8a Sound Transit Property Acquisition appraisal report
Appraisal Report
S. 200th Street Extension Surplus
East side of 28th Avenue S. n/o S. 188th Street
SeaTac, WA 98188
SL-106
FOR
Sound Transit
Mr. Chuck Wells, MAI
401 S. Jackson Street
Seattle, WA 98104
Valbridge Property Advisors |
Puget Sound
506 Second Avenue, Suite 1001
Seattle, WA 98104
206-209-3016
Valbridge Job No: 16-0222-04
www.valbridge.com
Allen Brackett Shedd
16-0222-04.DOCX - Copyright 2012
April 24, 2018
Mr. Chuck Wells, MAI
Sound Transit
401 S. Jackson Street
Seattle, Washington 98104
RE: APPRAISAL OF SOUND TRANSIT SURPLUS LOCATED ON THE EAST SIDE OF 28TH
AVENUE S. NORTH OF S. 188TH STREET IN SEATAC, WASHINGTON (Our File #16-
0222-04)
Dear Mr. Wells:
In response to your request, we have completed an appraisal of surplus property on the east side of
28th Avenue S, north of S. 188th Street and immediately south and east of the Seattle-Tacoma (Sea-
Tac) International Airport in SeaTac, Washington. The purpose of this report is to provide our
conclusion of the market value of surplus property for a potential sale to the Port of Seattle, the
westerly abutting property owner. This appraisal is intended for use by the client and its agents,
representatives, and legal counsel. The appraisers do not intend use of this report by others.
The property consists of surplus property acquired by Sound Transit for both its S. 200th Street
Extension and Port of Seattle (Port) projects. The portion acquired on behalf of the Port (referred to
herein as theoriginal surplus) was addressed in a prior appraisal analysis and will be transferred
pursuant to a Memorandum of Agreement (MOA) between the two agencies. At this time, Sound
Transit proposes to transfer additional property not addressed in the MOA, referred to herein as the
subject surplus. At the direction of the client, we have valued the subject surplus as of the same date
as the original surplus, May 16, 2012.
The subject surplus consists of an irregularly shaped, narrow strip along the east side of 28th Avenue
S. with a total site size of about 23,316sf. The subject is approximately 65 feet deep (east-west) at the
south end but tapering and becoming narrower at the far north end. It has varied topography and is
below grade of the fronting arterial/original surplus at the narrow north end, but at grade for the
majority of its frontage. It is encumbered with an aerial guideway easement that extends northsouth
for its entire length and an access easement east-west through the southerly portion of the
site, benefitting the easterly abutting property owner (Wally Park).
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This Appraisal Report is intended to comply with the reporting requirements set forth under Standards
Rule 2 2(b) of the Uniform Standards of Professional Appraisal Practice (USPAP), as well as Federal,
State and Sound Transit requirements. As such, it presents only summary discussions of the data,
reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of
value. Supporting documentation concerning the data, reasoning, and analyses is retained in the
appraiser's file.
Based on an investigation and analysis of all relevant data, it is my opinion that the market value of
the subject property, as of May 16, 2012, is:
ONE HUNDRED FORTY-FIVE THOUSAND DOLLARS
($145,000)
If you have further questions not answered in the accompanying appraisal report, please do not
hesitate to call.
Sincerely,
VALBRIDGE PROPERTY ADVISORS PUGET SOUND
Matthew C. Sloan, MAI
Enclosures
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ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal report was made after personal inspection of the property identified in this report. The
conclusions in the report have been arrived at and are predicated upon the following conditions:
a) No responsibility is assumed for matters, which are legal in nature, nor is any opinion rendered on
title of land appraised. Title to the property is assumed to be good and marketable unless
otherwise stated in this report.
b) Unless otherwise noted, the property has been appraised as though free and clear of all liens,
encumbrances, encroachments, and trespasses.
c) All maps, areas, and other data furnished your appraiser have been assumed to be correct;
however, no warranty is given for its accuracy. If any error or omissions are found to exist, the
appraiser reserves the right to modify the conclusions. Any plot plans and illustrative material in
this report are included only to assist the reader in visualizing the property.
d) It is assumed there is full compliance with all applicable federal, state, and local environmental
regulations and laws unless otherwise stated in this report.
e) It is assumed all applicable zoning and use regulations and restrictions have been complied with,
unless a nonconformity has been stated, defined, and considered in this appraisal report.
f) The appraiser has no interest, present or contemplated, in the subject properties or parties
involved.
g) Neither the employment to make the appraisal nor the compensation is contingent upon the
amount of the valuation report.
h) To the best of the appraiser's knowledge and belief, all statements and information in this report
are true and correct, and no important facts have been withheld or overlooked.
i) Possession of this report, a copy, or any part thereof, does not carry with it the right of
publication, nor shall the report or any part thereof be conveyed to the public through
advertising, public relations, news, sales, or other media valuation conclusions, identity of the
appraiser, or firm, and any reference made to the Appraisal Institute or any professional
designation.
j) There shall be no obligation required to give testimony or attendance in court by reason of this
appraisal, with reference to the property in question, unless satisfactory arrangements are made
in advance.
k) This appraisal has been made in accordance with rules of professional ethics of the Appraisal
Institute.
l) The Valbridge Property Advisors office responsible for the preparation of this report is
independently owned and operated by Allen Brackett Shedd. Neither Valbridge Property Advisors,
Inc., nor any of its affiliates, has been engaged to provide this report. Valbridge Property
Advisors, Inc., does not provide valuation services and has taken no part in the preparation of this
report.
m) No one other than the appraiser prepared the analysis, conclusions, and opinions concerning real
estate that are set forth in the appraisal report.
n) Statements or conclusion offered by the appraiser are based solely upon visual examination of
exposed areas of the property. Areas of the structure and/or property, which are not exposed to
the naked eye, cannot be inspected; and no conclusions, representations, or statements offered
by the appraiser are intended to relate to areas not exposed to view. No obligation is assumed to
discover hidden defects.
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o) Unless otherwise stated in this report, the existence of pollution and/or hazardous waste material,
which may or may not be present on the property, was not observed by the appraiser. The
appraiser has no knowledge of the existence of such materials on or in the property. The
appraiser, however, is not qualified to detect such substances. The presence of substances such
as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materials or
pollution may affect the value of the property. The value estimate is predicated on the
assumption that there is no such material on or in the property that would cause a loss in value.
No responsibility is assumed for any such conditions or for any expertise or engineering
knowledge required to discover them. The client is urged to retain an expert in this field, if
desired.
p) Statements, representations, or conclusions offered by the appraiser do not constitute an express
or implied warranty of any kind.
q) Neither appraiser nor Allen Brackett Shedd shall be liable for any direct, special, incidental, or
consequential damages whatever, whether arising in tort, negligence, or contract, nor for any loss,
claim, expense, or damage caused by or arising out of its inspection of a property and/or
structure.
r) The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made
a specific compliance survey and analysis of this property to determine whether or not it is in
conformity with the various detailed requirements of the ADA. It is possible that a compliance
survey of the property, together with a detailed analysis of the requirements of the ADA, could
reveal that the property is not in compliance with one or more of the requirements of the Act. If
so, this fact could have a negative effect upon the value of the property. Since we have no direct
evidence relating to this issue, we did not consider possible non-compliance with the
requirements of ADA in estimating the value of the property.
s) With regard to prospective value opinions, future changes in market conditions necessitate an
assumption that the appraiser cannot be held responsible for unforeseeable events that alter
market conditions prior to the effective date of the appraisal or date of value.
t) This report and any associated work files may be subject to evaluation by Valbridge Property
Advisors, Inc., or its affiliates, for quality control purposes.
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EXECUTIVE SUMMARY
Location: East side of 28th Avenue S, SeaTac, WA
Site Size: 23,316sf
Improvements: None
Utilities: All utilities necessary for development are available in nearby public
rights-of-way
Zoning: CB-C, Community Business Urban Center
Highest and Best Use: Assemblage/continued public use
Value Conclusion: $145,000
Date of Valuation: May 16, 2012
Appraiser: Matthew C. Sloan, MAI
File: 16-0222-04
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SUBJECT PHOTOS
ORIGINAL AND SUBJECT SURPLUS
Narrow, north end of property, below grade of 28th Avenue S
Frontage on 28th Avenue S, subject below grade
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SUBJECT PHOTOS
ORIGINAL AND SUBJECT SURPLUS
Frontage on 28th Avenue S, subject below grade
Frontage on 28th Avenue S, mid-parcel
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SUBJECT PHOTOS
ORIGINAL AND SUBJECT SURPLUS
Frontage on 28th Avenue S, southerly portion of site
Level, usable area of the site, north of encumbering access easement
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SUBJECT PHOTOS
ORIGINAL AND SUBJECT SURPLUS
Sloping topography east of guideway columns
Access easement encumbering southerly portion of the site
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PART I - INTRODUCTION
Identification of the Subject Property
The subject surplus consists of property acquired by Sound Transit for its S. 200th Street Extension
project, located on the east side of 28th Avenue S, just east of the airport and north of S. 188th Street.
Legal Description
We were not provided a title report for the subject property. Our analysis assumes no private
easements and encumbrances that would reduce the site's potential beyond that of its physical and
economic limitations and the easements discussed herein. A parcel map and legal description of
property and those areas encumbered with the guideway and access easements was provided and is
included in the Addenda to this report. We have relied upon the square-footages on the parcel map
in our analysis.
History and Ownership
The property is currently owned by Sound Transit, which acquired the property for construction of
the S. 200th Street Extension project in 2009. No other sales of the property have occurred since that
time.
Date of Inspection/Valuation
The property has been inspected and analyzed for various purposes over the past few years, with the
most recent inspection occurring on April 6, 2018. At the direction of the client, the date of this
analysis is as of a prior analysis of adjacent areas to be transferred to the Port, May 16, 2012.
Purpose of the Appraisal
The purpose of this appraisal is to form an opinion of the market value of the subject property. The
subject property is to be surplused. Market value is defined as: 1
The most probable price which 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 and 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. buyer and seller are typically motivated;
2. both parties are well-informed or well-advised and acting in what they consider their best interests;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in United States 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
1 From The Appraisal of Real Estate, Thirteenth Edition, 2008, Appraisal Institute, page 24.
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Property Rights Appraised
This appraisal is of the fee simple interest. Fee simple interest is defined as:2
Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the
governmental powers of taxation, eminent domain, police power, and escheat.
An easement is defined as follows: 3
An interest in real property that transfers use, but not ownership, of a portion of an owner's property.
This definition may be expanded as:
the right to perform a specific action on a particular parcel of property, or portion thereof, by the grantees who
do not hold the underlying fee. 4
Summary of the Appraisal Problem
Sound Transit intends to surplus property originally acquired for the footprint of the aerial guideway.
In 2006/2007, the City of SeaTac identified a proposed parking garage structure within the planned
guideway alignment (Sound Transit project) and proposed improvements to 28th Avenue S. (Port of
Seattle project). Sound Transit identified the necessary right-of-way for both projects as a protective
purchase and received board authorization to proceed with the acquisition in advance of the project.
Sound Transit and the Port agreed Sound Transit would acquire needs for both projects.
Property Sound Transit acquired specifically for Port projects (the original surplus) was always
anticipated to be surplussed to the Port upon completion of the Sound Transit project. The value of
the original surplus was the subject of the May 2016 appraisal, which was valued based on an
Across-the-Fence (ATF) methodology that assumed the property characteristics from the larger
parcel from which it was acquired, essentially compensating Sound Transit for property it acquired
on behalf of the Port.
At this time, Sound Transit may also transfer additional property located adjacent to the original
surplus and largely beneath the aerial guideway. At the direction of the client, we have valued the
subject surplus as of the same date as the original surplus, May 16, 2012. While of the same date, the
methodology is different because the subject surplus was not acquired on behalf of the Port and the
surplus of this area represents a voluntary transfer between the two agencies. While a similar ATF
methodology is employed, it does not assume the characteristics of original parcel from which it was
acquired, and thus it is discounted to reflect it does not have the same International Boulevard
frontage and it has an narrow, irregular shape, though the shape restriction is minimized because it
will be combined with other Port property.
2 From The Appraisal of Real Estate, Thirteenth Edition, 2008, Appraisal Institute, page 114
3 From The Appraisal of Real Estate, Thirteenth Edition, 2008, Appraisal Institute, page 117.
4 From The Appraisal of Real Estate, Twelfth Edition, 2001, Appraisal Institute, page 85.
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Scope of the Appraisal
The scope of this appraisal includes consideration of all three approaches to value: the Cost
Approach, the Income Approach, and the Sales Comparison Approach. Because the subject consists
of vacant surplus property, the valuation of the subject site is determined through an application of
the Sales Comparison Approach. In the case of the subject, the Cost Approach and Income
Approach are not applicable. Data was collected on comparable sales of land, which were then
compared to the subject parcel to arrive at a value conclusion. This appraisal follows an Across-the-
Fence methodology, but because the property is almost entirely encumbered with an aerial
guideway easement, discounts from the unencumbered fee simple value are necessary.
This Appraisal Report is intended to comply with the reporting requirements set forth under
Standards Rule 2 2(b) of the Uniform Standards of Professional Appraisal Practice (USPAP), as well as
a Federal, State and Sound Transit requirements. As such, it presents only summary discussions of
the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's
opinion of value. Supporting documentation concerning the data, reasoning, and analyses is
retained in the appraiser's file.
In appraising the subject property, the appraiser did the following:
Researched Metroscan, MLS and Costar databases.
Researched Valbridge Property Advisors | Puget Sound's existing database.
Confirmed all sales with buyers, selling agents, and/or public records.
Inspected all comparable sales.
Reviewed all documents as cited throughout this report.
Intended Use/Users
The intended use of the appraisal is for decision making purposes with respect to the value of
surplus property, previously acquired for the S. 200th Street Extension project, and is not intended for
any other use. The client for the appraisal is Sound Transit, and is intended for use by the client and
its agents, representatives and legal counsel. The appraisers do not intend use of this report by
others.
Extraordinary Assumptions
Hazardous Waste
No information regarding the presence or absence of hazardous waste on the subject property was
provided. This appraisal assumes the absence of any and all hazardous waste on the subject
property. If hazardous waste is found to be present on the subject property, an adjustment to the
valuation contained in this report may be required.
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Critical/Sensitive Areas
This appraisal assumes the entire property is free of wetlands, streams, steep slopes, and associated
buffer areas. It assumes the entire property is suitable for development according to our highest and
best use conclusion.
Retrospective Value
This analysis is as of a retrospective date that coincides with the appraisal of a prior, abutting surplus
property.
Prior Appraisal Analysis
The subject surplus was previously appraised in May 2017 as a stand-alone site, though assumptions
and valuation methodology were different than those relied upon herein. We also note the May 2017
analysis erroneously included both the original and subject surplus; this analysis considers only the
subject surplus.
Personal Property
There is no personal property included within the appraised value.
Region/SeaTac Vicinity
The Puget Sound region and City of SeaTac areas are well known to the appraisers and all parties
known to be users of this appraisal. We have excluded these descriptions in this report; however,
complete regional and vicinity descriptions are available upon request.
City of SeaTac
The subject property is located in the southerly area of the city of SeaTac (population 27,810 as of
2016), south of Seattle-Tacoma International Airport (Sea-Tac Airport) and north of the cities of Kent
and Des Moines. The existing concentration of commercial development in the area is largely due to
the area's close proximity to the airport, which attracts a commercial aviation and passenger service
enterprises, including commercial office buildings, hotels and motels, a wide variety of retail and
personal services, and commercial parking. Much of the development in the recent past has
consisted of the construction and/or expansion of airport parking lots. The various lots provide
long-term parking to travelers with many providing shuttle services to and from the airport terminal.
The area is well connected to regional highways, including Interstate 5 (I-5) to the east (via S. 200th
and S. 188th Streets, and SR-518). Both International Boulevard and the North Airport Access roads
connect with SR-518, an east-west highway located north of the airport and subject property. This
4-lane freeway leads east to I-5 and I-405 and west to SR-509, providing easy and immediate access
to Tukwila, Renton and Burien. Approximately two miles south of the subject is the intersection of
International Boulevard (Pacific Highway S. in this location) with SR-516, also known as the
Kent-Des Moines Road, which leads into the Green River/Kent Valley.
Immediate Neighborhood
The immediate neighborhood is dominated by the Sea-Tac Airport, located just blocks north and
east of the subject. To the east, International Boulevard is a high-volume arterial that provides
airport operation and patron support, including a concentrated density of hotel and motels, short
and long term parking operations, gas stations, restaurants, aviation-related office space and a wide
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variety of retail. Parcels within a short distance south and east of the subject include numerous
hotels and a parking garage to the east. To the west are airline hangers and the Sea-Tac Airport.
/
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PART II - FACTUAL DATA
Description of the Subject Property
Site
The subject consists of an irregularly shaped, relatively long and narrow strip along the east side of
28th Avenue S. The aerial photo below depicts those areas to be transferred to the Port per the MOA
(outlined in red, the original surplus) and additional areas proposed for surplus at this time (outlined
in yellow, the subject property). The subject property is approximately 65 feet deep (east-west) but
tapering and become more narrow at the north end of the site; total site size is about 23,316sf.
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Topography
The subject topography ranges from level to moderately sloped. The narrow north end of the site is
generally level throughout its depth and at grade with the abutting original surplus but is about six
to eight feet below grade of 28th Avenue S to the west. The remainder of the site is generally at
grade, though from about mid-parcel south the easterly third has a ridge and downslope to the east,
generally between the guideway columns and the easterly property boundary.
Access/Exposure
The property has direct access from and exposure to 28th Avenue S. The very northerly portion of
the site is below grade, limiting its exposure and potential for direct access, but most of the property
is at grade with the street frontage.
Soils
No soils information was provided to the appraisers. Based on existing improvements on adjacent
properties, it is assumed the subject soils are similarly adequate for development of the site.
Sensitive Areas
While no detailed sensitive area study of the subject was provided, information and mapping
available from the City of SeaTac and King County indicates there are no sensitive areas on the
subject property.
Utilities
All utilities necessary for development currently service the subject property.
Easements and Encumbrances
The property is encumbered with an aerial guideway easement that extends north-south through the
property for its entire length, and an access easement east-west through the southerly portion of the
site, benefitting the easterly abutting property owner. The guideway easement generally allows for
surface uses, such as parking, landscaping and other improvements, but prohibits the placement of
building structures within the guideway easement area. Storage and parking beneath the guideway
is permitted, with the exception of flammables. A 30-foot strip through the southerly portion of the
property is encumbered with an access easement that benefits the easterly abutting property. While
only 30 feet in width, it is located north of the southerly boundary and is somewhat irregularly
shaped. As such, it effectively impacts about the southerly 80 feet of the site. The access easement
is not an exclusive use, and this area could also be used for access to the subject so long as it does
not interfere with the access to the abutting parking structure.
Zoning
The subject property is zoned Community Business - Urban Center (CB-C) but the City of SeaTac.
The Community Business Urban Center (CB-C) designation has been implemented to accommodate
SeaTac's vision for a City Center/central business district as set forth in the City of SeaTac
Comprehensive Plan. It promotes integrated development and pedestrian oriented design allowing
most commercial/retail uses, hotel/motel, and multi housing developments. The zoning permits a
diversity of uses within close proximity, promoting a linked series of open spaces, and a focal point
for community identity. Zoning does not require front, side or rear setbacks, so theoretically a
building could be constructed to the property boundaries. Maximum impervious surface coverage is
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75%. Building height is set by the FAA and is determined on a case-by-case basis with a permit
application. The abutting La Quinta to the south at six stories and Wally Park structure to the east at
about four stories provides some indicator of potential story height for the subject.
Assessed Value and Real Estate Taxes
As the subject property consists of a publicly owned property, it is not assessed and is tax exempt.
Building & Site Improvements
The site contains areas of grass and gravel groundcover. Improvements are limited to those
associated with the encumbering easements, including the overhead guideway and four guideway
columns, and asphalt pavement and curbing for the driveway to the easterly abutting property.
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PART III - HIGHEST AND BEST USE
Highest and Best Use Definition
Highest and best use is defined as: 5
The reasonably probable and legal use of vacant land or an improved property that is
legally permissible, physically possible, appropriately supported, financially feasible, and
that results in the highest value.
As the definition states, a determination of highest and best use are guided by the following
parameters: 1) Physically possible; 2) Legally permissible; 3) Financially feasible; and 4) Maximally
productive. It considers the property, as if vacant and available for development and as currently
improved. Because the property consists of vacant land, an analysis as improved is not required.
Physically Possible. The subject property is a narrow strip, generally about 65 feet deep but tapering
to a substantially narrower depth at the very north end. The northerly narrow portion of the site is
generally level, but below grade of its street frontage. To the south, most areas of the site area atgrade
, but a ridge located at the column locations downslopes to the east. The guideway columns,
generally located mid-parcel, would somewhat restrict onsite circulation. Physical limitations include
the parcel's irregular shape and onsite slopes/below grade topography.
Legally Permissible. Legal constraints for the property are that of zoning and access/aerial guideway
easements. As discussed in theZoning section of this report, the site is zoned CBC by the City of
SeaTac. This is a high density commercial zoning designation promoting integrated development
and pedestrian oriented design allowing most commercial/retail uses, hotel/motel, and multi
housing developments. The property is also encumbered with easements that would require a
shared surface/driveway use at the south end and would prohibit building improvements.
Zoning allows for very wide variety of potential uses, and is in many ways more flexible than other
nearby properties because it is not within the City Center Overlay District, which requires further
restrictions than just the CB-C zoning. Considering both allowable uses and the property's restrictive
shape/configuration and exposure to a lower-volume airport access road, many of the retail uses
permitted would not likely be feasible. Specific permitted uses that would be most likely for the
subject given its limitations include small equipment rental, landscaping businesses, and open
storage.
Financially Feasible/Maximally Productive. In completing this appraisal, we considered the property's
potential (1) if assembled with abutting parcels and (2) as a stand-alone economic unit.
The most likely private property assemblage potential is the Wally Park property to the east. This
property was developed with a large, multi-story airport parking operation with retail uses abutting
5 From The Appraisal of Real Estate, Thirteenth Edition, 2007, Appraisal Institute, page 278
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International Boulevard. The property was developed in 2009 and is in good condition. With the
exception of the access easement that extends across the subject, the building is oriented to the
east, away from the subject, with no access points to the garage from the rear of the site. Given the
new age of the structure and likelihood of the continued use for an extended period, it is not likely
the subject would be desirable to the abutting owner at this time. It could be developed and paved
for overflow or employee parking for either Wally Park or hotels to the north and south, though this
potential is speculative and assemblage would result in a very unusual configuration. The property
could also be used as a larger Port assemblage, given its proximity to the airport. In this scenario,
the Port could use the property for a wide variety of uses such as surface parking, storage or
developed with a facilities structure. Assemblage with the Port ownership represents the most likely
and economic use.
As a stand-alone development site, the property is even more significantly constrained. The best use
of this area would be for a surface parking lot, though they are not permitted as an independent use
in the zone. Determining specific uses is beyond the scope of this report, though some
potential/likely uses were presented in the precedingLegally Permissible section of the highest and
best use.
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PART IV - ANALYSES AND CONCLUSIONS TO VALUE
Valuation
There are three traditional approaches commonly used in valuing improved properties: the Cost,
Sales Comparison, and Income Capitalization approaches, summarized as follows:
Cost Approach
The Cost Approach is based on the principle that a buyer purchaser would pay no more for a
property than the cost to purchase a similar site and construct similar improvements. The process
begins by first estimating the value of the subject land, to which the replacement cost (new) of the
improvements is added, including entrepreneurial incentive. A deduction for depreciation is also
applied. The sum of the costs is the indication of value by the Cost Approach. This approach is
particularly applicable when the improvements being appraised are relatively new or proposed, or
when the improvements are so specialized that there are too few comparable sales to develop a
credible Sales Comparison Approach analysis.
Sales Comparison Approach
In the Sales Comparison Approach, the appraiser analyzes sales and listings of similar properties,
adjusting for differences between the subject property and the comparable properties. This method
is useful for valuing vacant land and improved properties that are typical in age, style, condition and
utility in the marketplace. It is particularly applicable when appraising land, and for improved
properties when there is an active sales market for the subject property type, either by owner-users
or investors.
Income Capitalization Approach
The Income Capitalization Approach is based on the principle that a prudent investor will pay no
more for the property than for another investment of similar risk and potential cash flow. First, an
estimate of a gross economic rent is calculated, from which a factor for market vacancy and credit
loss and non-reimbursable operating expenses is deducted, resulting in the property's net operating
income. The net operating income is then capitalized into a value estimate by a market derived
capitalization rate. The Income Approach is widely used and relied upon in appraising
income-producing properties, especially those for which there is an active investment sales market.
Final Reconciliation and Conclusion of Value The different indications of value from the varying
approaches are analyzed as to how they relate to one another, as well as to the market. The
approach or approaches most appropriate are given the most consideration in arriving at a final
conclusion of value.
The purpose of this appraisal is to provide our opinion of the market value of the subject, which
consists of vacant surplus property. As such, the Sales Comparison Approach is the most relevant
approach to the value the property.
Comparable Sales
The sales analyzed for consideration of a land-locked parcel are summarized in the following chart.
Maps and property/sale details are included in the Addenda to this report, with additional
information regarding the sales retained in the Appraiser's file.
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Comparable Land Sales
Sale Analysis Usable Price/
ID Property Address Date Price Size (sf) sf Zoning
1 19415 International Blvd 06/15/11 $3,000,000 70,755 $42.40 CB-C
2 21050 International Blvd 10/15/08 $1,680,000 65,754 $25.55 CB-C
3 19032 28th Avenue S. 04/03/08 $2,933,235 55,064 $53.27 CB-C
4 18850 28th Avenue S. 06/05/07 $4,625,000 98,180 $47.11 CB-C
5 20658 International Blvd Listing $750,000 10,598 $70.77 CB-C
6 20023 International Blvd Listing $1,500,000 30,958 $48.45 CB-C
7 19003 32nd Avenue S. Listing $599,950 27,200 $22.06 CB-C
Sbj.28th Ave S/Air Cargo Road 23,316 CB-C
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Sale 1 consists of a 70,755sf site located on the west side of International Boulevard, south of S.
192nd Street. The mostly rectangular shaped site is level and sits above grade of the easterly abutting
International Boulevard. Improvements on the property include a 31,364sf office building. The
building was formally leased by Alaska Airlines. The property was previously purchased in 2008 and
in June 2011. The 2008 sale was purchased by the owner of the southerly abutting hotel property for
use in conjunction with the hotel operation. This previous sale was for $5,400,000, but it was later
repossessed by the bank. The site was then purchased by Seatac Real Estate Holding LLC in June of
2011 for $3,400,000. The listing agent stated that the buyer was a Chinese Airline Company which
intended to occupy a portion of the building and lease out the remainder.
This deal for use by the airline apparently fell through, as the site was recently purchased by
$4,000,000 by the IBEW union for use as its headquarters office. $1,000,000 is deducted as the
contribution of the office building based on discussions with the broker and an analysis of the
previous $5,400,000 sale, where prior offers had been received for approximately $1,000,000 less
from buyers intending to tear the structure down. This results in an analysis price of $3,000,000 or
$42.40/sf of land area.
Sale 2 is a 65,754sf site at the northeast corner of International Boulevard and S. 211th Street. The
site was purchased to develop airport parking but development plans are on hold until the economy
recovers. In the interim, the site is being leased to a used tire dealer. After purchase, the buyer
determined that city landscaping requirements would only allow approximately 200 stalls at the site,
insufficient for a surface lot. The owners are currently looking at a hotel option. The southeasterly
portion of the site is sloped and ungraded.
Sale 3 is the sale of the 55,064sf subject site. At the time of purchase, the property was improved
with an 11,520sf office/shop structure that had been utilized by the former owner, Budget Car
Rentals. The buyer indicated that the building was of no contributory value and has since been
demolished. In the interim, the buyer has leased the site to the tenant on the easterly abutting
property, Enterprise, for rental car parking. For comparison, the estimated demolition cost associated
with removal of the structure, at $95,000, is added to the sales price.
Sale 4 is the purchase of a 98,180sf site located on the east side of 28th Avenue S., south of its
intersection with S. 188th Street. The site is mostly rectangular in shape, sits below grade of the
westerly abutting 28th Avenue S., and has a gradual downward slope from north to south. A 31,590sf
structure was located on the northern half of the site and was previously occupied by Skychefs as a
food production facility. However, the building was vacant at the time of the sale, with the structure
considered to be of no contributory value. The buyer has since demolished the structure for
redevelopment a hotel and surface parking. In analyzing this transaction, the demolition cost of the
structure at $250,000 is added to the sales price.
Sale 5 is the current listing of a 10,598sf parcel of CB-C zoned commercial land situated along
International Boulevard. The property contains roughly 105 feet of frontage and is a corner location
at the northeast corner of the intersection with 208th Street. The property previously sold for
$170,000 in late 2009; however, the low purchase price was partially explained by the soil
contamination issues that were present at that time. The property has since been relisted for
$750,000. The property contains a level topography throughout, with all utilities available for
development.
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Sale 6 is the current listing of 30,958sf of CB-C zoned commercial land situated along the west side
of International Boulevard, immediately south of S. 200th Street in SeaTac. The property contains a
level topography throughout, with all utilities available for re-development. The site is currently
improved with some older structures that are considered an interim use. At $1,500,000, this equates
to roughly $48.45/sf. We have been unable to confirm if there is any soil remediation issues, or if
there has been any interest at the current asking price.
Sale 7 is the current listing of 27,200sf acres of CB-C zoned commercial land located along the west
side of 32nd Avenue S., behind the Budget airport parking lot, one block easterly of International
Boulevard and south of S. 188th Street in SeaTac. The property contains a slightly sloping
topography, with all utilities available for re-development. The site is currently unimproved and listed
at $599,950, which equates to roughly $22.06/sf. There has been no interest at this price and the
agent stated it needs to be reduced in price to sell.
Comparable Sales Analysis
The subject comparables indicate a value range of $22.06 to $70.77/sf. Excluding the listings, the
sales indicate a range of $25.55 to $53.27/sf. In comparison to the subject, adjustments are
considered for differences in market conditions, location, size, shape, and exposure. The adjustments
are as follows:
Market Conditions: Comparables 2, 3, and 4 occurred in superior market condition s and
require a downward adjustment. Comparables 5, 6, and 7 require
downward adjustments for their listing status.
Location: Proximity to the airport results in higher general land value s. The
subject's location north of S. 188th Street is similar but somewhat superior
to most of the Comparables. Comparables 2, 5, and 6 are more
significantly inferior, with upward adjustments required.
Size: The sales represent a wide range of sizes, with only Comparab le 5 being
outside the range of the economic site area that would be appropriate
for the subject if platted with development sites along 28th Avenue S.
We have made a downward adjustment to Comparable 5 for its very
small size.
Shape: All of the Comparables have a regular shape and require no adjustment.
Topography: The Comparables are generally level graded sites similar to the subject.
Comparables 2 and 7 however have some sloping areas requiring
grading and are adjusted upward.
Exposure: Sales on International Boulevard have superior exposure and require
downward adjustment for comparison. Comparable 7 on 32nd Street is of
less exposure and no adjustment is required.
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A summary of the adjustments we've considered is as follows:
Land Sales Adjustment Chart
Sale Price/ Market Shape/ Access/ Cumulative
ID sf ($/SF)ConditionsLocation Size Shape Topo Exposure Indication
1 $42.40 Sim Sim Sim Sim Sim Sup (-) Sup (-)
2 $25.55 Sup (-) Inf (++) Sim Sim Inf (+) Sup (-) Inf (+)
3 $53.27 Sup (--) Sim Sim Sim Sim Sup (-) Sup (---)
4 $47.11 Sup (--) Sim Sim Sim Sim Sup (-) Sup (---)
5 $70.77 Sup (--) Inf (++) Sup (-) Sim Sim Sup (-) Sup (---)
6 $48.45 Sup (--) Inf (+) Sim Sim Sim Sup (-) Sup (--)
7 $22.06 Sup (--) Sim Sim Sim Inf (+) Inf (+) Sim
Across-the-Fence Value Conclusion
Despite the adjustments, the comparables still indicate a relatively wide range of values for the
subject. The low-end of the range is for a then-current listing the furthest south and setback from
the airport. The high-end of the range is a very small parcel listing further south of the subject,
requiring numerous downward adjustments for comparison. The remaining sales strongly bracket a
value for the subject at $25.00 to $35.00/sf, taking into account the subject's location without arterial
frontage but in very close proximity to the airport. While we have not made an adjustment for the
subject's narrow depth and shape because of the ATF methodology and potential for a more regular
shape when assembled, it is still of an irregular shape and narrow depth to the east of Air Cargo
Road, which we have considered. Giving most weight to the closed transactions, we conclude a
market value at the low-end of the range at $25.00/sf for the subject property prior to consideration
of the guideway encumbrance.
Encumbered/Assemblage Value Analysis
The subject surplus creates a larger parcel ownership with the original surplus and a large Port
ownership to the west, encompassing the Sea-Tac Airport. As such, valuing its contribution to the
larger parcel based on its location, zoning and potential is appropriate. Additionally, we have also
considered the guideway encumbrance, which unduly restricts this subject's potential uses. We have
also considered its value as an independent parcel to a third party (non-abutter) and the potential
contribution to Wally Park to the east and Port ownership to the west. We conclude the most likely
and economically motivated party is the Port.
Site areas encumbered with aerial guideway or powerline easements that preclude building
improvements contribute to larger ownerships in varying degrees. In locations of low density surface
(non-building) uses, or where surface parking and low land-to-building ratios are typical or required
by zoning, encumbered surface areas can be used in some cases for the general highest and best
use, or a minimum to accommodate required parking, necessary onsite circulation, etc. In these
cases, easement discounts range from less than 25% to about 50%, with some of this discount a
result of the easements limitation on future potential. In this case, the subject surplus is an accessory
use to other large areas of undeveloped land and is adjacent to a planned road project. It will be
contiguous with but separated from other Port uses by the roadway. Considering a wide variety of
unique characteristics of the subject property and its contribution to the Port's larger ownership, we
conclude a larger discount for the aerial guideway encumbrance at 75% of fee value.
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Applying an 75% discount to the ATF value conclusion, a value for the subject property at $6.25/sf is
concluded. Given a site size of 23,316sf, the value of the subject property is calculated at $145,725.
Conclusion of Value
Considering the analysis discussed above, it is our opinion that the market value of the subject
property (rounded), as of May 16, 2012, is:
ONE HUNDRED FORTY-FIVE THOUSAND DOLLARS
($145,000)
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CERTIFICATION OF VALUE
I, the undersigned, do hereby certify that, to the best of my knowledge and belief:
The statements of fact contained in this report and upon which the opinions herein are based are
true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions
and limiting conditions, and are my personal, impartial, and unbiased professional analyses,
opinions, and conclusions
I have no interest, either present or prospective in the property that is the subject of this report,
and no personal interest with respect to the parties involved.
I have no bias with respect to the subject property, or to the parties involved.
My engagement in this assignment was in no way contingent upon developing or reporting
predetermined results, nor was it based on a requested minimum valuation, a specific value, or
the approval of a loan.
My compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of
Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of
Professional Appraisal Practice.
I have not performed valuation or consulting services on this property in the past three years.
I have made a personal inspection of the subject property.
No one provided significant real property appraisal assistance to the person signing this
certification, with the exception of the person(s) shown on additional certification(s), if enclosed.
The use of this report is subject to the requirements of the Appraisal Institute relating to review
by its duly authorized representatives.
As of the date of this report, I have completed the continuing education program of the
Appraisal Institute.
Matthew C. Sloan, MAI
State Cert. #27011-1101655
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ADDENDA
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MAPS/LEGAL DESCRIPTIONS
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COMPARABLE SALES
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Comparable Land Sale 1
Property Name: Alaska Airlines/Airport Plaza Building
Address: 19415 International Boulevard
APN: 042204-9125
Status: Sold October 2011
Lot Size (sf): 70,755sf
Zoning: CB-C
Recording No: 20111003000225
Buyer: International Brotherhood of Electrical Workers 77
Seller: SeaTac Real Estate Holdings LLC
Confirmation: David Magee, broker
Description: This is the October 2011 sale of a 70,755sf site located on the west side of
International Boulevard, south of S. 192nd Street. The mostly rectangular
shaped site is level and sits above grade of the easterly abutting
International Boulevard. Improvements on the property include a 31,364sf
office building. The building was formally leased by Alaska Airlines. The
property was previously purchased in 2008 and in June 2011. The 2008 sale
was purchased by the owner of the southerly abutting hotel property for
use in conjunction with the hotel operation. This previous sale was for
$5,400,000, but it was later repossessed by the bank. The site was then
purchased by SeaTac Real Estate Holding LLC in June of 2011 for
$3,400,000. The listing agent stated that the buyer was a Chinese Airline
Company which intended to occupy a portion of the building and lease out
the remainder.
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Comparable Land Sale 1
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Comparable Land Sale 2
Address: 21050 International Boulevard
APN: 092204-9390;092204-9391
Status: Sold October 2008
Lot Size (sf): 65,754sf
Zoning: CB-C
Recording No: 200810151481
Buyer: Igums Airport, LLC
Seller: #211 LLC
Confirmation: Tom Roush, Broker
Description: This is a 1.51-acre site at the northeast corner of International Boulevard
and S. 211th Street. The site was purchased to develop airport parking, but
development plans are on hold until the economy recovers. In the interim,
the site is being leased to a used tire dealer. After purchase, the buyer
determined that city landscaping requirements would only allow
approximately 200 stalls at the site, insufficient for a surface lot. The
owners are currently looking at a hotel option. The southeasterly portion of
the site is sloped and ungraded.
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Comparable Land Sale 2
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Comparable Land Sale 3
Property Name: Former Budget RAC Site
Address: 19030 28th Avenue S.
APN: 332304-9139
Status: Sold April 2008
Lot Size (sf): 55,064sf
Zoning: CB-C
Recording No: 20080403002496
Buyer: MP LLC
Seller: RJJS 2007 Investments LLC
Confirmation: Roger McCrackin, Buyer
Description: This is the sale of 55,064sf site located on the east side of 28th Avenue S.,
between S. 188th Street and S. 192nd Street. At the time of purchase, the
property was improved with an 11,520sf office/shop structure that had
been utilized by the former owner, Budget Car Rentals. The buyer indicated
that the building was of no contributory value and has since been
demolished. In the interim, the buyer has leased the site to the tenant on
the easterly abutting property, Enterprise, for surface parking. For
comparison, the estimated demolition cost associated with removal of the
structure at $95,000 is added to the sales price.
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Comparable Land Sale 3
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Comparable Land Sale 4
Property Name: Former SkyChefs Site
Address: 18850 28th Avenue S.
Status: Sold June 2007
Lot Size (sf): 98,181sf
Zoning: CB-C
Recording No: 20070605002369
Buyer: Kim Grandchildren Trust
Seller: SFI I LLC
Confirmation: Kurt Sorenson, Broker
Description: This is the purchase of a 98,180sf site located on the east side of 28th
Avenue S., south of its intersection with S. 188th Street. The site is mostly
rectangular in shape, sits below grade of the westerly abutting 28th Avenue
S. and has a gradual downward slope from north to south. A 31,590sf
structure was located on the northern half of the site and was previously
occupied by Skychefs as a food production facility. However, the building
was vacant at the time of the sale with the structure considered to be of no
contributory value. The buyer has since demolished the structure for
redevelopment a hotel and surface parking. In analyzing this transaction,
the demolition cost of the structure at $250,000 is added to the sales price.
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Comparable Land Sale 4
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Comparable Land Sale 5
Property Name: CB-C Zoned Land
Address: 20658 International Boulevard
Status: Listing
Lot Size (sf): 10,598sf
Zoning: CB-C
Recording No: N/A
Buyer: N/A
Seller: Thana Quach (Qq Place)
Confirmation: Thana Quach, Broker
Description: This is the current listing of a 0.24-acre parcel of CB-C zoned commercial
land situated along International Boulevard. The property contains roughly
105 feet of frontage and is a corner location at the northeast corner of the
intersection with 208th Street. The property previously sold for $170,000 in
late 2009; however, the low purchase price was partially explained by the
soil contamination issues that were present at that time. The property has
since been relisted for $750,000. The property contains a level topography
throughout, with all utilities available for development.
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Comparable Land Sale 5
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Comparable Land Sale 6
Property Name: CB-C Zoned Land
Address: 20023 International Boulevard
Status: Listing
Lot Size (sf): 30,958sf
Zoning: CB-C
Recording No: N/A
Buyer: N/A
Seller: CHL Land Investments
Confirmation: Costar Listing, Public Records
Description: This is the current listing of 0.71 acres of CB-C zoned commercial land
situated along the west side of International Boulevard, immediately south
of S. 200th Street in SeaTac. The property contains a level topography
throughout, with all utilities available for re-development. The site is
currently improved with some older structures that are considered an
interim use. At $1,500,000, this equates to roughly $48.45/sf. We have been
unable to confirm if there is any soil remediation issues, or if there has been
any interest at the current asking price.
Valbridge Property Advisors | Puget Sound
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Comparable Land Sale 6
Valbridge - Puget Sound
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Comparable Land Sale 7
Property Name: CB-C Zoned Land
Address: 19003 32nd Avenue S.
Status: Listing
Lot Size (sf): 27,200sf
Zoning: CB-C
Recording No: N/A
Buyer: N/A
Seller: Nariya Vrajlal
Confirmation: Rupider Sulay, Broker
Description: This is the current listing of 0.62 acres of CB-C zoned commercial land
located along the west side of 32nd Avenue S., behind the Budget airport
parking lot, one block easterly of International Boulevard and south of S.
188th Street in SeaTac. The property contains a slightly sloping topography,
with all utilities available for re-development. The site is currently
unimproved and listed at $599,950, which equates to roughly $22.06/sf.
There has been no interest at this price and the agent stated it needs to be
reduced in price to sell.
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Comparable Land Sale 7
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APPRAISER QUALIFICATIONS
Valbridge Property Advisors | Puget Sound
16-0222-004 Copyright 2018
Qualifications of Matthew C. Sloan, MAI
Director
Valbridge Property Advisors Puget Sound
Experience
Principal Allen Brackett Shedd (formerly Bruce C. Allen & Associates)
Involved in the real estate field since April 2000. Appraisal experience includes a wide variety of
appraisal assignments, including commercial, industrial and residential real estate, easements,
condemnation, and sensitive properties. Appraisal assignments include work throughout the Puget
Sound Region, including King, Pierce, Snohomish, and Kitsap Counties.
Education
University of Washington, Seattle, Washington:
Commercial Real Estate Certificate, a nine-month interdisciplinary program of specialized subject
study including commercial real estate development, valuation, insurance, risk management, and
business and real estate law. Completed June 2006.
City University, Seattle, Washington:
Bachelor of Science in Business Administration, emphasis in project management. Completed June
2005.
Appraisal Institute/North Seattle Community College, Seattle, Washington:
Completion of various appraisal and other real estate courses required for state licensing and
towards MAI designation.
Representative Client List:
Government
City of Federal Way Snohomish County
City of Kent Sound Transit
City of Redmond Community Transit
City of Seattle Port of Seattle
City of Leavenworth City of North Bend
King County Washington State Department of Transportation
Pierce County Seattle Public Schools
Private Sector
Graham & Dunn Preston Gates & Ellis
Foster Pepper CH2M Hill
Pharos Corporation LaBonde Land
David Evans and Associates Universal Field Services
Puget Sound Energy Perteet Engineering
Parametrix Overland, Pacific & Cutler
State Certification Number General: 27011-1101655 Expiration: 03/04/20
(Revised 03/05/15)
Valbridge Property Advisors | Puget Sound
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