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Landmark Research, Inc. / An appraisal of the Martin service station, Monona, Wisconsin
(February 17, 1986)
VI. Valuation of the subiect property after the taking, pp. 73-76
Page 74
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data necessary to make the approach meaningful.
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Although the size has obviously been reduced by the taking, we believe
the
reduction is not sufficient to justify a change in point score.
As to
proximity, the main consumer attraction nearby, the South Towne Shopping
Center, is perhaps slightly more difficult to reach after the taking but
we
judged that the change does not warrant a reduction in point score.
Finally,
linkages with westbound traffic improve after the taking but linkages with
eastbound traffic decrease resulting in the same point score after the taking
as before.
The reader should review Exhibits III-1 through 111-7 for the procedure
used in valuing the subject site before the taking. It is also applicable
in
arriving at a value after the taking. The total weighted point score for
the
subject site after the taking is calculated in Exhibit 111-5 as 1.7.
In
Exhibit 111-7 we determined that the value range of price per point is $1.44
+
$0.02. Given the area after the taking of 46,682 square feet, we can calculate
the price range for the subject site after the taking as follows:
High Estimate: $1.46 x 1.7 x 46,682 SF = $115,864 or $116,000
($2.48/SF)
Central Tendency" $1.44 x 1.7 x 46,682 SF $114,277 or $114,000
($2.45/SF)
Low Estimate: $1.42 x 1.7 x 46,682 SF = $112,690 or $113,000
($2.41/SF)
It is the appraiser's opinion, therefore, that the market value of the
subject site after the taking, using the Sales Comparison Approach, is
$1 14,000, rounded to $1 15,000.
C. The Income Approach
The Income Approach is generally used in valuing improved,
income-producing real estate. It is not applicable here due to the lack
of
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