03-27-1997 - Laserfiche WebLink

Home Browse Search

Pleasant Wood land only of approximately $100,000 to $180,000. Clearly, this brief analysis supports our conclusion that this property is worth considerably more "as improved" than it is "as vacant", even if significant deferred maintenance exists. Therefore, it should not be considered a candidate for redevelopment. Vacant properties in the area are scattered, but vacant commercial land along the Highway 10 Corridor is fairly scarce. Between the boundaries of Interstate 35W and the Northtown area, we have identified a few with "for sale" signs and have contacted those agents. One site is located just outside of the subject area near County Road H on the south side of Highway 10. It is currently listed as a build-to-suit location for a commercial-oriented business. The listing agent reported that he has had this 2.25-acre parcel listed "for a long time" and has received some inquiries, but not many. The asking price is $200,000 for the entire parcel, which equates to $2.09 per square foot. He also stated that he believes this parcel needs no soil corrections. All of the other vacant parcels that had "for sale" signs on them area located within the subject development area. The existing vacant land parcel located at the southeast quadrant of Silver Lake Road and Highway 10 and the adjacent parcel improved with an insurance agency are listed for sale by the owner, George Winiecki. The two parcels equal approximately 3.2 acres. The listing agent indicated there have been many inquiries regarding high-volume businesses for these sites, but are unable to accommodate their interests. Apparently the zoning had been changed several years back from B-3 to B-2, which has restricted the type of operations which can be developed on these parcels. The remaining vacant land sites on the south side of Highway 10 within the subject area are currently owned by Dale Jones (although a "for sale" sign indicates Raintree Realty as the listing company). We were unable to contact Dale Jones directly to inquire about his listings. The vacant land, including three parcels which equal 2.08 acres, situated on the northwest corner of County Road I and Highway 10 is also for sale. The sign indicates the listing company is SLP Realty, but we were unable to contact this group to verify any details regarding inquiries and the asking price. Actual commercial land sales in the area are even more difficult to come by. We have identified three Mounds View sales, all commercial or multi-family residential intended uses, either along or close to (within a few blocks) Highway 10. The first sale, which occurred June, 1994, was for an 11.65 acre parcel located at County Road H2 and Highway 10. The site was purchased by Multi Tech Systems, Inc. for $1,665,012, or $3.28 per square foot. The second sale, which occurred July, 1994, was for a 1.48 acre parcel located between O'Connell Drive and Highway 10. The office/retail s1t G was purchased toy Bennet Cyrus for $58,510, or $0.91 per square foot.. The last sale, which occurred December, 1994, was for a 2.78-acre parcel located at 2701 County Road I. The apartment zoned site was purchased by Heartland Mounds View, Commonbond for $155,000, or $1.28 per square foot. There are many factors which contribute to the value of a parcel of land. In this analysis, we have not investigated each sale and its individual 1111 characteristics. Therefore, we have not determined a value for the vacant parcels within the subject area, but have shown a few older sales in the neighborhood for general reference.