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Home My WebLink About1978-12-19; City Council; 4011-2; PROPOSED SALE - ELM AVENUE PROPERTYe . i', . ' CITY OF CAFUSBAD 4011 Supplement No. 2 Initial: December 19, 1978 Dept . Hd . AGENDA BILL NO, DATE : DEPARTMENT: City Manager C. Mgr, Subject : C. Atty. .!-/3 ur- 3- PROPOSED SALE - ELM AVENUE PROPERTY Statement of the Matter Sometime ago, the City offered for sale, a parcel of land adjoining the Elm Avenue fire station parking lot. is approximately 5,400 sq. ft. lot but is a legal lot. An appraisal done in July, 1974 was $17, John E. McCoy, Partner, Carlsbad Development Corporation, has mad( a cash offer of $25,000 net to the City for the property. escrow charges will also be paid. This will square off the large] adjacent parcel to the east which they will develop. An updated appraisal of this city owned property has been complete as requested by Council in September, 1978. This appraisal was done by Robert M. Dodd and Associates, Inc., MA1 and the appraisal figure was $27,000.00 The parcel It is substandard as a building The Exhibit Map of property Letter from Carlsbad Development Corporation dated 11/17/78 Appr a i sa 1 Recommendation If Council concurs with the sale of the property to Carlsbad Development Corporation, authorize staff to proceed with the necessary documents to enter into escrow and further, authorize Mayor and City Clerk to execute necessary documents upon close of escrow. Council action: 12-19-78 Council concurred with the sale of the property at appraisec value to Carlsbad Development Corporation, and authorized st to proceed with necessary documents to enter into escrow anc authorized the Mayor and City Clerk to execute necessary documents upon close of escrow. a 0 ,I CARLSBAD DEVELOPMENT CORPORATION Builders G Developers 390 OAK AVE., SUITE '0' P.O. BOX 'B' CARLSBAD, CALIFORNIA 92008 Telephone (714) 7 PJOY. 1-1, 1976 llr. Bill Baldi~h, 4sst. City VG City of Car1sba.d. 1.200 9lm Ave. C:arlsbx., Ca.. <?2rJ:38 sear b. %,ldwi~: lbr . This letter ill cmfirm our recent phc;n.e conversation in which we advised. thz:.t 3ur com.pa.ny- wi1.1 be joint ventizrring the property 3n Zlm Avenue ::'list Zast of the fire stztion. 'The title snd we are interested in conpleting the pwch;;se of the mall piece of city omed property, vhich l~i.12. square or"f both prcperties. could be considered a n~s~s-ce sale zrlC my understand.ing is th3.t a. previous comcil agreed ~Lth this conclusi.cn. to the property is rim/ in. the name of CJ,rlsba,d Fj,nallcia.l. Center, This rn? itisre x?e a.:~~rrxil;Lz,tee'iy 5,400 sq. ft. in tke pzrcel, u:d. we -i;rould offer pa:Ting all escrox ckrgoz. 2;j,G3'J,. IS, net to the city, a.11 ca,st;., i,ritb the bujFer "loa.se .ret US ~<T!L>-.; i p :,;z i:3~l fi;:,$sh ~IIJ- ~~~:j~t,~-!j~1a~ i:ifrJ-m. 2-1, yo-jr;; pry t.-.,'?r >_. LL-2 , c&<LA ;-&& .;. I,, , .. . . e-. ,__ . ~~ - -+7 'ri John x* :.-2,3$yJ, ?ai-';neT 2 e e ,I ROBERT M. DODD 8c ASSOCIATES, INC. REAL ESTATE BROKERAGE APPRAISAL CONSULTATION 245 SOUTH JUNIPER STREET @ ESCONDIDO. CALIFORNIA 92625 TELEPHONE 746-1124 b I *, ROBERT M. DODD, M.A.I., S.R.E.A Decder 12, 1978 ROBERT L GRAVES WILLIAM B ANDERSON, MA I JAMES L BRABANT. MA1 'I 4 Mr. Bill Baldwin Assistant City Manager City of Carlsbad 1200 Elm Street Carlsbad, CA 92008 Dear Mr. Baldwin: As requested, I have completed an appraisal of City owned land on the southeasterly side of Elm Avenue, across from the city hall The purpose of the appraisal is to estimate the current market vahe of the property. conclusions, while mre complete informtion is retained in my fil The property that is the Subject of this appraisal is a small parcel of vacant land with frontage of fifty five feet on Elm Ave. a depth of one hundred feet on the east and ninty feet on the west with a rear line of fifty two feet. 4,940 square feet. All of these dimensions are approximations anc have been provided by the City of Carlsbad and are assumed to be correct. The property is a portion of a larger parcel containing 33,977 square feet. This l'arger parcel, identified as Assessor's Parcel No. 156-190-39, is the Carlsbad Fire Department. The fire station and parking lot occupy mst of this larger parcel with the vacant that is the Subject of this appraisal being located at the extreme east end (see attached Plat). The approach to the valuation of the Subject property is to consid it as a portion of the larger parcel since it is too small to be considered an individual building site. The proyerty is currently zoned WQ, which is a Residential/Professional Zone with i! Qualifi Development Overlay. The property is mostly level and near the st grade. Elm Avenue is fully improved with paving, curb, gutter and sidewalk. All utilities are available and connected to the Subjec: property including sewer. Since the concern is with the value of i This letter will surrsnarize the data and The area calculates to be Page Two 0 0 4.. .I Mr. Bill Baldwin December 12, 1978 land, the fire station improvements have been disregarded in this analysis. Currently, there is a mratorium on building permits in the City of Carlsbad resulting from the lack of sewer capacity. instructed by the City, the appraisal assumes that the Subject prop which is the unimproved portion of the larger parcel, does not have the right of sewer connection. Speculation as to when such connectj might be available ranges from one to five years with a precise prediction impossible. The valuation of the Subject property is bas on comparison with comparable sales Iqhich are summrized as follows. Sale No. 1 - Is located on the south side of Elm Ave. one half block-KZFERGbject property. IJlinnich-Yocum Office Building. The site contains 13,871 square feel of land area and sold in April 1977 at a price of $80,000 or $5.70 I square foot. The property had an old house on it as of the date of sale that was subsequently moved. The land was zoned R-1 at the dat of sale but was subsequently changed to RP prior to the constructior the office building. As It is the site of the A sewer connection was available. Sale No. 2 - Is located at the northeast corner of Pi0 Pic0 Drive and Laguna Drive. The vacant parcel contains approxi 23,500 square feet and is irregularly shaped. It sold in November 1 at a price of $3.36 per square foot. time of sale but has been subsequently changed to W. The buyer has spent considerable time in processing the zone change but still feel he made a good purchase. There is no sewer connection currently avai for this property. The property was zoned R-1 at Sale No. 3 - Is located at the southeast corner of Jefferson Styeet and €bine-Street, west of Interstate 5. The parcel contains 35,700 square feet of land area. The sale occurred in Augu 1978 ats a price of $245,000 which extends at $6.86 per square foot. There are three old houses on the site which are not considered to h any value except that they provide needed sewer connections. The pr is zoned RP and an office Suilding is projected for the site. south of Elm Avenue. $48,500 which extends to $6.93 per square foot. does not have a sewer connection. Sale No. 4 - Is a 7,000 square foot lot on Roosevelt S It is zoned C-2 and The sale is currently in escrow at a price of Sale No. 5 - Is located at 3138 Roosevelt Street. The lot contains 14,000 square feet and there is a 1,000 square foot 01d1 three bedroom residence. The property sold in October 1978 at a pril of $80,000 cash. If no value is given to the old house the price ex at $5.71 per square foot. The land is zoned C-2 and the old house provides a sewer connection. The broker reports a strong response tc this probate sale and feels he could have sold the property many tim over at this price. ROBERT M. DODO AND ASSOCIATES, INC. REAL ESTATE APPRAISERS - COUNSELORS Page ~r@ 0 JL .* r b Mr. Bill oalMn December 12, 1978 Data No. 6 - Is located on the southside of Elm Aven adjacent to the Ninnich-Yocum Office Building. Mr. Minnich report he is preparing an offer of $5.00 per square foot for the RP zoned land with no sewer connection. The site contains 20,000 square fe of land area. After a consideration of all of the data the market value of the larger parcel, as of December 12, 1978, is $7.00 per square foot w a sewer connection available. larger parcel, results in an estimated market value of $5.50 per square foot. results in the following calculations: However, assuming that the sewer connection is not available to the Subject property portion of the Applying this to the land area of the Subject parcel 4,940 Sq.Ft. @ $5.50 = $27,170 Rounded $27,000 If you have any quesizions about this appraisal please feel free to contact me at your convenience. Thank you for this opportunity to of service. Sincerely 1 ROBERT M. DODD Sr ASSOCIATES, INC . -~ James Brabant , M.A. I. JB : bp ROEERT M DODD AND ASSOCIATES, INC REAL ESTATE APPRAISERS - COUNSELORS 0&6W + - ~ -_ 61 - 95/