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Summary of Salient Facts and Conclusions 1 <br />Summary of Salient Facts and Conclusions <br />Property Name <br />The Glenn Center <br />Address <br />120 Marsh Avenue Northwest <br />Concord, Cabarrus County, North Carolina 28025 <br />Property Type <br />Special Purpose - Athletic complex <br />Owner of Record <br />Cabarrus County, North Carolina Board of Education <br />Tax ID <br />174771 (portion) <br />Land Area -Total <br />8.4474 acres; 367,969 SF <br />Gross Building Area <br />6,509 SF <br />Rentable Area <br />6,509 SF <br />Percent Leased <br />NA <br />Year Built <br />Various <br />Zoning Designation <br />0 -I, Office Institutional <br />Highest and Best Use - As if Vacant <br />Future residential use <br />Highest and Best Use - As Improved <br />Continued recreational use <br />Exposure Time; Marketing Period <br />12 months; 12 months <br />Effective Date of the Appraisal <br />March 22, 2013 <br />Date of the Report <br />May 10, 2013 <br />Property Interest Appraised <br />Fee Si mpl e <br />Market Value Indications <br />Cost Approach <br />$940,000 ($144.42/SF) <br />Sales Comparison Approach <br />Not Used <br />Income Capitalization Approach <br />Not Used <br />Market Value Conclusion <br />$940,000 ($144.42/SF) <br />The values reported above are subject to the definitions, <br />assumptions, and limiting conditions set forth in the accompanying report ofwhich <br />this summa ry is a part. No party other than CityofConcord <br />may use or relyon the information, opinions, and conclusions contained in the <br />report. The summaryshown above is for the convenience <br />of City of Concord, and therefore it is assumed that the users ofthe report have read <br />the entire report, includinga II ofthe definitions, assumptions, and Iimitingconditions contained therein. <br />Extraordinary Assumptions and Hypothetical Conditions <br />The value concl us ion is subject to the following extraordinary assumptions that may affect the assignment <br />results. An extraordinary assumption is uncertain information accepted as fact. If the assumption is found to <br />be false as of the effective date of the appraisal, we reserve the right to modify our value concl us ion. <br />1. Though requested, we were not provided bui Iding plans for the subject improvements. We have relied on <br />appraiser measurements to determine the size of the improvements. <br />2. We have relied on a preliminary survey prepard by David Medlin, dated April 29, 2013. We assume the <br />final version of the survey wiI I match the one we were provided. <br />The value conclusion is based on the folIowing hypothetical conditions that may affect the assignment results. <br />A hypothetical condition is a condition contraryto known fact on the effective date of the appraisal but is <br />supposed for the purpose of analysis. <br />1. There are none. <br />The Glenn Center <br />iR: <br />Attachmen number 1 <br />H -5 Page 334 <br />