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You recently were notified that your Aunt Maxine died and left you and your cousin Dewey Cheatum, each 5 0 % interest in a piece
You recently were notified that your Aunt Maxine died and left you and your cousin Dewey Cheatum, each interest in a piece of real estate. All you know at this point is the address and Maricopa County assessors parcel number. Dewey Cheatum has reported he has a friend who wants to buy the property for $ per square foot of building area. Dewey has asked you to come up with a value that is fair. This value is a value your comfortable either selling your half or buying his half. He needs an answer by next Tuesday night. The property address is: North th Avenue, Phoenix, AZ The Assessors parcel number APN is Assignment: Part : Answer the following questions about the property. What was the last sale price? $ in and $ in Look on the affidavit When was the last sale? and another occurred in There is abundant information about the property in the both the county assessor and the listing brochure attachment identified as the subject property. Type of building: Total building area: Square feet best to use the county assessor for the building size. It is a more reliable than the broker, unless and ALTA survey is provided. Type of Construction: Describe based on the photos in brochure, public info available, Google Earth or street view, etc Exterior Walls Floor Concrete floor in warehouse and carpet in office Roof Flat metal deck with membrane covering AC Yes or No Does the whole building have air conditioning, or is it in the office area only? Year built: Condition: Poor Fair Average Good ExcellentNew based off of your visual assessment from info available. Is there deferred maintenance? If so the condition would be poor. Percent Office Area: Office areatotal building area Expressed as a percent Land Area Size in Acres: Current asking price: Is it currently for sale? Not applicable if not for sale. What was the price per square foot of the sale? Part : Answer the following questions about the seven sales found in the attachment identified as the Industrial Building sales. Total building price range: To Unit price range price per building SF: To Date of sale range: To Building size range: To Select the best three or four five max sales. What characteristics are important factors for industrial warehouse properties? Of the sales, if you have to eliminate one for age, which sale would you eliminate and why? Of the sales, if you have to eliminate one for condition, which sale would you eliminate and why? Of the sales, which sale is least like the subject in terms of percentage of office area? What type of adjustment would you make for that difference in office area when comparing it to the subject, up or down? Overall which sales of the ten sales do you think provides the best indication of market value for your subject building? From those sales, what is the unit value range you conclude for your subject? Applying that to the total subject building area, what is the value range for your subject? Given your concluded range, how much will you ask for your interest in the property? Lastly, if the property sells for this price, what is the percentage change in value that occurred since the last sale? Total Dollars: Percentage: Percent per month:
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