Bee Branch Creek_Purchase of 1517 Maple StreetMasterpiece on the Mississippi
Dubuque
All- AmencaCity
111 11 '
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Bee Branch Creek Restoration Project, Purchase of 1517 Maple Street
DATE: October 31, 2011
City Engineer Gus Psihoyos recommends the City Council establish the fair market
value of 1517 Maple Street, owned by Tony Zenner, at the appraised value of $66,950,
and authorize the City Manager to commence negotiations to acquire the property for
the Bee Branch Creek Restoration Project. It is further recommended that the City
Council authorize the City Manager to acquire the property through eminent domain if
negotiations fail.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mi ael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Gus Psihoyos, City Engineer
Masterpiece on the Mississippi
Dubuque
katil
AII- Amenca City
2007
TO: Michael C. Van Milligen, City Manager
FROM: Gus Psihoyos, City Engineer
SUBJECT: Bee Branch Creek Restoration Project, Purchase of 1517 Maple Street
DATE: October 24, 2011
INTRODUCTION
The purpose of this memo is to establish the fair market value of 1517 Maple and seek
authorization for the City Manager to begin negotiations to acquire the property required
for the Bee Branch Creek Restoration Project. Further authorization is sought to acquire
the property through eminent domain proceedings if negotiations fail.
BACKGROUND
In December of 2010, the City Council authorized the City manager to begin the process of
acquiring 1517 Maple Street, legally described as the North 1/2 and South 1/2 of Lot 287 in
East Dubuque No. 2 for the Lower Bee Branch Creek Restoration Project.
DISCUSSION
The City commissioned an appraisal of 1517 Maple Street. The property owned by Tony
Zenner was appraised at $66,950.00.
RECOMMENDATION
I recommend that the City establish the fair market value of 1517 Maple Street, legally
described as the North 1/2 and South 1/2 of Lot 287 in East Dubuque No. 2 at the
appraised value and that the City Manager begin negotiations with the property owner.
And should negotiations fail, I recommend that the City acquire the property through
eminent domain proceedings.
ACTION TO BE TAKEN
I respectfully request that the City Council adopt the attached resolution:
(1) Establishing the fair market value of the North 1/2 and South 1/2 of Lot 287 in East
Dubuque No. 2 and authorizing the City Manager to commence negotiations to
acquire the property; and
(2) Authorizing the City Manager to acquire the property through eminent domain if
negotiations fail.
Prepared by Deron Muehring, Civil Engineer II
cc: Barry Lindahl, City Attorney
Jenny Larson, Budget Director
Deron Muehring, Civil Engineer
Attach.
RESOLUTION NO. 356 -11
ESTABLISHING THE FAIR MARKET VALUE AND AUTHORIZING THE
ACQUISITION BY EMINENT DOMAIN OF CERTAIN REAL PROPERTY OWNED BY
TONY ZENNER IN THE CITY OF DUBUQUE, IOWA
Whereas, the City of Dubuque (City) intends to acquire certain real property
owned by Tony Zenner (Owner), legally described as follows (the Property):
North 1/2 and South 1/2 of Lot 287 in East Dubuque No. 2, all in the City of
Dubuque, Dubuque County, Iowa
as shown on Exhibit A attached hereto for the purpose of the stormwater conveyance
associated with the restoration of the Bee Branch Creek; and
Whereas, Iowa law requires that City must make a good faith effort to negotiate
with the Owner to purchase the Property before proceeding with condemnation; and
Whereas, City has caused an appraisal of the property to be made and the
appraised value of the property is $66,950.00; and
Whereas, the City Council now desires to establish the fair market value of the
property.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
1. The fair market value of the Property is hereby established to be $66,950.00.
2. The City Manager is hereby authorized to commence negotiations with the
Owner of the Property and any other interested parties for the purchase of the
Property for a purchase price which is not less than the fair market value
established by this resolution.
3. The City Manager is hereby authorized to commence proceedings for the
acquisition of the Property by eminent domain should negotiations fail.
Passed, approved and adopted this 7th day of Nov
Attest:
Kevin . irnstahl, City Clerk
q(2fl11.
7 0
Roy D. Buol, Mayor
Exhibit A
Bee Branch Creek Restoration Project Property Acquisition
Address:
1517 Maple Street
Legal Description: North 1/2 and South 1/2 of Lot 287 in East Dubuque No. 2 in the
City of Dubuque, Iowa, according to the recorded Plat thereof,
County of Dubuque, State of Iowa
Form 633101
Parcel Number: Lot 287
Record Owner: Anthony Zenner
EMINENT DOMAIN DETAILED APPRAISAL
FEE ACQUISITION
Project: Bee Branch Creek Restoration County: Dubuque
Owner's Mailing Address: 505 East 14th Street, Dubuque, IA 52001
Address of Property being Appraised: Parcels 1024284013 and 1024284014 located at 1517 Maple Street
This property is described as: North '/x and South % of Lot 287 in East Dubuque No.2, an addition to the City of
Dubuque, Iowa.
This property consists of 5,150 taxable SF before the acquisition.
for highway purposes and / net SF will remain after the acquisition.
Present zoning is H -1, Heavy Industrial Present use is Tight industrial /storage building
Appraised on the basis of highest and best use for Commercial Development
before the acquisition and the same after the acquisition.
MARKET VALUE UNDER EMINENT DOMAIN LAW OF THE STATE OF IOWA
Value of the entire property before the acquisition is: $ 66,950
Value of the rernaining property after the acquisition is: $ /
The estimate of just compensation is :
$ 66,950
Date of Valuation February 14, 2011
Signed:
Vistz..a Mitt
Appraise
Form 633204
CERTIFICATION OF APPRAISER
Project: Bee Branch Creek Restoration
Parcel Number: Lot 287
1 hereby certify:
That I personally made a field inspection of the property herein appraised and that 1 have afforded the property owner or his authorized
representative the opportunity to accompany me at the time of inspection. 1 have also personally made a field inspection of the
comparable sales relied upon in making said appraisal. The subject and the comparable sales relied upon in making said appraisal
were as represented by the photographs appropriately supplied.
That to the best of my knowledge and belief the statements contained in the appraisal herein set forth are true, and the information
upon which the opinions expressed therein are based is correct; subject to the limiting conditions therein set forth.
That I understand this appraisal is to be used in connection with the acquisition of property by the City of Dubuque.
That this appraisal has been made in conformity with Iowa law, regulation, and the Iowa Department of Transportation Appraisal
Manual as is applicable to the appraisal of this type of property for the stated purpose; and that to the best of my knowledge no portion
of the value assigned to this property consists of items which are noncompensable under the established law of the State of Iowa.
That neither my employment nor my compensation for making this appraisal and report are in any way contingent upon the values
reported herein.
That I have no direct or indirect present or contemplated future personal interest in such property or in any benefit from the acquisition
of such property appraised.
That I have not revealed the findings and results of such appraisal to anyone other than the proper officials of the City of Dubuque and
I will not do so until so authorized, or until I am required to do so by due process of law or until I =released from this obligation by
having publicly testified as to such findings.
That the conclusion set forth in this appraisal is my independent opinion of the difference between the fair market value of this
property before and after- the proposed acquisition.
As of February 14, 2011 the estimate of just compensation is $ 66,950
Signed:
Date of Signature: February 17, 2011
Fonn 633205
Projcct: Bee Branch Creek Restoration
Parcel Number: Lot 287
PURPOSE OF THIS APPRAISAL:
To estimate the market value of the ownership interest, and the leasehold interest if any, in this property before the proposed
acquisition by the City of Dubuque and the market value of the same interest in the remainder property immediately after the proposed
acquisition. In case the proposed acquisition causes only limited damage, the purpose is to estimate just compensation resulting from
the acquisition, without reporting before and after values. This appraisal considers the loss in value, if any, of owner's rights in
advertising signs being acquired and is made without consideration of any enhancement that might accrue from the proposed
improvement.
DEFINITION OF MARKET VALUE:
The cash price which would be arrived at as between a voluntary seller willing but not compelled to sell and a voluntary purchaser
willing but not compelled to buy, both of whom are acting freely, intelligently and at arm's length, bargaining in the open market for
the sale and purchase of the real estate in question. (State of Iowa Uniform July Instruction No. 14.4)
DEFINITION OF HIGHEST AND BEST USE:
The utilization of a property to its best and most profitable use. It is that use, chosen from among the reasonably probable and
financially feasible alternative uses which is found to be physically practical, legally acceptable and which results in the highest present
value, as defined, as of the effective date of the appraisal.
HAZARDOUS SUBSTANCE CONTAMINATION:
The appraiser observed the following signs of possible contamination: No
As e3 ribed
FIVE YEAR DELINEATION OF TITLE: (If none, so state)
Grantor Grantee Inst Type Inst Date Book & Page Sale Price
None
LEASES: (Lessee's Name, Address and Lease Terms)
None
DATE OF INSPECTION AND INVITATION:
The property owner (Tony Zenner) was offered an opportunity to accompany me on my inspection of this property. The inspection
was attended by the property owner.
Telephone number of owner: 563 -582 -3691. I personally inspected the subject property on February 14, 2011.
NARRATIVE APPRAISAL OF MARKET VALUE
OF THE FEE - SIMPLE INTEREST OF
LOT 287 IN EAST DUBUQUE NUMBER 2 ADDITION
1517 MAPLE STREET
DUBUQUE, IA
DATE OF APPRAISAL - FEBRUARY 14, 2011
DATE OF REPORT - FEBRUARY 17, 2011
PREPARED BY
DOUGLAS J. HATTERY
HATTERY REAL ESTATE APPRAISALS, LLC
2717 COLLEGE AVENUE
DAVENPORT, IOWA 52803
PREPARED FOR
DERON MUEHRING, CIVIL ENGINEER
CITY OF DUBUQUE
50 WEST 13TH STREET
DUBUQUE, IA 52001
.~...~~... REAL ESTATE APPRAISALS, LLC
REAL ESTATE APPRAISAL AND CONSULTING
DOUGLAS J. HATTERY
2717 COLLEGE AVENUE
DAVENPORT IOWA 52803
(563) 386-6606
February 17, 2011
DaronMuehhng.Civil Engineer
City of Dubu
50 West 13th Street
Dubuque, IA 52001
RE: Narrative Appraisal of Market Value of the Fee-Simple Interest of Lot 287 in East Dubuque
Number 2 Addition located at 1517 Maple Street in Dubuque, IA, for the Bee Branch Creek
Restoration Project.
Mr. K8ueh ' :
This appraisal report, plus exhbito, explains and supports my opinion of value of the subject
property. The report was prepared after an inspection of the property, neighborhood, recent
comparable ma|eo, and other factors which | consider to be pertinent to the value of the subject
property.
The subject property consists of two assessed parcels with a total size of 5,150 SF (51.50' x
100') which are improved with a light industrial/storage building. The property is located in the
northwest corner of Maple Street and 15'' Street. The property is owned by Tony Zenner. The
proposed acquisition by the City of Dubuque is a total acquisition in Fee Title.
The appraisal date is February 14, 2011, which is the date of inspection of the subject
property. The date of the report is February 17, 2011. This report is a Detailed Narrative
Appraisal as defined within the Appraisal Policy & Procedures Manual, August 2008 edition,
provided by the Iowa Department of Transportation, Office of Right of Way.
The purpose of this appraisal is to estimate the Market Value of the subject p as of the
appraisal dmte, relative to the Bee Branch Creek Restoration Project, which requires the
acquisition of the subject property in Fee Title. The intended use of the appraisal is to
estimate just compensation for eminent domain purposes as of the appraisal date for
acquisition by the City of Dubuque. The intended users of the appraisal are the City of
Dubuque, and other parties with an interest in the acquisition process regarding the subject
property.
1517 Maple Street
-2- February 17, 2011
This appraisal was prepared according to the contract/assignment from the City of Dubuque.
The intended use of the appraisal is for eminent domain related acquisition. The appraisal is
prepared under the Jurisdictional Exception provision contained in the Uniform Standards of
Professional Appraisal Practice (USPAP). In preparing the appraisal, the appraiser has
conformed with all parts of USPAP except those that are contrary to State and Federal
requirements. The appraisal was prepared in conformance with the Uniform Relocation
Assistance and Real Property Acquisition Policies Act of 1970, Public Law 91 -646, as amended
and Chapters 6B and 316, Code of Iowa. The report was not prepared under USPAP reporting
requirements but does conform to the requirements of State and Federal law as implemented in
the Iowa Department of Transportation Appraisal Manual reporting requirements.
No Phase I environmental audit has been provided regarding the subject property. No
hazardous conditions were obvious upon the inspection, and the property is appraised as if
clean of all contamination, above and below ground.
As a result of my investigation, based upon my analysis of the included data, it is my opinion
that as of February 14, 2011 the Market Value of the Fee - Simple Interest of the subject
property is at, or near $66,950.
SIXTY SIX THOUSAND NINE HUNDRED FIFTY DOLLARS
Respectfully Submitted,
HATTERY REAL ESTATE +.PPRAISALS, LLC
BY: Do
ery, Appraiser
TABLE OF CONTENTS
Letter of Transmittat
Property Photographs 1.
Purpose and Scope of the Appraisal 2.
Summary of Salient Facts and Conclusions 3.
Legal Description and Address of Subject Property 4.
Neighborhood and Area Analysis 5.
Site and Improvement Analysis 6.
Statement of Highest and Best Use 7.
Valuation of the Subject Property
Cost Approach toVa|ue O.
Sales Comparison Approach to Value B.
Income Capitalization Approach to Value 10.
Reconciliation and Fina Value Estimate 11.
Assumptions and Limiting Conditions 12.
Appraiser Qualifications
Addenda
1.
PROPERTY PHOTOGRAPHS
The photo above is a view of the subject property as seen facing northwest. The photo below is
a view of the interior of the subject building.
2.
PURPOSE AND SCOPE OF THE APPRAISAL
PURPOSE OF THE APPRAISAL:
The purpose of this appraisal is to estimate the Market Value of the subject property, as of the
appraisal date, relative to the Bee Branch Creek Restoration Project, which requires the
acquisition of the subject property. Eminent domain law in the State of Iowa has established
the foliowing definition of Market Value:
The term fair and reasonable market value means the cash price which would be arrived at as
between a voluntary seller willing but not compelled to sell and a voluntary purchaser willing but
not compelled to buy, both of whom are acting free|y, intelligently and at arm's |ongth,
bargaining in the open market for the sale and purchase of the real estate in question. Such
term does not mean the value under peculiar circumstances where greater than its fair price
could be obtained, nor does it mean the price which the property would bring at a forced sale. It
does not mean what the property is worth to the p!aintiff nor what the dofendant can afford to
pay, but what it is fairly worth in cash on the open nnarket, as above stated. (Uniform Jury
Instruction No. 14.4).
In ohod, the fair and reasonable market value of a property is to be considered in the same
manner that a knowledgeable, voluntary buyer determines the fair and reasonable market value
of a property--what are its capabilities, what are its detriments, what is it fairly and reasonably
worth in the market place? The jury and/or Compensation Commission is entitled to be
informed of all factors which (1) the willing seller would impress upon the willing buyer that tend
to show value, and (2) the willing buyer would impress upon the willing seller that tend to show
lack of value--including sales of comparable properties and evidence of its highest and best
use. (Uniform Jury Instruction No. 14.6 and annotated authorities). See also Bellew v. ISHC,
171 N.W.2d 284, 288, 289 (Iowa 1969) and In Re Primary Road No. 141, 124 N.W.2d 141, 147
(Iowa 1963).
The determination of "Market Value" may not consider or reflect any enhancement or diminution
in value of the eub|ent, caused by the building of the project which haa prompted the taking.
(No sales exhibiting these effects may be used as a comparable in arriving at the value of the
subject property, either before or after the date of condemnation.) Uniform Jury instruction 14.3
and S000nyVacuum Oil Co. v. State of Iowa, 170 N.W.2d 378. (Iowa 1909\.
SUMMARY OF SUBJECT PROPERTY:
The subject property consists of two assessed parcels with a total size of 5,150 SF(51.50'x
100') which are improved with a Iight industrial/storage building. The property 15 located in the
m
northwest corner of Maple Street and 15^ Street. The property is owned by Tony Zenner. The
proposed acquisition by the City of Dubuque is a total acquisition in Fee Title.
2-A.
PURPOSE AND SCOPE OF THE APPRAISAL (CONTINUED)
INTENDED USE AND INTENDED USERS OF THE APPRAISAL:
The intended use of the appraisal is to estimate just compensation for eminent domain
purposes as of the appraisal date for acquisition by the City of Dubuque. The intended users
of the appraisal are the City of Dubuque, and other parties with an interest in the acquisition
process regarding the subject property.
DATE OF THE APPRAISAL:
The appraisal date is February 14, 2011, which is the date of inspection of the subject
property. The date of the report is February 17, 2011. This report is a Detailed Narrative
Appraisal as defined within the Appraisal Policy & Procedures Manual, August 2003 edition,
provided by the Iowa Department of Transportation, Office of Right of Way.
DELINEATION OF TITLE:
According to the available naconjn, the subject property has not transferred in the past five
years. The mos recent sale was the purchase of the south 2,500 SF on May 14, 2004 from
(3 & S Real Estate for a reported consideration of $15,000 ($8.00/@F). This sale is the vacant
portion of the site that was south of the building.
[Although the above information is believed to be true and correct, no reliance should be
assumed in that the appraiser is not responsibe for items of a legal nature.]
APPRAISAL PROCESS:
The appraisal process is a systematic method of gathering data regarding sociological,
physical, economic, and governmental forces in order to analyze and interpret their influence, in
terms of value, on a specific real property. In this process three basic approaches are typically
used, the Cost, Sales Comparison and Income Capitalization Approaches. Each is based upon
the principle of substitution which states that an informed purchased would pay no more for the
rights in a particular real property than the cost of acquiring without undue delay an equally
desirable one.
Cost Approach, according to the definition as stated on page 81 in The Dictionary of Real
Estate Appraisa, copyright ight 1993, by the Appraisal Institute, the Cost Approach is defined as:
"A set of procedures through which a value indication is derived for the fee simple
interests in a p by estimating the current cost to construct a reproduction of, or
replacement for, the existing structure; deducting accrued depreciation from the
reproduction or replacement cost; and adding the estimated land value plus an
entrepreneurial pvmfit. Adjustments may then be made to the indicated fee simple value
of the subject property to reflect the value of the property interest being appraised."
2-B.
PURPOSE AND SCOPE OF THE APPRAISAL (CONTINUED)
Sales Comparison Approach, according to the definition as stated on page 818 in The
Dictionary of Real Estate Appraisal, copyright 1993. by the Appraisal Institute, the Sales
Comparison Approach is defined as:
^/\set of procedures in which a value indication is derived by comparing the property
being appraised to similar properties that have been sold recently, applying appropriate
units of comparison, and making adjustments to the sale prices of the comparables
based on the elements of comparison. The Sales Comparison Approach may be used
to value improved properties, vacant land, or land being considered as though vacant; it
is the most common and preferred method of land valuation when comparable sales
data are available."
Income Capitalization Approach, according to the definition as stated on page 178 in The
Dictionary of Real Estate Appraisal, copyright 1893. by the Appraisal Institute, the Income
Capitalization Approach is defined as:
"A set of procedures through which an appraiser derives a value indication for an income-
producing property by converting its anticipated benefits (cash flows and reversion) into
property value. This conversion can be accomplished in two ways. One year's income
expectancy can be capitalized at a market-derived capitalization rate or at a capitalization rate
that reflects a specified income pattern, return on investment, and change in the value of the
investment. Alternatively, the annual cash flows for the holding period and the reversion can be
discounted at a specified yield [m&g."
The last step in the appraisal process is the Correlation and Reconciliation of the value
estimates derived by each a used into a final estimate of value. Through the interaction
ofanalyzing costs and depreciation, rental nybem, expense estimates and capitalization rates,
and direct-sale comparables, the results of each approach to value should be similar.
SCOPE OF THE APPRAISAL: The appraisal report is prepared under a Jurisdictional
ExuepUon, based upon Article 1, Section 18 of the Iowa Constitution, which prohibits
consideration of increases or decreases in a property's value caused by the project. It
specifically states "shall not take into consideration any advantages that may result to said
owner on account of the improvement for which it is taken".
In this appraisal, | have relied primarily upon the Sales Comparison Approach. The property
is improved with a light industria building, and 1 have considered the cost to replace the
building, but | have not fufly developed the Cost Approach, as the improved sale information
has greater reliability, in my opinion. The improved sales considered indicate that the building
does not contribute value to the land as if vacant and the Highest and Best Use is concluded to
be for commercial development of the site. Additionally, development lots are not typically
pented, and the Income Capitalization approach is not particularly applicable either. | have
estimated the value of the property based on the comparable development land sales analyzed.
In the Sales Comparison Approach, | have researched and analyzed sales of improved
properties and development sites located in the subject market area and estimated the value of
the subject by weighing various differences. All of the sales data have been confirmed by a
principal involved (buyer, seller, or broker).
3.
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
DATE OF APPRAISAL: February 14, 2011
DATE OF REPORT: February 17, 2011
PROPERTY TYPE: Development Site
SIZE OF PROPERTY: 5,150 SF
OWNERSHIP: Tony Zenner
ZONING: H-I, Heavy Industrial
IMPROVEMENTS: 1,040 SF Building
RIGHTS APPRAISED: Market Value of the Fee-Simple Interest to the subject
property.
4.
LEGAL DESCRIPTION AND ADDRESS OF SUBJECT PROPERTY
ADDRESS: 1517 Maple Street, Dubuque, IA
LEGAL DESCRIPTION:
North 1/2 and South 1/2 of Lot 287 in East Dubuque No. 2, an Addition in the City of Dubuque,
Iowa, according to the recorded Plats thereof.
5.
AREA AND NEIGHBORHOOD ANALYSIS
Dubuque, Iowa is the largest community and the county seat of Dubuque County, and is
located in northeast Iowa. Dubuque is located 70 miles north of the IA -IL Quad Cities, 160
miles northwest of Chicago, IL, and 70 miles northeast of Cedar Rapids, Iowa. Population
figures for Dubuque and Dubuque County over the last three census periods are as follows:
As can be seen from the above population figures, the loss in population through the 1980's is
consistent with many Midwestern agricultural areas which experienced decline in the decade of
the 1980's. The decade of the 1990's was generally positive, and many communities like
Dubuque have rebounded and stabilized over the past 5 -7 years. The recent economic
downturn has been characterized by sluggish growth. The City of Dubuque appears to be
generally stable.
TRANSPORTATION:
The area is served by two U.S. Highways 151, 20, 52, 61 and State Highways 3 and 84. There
continues to be upgrades in Highway 61, providing expressway type traffic north and south.
The area is also served by railroad and Mississippi River barge carriers. The Dubuque
Municipal Airport is located south of Dubuque along Highway 61 and provides some
commercial airline service through American Airlines, as well as charter service.
INDUSTRY, GROWTH TRENDS AND MAJOR EMPLOYERS:
Dubuque has a typical mixture of major employers. Aside from John Deere, the manufacturing
companies are relatively small. Although there are fluctuations in the John Deere workforce,
the employment situation appears to be relatively stable. The Dubuque area has experienced
the same economic downturns that many communities experienced in the decades of the
1970's and 1980's. A list of some of the major employers is shown below.
FIRM
PRODUCT /SERVICE
JOHN DEERE
HEAVY EQUIPMENT
APPROXIMATE
EMPLOYEES
1,800
MERCY HEALTH CENTER
HEALTH CARE
1,325
DUBUQUE SCHOOLS
EDUCATION
1,600
FLEXSTEEL INDUSTRIES
SEATING PRODUCTS
450
MEDICAL ASSOC CLINIC
HEALTH CARE
743
HEARTLAND FINANCIAL
FINANCIAL SERVICES
760
FINLEY HOSPITAL
HOLY FAMILY S
HOOLS
HEALTH CARE
SCHOOLS
920
500
EAG
E WINDOW AND DOOR
NDO
AND DOOR
750
- continued-
1980
1990
% change
2000
% change
Dubuque County
93,745
86,403
-7.8%
89,143
3.2%
Dubuque
62,321
57,538
-7.6%
57,686
0.3%
As can be seen from the above population figures, the loss in population through the 1980's is
consistent with many Midwestern agricultural areas which experienced decline in the decade of
the 1980's. The decade of the 1990's was generally positive, and many communities like
Dubuque have rebounded and stabilized over the past 5 -7 years. The recent economic
downturn has been characterized by sluggish growth. The City of Dubuque appears to be
generally stable.
TRANSPORTATION:
The area is served by two U.S. Highways 151, 20, 52, 61 and State Highways 3 and 84. There
continues to be upgrades in Highway 61, providing expressway type traffic north and south.
The area is also served by railroad and Mississippi River barge carriers. The Dubuque
Municipal Airport is located south of Dubuque along Highway 61 and provides some
commercial airline service through American Airlines, as well as charter service.
INDUSTRY, GROWTH TRENDS AND MAJOR EMPLOYERS:
Dubuque has a typical mixture of major employers. Aside from John Deere, the manufacturing
companies are relatively small. Although there are fluctuations in the John Deere workforce,
the employment situation appears to be relatively stable. The Dubuque area has experienced
the same economic downturns that many communities experienced in the decades of the
1970's and 1980's. A list of some of the major employers is shown below.
FIRM
PRODUCT /SERVICE
JOHN DEERE
HEAVY EQUIPMENT
APPROXIMATE
EMPLOYEES
1,800
MERCY HEALTH CENTER
HEALTH CARE
1,325
DUBUQUE SCHOOLS
EDUCATION
1,600
FLEXSTEEL INDUSTRIES
SEATING PRODUCTS
450
MEDICAL ASSOC CLINIC
HEALTH CARE
743
HEARTLAND FINANCIAL
FINANCIAL SERVICES
760
FINLEY HOSPITAL
HOLY FAMILY S
HOOLS
HEALTH CARE
SCHOOLS
920
500
EAG
E WINDOW AND DOOR
NDO
AND DOOR
750
- continued-
5-A.
AREA AND NEIGHBORHOOD ANALYSIS (CONTINUED)
CONCLUSIONS:
The trends with respect to population, em construction and tourism are fairly typical of
midwestern river frontage communities. The economy, in general appears to be rebounding
somewhat. The residential sector appears to be ahead of the commercial sector in this
recovery. The Dubuque area unemployment rate has risen over the past few years, and was at
7.8% in March of 2010. This is higher than the past few years, but there are many areas that
have experienced more job Iosses than Dubuque.
NEIGHBORHOOD DATA:
Identification and Delineation: The subject neighborhood is just northeast of the "downtown"
area, and is Iocated in the eastern portion of Dubuque, Iowa. The s ood is
roughly bounded by Highway 61 on the east, 20m Street on the north, 14th Street on the aouUh,
and the railroad ROW to the west.
Property Types: The area has a variety of uses, with a balance of vacant sites, residential,
light industrial, and commercial uses interspersed. There are several vacant sites in the area,
and the homes and commercial buildings are generaily older.
Neighborhood Trends and Changes: The subject neighborhood is about 50% built-up with
various improvements. The m jor influence on the area is the development ofthefornlerFQL
foods "pack site". The large site has been purchased and has had the buildings cleared from
the site and the rough grading mostly completed. The property was rezoned to a PUD
classification, which would allow for large ratoU, or other commercial uses. The developers of
the "pack" site have also been purchasing properties in the immediate subject neighborhood in
order to provide sufficient land area for development. The development of the pack site has
been slow, partially because of the general economic situation of the past few years.
Nevertheless, it appears that this portion of the community (the pack site and the area south of
16th Street) is poised to see development in the relatively near future.
Competition: The subject neighborhood competes with other deve 'ng|ntmnoiveoonlmoerdm!
areas within Oubuque, but the area is somewhat diatinct, as an o|dar, fringe downtown
neighborhood. The area is generally stable, but will likely see some redevelopment in the
future, and the generat outlook is basically positive.
Adverse Influences: There appears to be no obvious adverse influences on the subject
6.
SITE AND IMPROVEMENT ANALYSIS
Location: The subject property consists of two platted lots which are located in the northwest
corner of Maple Street and 15th Street.
Size and Shape: The entire subject site is rectangular and consists of 5,150 SF (51.5' x 100'),
as shown on the plat on the opposite page. There is 51.5' of frontage along Maple Street and
the alley and 100' of frontage along 15h Street.
Access and Traffic Flow: The property is currently accessed from Maple Street and the alley
on the west side of the site. It is possible that access would be permitted from 15th Street, if
desired. Maple Street and 15th Street are two-lane, two-way streets with onstreet parking.
Topography: The subject property is basically level and is at grade with the surrounding
streets. According to the City of Dubuque, the property is located in Zone X, which is not a
100-year or 500-year floodplain.
Zoning and Utilities: The subject property is located within the city limits of Dubuque and is
currently zoned H-I, Heavy Industrial District. This zoning classification allows for a wide variety
of commercial uses. The site is served by all municipal utilities.
Improvements: The subject property is improved with a pole frame building. The building was
built in 1995, according to available records. The building has an approximate size of 1,040 SF
(26' x 40'). The structure is wood frame with wood roof joists. The exterior walls and roof are
metal. The interior has a gravel floor and is not insulated or heated. The building does have
basic electric service and there is plumbing roughed-in. The building is in average condition.
7.
STATEMENT OF HIGHEST AND BEST USE
The subject property consists of two assessed parcels with a total size of 5,150 SF (51.50' x
100') which are improved with a Tight industrial /storage building. The property is located in the
northwest corner of Maple Street and 15`h Street.
Highest and Best Use as if vacant: The property is of sufficient size and has the zoning
(current or likely potential change) to allow residential, commercial or industrial usage. These
are the physical and legal uses that appear to be most likely. Commercial or industrial usage
would likely involve assemblage with surrounding properties to allow for a sufficient site size.
The financially feasible uses would also include industrial, residential or commercial.
Commercial development is the use that the neighborhood appears to be transitioning to,
although residential and light industrial usages have been prevalent for many years. Based on
the size, location and area trends, it is my opinion that commercial usage is the Highest and
Best Use of the subject property, as if vacant.
Highest and Best Use as improved: The immediate neighborhood is partially undeveloped,
and has been stable for many years. However, there is the distinct possibility of intensive
commercial development of the area, considering the activity associated with the "pack site" to
the north of the subject. According to the City of Dubuque Zoning Department, the current
zoning would allow primarily industrial uses, and the current subject use is a legal, conforming
use. The most recent activity in the neighborhood involving the "pack site" indicates that the
subject site would have potential for some type of commercial development, if it was assembled
with surrounding land. While the City of Dubuque would not guarantee that rezoning would be
allowed, I have presumed that there is a reasonable likelihood that the property could be
rezoned and utilized as part of a larger commercial development. However, the property would
not require rezoning for continued light industrial /storage use. I have analyzed the property with
respect to the value as development land, or with the current improvements. These methods of
analysis indicate that the maximally productive use of the property is for commercial
development. Therefore, it is my opinion that the current use as a light industrial /storage facility
is an interim use and that the Highest and Best Use of the subject property is for future
commercial development.
8.
COST APPROACH TO VALUE
The Cost Approach to Value has been considered, but not developed in this appraisal. I have
is not particularly applicable. Therefore, I have relied primarily upon the Sales Comparison
Approach in estimating the value of the subject property.
COST APPROACH TO VALUE N/A
9.
SALES COMPARISON APPROACH TO VALUE
LAND VALUE AS IF VACANT: The subject site is located northeast of the downtown area.
The immediate neighborhood is characterized by a variety of vacant lots, residential,
commercial, and light industrial uses. The area has more vacant land than the nearby
downtown area, and the land values do not appear to be as high as in the downtown area,
primarily because downtown sales often involve older, improved buildings which are demolished
to create a vacant site. The cost of the improved property 2Lia the cost of the demolition tends
to make the vacant land very costly, relative to other vacant commercial sites in other
neighborhoods. It is not unusual to have a per square foot land cost that is higher in the
downtown area than in the most popular intensive commercial development areas in a
community. The range of sale prices per SF in the other commercial development areas is
generally from $10.00 /SF to $15.00 /SF. There are sales in the $16.00/SF to $20.00 /SF range
(including the recent Walgreens sale at 20t and Elm Streets), but in my opinion these are
atypical of the market, in general.
The subject neighborhood does have some current influence from the demand for land by the
developers of the "pack site ". I have researched land sales in the subject neighborhood, and
the trends appear to be consistent, with the older sales (2004 -2007) having a per SF price in
the $6.00 to $7.00 range, and the most recent sale discovered involving the developers of the
pack site having a per SF price of $10.68/SF. It is not unusual for the general market
conditions to improve over time, but economic conditions do not always improve, and
corresponding land values do not necessarily rise, particularly if there is limited new building
activity. The economic difficulties of the past two years are well known, and there is limited new
development in the commercial sector at this time. Therefore, I have not adjusted the
comparable sales from 2007 for time, as the value of commercial development land does not
appear to have appreciated demonstrably since that time. The sales analyzed below are good
comparables which illustrate a reasonable value range for the subject site. The comparable
sales most heavily relied upon are summarized below, with detailed writeups in the Addenda.
Sale 1 is a 2,560 SF paved parking lot located on the east side of the 1400 block of Central
Avenue. This property was purchased in March of 2005 for $45,000 ($17.58/SF). The site is
utilized as a rental parking lot. The site has 9 spaces which have rented for $25.00 /month. The
property was sold to the owner of a commercial building located across Central Avenue. In my
opinion, this sale would require downward adjustments for the paving, and for the slightly
superior location. The net adjustment to the sale price /SF is downward, relative to the subject
property.
Sale 2 is the sale of the southerly 2,500 SF of the subject site located in the northwest corner of
15`h Street and Maple Street. This parcel was sold to the subject owner, who owned the portion
of the property with the building on it at the time. The sale was in May of 2004 for $15,000
($6.00 /SF). The market conditions have changed since this sale and an upward adjustment for
time is appropriate. In my opinion, the net adjustment to the sale price /SF of this sale is
significantly upward.
- continued-
9 -A.
SALES COMPARISON APPROACH TO VALUE (CONTINUED)
Sale 3 is located along the east side of the alley between Maple and Cedar Street, just south of
16th Street. The property was sold by William Blum to the current owners (SB Development) in
August of 2006 for $24,000 ($6.85/SF). The site does not front Cedar Street or Maple Street.
In my opinion, the subject is more desirable because it fronts a street, although the sale
property, like the subject, would likely be used for assemblage with neighboring property for a
more intensive development. Nevertheless, this factor would indicate an upward adjustment, as
well as a minimal upward adjustment for time. The overall (net) adjustment is significantly
upward, in my opinion.
Sale 4 is the city block bordered by 15`h and 16`h Streets and by Cedar and Sycamore Streets.
This property was purchased by SB Development (the pack site developers) from Alvin Blum in
August of 2007. The property was primarily vacant land, and there were small, older buildings
which the seller indicated had minimal contributory value. The property consists of 10 lots (all
51.5' x 100') which are separated by the public alley. This 51,500 SF property was purchased
in August of 2007 for $550,000 ($10.68/SF). In my opinion, this sale is the most meaningful
sale for a current indication of land value trends in the immediate area. This sale would require
an upward adjustment for size, indicating a minimal upward overall adjustment. The overall
adjustments for the sales discussed above, relative to the subject property are summarized
below.
Sale Size (SF) Sale Price Sale Price /SF Net Adjustment
Sale 1 2,560 $45,000 $17.58 Downward
Sale 2 2,500 $15,000 $6.00 Large Upward
Sale 3 3,502 $24,000 $6.85 Large Upward
Sale 4 51,500 $550,000 $10.68 Minimal Upward
I have also considered a pending sale of a portion of the "pack site ", which the owners have
indicated would involve approximately 2 acres in the northeast portion of the site. The
ownership indicated that there is a signed purchase agreement, and the sale is expected to
close in the Spring of this year. The anticipated sale price is $10.00 /SF. This would be a very
positive event for the future development of the immediate area and could spur additional
development in the near future. This is not a closed sale, but it does lend some support for the
value estimated for the subject land.
CONCLUSIONS: The sales primarily required adjustments for size and time. Smaller sites
typically sell for more per SF than larger sites, and this is a factor when comparing the subject
site to the sales analyzed. The sales are somewhat older, but three of the sales are in the
immediate neighborhood, and were unaffected by the project. It is my opinion that these sales
represent the most meaningful transactions, and the adjustment for time is a minimal factor. As
previously mentioned, the current neighborhood trend has been affected by the pack site
development, and the demand for neighborhood parcels for that development. The sale prices
in the subject neighborhood are comparable to other parcels in arguably more desirable
commercial locations in the community. The pack site development has been slow to
materialize, but there is a pending sale, and this may spur other development in the immediate
area. Based upon my analysis of the sales, adjusted for differences, it is my opinion that the
market value of the 5,150 SF subject site (as if vacant) is at, or near $66,950 ($13.00 /SF).
9 -B.
SALES COMPARISON APPROACH TO VALUE (CONTINUED)
VALUE AS IMPROVED: The previous analysis of the site as if vacant indicated a value of
$66,950. However, the subject property is improved with a pole frame building. The building
was built in 1995, according to available records. The building has an approximate size of
1,040 SF (26' x 40'). The structure is wood frame with wood roof joists. The exterior walls and
roof are metal. The interior has a gravel floor and is not insulated or heated. The building does
have basic electric service and there is plumbing roughed -in. The building is in average
condition. Therefore, I have considered the value of the property as improved. The sale price
of properties with buildings is often analyzed on a sale price per square foot basis in which the
total sale price of the property is divided by the square footage of the building. This gives a unit
of comparison, and includes the building, land and any other property improvements.
Therefore, the sale price per SF is adjusted for differences for relevant factors.
In the case of the subject property, this analysis has been performed to indicate whether the
property has a higher value as improved, or as a vacant development site. A traditional sale
price per SF analysis would require the subject to have a value higher than $64.38/SF, which is
the vacant land value ($66,950) divided by 1,040 SF of building area. I have researched the
area market and the five improved sales summarized below are Tight industrial /commercial
service properties in Dubuque. These properties all have buildings which are more substantial
with respect to building structure. All of these buildings are block or steel frame, are fully
insulated and heated and most have shop and office areas. The sales are summarized.below,
and detailed writeups are in the Addenda of the report.
Sale
1
2
3
4
5
Address
598 Central
1146 Elm St.
1006 Central
165 Westside Ct.
210 Cedar Cross
Bldg size (SF)
3,214
12,273
5,151
3,750
5,424
Sale Price
$85,000
$410,000
$307,000
$300,000
$450,000
Sale Price /SF
$26.45
$33.41
$59.60
$80.00
$82.96
I have considered each of these sales, and in my opinion all of the sales would involve
downward overall adjustments to the sale price per SF, relative to the subject. This is mainly
because the sales are all much more substantial structures. Therefore, the subject does not
appear to have a value per SF in excess of $64.38, which is the value per SF required to
indicate a higher property value as improved, compared to the value as if vacant. Based on my
analysis of the sales (vacant and improved), adjusted for differences, it is my opinion that the
Highest and Best Use of the 5,150 SF subject site is for development and the market value is
at, or near $66,950 ($13.00/SF of land area).
VALUE BY THE SALES COMPARISON APPROACH $66,950
10.
INCOME CAPITALIZATION APPROACH TO VALUE
The subject improvements are an interim use only and the Income Approach Co Value is not
particularly appIicabe as vacant development sites are not typically rerted.
INCOME APPROACH TO VALUE N/A
11.
RECONCILIATION AND FINAL VALUE ESTIMATE
COST APPROACH TO VALUE N/A
SALES COMPARISON APPROACH TO VALUE $66950
INCOME CAPITALIZATION APPROACH TO VALUE NIA
The subject consists of a 5,150 SF (51.5' x 100') site which is located on the west side
of Maple et
between 15m and 16m Streets. The property is owned by G & S Real Estate
and is paved with gravel and is currently utilized for parking. The p acquisition by the
City of Dubuque is a total acquisition in Fee Title.
The appraisal date is February 14, 2011, which is the date of inspection of the subject
property. The date of the report is February 17, 2011. This report is a Detailed Narrative
Appraisal as defined within the Appraisal Policy & Procedures Manual, August 2003 edition,
provided by the Iowa Department of Transportation, Office of Right of Way.
The purpose of this appraisal is to estimate the Market Value of the subject property, as of the
appraisal date, relative to the Bee Branch Creek Restoration Project, which requires the
acquisition of the subject property in Fee Title. The intended use of the appraisal is to
estimate Just compensation for eminent domain purposes as of the appraisal date for
acquisition by the City of Dubuque. The intended users of the appraisal are the City of
DubuqUe, and other parties with an interest in the acquisition process regarding the subject
property.
This appraisal was prepared according to the oontrecUaooignnmantfronl the City of Dubuque.
The intended use of the appraisal is for eminent domain related acquisition. The appraisal is
prepared under the Jurisdictional Exception provision contained in the Uniform Standards of
Professional Appraisal Practice (USPAP). In preparing the appna|nm|, the appraiser has
conformed with all parts of USPAP except those that are contrary to State and Federal
requirements. The appraisal was prepared in conformance with the Uniform Relocation
Assistance and Real Property Acquisition Policies Act of 1970, Public Law 91-646, as amended
and Chapters 6B and 316, Code of |ovvo, and in concurrence with the FAA Advisory Circular
150/5100-17. Chapter 2. The report was not prepared under USPAP reporting requirements
but does conform to the requirements of State and Federal law as implemented in the Iowa
Department of Transportation Appraisal Manual reporting req uirements.
11 -A.
RECONCILIATION AND FINAL VALUE ESTIMATE (CONTINUED)
CONCLUSIONS:
Exposure and Marketing time: The improved properties researched indicated a wide variety of
exposure times. Longer marketing times are generally caused by changes in Highest and Best
Use, declining desirability of locations and other factors. Considering the subject's location and
the current market conditions, I would estimate Exposure Time (i.e. the length of time the
subject property would have been exposed for sale in the market had it sold at the market value
estimated in this analysis as of the date of the valuation) to be six to 12 months. I have
estimated a similar marketing time for the subject property (the length of time it would probably
take to sell the property If exposed in the market beginning on the date of this valuation).
In addition to the contingencies and limitations stated elsewhere within this report, no survey
was available of the property to show boundaries, improvements, lot size, easements or any
encroachments, although the accompanying exhibits and descriptions herein fairly depict the
property under appraisement. No Phase I environmental audit has been provided regarding the
subject property. No hazardous conditions were obvious upon the inspection. The property is
appraised as if clean of all contamination, above and below ground.
CONCLUSIONS:
Based upon the relative strengths and shortcomings of the various approaches to value
developed in this appraisal I have relied upon the Sales Comparison Approach in arriving at an
opinion value for the subject property. As a result of my investigation, based upon my analysis
of the included data, it is my opinion that as of February 14, 2011 the Market Value of the Fee -
Simple Interest of the subject property is at, or near $66,950.
SIXTY SIX THOUSAND NINE HUNDRED FIFTY DOLLARS
HATTERY REAL ESTATE A PRAISALS, LLC
12.
ASSUMPTIONS AND LIMITING CONDITIONS
1. The photographs contained in the individual appraisal reports were taken by the appraiser
on the date the property was inspected. Any photo taken on a different date or by another
person will be appropriately labeled.
2. The title to the property is good and merchantable, free and clear of all liens and, there are
no encumbrances other than those mentioned in the appraisal report.
3. The plans, plats, legal descriptions and other data furnished by others are assumed to be
correct and reliable but the appraiser assumes no responsibility for their accuracy.
4. The individual appraisals are made in accord with the Code of Iowa and do not reflect any
benefit from the proposed improvement or non - compensable items of damage.
5. Any temporary easement area acquired will be retained by the acquiring authority until
completion of project construction and will be returned in the condition indicated by the highway
plans.
6. The existing drainage will not be adversely affected by highway construction unless
otherwise specified in the data furnished and the tile lines on the remaining property will
function properly after highway construction is completed.
7. The property is appraised as though under responsible ownership and typical management.
8. The property owner will be paid separately for the cost of fencing the new right of way line, if
such fencing is needed, in those cases where the acquiring authority does not erect a right of
way fence. The property owner has a right to pasture livestock adjacent to any state erected
fence but must assume all responsibility for restraint of such livestock. Any effect on fencing
other than right of way fence or temporary fence will be considered in the individual appraisal
reports.
9. The property owner or lessee will be paid separately for loss, if any, of growing crops or
completed field work.
10. The acquiring authority may use any or all of the contents of the appraisal reports only for
its normal business functions.
APPRAISER QUALIFICATIONS - DOUGLAS J. HATTERY
EDUCATION:
Graduate of Galesburg Senior High School, Galesburg, Illinois, 1981
Graduate of University of Colorado, Boulder, Colorado, 1985
Bachelor of Science in Business with majors in Marketing and Small Business
Management
APPRAISAL INSTITUTE COURSES:
Course 1A-1, Real Estate Appraisal Principles, June 1992, Tom Bennett, MAI, sponsored by
the University of Colorado and the Appraisal Institute, Boulder, Colorado
Course SPP Parts A & B, Standards of Professional Practice, March 1993, Guy Romito, MAI
and Jim Schroeder, MAI, sponsored by Chicago Chapter-of the Appraisal Institute, Chicago,
Illinois
Course 120, Real Estate Appraisal Procedures, February 1994, Joseph Magdziarz, SRPA,
SRA, sponsored by Chicago Chapter of the Appraisal Institute, Chicago, Illinois
Course 210, Residential Case Study, March 2001, Maggie Hambleton, SRA, sponsored by
Chicago Chapter of the Appraisal Institute, Chicago, Illinois
Course 310, Income Capitalization, October 1999, Joseph Magdziarz, SRPA, SRA, sponsored
by Chicago Chapter of the Appraisal Institute, Chicago, Illinois
Course ILVII, Nonresidential Report Writing, April 2001, Susan Rex, sponsored by Chicago
Chapter of the Appraisal Institute, Chicago, Illinois
EXPERIENCE:
Present Hattery Real Estate Appraisals, LLC, Davenport, Iowa
August 1995 — September 2006 Stahl-Hattery Valuation Services, LLC, Davenport, Iowa
January 1992 - August 1995 American Real Estate Ltd. Davenport, Iowa
CERTIFICATION:
Certified General Real Property Appraiser by the State of Iowa, Certificate #CG01824
Certified General Real Estate Appraiser by the State of Illinois, License #553.001382
ADDENDA
SALE #: 1
ADDRESS: 1400 Central Avenue TERMS: Cash to Seller
ZONING: C-4, Commercial GRANTOR: K & L Properties
LAND SIZE (SF): 2,560 SF GRANTEE: Zapf Family Trust
SALE DATE: 3-30-2005 CONFIRMED BY: Grantor (Kehrli)
SALE PRICE: $45,000 RECORDING: 4622-05
SALE PRICE/SF: $17.58
REMARKS: This parcel was sold to the owner of a commercial building located across the
street. The site is paved and is utilized as a rental parking lot, with 9 spaces. The rent is
somewhat below market, according to the seller, at $25 per month.
SAL #: 2
ADDRESS: NWC 15th & Maple
ZONING: M'i Heavy Industrial
LAND SIZE (SF): 2,500 SF
SALE DATE: 5-14-2004
SALE PRICE: $15.000
SALE PRICE/SF: $6.00
REMARKS: This unimproved parcel is a 1/2 lot (25'X1O0which was sold to the owner of the
neighboring property.
TERMS: Cash to Selier
GRANTOR: G & S Real Estate
GRANTEE: Tony Zenner
CONFtRMED BY: Grantor (Schwartz)
RECORDING: 8376-04
SAL #: 3
ADDRESS: SWQ 16th & Cedar
ZONING: H-[ Heavy Industrial
LAND SIZE (SF): 3,502 SF
SALE DATE: 8-4-2006
SALE PRICE: $24'000
SALE PRICE/SF: $6.85
TERMS: Cash to SeHer
GRANTOR: William Blum
GRANTEE: SB Development
CONFIRMED BY: Blum
RECORDING: 12072-06
REMARKS: This unimproved parcel does not front Cedar EVreet, but fronts the alley between
Cedar and Maple Street. The lot is 51.5'x08' and was formerly improved with a single-family
home. The property was purchased by the developer of the pack site'.
SALE #: 4
ADDRESS: Cedar St Biock (15th to16")
ZONING: H-1, Heavy Industrial
LAND SIZE (SF): 51,500 SF
SALE DATE: 8-21-2007
SALE PRICE: $550.000
SALEPR|CE/GF: $10.08
TERMS: Cash to Selier
GRANTOR: BIum Properties
GRANTEE: SB Development
CONFIRMED BY: Alvin BIum
RECORDING: 12834-07
REMARKS: This property is the city block bounded by 15th and 16th Streets, and by Cedar and
Sycamore Streets. The property consists of 10 lots, each 51.5'X 100'. separated by (he city
alley. The parcel is mostly unimproved land, with small buildings, which had no significant
contributory value according to the seHer. The property was purchased by the dev&oper of the
"pack site".
SALE #: 1
ADDRESS: 598 Central Avenue
CITY: Dubuque, IA
SITE SIZE: 5,170 SF
BUILDING SIZE (SF): 3,214
L/B RATIO: 1.60:1
SALE PRICE: $85,000
SALE PRICE /SF: $26.45
TERMS: Cash for Deed
GRANTOR: Richard Haberkorn
GRANTEE: Kenneth Jaeger
SALE DATE: 7 -14 -2009
CONFIRMED BY: Grantee
IMPROVEMENTS: Auto Repair /Sales bldg.
RECORDING: 2009 -14231
REMARKS: One -story concrete block and tile building utilized as an auto service garage and
sates facility. The property was in fair condition at the time of the sale and the buyer intended
to make significant improvements after the sale. The property is zoned C-4, Downtown
Commercial and previously sold in 2006 for $50,000.
SALE #: 2
ADDRESS: 1146 Elm Street
CITY: Dubuque, IA
SITE SIZE: 17,720 SF
BUILDING SIZE (SF): 12,273
LIB RATIO: 1.44:1
SALE PRICE: $410,000
SALE PRICE /SF: $33.41
TERMS: Cash for Deed
GRANTOR: Awesome Rental, Inc.
GRANTEE: Stactds, LLC
SALE DATE: 3 -26 -2009
CONFIRMED BY: Grantee
IMPROVEMENTS: Shop/VVarehouse bldg.
RECORDING: 2009 -5886
REMARKS: Located in the southwest corner of Elm Street and East 12'" Street. The building is
a one -story steel frame, metal clad structure built in 1955 with 12' sidewalls. There are 4
overhead doors. Tho property is zoned HI (industrial) and the building was in average
condition.
SALE #: 3
ADDRESS: 1006 Central Avenue
CITY: Dubuque, IA
SITE SIZE: 12,800 SF
BUILDING SIZE (SF): 5,151
L/B RATIO: 2.49:1
SALE PRICE: $307,000
SALE PRICE /SF: $59.60
TERMS: Cash for Deed
GRANTOR: James Riedi
GRANTEE: DLTV, LLC
SALE DATE: 12 -28 -2007
CONFIRMED BY: Grantor
IMPROVEMENTS: Shop /Service bldg.
RECORDING: 2007 -19265
REMARKS: Located in the northeast corner of Central Avenue and East 101h Street. The
building is a one -story brick -faced shoplservice structure built in 1977 with 15' ceiling height.
There are 3 overhead doors and the interior was mostly open shop area with a small office (8%
of building area). The interior was heated and only the office was air conditioned. The building
was in good condition. The property is zoned C-4, Downtown Commercial,
SALE #: 4
ADDRESS: 165 Wostside Court
CITY: Dubuque, IA
SITE SIZE: 133,293 SF
BUILDING SIZE (SF): 3,750
LJB RATIO: 35.54:1
SALE PRICE: $300,000
SALE PRICE/SF: $80.00
TERMS: Cash for Deed
GRANTOR: Roger t3ruggeman
GRANTEE: Arthofer Properties, LLC
SALE DATE: 3 -31 -2009
CONFIRMED BY: Grantor
IMPROVEMENTS: Shop /Service bldg.
RECORDING: 2009 -6934
REMARKS: This property consisted of a steel frame, metal sided building (built in 1983) with
16' ceilings in the shop area, The interior of the building had three offices with a mezzanine
over the offices. The interior was about 1/3 finished, according to the seller: The sale was a
private sale, but was armslength, The interior and offices were heated only and the building
was in good condition at the time of the sale. The buyer added 3,200 SF building to the site
after the purchase. The property has a large site and the main portion containing the buildings
is zoned CS, Commercial Service and the remainder is zoned PC, Planned Commercial.
SALE #: 5
ADDRESS: 210 Cedar Cross Road
CITY; Dubuque, IA
SITE SIZE; 48,787 SF
BUILDING SIZE (SF): 5,424
UB RATIO: 8.99:1
SALE PRICE: $450,000
SALE PRICE/SF: $82.96
TERMS: Cash for Deed
GRANTOR: Jeffrey Meyer
GRANTEE: Keith and Tina Wolff
SALE DATE: 12.27 -2007
CONFIRMED BY: Grantee
IMPROVEMENTS: Shop /Service bldg.
RECORDING: 2007 -19186
REMARKS: This property consisted of a steel frame, brick exterior building (built in 1993) with
approximately 80 % radiant heated shop area with five overhead doors and the remainder is
finished office area with heating and air conditioning. The property was in good condition at the
time of the sale. The property was utilized as a muffler shop prior to the sale and is now owned
by a sign company. The property is zoned CS, Commercial Service.
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