HomeMy WebLinkAbout08-15-2025 - Appraisal- 925 Industrial Way Ellensburg WA 98926 Appraisal Report
of
OFFICE BUILDING
925 Industrial Way
Ellensburg,WA 98926
Name of Client
Kittitas County Solid Waste
925 Industrial Way
Ellensburg, WA 98926
By
Larry D. Davis
DAVIS APPRAISAL COMPANY
103 S. 101h Street
Selah, WA 98942
DAVIS APPRAISAL COMPANY
103 S. 10TH STREET - SELAH, WA 98942 • 509-930-0007 • email Iddavisi.343@gmail.com
December 5,2024
Lisa Lawrence
Kittitas County Solid Waste
925 Industrial Way
Ellensburg, WA 98926
Dear Ms. Lawrence:
Pursuant to your request, I have completed an appraisal report of the Office Building located at 925
Industrial Way,Ellensburg,WA 98926.
I have prepared an appraisal report,which conforms to the provisions set forth by Uniform Standards of
Professional Appraisal Practice.
The purpose of this appraisal is to estimate and report my opinion of the market value of the subject
property in terms of the price,which would be agreed upon by a willing and well-informed seller and a
willing and well-informed buyer, in the absence of any unusual compulsion and after reasonable exposure
on the open market.
In order to make this appraisal, I have inspected the subject property and have observed land uses and
trends of land uses in the immediate and surrounding areas. Sales and other pertinent data of comparable
and competitive properties were also investigated.
Based upon the investigation and appraisal techniques described within the report and in accordance with
Uniform Standards of Professional Appraisal Practice, it is my opinion that the value of the subject as of
November 15, 2024, is $460,000.
Four Hundred Sixty Thousand Dollars
The undersigned has no personal interest in the subject property and certifies that no fee or the
employment of his services is in any way contingent upon the opinion reported.
I have not performed as an appraiser or in any other capacity,regarding the properties that are the subject
of this report within three years immediately preceding acceptance of this assignment.
Respectfully submitted,
DAVIS APPRAISAL COMPANY
Larry D. Davis
Certified General Real Estate Appraiser
CGREA#1100212
TABLE OF CONTENTS
Page
Summary of Salient Facts..................................................................1
Special Assumptions and Limiting Conditions..................................2
Scope of the Appraisal.......................................................................4
Purpose of the Appraisal....................................................................5
Function of the Appraisal...................................................................5
Intended Users of Report...................................................................5
Property Rights Appraised.................................................................5
Dateof Appraisal...............................................................................5
LegalDescription...............................................................................6
Tax and Assessment Data..................................................................6
Property Ownership...........................................................................6
SalesHistory......................................................................................6
InspectionDate ..................................................................................6
Competency Provision.......................................................................6
RegionalMap.....................................................................................7
Regional and City Analysis ...............................................................8
NeighborhoodMap............................................................................14
Neighborhood Analysis .....................................................................15
AerialPhoto.......................................................................................16
SiteAnalysis ......................................................................................17
PlatMap.............................................................................................18
Highest& Best Use............................................................................19
Improvement Analysis.......................................................................20
Valuation Methods.............................................................................23
Sales Comparison Approach..............................................................24
Documented Sales..............................................................................25
SalesMap...........................................................................................40
Income Approach ..............................................................................41
CostApproach ...................................................................................47
Correlation and Final Estimate of Value ..........................................71
ExposureTime...................................................................................71
Certificate of Appraisal......................................................................72
Qualifications of the Appraiser..........................................................73
ADDENDA
i. Photographs of Subject
iv. Location Map Sale No. 3
V. Location Map Sales No. 9-11 (Yakima, WA)
DAVIS APPRAISAL COMPANY
SUMMARY OF SALIENT FACTS
Subject Property: The subject being appraised is a concrete block office building as well as a
30'x 40'metal clad pole building and a 50'x 60' open steel material shelter.
Zoning: I-L, Light Industrial
Date of Appraisal: November 15, 2024
Indicated Value, via Sales Comparison Approach: $460,000
Indicated Value via Income Approach: $470,000
Indicated Value via Cost Approach: $466,000
Total Estimated Value: $460,000
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PHOTO OF SUBJECT
1 DAVIS APPRAISAL COMPANY
ASSUMPTIONS AND LIMITING CONDITIONS
ORDINARY ASSUMPTIONS
The analysis assumes the legal description accurately represents the subject property.A survey has
not been provided to the appraiser. Valuation is reported without regard to questions of title,
boundaries, encumbrances and encroachments. If further verification is required, a survey by a
registered surveyor is advised.
The exhibits in this report are included to assist the reader in visualizing the property. The
appraiser has made no survey of the property and assumes no responsibility in connection with
such matters.
The title to the property appraised is good and marketable.
The management of the property is assumed to be competent and the ownership in responsible
hands.
The property is free and clear of any mortgage, trust deed, lien or other encumbrances.
The value reported assumes all taxes and assessments have been paid.
The value is reported in dollars on the basis of the currency prevailing on the date of the appraisal.
No responsibility for legal matters is assumed and no right to expert testimony is included.
It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures which would render it more or less valuable.
Information furnished by others is assumed to be true, correct, and reliable. A reasonable effort
has been made to verify such information;however,the appraiser assumes no responsibility for its
accuracy.
The appraiser has no present or contemplated future interest in the property which is not
specifically disclosed in this report; that neither the employment to make the appraisal nor the
compensation is contingent upon the amount of the valuation reported; and that to the best of my
knowledge and belief, all statements and opinions in this report are true and correct and no
important relevant facts withheld.
Neither all nor any part of the contents of this report shall be conveyed to the public through
advertising, public relations, news, sales or other media without the written consent and approval
of the author,particularly as to the valuation conclusions.
This report must be used in its entirety. Reliance on any portion of the report independent of others
may lead the reader to erroneous conclusions regarding the property values. No portion of the
report stands alone without approval from the author.
2 DAVIS APPRAISAL COMPANY
The liability of Davis Appraisal Company is limited to the client only and only up to the amount
of the fee actually received for the assignment. Further, there is no accountability, obligation, or
liability to any third party. If this report is placed in the hands of anyone other than the client,
the client shall make such party aware of all limiting conditions and assumptions of the
assignment and related discussions. The appraiser is in no way responsible for any costs incurred
to discover or correct any deficiency in the property.
In the case of limited partnerships or syndication offerings or stock offerings in real estate, the
client agrees that in case of lawsuit (brought by lender, partner, or part owner in any form of
ownership, tenant, or any other party), all awards, settlements, or cost, regardless of outcome, the
client will hold Davis Appraisal Company completely harmless.
The appraiser is not qualified to detect the presence of toxic or hazardous substances or materials,
which may influence or be associated with the property or any adjacent properties. The appraiser
has made no investigation or analysis as to the presence of such materials, and expressly disclaims
any duty to note the presence of such materials. Therefore, irrespective of any degree of fault,
Davis Appraisal Company shall not be liable for costs, expenses, damages, assessments, or
penalties, or diminution in value, property damage, or personal injury (including death) resulting
from or otherwise attributable to toxic or hazardous substances or materials, including without
limitation hazardous waste, asbestos material, formaldehyde, or any smoke, vapors, soot, fumes,
acids, alkalis, toxic chemicals, liquids, solids, gasses, waste materials or other irritants,
contaminants, or pollutants.
In the case of building improvements, the appraiser assumes no responsibility for determining if
the subject property complies with the Americans with Disabilities Act (ADA), which prescribes
specific building standards,which may be applied differently to different buildings, depending on
such factors as building age, historical significance, amenability to improvement, and cost of
renovation. Davis Appraisal Company shall not be liable for any costs, expenses, assessments,
penalties,or diminution in value resulting from non-compliance. Except as otherwise noted herein,
this appraisal assumes that the subject complies with all ADA standards appropriate to the subject
improvements. If the subject is not in compliance, the eventual renovation costs and/or penalties
would negatively impact the present value of the subject. If the necessary renovation costs, time
period needed for renovation, and penalties for non-compliance (if any) were known today,
appropriate deductions would be made to the value conclusions reported herein.
3 DAVIS APPRAISAL COMPANY
SCOPE OF THE APPRAISAL
The following steps were used in arriving at the final estimate of value for the subject property:
1. After receiving the assignment, a preliminary search of all available resources was made
to determine market trends, influences and other significant factors pertinent to the
subject property.
2. A physical inspection of the property was performed. Although due diligence was
exercised while inspecting the subject, the appraiser is not an expert in such matters as
pest control, structural engineering, hazardous waste, etc., and no warranty is given
relative to these elements. As needed, inspections by various professionals within these
fields might be recommended with the final estimate of value subject to their findings.
3. A second review of the data was then performed with the most relevant factors extracted
and considered. Sales data was examined in order to determine the type and extent of the
data with which to compare directly to the subject. The appraisal report was then completed
in accordance with standards dictated by THE APPRAISAL FOUNDATION and lender
guidelines. The report included all data and information needed to lead a reader to a similar
value conclusion.
4. The appraisal report was then delivered to the client, which constituted the completion of
the assignment.
4 DAVIS APPRAISAL COMPANY
PURPOSE OF THE APPRAISAL
The purpose of this appraisal is to estimate the Fair Market Value of the subject property. The
definition of Market Value is: "The most probable selling price in terms of money that 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, knowledgeably, and assuming the price is not affected by
undue stimulus."
Implicit in this definition is the consummation of a sale as of a specified date and the passing of
title from seller to buyer under conditions whereby:
1. The buyer and seller are typically motivated.
2. Both parties are well-informed or well-advised and both acting in what they consider their
own best interest.
3. A reasonable time is allowed for exposure in an open market.
4. Payment is made in cash in U.S. dollars or in terms of financial arrangements comparable
thereto; and
5. The price represents the normal consideration for the property sold unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale.
Source: Office of the Comptroller of the Currency(OCC) Regulations 12 CFR 34.43(f)
FUNCTION OF APPRAISAL
The function of this appraisal is to help the client establish a sale price.
INTENDED USERS OF REPORT
Kittitas County Solid Waste
PROPERTY RIGHTS APPRAISED
The property rights appraised constitute the unencumbered lease fee interest of all future benefits,
which may be derived from the property's present or possible use.
DATE OF APPRAISAL
November 15, 2024
5 DAVIS APPRAISAL COMPANY
LEGAL DESCRIPTION
That portion of the Northeast Quarter of the Northwest Quarter and of the Northwest Quarter of the Northeast
QuarterofSection 11,Township 17 North,Range 18 East,W,M.,Kittitas County,State of Washington,described
as follows:
Beginning at the Northeast corner of the Northwest Quarter of said Section;Thence North 89°2928" West,along
the Northerly boundary line of the Northeast Quarter of the Northwest Quarter of said Section,a distance of 69.61
feet to the Southwesterly right of way boundary line for the City Street known as Industrial Way;Thence South
25°06'22"East along the Southwesterly right of way boundary line of said City Street, a distance of 157.70 feet
to the true point of beginning; Thence continuing South 25'06'22" East, along the Southwesterly right of way
boundary line of said City Street,a distance of 276.75 feet;Thence North 89"39'22" West, a distance of 298.97
feet,Thence North 00°20'38" East,a distance of 99.73 feet;Thence South 89'39'22" East, a distance of 138.59
feet;Thence North 01°5947" East,a distance of 137.44 feet;Thence North 71'30'52" East, a distance of 39.61
feet to the Southwesterly right of way boundary line of said City Street and to the true point of beginning.
Aka Assessor's Parcel No. 078533
Legal descriptions provided by Kittitas Title and Escrow.
ASSESSED VALUES&TAXES-2024
Publicly owned property. Not assessed or taxed.
PROPERTY OWNER
Kittitas County Solid Waste
SUBJECT SALES HISTORY
No sales history on subject property within the past five years.
INSPECTION DATE
November 15, 2024
COMPETENCY PROVISION
The author of this report possesses the education, knowledge, technical skills, and practical
experience to complete this assignment competently, in conformance with stated regulations.
Larry D. Davis inspected the property and Larry D. Davis is authorized by the State of
Washington, as provided by law, as a"Certified General Real Estate Appraiser" and has been
involved in similar appraisal assignments in recent years.
6 DAVIS APPRAISAL COMPANY
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7 DAVIS APPRAISAL COMPANY
REGIONAL ANALYSIS
Geographically the Pacific Northwest is in the far northwest corner of the United States. It has a
very favorable climate because it is under the influence of the Japanese Current. Washington is
divided by the Cascade Mountains with approximately one-third of the land area lying west of
the mountains and two-thirds on the other side. Conversely, the population is two-thirds on the
west and one-third on the east. The climate is moist on the western side and and on the east,but
there is clean air and a plentiful supply of water for irrigation from the Columbia, Snake,
Yakima, and Okanogan Rivers and from deep wells. Annual precipitation on the western side of
the state exceeds 40 inches while in Central Washington the average precipitation is
approximately 7 to 10 inches.
Both Continental and Marine weather patterns influence the climate of the area. Moist air coming
in from the Pacific Ocean and cold air moving southward from Canada affect the climate of the
Pacific Northwest. The weather systems are modified by the Rocky Mountains to the east and
north and by the Cascades to the east and west. The summers are hot, and the winters are clear,
dry, and cold.
The topography of the western part of the state is basically low, rolling coastal hills that were
originally covered with timber. The eastern part is generally a south sloping plain that is deeply
dissected by the drainage of the Columbia, Snake, Okanogan, and the Yakima rivers.
Economically, Washington is located strategically. Its climate is varied but not extreme. Its job
opportunities are many, from high tech to farm labor. There are metropolitan areas with cultural
activities and also quiet rural areas. Washington is a way of life, and it is a progressive and
optimistic state. The aerospace industry, lumbering, shipping facilities, and other manufacturing
industries dominate the western area especially near Seattle. It is a major shipping port to the
Pacific Rim Countries and Alaska. It is the financial center of the Pacific Northwest.
Location
Geographically the Pacific Northwest is located in the far northwest corner of the United States.
It has a very favorable climate because it is under the influence of the Japanese Current.
Washington is divided by the Cascade Mountains with approximately one-third of the land area
lying west of the mountains and two-thirds on the other side. Conversely, the population is two-
thirds on the west and one-third on the east. The climate is moist on the western side and and on
the east, but there is clean air and a plentiful supply of water for irrigation from the Columbia,
Snake, Yakima, and Okanogan Rivers and from deep wells. Annual precipitation on the western
side of the state exceeds 40 inches while in Central Washington the average precipitation is
approximately 7 to 10 inches.
8 DAVIS APPRAISAL COMPANY
REGIONAL ANALYSIS (Cont.)
The climate of the area is influenced by both Continental and Marine weather patterns. Moist air
coming in from the Pacific Ocean and cold air moving southward from Canada affect the climate
of the Pacific Northwest. The weather systems are modified by the Rocky Mountains to the east
and north and by the Cascades to the west. The summers are hot and the winters are clear, dry,
and cold.
The topography of the western part of the state is basically low, rolling coastal hills that were
originally covered with timber. The eastern part is generally a south sloping plain that is deeply
dissected by the drainage of the Columbia, Snake, Okanogan, and the Yakima Rivers.
Economically, Washington is located strategically. The climate is varied but not extreme. The
job opportunities are many, from high tech to farm labor. There are metropolitan areas with
cultural activities and also quiet rural areas. Washington is a way of life, and it is a progressive
and optimistic state. The aerospace industry, lumbering, shipping facilities, and other
manufacturing industries dominate the western area especially near Seattle. It is a major shipping
port to the Pacific Rim Countries and Alaska and is the financial center of the Pacific Northwest.
Location
Ellensburg is located east of the Cascade Mountains in the central part of the state. Ellensburg
has a population of approximately 18,666 as of 2020. It is located approximately 110 miles east
of Seattle and 180 miles southwest of Spokane. It is also 213 miles northeast of Portland,
Oregon. The Canadian border is approximately 126 miles north and the Washington-Oregon
border is approximately 110 miles to the south. Ellensburg is at the juncture of Interstate 90 and
Interstate 82. I-90 provides a four lane divided highway from Ellensburg to Seattle and from
Ellensburg to Spokane. I-82 provides access from Ellensburg to the Oregon border at Umatilla,
Oregon.
9 DAVIS APPRAISAL COMPANY
REGIONAL ANALYSIS (Cont.)
Population
As can be seen by the following population chart, the population growth in Ellensburg has
remained relatively stable with minor fluctuations throughout the last 26 or 27 years.
City Population Statistics 1995-2021
City of Ellensburg
Annual
Year Population Change
1995 13000
1996 13210 1.6%
1997 13600 -3.0%
1998 13440 -1.2%
1999 14230 5.9%
2000 15148 8.3%
2016 19786 5.1%
2017 20326 2.7%
2018 20977 3.2%
2019 21111 .6%
2021 21579 2%
DEMOGRAPHICS
Males 10,503 (50%)
Females 10,608 (50%)
Median Age 23.6 Years
Median Age Washington 37.9
Median Income (2021) $39,645
Cost of Living Index 92.9
10 DAVIS APPRAISAL COMPANY
REGIONAL ANALYSIS (Cont.)
Population Summary
Historical population growth for the state has had small but continual increases in population
growth. The City of Ellensburg has had some minor dips in growth during the mid-1990's but
recovered in successive years.
During the 1990's the City and County began a growth period coming out of the recession and
has continued steadily since, except for one small dip in growth in 1998. A significant
contribution to this growth in the late 1990's through 2021 can be attributed to the increasing
popularity of the area from the Seattle Metropolitan Area west of the Cascade Mountains.
Kittitas County and especially the western part of the county is 1-11/2 hours commuting distance
from the west side of the mountains. Interviews with many of these commuters revealed that
although the distance to places of employment are much greater, the commuting time is similar.
The indications are that, given the same commuting time, the drive across the mountains on a
non-congested four lane divided freeway is much preferable to the slow congested commute of
the metropolitan area.
Because of this phenomenon, the property values, especially in the western part of Kittitas
County, have dramatically increased because of the influence from the west side of the Cascade
Mountains.
Climate
The climate of Ellensburg is mild and dry, having the characteristics of both maritime and
continental climates modified by the Cascade and Rocky Mountains. The summers are dry and
hot and winters are cool with only light snowfall. Usually, the summer afternoons are very hot,
but with the dry air there is a rapid decrease in temperatures after sunset. The summers in
Ellensburg are sunny with approximately 85 percent possible sunshine. Ellensburg has a semi-
arid climate which has most of the precipitation blocked by the Cascade Mountain range to the
west. As a result, the total precipitation is small. The average annual precipitation is 8.84
inches. The average number of days with .01 inches or more of rainfall is 37. The majority of
the precipitation occurs during the months of November, December, and January with
approximately one inch per month. This is approximately half the average annual rainfall. It is
not uncommon for the months of July and August to receive no rainfall.
The winters are mostly cloudy with only 32 percent of the possible sunshine being received. The
snowfall is generally light with 20-25 inches per year.
11 DAVIS APPRAISAL COMPANY
REGIONAL ANALYSIS (Cont.)
Economy
The Ellensburg area has a stable economy which is basically agricultural bolstered by the
stability provided by the single largest employer in the area, which is Central Washington
University. As can be seen by the following employment chart, the single largest employment
sector is government-related business followed by retail trade and services.
lmployer No. Employed
ntral Washington University 1,800
Ellensburg School District 380
Kittitas County 363
Anderson Hay and Grain 240
Elmview 200
Fred Meyer 198
City of Ellensburg 150
Twin City Foods 125
Kittitas Valley Health & Rehab. Ctr. 100
12 DAVIS APPRAISAL COMPANY
REGIONAL ANALYSIS (Cont.)
Education
Ellensburg has the following educational facilities.
® Number Total
of Schools Enrollment
Elementary Schools 3 1,546
Middle Schools 1 762
High Schools 1 950
Alternative High School 1 20
Private Schools 2 UK
Four Year University 1 9,714*
*As of 2022-23
Transportation
Ellensburg has the only municipal airport in the area,which is Bowers Field located north of the
city. There are no scheduled air carriers serving the immediate Ellensburg area. There is a
larger municipal airport located in Yakima 30 miles south of Ellensburg. The Yakima airport
has the capacity to handle large commercial transport type aircraft and is currently served by
Alaska Airlines.
Summation and Trend
The region has shown stability over the years. It appears that Central Washington University and
the government related employment base will provide continued stability. There appear to be no
economic factors that would have a negative impact upon the region in the foreseeable future.
13 DAVIS APPRAISAL COMPANY
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NEIGHBORHOOD MAP
14 DAVIS APPRAISAL COMPANY
NEIGHBORHOOD ANALYSIS
The subject is located on the southwest corner of the city of Ellensburg just one block west of
S. Main Street which is the primary north/south thoroughfare through the city of Ellensburg.
Industrial Way is separated from the main part of the city by a railroad track to the east.
The surrounding land use is primarily industrial use. The adjacent property on the north and west
sides of the subject is a salvage yard.
The land use diagonally across the street to the northeast is a propane distribution outlet.
The land use diagonally across Industrial Way to the southeast is a vacant property which runs
along the railroad track.
The property behind the subject to the west is a transfer station.
The property south of the subject is Ellensburg Animal Shelter followed by a truck rental
company and then the Community Corrections Department Office.
Industrial Way dead ends to the north of the subject with a recycle center and city shops.
The primary land use on both sides of Industrial Way to the south of the subject is self-storage
units. (See aerial photo on following page)
15 DAVIS APPRAISAL COMPANY
NEIGHBORHOOD ANALYSIS
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16 DAVIS APPRAISAL COMPANY
SITE DATA
Parcel No. 078533
Shape: Irregular(See Plat Map on following page)
Size: .88 Ac
Topography: Level
Access: Access is via Industrial Way which borders the east side of the site.
Utilities: Public electrical service, natural gas &public telephone
Water& Sewer: City water and sewer
Zoning: I-L, Light Industrial
Flood Plain: The subject is located in a 100-year flood plain. (Flood Map No.
53037CI281D dated September 9, 2021
General: There appear to be no adverse encroachments or easements which would
have an adverse effect upon the marketability of the subject.
FLOOD MAP
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17 DAVIS APPRAISAL COMPANY
SITE DATA(Cont.)
PLAT MAP
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18 DAVIS APPRAISAL COMPANY
HIGHEST& BEST USE
The Highest and Best Use is defined as that reasonable and probable use which will support the
highest present value, as defined as of the effective date of the appraisal.
Alternatively, it is that use, from among reasonable,probable,and legal alternative uses,which are
found to be physically possible, appropriately supported, financially feasible, and which results in
the highest land value.
The definition above implies specifically to the Highest and Best Use of the land. It is to be
recognized in cases where the site has existing improvements, the Highest and Best Use may very
well be determined to be different than the existing use. Normally the existing use continues unless
and until the land value in the Highest and Best Use exceeds the total value of the property in its
existing use.
The subject is zoned I-L, Light Industrial, and the current use is a permitted and legal use under
the current zoning classification.
The current use of the subject is well suited to the location, is compatible with the trend in the
neighborhood, and is considered to be a financially feasible use of the site.
The subject has good access to the Interstate Highway system with the intersection of Canyon
Road and Interstate 90 located .8 miles southeast of the subject.
As a result,the current use will support the highest value to the land and is therefore considered to
be the highest and best use of the site.
19 DAVIS APPRAISAL COMPANY
IMPROVEMENT ANALYSIS
----------
The following is a breakdown of the building components being appraised,which will provide
the reader with a general outline of the quality and overall composition of the improvements.
OFFICE BUILDING
Age: Estimated built in 1970
Foundation: Concrete slab
Dimensions: 28' x 60' feet
Square Footage: 1,680 square feet
Exterior Walls: Concrete block
Roof: Corrugated metal
HVAC: Forced air gas heating system with central air conditioning.
Interior Walls: Taped, textured and painted drywall
Lighting: Ceiling flush mounted fluorescent tube lighting.
20 DAVIS APPRAISAL COMPANY
IMPROVEMENT
Windows: partial
Doors: Metal exterior doors with windows
Floor Coverings: Combination of commercial glue-down carpet in the main office area and
tile in the utility areas.
Interior Photo (See Addenda for more photos)
Building Diagram
.1
Office Furnace '••
ReceptionArea
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DAVIS •
IMPROVEMENT ANALYSIS (Cont.)
POLE BUILDING
The pole building is a metal clad building measuring 30 x 40 feet for a total of 1,200 square feet.
This building is partially insulated and has lighting and two manually operated overhead doors.
I
CANOPY
The canopy is an open, heavy duty, steel frame material shelter with a corrugated metal roof
measuring 50' x 60' feet for a total of 3,000 square feet.
22 DAVIS APPRAISAL COMPANY
VALUATION METHODS
Typically, there are three approaches to value used when appraising real property. They are the
Direct Sales Comparison Approach, Income Approach, and the Cost Approach.
The Direct Sales Comparison method compares the subject directly to properties that have sold
with any differences taken into consideration such as age of the building, size, location, condition,
and other factors the market would recognize.
The Income Approach analyzes the potential annual income the subject should be able to
generate. The vacancy rate is estimated and subtracted from the potential gross income to arrive
at an effective gross income. Then all direct expenses are subtracted from the effective gross
income to arrive at an annual net operating income. The annual net income is then converted into
a value by dividing it by an overall capitalization rate, which is found to be acceptable by market
investors for similar properties.
The Cost Approach takes into consideration the cost to construct the improvements with current
materials and labor. Depreciation, if applicable, is estimated and then subtracted from the total
replacement costs. The value of the site is then added to the depreciated replacement cost to arrive
at a total indicated value.
All three approaches to value will be used in valuing the subject.
Since no market extraction data was found to extract the value of outbuildings, the depreciated
cost method will be used for estimating the value of the pole building and material shelter.
23 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH
The application of this approach produces an estimate of value by comparing the subject
property to similar properties that have sold recently or that are currently being offered for sale in
the immediate and surrounding area. Procedures used to estimate the degree of comparability
between the two properties involve judgment decisions concerning their similarity with respect
to many value factors such as location, construction, age, condition, functional utility, size and
overall desirability. The sale price of properties judged to be the most comparable tend to set a
range in which the value of the subject property should fall. Careful consideration of the
comparative data must lead to a logical estimate of the probable price for which the subject could
be sold.
The following is a presentation of documented sales followed by a market grid which is then used
to compare the sales directly to the subject.
The unit of comparison for the Sales Comparison Approach is the overall price per square foot.
24 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
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NO.1
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Location: 1011 North Alder St.,Ellensburg,WA 98926
Legal Description: Parcel No.623734
Date: 02/02/22
Price: $407,500
Grantor: 1011 North Alder LLC
Grantee: Chad&Ashton G.Kirkpatric
Recording: Excise No.2022-218
lhrnprowments S .Ft. 2,733
Age: 49
Zoning: C-H,Conmiercial Highway
Site Acres: 0.27
Overall Price/S Ft.: 1$149.10
25 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
SALE NO.2 �j
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Location: 206 W. 1st Ave.,Ellensburg,WA 98926
Legal Description: Parcel No.487133
Date• 07/02/21
Price: $580,500
Grantor: CTR Water Street LLC
Grantee: Craig&Tei L.Ronnin
Recording: Excise No.2021-1664
kn rovements S .Ft. 3,950
Age: 47
Site Acres: 0.41
Zoning: C-C,Central Commercial H
Overall Price/S g.Ft.: 1$146.96
26 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
SALE NO.3
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Location: 115 E 1st Street,Cle ElumWA 98922
Legal Description: Parcel No. 153335
Date• 01/29/21
Price: $335,000
Grantor: Marilyn GBolles
Grantee: M Kolar Holdings LLC
Recording: Excise No.2021-229
hn rowments S Ft. 2,000
Age: 99
Zoning: Old Town Commercial
Site Acres: 0.07
Overall Price/S q.Ft.: 1$167.50
27 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
r
SALE NO.4
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Location: 315 N. Sprague,Ellensburg,WA 98926
Legal Description: Parcel No.937333
Date: 02/04/22
Price• $450,000
Grantor: JJ Parker Properties LLC
Grantee: Weidenbach Family LLC
Recording: Excise No.2022-232
Improvements Sq.Ft. 3,159
Age: 73
Zoning: GC,Central Commercial
Site Acres: 1.46
Overall Price/Sq.Ft.: 1$142.45
28 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
SALE NO. 5 .
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Location: 314 E.4th Ave.,Ellensburg,WA 98926
Legal Description: Parcel No.617333
Date: 04/22/22
Price: $500,000
Grantor: John Van Wagoner
Grantee: Weidenbach Family LLC
Recording: Excise No.2022-786
Im rowments S .Ft. 3,632
Age: 74
Zoning: C-C,Central Commercial
Site Acres: 0.17
Overall Price/S g.Ft.: 1$137.67
29 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
SALE NO.6
Location: 4th St&Kittitas Ave, SE Comer Ellensburg,WA
Legal Description: Parcel No.537833
Date• 03/27/24
Price: $425,000
Grantor: Bradley P&Connie R Fittere
Grantee: Ellensburg Market Pro erties Inc.
Recording: Excise No.2024-409
hn rovements S Ft. 3,200
Age: 45
Zoning: I-H,Heavy Industrial
Site Acres 0.17
Overall Price/S g.Ft.: 1$132.81
30 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
SALE NO.7
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Location: 404N.Pine St.,Ellensburg,WA 98926
Legal Description: Parcel No.487033
Date: 10/18/23
Price• $1,200,000
Grantor: JST Properties LLC
Grantee: Ellensburg Acre LLC
Recording: Excise No.E041797
hn rowments S .Ft. 9,428
Age: 60
Zoning: C-C,Central Conmvrcial
Site Acres: 0.33
Land S .Ft. 114,375
Overall Price/Sq.Ft.: 1$127.28
31 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
SALE NO.8
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Location: 309 E.2nd Ave.,Ellensburg,WA 98926
Legal Description: Parcel No.327333
Date: 06/28/24
Price: $580,000
Grantor: Kevin&Margaret Sullivan
Grantee: Weidenback Fan-lily LLC
Recording: Excise No.2024-992
hn rovements Sq.Ft. 4,334
Age: 53
Zoning: GC,Central Commercial
Site Acres: 0.17
Overall Price/S q,Ft.: $133.83
32 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
SALE NO.9
Sale 9 '
Location: 1705 S.24th Ave.,Yakima,WA 98902
Legal Description: Parcel No. 181335-13009
Date• 02/13/24
Price: $421,000
Grantor: Yaknet Holdings LLC
Grantee: Little Helping Hands Childcare LLC
Recording: Excise No.E042742
hn rovements S Ft. 2,948
Age: 41
Zoning: M 1,Light Industrial
Site Acres: 0.31
Owrall Price/Sq.Ft.: 1$142.81
33 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
SALE NO.10
Location: 3504 W.Nob Hill Blvd.,Yakima,WA 98902
Legal Description: Parcel No. 181327-41415
Date: 12/02/22
Price: $346,000
Grantor: Thomas &Tammy L.Fischer
Grantee: Joseph Thomas Fischer
Recording: Excise No.463987
hn rovements S Ft. 2,450
Age: 53
Zoning: B2,Business Commercial
Site Acres: 0.43
Owrall Price/S g.Ft.: 1$141.22
34 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
SALE NO.11
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Location: 812 Sumrmtview Ave.,Yakima,WA 98902
Legal Description: Parcel No. 181324-31407
Date• 09/16/24
Price: $290,000
Grantor: Joseph Martinez
Grantee: Musbeh Abedalazez
Recording: Excise No.E044817
hn rovements S Ft. 1,768
Age: 59
Zoning: CBD,Central Business District
Site Acres: 0.10
Overall Price/S q.Ft.: $164.03
35 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
TABULATION OF SALES
1 2J2J2022 1011 N ALDER ST ELLENSBURG $407,500 2,733 $149.10
2 712J2021 206 W 1ST AVE ELLENSBURG $580.500 3,950 $146.96
3 1129/2021 115 E FIRST ST GLE ELUM $335,000 2,000 $167.50
4 2JQ2022 315 N SPRAGUE ST ELLENSBURG $450,000 3,159 $142.45
5 4J22J2022 314 E 4TH AVE ELLENSBURG $500,000 3,632 $137.67
6 3J2712024 4TH&KITTITAS ELLENSBURG $425,000 3,200 $132.81
7 10/18/2023 404 N PINE ST ELLENSBURG $1.200.000 9,428 $127.28
8 6J28J2024 309 E 2N1)AVE ELLENSBURG $680,00 4,334 $133.83
9 2J13/2024 1705 S 24TH AVE YAKIMA $421,000 2,948 $142.81
10 12J2J2022 3504 W NOB HILL YAKIMA $346,000 2,450 $14122
11 9A6J2024 812 SUMMITVIEW YAKIMA $290,000 1,768 $164.03
Average $144.15
36 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
The following direct comparison grid adjusts for differences between the sales and the subject
property and is based upon the overall price per square foot as the unit of comparison.
PRICE PER SQUARE FOOT COMPARISON GRID
Sale Sale Sale Sale
Subject #1 #2 #3 #4
Price/sf 149.10 146.96 167.50 142.45
% Adjust. % Adjust. % Adjust. % Adjust.
Location Ave Ave 0.00 Ave 0.00 Good -0.15 -25.13 Ave 0.00
Quality lAve Ave I 0.00 Ave 1 0.00 Ave 1 0.00 0.00 Ave 1 0.00
Condition JAve Ave 0.00 Ave 0.00 Ave 0.00 0.00 Ave 0.00
Other 0.00 0.00 0.00 0.00
Other 0.00 0.00 0.00 0.00
Indicated Value/s.f. 149.10 146.96 142.38 142.45
Sale Sale Sale Sale
Subject #5 #6 #7 #8
Price/sf 137.67 132.81 127.28 133.83
% Adjust. % Adjust. % Adjust. % Adjust.
Location Ave Ave 0.00 Ave 0.00 0.00 Ave 0.00 0.00 Ave 0.00
Quality lAve Ave- 1 0.05 6.88 Ave- 0.101 13.28 Ave I 0.00 Ave 0.001 0.00
Condition Ave Ave 0.00 Ave 0.00 Ave- 0.05 6.36 Ave 0.00 0.00
Other 0.00 0.00 0.00 0.00
Other 0.00 0.00 0.00 0.00
Indicated Value/s.f. 144.55 146.09 133.64 133.83
Sale Sale Sale
Subject #9 #10 #11
Price/sf 142.81 141.22 164.03
% % Adjust. % Adjust.
Location Ave Ave 0.00 0.00 Ave 0.00 Ave+ -0.20 -32.81
Quality Ave Ave 0.00 Ave 0.00 Ave- 0.10 16.40
Condition Ave Ave 0.00 Ave 0.00 Ave 0.00
Other 0.00 0.00 0.00
Other 0.00 0.00 0.00
Indicated Value/s.f. 142.81 141.22 1 147.63
37 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
Sale No. 3 is in the city center of Cle Elum, WA. The location is superior to the subject and a
15% downward adjustment is applied to compensate for superior location.
The construction quality for Sale No. 5 is slightly inferior to the subject. A 5%upward
adjustment is applied to Sale No. 5 for inferior quality.
Sale No. 6 is a concrete block building similar in construction to the subject, but this sale has no
finished office space. An upward adjustment of 10% is applied to this sale to compensate for
inferior quality.
The condition of Sale No. 7 is slightly inferior to the subject and an upward adjustment of 5% is
applied to this sale to compensate for the inferior condition.
Sale No. 11 is located on a street with heavy traffic flow with very good commercial exposure. A
downward adjustment of 20% is applied to Sale No. 11 to compensate for superior location. Sale
No. 11 is also considered inferior in quality to the subject and a 10 %upward adjustment is
applied to this sale to compensate for inferior quality.
The average indicated value after adjustments is $142.79 per square foot.
Sales No. 9-11 are the most recent sales which average $143.89 per square foot.
Sales No. 4 & 5 are the most similar overall to the subject and weight is placed upon Sales No. 4
& 5 in arriving at the final estimate of value.
The concluded overall value of the subject is $144.00 per square foot.
38 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
The following is a breakdown of the indicated value via the Sales Comparison Approach to
value. It should be noted that the excess land, shop building, and canopy must be added to the
indicated value via the Sales Comparison Approach (See Cost Approach for valuation of shop (pole
building) and canopy.)
SALES COMPARISON APPROACH
Sq. Ft. Price/Sq. Ft. Value
1,680 x $144.00 = $241,920
Plus Excess Land = $154,640
Plus Shop = $20,352
Plus Canopy = $39,330
Total = $456,242
Rounded = $460,000
39 DAVIS APPRAISAL COMPANY
SALES COMPARISON APPROACH (Cont.)
ELLENSBURG SALES MAP
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SUBJECT
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For Sales Maps for Sales 3,9,10,&11 see addenda
40 DAVIS APPRAISAL COMPANY
INCOME APPROACH
In the normal application of the Income Approach, an income history is developed by comparing
the last two to three years' rental income with the current rental rates. A comparison is also made
with current rents of comparable and competitive properties. From this analysis, a potential gross
income is projected which would reflect 100 percent occupancy. A comparative rent study of
comparable properties was done in order to determine projected market rents for the subject
property.
In addition,from the comparative rent study,a projected vacancy rate is derived.When the vacancy
rate is applied, the potential gross income is reduced to an effective gross income.
Expenses are also analyzed historically and currently, and then compared with expenses incurred
by other property owners of similar properties. The effective gross income less the direct expenses
yields a net operating income (NOI)which can be capitalized into an indicated value.
An overall rate or capitalization rate,which reflects a typical buyer's rate of return requirement on
his investment, is extracted from sales of income properties. This is done by dividing the net
income of the sales by the sales prices. The most typical capitalization rate from the sales is then
divided into the net operating income of the subject property to arrive at an indicated value.
41 DAVIS APPRAISAL COMPANY
INCOME APPROACH (Cont.)
The following are rent comparables used to estimate the projected gross annual income for
the subject.
RENT COMPARABLES
Rent Comparable No. 1- This comparable is
located at 2309 Dolar Way,Ellensburg,WA. This
building was built in 2016 and has 2,000 square
feet renting for $12.72 square feet annually.
Rent Comparable No. 2- This comparable is
located in downtown Ellensburg at 116 W. 3ra
Avenue. This is an older building that has been
remodeled. This rent comparable has 5,000
square feet renting for $14.28 per square foot.
42 DAVIS APPRAISAL COMPANY
INCOME APPROACH (Cont.)
Rent Comparable No. 3-This rent comparable
is located at 1200 Canyon Road, Ellensburg,
WA. This is a large concrete block building built
in 1971with 14,000 square feet renting for
$12.00 per square foot annually.
Rent Comparable No. 4-This is a concrete
block building located at 2408 Fruitvale Blvd,
Yakima, WA. This rent comparable is a fair
- - - quality, wood frame building built in 2001 with
a total of 4,284 square. The units rent between
$12.00-$12.84 per square foot annually.
Rent Comparable No. 5-This rent comparable
is located at 811 W. Yakima Avenue, Yakima,
WA. This building is a masonry building which
was built in 1965. This rent comparable has
2,116 square feet of rental space renting for
$9.00 per square foot annually.
i
43 DAVIS APPRAISAL COMPANY
INCOME APPROACH
Rent Comparable No. 6- This rent comparable
is located at 5 04-5 10 W. Chestnut Avenue,
Yakima, WA 98902. This is a masonry building
built in 1978. It has 2,641 square feet renting for
�°' CriCl,et $9.00 per square foot annually.
a
Rent Comparable No. 7- This comparable is
located at 1115 W. Lincoln Ave., Yakima, WA.
r' MCOLN This is an average quality wood frame
SQUARE g q Y
commercial strip development built in 2000.
j, These spaces rent for $12.00 per square foot
H •s� annually.
TABULATION OF RENT COMPARABLES
No. ADDRESS RENT/S.F.
1 2309 Dolar Wy, Ellensburg $12.72
2 116 W. 3rd Ave., Ellensburg $14.28
3 1200 Canyon Rd., Ellensburg $12.00
4 12408 Frubtale Blvd., Yakima $12.00
5 811 W. Yakima, Ave., Yakima $9.00
6 504-510 W. Chestnut Ave., Yakima $9.00
7 1115 W. Lincoln Ave., Yakima $12.00
Awra e $11.57
44 DAVIS APPRAISAL COMPANY
INCOME APPROACH (Cont.)
As can be seen, the average annual rent is $11.57 per square foot annually.
Also, the central tendency of the market rents is near$12.00 per square foot.
The concluded market rent for the subject is $12.00 per square foot annually.
The following is the projected gross annual income for the subject which will be used to
capitalize the income stream into value.
7 GROSS INCOME
Annual Rent Projected
Sq. Ft. Rent/S.F. Annual Income
1,680 $12.00 $20,160
45 DAVIS APPRAISAL COMPANY
INCOME APPROACH
Capitalization Rates
The following is a table of twelve sales from which overall capitalization rates can be extracted.
NO. ADDRESS DATE PRICE NOI OAR
1 700 W.Valley Mall Blvd, Union Gap,WA 01/22/19 $2,924,650 $220,627 0.075 Warehouse
2 11607 W. Lincoln Ave.,Yakima,WA 06/06/19 $460,000 $29,900 0.065 Subw ay
3 11 Hall Avenue,Yakima,WA 06/14/21 $1,379,000 $92,616 0.067 Apartments
4 10410 US Hwy 12, Naches,WA 03/10/21 $2,376,000 $136,620 0.058 Hardware Store
5 812 W.Wine Country Rd.,Grandview,WA 09/22/20 $1,325,000 $83,808 0.063 Les Schwab
6 182 East Hawthorne St.,Connell,WA 02/22/21 $2,300,000 $134,550 0.059 Dollar General
7 5215 W.Clearw ater Ave., Kennew ick,WA 10/29/20 $7,050,000 $527,078 0.075 Commercial Strip
8 2710-5802 N Road 68, Pasco,WA 12/31/19 $8,950,000 $622,424 0.070 Commercial Strip
9 867 N.Columbia Ctr Blvd., Kennewick,WA 12/18/19 $10,450,000 $743,666 0.071 At Home Store
10 7504 W.Clearw ater Ave., Kennew ick,WA 06/05/19 $480,000 $29,452 0.061 Subw ay
11 598 N.Wilbur Ave.,Walla Walla,WA 06/16/21 $4,600,000 $299,000 0.065 Bi Mart
12 118 W.5th St. Ellensburg,WA 10/29/21 $1,700,000 $103,200 0.061 Bank Building
Because of the location of the subject being surrounded by industrial uses, it is felt that the higher end
of the range of capitalization rates is appropriate.
The concluded capitalization rate for the subject is .075.
INCOME APPROACH
Projected Gross Annual Income: $20,160
Administrative Expense: -0.05 -$1,008
Net Operating Income = $19,152
Overall Rate = 0.075
Indicated Value Office = $255,360
Excess Land = $154,640
Shop = $20,352
Canopy = $39,330
TOTAL INDICATED VALUE = $469,682
ROUNDED = $470,000
46 DAVIS APPRAISAL COMPANY
COST APPROACH
The cost new is usually estimated by comparing construction costs of similar structures that have
recently been built with data that is published in national cost factor books. This information is
then applied to the subject with adjustments made for the individual components of the structure.
Depreciation is then subtracted from the estimated replacement cost to arrive at a depreciated
cost. The source for estimating the replacement costs of the subject is the Marshall Valuation
Service.
Depreciation
There are three types of depreciation that need to be addressed. The first is physical depreciation,
which is the actual wear and tear on the structure including mechanical, electrical, plumbing, etc.
This can be measured either by the actual cost to remedy the physical deficiency, including an
allowance for the roof, plumbing and basic structure, or by the market. If two buildings have
sold, one in need of the same repairs as the subject and one in new condition, the difference in
sales prices are recognized as physical depreciation, after the land values have been accounted
for. Another method of estimating accrued depreciation is the Age-Life method,which
expresses a ratio between the effective age of the improvements and total remaining economic
life. The Age-Life Method will be used to estimate depreciation for the subject.
The second type of depreciation is functional obsolescence that is in two forms, curable and
incurable. This is measured either by the cost to cure the functional problem; by capitalizing the
reduced net income caused by the functional problem; or by comparing the sales of two
structures, one that is similar to the subject and one that has no functional problems. No
functional obsolescence is recognized for the subject.
The third type of depreciation is economic or locational obsolescence. This is measured by
capitalizing the amount of net revenues that CANNOT be collected due to the location of the
building as compared to competing properties. No economic obsolescence is recognized for the
subject.
Prior to calculating the Cost Approach to value, the land value will be estimated and
subsequently be added to the depreciated replacement cost for the subject.
Because of limited industrial land sales in the City of Ellensburg, the market was expanded to
Yakima, WA which is 34 miles south of Ellensburg.
The following are land sales which were used to estimate the value of the land for the subject.
47 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
LAND SALES
LAND SALE 1
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Location: 2708 Triple L L ,Ellensburg,WA 98926
Legal Descri tion: Parcel No.953287
Date: 08/22/24
Price: $498,540
Grantor: Triple L LLC
Grantee: Triple L Retail 1 LLC
Recording: Excise TaxAffidavit No.2024-1773
Zone: C-T,Commercial Tourism
Acres: 1.38
Square Feet 60,113
Price Per S.F. $8.29
48 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
Location Map
Pautzke B.iIT
17335 Sh ort Pl.t
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03fi236 09623fi
LS1 f 540
95 596
Pau.ke Bait
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288 Short Plat
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Shoe Plat 953289 �.
54294 9J
953
366133
253291
539333 549333
NE _ �uzps€*e:>YYt'� NE
SE 059333E A
200k06210072
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49 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
LAND SALE 2
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Location: U tanumRd/Lakeshore Way,Ellensburg,WA 98926
Legal Description: Parcel No.956117
Date: 08/27/24
Price: $921,000
Grantor: Pacific Realty Advisores LLC General Recvr
Grantee: NSJ Properties LLC
Recording: Excise TaxAffidavit No.2024-1391
Zone: C-H,Commercial Highway
Acres: 6.74
Square Feet 293,594
Price Per S.F. $3.14
50 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
Location Map
0
3 C 555136 015436
418633
1500 &LA
MIC Short 200105290064
nu Fr Rd mm NE
mpta'I TR"d
Ilr Lukk"id 386633
Short Plat 428633
r 956113 Emer�cl Property Bu
876633 Group L SP 17- 200104534M
Fiesta En
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956116 l0 088633
d33
1500 956115 Ea
LS 2 438633
a - 4G8G33
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Ellensburg Inn Short
`I 9561 9 -68,5" Plat
i` BLA20060-10-69
ulder Rio
Sho 4-PI;4
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956120
7147
I 278 'Pp;
80863
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51 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
LAND SALE 3
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Location: Opportunity St.,Ellensburg,WA 98926
Legal Description: Parcel No.956119
Date: 07/24/24
Price: $793,620
Grantor: Lakeside Town Center Assoc LLC
Grantee: Justin&Stacy Henderson
Recording: Excise TaxAffidavit No.2024-1161
Zone: C-H,Commercial Highway
Acres: 3.89
Square Feet 169,448
Price Per S.F. $4.68
52 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
Location Map
y � 338633
Lakeside
Short Plat
48i 3 3
\SE LS 3
200604210065
9561 �'
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Ellensburg Inn 200CM
Short PIa1
L gl A B
20060421 69 20060
1 95611
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956121
956120
2711533
53 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
LAND SALE 4
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Location: U tanurn/Lakeshore W . SE comer),Ellensburg,WA
Legal Description: Parcel No.956113
Date: 01/23/24
Price: $858,044
Grantor: Pacific Realty Advisors LLC General Recvr
Grantee: Hogback Lakeside Partners LLC
Recording: Excise TaxAffidavit No.2024-90
Zone: C-H,Commercial Highway
Acres: 2.68
Square Feet 116,741
Price Per S.F. $7.35
54 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
Location Map
I _:•1�_ 015436
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55 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
LAND SALE 5
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Location: 2609 Triple L L ,Ellensburg,WA 98926
Legal Description: Parcel No.953291
Date: 12/06/22
Price: $787,350
Grantor: Triple L LLC
Grantee: CRGInvestments LLC
Recording: Excise TaxAffidavit No.2022-2488
Zone: C-T,Conmercial Tourism
Acres: 2.41
Square Feet 104,980
Price Per S.F. $7.50
56 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
Location Map
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57 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
LAND SALE 6
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Location: Lakeshore Way,Ellensburg,WA 98926
Legal Description: Parcel No.956116
Date: 03/18/22
Price: $800,000
Grantor: Lakeside Town Center Assoc L.LC
Grantee: Happy Feet Academy L.LC
Recording: Excise TaxAffidavit No.2022-520
Zone: C-H,Coimiiercial Highway
Acres: 2.81
Square Feet 122,404
Price Per S.F. $6.54
58 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
Location Map
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59 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
LAND SALE 7
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Location: W.Dolar Wy&N.Enterprise W S.E.comer)Ebur
Legal Description: Parcel No.955940
Date: 12/22/21
Price: $685,000
Grantor: Reecer Creek Excavating
Grantee: Ellensburg Cold Storage Building LLC
Recording: Excise TaxAffidavit No.2021-3448
Zone: I-L,Light Industrial
Acres: 2.46
Square Feet 107,158
Price Per S.F. $6.39
60 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
Location Map
Alli.�n ce �I-I-I• -I-i-- InduHal
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61 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
LAND SALE 8
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Location: 1312 N.6th Ave.,Yakima,WA 98902
Legal Description: Parcel No. 181313-21402
Date: 05/28/24
Price: $600,000
Grantor: Holhngbery Hop Storage Inc.
Grantee: HR Spinner Corporation
Recording: Fxcise TaxAffidavit No.E043703
Zone: Ml,Light Industrial
Acres: 3.10
Square Feet 135,036
Price Per S.F. $4.44
62 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
Location Map
]RaC TS •,Yf 4 sae
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63 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
LAND SALE 9
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Location: 600 W VaRey Mall Blvd.,Yakima,WA 98903
Legal Descri tion: Parcel No. 191201-21009
Date: 03/25/22
Price: $1,209,000
Grantor: Ken&Ineze Mcallister
Grantee: Ken akmb LLC
Recording: Excise TaxAffidavit No.E035732
Zone: M1,Light Industrial
Acres: 5.78
Square Feet 251,777
Price Per S.F. $4.80
64 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
Location Map
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65 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
LAND SALE 10
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LS 10
Location: 2714 Goodman R-,Yakima,WA 98902
Legal Description: Parcel No. 181201-41413
Date: 05/31/24
Price: $468,170
Grantor: VaRey Roz Orchards Inc
Grantee: Ken akmb LLC
Recording: Excise TaxAffidavit No.E035732
Zone: M1,Light Industrial
Acres: 2.15
Square Feet 93,654
Price Per S.F. $5.00
66 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
Location Map
401 3140;
41422 I 41421 32101
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67 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
TABULATION OF LAND SALES
No. Address Date Acres Price Price/s.f.
1 2708 TRIPLE L LP, EBRG 10122124 1.38 $498,540 $3.29
2 UMPTANUM RDILAKESHORE WY_ EBRG 08127124 6.74 5921,000 $3.14
3 OPPORTUNITY WY, EBRG 07124/24 3.89 1793,620 $4.68
4 UMPTANUM RDILAKESHORE WY, EBRG 01/23/24 2.68 $868,044 $7.35
5 2609 TRIPLE L LP, EBRG 12106122 2.41 $787,350 $7.50
6 LAKE SH0RE WY, EBRG 03118/22 2.81 $800,000 $6.54
7 DOLAR WY1N ENTERPRISE WY, EBRG 12122121 2.46 $685,000 $6.39
8 1312 N 6TH AVE,YAKIMA,WA 05128/24 3.10 $600,000 $4.44
9 600 W VALLEY MALL BLVD,YAKIMA,WA 03125122 5.78 $1,209,000 $4.80
10 2714 GOODMAN RD_,YAKIMA,WA 05131124 2.15 $468,170 $5.00
Average $5.81
The land sales provide a reasonable range of value indications with an average indicated value of
$5.81 per square foot.
While Land Sales No. 1 through 4 are the most recent land sales found to compare to the subject,
the location of Land Sale No. 1 is superior to the subject with higher traffic flow and rapid
neighborhood development. A downward location adjustment of 35% for Land Sale No. 1 would
indicate a value of$5.39 per square foot.
Land Sales No. 2 through 4 are the best indicators of value found in the Ellensburg market with
an average of$5.06 per square foot.
Since there are minimal industrial land sales in the Ellensburg area, the market was expanded
into the Yakima area to find industrial land sales to compare to the subject. Sales No. 8 through
No. 10 represent the Yakima industrial land sales used for comparison to the subject. The
industrial sales from Yakima indicate an average of$4.75 per square foot
The concluded site value for the subject is $5.00 per square foot.
The following is a breakdown of the indicated site value.
68 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
LAND VALUATION
Acres Land S.F. Price/S.F. Value
0.88 38,333 x $5.00 = $191,664
Rounded = $192,000
The following cost information from Marshall Valuation Service cost factor book was used to
estimate the value of the buildings via the Cost Approach.
The Office Building is classified as a Low Cost Class C, Governmental Community Service
Building.
The Shop Building is classified as an average quality Class D pole building.
The Canopy is classified as a good quality, Class S steel material shelter.
69 DAVIS APPRAISAL COMPANY
COST APPROACH (Cont.)
COST APPROACH
Replacement
OFFICE BUILDING Cost/S.F. Cost
S.F. 1,680 x $137.46 = $230,933
Depreciation Office Building
Remaining Percent
EffAge Econ Life Deprec.
15.00 50.00 -0.30 -$69,280
Depreciated Value Office Building = $161,653
SHOP BUILDING
S.F. 1,200 x 1 $33.92 $40,704
Depreciation Shop Building
Remaining Percent
EffAge Econ Life Deprec.
15.00 30.00 -0.50 -$20,352
Depreciated Value Shop Building = $20,352
CANOPY
S.F. F 3,000 1 x 1 $26.22 $78,660
Depreciation Canopy
Remaining Percent
EffAge Econ Life Deprec.
15.00 30.00 -0.50 -$39,330
Depreciated Value Canopy = $39,330
S.F. Cost/S.F.
Paving 18,800 1 $3.50 = $65,800.00
Lin.Ft.
Fencing 640 x $12.50 = $8,000.00
Total Site Improvements = $73,800
Depreciation Site Improvements
Remaining Percent
Asphalt EffAge Econ Life Deprec.
10.00 40.00 -0.25 -$16,450
Fence Elf Age
10.00 20.00 -0.50 -$4,000
Depreciated Value of Site Improvements = $53,350
TOTAL DEPRECIATED IMPROVEMENT COSTS = $274,685
LAND VALUE
Acres S.F. Price/S.F.
0.88 38,333 x $5.00 = $191,664
$0
INDICATED VALUE _ $466,349
COST APPROACH ROUNDED = $466,000
70 DAVIS APPRAISAL COMPANY
CORRELATION AND FINAL ESTIMATE OF VALUE
Indicated Value, via Sales Comparison Approach: $460,000
Indicated Value via Income Approach: $470,000
Indicated Value via Cost Approach: $466,000
Correlation is the process of weighing each of the individual valuation methods in reflection of the
market and in reflection of the source, type and amount of the data used to conclude the value of
each approach.
The Sales Comparison Approach is a method of comparing the subject directly to other sales in
the marketplace. The overall price per square foot of the improvements was used for direct
comparison for subject.
The Income Approach is based on the potential earning power of the property and gives a good
indication of the final estimate of value.
The Cost Approach is based upon information from local contractors as well as Marshall Valuation
Service after adjustments were made to local costs and trends.
After considering all the factors that influence value as related to the methods of valuation used in
this report, I am placing more weight upon the Sales Comparison Approach in arriving at the final
estimate of value for the subject.As can be seen,the Sales Comparison Approach is well supported
by the Income Approach and the Cost Approach to value. It is, therefore, my opinion that the
market value of subject as of November 15, 2024, is:
$460,000
FOUR HUNDRED SIXTY THOUSAND DOLLARS
Exposure Time:
The estimated exposure time for the subject property is based upon data gathered from the neighborhood
analysis as well as listing information from the Multiple Listing Service. In addition, local brokers in the
area were polled and the general consensus is an exposure time of approximately 12 months.
71 DAVIS APPRAISAL COMPANY
CERTIFICATE OF APPRAISAL
The undersigned does hereby certify as follows:
(A) I have inspected the property.
(B) I have no present or contemplated future interest in the real estate that is the subject of this appraisal
report.
(C) I have no personal interest or bias with respect to the subject matter of this appraisal report or the
parties involved.
(D) The appraisal assignment was not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
(E) To the best of my knowledge and belief, the statements of fact contained in this appraisal report,
upon which the analysis,opinions and conclusions expressed herein are based,are true and correct.
(F) This appraisal report sets forth all the limiting conditions(imposed by the terms of my assignment
or by the undersigned)affecting the analysis,opinions and conclusions contained in this report.
(G) No one other than the undersigned prepared the analysis,conclusions and opinions concerning real
estate that are set forth in this appraisal report.
(H) In accordance with the Competency Provision of the Uniform Standards of Professional Appraisal
Practice,I have verified that my knowledge and experience is sufficient to allow me to competently
complete this appraisal unless stated otherwise within this report.
(1) My analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice(USPAP).
(J) The real property,which is the subject of this appraisal report, is valued as
of November 15,2024.
(K) I have not performed as an appraiser or in any other capacity, regarding the property that is the
subject of this report within three years immediately preceding acceptance of this assignment.
LARRY D. DAVIS
Certified General Real Estate Appraiser
CGREA#1100212
72 DAVIS APPRAISAL COMPANY
PROFESSIONAL QUALIFICATIONS
LARRY D.DAVIS TAX I.D. No. 91-1528563
DAVIS APPRAISAL COMPANY
103 S. 10th Street
Selah,WA 98942
(509)930-0007 Email: Iddavisl343kgmail.com website:larrydavisappraisals.com
EDUCATION: A.C.Davis High School,Yakima,WA 1958-1961
Yakima Valley College,Yakima,WA 1961-1963
University of Washington, Seattle,WA 1964-1966
Central Washington University,Ellensburg,WA 1966-1967
Bachelor of Arts Degree
LICENSE: Certified General Real Estate Appraiser #1100212
APPRAISAL COURSES COMPLETED
As of 02/05/24
American Institute of Real Estate Appraisers Courses:
Course 1-A 1977
Dallas,Texas
Capitalization Theory&Techniques A&B 1987
Portland,Oregon
Standards of Professional Practice 1988
Portland,Oregon
Case Studies in R.E.Valuation 1988
Portland,Oregon
Report Writing 1988
San Diego,California
Standards of Professional Practice 1991
Appraisal Institute
Appraising Complex Residential Properties 1992
Appraisal Institute
73 DAVIS APPRAISAL COMPANY
Other Courses
Wealth Maximization
Washington Association of Realtors 1993
Land Use&Planning
Washington Association of Realtors 1993
ASB Information Seminar-USPAP Revisions 08/22/94
Overview of Evaluations/Other Limited Scope Assignments 06/21/95
Income Capitalization Approach: Techniques&Applications 12/17/95
Lee and Grant
Income Capitalization 11/19/97
McKissock Data Systems Appraisal Schools
Intro to Environmental Considerations for the Appraiser 11/20/97
McKissock Data Systems Appraisal Schools
Appraising 2-4 Family Residential Properties 11/21/97
McKissock Data Systems Appraisal Schools
Uniform Standards of Professional Appraisals 11/18/99
Washington Association of Realtors
Land Valuation,Depreciation,&Cost Approach to Value 12/14/99
Lee&Grant Company
Real Estate Fraud&The Appraiser's Role 10/22/01
McKissock Data Systems
The Appraiser as Expert Witness 10/23/01
McKissock Data Systems
Vacant Land Appraisals 10/24/01
McKissock Data Systems
Current Issues in Appraising 10/25/01
McKissock Data Systems
Current Issues in Appraising 08/27/02
McKissock Data Systems
Uniform Standards of Professional Appraisal Practice 1 1/08/03
Mykut Real Estate Appraisal School
FHA Appraising Today 11/15/03
McKissock Data Systems
74 DAVIS APPRAISAL COMPANY
Other Courses (Coot.)
Residential Construction 11/16/03
McKissock Data Systems
National USPAP Update Equivalent 08/06/04
McKissock Data Systems
Appraising High Value Residential Properties 08/07/04
McKissock Data Systems
Limited Appraisals& Scope of Work Decision 08/09/04
National USPAP Update Equivalent 12/02/05
McKissock Data Systems
Liability Management for Residential Appraisers 11/02/07
Appraisal Institute
The Truth About Mold 12/06/07
MyKut Appraisal School of Washington
Real Estate Finance Today 12/07/07
MyKut Appraisal School of Washington
2006 National USAP Update 12/08/07
MyKut Appraisal School of Washington
Appraiser Independence Regulations 03/06/09
Acheson Appraisal Classes
FNMA 1004 MC 03/06/09
Acheson Appraisal Classes
2008 National USPAP Update 12/12/09
MyKut Appraisal School of Washington
Red Flags Property Inspection Guide 12/18/09
MyKut Appraisal School of Washington
Environmental Issues in Your Real Estate Practice 12/22/09
MyKut Appraisal School of Washington
The New Appraisal Era
International Academy of Professional Careers 02/03/11
2011 National USAP Update 02/04/11
International Academy of Professional Careers
75 DAVIS APPRAISAL COMPANY
Other Courses (Coot.)
Intro to Appraisal Communication 02/04/11
International Academy of Professional Careers
Understanding the Uniform Appraisal Dataset 08/26/11
McKissock Data Systems
REO and Short Sale Appraisal Guidelines 8/26/11
McKissock Data Systems
Uniform Standards of Appraisal Practice 12/16/13
Appraisal University
Site Analysis and Valuation 12/19/13
Appraisal University
Foreclosure Basics for Appraisers 12/27/13
Mykut Real Estate Appraisal School of WA
Appraising Manufactured Homes 12/23/13
Mykut Real Estate Appraisal School of WA
Developing Compliant Reports Using Total 12/07/15
a la mode,inc.
Mobile Appraiser Workflow 12/08/15
a la mode,inc.
USPAP Update 12/21/15
Mykut Real Estate Appraisal School of WA
URAR Form Review 12/24/15
Career Web School Washington
Persistent Appraisal Errors 11/01/17
Appraisal Institute
Determining Appraisal Adjustments 11/02/17
Appraisal Institute
Uniform Standards of Appraisal Practice 11/30/17
Appraisal Institute
Advanced Land Valuation: Solutions to Perplexing Problems 12/01/17
Appraisal Institute
National USPAP Update 10/27/18
Hagar Institute
Finding Comparables 05/23/19
Hagar Institute
76 DAVIS APPRAISAL COMPANY
Other Courses (Coot.)
Mortgages,Appraiser,and Foreclosures 12/21/19
The Columbia Institute
Green I Residences and Appraisals 12/22/19
Columbia Institute
7-Hour National USPAP Update,No. 101 04/27/21
Columbia Institute
ADU/DADU-Emerging Density 08/26/21
Appraisers' Coalition of Washington
Legislature and Title 101-Navigating A Title for 08/26/21
Appraisers
Appraisers' Coalition of Washington
Fraud,REO's,and foreclosures 08/27/21
Appraisers' Coalition of Washington
Smart Risk Management For Appraisers 08/27/21
Appraisers' Coalition of Washington
Adjustments 11 09/16/21
The Hagar Institute
Appraiser's Guide to the Income Approach 04/13/23
Appraise eLearning.com
How to Appraise Solar Panels 04/20/23
Appraise eLearning.com
2022-2023 7-Hour National USPAP Update Course 04/27/23
Appraise eLearning.com
The Hagar Institute 02/05/24
New State Zoning Laws Part 1
The Hagar Institute 02/05/24
New State Zoning Laws Part 2
77 DAVIS APPRAISAL COMPANY
Client List
First Interstate Bank of Oregon
Washington Mutual Savings Bank
American West Bank, Sunnyside,WA
Yakima National Bank
Pioneer Bank
Federal National Mortgage Association
Yakima School District,Yakima,WA
U. S.Bank of Washington
Key Bank of Washington
West One Bank
Seafirst Bank
Yakima Federal Savings and Loan
Yakima Valley Bank
Central Valley Bank
Home Lending Associates,Inc
Washington State Employees Credit Union
Yakima Postal Credit Union
Catholic Credit Union
First Federal Savings,Walla Walla,WA
Old Stone Mortgage Company,Walla Walla,WA
Inland Empire Bank of Hermiston,OR
Federal Deposit Insurance Corporation
Pacific Northwest Bell
St.Anthony Hospital,Pendleton,OR
Good Shepherd Hospital,Hermiston,OR
City of Pendleton,Oregon
Port of Umatilla
Pacific Relocation Services,Portland,OR
Homequity Relocation Company
Home Purchase Corporation
Equitable Relocation Company
Merrill Lynch Relocation Company
Better Homes&Gardens Relocation
Tom Stratton-Attorney, Seattle,WA
Wade Gano-Attorney,Yakima,WA
Kevin Kirkevold-Attorney,Yakima,WA
Peters&Fowler-Attorneys,Yakima,WA
Shawn Murphy-Attorney,Yakima,WA
Michele Hallman-Attorney,Pendleton,OR
Robert Collins Jr.-Attorney,Pendleton,OR
Michael Collins-Attorney,Pendleton,OR
Dennis Hachler-Attorney,Pendleton,OR
Alex Byler-Attorney,Pendleton,OR
Joel Devore-Attorney,Pendleton,OR
Joel Wilson-Attorney,Portland,OR
United Pacific Insurance Company,Portland,OR
United States Fidelity&Guarantee Company
Household Finance
Wheatland Bank
Wes Gano-Attorney,Selah,WA
Blaine Connaughton,Attorney,Yakima,WA
78 DAVIS APPRAISAL COMPANY
ADDENDA
DAVIS APPRAISAL COMPANY
Photographs of Subject
* y _ -- -
,._
Photo of front or east side of Office Building.
_ d
Photo of rear or west side of Office Building
i DAVIS APPRAISAL COMPANY
Photographs of Subject(Cont.)
SUBJECT
L
Street scene looking south along Industrial Way.
f'r
SUBJECT
--- _ - -----
Street scene looking to the north along Industrial Way.
ii DAVIS APPRAISAL COMPANY
Photographs of Subject(Cont.)
SUBJECT 9
OIL ONLY LL'-"
Pole building
A-
4
I
i
- J
Photo of material shelter
Hi DAVIS APPRAISAL COMPANY
Location Map Sale No. 3
7
Cie Elum Municipal
Airport
SALE 3 X
E 1st St
Cle Elum,WA 98922
.I
903
J 970
8
-----------
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iv DAVIS APPRAISAL COMPANY
Location Map Yakima Sales
las
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SUBJECT
34 MILES
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