
G, Philantropic or religious institutions, hospitals, nursing homes, or
sanitaria for general medical care, subject to the requirements of
Section 14.30.
H. Motor vehicle, mobile home, trailer, camping, boat, construction or
farm equipment sales and services.
1. Newspaper and printing establishments.
J. Mortuary and funeral homes and monument sales.
K. Public and semi-public bUildings and uses.
L. Bed and Breakfast Inns. (See Section 14,42)
M. Essential municipal and public utility services and installations,
X-2
,..
SECTION 10,04. ACCESSORY USES,
The following customary accessory uses and buildings inc:1dental to any
permitted uses shall be permitted:
A. Uses and structures which are customarily associated with the
permitted use~ such as storage buildings, outdoor storage areas,
yards, gardens, play areas and parking areas,
-,
Garden house, tool house, PlaYhouseh wading pool, or swimming pool
Incidental to the principal use of t e premises and not operated for
gain. All such wading or swimming [10015 shall be subject to the
provisions of Article XIV hereof.
C. Private garages. In such garages with 2 or more passenger automobile
spaces. one such space may be 1 eased or rented to persons not
resident on the premises,
B.
D, All storage accessory to any permitted principal use. other than
off-st.reet parking and loading. or trailer. boat, mobile home and
agricultural storage shall be carried on in completely enclosed
buildings,
E. Signs, as provided In Article XIV of this Ordinance.
SECTION 10.05 . SPECIAL EXCEPTION USES. The following uses and activities
may be permitted by Special Exception upon approval of the Zoning Hearing
Board after a publ ic hearing and recommendation by the Planning
Commission. Uses by Special Exception shall be subject to the
requirements specified in Articles XIV and XVIII and elsewhere in this
Ord I nance:
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A. Uses which, in the opinion of the Zoning Hearing Board, are of the
same general character as those 1 isted as permitted uses and which
will not be detrimental to the Intended purposes of those districts.
B. Membership clubs and camps, and outdoor recreation facil Ities such
as privat~ playgrounds, golf clubs, swimming pools and tennis
courts. (See Section 14.31)
C, Business conversions. (See Section 14,49)
D, Day care centers. (See Se~tlon 14.48)
E, Commercial billboard and advertising structures. (See Section 14.16)
F. Drive-in type establ ishments. Including but not limited to, car
and truck washes, restaurants, beverage distributors, theaters,
veterinary clinics and other similar establ ishments designed to
provide drive-it, facilities.
X-3
G, COlMlllrchl rllcrllatlon and ontlll'talnn1l1nt facll Ities Including. IJllt
not limited to, thoatol"S. bowllnlJ alloys, skating rinks. golf
courses, mlniaturJ1 lJolf COUI"SIIS, swimming pools, and archery ranges,
5ubJect to the followlnlJ conditions:
(I)
The minimum lot al'lIa shall be onll (I) acre and thll m1nimum lot
width shall bl! 150 foot.
(2)
Points of vl!h1cular Ingrl!Ss and egrllss shall bll 11mltlld to a
total of two (2) on any St1'1I0t.
Beforll thll issuancl! of any building pllrmlt, a dlltalled Land
DllvlIlollmllnt Plan for tho proposlld dllvlIlopmllnt of a Sltll for
commercial recroatlon, ontertainmont, and accessol'Y facilities
shall be submitted to and approved by tho Township,
H, Animal hospitals, but not Including kennels.
/. Wholllaallng, storing and wal"ohousing, lncllld1ng lumber yards,
building contractors, and farm supply and building material yards,
(3)
J, Service establishments Including dry cleaning and laundry plants.
K, Roadside stands and outdoor sales of garden suppl ies, nursery stock,
farm produce and similar merchandise sold at retail.
SECTION 10.06 - LOT AREA, BUILDING HEIGHT AND YARD REQUIREMENTS.
A. lot ReolllrelllgnU. Lot width, lot area, yard and building setback of
not less than the dimensions shown on the following table shall be
provided for every dwelling unit and/or principal non-residential
bUilding or structure hereafter erected or altered for any USIl
permittlld In this district:
.........................................................................................................
LOT REQUIREMENIS
YARD REQUIREMENTS
NElaHT RQMHli,
UII
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................
All P.rmlttld UI.I 1 .erl'
........................................................................................................
MIN, LOT MIH, LOT MAX. Lor ONE TOTAL
ARfA (SO.'T,) ~IDTH COVERAaf % 'RONT SIDE SIDES REAR
MAX. (11.1
150'
20
35' 20' 40'
35'
35
U... by 5p.el., Eoe.ptlon
5ff ARTICLE XIV
, Lot .,,. .~bl.et to p.alR Ippro..l 'or on"lot ,.w.g. dl.po..l ,y.t.m.,
. 10m. permftt.d u... r.qulr. tlro.r minimum lot .r....
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ . . . . . . . . . . . .
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^ partial list of cliento for whom I have completed appraisal
assignments followsl
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Avstar Mortgage corporation
Central Penna Sllvingu Association
llroadview Mortgage company
Carroll Mortgag~ Company
Commonwealth llnitud Mortgage Company
Commerce Bllnl<
CllNA Mortgage company
Dauphin Deposit Bank
Farmers Trust COlllpany
Pirst Union Mortgage Company
Pirst United MOJ:tgllie COlllpany
Pulton Bank
GM^C Mortgage Corporation
Harris Savings Association
Harrisburg Belco Fed. Credit Union
Hershey Bank
Herohey Federal Credit Union
Homeotead Savings
Jonestown Bank and Trust Company
Lebanon Valley National Bank
Margaretten and company
Maryland National Mortgage Corporation
Mechanics savings ^ssociation
Mellon Banl<
Meridan Bank
Mf:!ridan Mortgage Compuny
Northwes,t Savings Bank
Pace Mortgage Company
Parent Pederal Savings
Pennsylvania National Bank
Pennsylvania State Bank
Pennsylvania State Employees Credit Union
PHH US Mortgage Corporation
Sears Mortgage Corporation
United Telephone Employees Credit Union
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Coldwell Banker Relocation
Equitable Relocation
Prudential Relocation
Gettysburg College
I have testif.ied in court ao an expe~t witneos in Adams,
Cumberland, Dauphin, Lf.lncaster, Lebanon and York Counties.
Resp~s;f~l~_submitted,
c;;3~~/------
Robert R. ,Iani%' ~ '~-
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ROBERT R. JONES & ASSOCIATES
REAL ESTATE APPRAIGERS & CONSULTANTS
II~)J ~llll/ll)Wlj lit VII
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ROSERT R JONES, 611A, RM
CHRISTOPHER M JONUS, ~RA
JOHN R. JONE6, 6RA
(11l68,'DO~)
815 CUMBERLAND 6T
LeSANON, I'A I 704~
(1171 ~7HI8~~
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PRorlSSIONAL QUALIPICATIONS
CHRISTOPHER M. JONES
5375 WILSHIRE ROAD
HARRISBURG, PA 17112
(717) 652-4377
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. , WORK HISTORY I
1985-pre.ent Robert R. Jones & As.cciates, Inc.
7000 ^llentown Boulevard
Harrisburg, P^ 17112
State Certified Residential Apprai.er
Real estate appraisals completed on single-family,
income producing and condolllinium properties.
Managing the residelltial division since January,
1993,
1983-1985 Jones Contracting
Harrisburg, PA 17112
General Contractors
During thill period our company was involved in all
phases of contraqting in both new construction and
the remodeling of older properties, Working mostly
in the Harrisburg area,
1981-1983 Bond Contracting
Etters, PA 17319
Supervisor
This commercial construction firm was involved
primarily in the remodeling of hotels such aSl
Hiltons, Sheratons and Holiday Inns in New York,
Pennsylvania, Connecticut, Virginia and Delaware,
1978-1981 Jones & Sons Construotion Company
Harrisburg, PA 17112
General Contraotors and Builders
During thIs period our f inn completed the development
of ground, built new homes and contracted for many
additions and improvements to existing properties in
the Harrisburg area.
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!tBRN LBABING INC.
Box 710
Carliule, VA 17013
Appel1antu
IN THB COUR'1' OP COfoN)N PLBAB
CUMBBRLAND COUNTY. PBtftfBYLVANIA
UO ' ; t. ' (, 'J 1 '> C / /I' ~ T I , "
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CUMBBRLAND COUNTY BOARD
OP ABSBBBMJlN'l' AND
RBVISION OP TAKBB
One CourthouRe Square
Carliule, VA 17013
AppelleeR
Appeal Prom ARRessment
Orders of October 22. 1996
Parcel NO. 21-07-0465-007A
21-07-0465-007B
21-07-0463-005
J.>Jr.l'I'l'IOlLJroR RBVIBW 01' ABBBSBMllN'l' BY ..'1'lW-
~BRLAND COWrY BOARD OF ABBlUImmNT AND RBVISIONJl.P. TAKBS
AppellantR, Keen Leasing Inc., by their attorneys, The Law
OfficeR of Darrell C. Dethlefs, petitions for review of an
asseRRment (lppeal decisions by the Cumberland County Board of
AR8essment and Revision of Taxes and in support thereof avers as
follows:
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JURISDICTION
1. This petition seeks review of an appeal from an assessment
by the Cumberhnd County Board of Assessment and Revision of Taxes.
The appeal is authorized by the General County Assessment Law, as
amended, 72 Pa.C.S.A, Section 5020-518,1 et seg, in that this an
appeal by an owner of real estate within this Commonwealth from an
asoessment or evaluation of its property.
PARTIES
2. Appellant is Keen Leasing Tnc" a Pennsylvania Corporation
with a business addreos of Box 710, CarliSle, Cumberland County,
Pennsylvania 17013.
3. Appellee is the Cumberland County Board of Assessment and
Revision or 'l'axes, with oHices located at One Courthouse Square,
Carlisle, Pennsylvania 17013.
0F.m1lillfl FOR PR'l'I'rION
4, Petitioner is the re~istered owner of. parcel numbers 21-
07-0465-007A, 21-07-0465-007B and 21-07-0463-005 which are located
at 1951 Harrisburg Pike, Carlisle, Cumberland County, Pennsylvania
hereinarter oollectively referred to as the "Premises".
5, By the Cunwerland County Board ot Asseosment and Revision
or Taxes Orders dated October 22, 1996, the Cumberland County Board
ot Assessment and Revision of Taxes entered an Order setting the
Market Value of the premises as rollowsl
Parcel NIIIII~X l'SIlJju!t Value
A) 21-07 -0465 -00'7^ $50,000
B) 21-07-0465-0078 $3,000,000
C) 21-07-0463-005 $500,000
A copy of. the Orders are attached hereto as Rxhl.bit "A",
6, Petitioner is aggrieved by the disposition made by the
Cumberland County Board of Assessment and Revision or Taxes and
believes that the decision by the Board is incorrect and that the
assessments in the aforementioned amounts are excessive, unrair and
unequal as compared to thE! other real estate in the vicinity or the
Premises.
7. Appellant further believes and therefore avers that the
disposition made by the Cumberland County Board or Assessment and
Revision or Taxes fails to consider the actual market value or the
Premises, which market value has been established by certified
appraisal.
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URN LBASItfG, INC.
Box 710
Carliale, PA 1701J,
Appellant,
IN 'rim COURT OP COMMON PLBAS OP
CUMBBRLJ\ND COUNTY, PBNNlIYLVANIA
NO. 96 -6J95 CIVIJJ 'l'URM
va.
Appeal Prom ABs~ssment
Orders of Octobor 22, 1996
t'UMBBRLAND COUNTY BOARD OP
ASSBSSMBNT AND RBVISION OP
TAXBS
One Courthouse Square
Carlisle, VA 1701J
Parcel No,
21-07-0465-007A
21,'07-0465-007B
21-07-046J-005
MO'rION TO RB-LIST UOR A IIRAlU.tf(J
Appellant, Keen Leasing, Inc" by and through their Attorney
The Law Offices of Darrell C. Dethlefs, hereby file this Motion to
Re-List for a Hearing and in support thereof avers aa follows:
1. On November 20, 1996, ^ppellant by and through their
counsel filed an Appeal of the Determination of the Cumberland
County Board of Ass~asment and Revision of Taxes relative to the
properties identified as Parcel Nun~erl.l 21-07-04065-007A/ 21-07-
0465-007B and 21-07-0463-005.
2. A hearing was set by The Honorable Edgar B, Bailey for
February 6, 1997 at 6:45 a,m. to be held in Court Room 112.
3. By letter dated February J, 1997 to The Honorable Edgar
B. Dailey, the undersigned counsel requested a Continuance of the
February 6, 1997 hearing with the consent of the Attorney for the
intervenor and the Attorney for the Cumberland County Board of
Assessment and Revision of Taxes. Said Continuance was granted.
4. At this time, the Appellant of Keen LeaBing, Inc. wishes
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