Appraisal -- Osteen Parcel ROW and PUE 6-5-2024.pdf
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UPDATED NARRATIVE APPRAISAL REPORT
Of a 24,612-Square Foot Right of Way and a
2,631-Square Foot Public Utility Easement
Along the Frontage of a 2.5-Acre Tract of Commercial Land
Located North of the Northeast of Durango Street and Yuma Road
Buckeye, Arizona 85326
The Donna Lee Osteen Right of Way and PUE Acquisition
Prepared For:
Ms. Jill Trompeter
City of Buckeye
530 East Monroe Avenue
Buckeye, AZ 85326
Date of Inspection and Valuation:
May 22, 2024
Report Date:
June 5, 2024
Prepared By:
Wayne Harding, MAI
WAYNE HARDING & ASSOCIATES
PROFESSIONAL REAL ESTATE VALUATION
9420 East Doubletree Ranch Road, Suite C-110
Scottsdale, Arizona 85258
WAYNE HARDING & ASSOCIATES
PROFESSIONAL REAL ESTATE VALUATION
9420 East Doubletree Ranch Road, Suite C-110
Scottsdale, Arizona 85258
480-609-7090
wayne.harding@cox.net
June 5, 2024
Ms. Jill Trompeter
City of Buckeye
530 East Monroe Avenue
Buckeye, AZ 85326
Re: Updated appraisal of a proposed 24,612-square foot right of way and 2,631-square foot
public utility easement along the frontage of a 2.5-acre commercial lot located north of
the Northeast of Durango Street and -- in Buckeye, Arizona 85326.
Dear Ms. Trompeter:
At your request, the appraisal of the above-referenced right of way and public utility easement has
been updated. The larger parcel of which the proposed right of way and public utility easement
are a part is a 2.5-acre tract of commercial lot. The proposed right of way and public utility
easement are to be used for the widening and improvement of 249th Avenue (currently Yuma Road)
and Durango Street through the area.
The purpose of the appraisal is to formulate an opinion of the market value of the proposed right
of way and the public utility easement, as of the effective date of the appraisal on May 22, 2024.
The client is the City of Buckeye. The intended use is to assist in acquisition of the area to be
acquired. The client is the intended user of the report, and the property owner is an additional
intended user. This report is not to be used by any other party or for any other purpose without
the written consent of Wayne Harding & Associates.
The property was inspected and analyzed for the purpose of formulating an opinion of the market
value of the right of way and public utility easement, as defined in this report, as of May 22, 2024.
The report is prepared to conform to the 2024-2025 Edition of the Uniform Standards of
Professional Appraisal Practice (USPAP) for an appraisal report, as I understand them. It contains
a description of the property appraised and the analysis of the data leading to the values concluded.
The data, opinions, and conclusions discussed are subject to the assumptions and limiting
conditions cited on page 7 and 8 of the accompanying report.
Appraisal of this type of partial acquisition involves considering the value of the right of way and
public utility easement as a part of the land of which they are a part. Based upon the points
discussed in the attached report, the right of way and public utility easement are concluded to be a
part of a residential lot totaling 2.5 acres that is owned by Donna Lee Osteen.
As a conclusion of the updated analysis the final opinion of the market value of the fee simple
interest of the larger parcel of which the right of way is a part, as of May 22, 2024, is:
ONE MILLION TWO HUNDRED FIFTY-TWO THOUSAND FIVE HUNDRED DOLLARS
($1,252,500)
The final opinion of the market value of the right of way, as of May 22, 2024, is:
TWO HUNDRED EIGHTY-THREE THOUSAND FIFTY DOLLARS
($283,050)
The assignment is not made under any hypothetical conditions. There are no extraordinary
assumptions needed to complete the assignment.
The assignment also includes estimating the value of a public utility easement (PUE) that is located
adjacent to the right of way to be acquired. The final opinion of value of the public utility easement
as of May 22, 2024, is:
NINE THOUSAND ONE HUNDRED DOLLARS
($9,100)
Respectfully submitted,
Wayne Harding & Associates
By: Wayne Harding, MAI
Arizona Certified General Appraiser #30471
Letter of Transmittal
Ms. Jill Trompeter
City of Buckeye
June 5, 2024
Page 2
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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TABLE OF CONTENTS
TABLE OF CONTENTS ................................................................................................................ 4
SUMMARY OF SALIENT FACTS AND CONCLUSIONS ........................................................ 5
LIMITING CONDITIONS AND ASSUMPTIONS ...................................................................... 7
INTRODUCTION .......................................................................................................................... 9
Subject Property Aerial ............................................................................................................. 10
Legal Description ...................................................................................................................... 11
Owner of Record ....................................................................................................................... 11
PROPERTY RIGHTS APPRAISED ............................................................................................ 13
DEFINITION OF VALUE ........................................................................................................... 13
APPRAISAL PROCESS .............................................................................................................. 14
REGIONAL SUMMARY ............................................................................................................ 16
Summary of Regional Description ............................................................................................ 22
NEIGHBORHOOD DESCRIPTION ........................................................................................... 23
NEIGHBORHOOD AERIAL ................................................................................................... 25
SITE DESCRIPTION ................................................................................................................... 26
Assessor’s Plat (A. P. No. 504-63-001B) ................................................................................. 27
Description of Right Of Way to Be Acquired .......................................................................... 29
Description of Public Utility Easement Area ............................................................................ 30
ZONING ....................................................................................................................................... 31
HIGHEST AND BEST USE ........................................................................................................ 32
VALUATION ............................................................................................................................... 33
SALES COMPARISON APPROACH ......................................................................................... 33
Discussion of Sales ................................................................................................................... 36
Land Sales Adjustment Chart ................................................................................................... 40
Conclusion of Land Value for the Larger Parcel ...................................................................... 41
VALUATION OF RIGHT OF WAY TO BE ACQUIRED ......................................................... 41
Value Estimate of the Right Of Way to Be Acquired ............................................................... 41
CERTIFICATION OF VALUE .................................................................................................... 45
ADDENDA
Exhibit 1
Appraiser's Qualifications and License
Exhibit 2
Title Report for Larger Parcel
Exhibit 3
Assessor's Data for Larger Parcel
Exhibit 4
Zoning Description
Exhibit 5
Flood Plain Map
Exhibit 6
Subject Photographs
Exhibit 7
Engineer Sketch of ROW and PUE Acquisition
Exhibit 8
Land Sales Sheets
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Type of Property:
A proposed 24,612-square foot right of way and a 2,631-square foot
public utility easement along the frontage of a 2.5-acre commercial
lot.
Location/Address:
Northeast of and Durango Street and Yuma Road Buckeye, Arizona
85326.
Purpose of the
Appraisal:
Formulate an opinion of the market value of the proposed right of
way and the PUE.
Intended Use
of the Appraisal:
The intended use is to assist in acquisition of the area to be acquired.
Client and
Intended Users:
The client and intended user are the City of Buckeye. The property
owner is an additional intended user.
Hypothetical
Conditions and
Extraordinary
Assumptions:
The assignment is not made under any hypothetical conditions.
There are no extraordinary assumptions needed to complete the
assignment.
Legal Description
Of Larger Parcel:
Nw4 Sw4 Se4 Nw4 2.50 Ac.
Tax Parcel No.:
The subject larger parcel is identified as Maricopa County assessor’s
parcel number 504-63-001B.
Site Area Of
Larger Parcel:
The larger parcel consists of one assessor’s parcel, with a total area
of 2.5 acres or 108,900 square feet according to Maricopa County
assessor’s figures.
Zoning:
RR, rural residential, ten acres minimum lot size, regulated by the
City of Buckeye.
Site Improvements:
None.
Building
Improvements:
None.
Highest & Best Use
Of Larger Parcel:
Rezone to allow development with a commercial or industrial use as
allowed by general plan designation.
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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Opinion of Value of
Larger Parcel:
$1,252,500
Opinion of Value of
Right Of Way To Be
Acquired:
Value of the Public
Utility Easement:
$283,050
$9,100
Date of Valuation:
May 22, 2024
Date of Inspection:
May 22, 2024
Date of Report:
June 5, 2024
Appraisal Reporting
Standards:
This report is drafted to adhere to the 2024-2025 Edition of the
Uniform Standards Of Professional Appraisal Practice (USPAP), as
I understand them.
Appraiser:
Wayne Harding, MAI
WAYNE HARDING & ASSOCIATES
9420 East Doubletree Ranch Road, Suite C-110
Scottsdale, Arizona 85258
480-609-7090
Tax ID # 86-0791700
Harding & Associates
File No.:
2406B
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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LIMITING CONDITIONS AND ASSUMPTIONS
This appraisal is subject to the following assumptions and limiting conditions:
1.
That the title to the property is marketable and free of all liens and encumbrances, except
as noted in the report.
2.
That no responsibility is assumed for the legal description or for matters including legal or
title considerations.
3.
That the descriptions and plats furnished are correct.
4.
That information furnished by others is believed to be reliable. No warranty is made as to
its accuracy, however.
5.
That all engineering is assumed to be correct. The plot plans and illustrative material in
this report are included only to assist the reader in visualizing the property.
6.
That there are no hidden or unapparent conditions of the property, subsoil, or structures
that render it more or less valuable. No responsibility is assumed for such conditions or
for arranging for engineering studies that may be required to discover them.
7.
That there is full compliance with all applicable federal, state, and local environmental
regulations and laws unless non-compliance is stated, defined, and considered in the
appraisal report.
8.
That all applicable zoning and use regulations and restrictions have been complied with,
unless a nonconformity has been stated, defined, and considered in the appraisal report.
9.
That all required licenses, certificates of occupancy, consents, or other legislative or
administrative authority from any local, state, or national government or private entity or
organization have been or can be renewed for any use on which the value estimate
contained in this report is based.
10.
That the utilization of the land and improvements is within the boundaries or property lines
of the property described and that there is no encroachment or trespass unless noted in the
report.
11.
That the distribution, if any, of the total valuation in this report between land and
improvements, applies only under the stated program of utilization. The separate
allocations for land and buildings must not be used in conjunction with any other appraisal
and are invalid if so used.
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12.
Possession of this report, or a copy thereof, does not carry with it the right of publication.
It may not be used for any purpose by any person other than the party to whom it is
addressed without the written consent of the appraiser, and in any event only with properly
written qualification and only in its entirety.
13.
That neither all nor any part of the contents of this report, especially any conclusions as to
value, the identity of the appraiser, or the firm with which the appraiser is connected, shall
be disseminated to the public through advertising media, public relations media, news
media, sales media, or any other public means of communication without the prior written
consent and approval of the appraiser.
14.
This appraisal report has been made in conformity with and is subject to the requirements
of the Code of Professional Ethics of the Appraisal Institute.
15.
Unless otherwise stated in this report, the existence of hazardous 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 any 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, petroleum contaminants, or other potentially
hazardous materials 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.
16.
This appraisal is to be used only for the purpose stated herein. While the distribution of
this appraisal in its entirety is at the discretion of the client, individual sections shall not be
distributed; this report is intended to be used in whole and not in part.
17.
All files, work papers, and documents developed in connection with this assignment are
the property of Wayne Harding & Associates. Information, estimates, and opinions are
verified where possible, but cannot be guaranteed. Plans provided are intended to assist the
client in visualizing the property; no other use of these plans is intended or permitted.
18.
Necessary licenses, permits, consents, legislative or administrative authority from any
local, state, or Federal government or private entity are assumed to be in place or
reasonably obtainable.
19.
Appraisals are based on the data available at the time the assignment is completed.
Amendments/modifications to appraisals based on new information made available after
the appraisal was completed will be made, as soon as reasonably possible, for an additional
fee.
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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INTRODUCTION
This is an updated appraisal of a proposed right of way and public utility easement along the
frontage of a 2.5-acre commercial lot. The City of Buckeye is in negotiations with the owner to
purchase the 24,612-square foot right of way and 2,631-square foot public utility easement to be
used for the widening and improvement of 249th Avenue (currently Yuma Road) and Durango
Street through the area. To assist in that process, the City of Buckeye has had the property
appraised.
The property and related market influences are discussed later in this report. An aerial photo of
the subject parcel is shown on page 10, while ground level photos of the subject parcel are shown
in the addenda. Maps and exhibits are shown throughout the text of this report and in the addenda.
Much of the information discussed above is repeated or defined specifically on the following pages
in more technical style to meet the requirements of the Uniform Standards of Professional
Appraisal Practice.
Scope of Work
This appraisal is prepared for Ms. Jill Trompeter of the City of Buckeye. The purpose of the
appraisal is to formulate an opinion of the market value of the fee simple interest in the area to be
acquired, as of the date of valuation on May 22, 2024. The intended use is to assist in acquisition
of the area to be acquired. The client is the City of Buckeye. The intended user is the client. The
property owner is an additional intended user. This report is not to be used by any other party or
for any other purpose without the written consent of Wayne Harding & Associates.
The report is prepared to conform to the 2024-2025 Edition of the Uniform Standards of
Professional Appraisal Practice (USPAP), for an appraisal report, as I understand them. It is noted
that we have completed a prior appraisal for the client in March 2023. Other than this prior
assignment, the appraiser has not performed any services, as an appraiser or in any other capacity,
regarding the property that is the subject of this report within the three-year period immediately
preceding acceptance of this assignment.
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
10
Subject Property Aerial
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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PROPERTY IDENTIFICATION
The larger parcel is illustrated on the aerial photo shown on the prior page.
Legal Description
The legal description shown in the Maricopa County assessor’s records for the larger parcel is as
follows:
Nw4 Sw4 Se4 Nw4 2.50 Ac
The legal description of the proposed right of way and public utility easement is shown in Exhibit
6 of the addenda.
Owner of Record
The owner of record of the larger parcel, according to Maricopa County assessor’s records, is:
Donna Lee Osteen
4515 West Sierra Street
Glendale AZ 85304-3545
Five Year Chain of Title
According to County records published by First American Data Tree, No sales or other transfers
of title of the subject have occurred within the past five years.
Larger Parcel Discussion
When considering the valuation for any partial acquisition, including this right of way and public
utility easement, appropriate appraisal methodology requires that the value of the acquisition area
be considered as a part of the larger parcel of which it is a part. There are three principal factors
used to reach a conclusion of the larger parcel as it impacts a partial acquisition. They are unity
of title, unity of use, and contiguity.
In this case, there is one assessor’s parcel that is impacted by the proposed right of way and public
utility easement that is under the ownership of Donna Lee Osteen. It is identified as Maricopa
County Assessor’s parcel number 504-63-001B. It is outlined on the aerial on page 10. The entire
parcel has the same potential use for commercial development. As a result, the entire parcel has
unity of title, unity of use, and contiguity. Therefore, parcel number 504-63-001B is concluded to
be the larger parcel for purposes of this appraisal assignment.
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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Current Listing Price and Offerings
At the time of the original appraisal, the subject property is not known to be listed for sale and
there have been no written offers to purchase it., according to Ms. Osteen. It does not appear to be
listed for sale presently.
Exposure Time
Exposure Time in the context of a written appraisal is defined as “The estimated length of time
the property interest being appraised would have been offered on the market prior to the
hypothetical consummation of a sale at market value on the effective date of the appraisal.”1
The estimated exposure time required to sell the subject property on the open market is six to
twelve months, based upon analysis of current market conditions for this type of commercial lot,
discussions with market participants and observers, and by comparison with marketing periods of
the sales included in this report, where available. This conclusion is based upon the assumption
that the property is properly marketed by a professional brokerage specializing in this type of
property and at a price that is equal to or near the value concluded in this appraisal.
Marketing Time
Marketing Time in the context of a written appraisal is defined as “An opinion of the amount of
time it might take to sell a real or personal property interest at the concluded market value level
during the period immediately after the effective date of an appraisal. Marketing time differs from
exposure time, which is always presumed to precede the effective date of an appraisal.”2
Given the number of available vacant sites that were observed for sale in the neighborhood at the
time of inspection, the estimated marketing period to sell the property today is six to twelve
months. This conclusion is based upon the assumption that the property is properly marketed by
a professional brokerage specializing in this type of property and at a price that is equal to or near
the value concluded in this appraisal.
Development History
The property remains vacant land.
Owner Contact and Site Inspection
The property owner contact was given by the client as Ms. Donna Osteen. She was contacted via
mail notifying her of the appraisal and offering her the opportunity to be present at the inspection
for the original appraisal. She responded via phone and was present at the property at the time of
inspection along with Shawna and Michael Osteen on April 5, 2023. The property was reinspected
briefly for this update on May 22, 2024 from the public right of way. No one was present besides
the appraiser.
1 The Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Edition, (Chicago: 2015), pg. 83
2 The Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Edition, (Chicago: 2015), pg. 140
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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Date of Inspection and Valuation
The property was inspected on May 22, 2024. The effective date of the appraisal (date of valuation)
is also May 22, 2024.
PROPERTY RIGHTS APPRAISED
The fee simple interest of the larger parcel as vacant is appraised. The fee simple interest is
defined as:
"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.”3
The right of way strip to be acquired is being acquired as the fee simple interest.
The PUE is to be acquired as an easement so its value is concluded as a percentage of the fee
simple interest value, based upon the degree of rights taken by the easement.
Tenant Information
No leasehold interests are known to exist on the property.
Division of Real and Personal Property
No fixtures, equipment, business value or other personal property elements are included in the
appraisal.
DEFINITION OF VALUE
The definition of market value applied in this assignment, pursuant to the Arizona Revised
Statute 12-1122, is as follows:
"...'Market Value' means the most probable price estimated in terms of cash in United States
dollars or comparable market financial arrangements which the property would bring if
exposed for sale in an open market, with reasonable time allowed in which to find a
purchaser, buying with knowledge of all of the uses and purposes to which it was adopted
and for which it was capable."
3 The Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Edition, (Chicago: 2015), pg 90
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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APPRAISAL PROCESS
The scope of this appraisal involves a specific process in order to form an opinion of the market
value of the fee simple interest in the subject property. The process includes the following steps:
1) inspection of the subject property to identify the physical, locational and economic
characteristics of the property relative to competing properties; 2) research and investigation of
public records relating to the property and competing properties to identify legally permitted uses
and availability of public amenities; 3) performing a search of Costar, the multiple listing service,
public records and other sources to identify sales of competing property in the market; 4) analysis
of the sales data to identify those sales most similar to the subject property; 5) formulating an
opinion of the highest and best use of the subject property; 6) analysis of the sales comparison
approach to conclude a value for the subject larger parcel.
Once the value of the total parcel is concluded; 7) the value of the right of way to be acquired is
estimated and the value of the acquisition is analyzed and calculated based upon those rights that
are transferred as a result of acquisition and the estimated percentage of value that belong to those
transferred rights. From this conclusion, the value of the remainder as a part of the whole can be
calculated. Next; 8) the value of the remainder is then considered again with the easement in place
and the two figures are compared to identify whether any further reduction in value has occurred
that may result in severance damage to the remainder. This process is repeated for the public utility
easement and applied in the valuation section of this report.
Extent of Data Collection
The scope of this appraisal recognizes one approach to market value: the sales comparison
approach. Since the cost and income approaches apply to improved properties, they are not
analyzed here. The sales comparison approach is discussed in the Valuation section of this report.
The data collected and employed in the analysis is referenced throughout the report and typically
includes the source of the data, degree of reliability, and overall significance of the data. Any
departure from this practice is specifically addressed.
To analyze the forces affecting the subject market and the property's competitive position within
the market, several independent investigations were conducted. Regularly updated data from
published data services for the subject market and competing properties was referenced to gain
current information on market conditions. Current sales data was gathered on numerous
comparable properties from throughout Maricopa County and recorded affidavits of property value
were checked to verify preliminary information. From this search, the most comparable properties
were selected for use supporting a value estimate for the subject site.
Data used in the discussion of the region were gathered from many published sources including
area newspapers, real estate brokerage websites and publications and local economist publications.
Neighborhood data was collected by driving the area and making observations on location, nature,
and condition of surrounding improvements and features.
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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All sales data applied in this report was confirmed from one or more of the following data sources:
Costar
Arizona Regional Multiple Listing Service
Affidavits of Property Value
Owners or their representatives
First American Data Tree Real Estate Data Service
Maricopa County Records
The data collected and employed in the analysis is referenced throughout the report and typically
includes the source of the data, degree of reliability, and overall significance of the data. From
these investigations and data sources, the most relevant information was selected for analysis in
supporting an estimate of value for the subject property. The next section discusses broad
economic and real estate market trends influencing the subject property. The subject neighborhood
and site are described subsequently.
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REGIONAL SUMMARY
Location
The subject property is located within the southwest quadrant of metropolitan Phoenix in a rapidly
growing area known as Buckeye. As such, it is a part of the largest metropolitan area in the
mountain west region of the U.S. Phoenix is located near the central part of the state of Arizona
and is a regional center for goods and services and serves as the capital of Arizona and county seat
of Maricopa County. It lies at the center of a large, flat valley known as the Valley of the Sun.
Geography and Climate of Arizona
Arizona is known worldwide for its classic desert terrain and scenic, rocky landscapes. Among
his most famous features in northern Arizona include the Grand Canyon national Park in the red
rocks of Sedona. The northern one third of the state is made up of a combination of rolling desert
range land, the largest Ponderosa pine forest in the country and areas of area and rocky cliff
formations. The southern approximately two thirds of the state are characterized a combination of
rugged mountainous areas, gently rolling Sonoran Desert land, and gentle valley floors. The five
largest population centers of the state are all located in areas that can be described as either valley
floors or gentle flat areas. The mountainous portions of the state as a result tend to be sparsely
populated.
While the northern one third of the state has more of a high plains type of climate, the southern
two thirds as a distinct desert climate with very hot temperatures in the summer months between
June and September and very moderate attractive temperatures in the winter months between
October and May. The winter climate is attractive for a variety of reasons including a large
seasonal tourist population, a warm winter growing season and a reliable destination for winter
meetings and sporting events. It also creates a very attractive lifestyle for many people who choose
to leave the cold and snowy climate of the northeast.
Government
The state of Arizona has been characterized politically for decades as a pro-business, small-
government state. As a result, it has been active in its economic development through its state
Commerce Department, with a constant effort to lure employers into the state. The regional
government, through joint efforts of the communities within Maricopa County, has also taken a
strong, favorable stance toward more economic development and has a coordinated effort to
improve economic and transportation conditions in the area.
These efforts continue to bear fruit most recently in the form of high-tech corporations and
manufacturers establishing new plants and offices in the metropolitan areas as well as outlying
areas. Examples include a huge Intel chip fabrication plant being developed in the Chandler area
to the southeast of Phoenix and a start-up electric car company known as Lucid Motors breaking
ground on an enormous factory in Casa Grande, 60 miles south of Phoenix. Amazon has recently
developed a large regional fulfillment center in southwest Phoenix, while Red Bull and White
Claw have also completed large production facilities on the west side of the metropolitan area.
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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A significant factor impacting real estate in Arizona is the degree of land controlled or owned by
federal and state agencies. The federal government owns about 42.1% of the state’s land according
to the Congressional Research Service, between Bureau of Land Managements, military bases and
bombing ranges, six National Forests, national parks and several national monuments. The State
of Arizona controls 12.1% of the state’s land through a series of land trusts managed by its State
Land Department. Approximately 27.1% of the state is within several large Indian Reservations.
This leaves about 18% of the total state that is held by private owners. This tends to concentrate
the state’s population in the private land areas and provides an abundance of areas outside of them
for recreation and other uses.
Population & Economic Growth
The state is broken into 15 counties. Although it is only the fifth largest in terms of area, Maricopa
County is the most populous, with about 61% of the state residing in the greater Phoenix area. As
a result, Maricopa County is closely interconnected with metropolitan Phoenix and the greater
metropolitan area within Maricopa County encompasses 25 municipalities from small bedroom
communities to the incorporated area of Phoenix, which by itself totals over 1,680,000 residents.
The latest Arizona State population estimates based on a July 1, 2023 date are 7,525,113 for the
state and 4,665,020 for Maricopa County. By total population it is ranked 10th nationally, as of
July 1, 2023, while by annual GDP it is ranked 14th for the year 2022, the latest figures available.
Pima County, where Tucson is located 120 miles to the southeast, has a population of about
1,080,000 residents as of July 1, 2023, and Pinal County, located in the area between Phoenix and
Tucson, has a population of about 468,000. These population figures are based upon estimated
figures published by the State of Arizona, as of July 1, 2023.
Due to a variety of economic factors, Arizona was one of the latter states to recover from the
recession of 2008. However, since its recovery that began in about late 2014, population growth
has begun to return to normal levels based on in-migration from the cold climate states of the
northeast as well as from large states including California where companies are expanding outward
or residents are seeking a different lifestyle with more attractive economic condition. This has
allowed the Phoenix metropolitan area as well as the state to return to its place in the top five areas
for population growth. That growth has been based upon strong job growth numbers, an attractive
pro-growth political climate and the warm desert climate that the state offers. It also continues to
be one of the top states in terms of cost of living relative to income.
Population growth rates for the next few years are projected to continue as the economy in the
state continues to become more and more diversified. Most notably, it is establishing itself as a
high-tech hub, located within a short flight from the Silicon Valley and Los Angeles areas, as well
as strong location for corporate call centers and a climatically safe location for data centers. It has
long been an attractive location for corporate call centers but recently, as a result of foul weather
in other parts of the country, several data centers are being developed in the southeast and
southwest valley as well as near downtown Phoenix. Its location is free of risk of floods,
hurricanes and earthquakes and these uses need to be secure, especially in times of emergency.
The February 2024 national unemployment rate is now at 4.2% while the figure for Arizona is
4.1% and 3.3% for Maricopa County. Year over year job growth for the state increased by 2.1%,
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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or 65,900 nonfarm jobs. Prior to the pandemic, job growth in the state had been strong, and those
numbers have recently returned to pre-pandemic levels. The strongest job growth areas are
education and health services as well as trade, transportation and utilities. The economy has
diversified over the last fifteen years from one largely dependent on continued growth and related
construction and real estate-oriented industries, to one involving regional distribution, medicine,
high-tech, and other smaller industries. The largest growth engine continues to be Arizona State
University, however, which draws more than 15,000 students per year into the state, of which a
large percentage decide to move here permanently.
Infrastructure and Transportation
The metropolitan Phoenix area is provided with an excellent transportation system made up of
interstate and loop freeways and an extensive network of federal and state highways that connect
Phoenix to all areas in the west and Midwestern United States. Interstate 10 connects Phoenix
directly with Los Angeles and the rest of southern California to the west and Tucson, New Mexico
and Texas to the east. Interstate 17 runs north from downtown Phoenix to the city of Flagstaff in
northern Arizona where it connects with Interstate 40. Interstate 40 is also a major east-west route
through the southwest that is a major freight transportation corridor for products moving in and
out of southern California. The state and federal highways also connect Phoenix with the rural
areas of the state and the county seats in the other fourteen counties.
The Loop 101 freeway encircles the north half of the metropolitan area and connects with I-10 in
west Phoenix, I-17 in north Phoenix and the Loop 202 freeway in Mesa. The Loop 202 freeway
encircles the southeast and southwest quadrants of the metropolitan area and was completed in
December 2019 with completion of the South Mountain Freeway, the final leg that runs around
the southwest side of South Mountain in south Phoenix. As with each of the other segments of
freeway that have been completed over the last 15 years, the new access route has spawned strong
growth in the area that it serves.
Air travel and aviation transport are also well-served in the metropolitan area. Phoenix's Sky
Harbor International Airport was ranked as the 11th busiest airport in the world in 2021, the most
recent listing published by the Airports Council International. Annual passenger traffic in 2021
was 38,846,713. Due to the high volume of air travel and related businesses located nearby, the
area surrounding Sky Harbor is the number one employment center in the state, larger even than
downtown Phoenix. The airport has seen continued upgrades over the last 30 years and continues
plans to upgrade and stay current. It has a master plan in place to fund development and
modernization of the two main terminals over the next 20.
Terminal Four was completed in 1990 for $100 million and can accommodate over 20 million
passengers annually. It provides direct international flights to Mexico, Europe, the Pacific, and the
Far East. A $590,000 renovation project for Terminal Three was completed in 2020, and a train
connecting Terminals Three and Four and the east and west parking areas was constructed in 2015-
2017 and was extended to the rental car center two miles to the west in late 2022. As a result of
these improvements and many other factors, the airport has been ranked number one in terms of
passenger experience in two recent publications by “The Points Guy,” a frequent flier website.
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The Phoenix Mesa Gateway Airport, located in the southeast valley, was created on the site of
Williams Air Force Base following its closure in the 1990’s. Allegiant Airlines presently provides
passenger services to a variety of smaller market airports in the Midwest and west, as well as Las
Vegas and Oakland. This airport is expected to continue to grow over the next 20 years and the
result will be demand for new industrial uses around the airport. Much of this growth has already
started to occur, evident by many new industrial buildings along the north and south ends of the
campus.
In addition to Sky Harbor Airport and Gateway Airport, there are seven other airports in the metro
area serving the needs of smaller airlines and private aircraft. Deer Valley Airport, located in north
Phoenix, does not offer commercial service but is home to several flight schools and is a corporate
and private aircraft. It was ranked 2nd on the list of busiest general aviation airports in the U.S.,
while Falcon Field in Mesa was ranked 8th according to General Aviation News in 2020.
Other transportation includes two railroads (Union Pacific and BNSF), bus lines, transcontinental
truck lines, heavy equipment haulers and automobile transporters. There are also interstate truck
lines, intrastate truck lines, and express carriers. A light rail system connects downtown Phoenix
with downtown Tempe, Arizona State University and downtown Mesa and is in process of
expanding two miles further east of downtown Mesa and further northwest into west Phoenix.
Climate Is a Driver of Tourism
Climatic conditions have been an important factor in attracting many permanent residents and
temporary visitors to the area. In spite of its reputed hot summers, the mild, dry winters make
Phoenix a popular winter vacation destination. It is also the home of spring training camp for
several major league baseball franchises. As a result, there are numerous resort hotels and
conference centers serving a growing visitor population, concentrated mainly in the winter and
spring seasons.
Temperatures in the summer months are consistently among the hottest in the country, however
overall weather conditions include sunshine about 85% of the year. As a result, the area is a very
desirable location for residents of the cold areas of the north, which has provided a stable source
of winter visitors and new residents over the last fifteen years. This factor has also contributed to
the employment and population growth booms of the past three decades.
Metropolitan Phoenix offers plentiful recreational and leisure opportunities. It is world-renowned
for its excellent golf courses, with a total of nearly 200 courses that cater to every level from novice
to professional. It also has become a sports fan’s top city, with professional sports teams in all
four major sports categories, plus a WNBA team, an arena football team and a professional soccer
team. Other leisure activities include horse racing, dog racing, museums and theaters, zoos and
gardens, and abundant bars and restaurants. It is also host of the Cactus League Spring Training
each February and March, drawing hundreds of thousands of visitors each year from out of state
to watch pre-season baseball. The Phoenix International Raceway (PIR) located in Avondale west
of Phoenix hosts two NASCAR events each year which brings in hundreds of thousands of visitors.
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Due to the warm climate and mountainous settings, there are many forms of outdoor recreational
activities that include hiking, golf, tennis, bicycling, swimming, jogging, outdoor team sports, etc.
Metropolitan Phoenix is also less than two hours away from large lakes and streams for water
sports and fishing as well as mountainous areas for camping, hiking and skiing.
The warm winter climate and attractive pro sports facilities make greater Phoenix the host of the
Fiesta Bowl, one of the four bowl championship series locations for NCAA football and the Super
Bowl on several occasions at the Arizona Cardinals Stadium in Glendale. All of these events
contribute significantly to the economy in the state.
The Phoenix and Scottsdale areas are also widely known as an excellent location for fine shopping.
Most major high-end department stores have stores along the Camelback Road Corridor,
including, Saks Fifth Avenue, Dillard's, Macy’s and Niemann Marcus. Nordstrom's has two large
stores in Scottsdale and Chandler. There is also a strong presence of discount stores, concentrated
mainly in power centers, or retail complexes made up mainly of large spaces for discount stores
and warehouse-type retailers. There are also ample retail stores and outlets located within many
neighborhood shopping centers and regional malls which are anchored by most known major
national retailers.
There are sufficient health care facilities that serve the metropolitan area which provides medical
treatment for practically all areas of specialty. Some of these medical facilities include a Veterans
Administration hospital, cardiovascular treatment hospital/centers, the Mayo Clinic (one of three
in the nation), several regional hospitals, several 24-hour emergency outpatient clinics, and
numerous private practices throughout the area.
Public and Higher Education
There are numerous public and private educational institutions throughout the metropolitan area
from kindergarten through university level. In addition to public elementary, junior high and high
school facilities, there are several highly ranked charter high schools including the BASIS schools
that rank as the best high schools in the nation. There are also several strong college preparatory
high schools, plus seven community colleges, the Grand Canyon University, and several smaller
private universities that have established a presence in Arizona over the last 10-15 years. Arizona
State University (ASU) offers bachelors through doctorates and law degree programs with an
annual enrollment of over 140,000 students, making it the largest university in the nation. The
University of Arizona is located in Tucson, about 120 miles south of the metropolitan area.
Northern Arizona University is located in Flagstaff, located 120 miles north of Phoenix in the
mountainous northern area of the state.
Due to the access to reasonably affordable higher education in the state, the metropolitan area has
earned a reputation as having a well-educated work force from an employer’s standpoint. This has
been an important feature in attracting several large corporations to the area, benefitting the
economy and adding to the job growth seen over the last several years.
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Healthcare and Life Expectancy
Arizona has a strong medical community of doctors and hospitals at all levels from primary care
through advanced heart and cancer care and research. Combined with numerous cutting-edge
medical device and research companies Arizona has emerged over the last twelve years as a highly
respected community in the medical industry. Notable hospitals and facilities include the
University of Arizona medical school, Barrow Neurological Institute, Phoenix Children’s
Hospital, Saint Joseph’s Hospital, and the Mayo Clinic and Hospital. In association with Saint
Joseph’s Hospital, Creighton University is in the process of constructing a medical school campus
in central Phoenix that will also include a nursing school and physician’s assistant program. Other
private medical schools in the area include A. T. Stills in Mesa that provides PA and nursing
programs, and Midwestern University in Glendale, offering the same programs. Mayo Clinic is
planned to commence similar programs in the next few years, although their plans have not been
made public at the current time. Other major hospital providers include Banner Health, Honor
Health, Abrazzo Health, and Dignity Health, among the largest.
Overview of Real Estate Land Markets
On a market-wide level, all sub-markets in the metropolitan Phoenix area are enjoying healthy
market conditions, with strong employment numbers and net in-migration of new residents, and
construction of new building inventory in most segments. Conditions within each submarket are
summarized below.
Multi-family
The multi-family market consists of all types of apartments, including garden, mid-rise and high-
rise, as well as small complexes, as well as condominiums and townhouses. This market segment
has been very strong since 2012, with mid-rise (4-8 stories) complexes being added in most all
segments of the metropolitan area. Downtown Phoenix, Tempe and Scottsdale are seeing the
highest concentrations and tend to be more stories in these locations that in other lower density
areas.
Agriculture
Pockets of land around Maricopa County as well as in other counties of the state have a long history
of excellent agricultural production where abundant irrigation water and strong soils are available.
Primary field crops include cotton, alfalfa and grains. The area around Yuma is heavily utilized
for winter produce as well as melons. Arizona has a reputation of producing the best alfalfa in the
country and as a result it is widely grown around the state. Currently agricultural land prices are
somewhat level, although they remain strong relative to historic value trends. There have been
relatively few sales of agricultural land over the last five years, but those that have reflect continued
strength in land values.
Speculative Land
The speculative development land market is now starting to re-emerge again as development has
returned to healthy and reliable levels after it was battered terribly between 2007 and 2012 when
most speculative land lost 70% to 90% of its value. In most of those cases, land values dropped
back down to the underlying base values as the speculative value evaporated altogether. Now,
Harding & Associates File No. 2406B – Osteen Right Of Way and Public Utility Easement Acquisition
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some speculators have begun to bid agricultural and desert land values up over their base values
in areas where future growth and development to higher uses is anticipated. Infill sites like the
subject benefit to some degree from this trend but are benefitted more from overall growth in the
surrounding areas and the additional demand for all types of infill land that it produces.
Summary of Regional Description
The Phoenix metropolitan area is a major center for government, transportation, and commerce
for most of the southwestern United States. Its warm climate, affordable housing, cultural and
recreational amenities, and economic diversity are expected to result in continued population and
employment growth over the next several years once the national recession is weathered. Each of
the segments of its real estate market are enjoying strong market conditions with supply and
demand for most product types in equilibrium or slightly under-supplied, which is a positive
benefit for all types of real estate in the area. This trend is expected to continue for at least two
more years.
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NEIGHBORHOOD DESCRIPTION
The subject is located about 30 miles west of the central business district of Phoenix and about three
miles north of the downtown area of the rural but growing city of Buckeye. Near the geographical
center of the city, the neighborhood is characterized by vacant commercial land with some areas
developed with commercial and industrial warehouse uses, and strong demand for residential
subdivision development to the east and west as growth in the area continues.
Boundaries
Neighborhood boundaries are selected as 247th Avenue to the east, I-10 to the north, Rooks Road to
the west, and Lower Buckeye Road to the south. These boundaries may be seen on the map on the
following page. This area described is mostly rectangular in shape and is roughly three quarters of a
mile wide by one mile long. Most of the area lies within Buckeye’s business commerce designated
planning area. Land to the east, west, and south has seen more subdivision and rural residential
development while land to the north and center of the neighborhood near the freeway interchange has
seen more commercial and industrial development.
Access Routes and Arterial Streets
The metropolitan Phoenix street system is laid out on a grid, with arterial streets and roadways running
north-south and east-west on section lines, one mile apart. This is also the case in and around this
neighborhood. East-west section line roads include Yuma Road, which curves south within the
neighborhood before turning into Durango Street, then Lower Buckeye Road, Broadway Road,
Southern Avenue, and Baseline Road, each at one-mile intervals south of Yuma Road. Additionally,
the Union Pacific Railway right-of-way runs to the southwest between Southern and Baseline Roads
south of the neighborhood and through the downtown area.
North-south section line roads include Miller Road, located west of the subject, and Apache, Watson,
and Rainbow Roads, located at one-mile intervals east of the subject. Miller and Watson Roads are
the most thorough of the north-south roads, each connecting to I-10 less than a mile north at freeway
interchanges. Apache and Rainbow Roads do not run as far north as the freeway and do not have
interchanges.
The primary route of access into the area is via Interstate 10 which runs westerly through the area just
north of the neighborhood. It connects central Phoenix with Los Angeles to the west and runs east as
far as Florida. Arizona Highway 85 is the major north-south route just two miles west of the
neighborhood and connects Interstate 10 four miles to the north with Interstate 8, 35 miles to the south.
It is also a heavily traveled route for travelers between the Phoenix area and the San Diego and
northwestern Mexico areas.
Topographic and Man-Made Features
The area described is mainly flat to very gently sloping land that slopes downward to the south and
east toward the Gila River. Native cover of most of the neighborhood is desert scrub brush, although
the areas south are a mix of agricultural uses and subdivision developments. Besides arterial roadways
and Interstate 10, the area’s man-made features include numerous irrigation canals and the Union
Pacific Railroad which runs east/west to the south.
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NEIGHBORHOOD MAP
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NEIGHBORHOOD AERIAL
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SITE DESCRIPTION
The larger parcel of which the right of way and public utility easement acquisition is a part
is described below. The right of way and public utility easement will be described in the
following section.
Location
The subject larger parcel is located north of the Northeast of Durango Street and Yuma
Road. It may be found by GIS reference at latitude 33.429526, longitude -112.586026. An
aerial photo and the assessor’s plat showing the assessor’s parcel is shown on the following
page.
Assessor’s Parcel Number
The subject larger parcel is identified by Maricopa County as assessor’s parcel number
504-63-001B..
Site Size, Dimensions, and Shape
The total area of the larger parcel is 2.5 acres or 108,900 square feet. The parcel is square
in shape. It measures 330 feet deep, north to south, and 330 feet wide, east to west.
Topography and Cover
Topography of the site is mostly level. Cover is dirt and natural desert scrub brush.
Access
Presently, the site has apparent legal and physical access from its Yuma Road frontage.
Utilities
The site has all needed utilities for normal development at the street frontage. Water and
sewer services are provided by the City of Buckeye. Power is provided by Arizona Public
Service and telephone and internet services are provided by CenturyLink and Cox
Communications.
Site Improvements
There are no site improvements within the area to be acquired.
Street Improvements
Yuma Road is a two lane asphalt road along the west subject frontage and is in average
condition.
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 27
AERIAL PHOTO OF SUBJECT PARCEL
Assessor’s Plat (A. P. No. 504-63-001B)
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 28
Flood Zone
FEMA maps for the area denote the subject as lying within flood zone X, which is defined
as “Areas of Minimal flooding.” No flood insurance is required in this flood zone. An
excerpt of the flood panel for the area depicting the subject is shown in the addenda.
Easements and Encumbrances
A title report was provided by the client that identifies easements and encumbrances in
Schedule B of said report. It is assumed that no easements impact the utility of the property.
In the event that an updated title report shows adverse restrictions or easements, the
appraiser reserves the right to review the value indicated in this appraisal and to alter the
value conclusion, if necessary.
Environmental Hazards
No toxic waste or contaminants are known to have been identified on or under the site,
although the entire site was not inspected. However, it does not mean that such materials
do not exist. The appraiser is without the expertise to identify or detect such substances.
Because of the liability generated if toxic materials are found on the site, it is strongly
recommended that a specialist in the detection of toxic waste be retained, and the property
checked for possible contamination.
If a toxic waste or contaminant is detected, the value estimate concluded in this report is
no longer valid. If a reappraisal is required, it will be made at an additional charge and
upon receipt of any additional information requested, including descriptions of the toxic
waste or contaminant and the cost of removal.
Signs, Transmission Towers, and Other Site Income Sources
No commercial billboard signs, cell towers or other unusual income generating sources
were identified on the property.
Relation of Site to Surroundings
Surrounding land uses are mainly vacant commercial land with some improved commercial
properties to the east, west, and north. Land to the south is improved with single family
residences and the I-10 runs east-west to the north of the subject. Current and future uses
of the subject site are consistent with surrounding uses.
Summary of Site Analysis
The subject property consists of a 2.5-acre commercial lot that is situated in a developing
commercial area south of I-10 near the geographical center of Buckeye. It is square in
shape and is mostly level with dirt and natural desert scrub brush cover. All utilities are
available to the site, and it has access from its west border.
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Description of Right Of Way to Be Acquired
The right of way to be acquired consists of one trapezoidal segment of land located at the
property’s west border. It is 328 feet deep, north to south, along the Yuma Road frontage,
65 feet wide at the northern property boundary, and 85 feet wide at the southern property
boundary, east to west. Total area of the right of way, according to the engineer’s sketch
that was provided by the client, is 24,612 square feet. There are no site improvements
within the ROW. Physically, the area within the area to be acquired is similar to the balance
of the subject larger parcel. The fee simple interest in the area is to be acquired. The
engineer’s sketch is shown in Exhibit 6 of the addenda, along with the legal description of
the area to be encumbered.
An excerpt of the engineer’s sketch provided by the client is shown below.
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Description of Public Utility Easement Area
In addition to the ROW, the project will also require a public utility easement (PUE) over a portion
of the property directly east of the ROW area. According to the legal description of the PUE, also
shown in the addenda, the total area is 2,631 square feet, or 0.060 acre. It is approximately 8 feet
wide by 329 feet deep and runs along the eastern diagonal side of the ROW area.
The only significant loss in property rights to the fee simple interest include the ability to construct
a building in this area and the potential future displacement or destruction of any site improvements
that may be constructed in the PUE area if future repair or construction is necessary. Since building
this close to the property line is rare, the impact on the potential for building in this area is minimal.
Overall, the area within the area to be acquired is similar to the balance of the subject larger parcel.
The fee simple interest in the area is to be acquired.
The location and shape of the PUE is shown on the sketch on the prior page. The legal description
of each acquisition area is shown in the addenda, along with an engineer’s sketch of the areas.
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 31
ZONING
Current Zoning
The subject property is under the zoning jurisdiction of the City of Buckeye. It is zoned
RR, rural residential, ten acres minimum lot size. This zoning is designed to accommodate
low-density residential development in outlying areas where all public services may not be
available. A complete description of the RR zoning is found in the addenda.
The property is designated as BC, business commerce in the City of Buckeye 2040 general
plan. Business Commerce denotes areas that “comprise both community and regional
commercial development. This designation may also support professional offices and
business parks,” according to the general plan. This appears to be consistent with the
property’s long-term development potential and surrounding uses. Although development
to any use other than specified in the zoned category would require rezoning, a zoning
change from RR to GC, general commerce, is considered likely when considering the
surrounding uses and zoning, the BC general plan designation, and adjacency to the
freeway.
TAXES AND ASSESSMENTS
The subject is assessed by Maricopa County as parcel number 504-63-001B. Current and
recent years assessed values and property tax data are retained in the appraiser’s work file.
The assessed full cash value of the property for 2024 is $255,300 while the 2023 value is
$212,000. The 2022 total tax was $568.74, while the 2021 tax was $596.22. The taxes
and assessed values appear reasonable based upon the value conclusions reached herein.
An appeal of the taxes is therefore not recommended.
Delinquent Taxes and Special Assessments
No past due taxes are owed, and no special assessments encumber the subject property.
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 32
HIGHEST AND BEST USE
In order to conclude the highest price a buyer is willing to pay for a property the highest and best
use of that property must first be estimated. Highest and best use is defined as follows:
“The reasonably probable and legal use of vacant land or an improved property, that is
physically possible, appropriately supported, financially feasible, and that results in the
highest value.”4
The highest and best use of a property must be legally permissible, physically possible, financially
feasible, and maximally productive. Applying these four tests to all the possible uses identifies
the single use that maximizes the value of the property.
To test the highest and best use, all logical, feasible alternatives for which the site may be used are
considered. Eliminating uses which are not legally permissible or physically possible reduces the
alternatives significantly. These uses can be reduced by eliminating those uses that are not
financially feasible. Of the uses considered financially feasible, only one of the uses can be
maximally productive, or most profitable. This analysis is considered for the subject larger parcel.
The vacant and level condition of the subject site with all utility services available to it makes the
site readily developable to virtually any type of use. The uses with evident demand in this area
include residential subdivision, rural residential, commercial, and industrial uses. Given the RR
zoning, rural residential use is currently the only legally permissible use. Considering the high
likelihood of rezoning the property to GC, general commerce zoning, commercial and industrial
development would also be a physically possible and legally permissible use of the site given its
utilities and access. Market evidence shows commercial and industrial development in the
immediate area to be financially feasible, especially at locations along freeways, near interchanges,
or along arterial streets. Finally, compared to other uses including rural residential, it is the most
profitable, or maximally productive use of the site as it sells for a higher unit price. Therefore,
commercial or industrial development is concluded to be the highest and best use of the property.
4 Appraisal Institute, The Appraisal of Real Estate, 14th Edition, p. 332
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VALUATION
The value of the subject larger parcel as though vacant is now considered. Accepted appraisal
techniques support value estimates by applying three different analyses: the cost, sales comparison,
and income capitalization approaches. The cost and income approaches apply to improved
properties and do not apply in this situation. Therefore, only the sales comparison approach is
analyzed to support a value estimate for the subject larger parcel as though vacant. The sales
comparison approach is described below, followed by an analysis of the sales data to support the
value conclusion for the larger parcel. Once the value of the larger parcel is concluded, the value
of the right of way area to be acquired and the PUE are analyzed thereafter.
SALES COMPARISON APPROACH
The sales comparison approach is a method of estimating the subject property value that examines
transfers of land that are similar to the subject site, both physically and in terms of utility. By
comparing the sales on a common unit basis, a trend in values can usually be identified. Analyzing
the most similar sales and making adjustments for factors that affect value indicates a value for the
subject. Since the sales selected are either the most likely alternative sites that would be considered
by a potential buyer of the subject site, or the most likely sources of market value comparison, they
are the most logical indications of value of the subject property. The value indications are then
reconciled into a single value estimate based upon the relative strengths of each adjusted sale. This
process is applied below to the subject larger parcel as though vacant. Once this opinion of value
is concluded, the value of the right of way and public utility easement will be analyzed.
In order to support a value estimate for the subject larger parcel, a search in the market area was
made for sales of land of similar size and highest and best use to that of the subject. The six most
comparable sales, and one pending escrow, are identified and analyzed below. Numerous factors
that potentially affect value have been considered for the subject tract and for each sale, including
location, date of sale, financing conditions, site utility, level of site improvements, availability of
utilities, topography, and other factors. The factors that require adjustment are discussed below as
they apply to the subject larger parcel.
From these analyses, adjusted unit prices are used as indications of value for the subject site. Both
the price per square foot and the price per acre are common units of comparison used for land
tracts. In this case, the price per square foot is concluded to be applicable and the more useful for
this type of analysis. It is used throughout the rest of the report. Significant details from each sale
are summarized on the chart on the following page. A map showing the location of the subject
and the sales is shown on the page following the chart. Complete data on each sale is displayed in
the addenda.
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 34
Sale
Contract Date
Sale Price
Site Area In
Price
Zoning &
Utilities
Intended
No.
Location
Sale Date
Terms
Square Feet
Foot
Jurisdiction
Site Imps.
Use
Remarks
1
May 2021
$ 2,350,000
314,468
$7.47
GC
May 28, 2021
Cash
314,468
$7.47
Buckeye
2
February 2021
$ 3,555,960
444,486
$8.00
GC
July 27, 2021
Cash
444,486
$8.00
Buckeye
3
October 2021
$ 6,903,184
799,500
$8.63
GC
December 28, 2021
Cash
799,500
$8.63
Buckeye
4
April 2022
$ 3,000,000
253,166
$11.85
RU-43
April 8, 2022
Cash
$11.85
Buckeye
5
March 2022
$ 495,000
43,698
$11.33
CC
May 4, 2022
Cash
$11.33
Buckeye
6
December 2023
$2,700,000
261,360
$10.33
GC
December 28, 2023
Cash To Seller
Buckeye
April 2024
$1,670,000
135,036
$12.37
GC
6/28/2024 (Pending)
N/A
Buckeye
Subject:
May 22, 2024
108,900
RR
(Effective Date of
Appraisal)
Buckeye
All utilities are avaliable and the site is mostly level
with access off of its Yuma Road frontage. The site
is general planned for commercial use.
All To Site;
None
This six-acre tract was purchased to develop a mini-
storage and boat/RV storage facility. It has visibility
from I-10 and access from two sides. There is a 69
kv power line over the south border that the buyer
reported will be used for boat storage and thus did
not impact the price. A large billboard near the north
end has been excluded from the property.
All To Site;
Commercial
Billboard
Mini Storage
and Boat/RV
Storage
Investment/
Commercial
Development
Investment/
Commercial
Development
Investment/
Commercial
Development
Investment/
Commercial
Development
Investment/
Commercial
Development
This section line corner is located one half mile
south of the Miller Road I-10 interchange.
It is
pending purchase for development with a mini-
storage facility that is set to close on June 28, 2024.
It has been in escrow for over a year and the price
was renegotiated to $1,670,000 in April 2024.
All To Site;
None
Mini Storage
Complex
COMPARABLE LAND SALES SUMMARY
North of the Northeast
Corner of Miller Road
and Durango Street
Buckeye
Northeast corner of
Miller Road and
Durango Street
Buckeye
North of the Northeast
Corner of Yuma Road
and Durango Street
Buckeye
West of the Southwest
Corner of Yuma Road
and 247th Avenue
Buckeye
25019 West Durango
Street Buckeye
All To Site;
None
All To Site;
None
All To Site;
None
All To Site;
None
All To Site;
None
This property has frontage on Miller Road to the
west and Yuma Road to the east. It is currently listed
for sale along with the two parcels south of it, for a
total of 17.42 acres at $20 per square foot. Interest
has been shown for future hotel development.
This sale contains the two parcels directly south of
Sale No. 1, and as such the property has frontage
on Miller Road, Durango Street, and Yuma Road.
There is a lighted intersection at Miller Road and
Durango Street to the southwest of the property. The
property is currently listed for sale in conjunction
with the parcel north of it.
Located north of the subject, this 18.35-acre tract of
commercial land has frontage on both Yuma Road
to the west and 247th Avenue to the east and is
prime for commercial or industrial development. A
new subdivision is being constructed to the east of
the property across 247th Avenue.
This 5.81-acre tract of vacant commercial land is
located north of the subject with extensive frontage
on Yuma Road as well as I-10 visibility. Although it
has a rural zoning, the property lies within the
business commerce general plan area.
Sale No. 5 is located south of Durango Street with
street frontage at the north side of the property. It is
surrounded by rural residential uses to the east and
south but commercial uses to the west.
Southwest Corner of
247th Avenue and
Yuma Road Buckeye
North of the northeast
corner of Durango
Street and Yuma Road
Escrow
7
Northeast corner of
Miller Road and Lower
Buckeye Road
Buckeye
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 35
LAND SALES MAP
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 36
Discussion of Sales
The six sales and one escrow are in the area considered to be the directly competing market to the
subject, within the immediate neighborhood. Each sale is discussed below.
Land Sale No. 1 is a 7.219-acre tract of commercial land located north of the northeast corner of
Durango Street and Miller Road, west across Yuma Road from the subject. It was purchased by
Glendale Ave Miller Rd LLC in May 2021 for $2,350,000, cash. This equates to $7.47 per square
foot. The property is zoned GC, by the City of Buckeye. It is currently listed for sale along with the
two parcels south of it, which total 17.42 acres, for $20.00 per square foot. The most recent sale of
the two parcels south is also used as Sale No. 2 below.
Land Sale No. 2 is a 10.204-acre tract of commercial land that is located at the northeast corner of
Durango Street and Miller Road, directly west of Sale No. 1 and west across Yuma Road from the
subject. In February 2021, the property was purchased by Yuma Miller Rd 20 Acres LLC for
$3,555,960 cash, or $8.00 per square foot for future investment/ commercial development. The
property has frontage on Miller Road to the west, Durango Street to the south, and Yuma Road to the
east, and there is a lighted intersection at Miller Road and Durango Street southwest of the property.
Land Sale No. 3 was purchased by Yuma Road Owner LP. It is located north of the subject, North
of the Northeast Corner of Durango Street and Yuma Road. It is an 18.354-acre lot that is zoned GC,
like the subject. In October 2021, the buyer paid $6,903,184 cash for the property, or $8.63 per square
foot. The property has frontage to the west on Yuma Road and to the east on 247th Avenue, like the
subject. A residential subdivision is being constructed to the east of the property across 247th Avenue.
Land Sale No. 4 is located West of the Southwest Corner of 247th Avenue and Yuma Road, 0.3 mile
north of the subject. Boyc LLC purchased the 5.812-acre lot in April 2022 for $3,000,000, or $11.85
per square foot. It is zoned RU-43, but general planned for business commerce use like the subject
and the rest of the sales and all utilities are to the site. The property also has visibility from I-10 and
extensive frontage along Yuma Road, which wraps around the north and west sides of the property.
Land Sale No. 5 is a 1.003-acre tract of commercial land located at 25019 Durango Street, about 0.2-
mile southwest of the subject on the south side of Durango Road. It sold in March 2022 for a total
purchase price of $495,000 cash. This equates to $11.33 per square foot. The property is surrounded
by rural residences to the east and south and a gas station and convenience store to the west. It is
zoned CC, commercial center, by the City of Buckeye and general planned BC, business commerce
like the subject.
Land Sale No. 6 is located north of the subject property. It is a 6-acre lot that is zoned GC, like the
subject. It was purchased by an entity called 247Yuma in December 2023 for $2,70,000, or $10.33
per square foot. It was purchased to develop a mini-storage and boat/RV storage facility. It has
visibility from I-10 and access from two sides. There is a 69 kv power line over the south border that
the buyer reported will be used for boat storage and thus did not impact the price. A large billboard
near the north end has been excluded from the property according to the buyer.
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 37
Escrow No.7 is a 3.10-acre parcel currently under contract for $1,670,000 cash, due to close on June
28, 2024. This equates to $12.37 per square foot of land area. This buyer will also develop a mini-
storage complex. It is located at the northeast corner of Miller Road and Lower Buckeye Road, about
0.4 mile south of the subject. It is zoned CC, and most of the entitlement work was completed by the
buyers during escrow. Although this sale has not closed, the interview with the listing broker gave a
very strong indication that it will close.
Discussion of Adjustments
In order to properly estimate value through the adjustment of sales, the following categories of
adjustment must be considered:
1.
Real Property Rights Conveyed
2.
Financing Terms
3.
Conditions of Sale
4.
Expenditures Made Immediately After Purchase
5.
Market Conditions
6.
Location
7.
Physical Characteristics
8.
Economic Characteristics
9.
Legal Characteristics
10.
Non-Realty Components of Value
Each of these factors is discussed in order as they apply to each sale. The unit of comparison is the
price paid per square foot for each sale.
Factors Not Requiring Adjustment
All of the sales involved the fee simple interest and no adjustments are necessary for property rights
conveyed. All of the sales involved cash or terms equivalent to cash and no adjustments are necessary
for financing terms. All of the transactions were arm's length with buyers and sellers acting prudently
so no adjustments are necessary for conditions of sale. No expenditures were made after the sale, so
no adjustments are made under this category either. Lastly, no adjustments are necessary for
economic characteristics or non-realty items. With no adjustments needed for any of these categories,
only four remaining categories require consideration for adjustment. They include market conditions,
location, physical characteristics, and legal characteristics. They are discussed below.
Market Conditions
The six sales occurred between February 2021 and December 2023. The commercial land market
has seen a strong appreciation rate over the last two years and an upward adjustment is made to each
sale. A rate of 0.5% per month is considered applicable and is applied to the time between the contract
date of sale and the effective date of appraisal (date of valuation).
December 2023 May 2021 `February 2021 October 2021 `April 2022 `March 2022
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 38
Location
While all six sales and one escrow are located within the immediate neighborhood of the subject, they
are each influenced by their respective street frontages and proximity to the Miller Road I-10
interchange, which are attractive features to a future commercial user. Sales No. 1 and 2 are located
west of the subject with frontage on Miller Road and closer proximity to the I-10 interchange. They
each have secondary frontage on Yuma Road to the east, and Sale No. 2 also benefits from extensive
frontage to the south on Durango Street. Due to these factors, each of the sales are considered superior
to the subject and downward adjustments are made with a larger adjustment made to Sale No. 2 due
to the Durango Street frontage.
Sale No. 3 has street frontage on both the east and west sides of the property and is located due north
of the subject. Due to its street frontages on Yuma Road to the west and 247th Avenue to the east, it
is considered superior to the subject and a downward adjustment is made. The locations of Sale No.
4 and 6 are considered superior to the subject since they are corners and also have freeway visibility,
so a downward adjustment is made to each. Sale No. 5 is located southwest of the subject and fronts
on Durango Street. Although it is has a similar street frontage as the subject, it is closer to the freeway
interchange. The location of Sale No. 5 is considered superior for this reason and a downward
adjustment is made. Lastly, Escrow No. 7 is an arterial corner, but is further from the freeway
interchange. Overall, this location is considered superior to the subject and a downward adjustment
is made.
Physical Characteristics
The physical characteristics of the sales that may require adjustment include size, shape, access,
topography, flood plain influence, and site improvements. All the sales have access as well as power,
phone, municipal water, and sewer so no adjustments are needed for these factors. They have no site
improvements and thus no adjustments are needed for level of site improvements. All sales lie in
flood plain zone X and are not subject to flood hazards, so no adjustment is made. All have workable
and similar shapes and are mostly level. The only physical characteristic requiring adjustment is size.
Size
The subject is 2.5 acres in size. Sales No. 1 through 4 and 6 are larger than the subject, at 7.22 acres,
10.2 acres, 18.35 acres, 5.81 acres and 6.0 acres, respectively. Since larger lots typically sell for a
lower price per square foot than smaller lots, upward adjustments are made to Sales No. 1 through 4
and 6, with the largest adjustments being for Sales No. 3 and 4. Sale No. 5 is the smallest of the sales
at 1 acre and a downward adjustment is made. Escrow No. 7 is 3.1 acres, which is considered generally
similar to the subject and no adjustment is made.
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 39
Legal Characteristics
Zoning
The subject is zoned RR, rural residential, ten-acre minimum lot size by the City of Buckeye but is
general planned for commercial use by the City of Buckeye 2040 general plan, as are each of the
sales. All of the data except for Sale No. 5 are zoned GC, which is zoned RU-43. Because each of
the sales lie within the business commerce planning area, there is only a small difference in value
between the various zoning districts, reflecting the time and expense required to rezone the subject
property to GC. A downward adjustment is made to Sales No. 1 through 4, 6 and escrow No. 7 to
reflect this.
Easements
The subject does not have any significant easements or encumbrances that impact its value. Nor do
any of the sales. Therefore, no adjustments are necessary for any of these factors.
No other adjustments are made. The adjustments discussed are summarized on the chart on the
following page.
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 40
Characteristic
Subject
Sale No. 1
Sale No. 2
Sale No. 3
Sale No. 4
Sale No. 5
Sale No. 6
Escrow No. 7
Price Per Square Foot
$7.47
$8.00
$8.63
$11.85
$11.33
$10.33
$12.37
Property Rights Conveyed
Fee Simple Interest
Fee Simple Interest
Fee Simple Interest
Fee Simple Interest
Fee Simple Interest
Fee Simple Interest
Fee Simple Interest
Fee Simple Interest
Financing Terms
Cash or CE
Cash
Cash
Cash
Cash
Cash
Cash To Seller
Cash To Seller
Conditions of Sale
Arm's Length
Transaction
Arm's Length
Transaction
Arm's Length
Transaction
Arm's Length
Transaction
Arm's Length
Transaction
Arm's Length
Transaction
Arm's Length
Transaction
Arm's Length
Transaction
Expenditures Made After Purchase
None
None
None
None
None
None
None
None
Date of Sale
May 22, 2024
May 2021
February 2021
October 2021
April 2022
March 2022
December 2023
April 2024
Market Conditions Adjustment
Improving
18.0%
19.5%
15.5%
12.5%
13.0%
2.5%
0.0%
Adjusted Unit Price
$8.82
$9.56
$9.97
$13.33
$12.80
$10.59
$12.37
Location
North of the northeast
corner of Durango Street
and Yuma Road
North Of The Northeast
Corner Of Miller Road And
Durango Street Buckeye
Northeast Corner Of Miller
Road And Durango Street
Buckeye
North Of The Northeast
Corner Of Yuma Road And
Durango Street Buckeye
West Of The Southwest
Corner Of Yuma Road And
247Th Avenue Buckeye
25019 West Durango
Street Buckeye
Southwest Corner of 247th
Avenue and Yuma Road
Buckeye
Northeast corner of Miller
Road and Lower Buckeye
Road Buckeye
Comparison
Superior
Superior
Superior
Superior
Superior
Superior
Superior
Adjustment
-10%
-15%
-5%
-10%
-5%
-5%
-5%
Physical Features
108900.00
7.219
10.204
18.354
5.812
1.003
6
6
Size in Acres
2.5 Acres
7.219 Acres
10.204 Acres
18.354 Acres
5.812 Acres
1.003 Acres
6 Acres
3.1 Acres
Comparison
Larger
Larger
Larger
Larger
Smaller
Larger
Larger
Adjustment
15%
15%
25%
10%
-10%
10%
0%
Shape
Rectangular
Rectangular
Mostly Rectangular
Rectangular
Irregular
Rectangular
Irregular
Rectangular
Comparison
Similar
Similar
Similar
Similar
Similar
Similar
Similar
Adjustment
0%
0%
0%
0%
0%
0%
0%
Site Improvements
None
None
None
None
None
None
None
None
Comparison
Similar
Similar
Similar
Similar
Similar
Similar
Similar
Adjustment
0%
0%
0%
0%
0%
0%
0%
Topography
Mostly Level
Mostly Flat
Mostly Flat
Mostly Flat
Mostly Flat
Mostly Flat
Mostly Flat
Mostly Flat
Comparison
Similar
Similar
Similar
Similar
Similar
Similar
Similar
Adjustment
0%
0%
0%
0%
0%
0%
0%
Utilities
All Are Available
All To Site
All To Site
All To Site
All To Site
All To Site
All To Site
All To Site
Comparison
Similar
Similar
Similar
Similar
Similar
Similar
Similar
Adjustment
0%
0%
0%
0%
0%
0%
0%
Economic Characteristics
Typical
Similar
Similar
Similar
Similar
Similar
Similar
Similar
Legal Characteristics
Zoning
RR
GC
GC
GC
RU-43
CC
GC
GC
Comparison
Buckeye
Superior
Superior
Superior
Similar
Superior
Superior
Superior
Adjustment
-5%
-5%
-5%
0%
-5%
-5%
-5%
Flood Plain
X
X
X
X
X
X
X
X
Adjustment
0%
0%
0%
0%
0%
0%
0%
Non-Realty Items:
None
None
None
None
None
None
None
None
Combined Adjustments For Location,
Physical and Legal Characteristics
0%
-5%
15%
0%
-20%
0%
-10%
Indicated Unit Value of Subject Parcel
$8.82
$9.08
$11.47
$13.33
$10.24
$10.59
$11.13
SUMMARY OF ADJUSTMENTS
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 41
Conclusion of Land Value for the Larger Parcel
After adjustment, the six sales and one escrow indicate a range of value from $8.82 per square foot
to $13.33 per square foot. Of the six sales and one escrow, the best indicators are considered to
be from Sales No. 4, 6, and Escrow 7. These three indicators have the most similar sizes as the
subject and are also the most recent sales. Although Escrow No. 7 has not closed it has strong
indications that it will, so it is relied upon nearly as much as a closed sale in this instance.
Sales No. 1 and 2 are the oldest of the sales and have superior locations off of Miller Road near
the I-10 interchange. Sale No. 3 is considerably larger than the subject although it has a similar
location.
Based on the relative strengths and weaknesses of the market data, the final estimated value of the
assembled subject parcel is $11.50 per square foot. Applying this to the total site area of 108,900
square feet leads to a total indicated value of $1,252,350, rounded to $1,252,500 to reflect market
behavior.
VALUATION OF RIGHT OF WAY TO BE ACQUIRED
In order to estimate the value of the land underlying the right of way to be acquired from the
subject parcel, several analyses are made. The value of the land underlying the area is estimated
as a part of the larger total property. The value of the remainder parcel is then calculated as a part
of the larger parcel before the acquisition. The value of the remainder parcel after the acquisition
is then estimated to identify whether any change in value to the remainder results from the
acquisition in the form of severance damages or special benefits. This analysis is applied to the
subject acquisition below.
Description of the Project
The proposed project will aid in the widening and improvement of 249th Avenue (currently Yuma
Road) and Durango Street through the area.
Area To Be Acquired for the Right Of Way
Referring to the information about the area to be acquired discussed on page 29, the total area of
the right of way is 24,612 square feet. It is 328 feet deep, north to south, along the Yuma Road
frontage, 65 feet wide at the northern property boundary, and 85 feet wide at the southern property
boundary, east to west. It is similar to the balance of the site.
Value Estimate of the Right Of Way to Be Acquired
The unit value of the land within the 24,612 square foot right of way is equivalent to the unit value
of the larger parcel of which it is a part, or $11.50 per square foot. Applying this to the 24,612
square foot right of way area results in a total value for the right of way easement of $283,038,
rounded to $283,050.
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 42
Valuation - Remainder as a Part of the Whole
The value of the remainder subject site as a part of the whole property is the total site value, less
the value of the right of way. This is calculated mathematically as follows:
Value of
Value of
Value of
Site In Before
Land Underlying
Remainder As
Condition
Right Of Way
Part of the Whole
$1,252,500 -
$283,050 =
$969,450
Effects of the Acquisition
Acquisition of the right of way has no significant negative impact on the subject property other
than reducing the site area by 24,612 square feet. The site still retains buildable potential and most
of its usable site area after the acquisition is reduced by 24,612 square feet, or 22.60% of the total
site area. Considering all these factors, no further loss in value to the property is seen to result
from acquisition of the right of way.
Valuation - Remainder Parcel After Acquisition
The only negative change in value to the subject parcel in the after condition is caused by the
reduction in area by the right of way. Therefore, the value of the subject larger parcel after
imposition of the right of way is $969,450.
Severance Damages & Special Benefits
Severance damages or special benefits occur when the value of the remainder after the taking is
different than the value of the remainder as a part of the whole prior to the taking. A reduced value
results in damages while an increased value results from a special benefit caused by the project.
In cases where severance damages do exist, special benefits may be used to offset severance
damages. In this case, the value of the remainder as a part of the whole is increased because of
general benefits created from the street widening but no severance damages or special benefits are
noted.
Value Estimate of the Public Utility Easement
The total area of the proposed PUE is 2,631 square feet and lies to the east of the ROW area. Given
the concluded land value is $11.50 per square foot, the fee simple value of the land to be
encumbered with the PUE is $30,257.
Reduction in Fee Simple Value Caused by the Public Utility Easement
The impact of the public utility easement on the subject parcel is significant, since as a part of the
balance of the developable area it can only be used for public utility lines plus open space and
landscaping. As a result, a significant downward adjustment is made for this factor.
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 43
Since the terms of the easement convey a large part of the rights and utility of this land area, a
fractional value is estimated to reflect the diminution in value to this area. Based upon the fact
that the PUE will run along the new property line and that no buildings will be allowed to be
built in the public utility easement area, the value of the land is discounted by an estimated 30%.
Support for this conclusion is provided in the form of an excerpt from an article published by the
International Right of Way Association in Right of Way magazine in June 2006. The article was
written by Donald Sherwood, SR/WA and is represented to be an expert on easement valuation.
He provides some general parameters for percentage allocations for various easement types
based upon the type and intensity of each easement. His suggested ranges are shown on the chart
below.
The category that best fits his ranges appears to be the 26% to 49% range since the subject lies
along the perimeter of the projected developable area. However, when the PUE is in place, the
easement area will still retain utility for landscaping, open space, etc., which is the current use of
the area by the owner. Considering each of these factors, the reduction in value as a result of the
PUE is concluded at 30% of the fee value of $30,257., or $9,077, rounded to $9,100.
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 44
This concludes the analysis of the value of the acquisition. The value conclusions reached are
summarized in the Auditing Breakdown below. Some rounding has been made to reflect market
behavior.
Property Value in Before Condition
$1,252,500
Value of Part To Be Acquired
Land:
$283,050
Site Improvements:
$0
$283,050
Value of the Remainder as Part of the Whole
$969,450
Property Value After Acquisition:
Remainder Parcel After Acquisition
$969,450
Severance Damages:
$0
Special Benefits
$0
Cost to Cure
$0
Total Estimated Market Value of Acquisition:
$283,050
Estimated Value of Public Utility Easement
$9,100
AUDITING BREAKDOWN
Harding & Associates File No. 2406B - Osteen Right Of Way and Public Utility Easement Acquisition 45
CERTIFICATION OF VALUE
I certify that to the best of my knowledge and belief:
-
The statements of fact contained in this report 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 present or prospective future interest in the property that is the subject of this report and have
no personal interest with respect to the parties involved.
-
I have no bias with respect to the property that is the subject of this report, or to the parties involved
with this assignment.
-
My engagement in this assignment was not contingent upon developing or reporting predetermined
results.
-
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
estimate, the attainment of a stipulated result, or the occurrence of a subsequent event directly related
to the intended use of this appraisal.
-
My analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice (USPAP).
-
I have made a personal inspection of the property that is the subject of this report.
-
I have the competency appraise this property through education and experience in this market area and
property type, in addition to the internal resources of the appraisal firm.
-
I have not performed any services, as an appraiser or in any other capacity, regarding the property that
is the subject of this report within the three-year period immediately preceding acceptance of this
assignment.
-
As of the date of this report, I have completed the continuing education program for Designated
Members of the Appraisal Institute.
-
That the use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
By: Wayne Harding, MAI
Certified General Real Estate Appraiser
Arizona State Certificate #30471
ADDENDA
Exhibit 1
Appraiser's Qualifications and License
Exhibit 2
Title Report for Larger Parcel
Exhibit 3
Assessor's Data for Larger Parcel
Exhibit 4
Zoning Description
Exhibit 5
Flood Plain Map
Exhibit 6
Subject Photographs
Exhibit 7
Engineer Sketch of ROW and PUE Acquisition
Exhibit 8
Land Sales Sheets
Exhibit 1
Appraiser's Qualifications and License
QUALIFICATIONS OF WAYNE HARDING, MAI
Arizona Certified General Real Estate Appraiser, No. 30471
WAYNE HARDING & ASSOCIATES
Professional Real Estate Valuation
9420 East Doubletree Ranch Road, Suite C-110
Scottsdale, Arizona 85258
(480) 609-7090
Tax ID No. 86-0791700
──────────────────────────────────────────────────
Scope of Appraisal Capabilities:
Expertise by Client Needs:
Eminent Domain Acquisition
Easement Valuation
Institutional Financing
Real Estate Litigation
Highest and Best Use Studies
Valuation and Land Use Consultation
Expertise by Property Type:
Subdivision Land
Vacant Development Land
Agricultural and Recreational Land
Master Planned Communities
Office Buildings
Retail Centers
Industrial Buildings
Special Purpose Properties
Aircraft Hangars and Airport Related Facilities
Conservation Easements
Geographic Market Area:
Throughout Arizona and Coastal Counties of Northern California
Professional Affiliations:
Member of the Appraisal Institute, MAI.
• Continuing education requirements are current through December 2022
• Chairman, Admissions Committee, 1995, 1996
• Ethics Review Committee Member, 1999-2004
• President, Phoenix Chapter, 2007
• Member of the National Leadership Development and Advisory Council, 2006, 2007
Affiliate Member of the International Right of Way Association
Appraisal Experience:
Principal, Harding & Associates, Scottsdale, Arizona, January 1991 - Present. Involved
in appraisal of all types of land as well as commercial, industrial, aviation and special purpose
properties. Extensive experience in eminent domain appraisal including right of way and
easement acquisitions for freeways, flood control channels, street widening projects and power
lines. Land use areas of specialty include agricultural land, development land, subdivisions,
wetlands, mountain and forest lands.
Appraisal Experience, Continued:
Appraiser and Owner, Harding Appraisal Company, Santa Rosa, California, 2016-
present. Involved in appraisal of commercial and agricultural properties in Sonoma, Marin,
Napa, Mendocino and Lake Counties of Northern California for purposes of acquisition,
conservation easements, condemnation, divorce, estate planning and financing.
Litigation Experience:
Qualified as an Expert Witness in Superior Court and Bankruptcy Court, Phoenix, Arizona
as well as in Mohave County Superior Court, Kingman, Arizona, Yavapai County Superior
Court, Camp Verde, Arizona and Navajo County Superior Court, Holbrook, Arizona. I have
provided testimony in dozens of eminent domain cases.
Formal Education:
Bachelor of Science from the University of California, Davis, with a degree in Agricultural
and Managerial Economics, 1985. Minor in Modern European History.
Instructor of Real Estate Appraisal, Arizona State University, August 2018 to present
Professional Education:
Successful completion of the following Appraisal Institute Courses:
Appraisal Principles
Advanced Capitalization Theory
Valuation Procedures
Case Studies in R. E. Valuation
Capitalization Theory
Standards of Professional Practice
Ranch Appraisal
Report Writing & Valuation Analysis
Comprehensive Examination
Demonstration Appraisal Report
Feasibility Analysis and Highest & Best Use
Subdivision Analysis Seminar
Advanced Condemnation Appraisal
Valuation of Conservation Easements (2017)
Seminar on Uniform Appraisal Stds for Federal Land Acquisitions (Yellow Book) (2017)
Partial Client List
U. S Forest Service
U. S. Department of the Interior
Arizona Department of Transportation
Arizona Office of the Attorney General
Arizona State Land Department
Arizona Department of Administration
Arizona State Parks Department
Arizona Game & Fish Department
Maricopa County Department of Transportation
Flood Control District of Maricopa County
City of Phoenix
City of Glendale
City of Mesa
City of Chandler
City of Peoria
City of Flagstaff
City of Prescott
Town of Prescott Valley
Wells Fargo Bank
Great Western Bank
Alliance Bank
Johnson Bank
Exhibit 2
Title Report for Larger Parcel
Pioneer Title Agency Inc.
____________________________________________________________________________________
7310 N. 16th St.
Suite 250
Phoenix, AZ 85020
Phone (602) 943-0184 Fax (602) 943-1284
REPORT OF TITLE
OUR NO. 90704532
Dated: May 9, 2022 at 7:30 a.m.
Fee: $400.00
Report is issued for the sole use and benefit of:
City of Buckeye
Rhiannon Zuleger
530 E Monroe Ave
Buckeye, AZ 85326
Pioneer Title Agency Inc. hereby reports that an examination of the title to the land described in Schedule A discloses that
title is vested as shown in Schedule A, subject to the liens, encumbrances, and defects as shown in Schedule B.
This report is FOR INFORMATIONAL PURPOSES ONLY. It is neither a guarantee of title, a commitment to insure title
nor a policy of title insurance.
SCHEDULE A
1. Title to the estate or interest covered by this report at the date hereof is vested in:
Donna Lee Osteen, a married woman as her sole and separate property and Michael Osteen, a single person and Shawna
Osteen, a single person as joint tenants with right of survivorship
2. The estate or interest in the land hereinafter described in this report is a fee.
3. The land referred to in this report is situated in the County of Maricopa, State of Arizona, and is described as follows:
The Northwest quarter of the Southwest quarter of the Southeast quarter of the Northwest quarter of Section 17,
Township 1 North, Range 3 West of the Gila and Salt River Base and Meridian, Maricopa County, Arizona.
All recording references are to records in the office of the County Recorder of the county in which the property is situated.
Pioneer Title Agency Inc.
By________________________
Authorized Officer or Agent
Pioneer Title Agency Inc.
REPORT OF TITLE (Continued)
SCHEDULE B
At the date hereof exceptions to title are:
1.
Intentionally Deleted
2.
WATER RIGHTS, claims or title to water, and agreements, covenants, conditions or rights incident thereto, whether
or not shown by the public records.
This exception is not limited by reason of the disclosure of any matter relating to Water Rights as may be set forth
elsewhere in Schedule B.
3.
Reservations or exceptions in Patents or in Acts authorizing the issuance thereof.
4.
Easements, restrictions, reservations, conditions and set-back lines as set forth on the plat recorded as
Book 1556 of Maps, Page 31, but deleting any covenant, condition or restriction indicating a preference, limitation
or discrimination based on race, color, religion, sex, handicap, familial status or national origin to the extent such
covenants, conditions or restrictions violate 42 USC 3604(c).
5.
Easements and other matters, as noted and shown on Record of Survey recorded Book 1360 of Records of Surveys,
Page 38.
6.
ALL MATTERS set forth in Final Order of Condemnation, Case No. CV2015-003816 according to the terms and
conditions contained therein:
Recorded in Document No.
2015-505039
7.
TAXES AND ASSESSMENTS collectible by the County Treasurer, a lien not yet due and payable for the following
year:
2022
TAX NOTE:
Year
2021
Parcel No.
504-63-001B
Total Tax
$596.22 PAID
End of Exceptions
Exhibit 3
Assessor's Data for Larger Parcel
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Exhibit 4
Zoning Description
ARTICLE 2: ZONING DISTRICTS
SECTION 2.8 OBSOLETE DISTRICTS
SUBSECTION 2.8.1 RURAL RESIDENTIAL
Buckeye, Arizona I Development Code
Effective January 20, 2023 I Page 2-22
(iii) The site plan complies with all applicable development and
design standards set forth in this Development Code; and
(iv) The development proposed in the plan and its general location
is or will be compatible with the character of surrounding land
uses.
2.8.
OBSOLETE DISTRICTS
The districts in this Section are carried forward from the prior superseded edition of the
Buckeye Development Code. No future rezonings may occur to any of the districts listed
in this Section. Development on property having an obsolete zoning district classification
is permitted subject to the development standards in Appendix B and occupied by uses
in Appendix C.
Rural Residential
The Rural Residential Zoning District is designed to accommodate low-density residential
development in outlying areas where all public services may not be available.
Planned Residential
The Planned Residential Zoning District is designed to accommodate all subdivided
residential developments to which public services are available.
Mixed Residential
The Mixed Residential Zoning District is designed to accommodate both single- and
multiple-family residential development, historic residential neighborhoods, and
compatible commercial uses.
Planned Community
The Planned Community Zoning District is designed to accommodate all land uses
approved as part of a Community Master Plan, where specific uses, public services,
densities, and design criteria have been identified and adopted.
Commercial Center
The Commercial Center Zoning District is designed to accommodate a variety of
commerce and specialized development, including commercial uses that comprise the
central business district of the City.
General Commerce
The General Commerce Zoning District is designed to accommodate general commercial
and employment uses and compatible industrial uses to which public services are
available.
Special Use
The Special Use Zoning District is designed to accommodate uses in natural hazard or
floodplain areas or those under public ownership where development may not be
possible because of flooding or other constraints or if development is possible, it is
sponsored by the City as a public purpose.
APPENDIX B: OBSOLETE DISTRICTS DEVELOPMENT STANDARDS
Buckeye, Arizona I Development Code
Effective January 20, 2023 I Page Appendix B - 2
TABLE 5-K RESTRICTIONS ON LOT WIDTH AND COVERAGE
FOR NEW DEVELOPMENT (BY ZONING DISTRICT)
Maximum Lot Coverage
(in percent)
Minimum Lot Width
(in feet)
Rural Residential
20%
100
Planned Residential
Lot coverage and width will be as allowed in the Rural Residential
District or as determined by an approved plat
Mixed Residential
30%
75
Planned Community
Lot coverage and width will be as allowed in the Rural Residential
District or as determined by the Community Master Plan
Commercial Center
50%
50
General Commerce
50%
100
Special Use
N/A
N/A
*All dimensions are in feet
*The lot width requirements do not apply to existing lots
TABLE 5-L REQUIRED MINIMUM LOT AREA (BY ZONING
DISTRICT)
Rural Residential
Ten (10) acres unless part of an approved subdivision, in which case the
minimum lot size shall be one (1) acre per dwelling unit.
Planned Residential
Lot size shall be as required in the Rural Residential district unless part of an
approved subdivision, in which case there shall be no minimum lot size.
Mixed Residential
Ten thousand (10,000) square feet for single-family dwellings or two thousand
(2,000) square feet per multiple family dwelling.
Planned Community
Lot size shall be as required in the Rural Residential district unless part of an
approved Community Master Plan, in which case there shall be no minimum
lot size.
Commercial Center
Ten thousand (10,000) square feet or three thousand (3,000) square feet per
dwelling unit.
General Commerce
One (1) acre unless part of an approved subdivision, in which case there shall
be no minimum lot size.
Special Use
Ten (10) acres.
*Lot area is the amount of land contained within a lot, measured in acres or in square feet.
*Existing lots are exempted from lot area requirements listed above. Refer to Section 7-5-12 (C)(3).
Exhibit 5
Flood Plain Map
National Flood Hazard Layer FIRM
ette
0
500
1,000
1,500
2,000
250
Feet
Ü
SEE FIS REPORT FOR DETAILED LEGEND AND INDEX M
AP FOR FIRM
PANEL LAYOUT
SPECIAL FLOOD
HAZARD AREAS
W
ithout Base Flood Elevation (BFE)
Zone A, V, A99
W
ith BFE or DepthZone AE, AO, AH, VE, AR
Regulatory Floodway
0.2%
Annual Chance Flood Hazard, Areas
of 1%
annual chance flood with average
depth less than one foot or with drainage
areas of less than one square m
ileZone X
Future Conditions 1%
Annual
Chance Flood HazardZone X
Area with Reduced Flood Risk due to
Levee. See Notes.Zone X
Area with Flood Risk due to LeveeZone D
NO SCREENArea of M
inim
al Flood Hazard Zone X
Area of Undeterm
ined Flood HazardZone D
Channel, Culvert, or Storm
Sewer
Levee, Dike, or Floodwall
Cross Sections with 1%
Annual Chance
17.5 W
ater Surface Elevation
Coastal Transect
Coastal Transect Baseline
Profile Baseline
Hydrographic Feature
Base Flood Elevation Line (BFE)
Effective LOM
Rs
Lim
it of Study
Jurisdiction Boundary
Digital Data Available
No Digital Data Available
Unm
apped
This m
ap com
plies with FEM
A's standards for the use of
digital flood m
aps if it is not void as described below.
The basem
ap shown com
plies with FEM
A's basem
ap
accuracy standards
The flood hazard inform
ation is derived directly from
the
authoritative NFHL web services provided by FEM
A. This m
ap
was exported on 3/27/2023 at 1:14 PM
and does not
reflect changes or am
endm
ents subsequent to this date and
tim
e. The NFHL and effective inform
ation m
ay change or
becom
e superseded by new data over tim
e.
This m
ap im
age is void if the one or m
ore of the following m
ap
elem
ents do not appear: basem
ap im
agery, flood zone labels,
legend, scale bar, m
ap creation date, com
m
unity identifiers,
FIRM
panel num
ber, and FIRM
effective date. M
ap im
ages for
unm
apped and unm
odernized areas cannot be used for
regulatory purposes.
Legend
OTHER AREAS OF
FLOOD HAZARD
OTHER AREAS
GENERAL
STRUCTURES
OTHER
FEATURES
M
AP PANELS
8
B
20.2
The pin displayed on the m
ap is an approxim
ate
point selected by the user and does not represent
an authoritative property location.
1:6,000
112°35'28"W
33°26'1"N
112°34'51"W
33°25'31"N
Basem
ap: USGS National M
ap: Orthoim
agery: Data refreshed October, 2020
Exhibit 6
Subject Photographs
Harding & Associates – Photos taken by Wayne Harding, MAI on April 5, 2023
View looking southeast over ROW and PUE areas from near subject northwest corner.
View looking east across subject north border from near northwest corner.
Harding & Associates – Photos taken by Wayne Harding, MAI on April 5, 2023
View looking north across subject Yuma Road frontage.
View looking south across subject Yuma Road frontage.
Harding & Associates – Photos taken by Wayne Harding, MAI on April 5, 2023
View looking south over ROW and PUE areas from near subject northwest corner.
View toward southeast over ROW and PUE areas from near subject west border.
Harding & Associates – Photos taken by Wayne Harding, MAI on April 5, 2023
View looking east over ROW and PUE areas from near property southwest corner.
Exhibit 7
Engineer Sketch of ROW and PUE Acquisition
PROJECT NUMBER
LEGAL DESCRIPTION TO ACCOMPANY
EXHIBIT FOR RIGHT-OF-WAY
ASSESSOR PARCEL
BUCKEYE, AZ
DATE:
DSN:
DRN:
CHK:
RPA - 221104
SHEET 1 OF 2
12/21/22
SS
SS
MRS
EXHIBIT "A" - LEGAL DESCRIPTION
”
PROJECT NUMBER
EXHIBIT TO ACCOMPANY LEGAL DESCRIPTION
FOR RIGHT-OF-WAY
ASSESSOR PARCEL 504-63-001B
BUCKEYE, AZ
DATE:
DSN:
DRN:
CHK:
RPA - 221104
SHEET 2 OF 2
11/14/22
SS
SS
MRS
EXHIBIT "A" - SKETCH
POB
POC
APN# 504-63-001B ROW
CLOSURE REPORT
PROJECT NUMBER
LEGAL DESCRIPTION TO ACCOMPANY
EXHIBIT FOR PUBLIC UTILITY EASEMENT
ASSESSOR PARCEL
BUCKEYE, AZ
DATE:
DSN:
DRN:
CHK:
RPA - 221104
SHEET 1 OF 2
12/21/22
SS
SS
MRS
EXHIBIT "A" - LEGAL DESCRIPTION
”
PROJECT NUMBER
EXHIBIT TO ACCOMPANY LEGAL DESCRIPTION
FOR PUBLIC UTILITY EASEMENT
ASSESSOR PARCEL 504-63-001B
BUCKEYE, AZ
DATE:
DSN:
DRN:
CHK:
RPA - 221104
SHEET 2 OF 2
12/21/22
SS
SS
MRS
EXHIBIT "A" - SKETCH
POB
POC
APN# 504-63-001B PUE CLOSURE REPORT
Exhibit 8
Land Sales Sheets
1
PROPERTY TYPE:
Commercial Land With Future Development Potential
ADDRESS:
North of the Northeast Corner of Miller Road and Durango Street
Buckeye, AZ 85326
LEGAL DESCRIPTION:
S 369F Of N 2279F Of W2 Nw4 Ex W 40F Rd & Ex S 10 0F Th/Of & Ex
Rd Com W4 Cor Sd Sec 17 Th E 40F Th N 447.35F Th Cont N 268.99F
ASSESSOR NO.:
504-63-007Y
GRANTOR:
Susan Schmitzer Darrington
GRANTEE:
Glendale Ave Miller Rd LLC
DOCUMENT NO.:
598204 (Maricopa County)
DOCUMENT TYPE:
Special Warranty Deed
DATE OF SALE:
May 2021
RECORD DATE:
May 28, 2021
SALE PRICE:
$2,350,000
FINANCING:
Cash
UNIT PRICE:
$7.47 per square foot
PROPERTY
RIGHTS CONVEYED:
Fee Simple Interest
CONDITIONS OF SALE:
Arm's length Transaction
VERIFICATION:
JT Taylor, ORION Investment Real Estate, Listing Broker, 480-634-
6934; Inspection, Affidavit of Value, DataTree, County Records
PRIOR SALES:
No prior sales in the last five years per Data Tree.
SITE DATA:
Shape/Dimensions:
Rectangular
Area:
7.219 acres, 314468 square feet
Topography/Cover:
Mostly flat with dirt and shrub cover
Zoning:
GC, General Commerce, by Buckeye
Frontage:
Miller Road, Yuma Road
Access:
Miller Road, Yuma Road
Utilities:
All to site
Intended Use:
Investment/ commercial development
COMMENTS:
This property has frontage on Miller Road to the west and Yuma Road to
the east. It is currently listed for sale along with the two parcels south of
it, for a total of 17.42 acres at $20 per square foot. Interest has been
shown for future hotel development.
Wayne Harding & Associates
LAND SALE NO. 1
LAND SALE NO. 1
Assessor's Parcel No. 504-63-007Y
Wayne Harding & Associates
2
PROPERTY TYPE:
Commercial Land With Future Development Potential
ADDRESS:
Northeast corner of Miller Road and Durango Street Buckeye, AZ 85326
LEGAL DESCRIPTION:
S 100F Of S 369F Of N 2279F W2 Nw4 Ex W 80F Rd & Ex E 55F Rd
P/F 12-0112989 & 12-0113416
ASSESSOR NO.:
504-63-007X & 504-63-007W
GRANTOR:
Miller Road 13 LLC
GRANTEE:
Yuma Miller Rd 20 Acres LLC
DOCUMENT NO.:
813064 (Maricopa County)
DOCUMENT TYPE:
Special Warranty Deed
DATE OF SALE:
February 2021
RECORD DATE:
July 27, 2021
SALE PRICE:
$3,555,960
FINANCING:
Cash
UNIT PRICE:
$8.00 per square foot
PROPERTY
RIGHTS CONVEYED:
Fee Simple Interest
CONDITIONS OF SALE:
Arm's length Transaction
VERIFICATION:
Scott Truitt, Western Land Company LLC, Listing Broker, 623-977-4900;
Inspection, Affidavit of Value, DataTree, County Records
PRIOR SALES:
No prior sales in the last five years per Data Tree.
SITE DATA:
Shape/Dimensions:
Mostly rectangular
Area:
10.204 acres, 444486 square feet
Topography/Cover:
Mostly flat with dirt and shrub cover
Zoning:
GC, General Commerce, by Buckeye
Frontage:
Durango Street, Miller Road, Yuma Road
Access:
Durango Street, Miller Road, Yuma Road
Utilities:
All to site
Intended Use:
Investment/ commercial development
COMMENTS:
This sale contains the two parcels directly south of Sale No. 1, and as
such the property has frontage on Miller Road, Durango Street, and
Yuma Road. There is a lighted intersection at Miller Road and Durango
Street to the southwest of the property. The property is currently listed
for sale in conjunction with the parcel north of it.
Wayne Harding & Associates
LAND SALE NO. 2
LAND SALE NO. 2
Assessor's Parcel No. 504-63-007X & 504-63-007X
Wayne Harding & Associates
3
PROPERTY TYPE:
Commercial Land With Future Development Potential
ADDRESS:
North of the Northeast Corner of Yuma Road and Durango Street
Buckeye, AZ 85326
LEGAL DESCRIPTION:
Durango Miller 247 Mld Parcel 1 Mcr 1556-31
ASSESSOR NO.:
504-63-556
GRANTOR:
Mangat Investment LLC
GRANTEE:
Yuma Road Owner LP
DOCUMENT NO.:
1373450 (Maricopa County)
DOCUMENT TYPE:
Special Warranty Deed
DATE OF SALE:
October 2021
RECORD DATE:
December 28, 2021
SALE PRICE:
$6,903,184
FINANCING:
Cash
UNIT PRICE:
$8.63 per square foot
PROPERTY
RIGHTS CONVEYED:
Fee Simple Interest
CONDITIONS OF SALE:
Arm's length Transaction
VERIFICATION:
Inspection, Affidavit of Value, DataTree, County Records
PRIOR SALES:
$3,883,040 in February 2021
SITE DATA:
Shape/Dimensions:
Rectangular
Area:
18.354 acres, 799500 square feet
Topography/Cover:
Mostly flat with dirt and shrub cover
Zoning:
GC, General Commerce, by Buckeye
Frontage:
Yuma Road, 247th Avenue
Access:
Yuma Road, 247th Avenue
Utilities:
All to site
Intended Use:
Investment/ commercial development
COMMENTS:
Located north of the subject, this 18.35-acre tract of commercial land
has frontage on both Yuma Road to the west and 247th Avenue to the
east and is prime for commercial or industrial development. A new
subdivision is being constructed to the east of the property across 247th
Avenue.
Wayne Harding & Associates
LAND SALE NO. 3
PHOTO NOT AVAILABLE
Assessor's Parcel No. 504-63-556
LAND SALE NO. 3
Wayne Harding & Associates
4
PROPERTY TYPE:
Commercial Land With Future Development Potential
ADDRESS:
West of the Southwest Corner of Yuma Road and 247th Avenue
Buckeye, AZ 85326
LEGAL DESCRIPTION:
Nw4 Ne4 Nw4 Ex Th Pt Ly Nly Of Th Fol Desc Ln Beg At A Pt On N Ln
Sd Sec 2813.08F E Fr Nw Cor Th S 50F Th W 485F Th S 78D 45M W
ASSESSOR NO.:
504-25-013C
GRANTOR:
Spectrum Investments II LLC
GRANTEE:
Boyc LLC
DOCUMENT NO.:
315237 (Maricopa County)
DOCUMENT TYPE:
Warranty Deed
DATE OF SALE:
April 2022
RECORD DATE:
April 8, 2022
SALE PRICE:
$3,000,000
FINANCING:
Cash
UNIT PRICE:
$11.85 per square foot
PROPERTY
RIGHTS CONVEYED:
Fee Simple Interest
CONDITIONS OF SALE:
Arm's length Transaction
VERIFICATION:
Scott Truitt, Western Land Company LLC, Listing Broker, 623-977-4900;
Inspection, Affidavit of Value, DataTree, County Records
PRIOR SALES:
$1,753,290 in September 2021
SITE DATA:
Shape/Dimensions:
Irregular
Area:
5.812 acres, 253166 square feet
Topography/Cover:
Mostly flat with dirt and shrub cover
Zoning:
RU-43, Rural, one acre minimum lot size, by Buckeye
Frontage:
Yuma Road
Access:
Yuma Road
Utilities:
All to site
Intended Use:
Investment/ commercial development
COMMENTS:
This 5.81-acre tract of vacant commercial land is located north of the
subject with extensive frontage on Yuma Road as well as I-10 visibility.
Although it has a rural zoning, the property lies within the business
commerce general plan area.
Wayne Harding & Associates
LAND SALE NO. 4
LAND SALE NO. 4
Assessor's Parcel No. 504-25-013C
Wayne Harding & Associates
5
PROPERTY TYPE:
Commercial Land With Future Development Potential
ADDRESS:
25019 West Durango Street Buckeye, AZ 85326
LEGAL DESCRIPTION:
Buckeye North Per Mcr 174-5
ASSESSOR NO.:
504-63-011
GRANTOR:
Jesse & Blanca Esquivel
GRANTEE:
Ketan & Keyur Patel
DOCUMENT NO.:
390225 (Maricopa County)
DOCUMENT TYPE:
Warranty Deed
DATE OF SALE:
March 2022
RECORD DATE:
May 4, 2022
SALE PRICE:
$495,000
FINANCING:
Cash
UNIT PRICE:
$11.33 per square foot
PROPERTY
RIGHTS CONVEYED:
Fee Simple Interest
CONDITIONS OF SALE:
Arm's length Transaction
VERIFICATION:
Scott Truitt, Western Land Company LLC, Listing Broker, 623-977-4900;
Inspection, Affidavit of Value, DataTree, County Records
PRIOR SALES:
No prior sales in the last five years per Data Tree.
SITE DATA:
Shape/Dimensions:
Rectangular
Area:
1.003 acres, 43698 square feet
Topography/Cover:
Steep with native desert cover
Zoning:
CC, Commercial Center, by Buckeye
Frontage:
Durango Street
Access:
Durango Street
Utilities:
All to site
Intended Use:
Investment/ commercial development
COMMENTS:
Sale No. 5 is located south of Durango Street with street frontage at the
north side of the property. It is surrounded by rural residential uses to
the east and south but commercial uses to the west.
Wayne Harding & Associates
LAND SALE NO. 5
LAND SALE NO. 5
Assessor's Parcel No. 504-63-011
Wayne Harding & Associates
6
PROPERTY TYPE:
Commercial Development Land
ADDRESS:
Southwest Corner of 247th Avenue and Yuma Road Buckeye,
AZ 85326
LEGAL DESCRIPTION:
Lengthy
ASSESSOR NO.:
504-25-014C0
GRANTOR:
Yuma Road 247 Ave 18 Acres LLC
GRANTEE:
247Yuma-AZ Owner, LLC
DOCUMENT NO.:
2023.658996, (Maricopa County)
DOCUMENT TYPE:
Special Warranty Deed
DATE OF SALE:
December 2023
RECORD DATE:
December 28, 2023
SALE PRICE:
$2,700,000
FINANCING:
Cash To Seller
UNIT PRICE:
$10.33 per square foot
PROPERTY
RIGHTS CONVEYED:
Fee Simple Interest
CONDITIONS OF SALE:
Arm's length Transaction
VERIFICATION:
Scott Truitt, Western land Company, listing broker; Inspection,
Affidavit of Value, DataTree, County Records, CoStar
PRIOR SALES:
No prior sales in the last three years per DataTree
SITE DATA:
Area:
6 acres, 261360 square feet
Shape/Dimensions:
Atypical
Topography/Cover:
Mostly flat with dirt and scrub cover
Zoning:
GC, General Commerce, by Buckeye
Frontage:
247th Avenue and Yuma Road
Access:
247th Avenue and Yuma Road
Utilities:
All to site
Intended Use:
Develop with a self storage complex
COMMENTS:
This six-acre tract
was purchased to develop a mini-storage and
boat/RV storage facility. It has visibility from I-10 and access from two
sides. There is a 69 kv power line over the south border that the buyer
reported will be used for boat storage and thus did not impact the price.
A large billboard near the north end has been excluded from the
property.
Wayne Harding & Associates
LAND SALE NO. 6
Assesor's Parcel No. 504-25-014-C
LAND SALE NO. 6
Wayne Harding & Associates
7
PROPERTY TYPE:
Commercial Development Land
ADDRESS:
Northeast corner of Miller Road and Lower Buckeye Road
Buckeye AZ 85326
LEGAL DESCRIPTION:
Lengthy
ASSESSOR NO.:
504-63-907A
GRANTOR:
STF Realty Partners LLC
GRANTEE:
Pending
DOCUMENT NO.:
Pending
DOCUMENT TYPE:
N/A
DATE OF SALE:
April 2024
RECORD DATE:
6/28/2024 (Pending)
SALE PRICE:
$1,670,000
FINANCING:
Cash
UNIT PRICE:
$12.37 per square foot
PROPERTY
RIGHTS CONVEYED:
N/A Interest
CONDITIONS OF SALE:
Arm's length Transaction
VERIFICATION:
Philip Bransen, Santan Comercial Advisors, listing broker.
Inspection, Affidavit of Value, DataTree, County Records, CoStar
PRIOR SALES:
No prior sales in the last five years per Data Tree.
SITE DATA:
Area:
3.1 acres, 135036 square feet
Shape/Dimensions:
Rectangular
Topography/Cover:
Flat with dirt and scrub cover
Zoning:
CC, community commercial, by Buckeye
Frontage:
Miller Road and Lower Buckeye Road
Access:
Miller Road and Lower Buckeye Road
Utilities:
All To Site
Intended Use:
Develop With A Self Storage Complex
COMMENTS:
This section line corner is located one half mile south of the Miller
Road I-10 interchange. It is pending purchase for development
with a mini-storage facility that is set to close on June 28, 2024. It
has
been in escrow for over a year
and the price was
renegotiated to $1,670,000 in April 2024.
Wayne Harding & Associates
ESCROW NO. 7
Assesor's Parcel No. 504-63-907
ESCROW NO. 7
Wayne Harding & Associates