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208 ESSEX STREET MAP NO. y . LOT NO. , PROPERTY RECORD - CITY OF SALEM (WAF+D & PRECINCT) CARD NO. __ / T' ' - � MEMORANDA 1 r,/rZd i 35 0205 PHOTO I tl206 E SSE X STREET 00000 RECORD OF OWNERSHIP NUMBER DATE BOOK PAGE 0Q0U I 9, )/6:G SALE.M FIVE CENT SAVINGS HANK 60 /7/�r , 21U ESSEX ST 341 SALEM MA 0I9711 QUO e- /� AC. S.F. 19165 VALUE -}-I-5-6©-0" /J� 6�� f �S� �s� i Sca, oe v BLDG 3-I-44-0- VERIFICATION OF INSPECTION OoOF 2 2-3 -oy _ --1 ASSESSMENT RECORD r z°.� 1975 19 19 19 19 19 19 19 19 19 APPEAL DATA DWELLING GARAGE Appeal Granted Denied e SWIM POOL Value Land APARTMENTS Change Building CONDO COMM OR IND TOTAL VALUE BUILDINGS TOTAL VALUE LAND TOTAL VALUE LAND &BUILDINGS d _ Cond. Y CONSTRUCTION Size Area Class Age Remod. Repl. Value Phys. Phys.Value �eP. Sound Value 11 14 15 18 19 22 23 25 26 29 30 31 32 37 38 39 40 45 46 47 48 53 PHOTOGRAPH PERMIT COMP. DATE Total eidi. Farb l• /- / - j., LAND VALUE COMPUTATIONS Square Unit Unit Square Ft. corn., Depr.% Footage Price 'nfi Total Value 41 3 9 6 7 10 11 14 15 % 17 18 Price 23 24 25 26 32 33 34 35 RENTAL EXPENSE ITEMS PROPERTY INFORMATION VACANCY LAND COST HEATING BLDG.COST WATER SALE PRICE ELECTRICITY GROSS ANNUAL INCOME . JANITOR LESS EXPENSES _ MANAGEMENT NET INCOME _ LAND @ %= 42-52 LAND RECORD Total Value Land BLDG. @ %= Sewer A No Street E High I Water B Dirt Street F Low j Total Value Buildings I . Gas C Paved G Level K ____...A TOTAL FLAT EXPENSES TOTAL Elec. D No Sidewalk H Total Value Land and Buildings BUILDING RECORD WHIPPLE,MAGANE AND DARCY CONTROL No. Mr.---EASURED BY I I DATE LISTED BY I ' I„ I DATE 75► 80 ---.7 SEMI MOD KIT �j7J.-OFf tL4,9e4�,yi7. �r�wi^�#x+. ,47j q " re/ lesi , BLOCK LOT MEXEMPT BLOCK .� LOT ^ CLASS SEDMI MOD BATH _-- ��� s J7�/C/ Ad/ /7 1 I 1 101010 IS L� I o l o l ZIO�I I(' In •�I�!'I TSTORE FRONT _,$ /{ � �/ �j/#0.1,2" S� 99p COMPUTATIONS LJ 1 FIRE PROOF CONST /i - fLa / AP.e�� /A=i( ,7-- y NO. AREA UNIT TOTAL 6 7 11 12 16 17 20 w/swG. • f SERIAL NUMBER 1 DATE BUILT SHEET OF MILLCONST �r�9`f .79•10 ITEM OTY COST • I I I I I J `i I I I I ! I IL-'-I REINF CONC BEAMS&COLS V �1by �,� �J j /' • 21 26 27 32 34 STEEL FRAME «': J �� /VS,'M.^ //^1/0.4. /4si 60 STEEL BEAMS&COLS f✓ .S~v� .C.<r / ���S� yioo 6S�G`" aP�'�36D EXTERIOR WALL VARIATIONS (( .28-s0v77e. 7�09l) DESIGN STEEL TRUSSES A /� d/ y �.3.oil 1. Common Brick V/F 5. Face Brick V/M STEEL OR BAR JOIST ',AC -�f��OiJ/ �Zu/1/7S RANCH 2. Face Brick V/F 6. Cut Stone V/M TIMBER BEAMS&COLS � � UO/r SPLIT LEVEL or BY LEVEL 3. Cut Stone V/F 7. Perna Stone WOOD TRUSSES , ,&i7/j/� f /967 `i �( � ADDITIONS OR DEDUCTIONS COLONIAL 4. Common Brick V/M SPRINKLERSYS J yp A ,` -�?8� moo: 4 6117* CAPE COD TYPE STORIES LINEAL FEET PASS ELEV /ZOOS 1/ �LF/I /p�.S.f. .48003� V CONDO U , - , i FREIGHT E LE V ��.J`�� �w+570�.r )1 CMODERNONVETIONAL 35 36 37 38 40 FLOORS-5 /7 • Aar ,./3"/7.,0/ `' .3-5 257#16*- At 'SrlkieR` p RAISED RANCH FINISHED ATTIC OR SECOND FLOOR B 1 2 3 /YO/).&/�� Cyr 6-�'4'e-/r 8 L Mir'3► Oahe' 7(•g i96� s r� ,. � SINGLE FAMILY ' Cement V , :4' A//-s��/��9� dz y FAM. FLAT 46 , Hardwood -, - �D ,a/ -/p0 Fin.Area 43 I I I I ,' ;al� FAM. DUPLEX Fin.Attic% Pine / , /7"S.0 .� s•c 47 I I I 150 Single FI. �� -g /N)) 0 FAM.CONY. % As ph.Tile V V V -2_3 =/.S.a 0 ELEd = Sca ��" EL✓ '� , r706 �6� ��� , v,, Unfinished A Story 51 I I I I53 �G ®p COMM. Wood Joist APARTMENTS NUMBER SIZE DORMERS NUMBER SIZE SS/O / ,es�n�� Wail'IIIt TOTAL No.of Fam. (50) � L � L � � L � J ' I ' Reinf.Conc. rO �f�l INDUSTRIAL 54 55' Sg'571 58'59 6W L,`o �� ,C%!? JlilJ 7" Sz " ^ SO FOUNDATION , CONCRETE BASEMENT AREA CEMENT BLOCK Rec.Room%L I ILL_LJ WI I I SALE 27$ I I I I I I I 133 OVERALL DIMENSIONS BASEMENT BRICK 62 6364 65 66 67 68 DATE 36J I I I 139 STORIESR WIDTH LENGTH AREA FULL-% STONE Y No Concrete Floor 0 69 l • I I I I I I I I I I I I 1 • I I 40 4142 43 44 45 46 49 50 52 TOTAL 3(3'A O• CAP IMPROV $J I I I I I I I59 ROOFING Dry Wall 0 2 Plaster I • I 1 I I I I I 1 •. I I COST CONVERSION FACTOR ASPHALT,ASBESTOS Air Cond (r 4 Percent I • I I 1 DATE 621 1 1 I 165 2 3 4 5 6 7 8 11 12 14 REPLACEMENT WOOD SHINGLES /-FLiP 5 6 7 I • I I I l l l l I I I I I 1 • I I VALUE .4., S BATH ROOMS 27 28 29 30 31 32 33 36 37 39 SLATE FIXTURES NO. FLOOR WAINS BOTH I • I I I I I I I I I I I I . 1 • I I PHYSICAL DEP. /S- TAR &GRAVEL V 1 I I.5 1 1 2 3 40 41 42 43 44 45 46 49 50 52 VALUE, 3 COMPOSITION L!"J L�J PATIOS FUNCTIONAL OR 8 I I 9 (10) BUILT IN PORCH SHED DORMER LF U l J 1 2 3 TYPE STORIES WIDTH LENGTH II AREA Type Width Length Area ECON.OBS. PICTURE DORMER LF 11 12 (13) E 0 G (53) W W I I I L I I I 1 CCARPOT RT L2 3 4 5 6 J L_LJ I I I 17 18 19 I ..2EXTERIOR WALL TYPE U U 1 2 3 54 55 56 57 58 59 60 61 62 A. FRAME WITH WOOD, 14 15 (16) 3OTHER U W I I I I 1 11 ASBESTOS,STUCCO, FIREPLACES WIDTH LENGTH AREA 10 11 12 13 14 15 16 17 SUMMARY OF APPRAISED VALUE ALUM,SIDING (19) r 1 ON 1 U 2 ON 1 U BUILT IN GARAGE I I I III I. I I I BAY WINDOWS NO.I I I STORIES I 18 19 20 21 22 24 25-26 27-28— PRINCIPAL BLDG. B.CONCRETE BLOCK BSMT (No.of Cars) 1 0 2 0 3 0 25 PORCHES MISCELLANEOUS ADDS OR DEDUCTS APPRAISAL $ ,77,e v J ON TILE-STUCCO ON - - CODE DOLLAR AMOUNT OTHER PRINCIPAL BLOCK OR TILE (19) HEATING 26 ROOMS B 1 2 3 E O G TYPE STORIESSTLO-RI I WII DTI LI NI TI I AI I I 43 I I I I45 46 I I I I (49 BLDGS.APPRAISAL $/ '2 j tl:a:J 0 0 NONE Living t—LJ ACCESSORY BLDGS. C. BRICK OR STONE34 35 36 37 38 39 40 42 1 OFORCEDHOTAIR Dining E O G (50) I I I I I I LI_I L Lil 6 d I I 162 631 I I I 166 APPRAISAL $ VENEER (19) r Bed 51 52 53 1 7 59 TOTAL BLDG. 2 ❑STEAM 1 PIPE E 0 G (2) I IIJI I II 12 L I 1 114 151 I I I I18 APPRAISAL / 703 DtjD.SOLID BRICK OR Kitchen 3 4 5 6 7 8 9 11 3 OFLOOR OR WALL Rec. Rm. TOTAL LAND STONE (19) Finish /. / — --- - — 4 ❑CeilingRadiantElec. Width ATTACHED GARAGE Over PhysicalDepr. 19 I I20 APPRAISAL �. OTHER 5 0 Baseboard Electric Apts. $ m�231 I 124 251 I 126 271 1 I 129 U30 Economic Obs. 211 1 122 6 Floor Radiant Elec. Office ✓ V✓ TOTAL APPRAISED `Q 7 ❑Floor Radiant Hot Stores Other Accessory Bldgs 3I I I I I I I VALUE �>r/����� L._ Water 8 0 Gravity-Pipeless 9 ( ' Steam 2 Pipe Total Land Value 42 I I I I I I I 148 -4111 MAP NO. 2 � LOT NO. PROPERTY RECORD CITY OF SALEM (WARD &PRECINCT) CARD NO. ., MEMORANDA v PHOTO '2 yr 4-..'e-G. r ,v- �, RECORD OF OWNERSHIP NUMBER DATE BOOK PAGE _2 r? .9.:e� • . Sekki,,., Jrlod.il /r� t�� �j VERIFICATION OF INSPECTION 5 7 • ASSESSMENT RECORD y 1975 19 • 19 19 19 19 19 19 19 19 APPEAL DATA 1 DWELLING Granted GARAGE Appeal peal Denied SWIM POOL Value Land APARTMENTS Change Building CONDO . COMM OR IND TOTAL VALUE BUILDINGS TOTAL VALUE LAND TOTAL VALUE LAND &BUILDINGS Cond. Phys. Func. CONSTRUCTION Size Area Class Age Remod. Repl. Value Dep. Phys. Value Dep. Sound Value 11 14 15 18 19 22 23 25 26 29 30 31 32 37 38 39 40 45 46 47 48 53 PHOTOGRAPH PERMIT COMP. DATE Total LAND VALUE COMPUTATIONS Square Unit Unit Square Ft. corner Depr.% e Price infl Total Value 3 9 6 7 10 11 14 15 % 17 18 Price 23 24 25 26 32 33 34 35 41 - RENTAL EXPENSE ITEMS I PROPERTY INFORMATION , VACANCY ' LAND COST HEATING BLDG.COST . WATER SALE PRICE . ELECTRICITY GROSS ANNUAL INCOME JANITOR LESS EXPENSES _ _ _ MANAGEMENT NET INCOME _ _ _ _ LAND @ %= 42-52 LAND RECORD Total Value Land BLDG. @ %= Sewer A No Street E High I Water B Dirt Street F Low j Total Value Buildings Gas C Paved G Level K , TOTAL FLAT EXPENSES TOTAL Elec. D No Sidewalk H Total Value Land and Buildings BUILDING RECORD WHIPPLE,MAGANE AND DARCY. CONTROL No. I MEASURED BY I I DATE_ LISTED BY I. I I DATE 75, 80 SEMI MOD KIT MOD BATH "4 —? BLOCK LOT EXEMPT BLOCK _ LOT CLASS SEMI MOD BATH 1 L1 IE, I4,_Ic 1,2-,15 I L. 1 O l�,ln I::1 I P Ian J/ I I TSTORE FRONT OF 1 AREA COMPUTATIONS 6 7 11 12 16 17 20 FIRE PROOF CONST !t NO. OR UNIT TOTAL SERIAL NUMBER DATE BUILT SHEET OF MILL CONST �3a O 'I ITEM OTY COST lI 1 I I I I I t I ! 17 I5 I I I I I'I REINF CONC BEAMS&COLS ,,/ g�� 21 26 27 34 STEEL FRAME Q ►� '�Cv'/ z23Yq G7-- /51.> .. , EXTERIOR WALL VARIATIONS STEEL BEAMS&COLS 814 /Q DESIGN STEEL TRUSSES Q �V' _ _QY� RANCH 1. Common Brick V/F 5. Face Brick V/M STEEL OR BAR JOIST � �/ ��f'i :ter G 2. Face Brick V/F 6. Cut Stone V/M TIMBER BEAMS&COLS L I pD • SPLIT LEVEL or BY LEVEL 3. Cut Stone V/F 7. Perna Stone WOOD TRUSSES � i •0/ 5,1_, c� ADDITIONS OR DEDUCTIONS COLONIAL 4. Common Brick V/M SPRINKLER SYS Q �.fo �© tr CAPE COD TYPE STORIES LINEAL FEET PASS ELEV Z /Scot �DA, /r CONDO � FREIGHT ELEV � ■ CONVENTIONAL 135' 36 37 38 0 �1/�s� MODERN FINISHED ATTIC OR SECOND FLOOR FLOORS 5 „r {. 1�111 RAISED RANCH _ B 1 2 3 W�.y SINGLE FAMILY Cement _ -5-2.— Hardwood FAM. FLAT Fin.Area 43 I I I 146 . Pine FAM. DUPLEX Fin.Attic% 471 1 1 150 Single Fl. FAM. CONY. Unfinished %Story% 51 I 1 1 153 Asph.Tile COMM. 7 (diffi.rui(�� „/.--' ✓ .:..' APARTMENTS DORMERS Wood Joitt TOTAL No.of Earn. (50) NUMBER I SIRE ' NUMBER I SIRE ' Reinf. Conc. INDUSTRIAL I I I II 11 1 FOUNDATION 54 55 56 57 58 59 60 61 CONCRETE / BASEMENT AREA CEMENT BLOCK Rec.Room%I • I ILL I I W I I I SALE 27$ I I I I I I I I33 OVERALL DIMENSIONS BASEMENT , 62 63 64 65 66 67 68 STORIES WIDTH LENGTH AREA FULL- BRICKDATE 36 J I I I 139 I ■ I ► I I I I I I I I I I 1 ■ I I STONE No Concrete Floor ❑ 69 40 41 42 43 44 45 46 49 50 52 TOTAL 1SD0,,✓ l. ROOFING Dry Wall 0 2 Plaster 0 CAP IMPROV $1 I I 1.1I Iw/I59 I ■ I IU I_I I IIIII 1 ■ I I COST CONVERSION 1 DATE 62 J/IA?I7I65 2 3 4 5 6 7 8 11 12 14 FACTOR ASPHALT,ASBESTOS Air Cond. 0 4 Percent I ■ I I I I REPLACEMENT WOOD SHINGLES 5 6 7 I !■ I L J I___l__.J I I 1 1 1 1 _L_J VALUE— - ,, , BATH ROOMS I27 - 28 29 30 31 32 33 36 37 39 -- SLATE FIXTURES NO. FLOOR WAINS BOTH �J W I I I I I I I I 1 ■ I I PHYSICAL DEP. e^ TAR &GRAVEL Izi le 1 2 3 �"'ZJ rJvJ 40 41 42 43 44 45 46 49 50 52 VALUE COMPOSITION 8 9 (10) BUILT IN PORCH PATIOS FUNCTIONAL OR SHED DORMER LF U U 1 2 3 TYPE STORIES WIDTH LENGTH AREA Type Width Length Area ECON.OBS. PICTURE DORMER LF 11 12 (13) E O G (53) LLJ II LLJ I I I I 1 2 CEMENT UI I I LI I2 3 4 5 6 7 18 I9 I EXTERIOR WALL TYPE U L_J 1 2 3 54 55 56 57 58 59 60 61 62 A. FRAME WITH WOOD, 14 15 (16) 30THER U L I I I I l l I J I ASBESTOS,STUCCO, FIREPLACES WIDTH LENGTH AREA 10 11 12 13 14 15 16 17 SUMMARY OF APPRAISED VALUE BAY WINDOWS NO.1 1 1 STORIES 1 1 I PRINCIPAL BLDG. 1 ON 1 II II 20N 1 BUILT IN GARAGE 25-26 27-28— ALUM,SIDING (19) l� I I I18 19I 20I 21 22 I24B MISCELLANEOUS ADDS OR DEDUCTS APPRAISAL $ �z�a O. CONCRETE BLOCK BSMT (No.of Cars) 1 0 2 0 3 0 25 PORCHES CODE DOLLAR AMOUNT OTHER PRINCIPAL ON TILE-STUCCO ON HEATING 26 ROOMS B 1 2 3 TYPE STORIES WIDTH LIENIGTH AREA BLOCK OR TILE (19) F. E O G (33) I I I LLJ LLJ I I I I 431 I I I45 461 I I I 149 BLDGS.APPRAISAL $ 0 0 NONE Living ACCESSORY BLDGS. C. BRICK OR STONE 34 35 36 37 38 39 40 42 r 1 ❑FORCEDHOTAIR Dining E 0 G (50) I 1 I 1 1 I 1 I I 11 I I 60I I I J62 631 I I I I66 APPRAISAL $ VENEER (19) 1 2 OSTEAM 1 PIPE Bed 51 52 53 54 55 56 57 59 TOTAL BLDG. D.SOLID BRICK OR Kitchen E O G (2) LJ—J I I I 1 1 1 1 1 1 I 121 I 1 114 151 I I I J 18 APPRAISAL $ / �.i .5� 40:, J STONE (19) 3 OFLOOR OR WALL 3 4 5 6 7 8 9 11 TOTAL LAND Rec. Rm. — — — 4 ❑CeilingRadiantElec. ATTACHED GARAGE Finish Physical Depr. 191 1 120 APPRAISAL Width Over OTHER OTHER Apts. 5 IDBaseboard Electric 23 I I 124 251 I 126 271 I I 129 LJ30 Economic Obs. 211 1 1 22 $' �T Office TOTAL APPRAISED $ J 6 ❑Floor RadiantElec. —7 DFloor Radiant Hot Stores Other Accessory Bldgs 3 L I I I I I VALUE Water 8 ❑Gravity-Pipeless 9 ❑ Steam 2 Pipe Total Land Value 42 1 1 I 1 1 1 I 148 J SCHEDULE A SALEM FIVE CENTS SAVINGS BANK ASSESSMENT HEARING 12/13/74 Net Building and Alteration Cost $1, 096, 137 Cost attributable to old building 23% $ 252, 112 Cost attributable to new building 77% 844, 025 $1, 096, 137 Add in value of old building 250, 000 $1 , 346, 137 Note: This total is cost and is not our opinion of fair market value. Old building work includes substantial demolition work of elevator, two stairwells, partitions, heating, plumbing etc. inside, plus removal of exterior stairwell, elevator pent house and related equipment repairs to and resurfacing of old roof, removal of skylights and iron grilles, exterior paint, new glass windows second and third floor, new doors etc. The following work was also done: shoring and footing, relocation of telephone room, relocation of main boiler, substantial pipe and duct work and electrical. The total of this work on the building was substantial and for the most part could actually be attributed to maintenance and repairs and is not recoverable in added value to the building. r SCHEDULE B SALEM FIVE CENTS SAVINGS BANK Estimated Annual Fair Market Gross Rental Income: Existing Building First Floor 6, 200 s. f. @ $9 s. f. = $55, 800 Second Floor 3, 500 s. f. @ 6 s. f. = 21, 000 Third Floor 3, 500 s. f. @ 6 s. f. = 21, 000 _ 13, 200 s.f. S 97, 800 New Building First Floor 4, 500 s. f. @$10 s. f. _ $45, 000 Second Floor 4, 000 s. f. @ 8 s. f. = 32, 000 Third Floor 4, 000 s. f. @ 8 s. f. = 32, 000 12, 500 s. f. $109, 000 Total Net 25, 700 s.f. Total Estimated Annual Gross $206, 800 Less Vacancy Rate of 5% 10, 340 $196,460 Using a gross income multiplier of 6, we get a total value of $1, 178, 760. Realistically, a gross income this close to $200, 000 in downtown Salem in unlikely. Third Floor actually under lease at $20, 400 year for a term of 15 years. Unfortunately, in this type of real estate, the income stream, or its potential is a matter of extreme importance in determining market value. On this basis, it is difficult to con- ceive of any knowledgeable real estate investor paying more than $1, 000, 000 to $1, 200, 000. The capitalization of net income as an approach to value is not used here as we do not have a mortgage and annual operational expense at this early date is unknown. Assuming a value of $1, 000, 000, it would not be unusual in a building of this type to carry a $1, 000, 000 first mortgage. The debt service at 25 years at 10% would amount to $109, 053 per year. Our proposed assessment of $1, 827, 600 with a $50 tax rate would amount to $91, 380. These two items alone would exceed gross income. A projected tax bill in excess of $90, 000 would amount to approximately 50% of gross income. r SCHEDULE B SALEM FIVE CENTS SAVINGS BANK (2) With 25, 700 square feet of rentable space, a $91, 000 tax bill would amount to a real estate tax load of $3. 55 per square foot. Even if tax rate were $40 per $1, 000, the tax load would amount to $2. 85 per square foot. Conclusion: The proposed assessment by Whipple, Magane and Darcy of the Salem Five Cents Savings Bank buildings on Essex Street, Salem, based on: 1. Physical costs of the improvements 2. Projected annual fair market gross rent 3. Real estate tax as a percentage of annual gross income 4. Real estate tax as a square foot cost of net rentable space is excessive and inconsistent with assessments on other major financial institutions in Salem. Salem Five Cents Savings Bank Robert L. Howie Vice President December, 1974 SCHEDULE C SALEM FIVE CENTS SAVINGS BANK Essex Street 1973 Assessment Land $115, 600 7, 835 sq. ft. Building 124, 600 26, 200 sq. ft. Total: $240, 200 Total 1973 Tax $36, 510 Tax on Gross Building Area - Si. 39 No assessment on new land * or new building. 1975 Assessment (Total - old and new buildings) Land $124, 600 19, 165 sq. ft. = S6. 50 sq. ft. Building 1, 703, 000 48, 000 sq. ft. _ $35. 48 sq. ft. Grand Total: 1 . 827, 600 Estimated Tax at $50 = $91 . 380 (1 ) Est. Tax on Gross Building Area = Sl . 90 sq. ft. 1 ( ) tax bill = tax load per square foot gross building area Old land 7, 835 sq. ft. New Parcel 11, 330 sq. ft. 19, 165 sq. ft. SALEM SAVINGS BANK Washington Street (2) 1973 Assessment (Old Building) Land $ 57, 500 - 5, 175 sq. ft. Building 80, 000 - 12, 600 sq. ft. Total: $137, 500 Assessment (New Building) Land $ 13, 900 - 2, 777 sq. ft. Building 110, 000 - 4, 800 sq. ft. (Z16Q ; ' 7'bv q T Total: $123, 900 Grand Total $261, 400 Total 1973 Tax = $39, 732. 80 (2 parcels) Tax on Gross Building Area = $2. 00 s. f. 1975 Assessment (Total - Old and New Buildings) Land $ 85, 000 - 7, 952 sq. ft. = $10. 69 Building 319, 000 - 17, 400 sq. ft. = 18. 33 Grand Total $404, 000 Est. Tax at $50 = $20, 200 Est. Tax on Gross Building Area = $1. 16 s. f. 1 r NAUMKEAG TRUST COMPANY Essex Street (3) 1973 Assessment Land $130, 000 - 7, 335 sq. ft. Bldg. #217 95, 000 - 32, 780 sq. ft. Bldg. #225 60, 000 Grand Total $285, 000 Total 1973 Tax $43, 320 Tax on Gross Building Area = $1. 32 s. f. 1975 Assessment Land $ 88, 000 - 7, 335 sq. ft. _ $12. 00 sq. ft. Bldg. #217 218, 000 - 32, 780 sq. ft. = 6. 65 sq. ft. Bldg. #225 Grand Total $306, 000 Est. Tax at $50 = $15, 300 R. E. Tax on Gross Area = $ . 47 MERCHANTS -WARREN NATIONAL BANK • Essex Street (4) 1973 Assessment (Old Building) Land $ 52, 200 5, 800 sq. ft. Building 82, 000 14, 976 sq. ft. Total: $134, 200 Assessment (New Building) Land 45, 000 10, 000 sq. ft. Building 35, 000 11, 856 sq. ft. Total: $ 80, 000 Total (2 parcels) $214, 200 Parking Lot 6, 600 6, 600 sq. ft. Grand Total: $220, 800 Total 1973 Tax $33, 588 Tax on Gross Building Area = $1. 21 s. f. 1975 Assessment (Old Building) Land $ 36, 200 5, 800 sq. ft. = $6. 24 sq. ft. Building 155, 200 14, 976 sq. ft. _ $10. 36 sq. ft. Total: $191, 400 Land 48, 800 10, 000 sq. ft. = $4. 88 sq. ft. Building 102, 900 11, 856 sq. ft. = $8. 67 sq. ft. Total: $151, 700 Total: (2 parcels) $343, 100 26, 832 Gross Building Area Parking Lot 28, 700 6, 600 = $4. 35 Grand Total: 371, 800 Est. Tax at $50 = $18, 590 • Est. Tax on Gross Building Area = $ . 69 s.f. A SUMMARY (5) 1975 Real Estate Tax per square foot and tax comparison Gross 1973 Est. Net Bank Land Building Tax 1975 Tax Change Salem Five $ 6. 50 $ 1. 90 $36, 510. 40 $ 91, 380 $+54, 869. 60 Naumkeag Trust 12. 00 . 47 43, 320. 00 15, 300 -28, 020. 00 Merchants-Warren 6. 24 . 69 32, 558. 40 18, 590 -13, 968. 40 4. 88 4. 35 Salem Savings 10. 69 1. 16 39, 732. 00 20, 200 -19, 532. 00 Estimate Rate at $50 per $1, 000. R. L. Howie 12/10/74 1 SALEM FIVE Cents Savings Bank 210 ESSEX STREET • SALEM, MASSACHUSETTS 01970 • TELEPHONE 617 745-5555 ROBERT L. HOWIE, VICE PRESIDENT December 12, 1974 Board of Assessors City of Salem City Hall Salem, Massachusetts 01970 Gentlemen: Enclosed is our application for review of our real estate tax assessment of $1, 827, 600 as indicated on enclosed notice received from your office on November 29, 1974. We are also enclosing schedules A, B and C as part of this application. Very truly your iortx. Robert L. Howie Vice President RLH:ljl Enclosures VINNIN SQUARE OFFICE HIGHLAND OFFICE HAMILTON-WENHAM OFFICE VINNIN SQUARE SHOPPING CENTER 424 ESSEX STREET AT HIGHLAND 2 BAY ROAD SALEM 745-1716 SALEM 744-9216 SOUTH HAMILTON 466-4451 / r /C 7 _ /l. fit. 1 W °'' - r,C 7 r: e�. cAPPUCATION FOR REVIE:MI OF REAL ESTATE ASSESSMENT • Address of Property 206-.21.0, .an•d••2 0 8-210 Essex Street, Salem • Owner on January 1, 197 4. Salem Five Cents Savings Bank :Year Land was Purchased 206-210 1973, Building 1974 amount Paid $31, 976 Year Land and Bldgs. Purchased 206-210 1893 Amount ;aid Approximate Age of House Original Cost, if Known ............. . Approximate Age of Other Bldgs. Original Cost, if Known love the approximate cost of any other improvements or alterations not included above: Year Installed 1973-74 Cost See attached Schedule A . Details of Improvements See attached Schedule A Do the costs given above include the value of all labor and materials necessary to complete the construction? If not, please explain Yes Were the buildings constructed by a contractor or by the owner? Contractor . The total Fire Insurance coverage on the buildings is Old $500, 000 - New $1, 000, 000 otal rentals received per Month $1, 956. 25., $23„475 year 3 tenants • e present Mortgage on the property is None f you were to sell the property at the present time, what would you expect the Sale Price to be? .,6-$ a special purpose building, in this market at this time, any sale price would be pure conjecture. 1st any other factors that you wish to be considered Sea.attac.bed Schodta,le. /3A Also see attached Schedule C. Sale.r,•.1-:• .e.. .e s..S an Signed Date 12/13/74 • Robert L. Howie • Vice President RECOM. ) Ei .- r-I - - � DWI NO. M£13DATIONS NC i) CM RV I���p i} INS CY REV. BY NC CM I • • • CITY OF SALEM • CITY HALL • SALEM, MASS. 0197E1 • BOARD OF ASSESSORS • Salem, • Mass.•- • Appointment Dec. 2 to Dec. 6 ) 974 • Ma p 35 • Salem Five Cent Savings Bank Lot '205 • 210. Essex STreet Salem, lass. Control No. Dear Taxpayer: • The Board of Assessors and the firm of Whipple-rlagane-Darcy, Inc. wish to express their appreciation for the cooperation and courtesy extended to the individuals of the firm of Whipple-Magane-Darcy, Inc. , who recently completed the revaluation program supervised by this office. • Listed below is the assessment on your property rated on present market value derived from computations made by the firm of Whipple-Magane-Darcy, Inc. .LAND, 124600 BUILDING 1703000 TOTAL lf27(;00 To you, as the owner of the property, the only equitable standard of measurement of the above mentioned total value is to relate the property's actual potential worth_ in today's market. The question to ask oneself is, "What would my property sell for within a reasonable period of time in today's real estate market in Salem?" What you paid for your property one year ago----what it may have cost to construct five years ago or even fifty years ago is not relevant. • If you feel certain the appraisal is in excess of its full and fair cash value, then it must be assumed that you have some basis for appeal. An appointment for a hearing may be arranged. Please do not telephone the Assessors' Office. You, or your representative, must appear in person at the Assessors' Office, in City Hall, and make an appointment with a representative of Whipple-rlagane-Darcy, Inc. between • the dates stated above. No appointments will be made over the telephone. At the time that you make arrangements for an appointment, a form will be given to you which must be filled out and returned by you at the time of your hearinc. Please bring this letter with you when making an appointment. Hearings will be held on weekdays between the hours of 9:00 A.M. to 11:45 A.M. and 1:15 P.M. to 5:30 P.M. PLEASE DO NOT multiply your value by the present tax rate. A new tax rate, based upon the new revaluation schedules, will be established in 1975. • • BOARD OF ASSESSORS • Walter S. Croszyk, Chairman • Henry Corbin Robert F. Cummings