HomeMy WebLinkAbout10_Cash in Lieu AppraisalAndy Holloran
Olive and Black LLC
20 North Tracy Avenue
Bozeman, MT 59715 October 5, 2016
Dear Mr.Holloran,
As per your request I have gathered some data to estimate a market value for your B-3 land on a per
square foot basis with a legal description of:
The North 20 feet of Lot 21, all of Lot 22, Dawes’ Subdivision of Block “C” of Black’s Addition to
Bozeman, together with a strip of land 8 feet in width adjoining the east line of Lot 21 and Lot 22 being a
portion of that alley vacated by Ordinance No. 896 recorded July 30, 1970 in Film Page 1534, along with
a portion of land that is described as beginning at the Northwest corner of Block “C” of Black’s Addition
to Bozeman, thence East along the South line of Olive Street 160 feet;thence South parallel with the
East line of Black Avenue 60 feet; thence West parallel with the South line of Olive Street 160 feet;
thence North along the East line of Black Avenue 60 feet to the place of beginning, Gallatin County,
Montana.
The West 40 feet of Lots 1, 2, 3, and 4 of Dawes Subdivision, a portion of Block “C” Black’s Addition to
Bozeman, Montana, and Fractional Lot 17 of Lindley and Guy’s Addition to Bozeman, Montana, together
with that strip of land 8 feet in width adjoining the west line of Lot 4 and a portion of Lot 3, being a
portion of that alley vacated by Ordinance No. 896 recorded July 30, 1970 in Film 7, Page 1534, Gallatin
County, Montana.
The purpose of the estimate is for you to establish the market value for the City of Bozeman’s Cash in
Lieu Parks Program.The valuation is not on your piece of land, but on what annexed speculative
development land with a similar use would bring in the open market.
The following sales have been used to estimate a value on a per square footage basis.Thus the compiled
sales on the following pages are of sites that are speculative development land with somewhat similar
characteristics when compared to the subject.
Subject Site
Sale 1 is almost identical to what the City has requested as far as similar zoning-use, annexation and
future use.Sale 1 is an R-4 zoning, that is annexed into the City but is unimproved, water and sewer are
available, but the offsite improvements are not complete.
Based upon Sale 1 that just closed and is the most similar to the use proposed for your site, I would
estimate the Cash in Lieu value at $1.23psf or $53,600 per acre.
If I can be of further assistance,please do not hesitate to contact me.
Sincerely
Keith O’Reilly, MAI
General Certified Appraiser
State of Montana #400