Page 5 - Appraisal 2018

Small Residential Income Property Appraisal Report File # 38202
180529004
There are 4 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 575,000 to $ 995,000 .
There are 20 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 234,900 to $ 950,000 .
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Address 22 Dow St 12 May St 7 Cleeve St 54 Pleasant St
Portland, ME 04102 Portland, ME 04102 Portland, ME 04101 Portland, ME 04101
Proximity to Subject 0.33 miles SE 1.16 miles NE 0.50 miles E
Sale Price $ $ 620,000 $ 560,000 $ 677,630
Sale Price/Gross Bldg. Area $ sq.ft. $ 216.48 sq.ft. $ 137.25 sq.ft. $ 189.71 sq.ft.
Gross Monthly Rent $ 4,200 $ 3,875 $ 4,305 $ 3,415
Gross Rent Multiplier 160.00 130.08 198.43
Price per Unit $ $ 206,667 $ 186,667 $ 225,877
Price per Room $ $ 41,333 $ 31,111 $ 42,352
Price per Bedroom $ $ 103,333 $ 62,222 $ 112,938
Rent Control Yes No Yes No Yes No Yes No
Data Source(s) ME Listings #13343293;DOM 3 ME Listings #1314253;DOM 6 ME Listings #1333553;DOM 5
Verification Source(s) Assessor, Ext. Viewing Assessor, Appraiser, Viewing Assessor, Ext. Viewing
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment
Sale or Financing Arms Length Arms Length Arms Length
Concessions Cash;0 Conv;10000 -10,000 Cash;0
Date of Sale/Time s06/18;c04/18 s08/17;c06/17 s01/18;c12/17
Location Urban/West End Urban/West End Urban/Bayside +50,000 Urban/Arts Dist
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site 1,852 sf 3010 sf 0 3,486 sf 1,857 sf 0
View N;Res N;Res; N;Res N;Res -25,000
SALES COMPARISON APPROACH Design (Style) Average+ 3,129 Average+ Baths +5,300 Average 3 Baths +10,000 Average+ Baths -8,860
3 Unit
3 Unit
3 Unit
3 Unit
Quality of Construction
Average+
Average
Average
Average
Actual Age
117
113
108
122
Condition
Gross Building Area
3,572
2,864
-19,020
4,080
Total Bdrms
Total Bdrms
Total Bdrms Baths
Total Bdrms
Unit Breakdown
Unit # 1
2
2
5
5
1.0
5
2
6
1.0
1.0
1.0
Unit # 2
2
5
5
1.0
1.0
5
6
3
1.0
2
2
1.0
Unit # 3
6
1.0
3
6
1.0
5
2
2
2
5
1.0
1.0
Unit # 4
Basement Description
Basement Finished Rooms Full/Unfinished Full/Unfinished Full/Unfinished Full/Unfinished
None
None
None
None
Functional Utility Typical Typical Typical Typical
Heating/Cooling HW,HP/CAC Steam/No CAC +3,100 HWNo CAC +3,100 DV/No CAC +3,100
Energy Efficient Items Solar None +7,000 None +7,000 None +7,000
Parking On/Off Site None Driveway -10,000 Small Driveway -5,000 None
Porch/Patio/Deck Deck-2, OP OP, Dk-3 -2,000 Patio +6,000 OP-2, Deck
Other None None None None
Net Adjustment (Total) + – $ 3,400 + – $ 42,080 + – $ -23,760
Adjusted Sale Price Net Adj. 0.5 % Net Adj. 7.5 % Net Adj. 3.5 %
of Comparables Gross Adj. 4.4 % $ 623,400 Gross Adj. 19.7 % $ 602,080 Gross Adj. 6.5 % $ 653,870
Adjusted Price Per Unit (Adj. SP Comp / # of Comp Units) $ 207,800 $ 200,693 $ 217,957
Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms) $ 41,560 $ 33,449 $ 40,867
Adjusted Price Per Bedrm (Adj. SP Comp / # of Comp Bedrooms) $ 103,900 $ 66,898 $ 108,978
Value per Unit $ 210,000 X 3 Units = $ 630,000 Value per GBA $ 207 X 3,129 GBA = $ 647,703
Value per Rm. $ 41,200 X 15 Rooms = $ 618,000 Value per Bdrms. $ 103,000 X 6 Bdrms. = $ 618,000
Summary of Sales Comparison Approach including reconciliation of the above indicators of value. See Addenda.
Indicated Value by Sales Comparison Approach $ X gross rent multiplier (GRM) = $ Indicated value by the Income Approach
625,000
INCOME Total gross monthly rent $ 4,200 Income approach is based on GRM indicator of 150 weighing all comparables sales.
150
630,000
Comments on income approach including reconciliation of the GRM
Indicated Value by: Sales Comparison Approach $ 625,000 Income Approach $ 630,000 Cost Approach (if developed) $
Sales Comparison Approach given greatest weight as it provides the most reliable market value estimate for a multi-unit dwelling. Income
Approach provides support to the Sales Comparison Approach with reliable rental income estimate and GRM indicator to arrive at a reliable
market value from this approach. Cost Approach not applied due to the older age of the property and accrued depreciation rendering this
RECONCILIATION approach unreliable and this approach not being used by buyers when considering the potential purchase of older dwellings. subject to the
''as is'',
This appraisal is made
subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or
completed,
following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is
$ 625,000 , as of 06/12/2018 , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 72 March 2005 Page 3 of 7 Fannie Mae Form 1025 March 2005
Form 1025 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE