16 FRANKLIN STREET APPRAISAL REPORT 1996 LONG REAL ESTATE APPRAISERS
APPRAISAL REPORT OF
16 FRANKLIN STREET
SALEM, MASSACHUSETTS
PART I- INTRODUCTION
480 BROADWAY, LYIUNFIE'LD, NIA
(617) 592-4700.
LONG REAL ESTATE APPRAISERS
AN APPRAISAL REPORT OF:
A COMMERCIAL PIECE OF LAND CONSISTING OF
21,500 SQUARE FEET OF LAND
UTILIZED FOR THE STORAGE OF JUNK AUTOMOBILES
LOCATED AT:
16 FRANKLIN STREET
SALEM, MASSACHUSETTS
OWNER OF RECORD:
FERRIS TRUST
EDWARD FERRIS, TRUSTEE
DATE OF VALUE ESTIMATE:
MAY 24, 1996
* * * * * * * * * * * * * * *
APPRAISED BY:
DAVID J. SAKURAI
MA CERT. GEN. R.E. APPRAISER LIC. 1321
REVIEWED BY:
WILLIAM LONG, MRA
MA CERT. GEN. R.E. APPRAISER LIC. 1404
LONG REAL ESTATE APPRAISERS
480 BROADWAY
LYNNFIELD, MASSACHUSETTS
(617) 592-4700
480 BROADWAY, LY'VAT=, MCI
(617) 592-4700. PAGE # 1
LONG REAL ESTATE APPRAISERS
TABLE OF CONTENTS
PART I-INTRODUCTION
COVER PAGE 1
TABLE OF CONTENTS 2
LETTER OF TRANSMITTAL 3
GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 4
SPECIFIC ASSUMPTIONS AND LIMITING CONDITIONS 6
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS 7
EXTENT OF THE APPRAISAL 8
PART H-FACTUAL DATA
SUBJECT PROPERTY DESCRIPTIVE PHOTOGRAPH 12
PURPOSE OF THE APPRAISAL 13
IDENTIFICATION OF SUBJECT PROPERTY 14
LEGAL DESCRIPTION 15
AREA AND NEIGHBORHOOD ANALYSIS 16
PART III-PROPERTY DATA
SITE DESCRIPTION AND ANALYSIS 24
SITE PLAN 25
FLOOD ZONE MAP 26
PROPERTY HISTORY 27
PROPERTY TAXES AND ASSESSMENTS 27
ZONING/LAND USE CONTROLS 29
PART IV-ANALYSES AND CONCLUSIONS
HIGHEST AND BEST USE 33
THE VALUATION PROCESS 36
COST APPROACH 37
SALES COMPARISON APPROACH 37
INCOME CAPITALIZATION APPROACH 45
RECONCILIATION AND FINAL VALUE ESTIMATE 45
CERTIFICATION OF THE APPRAISER 46
PART V-EXHIBITS AND ADDENDA
QUALIFICATIONS OF THE APPRAISER 48
SALES ADJUSTMENT GRID 49
COMPARABLE SALES MAP 50
COMPARABLE SALES PLOT PLANS 51
PHOTOGRAPHS 52
ZONING EXCERPTS 55
BUILDING PERMITS/INFORMATION 56
LETTER OF ENGAGEMENT 57
480 BROADWAY, LYNNF=, MA
(617) 592-4700. PAGE # 2
LONG REAL ESTATE APPRAISERS
June 11, 1996
Ms. Elizabeth Debski
Acting City Planner
One Salem Green
Salem, MA 01970
Re: 16 Franklin Street
Salem, Massachusetts
Dear Ms. Debski,
At your request, I have conducted an appraisal of the above referenced property. The property
consists a 21,500 square foot lot used for automobile storage. The purpose of this appraisal is to
estimate the market value of the fee simple estate in the subject property, as of May 24, 1996.
The valuation of the property and the accompanying report, prepared in conformity with the
Uniform Standards of Professional Appraisal Practice(USPAP), describes the subject site and
improvements, the rights appraised, and offers my opinion of the highest and best use of the site.
This report includes data and conclusions from the application of three approaches to value.
After assembling and analyzing the data defined in the scope of this appraisal, a final estimate of
market value was made. Please note the assumptions and limiting conditions of this appraisal
listed within the report.
Based on my investigation and analysis of the data gathered with respect to this assignment, I
estimate the market value of the subject property as of May 24, 1996, subject to the specific
assumptions and limiting conditions, as follows:
ONE HUNDRED FIFTY THOUSAND DOLLARS - $150,000
Respectfully yours,
David J. Sakurai
MA. CERTIFIED GENERAL R.E. APPRAISER LIC. #1321
x
William Long,TAA
MA. CERTIFIED GENERAL R.E. APPRAISER LIC. #1404
480 BROADWAY, LYV1VFF=Q, AM
(617) 592-4700. PAGE # 3
LONG REAL ESTATE APPRAISERS
GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing general
assumptions and general limiting conditions.
GENERAL ASSUMPTIONS:
I. No responsibility is assumed for the legal description or for matters including legal or title
considerations. No survey has been made of the property nor is an opinion of title
rendered. Title to the property is assumed to be good and marketable unless otherwise
stated.
2. The property is appraised free and clear of any or all liens or encumbrances unless
otherwise stated.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is believed to be reliable. However, no warranty is
given for its accuracy.
5. All engineering is assumed to be correct. The plot plans and illustrative material in this
report are included only to assist the reader in visualizing the property.
6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures that render it more or less valuable. No responsibility is assumed for such
conditions or for arranging for engineering studies that may be required to discover them.
7. Unless otherwise stated in this report, the value estimated in this report is based on the
assumption that the property is not negatively affected by the existence of hazardous
substances or detrimental environmental conditions. The appraiser is not an expert in the
identification of hazardous substances or detrimental environmental conditions. A routine
inspection of and inquiries about the subject property did not develop any information that
indicated any apparent significant hazardous substances or detrimental environmental
conditions which would affect the property negatively. It is possible that tests and
inspections made by a qualified hazardous substance and environmental expert would
reveal the existence of hazardous materials and environmental conditions on or around the
property that would negatively affect its value.
480 BROADWAY, LYAUVF=, MA
(617) 599-4700. PAGE # 4
LONG REAL ESTATE APPRAISERS
GENERAL ASSUMPTIONS AND LIMITING CONDITIONS (cont.)
8. It is assumed that there is full compliance with all applicable federal, state, and local
environmental regulations and laws unless noncompliance is stated, defined, and
considered in the appraisal report.
9. It is assumed that all applicable zoning and use regulations and restrictions have been
complied with, unless a nonconformity has been stated, defined, and considered in the
appraisal report.
10. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state or national government or
private entity or organization have been or can be obtained or renewed, for any use on
which the value estimate contained in this report is based.
11. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described and that there is no encroachment or trespass
unless noted in the report.
GENERAL LIMITING CONDITIONS:
1. The distribution, if any, of the total valuation in this report between land and
improvements applies only under the stated program of utilization. The separate
allocations for land and buildings must not be used in conjunction with any other appraisal
and are invalid if so used.
2. Possession of this report, or a copy thereof, does not carry with it the right of publication.
It may not be used for any purpose by anyone but the owners without written consent of
the appraiser, and in any event, only with the proper written qualification and only in its
entirety.
3. The appraiser, by reason of this appraisal, is not required to give further consultation,
testimony, or be in attendance in court with reference to the property in question, unless
arrangements have been previously made.
4. Neither all nor any part of the contents of this report, (especially any conclusions as to
value, the identity of the appraiser, or the firm with which the appraiser is connected) shall
be conveyed to the public through advertising, public relations, news, sales, or any other
media without the prior written consent and approval of the appraiser.
480 BROADWAY, LYAU\Y D, MA
(617) 599-4700. PAGE # 5
LONG REAL ESTATE APPRAISERS
GENERAL ASSUMPTIONS AND LIMITING CONDITIONS (cont.)
5. Included in this report are sales and rental information from many sources. A concerted
effort has been made to personally verify the market data used in this analysis with a
reliable source. Occasionally, some new information is found on these sales, or errors may
be found and corrected. If any errors or omissions are discovered, it will be brought to the
client's attention. The appraiser must reserve the right to change his conclusion, if
required, due to a subsequent discovery.
SPECIFIC ASSUMPTIONS AND LIMITING CONDITIONS
In this appraisal, the following specific assumptions have been made. The value conclusion is
based upon these points.
1. The appraised market value reflects the value of the Real Estate "REAL PROPERTY"*
only. No personal property, fixtures, or intangible items are valued separately in this
appraised value.
* REAL PROPERTY refers to the interests, benefits, and rights inherent in the ownership
of the physical real estate. It is a bundle of rights with which the ownership of real estate
is endowed.
* Appraisal Institute, The Appraisal of Real Estate, loth ED. Chicago, 1990.
480 BROADWAY, LY!VNF=, MCI
(617) 592-4700. PAGE # 6
LONG REAL ESTATE APPRAISERS
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
DATE OF APPRAISAL May 24, 1996
DATE OF INSPECTION May 24, 1996
PROPERTY RIGHTS Fee Simple Interest
ADDRESS 16 Franklin street
Salem, Massachusetts
LEGAL DESCRIPTION Book 8042, Page 235
REGISTRY OF DEEDS Essex County, Southern District
ZONING B5 - Central Development
LAND AREA 21,500 Square Feet
CONFORMANCE Legal non-conforming
PROPERTY USE The subject is used as a portion three contiguous
pieces of land for the storage of junk cars.
HIGHEST AND BEST USE CONCLUSIONS
AS IF VACANT Vacant, Developable land
AS CURRENTLY IMPROVED Not Applicable, Vacant land.
THE VALUATION SUMMARY
LAND VALUE $150,000
COST APPROACH N/A
INCOME CAPITALIZATION APPROACH N/A
SALES COMPARISON APPROACH $150,000
FINAL VALUE CONCLUSION $150,000
480 BROADWAY, LYIVNFILZD, AIIA
(617) 592-4700. PAGE # 7
LONG REAL ESTATE APPRAISERS
EXTENT OF THE APPRAISAL
This section describes the extent of the process of collecting, confirming and reporting data, the
limitations of the appraiser's investigation, and a description of the appraisal procedures used.
The appraisal analysis was performed in compliance with the real estate appraisal regulations
promulgated by the Office of the Comptroller of the Currency, 12 CFR 34, and by the Federal
Deposit Insurance Corporation, 12 CFR 323, Pursuant to Title XI of the Financial Institutions
Reform, Recovery and Enforcement Act of 1989 (FIRREA). In this appraisal, the appraiser has
made every attempt to satisfy the requirements of the Uniform Standards of Professional
Appraisal Practice(USPAP, 1992) adopted by the Appraisal Standards Board of the Appraisal
Foundation.
As part of the appraisal process, a number of independent investigations and analyses were
completed. Reliance was placed on data retained in our files, field research, data collection and
interviews. The investigations undertaken and the major data sources used are listed below.
AREA AND NEIGHBORHOOD ANALYSIS:
The first area to be analyzed is the regional location of the subject, with the economic base and
demographics reviewed in particular. From this analysis the area's current trends, growth patterns
and economic conditions were established. Information was obtained from a number of recent
publications, including Massachusetts Municipal Profiles, regional and local newspapers, and
Department of Employment& Training. Area real estate brokers and appraisers were also
interviewed in order to obtain a local perspective.
The next step in this part of the appraisal was to perform a physical inspection of the
neighborhood, which included driving the immediate area and reviewing the local traffic patterns,
locating all services and amenities and considering current trends in the area. Neighboring
property uses were also noted for concerns relating to hazardous waste issues. This was
performed to better understand the market influences on the subject. This research also served to
define the borders of the subject's neighborhood.
A survey was made of the current market for competing space in the subject's neighborhood.
Specific emphasis was placed upon similar projects and buildings, as this is the market the subject
competes within. This encompassed inspections of the projects currently in place, discussions
with the building department of projects under construction, and planning department interviews
as to future development expectations. This was performed to determine the future trends in the
supply and demand for commercial, retail, and residential units and the absorption rates for such
units.
480 BROADWAY, LYNNF=, AM
(61 V 592-4700. PAGE # 8
LONG REAL ESTATE APPRAISERS
SITE DESCRIPTION AND ANALYSIS:
The subject was physically inspected by the Appraisers, David J. Sakurai and William Long on
May 24, 1996 with utility and amenities reviewed. Photographs were taken of the exterior of the
subject and the street scenes. Facts were collected at the City of Salem assessor's office, and the
planning and building departments.
The Essex South County Registry of Deeds was utilized in the obtaining and reviewing of the
subject's deed reference, found in Book 8042, Page 235 and a plot plan obtained from the
assessors map, illustrating the subject's metes and bounds. Copies of these documents are included
in this report.
The Salem Fire Department was consulted for any information concerning hazardous waste or ,
reported hazardous waste sites in the immediate area.
MARKET DATA PROGRAM
Research of the regional real estate market, for the period between 1992 and 1996, was
completed. Primary emphasis was placed on similar use properties, situated with similar location
influences to that of the subject. This included reviewing the City's sales records, speaking with
local commercial real estate brokers and reviewing the real estate trade publications, "The Banker
and Tradesman" as well as "The Boston Globe", and other real estate periodicals. In addition, a
review of broker's listings for any applicable data was made. All sales noted were confirmed
through a review of the recorded deed and with one or more of the parties involved, when
possible. The physical data was obtained from the assessor's records and verified with an exterior
inspection of each property.
RENTAL DATA PROGRAM:
The investigation included discussions with area brokers on offerings, leases and rentals in the
competing market. Also used, was information from our office files on leases and expenses known
in the market, as well as, direct conversations with property owners. A number of area property
managers were interviewed for localized data. Vacancy data was obtained from discussions with
building managers, brokers and a physical inspection of the market.
480 BROADWAY, LYAVNF=, MCI
(61 V 592-4700. PAGE # 9
LONG REAL ESTATE APPRAISERS
HIGHEST AND BEST USENALUATION ANALYSIS:
In establishing the highest and best use for the subject, an analysis was made of the data compiled
in the steps noted above. In addition, a study of the local market was made to help determine the
economic feasibility of this use.
The valuation analysis considered the three most commonly recognized appraisal techniques: the
sales comparison approach, the cost approach, and an income capitalization approach. Each
technique will be discussed in more detail within its specific section of the report. The three
approaches are reconciled to produce a final value conclusion for the subject property.
In the process of collecting data, information is verified with the parties involved, where possible,
and through legally recorded documents, when available. Verbal information was gathered from
sources deemed reliable, by utilizing real estate brokers and other professionals familiar with the
subject's marketplace. Please refer to the general assumptions and limiting conditions as set forth
on pages four through six.
480 BROADWAY, LYNWVFIF'£,D, MCI
(617) 592-4700. PAGE # 10
LONG REAL ESTATE APPRAISERS
PART II - FACTUAL DATA:
480 BROADWAY, LYAY%T=, MA
(617) 592-4700. PAGE # 11
LONG REAL ESTATE APPRAISERS
SUBJECT PROPERTY DESCRIPTIVE PHOTOGRAPH
FROM ABUTTING LOT/PHOTO TAKEN: May 24, 1996
480 BROADWAY, LYNNFIEW, MCI
(61 V 592-4700. PAGE # 12
LONG REAL ESTATE APPRAISERS
THE PURPOSE OF THE APPRAISAL
This appraisal was requested by Ms. Elizabeth Debski, Acting City Planner of Salem, MA, One
Salem Green, Salem, MA, to determine the market value of the subject property.
i
The purpose of the appraisal is to estimate the MARKET VALUE of the FEE SIMPLE ESTATE
as of May 24, 1996, of the real estate identified as:
16 Franklin Street, Salem, Massachusetts.
MARKET VALUE is defined as follows:
The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably,
and assuming the price is not affected by undue stimulus. Implicit in this definition is the
consummation of a sale as of a specific date and the passing of title from seller to buyer under
conditions whereby:
1. Buyer and seller are typically motivated;
I
2. both parties are well informed or well advised, and acting in what they consider their best
interests;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in United States dollars or in terms of financial
arrangements comparable thereto; and
5. the price represents the normal consideration for the property sold unaffected by special or
creative financing or sales concession granted by anyone associated with the sale. (12 CFR
34.43 FIRREA)
* FEE SIMPLE implies the absolute ownership unencumbered by any other interest or
estate. Partial interests in real estate are created by selling, leasing, or otherwise limiting
the bundle of rights in a fee simple estate.
* Appraisal Institute, The Dictionary of Real Estate App aisah_Second Edition. Chicago:
The American Institute of Real Estate Appraisers, 1989.
480 BROADWAY, LY.NNFIELD, Mai
(617) 592-4700. PAGE # 13
LONG REAL ESTATE APPRAISERS
IDENTIFICATION OF SUBJECT PROPERTY
PROPERTY ADDRESS: 16 Franklin Street
Salem, Massachusetts 01970
OWNER(s) OF RECORD : Ferris Trust
Edward Ferris, Trustee
LEGAL DESCRIPTION: Book 8042, Page 235
REGISTRY OF DEEDS: Essex County, South
SALES HISTORY: The subject has been under the current ownership
for more than ten years.
ASSESSOR'S DESCRIPTION Map 26, Lot 402
TOTAL ASSESSMENT: $103,600
COMMERCIAL TAX RATE: $34.23 F/Y 1996
TOTAL ANNUAL TAX: $3,546.23
STATE CLASSIFICATION: 338/Motor Vehicle Sales and Service
ZONING: B5 - Central Development
LAND AREA: 21,500 square feet
480 BROADWAY, LYNIVF=, MCI
(617) 592-4700. PAGE # 14
LONG REAL ESTATE APPRAISERS
LEGAL DESCRIPTION
Book 8042, Page 235
no);804,_ PAGE 235
-.. DEED
I, ELIZABETH F. FERRIS, a tenant in common,
of Salem, ssex County, Massachusetts
- -for,nominal consideration paid,
i.< o grant to EDWARD FERRIS of 21
Massachusetts as he is Naples Road,Road, Salem, Essex County,
~ of Ferris Trust dated
�^ /�`OP' 3�• , 1985 to be recorded herewith
a
o with quitclaim covenants my undivided one-half 'interest in and to
z. v the land in said Salem situate on the Easterly side '"of Franklin
w, y. Street and bounded and described as follows: m
a�i Beginning at the Northeaster)
i : at other land of Charles R, Y O°rne=. thereof or.' Franklin Street
mai k westerly by Franklin Street ems et ux, thence running South-
;H hundredths 78.28) Feet to a� Seventy-eight and twenty-eight
d.; MI," Anketell � P7inr at other land of James J.
shown as Lot A on a plan of land hereinafter. referred
tAli o;- thence. running ,Southeaster) b 4
3m feet to-a point; thence running
Y said'Lot A'' Forty=five (jr) �
F ,gym :-nundred fift 3 Southerly by said Lot A, Two
- - Borth- River; tnree and nineteen. hundrtdths (253.19) feet to the
C> ' �o,,: > - thence running Northeaster)
z Twenty-four and sevent four hundredths Y by said North River,
thence running Southeaster) b (24.74) feet to a-point;
14 teen hundredths Y Y said North River, Five and thin-
-+N (5.13) feet to a point; thence runnin
- erly-again by said North River, Thirty-five and fifty Northeast-
.... (35,50) feet to other land of Charles R. Ferris et uxpdthence o,�.
running Northwester) b
Y Y said land of Ferris, Two hundred "j
M w thirty-five and seventeen hundredths (235.17) feet to a point;
thence running Northerly by said land of Ferris, Thirty=seven and
sixty-five hundredths (37.65) feet to a
o,a� Westerly by said land of Ferris Point;' thence running
e (1.62) feet to a Point; ' One and sixty-two hundredths
0 0 of Ferris P thence running Northnd swesterly by said land
m m Franklin Street tand point of beginning,
ixty-five hundredths (62.65) feet to
mm
d o Containing 21,500 square feet more or less and being shown as Lot
1oro B on Plan of Land of James J. Anketell, Salem, Mass. Jan, 1959
.. Q Edwin T. Brudzynski, Surveyor, recorded with deed to Charles R.
Ferris and Elizabeth F. Ferris, as husband and wife, as tenants
+•��- by the entiret
y, from Jamli-Nes J. Anketell dated December 31
. 245.and recorded in Essex South Registry of Deeds in Book 4537, P1958
age
For my title see deed from Charles K.
Ferris, husband and wife as tenants by Ferris and Elizabeth F.Ferris and Elizabeth F. the entirety to Charles R.
common dated Ferris, in _equal shares as tenants in
A/UV. .:O
=: 1985 to be recorded herewith.
�t
480 BROADWAY, LY 7 F=, MCI
(617) 592-4700. PAGE # 15
LONG REAL ESTATE APPRAISERS
REGIONAUNEIGHBORHOOD ANALYSIS
REGIONAL DESCRIPTION:
The subject is located in the State of Massachusetts. Known as the "Bay State", Massachusetts is
the location of the Cape Cod Peninsula and Cape Cod Bay. Massachusetts is 8,257 square miles
in area and consists of 14 counties, with 346 municipalities. It is bordered by Rhode Island (S),
Connecticut(S),New York(W), Vermont(N) and New Hampshire(N). To the east is the
Atlantic Ocean.
The major regions of the state include Greater Boston, North Shore, South Shore, Metro-West,
Cape Cod, Southeastern Massachusetts, Central Massachusetts, Western Massachusetts and the
Berkshires. Some of the largest cities include Boston, Worcester, Springfield, Brockton,
Cambridge, Pittsfield, Lowell and Lawrence. The major regional and national highways accessing
the commonwealth include Routes 90, 93, 495 and 95. The Greater Boston and Lawrence areas
are the regional focus of this analysis.
Boston, the capital of Massachusetts, is both the state's and the region's largest city. It is noted as
the center of commerce, education, and health services. Boston is one of the nation's ten busiest
historical landmarks and cultural centers. With its waterfront locale, Boston is also a commercial
shipping port. Additional access is facilitated by major highways, Logan International Airport,
and Amtrak rail service.
Greater Boston is encircled by two highways, Routes 4 and 128, which act as employment centers
and access routes. The area within these boundaries is the most intensely developed in the
Commonwealth and is the center of commerce and industry. Route 128, named "America's
Technology Highway", is renowned for its cluster of office, industrial, research and development
parks.
POPULATION DATA:
The population of Massachusetts has shown steady growth over the past three decades as
indicated by the following chart.
AVERAGE ANNUAL HOUSEHOLDS
1,970 1,980 1,990
Massachusetts 1,759,558 2,032,717 2,278,982
Source' 1970 1980 and 1990 U.S. Census
I
480 MOADWAY, LY11T1VFFIELLD, MCI
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LONG REAL ESTATE APPRAISERS
REGIONAL EMPLOYMENT DATA:
The employment and unemployment factors have a direct influence on property values and
growth in the region. The Massachusetts economy in the mid 1980's had a surge in which
employment growth, fueled by manufacturing, construction and computer industries, and
supported by other industries, created a surge in the overall economy of the region. The end of
the 1980's and the beginning of the 1990's (1987-1993) saw a decrease of these industries in the
region and the nation as a whole. The decline in industry had a negative affect on employment
figures, where the unemployment rate went over 8%, and as high as 10%in some areas. The
manufacturing and construction industries were the key contributors to these job layoffs during
this period. The current unemployment rate in the region is around 5.4%. This rate has been
stable in recent months.
REGIONAL ECONOMIC ANALYSIS:
The Northeast, as well as the rest of the United States, has gone through a difficult time, due to
poor economic conditions of the late 1980's to the early 1990's. Increased unemployment and
loss of jobs in manufacturing and construction industries were a heavy burden on the region.
However, most recently,job trends and construction trends indicate a resurgence in the region
and the possibility of a recovery from the recent downturn in the economy is hoped for.
The trends published by the state, indicates that the service sector is the strongest or highest
growth industry in the area. Growth in retail trade industries, such as eating and drinking
establishments, specialty retail stores, auto dealerships and food stores, lead this trend.
I
I
480 BROADWAY, LY'VNF=, A64
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LONG REAL ESTATE APPRAISERS
TOWN/NEIGHBORHOOD DESCRIPTION:
Salem is located along the North Shore of Massachusetts. It is 16 miles northeast of Boston and
is bordered by three communities: Peabody is to the west, Swampscott is to the south, and
Marblehead is to the east. The City of Beverly is situated to the north, with the Danvers River
running between the two communities. Salem is the urban center of southern Essex County.
Salem is accessed from nearby Route 128 (east/west), and convenient from Route 1
(north/south). Major secondary Routes 114, 107, and IA, and roadways (i.e. Washington Street,
North Street, Highland Avenue, Lafayette Street and Canal Street) expedite local transit. The
city's accessibility and proximity to Boston and major highways all contribute to its desirability for
residents and local commerce.
Population shifts over the last half century reflect the urban trend of development from the cities
to the suburbs. Over several decades, the suburbs experienced several waves of migration to
surrounding communities. Salem experienced tremendous growth during the turn of the century
and peaked in 1935 at 42,833. The current population is 38,701, (1991 census), and is
considered fully developed. City projections indicate limited growth(39,290) in population into
the year 2000.
Salem's real estate market has mirrored the rest of eastern Massachusetts. Tremendous
appreciation and growth was evident during the last half of the 1980's. At the height of the
market over 1,000 building permits were issued in one year. By 1988, the real estate market
slowed. Due to budget constraints, pending tax changes, and the decline of the manufacturing,
high technology and military industries, new business prospects were limited and investors were
hesitant. Layoffs resulted and foreclosures increased. As a consequence, an oversupply of retail,
office and residential property occurred. Building permit activity dropped by 40%by 1990,
vacancies increased, and rents were reduced to attract new or maintain existing tenants.
Commercial property values have declined as much as 30% during this period.
Currently, some growth is evident in this practically fully developed community. Few new
residential units were added in Fiscal Year 1994. Some activity, however, was evident in special
use facilities. Recently, in 1995 a total of 23 single family dwelling permits were issued and an
additional 12 attached single unit dwellings were built (including condominiums). This indicates a
positive trend for the community as a whole when compared with permits over the previous 4
years. Also, over the years there were several new commercial properties developed; they
include a restaurant, a food mart, a warehouse, a miniature golf course, a surgeon center at Salem
Hospital, a nursing home, a small office building and a car wash. Much of the present activity,
however, is attributed to additions and renovations in existing residential and commercial
properties. The following is an illustrative table showing the number of single family housing
permits and commercial use permits (buildings) from July 1989 through June 1995:
480 BROADWAY, LYIVTU=, MA
(617) 592-4700. PAGE #,18
LONG REAL ESTATE APPRAISERS
Year Residential Commercial
7/89-6/90 69 7
7/91-6/92 47 4
7/93-6/94 15 2
7/94-6/95 37 6
Total 168 19
Subject Location:
The subject is located on Franklin Street, six lots down from the corner of North Street (route
114) and Franklin Street. Franklin Street runs along the North River between Beverly Harbor
and North Street. The site is situated on the east side of Franklin Street with the eastern portion
of the lot running along the North River's edge. Franklin Street is a lightly traveled street which
feeds into North Street and accesses the northern section of the North Salem neighborhood . The
neighborhood is defined by Orne Street to the west, route 114 to the south, Bridge Street to the
east and Beverly Harbor to the north. The neighborhood is mixed use with a large commercial
and industrial influence along North Street, Franklin Street and Bridge Street. There is a high
density of residential uses located on side streets off of North Street, Franklin Street and Bridge
Street.
Franklin Street is a two way, asphalt paved roadway, heading north from North Street. Property
uses surrounding the subject consist of a lot to the south with and unfinished building situated on
it and an auto junk yard to the north that utilizes the subject's site for car storage. The rear of the
subject is on the North River.
The subject's locale is considered average for the property uses allowed by zoning. Its access to
interstate highways is somewhat limited for a regional facility, but it has a satisfactory access for a
local enterprise. Major highways, route 128, 95 and 1 are within a short drive. The general
access routes in and out of the city are 107, 114 and 1A. All public and private utilities are
available in this area, including water, sewer, and above ground utility lines with electric and
telephone service.
From a review of the data, I anticipate the market for this type of property will remain somewhat
stable for the next few years. Due to the supply, rentals have declined since the late 1980's. A
few buildings appeared to be vacant. Absorption of vacant space is described as sluggish.
Marketing time is typically nine to twelve months for this space. Vacancies were noted between
5-15%for commercial property, depending on condition, location and appeal.
There is ongoing construction of a new bridge that will replace the Essex Bridge, which runs from
Bridge Street into the City of Beverly. The new bridge will run along North River behind the
subject (across the river) and plans are for the street to eventually start at Boston Street. The
480 BROADWAY, LYIV]Vf LD, MA
(617) 592-4700. PAGE # 19
LONG REAL ESTATE APPRAISERS
preliminary plan is for the bridge to open from the courthouse area and eventually the road will
run down to Boston Street. It is anticipated that this will relieve traffic along Bridge Street and
may improve appeal for the area in the long run. Bridge Street will still have direct access to
Beverly via a high speed on ramp.
There are also plans that include the subject's site for expansion of the park located to the north of
the subject further down Franklin Street in hopes of improving visual appeal for the area.
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480 BROADWAY, LY!VNFEW, MCI
(617) 592-4700. PAGE # 20
LONG REAL ESTATE APPRAISERS
REAL ESTATE TRENDS:
The real estate market has not remained immune to the economy. After a long period of vigorous
growth in which New England grew faster than the rest of the United States, the region suffered
an economic downturn in the late 1980's to early 1990's. This is reflected in the number of
vacancy and "For Sale" signs, and in the numerous foreclosures in the early 1990's. Among the
factors influencing commercial real estate in Massachusetts, the state's banking.is cited as a
leading factor. With the banks not lending, business expansion and commercial real estate had
come to a standstill. Further complicating the real estate market were the large inventories of
bank owned and FDIC acquired properties, which were flooding an already troubled market.
The shake-out in the high-tech industry is another contributing factor. Raytheon, Digital, DEC,
Wang, Prime Computer, and Data General all have experienced major layoffs and placed large
blocks of sublease space outside of Routes 128, 93 and 4 on the market. The most recent was the
failure of Wang in nearby Lowell and the relocation of Raytheon offices from Andover's central
business district to central offices along the interstate highway. With this and other influx of
space on the market, consolidations have out-paced growth of existing companies. Investors are
limited and hesitant.
Most recently, the trend appears that space has started to be consumed. Thus, vacancies have
dwindled. The large supply of foreclosure property resulted in a large number of property sales at
prices well below their selling prices of prior years, during the "Boom" period. These sales and
lower rentals resulted in an absorption of the large amount of available space, therefore, helping
to stabilize the market for these properties.
Smaller companies, 15,000 square feet or less, have lead the way towards this stability. Their
growth is said to promise longer-term economic stability. Based on this information, this market
*is exhibiting signs of improvement and absorption is improving as the economy recovers.
Currently, vacancy rates appear to be stable at approximately 5-15%within the area. Typical
leases are from three to five years. The vacancy for the area is considered to remain stable for
some time at this rate.
Retail rental rates currently range from $6.00 to $12.00 per square foot, depending on the terms
of the rent, condition, location and quality. These rates represent a decline over the recent past,
however, with this decline, absorption is noted. The desirable properties with good management,
parking and well maintained condition are in most demand.
CONCLUSION:
The national and regional economy, the town's location, accessibility, amenities, and
neighborhood desirability were all analyzed. This market appears to have leveled off and
bottomed out. Vacancies have diminished, but some are evident. Rent and value declines,
combined with low interest rates, have spurred activity. Despite consolidation trends, user-buyers
480 BROADWAY, LY1VNF1E71D, MCI
(617) 592-4700. PAGE # 21
LONG REAL ESTATE APPRAISERS
and investors have entered the market. Large retail oriented companies have expanded and
introduction of developing bio-tech industries is providing optimism for the economy and the real
estate market. This market appears to be stabilizing.
The City of Salem is a desirable community. It has good access to highways and local
employment. The subject's locale close to Routes 114, 1A and 128, is also a positive feature.
The appraiser considers that this is a desirable market in the future for smaller retail and service
sector businesses. The for owner occupants and tenants.
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480 BROADWAY, LYiVNEEID, MCI
(617) 592-4700. PAGE # 22
LONG REAL ESTATE APPRAISERS
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PART III - PROPERTY DATA
1
480 BROADWAY, LY.NN MD, MCI
(61 V 592-4700. PAGE # 23
LONG REAL ESTATE APPRAISERS
SITE DESCRIPTION AND ANALYSIS
The subject site is located 6 lots down from the corner of North Street and Franklin Street. The
lot is an irregular shaped parcel containing 21,500 square feet of land. The site has 78 feet of
frontage on Franklin Street and is level at street grade.
Overall, the site is completely usable. The majority is level at street grade. The site is fenced in at
the front and on the sides. The rear of the site is on the North River.
A review of the FIRM Flood Insurance Map 250102-0001-B indicates that the subject is located
in a zone A-2 area. Thus, any building on the site would have to conform to wetlands protection,
conservation and flood requirements.
In conclusion, the site has an average locale for a commercial use. It has all the utilities and
amenities available to similar use properties and is typical of the area.
21-E Issues:
The Salem Fire Department was consulted regarding hazardous waste concerns for the subject
property. Mr. Lapointe of the fire department indicated that there were no known 21E issues
with the subject property, however, he did indicate that there was concern, due to the nature of
the use of the land as a junk car storage area. Mr. Lapointe also indicated that there was a
hazardous waste site across the street that has been vacant for some time.
The appraiser is not an expert in determining the existence of hazardous waste. It should be
noted that the subject's site is used to store junk cars and there is apparently a contaminated site
across the street from the subject. It is recommended that the site be tested for hazardous waste
materials, however, the appraisal of the subject assumes that the site is "clean". The value
estimated in this report is contingent upon the site not being contaminated by hazardous waste.
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480 BROADWAY, LYAYVF=, MA
(617) 599-4700. PAGE # 24
LONG REAL ESTATE APPRAISERS
SITE PLAN
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480 BROADWAY, LYNNF=, MA
(61 V 502-4700. PAGE # 25
LONG REAL ESTATE APPRAISERS
FLOOD ZONE MAP
FIRM#250102-0001B Dated: August 5, 1985
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480 BROADWAY, LYNNF=, MCI
(617) 599-4700. PAGE # 26
LONG REAL ESTATE APPRAISERS
PROPERTY HISTORY
The subject has been under the same ownership for more than ten years. The subject is a portion
of three contiguous lots that are used for a junk yard business.
PROPERTY TAXES AND ASSESSMENTS
The subject is located in a B5 zone. The current tax rate for commercial property in Salem is
$34.23 per thousand. Since the subject is in a commercial zone, it is taxed as a commercial
property at the commercial rate The following table indicates the tax assessment for the subject
property.
1996 ASSESSMENT RATIOS
Commercial Land $ 103,600
Improvements N/A
Other N/A
Total Value 1 $103,600
Based on the assessment and tax rate, the subject's taxes for 1996 are figured as follows;
$103,600 x $34.23 = $3,546.23
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480 BROADWAY, LYIVNFEW, MCI
(617) 592-4700. PAGE # 27
LONG REAL ESTATE APPRAISERS
TAX HISTORY
The following table illustrates the subject's assessment history, total taxes, the tax rates over the
past three years and the taxes for 1996.
TAX ASSESSMENT HISTORY
TAX YEAR TAX TAX RATE TOTAL TAXES
ASSESSMENT COMMERCIAL PAYABLE
1,993 $103,600 $28.31 $2,932.92
1,994 $103,600 $31.12 $3,224.03
1,995 $103,600 $33.46 $3,466.46
1,996 $103,600 $34.23 $3,546.23
The tax history indicates that rates have risen as assessments have remained stable. This has
resulted in a relatively stable tax burden for the subject property with an increase of 17% from
1993 to 1996. It appears that the tax burden is increasing steadily, however, assessments are
remaining stable. This is supported by the tax assessments of similar properties in the
neighborhood, which have had stable assessments over the recent years, in line with the subject.
The assessment appears within reason and is supported by recent sales and assessment
comparisons in the neighborhood.
480 BROADWAY, LYAWFIMD, MA
(617) 599-4700. PAGE # 28
LONG REAL ESTATE APPRAISERS
ZONING/LAND USE CONTROLS
The City of Salem regulates development, within the requirements as designated by Zoning Bylaw
Districts. These districts are established to act as authority over land uses; building size, height,
bulk, and location; population density; traffic congestion; and parking, loading, landscaping and
open space development.
The subject is located in a "B5", Central Development zoning district. Permitted uses in this
district are outlined in Article V, Section 5-2 of the Salem Zoning Ordinance, which is attached in
the addenda of this report. The subject lot is used for car storage at this time. Based on
interpretation of the zoning bylaws, the subject's use for car storage is considered a
non-conforming use. However, the use was in existence prior to current zoning and therefore, is
considered a legal non-conforming use.
The site meets minimum lot requirements for a B5 zone.
In conclusion, the current improvements are Legal non-conforming.
480 BROADWAY, LYM F=D, MCI
(617) 592-4700. PAGE # 29
LONG REAL ESTATE APPRAISERS
ZONING/LAND USE MAP
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480 BROADWAY, LY1V1VT D, Mai
(617) 592-4700. FACE # 30
LONG REAL ESTATE APPRAISERS
GENERAL COMMENTS
The subject is basically vacant land used as car storage. The appraiser was not able to access the
site, due to the lack of cooperation of the owner, Mr, Ferris. The appraiser made note of the
existence of junk cars on the property from view outside of the fenced in yard and from an
abutting property to the south of the subject. The property appears to be level for the most part
with some slope down to the waters edge at the rear of the site. No adverse easements or
encroachments were noted. The appraiser assumes that the subject is not affected by any 21-E
issues and the appraisal is based on the site being "clean" of any hazardous materials or
contaminated land.
480 BROADWAY, LY!VNF=, MCI
(617)592-4700. PAGE # 31
LONG REAL ESTATE APPRAISERS
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PART III - ANALYSIS AND CONCLUSIONS
1
480 EMADWAY, LY,.NNf=D, MA
(617) 599-4700. PAGE # 32
LONG REAL ESTATE APPRAISERS
HIGHEST AND BEST USE
The Appraisal Institute defines Highest and Best Use as the reasonably probable and legal use of
vacant land or an improved property, which is physically possible, appropriately supported,
financially feasible and that results in the highest value. The four criteria the highest and best use
must meet are: the legal permissibility, physical possibility, financial feasibility and maximum
profitability.
1. Legal Permissibility: Uses that are permitted under existing zoning and other
land use regulations and controls or under an existing deed restriction that may
apply to the property.
2. Physical Possibility: Uses that are physically possible on the subject's site given
the physical characteristics revealed by the property analysis. Only those uses that
are legally permissible are considered.
3. Financial Feasibility: Uses that have met the first two tests are further analyzed
to determine whether they produce a net return to the owner, or a positive net
present value given the characteristics revealed by market, neighborhood, and
property analysis. All uses expected to yield a positive return are regarded as
financially feasible.
4. Maximum Profitability: Of those uses that meet the financially feasible,
physically possible and legally permissible criteria, one use will provide the highest
return on the investment, resulting in the highest property value. This use is
determined as the Highest and Best Use of the property.
The highest and best use analysis investigates the potential of the property as though vacant, and
as improved. First, the site is considered as if vacant and available to be put to its highest and best
use. The present use of a site may not be the highest and best use. The building may contribute
value to the land or the land may be suitable for a greater, or more intense use. Second, the
property is considered as currently improved. This analyzes whether the property, as improved,
contributes value to the site. In both cases, the four criteria noted above are investigated.
480 BROADWAY, LYA VF=, MA
(617) 599-4700. PAGE # 33
LONG REAL ESTATE APPRAISERS
HIGHEST AND BEST USE -AS VACANT
The legally permissible uses are established by the City of Salem. Development is strictly
governed to conform to zoning and building standards. The subject is located in a B5 Central
Development zone. The requirements for this district are cited in the addenda section of this
report. The permitted uses are geared to support business development and create a business
atmosphere supportive of the nearby downtown area.
Zoning restrictions also regulate the intensity of development of a site. These requirements also
are noted in the addenda section of this report.
The subject is a legal site, therefore, it is considered to be developable land.
The Physically Possible uses are defined by zoning requirements. The subject's site contains
21,500 square feet, with 78 feet of frontage. The site does conform to the minimum lot
requirements allowing development, thus, development of the site is considered to be physically
possible.
Financial feasibility for development of the site may be possible at this-time. However, since there
is similar use property available for cost that is less than development it is not likely the site would
be developed in the near future if vacant.
The use is not financially feasible. Therefore, it is not maximally productive. The highest and best
use would be to remain vacant until development is feasible. However, it should be noted that an
owner occupant may desire such a site and the feasibility of development is not totally beyond
reason.
AS IMPROVED
The lot is not improved, however, the site is used for car storage, which is not legally permissible
within the zoning. However, due to prior existence the subject's use is legal non-conforming.
There are no improvements, however, the site meets minimum requirements and offers adequate
utility to consider the site physically possible to produce improvements. The current use is
physically possible at this time, as the current use is in existence.
The current use is financially feasible , as the site is fully utilized and produces an income for the
owner.
Alternative uses are possible, due to the subject's use as vacant land for car storage. The
subject's use is feasible, it is also maximally productive as the subject produces income as vacant
land until a superior use is feasible.
480 BROADWAY, LYNNFIEZD, MCI
(617)599-4700. PAGE # 34
LONG REAL ESTATE APPRAISERS
The legally permissible, physically possible, financially feasible, and maximally productive uses are
analyzed for the site "as vacant" and "as improved". The subject is not improved, thus, the
highest and best use of the site is considered to be to remain vacant as an interim use for car
storage until development becomes feasible.
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480 BROADWAY, LYATVf .ZD, AM
(617)992-4700. PAGE # 35
LONG REAL ESTATE APPRAISERS
THE VALUATION PROCESS
The valuation process involves the collection and analysis of market data related to the subject
property. The valuation process typically encompasses three approaches to value: a cost
approach, a sales comparison approach, and an income capitalization approach.
The cost approach involves analyzing the cost to reproduce the current improvements. Deducting
for accrued depreciation and adding an estimated site value, offers an indication of market value.
The principle of substitution is the essence of this approach. The principle affirms that no prudent
investor would pay more for a property than the amount for which the site can be acquired and
for which improvements, that have equal desirability and utility, can be constructed, without
undue delay. Consequently, the depreciated reproduction cost on the date of the appraisal, plus
the site value, provides a measure for which an already improved property may be judged.
When the subject is an income-producing property, the appraiser can estimate its economic worth
by the income capitalization approach. This value provides an estimate of the present worth of
future benefits of ownership. A value may be estimated by calculating the present worth of the
potential income stream, and then, adding an estimate of the value of reversion. This process is
replicated in a stable market by capitalizing the income stream with the mortgage equity
band-of-investment technique, utilizing a direct capitalization of the anticipated annual net cash
flows prior to debt service.
The sales comparison approach is a technique that requires the comparison of similar properties.
Adjustments are made for noted differences, both superior and inferior, to arrive at an indicated
property value. Income streams, appeal, structure, etc., are closely matched. The resultant of this
process produces value indicators: value per square foot of building area, land area, per leasable
unit, etc., which are utilized to support a value estimate for the subject.
All of these approaches are interrelated; however, they may or may not apply to the property
appraised. Each is discussed in detail in the following sections of this.report.
480 BROADWAY, LY VIVF=, MCI
(617) 592-4700. PAGE # 36
LONG REAL ESTATE APPRAISERS
THE COST APPROACH
In considering the use of the cost approach, a number of factors were reviewed. First, the quality
of a reasonable replacement cost estimate for the structure was considered, as well as, the
estimate of accrued depreciation. This process is most reliable when the appraised property is of
a new construction and the improvements represent the highest and best use of the site. When
this is not the case, developing a reproduction cost is highly subjective, as well as estimating the
forms and amounts of accrued depreciation.
The second factor in the cost approach analysis is the development of a reasonable estimate of
land value. A land value may be developed through a review of recent sales of similarly zoned
parcels, or the extraction of the land value contribution from recent sales of improved properties.
The cost approach was not developed, since the subject is an undeveloped site.
THE SALES COMPARISON APPROACH
The sales comparison approach is a valuation method that involves the investigation of market
activity in property and uses similar to the subject. In this appraisal, data that included sales,
listings, and lease information was reviewed. The research attempted to identify property with
similar improvements. This technique identifies market derived data for the purpose of reflecting
the actual thought process of buyers and sellers in the marketplace. On the following pages are
several comparable sales. No sale was knowingly omitted, which would have an affect on the
value of the subject property.
480 BROADWAY, LYIVMMD, MA
(617) 592-4700. PAGE # 37
LONG REAL ESTATE APPRAISERS
LAND SALE COMPARISON#1
LOCATION: 7 Franklin Street, Salem MA
DATE OF SALE: 10/94
SALE PRICE: $120,000
GRANTOR: National Grand Bank
GRANTEE: Contract Engineering
RECORDING DATA: Book 12792 page 267
MARKETING TMM: 3 months
PREVIOUS SALES HISTORY: No sales in past three years
PROPERTY RIGHTS: Fee Simple
FINANCING: Bank Financing @ 96% loan to value
CONDITIONS OF SALE: None, Conventional
VERIFICATION: Buyer John Galoe
ASSESSOR'S MAP-LOT: 26-374
ASSESSMENT/YEAR: $133,700/1996
SITE DATA: 17,097 square feet
UTILITIES: All Municipal Utilities
ZONING: B-5/Legal
EMPROVEMENTS: The building was demolished by the buyer at a cost of
$10,000. Therefore, the adjusted sales price is $130,000:
OCCUPANCY: Vacant at time of sale, presently vacant land
PRICE PER SQUARE FOOT: $7.60*
*The value per square foot is based on a sales price of$120,000, plus the $10,000 for demolision.
LAND SALE COMPARISON#2
480 BROADWAY, LYAYVf D, MCI
(617) 599-4700. PAGE # 38
LONG REAL ESTATE APPRAISERS
LOCATION: 130-40 Cabot Street, Beverly, MA
DATE OF SALE: 12/95
SALE PRICE: $100,000
GRANTOR: Sams Cleaners
GRANTEE: 130-140 Cabot Street RT
RECORDING DATA. Book 13314 page 564
MARKETING TIME: Not marketed
PREVIOUS SALES HISTORY: No sales in past three years
PROPERTY RIGHTS: Fee Simple
FINANCING: Conventional
CONDITIONS OF SALE: None, noted
VERIFICATION: Buyer Joe Amore
ASSESSOR'S MAP-LOT: 5-163
ASSESSMENT/YEAR: $112,500/1996
SITE DATA: 13,420 square feet
UTILITIES: All Municipal Utilities
ZONING: CC-Commercial Zone
E\dPROVEMENTS: This is the sale of a vacant lot used as a parking lot at the
time of the sale. The land is potentially buildable according
to zoning regulations , which requires 6,000 square foot
lots, with 50 feet of frontage.
OCCUPANCY: Vacant at time of sale, presently vacant land used as a
parking lot.
PRICE PER SQUARE FOOT: $7.45
LAND SALE COMPARISON#3
480 BROADWAY, LYNNFIF'LD, AM
(617) 592-4700. PAGE # 39
LONG REAL ESTATE APPRAISERS
LOCATION: 14 Franklin Street, Salem MA
DATE OF SALE: 9/92
SALE PRICE: $150,000
GRANTOR: Linskey
GRANTEE: Craig. C. Burnham
RECORDING DATA: Book 11472 page 66
MARKETING TIME: Not Known
PREVIOUS SALES HISTORY: No sales in past three years
PROPERTY RIGHTS: Fee Simple
FINANCING: Conventional
CONDITIONS OF SALE: None, Conventional
VERIFICATION: Deed, Assessors records/B & T
ASSESSOR'S MAP-LOT: 26-403
AS SES SMENT/YEAR: $152,400/1996
SITE DATA: 21,500 square feet
UTILITIES: All Municipal Utilities
ZONING: B-5/Legal
DAPROVEMENTS: The owner has put up a 3,900 square foot building that is
not complete at this time. The owner can not get an
occupancy permit, due to lack of conformance with zoning.
This was verified by the building inspector and W.
Burnham, the owner.
OCCUPANCY: Vacant land at time of sale.
PRICE PER SQUARE FOOT: $6.98
LAND SALE COMPARISON#4
480 BROADWAY, LYV1VfTEZD, MCI
(617) 599-4700. PAGE # 40
LONG REAL ESTATE APPRAISERS
LOCATION: 56 Sanderson Ave, Lynn, MA
DATE OF SALE: 6/95
SALE PRICE: $129,500
GRANTOR: 56 Sanderson Ave Nominee Realty Trust
GRANTEE: Landscape Realty Trust
RECORDING DATA: Book 13075 page 1
MARKETING TIME: Unknown
PREVIOUS SALES HISTORY: No sales in past three years
PROPERTY RIGHTS: Fee Simple
FINANCING: Conventional
CONDITIONS OF SALE: None, noted
VERIFICATION: AssessorB & T
ASSESSOR'S MAP-LOT: 535-37-1
ASSESSMENT/YEAR: $116,300/1995
SITE DATA: 31,512 square feet
UTILITIES: All Municipal Utilities
ZONING: Light Industrial
IMPROVEMENTS: This is the sale of a vacant site developable for industrial
use. The location is just off of route 129 in Lynn. The site
is level and rectangular with 166 feet of frontage. The site
is presently being developed.
OCCUPANCY: Vacant at time of sale.
PRICE PER SQUARE FOOT: $4.11
LAND SALE COMPARISON#5
480 BROADWAY, LY VIVf=, MCI
(61 V 599-4700. PAGE # 41
LONG REAL ESTATE APPRAISERS
LOCATION: 80-90 Merrimac Street, Newburyport, MA
DATE OF SALE: 11/92
SALE PRICE: $500,000
GRANTOR: Walrum Inc. (North Mark Bank)
GRANTEE: 869 Merrimac Street Nominee Trust
RECORDING DATA: Book 11622, Page 230
MARKETING TIME: Unknown
PREVIOUS SALES HISTORY: No sales in past three years
PROPERTY RIGHTS: Fee Simple
FINANCING: Conventional
CONDITIONS OF SALE: None, noted
VERIFICATION: Assessors/County Comps/Appraiser Files
ASSESSOR'S MAP-LOT: 48-7
ASSESSMENT/YEAR: $484,100
SITE DATA: 63,035 square feet
UTILITIES: All Municipal Utilities
ZONING:
IMPROVEMENTS: This is a full service boat yard located in Newburyport.
There were no physical improvements and the site was
primarily unpaved. The location is used for boat storage.
No prior sales were noted in the past three years.
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PRICE PER SQUARE FOOT: $7.93
480 BROADWAY, LYNIVF=, MCI
(617) 592-4700. PAGE # 42
LONG REAL ESTATE APPRAISERS
LAND SALE COMPARISON#6
LOCATION: 58 River Street, Danvers, MA
DATE OF SALE: 8/93
SALE PRICE: $650,000
GRANTOR: Thomas E. Cargill, III
GRANTEE: Harborview Property, Inc.
RECORDING DATA: Book 12058 page 299
MARKETING TIME: Unknown
PREVIOUS SALES HISTORY: No sales in past three years
PROPERTY RIGHTS: Fee Simple
FINANCING: Conventional
CONDITIONS OF SALE: None, noted
VERIFICATION: Assessors/County Comps/Appraiser Files
ASSESSOR'S MAP-LOT: 60-9
ASSESSMENT/YEAR: $515,300/1996
SITE DATA: 69,365 square feet
UTILITIES: All Municipal Utilities
ZONING: Residential
IMPROVEMENTS: This is a combination marina and boat yard located on
Danvers River. The sale included two lots of land, which
totaled 69,365 square feet. The physical improvements
consisted of three small wood frame structures, which
totaled 650 square feet. There is a total of 1,500 linear feet
of dock space with 50 boat slips. No prior sales were noted
in the past three years.
PRICE PER SQUARE FOOT: $9.37
480 BROADWAY, LYAq\9—LD, MCI
(617) 592-4700. PAGE # 43
LONG REAL ESTATE APPRAISERS
Land Sales Analysis:
The sales indicated a range of value from$5.97 per square foot to $8.59 per square foot, after
adjustments. Comparables 1 and 2 are given the most weight, due to-least overall adjustments, as
well as the most similar location for sale 1, which is across the street. Comparable 1 is located
across the street from the subject. The owner indicated that they are going before the board in the
near future to apply for a permit to construct an 8,100 square foot building on this site. The
appraiser considered an adjustment for location, due to the subject's location on the water,
however, comparable 1 is closer to the corner where there is more street traffic. Thus, the
benefits of each seemed to outweigh any advantage. Comparable 2 is a developable piece of land
on Cabot Street in Beverly. Cabot Street is a busy street that runs straight through the center of
Beverly. The higher traffic counts for this location support an adjustment of 10%for superior
location. Comparables 4 and 5 are sales of river front properties. Comparable sale 5 is most
similar to the subject, due to the limited improvements on the land at the time of the sale. Sale 5
was adjusted for the value of the improvements at-10%. Both sales 4 and 5 had superior
locations and were given less weight, due to their being older sales and the improvements of sale
5.
Based on the adjusted value per square foot of sales 1 and 2, with support from sale 4, the
estimated value range of the subject's site is between$5.97 - 7.10 per square foot. This indicates
a total value range of$128,355 - 152,650. The appraiser estimates the value, with the most
support from sale 1, due to closest location to the subject. The appraiser places a value on the
land at $150,000.
SALES COMPARISON APPROACH VALUE: $150,000
480 BROADWAY, LYAT%F D, Mai
(617)599-4700. PAGE # 44
LONG REAL ESTATE APPRAISERS
THE INCOME APPROACH
The income approach is most applicable when the subject is an income producing property or an
investment property. The value of the subject would be estimated by placing a market value on
the income the property produces. The subject does not appear to be rented at this time. Also;
there were no ground leases to extract an income value for the subject's land. Thus, this approach
was not utilized within the report, as it is considered to be unreasonable to develop for this report.
RECONCILIATION AND FINAL VALUE ESTIMATE
In this appraisal I have examined three approaches to value: a cost approach, a sales comparison
approach and an income capitalization approach. The cost approach and the income approach
were not developed in this appraisal, due to the fact that the subject is not an income producing
property and the subject has no improvements. The lack of ground leases and the lack of
rentable area in the subject limits these approaches and deems it unreasonable to utilize them. The
sales comparison approach was utilized. The appraiser was able to find several comparable land
sales to compare to the subject. The appraiser then estimated the value of the subject based on
the sales provided, after adjustments for all factors.
In accordance with the findings and with greatest emphasis placed on the sales comparison
approach to value, I estimate the market value of the real estate identified herein, as 16 Franklin
Street, Salem, Massachusetts, as of May 24, 1996 to be:
ONE HUNDRED FIFTY THOUSAND DOLLARS - $150,000
APPRAISED BY;
David J. Sakurai
Mass. Certified General R.E. Appraiser Lic. 1321
REVIEWED BY;
William Long;
Mass. Certified Ge rah R.E. Appraiser Lic. 1404
480 BROADWAY, LY!VNf=, MA
(61 V 5924700. PAGE # 45
LONG REAL ESTATE APPRAISERS
CERTIFICATION OF THE APPRAISER
I certify that, to the best of my knowledge and belief:
the statements of fact contained in this report are true and correct;
the reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, unbiased professional analyses,
opinions, and conclusions;
I have no present or prospective interest in the property that is the subject of this report,
and I have no personal interest or bias with respect to the parties involved;
my compensation is not contingent upon the reporting of a predetermined value or
direction in value that favors the cause of the client, the amount of the value estimate, the
attainment of a stipulated result, or the occurrence of a subsequent event;
the appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan;
my analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the requirements of the Uniform Standards of Professional Appraisal
Practice;
a personal inspection of the property that is the subject of this report was performed by
David J. Sakurai and William Long.
and, unless previously stated, no one provided significant professional assistance to the
person signing this report.
APPRAISED BY;
David J. Sakurai
Mass. Certified General R.E. Appraiser Lic. 1321
REVIEWED BY;
illiam Long,
Mass. Certified Gperal R.E. Appraiser Lic. 1404
480 BROADWAY, LYAYVF=, MA
(617) 592-4700. PAGE #'46
LONG REAL ESTATE APPRAISERS
PART V - EXHIBITS AND ADDENDA
I
480 BROADWAY, LYNNF=, MA
(617) 592-4700. PAGE # 47
LONG REAL ESTATE APPRAISERS
QUALIFICATIONS OF APPRAISER
William Long Jr., M.R.A.
Experience
Fee appraiser since 1966
Active in Real Estate since 1960
Speculated in land, new and old construction 1962/80
Owned and operated 100 rental units in greater Lynn area 1965/80
Property manager for local bank, 1977/79
Manager Real Estate Brokerage office 1964/70
License and Certifications
License with the Commonwealth of Massachusetts as a Certified General Real Estate Appraiser,
Lic. #1404.
M.R.A. Designation with Massachusetts Board of Real Estate Appraisers since 1978
Real Estate license 1960
Builders license in Lynn, MA since 1970
Education
Completed College requirements in Real Estate Appraisals 1 and 2 at Bentley College, Waltham
MA, in 1977 and 1978.
Massachusetts Board of Real Estate Appraisers Courses;
Professional Appraisal Practice and Conduct, in Nov. 1990.
Real Estate II, income property, in Aug. 1992.
Appraisal Institute Courses;
Residential course 102 case study, completed/passed 11/91
Income Real Estate course 202 case study, completed/passed 10/91
Also attended various courses and seminars on Real Estate Appraising with the Society of Real
Estate Appraisers
Professional & Service Memberships
Massachusetts Board of Real Estate Appraisers, MRA Designation.
Appraisal Institute (Candidate for Designation).
President of Lynnfield Rotary Club 1987 to 1988.
480 BROADWAY, LY UVFRW, AM
(61 V 599-4700. PAGE # 48
LONG REAL ESTATE APPRAISERS
Additional Appraisers of Long Real Estate Appraisers
The following is a list of appraisers that are associated with Long Real Estate Appraisers on an
ongoing relationship.
Peter Daniels R.A.
of Melrose, MA
License with the Commonwealth of Massachusetts as a Certified General R.E. Appraiser,
Lie. #1037
Active in real estate since 1976.
Member of Massachusetts Real Estate Board of Appraisers.
David Sakuri
of Swampscott, MA
License with the Commonwealth of Massachusetts as a Certified General R.E. Appraiser,
Lie. #1321
Active in real estate since 1988.
James E. Yeaton
of Somerville, MA
License with the Commonwealth of Massachusetts as a Certified Residential R.E. Appraiser,
Lie. #4298
Active in real estate since 1981.
Steven M. Long
of Methuen, MA
License with the Commonwealth of Massachusetts as a State Licensed Real Estate Appraiser
Lie. #3 827
Active in real estate since 1991.
All appraisal reports reviewed by, William J. Long Jr., M.R.A., Certified General R.E. Appraiser,
Lie# 1404.
480 BROADWAY, LYNNFIELD 617-592-4700
`r
LONG REAL ESTATE APPRAISERS
Qualified for'Expert Court Testimony
Cambridge Probate Court, Cambridge, MA
Cambridge Superior Court, Cambridge, MA
Lawrence Superior Court, Lawrence, MA
Salem Superior Court, Salem, MA
Salem Probate Court, Salem, MA
Appellate Tax Board, Boston, MA
Rochester County, Superior Court, Exeter New Hampshire
Consultant for;
The City of Lynn in the valuation of all commercial, and industrial real estate, and residential
apartment complexes in excess of 2000 parcels. Estabiished land base value for all non-residential
land parcels, improved, and or vacant, for the entire city. The results of the analysis are used in
establishing the assessed valuations for 198771991 real estate taxes, and was approved by
Departm,r t oI Re-e,iue for the State of Massachusetts.
Appraisal Purpose
All types of residential, commercial, industrial real estate. Some uses being multi-million dollar
industrial complexes, large tracts of residential, industrial, and commercial land, mariners,
condominium conversions, multi-use storage, tenant complexes, and inner city*complexes.
The above types of assignments ranged in scope of multi page narrative reports to Fr--ddie
Mac/Fannie Mae form appraisals report.
d ,
480 BROADWAY, LYNNFIELD 617-592-4700
LONG REAL ESTATE APPRAISERS
APPRAISAL CLIENTS
Eastern Bank East Boston Savings Bank
Salem, Lynn, Malden, MA East Boston, MA
F.D.I.C. City of Salem Planning Dept.
Franklin, Westborough, MA Salem, MA
Heritage Cooperative Bank Forward Financial Company
Salem, MA Northboro, MA
Lynn Community Development Prudential Relocation Management
Lynn, MA MI, TX, CT, IL,NY
Commonwealth of Massachusetts Saugus Cooperative Bank
Probate Trial Court, Salem, MA Saugus, MA
Woburn National Bank P.H.A. Home Equity
Woburn, MA Danbury, CT
City of Lynn Assessors Dept. The Savings Bank
Lynn, MA Wakefield, MA
Lynn Office of E.D.I.C. Greater Lynn M.H.R.A.
Lynn, MA Lynn, MA
Family& Children's Services Everett Savings Bank
Lynn, MA Everett, MA
Salem Housing Authority Brotherhood Credit Union
Salem, MA Lynn, MA
Warren Five Cents Savings Bank Shawmut Bank
Swampscott, MA Boston, MA
Saint Jean's Credit Union Century North Shore Bank
Lynn, MA Lynn, MA
480 BROADWAY, LYNNFIELD 617-592-4700
LONG REAL ESTATE APPRAISERS
QUALIFICATIONS OF APPRAISER
DAVID J. SAKURAI
PROFESSIONAL EXPERIENCE:
1989 to Present: Long Real Estate Appraisers,Lynnfield,MA
Position: Staff Appraiser/Sub-Contract
Experience: Assisted in and perofrmed all forms of real estate appraisal services,
including the appraisal of commercial and industrial properties in
Massachusetts and New Hampshire. Appraisal assignments included multi
tenanted residential, commercial and industrial properties of all sizes.
1995 to 1996: Remis Associates,Inc.Marblehead,NIA
Position: Staff Appraiser
Experience: Appraisal of commercial and residential real estate. Appraised
large residential subdi-%isions exceeding 10 lots, commercial/industrial
properties in excess of 40,000 square feet and land to be developed for an
Olympic training facility for ice skating.
1987 to 1989: Kensington Appraisals,Hampton,Iv'H
Position: Staff Appraiser/Sub-Contract
Experience: Appraisal of commercial and residential real estate. Including real estate
appraisals of large residential subdivisions. Developed office policies for
commercial real estate appraisal assignments,as well as assisted in the
I development of proper inspection procedures for residential and commercial
--ppraisal assignments.
EDUCATION:
Mass Board of Real Estate A raisers
5/4/96 Attacking&Defending and Appraisal in Litigation/Seminar
4/18/96 Uniform Standards of Professional Appraisal Practice/Update Seminar
4/9/96 Commercial Appraisal Problem Solving/Seminar
3/19/96 Commercial Appraisal Review/Review Appraising Seminar
3!13/96 Residential Appraisal Trends
1/24/96 Discounted Cash Flow Analysis/Seminar
Appraisal Institute
2/1/92-5/16/92 Capitalization Theory&Techniques Parts A&B
9/16/91 Basic Valuation
6/15/91 Principals of Appraisal
4/16/91 Uniform Standards of Professional Appraisal Practice
Berklee College,Boston,MA
1979-1983 Bachelors Degree
Computer Learning Centa, Somerville, MA
Present Presently maintaining a 3.0 grade point average in computer programming
Visual Basic, C, C++,UNIX,DOS and Windows Applications.
License Massachusetts Certified General Real Estate Appraiser License#1321
New Hampshire Certified Residential Appraiser License#365
480 BROADWAY, LYNNFIELD, MA (617) 592-4700
LONG REAL ESTATE APPRAISERS
COMPARABLE SALES ADJUSTMENT GRID
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480 BROOADWAY, LYAWF=, MCI
(617)592-4700. PAGE # 49
LONG REAL ESTATE APPRAISERS
COMPARABLE SALES LOCATION MAPS
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480 BROADWAY, LYNNf=, MA
(617) 592-4700. PAGE # 50
LONG REAL ESTATE APPRAISERS
COMPARABLE SALES PLOT PLANS
480 BROADWAY, LYl1 UVRID, MA
(617) 592-4700. PACE # 51
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LONG REAL ESTATE APPRAISERS
PHOTO
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PHOTOLONG REAL ESTATE APPRAISERS
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(617)
I/
LONG REAL ESTATE APPRAISERS
PHOTO COMPARABLE 5
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PHOTO COMPARABLE 6
J,
480 BROADWAY, LYIVAIT ZD, MA
(6I7)592-4700. PAGE # 54
LONG REAL ESTATE APPRAISERS
ZONING EXCERPTS
480 BRO,4DWAY, LYNNF=, AM
(617) 592-4700. PAGE # 55
DENSITY REGULATIONS' SALEMZONING.'ORDINA':NOE, Art.VI,§94=
TABLE III
B-5 DENSITY REGULATIONS
Residential Uses or Residential Uses or-
Nonresi- Nonresi- Combined Residen- Combined R.esiden-'.
dential dential tial and Nonresi- tial and Nonresi-
Uses-Existing Uses-New dential Uses dential Uses-,.
Building Construction Existing Buildings New Construction1"
Minimum lot area(square 2,000 2,000 2,000 2,000;:
feet)
Minimum lot area per — — - 500'
dwelling unit (square
feet),
Minimum lot width (feet) 30 30 30 30'
Maximum lot coverage by 100 50 100 50
all buildings (percent)
Minimum width of side — 5 — 5
yard (feet)
Maximum height of build- 70 70 70 70
ings (feet)
Maximum height of build- 6 6 6 6
ings (stories)
Maximuni height of fences 10 10 6 6
and bordering walls
Minimum distance be- Distance equal to the height of the taller buildingz
tween buildings if more
than one (1) on a lot
Floor area ratio 6:1 3:13 6:1 3:1
1 Where residential use comprises twenty-five (25) percent or less of the total building area, the
regulations for nonresidential uses shall apply.
2 This distance may be reduced to a distance which is sufficient to provide adequate light, air and
access,subject to the approval of the planning board.There shall be no requirement for individual
row houses sharing a party wall.
s May be increased up to 6.0:1 for buildings predominantly characterized as fifty(50) percent open
automobile parking structures.
_ 25
i
USE'REGULATIONS SALEM ZONING ORDINANCE Art.V,^§572
(7)- Wholesale merchandise brokers and whole- Housing Authority and financially aided by 1
sale storage. either the U.S.Public HousingAdministra-
(8) Service establishments exceeding the re- tion and/or the Commonwealth of Massa
quirements for such businesses in B 1 Dis- chusetts Department of Commerce-Division
tricts, such as major laundry, dry clearing of Public Housing.
and baking establishments. (13). Retail-wholesale contractors supply estab-
lishments, provided, however, that the
(9) Churches and similar places of worship, wholesale operation does not consist of over
public and private nursery,elementary and
secondary schools,institutions of higher ed-
ucation, (14) Studios,workrooms and shops of artists,ar-
(10) Off-street parking and loading facilities and ti.sans and craftsmen,provided that all prod
other accessory uses and buildings, pro- ucts of the artistic endeavor or craft ac-
vided that such uses are clearly incidental tivity are primarily for sale on the premises
to the principal use. or by specific off-premises commission from
a sponsor or client.
(11) All uses permitted in B-1 Districts, subject
to all provisions specified for such uses, ex- (15) Publishing and printing establishments.
cept that all residential uses are prohib- -(16) One-family,two-family and multifamily res-
ited. idential uses as primary uses in townhouse,
(12) Retail uses relating to the permitted uses row house, flats or multistory arrange- j
in this subsection (f). ments, including high-rises, and as sec- 5
$ ondary uses in upper floors of structures
(g) B-5 Districts. The following are permitted primarily used for retail, personal service
j uses in the central development districts: or office purposes.
(1) All uses permitted in B-1 Districts, subject
to all the provisions specified for such uses. (17) Accessory uses generally in support of the
above permitted uses.
(2) Other retail stores and service establish-
ments, except those permitted in B 4 Dis (h) I Districts. The following are permitted uses i
tricts. in the industrial districts: All uses permitted in '
B-4 Districts, subject to all the provisions speci-
(3) Places of commercial recreation and enter- fled for such uses.
tainment, such as theaters and bowling al-
leys. W Business Park Development Districts.The fol-
lowing are permitted uses in the Business Park
(4) Restaurants and other eating and drinking Development Districts:
places.
(1) General office buildings including business s
(5) Nonprofit clubs, lodges and fraternal asso- and professional offices and ancillary activ-
ciations. ities (i.e., cafeteria facilities).
(6) Philanthropic and charitable institutions. (2) General storage, warehousing and whole-
(7) Music and dancing studios. sale distribution uses.
(8) Trade and business schools. (3) Manufacturing, packaging, assembly, re- {
(9) Hotels, motels and inns. conditioning, processing, research and
{ testing of the following types of industries:
-_ -_ (10) Business and professional offices. pharmaceuticals and other related prod-
ucts, food and kindred products, apparel,
(11) Off-street parking and loading facilities.
electronics and electrical products, furni-
'`' (12) Buildings and facilities for housing projects ture and fixtures, primary and fabricated
_. built under the jurisdiction-of the Salem metal products, box manufacturing, textile
f
13
LONG REAL ESTATE APPRAISERS
BUILDING INSPECTOR REPORTS-
,
480 BROADWAY, LYNhT=, MCI
(617) 592-4700. PAGE # 56
.s
H'
ANNUAL REPORT OF THE INSPECTOR. OF BUILDINGS
DULY 1 , 198° - JUNF 30, 11990
To .His Honor, Neil J. Harrington, Mayor of.: .Salem
and the Honorable City Council
Ladies and. Ge.ntlemen:
In compLiance with the requirements of. the City Ordinance, the
Annual Report of the Inspector of Buildings for the twelve month
period ending June 30, 1990 is herewith submitted:.
PERMITS ISSUF,D VALUE `FF.E' S RECEIVED
89/90 698 $21 ,087,740.nO $ 151 ,578.00
Permits issued included new construction, alterations , repairs,
additions, demolitions, signs, wood stoves and swimming pools. In
addition 160 Inspection Certificates were issued to places of Public
Asser�blev and 73 new Contractor' s Licenses were issued.
The following is a brief outline of permits issued for various
types of work, and the estimated cost of accomplishing the proposed
work:
CONSTRUCTION. ESTI14AT.FD COST
17 Single Family Dwelling S 1 , 190,611 .00
52T.hree & Four Family/Condo 2,230,000.00
1 Office, Banks 195,500.00
5 Stores & Customer Services 6,057,920.00
2 Public Works & Utilities 1 ,384, 113.00
I Ser<aice Station 220,000.00
20 Swimming Pools 85, 700.00
1 Demolition - Residential 1 ,000.00
15 Demolition -Non-Residential 167,450.00
264 Addigions, Alteration - :Residential 2,738,026.00,
91 Additions ,Alterations Non-Res . 5,884,044.00
221 Signs, Siding & Roofing 885, 186.00
8 Sheds , Garages 48, 190.00
698 $21 ,087,740.00
ANNUAL REPORT OF THE INSPECTOR OF BUILDINGS
JULY 1, 1.993 - JUNE- 30, 1994
To His Honor, Neil J. Harrington, Mayor of Salem
and the Honorable City Council.
Ladies & Gentlemen:
In compliance with the requirements of the City Ordinance, the Annual Report
of the Inspector of Buildings for the twelve month period ending June 30, 1994
is herewith submitted:
PERMITS ISSUED: ETAL►U ION: FEES RECEIVED:
566 20,5t4 ,:;53.00 $131,280.00
Permits issued include: new construction, alterations, repairs, additions,
demolitions, signs, wood stoves, siding, & swimming pools. In addition 161
Insuection Certificates were issued to places of Public Assembly & 58
City of Salem Contractors' Licenses were issued.
7"ne following -is a brief outline of building permits issued, the type of work
done, and the estimated cost of the work done:
# OF PERMITS: DESCRIPTION OF WORK: ESTIMATED COST:
13 Single Family Dwellings $ 1,115,807.00
2 Six Unit Condominiums 694,980.00
5 Public Works/utility Buildings 4,491,192.00
2 Stores & Customer Service Buildings 850,000.00
4 Mail Houses/Non-Residential Bldgs. 128,000.00
6 Swimming Pools 11,750.00
159 Residential Additions/Alterations 3,356,290:00
72 Non-Residential Additions/Alterations, 7,647,013.00
19 Demolition of Residential & Non-Res.
Buildings 1,242,705.00
284 Signs, Siding, Roofing, Etc. 976,616.00
566 $ 20,514,353.00
PAGE TWO INSPECTOR.OF BUILDINGS
JULY 1, 1991 - JUNE 30, 1992
The following is a brief outline of permits issued for various
types of work, and the estimated cost of accomplishing the proposed
work.
QUANITY CONSTRUCTION ESTIMATED COST
9 Single Family avellings $ 634,500.00
2 Two Family Dwellings 200,000.00
36 Five or more family (condo) 2,084,940.00
1 Motel foundation 100,000.00
1 Addition to Motel (Clipper Ship) 873,764.00
1 Addition, Renovation to
Middle School ingest 1.1,925,180.00
�- Nursing Home (Vinnin Sq.) 5,800,000.00
1 Offices & Professional Buildings 4,376,000.00
3 Public Works 85,554.00
2 Stores & Customer Service 355,000.00
9 Sheds & Garages 43 800.00
1� Swimning Pools 39,900.00
245 Additions, Alterations, Residential 4,901,.144.00
90 Additions, Alterations, Non-Res. 3,974,101.00
1 Demolition of Ari-iory Walls 100 000.00 '
2 Demolition, Residential, Interior 1,71)0.00
11 . Demolition, all other buildings 59,550.00
168 Signs, Siding,. Roofing & Wood STove 553 356.00
596 TOTALS $36,108,489.00
a
J
ANNUAL REPORT OF TRE INSPECTOR OF BUILDINGS
July 1, 1994 - June 30, 1995
fed code # of Permits Issued: Description of Work Estimated Cost:
101 23 Single family dwellings, detached $ 1,869,606.
102 12 Single family houses, attached 1,296,775.
(includes condominiums)
105 2 Five or more family buildings 655,000.
(includes: 5 or more unit townhouses)
320 1 Industrial - waver Tx Plant 6,708,000.
324 1 New offices, banks, or professional
buildings 365,563.
325 2 Public Works & Utilities 100,333.
126 2 Schools & Other Educational Bldgs. 280,000..
_ 3 5 Stores & CLstomer Service
(includes: restaurants, malls, taverns) 1,840,350.
328 12 Other Non-Residential Bldgs. -
(includes: sheds & storage garages) 122,100.
329 1 Structures Other Than Bldgs. (Pier) `80,000.
434 176 Residentaal Additions, Alterations, &
Conversions 2,797,677.
437 46 Non-Residential Additions, Alterations 8,142,433.
438 2 Additions of Residential Garages &
Carports 34,000.
645 12 , Demolitions of Residential Bldgs. 125,890.
649 5 Demolition of Non-Residential Bldgs.
& Structures 14,200.
-- 340 Signs, Siding, Roofing & other minor
work 1,176,659.
TOTALS: 644 Permits Estimated Costs. $ 25,608,586.
In Addition: 260 Certificates of Inspection were issued
66 City of Salem Builders' Licenses were issued
LONG REAL ESTATE APPRAISERS
ENGAGEMENT LETTER
480 BROADWAY, LYITIVF=, MCI
(617) 592-4700. PAGE # 57
_ .. G.j—I JJO I lJ-4 I HI"1 1-r V•1 .�r-�tiri - �.r� viva.v... _ — —
ri
CITY OFSALEM9 NI.ASSACHUSMS
PLANNING DEPARTMENT
WILLIAM E. LUSTER s T - ONE SALEM GREEN
fifty Plannar 01970
(508) 5 08) 7 -89 311
FAX(508) 44 5918
23 May 1996
s '
William Long .:
Long Real Estate
480 Broadway
Lynnfield,MA 01940
Dear Mr. Long:
I hereby authorize you to perform an appraisal, at the price accepted ley the City of Salem
Purchasing Department, of the following properties:
* 70A North-Street
* 14 Frank-I n Street
* 16 Franklin Street
• 18 Franklin Street
* 20 rear Franklin Street
The property owners may or may not facilitate your work. This appraisal inust conform
to the format required by the state Executive Office of Envir riniental Affairs, as detailed in
materials previously sent to you, and must be completed as soon as possible.
If you bane any questions,please do not hesitate to call.zzle.
Sincerely, .
Elizabeth Debski
Acting City Plannter