I3. Res. 6202, Peterson, Heritage Park Easement RequestCITY OF
KALISPELL
Development Services Department
201 ls` Avenue East
Kalispell, MT 59901
Phone: (406) 758-7940
Fax: (406) 758-7739
www.kalispell.com/plannine
REPORT TO: Doug Russell, City Manager
FROM: PJ Sorensen, Senior Planner
SUBJECT: Jeremy Peterson — Heritage Park Easement Request
MEETING DATE: June 17, 2024
BACKGROUND: In November 2023, the Council held a work session regarding property at
375 College Avenue adjacent to Heritage Park, which is a city owned park. At the time, it was
owned by David and Sharon Young, and has since been purchased by Jeremy Peterson. There is
a trailer and old storage building on the property, but it is essentially vacant and without
immediate access to either a street or city services. Jeremy Peterson became interested in
developing the property and entered into a contract with the Youngs to purchase it. He has also
reached out to the city regarding access, which was the primary topic at the November work
session. As shown below, the property is about a half -block off of College Avenue, although
there is an extension of the public street that brings College Avenue a bit closer. However, there
is a portion of Heritage Park that separates the property from the street and the property does not
have any legal access to the street.
After discussions with city staff, it was determined that a non-exclusive access and utility service
easement through a portion of Heritage Park would provide the appropriate connection to allow
the property to develop. Mr. Peterson anticipates building a single-family home, which would be
a permitted use under the R-3 (Residential) zoning of the property. The image below was
prepared as part of the appraisal of the property and shows the area where the proposed easement
would be located. The appraisal established the value as $32,000. It should be noted that the
appraisal was prepared as a boundary line adjustment and fee simple purchase of the property,
but the sales price would be the same under either scenario.
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View looking west into park: View looking east from park:
As part of the building permit review, design details including, but not limited to, width of the
driveway, paving standards, fire access and protection, storm drainage, and utility connections
will be reviewed. Any use of the property would need to be compliant with any applicable
zoning and subdivision regulations.
At the work session, the Council was amenable to move forward with the proposed sale of the
easement, provided that Mr. Peterson would be responsible for preparing the easement document
and any necessary surveying, as well as any other costs associated with the sale of the easement
and development of the site. Since that time, he has prepared the necessary documents and is
requesting that the City move forward with the sale of the easement. Consistent with the Council
direction at the work session, any remaining costs associated with the sale should also be paid by
Mr. Peterson.
RECOMMENDATION: It is recommended that the Kalispell City Council direct the City
Manager to enter into an agreement for the sale of the easement.
FISCAL EFFECTS: There are no anticipated fiscal impacts at this time.
ALTERNATIVES: Deny the request.
ATTACHMENTS: Resolution 6202
Proposed Easement
Appraisal of property
c: Aimee Brunckhorst, Kalispell City Clerk
RESOLUTION NO. 6202
A RESOLUTION APPROVING THE SALE OF AN EASEMENT ON CITY OWNED
PROPERTY IN HERITAGE PARK IN ORDER TO ALLOW THE DEVELOPMENT OF
A LAND -LOCKED PARCEL OF LAND LOCATED AT 375 COLLEGE AVENUE.
WHEREAS, the City of Kalispell owns Heritage Park, which is adjacent to 375 College Avenue,
a property recently purchased by Jeremy Peterson; and
WHEREAS, wishing to develop the property, Peterson met with city staff regarding his lack of
access to the property, which does not have any legal connection to College
Avenue; and
WHEREAS, a non-exclusive access and utility service easement through a portion of Heritage
Park would provide the appropriate connection to allow the property to develop;
and
WHEREAS, an appraisal established the value of the property at $32,000; and
WHEREAS, Peterson has agreed to purchase a non-exclusive access and utility easement, as
illustrated on Exhibit A attached hereto, for $32,000; and
WHEREAS, the City Council finds that the city will receive fair market compensation for the
easement in the proposed real estate transaction and that it is in the best interests of
the city to enter into such agreement.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL, MONTANA, AS FOLLOWS:
SECTION 1. The City Manager is hereby authorized, on behalf of the city, to enter into
an easement agreement, attached hereto as Exhibit B, to affect the real estate
transaction described in the recitals above and as illustrated on Exhibit A.
PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF
THE CITY OF KALISPELL, THIS 17TH DAY OF JUNE, 2024.
Mark Johnson
Mayor
ATTEST:
Aimee Brunckhorst, CMC
City Clerk
EXHIBIT A
i
EX '
EXHIBIT B
When recorded return to:
Brian Joos, Esq.
Gersh, Simpson & Joos, PLLP
121 Wisconsin Avenue
Whitefish, MT 59937
INGRESS, EGRESS, AND UTILITY EASEMENT
THIS EASEMENT is granted by the City of Kalispell, referred to as "Grantor;" and is
granted to Jeremy Peterson, hereinafter referred to as "Grantee."
WITNESSETH
WHEREAS, Grantor is the owner of record of the real property situated in Flathead
County, Montana more particularly described as follows:
Parcel A:
A tract of lard in thO MhMh of Section 17. Toanship 20 North, Range 21
West, ll.p.li., Flathead Munty, Wntana, dazaribacl as follows:
na-ginning at a point on the Basterly line of Vbcdlanrl Avanue, Flatioad anunty,
Montana, %ehich point is South 310 03' East a distance of 95-7
feet from the m; st southerly corn---r or. lila^S; 'h" of Kmlisp&U
TYthis
Ccnpany'`s� Md1tinn Ito. 22 to i:alispol], tntana: thence
from is I nt of bNjkvtin9;-due
East a distance of 232-3 feet:; tor4e dine
Ncwth a distance of 62.2 feet; thence due
Fast a distance of 84-3 .feet, thence clue
Scuth a distmxo"og 180 feet; therce due -
Vest ad i,stance of 240 feat, rams or less to the Easterly line of said
NcoalarA Avenue; theme along the ktisterly line of said ikcdland
Avenue
North 31` 03' list a WALance of 213.85 Ave-t acre or less to the iblnt
of 1kxj1n iirxj.
Excepting therefrom Public Roads and Rights of Nay and all Easements
of record.
Parcel B:
A tract 6f 1=0 in the SFASNN of Section 8 and the NEW* of Section 17,
in Tamshfp 28 tbrth, pATKp 21 Itest, H.P.11_, nathead Oasnty, Mcntane,
ceseribW as folluost
BeginniA at the cast saaukherly warner of said Block ; thence 'A"the a al+s;g tha . .
'rasterly boundary of said D1oc3,- me
Mrth 2. 31' m-st a distanm of 255.9 feet; thence
North 406 57' East a distance of Z5 Feat; thence
South 50. 30' East a distaaee of 82.5 feet; thcnm _
South 2��7}' 40' :fast a distance Of 10.6 feet; theme
South 12. 20' East a diubmw a of 41.6 feet; thence
South 16. 48' East a dLstanec of 178.e feet; thence: duo
East a dLstance of 159.7 feet; thmm due
South a distance of 82_2 feet; thence due
thowst a dLstance of 232.3 feet to the Easterly line of t;oedlnn3 Avon=; thence ll
along said Eastrrly line
trszth 31` 03' ilest a distance of 95.7 feet core or l= to the Puce of Begin-
ning.
WHEREAS, Grantee is the owner of record of the real property situated in Flathead
County, Montana more particularly described as follows:
Parcel B of Certificate of Survey No. 9379, located in the Southeast Quarter of the Southwest Quarter
of Section 8, and the Northeast Quarter of the Northwest Quarter of Section 17, Township 28 North,
Range 21 West, P.M.M., Flathead County, Montana.
NOW, THEREFORE, in consideration of $32,000.00 paid by Grantee to Grantor, which
the parties agree to be valuable and sufficient consideration, and the receipt of which is
hereby acknowledged, the Grantor hereby grants and conveys to Grantee an easement
pursuant to and subject to the following terms:
1. Grantee shall have a non-exclusive easement for ingress, egress, and utilities over
and across that area of Grantor's above -described property, approximately 102.48
feet by 20 feet in size, as labeled "New Access & Utility Easement" on Exhibit A
attached hereto.
2. The easement granted herein is intended to serve the Grantee's property described
above as used to the fullest extent permitted under the terms of City of Kalispell
and/or Flathead County zoning applicable to the Grantee's property.
3. The easement granted herein is for the benefit of Parcel B of COS 9379 only.
4. Any improvements in the easement area must be constructed and maintained to
City of Kalispell standards.
5. The easement area may not be gated or otherwise obstructed.
6. All of the real property described above shall be held, sold, and conveyed subject
to the terms of this Ingress, Egress, and Utility Easement, which shall run with
said real property and be binding on all parties having any right, title or interest
therein or in any part thereof, as well as their respective heirs, personal
representatives, successors and assigns, and shall inure to the benefit of and
burden of each owner thereof.
7. In the event of a dispute arising under this Ingress, Egress, and Utility Easement,
the prevailing party shall have the right to collect from the other party
his/her/its/their costs and attorney's fees incurred in enforcing this Ingress, Egress,
and Utility Easement. The proper venue for any such dispute shall be Flathead
County, Montana, and the governing laws shall be those of the State of Montana.
8. This Ingress, Egress, and Utility Easement may be modified or terminated only by
a writing signed by both Grantor and Grantee, or their heirs, successors, or assigns
as the case may be.
9. Grantors are not responsible for any easement maintenance or improvements for
the road governed by this Ingress, Egress, and Utility Easement.
[SIGNATURE PAGES TO FOLLOW]
GRANTOR:
CITY OF KALISPELL
By:
As Its:
STATE OF
COUNTY OF
) ss.
The foregoing instrument was acknowledged before me this
2024 by , as
of the City of Kalispell.
Printed Name:
Notary Public for the State/Province of
Residing at ,
day of
GRANTEE:
Jeremy Peterson
STATE OF
ss.
COUNTY OF )
The foregoing instrument was acknowledged before me this day of
20249 by Jeremy Peterson.
Printed Name:
Notary Public for the State/Province of
Residing at ,
1
A NARRATIVE APPRAISAL REPORT OF
College Ave. Access
City of Kalispell
LOCATED AT
375 College Ave
Kalispell, MT 59901
FOR THE PURPOSE OF
Forming an Opinion of the As -Is Market Value
DATE OF REPORT
October 19, 2023
CLIENT
Jeremy Peterson
2135 Wintercrest DR
Kalispell, MT 59901
APPRAISAL COMPLETED BY
James Williamson
586 Stoneridge DR
Kalispell, MT 59901
M : 406-270-2121
Email: james@sage-appraisal.com
2
aL
October 19, 2023
File #2023-210
Jeremy Peterson
2135 Wintercrest DR
Kalispell, MT 59901
Re: City of Kalispell Real Estate
375 College Ave
Kalispell, MT 59901
File #2023-210
Dear Jeremy Peterson:
Please find attached a Narrative Appraisal Report of the College Ave. Access located
at 375 College Ave, Kalispell, MT 59901.
The subject property is further identified as Flathead County Assessor's Parcel
Number 0977004. 1 have inspected the site and improvements to form an opinion of
the As -Is Market Value. The supporting data, analyses, and conclusions used to form
an opinion of the market values of the subject property are contained in the
accompanying report and addenda.
This appraisal is intended to conform to OCC Interagency Appraisal and Evaluation
Guidelines, FIRREA Guidelines, and adhere to the Uniform Standards of Professional
Appraisal Practice (USPAP).
The client and intended users include representatives of Jeremy Peterson and their
duly appointed committees. The intended use of this appraisal is purchase and sale
decisions. The purpose of this appraisal report is to form an opinion of the As -Is
Market Value as of October 19, 2023.
3
Based upon an analysis of the market data and subject to the assumptions and
limiting conditions contained within this report, I have formed the following value
opinion:
Conclusion
Property Rights Appraised
Fee simple
Effective Date of Appraisal
October 19, 2023
Market Value Opinion
$32,000
The market value opinions have been predicated upon an exposure time of three to
twelve months, based upon available market data. The marketing period has also
been estimated at three to twelve months.
Extraordinary AssumptionsMypotheticnl Conditions:
The acceptance of this appraisal assignment and the completion of the appraisal
report submitted herewith, is not contingent upon any extraordinary assumptions or
hypothetical conditions.
Best Regards,
James Williamson
Montana Certified General Appraiser
REA-RAR-LIC-15327
Certification of Value
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 interest in the property that is the subject of this report,
and no personal interest with respect to the parties involved.
➢ I have performed no 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.
➢ 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 opinion, 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 Practice.
➢ I have made a personal inspection of the property that is the subject of this report.
➢ No one provided significant real property appraisal assistance to the person signing this
certification.
➢ The reported analyses, opinions, and conclusions were developed, and this report has been
prepared in conformity with the Code of Professional Ethics and Standards of Professional
Practice of the Appraisal Institute.
➢ As of the date of this report, I am current on all continuing education required by the state
of Montana.
James Williamson
Montana Certified General Appraiser
REA-RAR-LIC-15327
Table of Contents
5
TABLE OF CONTENTS
CERTIFICATIONOF VALUE.................................................................................................................................................. 4
TABLEOF CONTENTS.........................................................................................................................................................
5
ASSUMPTIONS AND LIMITING CONDITIONS......................................................................................................................
6
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS....................................................................................................
8
SUBJECTCOUNTY PLAT MAP.........................................................................................................................................
9
INTRODUCTION................................................................................................................................................................
12
SITE DESCRIPTION AND ANALYSIS...................................................................................................................................
15
HIGHESTAND BEST USE...................................................................................................................................................
17
HIGHEST AND BEST USE AS THOUGH VACANT............................................................................................................17
LANDVALUATION............................................................................................................................................................
19
TRANSACTIONAL ADJUSTMENTS.................................................................................................................................
31
PHYSICAL CHARACTERISTICS ADJUSTMENTS...............................................................................................................
32
EXPOSURE TIME AND MARKETING PERIOD.....................................................................................................................
40
ADDENDA.........................................................................................................................................................................
41
DEFINITIONS................................................................................................................................................................
42
ENGAGEMENTLETTER.................................................................................................................................................
47
QUALIFICATIONSOFAPPRAISER.................................................................................................................................
49
College Ave. Access Sage Appraisal + Strategy
Assumptions and Limiting Conditions
ASSUMPTIONS AND LIMITING CONDITIONS
The acceptance of this appraisal assignment and market study, and the completion of the appraisal
report submitted herewith are contingent upon the following general assumptions and limiting
conditions:
1) No responsibility is assumed for legal or title considerations. Title to the property is
assumed to be good and marketable unless otherwise stated. It is further assumed the
subject property has legal access unless otherwise noted.
2) The property is appraised free and clear of any or all liens or encumbrances unless
otherwise stated in this report.
3) Responsible ownership and competent property management are assumed, unless
otherwise stated.
4) The information furnished by others is believed to be reliable; however, no warranty is
given for its accuracy.
5) All engineering is assumed to be correct. Any plot plans and illustrative material in this
report are included only to assist the reader in visualizing the property.
6) It is assumed 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) It is assumed there is full compliance with all applicable federal, state, and local
environmental regulations and laws unless otherwise stated.
8) It is assumed all applicable zoning and use regulations and restrictions have been
complied with, unless a non -conformity has been stated, defined, and considered.
9) It is assumed that all required licenses, certificates of occupancy or legislative or
administrative authority from any local, state, or national governmental or private entity
organization have been or can be obtained or renewed for any use on which the value
opinions contained in this report are based.
10) Any sketch may show approximate dimensions, and is included to assist the reader in
visualizing the property. Maps and exhibits found are provided for reader reference
purposes only. No guarantee as to accuracy is expressed or implied unless otherwise
stated.
College Ave. Access Sage Appraisal + Strategy
Assumptions and Limiting Conditions
7
11) It is assumed 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
trespasses unless otherwise stated.
12) The appraiser is not qualified to detect hazardous waste and/or toxic materials. Any
comment by the appraiser that might suggest the possibility or presence of such
substances should not be taken as confirmation of the presence of hazardous waste
and/or toxic materials. Such determination would require investigation by a qualified
expert in the field of environmental assessment. The presence of substances such as
asbestos, urea -formaldehyde, foam insulation, or other potentially hazardous materials
may affect the value of the property. The appraiser's value opinions are predicated on
the assumption there is no such material on or in the property that would cause a loss in
value, unless otherwise stated in this report. No responsibility is assumed for any
environmental conditions, or for any expertise or engineering knowledge required to
discover them. The appraiser's descriptions and resulting comments are the result of the
routine observations made during the appraisal process.
13) The Americans with Disabilities Act (ADA) became effective January 26, 1992. 1 have not
made a specific compliance survey and analysis of this property to determine whether it
is in conformity with various detailed requirements of the ADA. It is possible that a
compliance survey of the property, together with a detailed analysis of the requirements
of the ADA, could reveal the property is not in compliance with one or more of the
requirements of the act. If so, this fact could have a negative effect upon the value of
the property. Therefore, it is assumed that the property complies with all ADA
requirements.
14) Any proposed improvements are assumed to be completed in a good workmanlike
manner in accordance with the submitted plans and specifications.
15) The distribution of any or the total valuation of this report between land and
improvements applies under the stated program of utilization. The separate value
conclusions for land and buildings must not be used in conjunction with any other
appraisal, and are invalid if so used.
16) 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 the
properly written qualification and only in its entirety.
17) 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 appraisers are connected)
shall be disseminated to the public through advertising, public relations, news sales, or
other media without prior written consent and approval of the appraiser.
College Ave. Access Sage Appraisal + Strategy
Summary of Important Facts and Conclusions 8
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
SUBJECT PROPERTY SUMMARY
The subject is a proposed 2,020 SF parcel of land that would be utilized for access when adjoined to
the .49-acre parcel of land located at 375 College Ave. The proposed land acquisition is shown in
the image below.
75_60'
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The parcel of land is not large enough to be considered a lot and the highest and best use of this
parcel is for access to the neighboring property as shown in the image.
Industry standards for appraising easement parcels is to estimate the impact of value to the selling
party or the receiving party. For this report the value will be appraised based on the value received
by the purchaser as the impacts to the selling party are minimal. The real estate market does
typically show a higher value for accessible property as opposed to land that is "landlocked." The
methodology for valuing an easement with this perspective often uses a "before and after"
appraisal that considers the value of the property without the access. Then, an "after" appraisal
determines the property value with the access in place.
The land value for 375 College Ave will be estimated with a before and after valuation to determine
the value of the subject property.
Extraordinary Assumptions/Hypothetical Conditions:
The acceptance of this appraisal assignment and the completion of the appraisal report submitted
herewith, is contingent upon the extraordinary assumptions the access area is not encumbered by
additional easements or restrictions.
College Ave. Access Sage Appraisal + Strategy
Summary of Important Facts and Conclusions
N
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College Ave. Access Sage Appraisal + Strategy
Summary of Important Facts and Conclusions
10
Pri
AERIAL PHOTOGRAPH
6 �.
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Y
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Ate' y
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Property Address
375 College Ave, Kalispell, MT
Property Location
East of downtown on College Ave
Property Owner
City of Kalispell
Assessor's Parcel Number
0977004
Census Tract Number
30-029-0012.02
Purpose of Appraisal
To form an opinion of the As -Is Market Value
Intended Use of Appraisal
Purchase and sale decisions
Intended Users
Jeremy Peterson & City of Kalispell
Date of Valuation
October 19, 2023
Property Inspection Date
October 19, 2023
Date of Report
October 19, 2023
Property Rights Appraised
Fee simple
College Ave. Access Sage Appraisal + Strategy
Summary of Important Facts and Conclusions
11
Land Size
2,020 Scl Ft
Improvement Data
None
Zoning
R-3
Personal Property
None
HIGHEST AND BEST USE
As Vacant Land
Residential
As Improved
Residential
Likely Buyer
Owner/User
VALUE OPINION
MARKET VALUE OPINION
PROPERTY RIGHTS EFFECTIVE MARKET VALUE
APPRAISED DATE OF VALUE OPINION
As -Is Market Value
Fee simple
October 19, 2023
$32,000
Current Use
Vacant Land
Use Reflected in the Appraisal
Vacant Land
Exposure Time
The opinion of market value has been predicated on an
exposure time of three to twelve months.
Marketing Period
If the subject were marketed for sale as of the date of the
value opinion, the marketing period would be three to twelve
months assuming competent marketing with pricing
commensurate with the opinions of market value.
Extraordinary Assumptions/Hypothetical Conditions:
The acceptance of this appraisal assignment and the completion of the appraisal report submitted
herewith is contingent upon the extraordinary assumptions the access area is not encumbered by
additional easements or restrictions.
College Ave. Access Sage Appraisal + Strategy
Introduction 12
INTRODUCTION
Identification of the Property
The subject property consists of land located at 375 College Ave, Kalispell, MT 59901. The property
is further identified as Flathead County Assessor's Parcel Number 0977004. The site is a 2,020 Sq Ft
lot.
The site and improvements are more thoroughly described in the "Site Description and Analysis"
and the "Improvements Description and Analysis" sections contained in this report.
Legal Description
Legal description not available for the proposed property.
Census Tract Number
30-029-0012.02
Purpose of Appraisal
To form an opinion of the As -Is Market Value of the subject property as of the effective date of the
appraisal.
Intended Use of the Appraisal
Purchase and sale decisions
Intended Users of the Appraisal
Jeremy Peterson & City of Kalispell
Effective Date of Valuation
October 19, 2023. This is the date the property was inspected and the date the photographs were
taken.
Date of Appraisal Report
The date of this appraisal report is October 19, 2023. The comparable sales and market data were
verified prior to the date of this report.
USPAP Competency Provision
This appraisal report is being prepared with the intention of complying with the most recent version
of the Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the Appraisal
Foundation. I have the knowledge and the experience to complete this appraisal assignment. I
have appraised numerous properties with similar uses in NW Montana and I am qualified to
appraise the subject property. Please see my qualifications contained in the Addenda of this report
for additional information.
College Ave. Access Sage Appraisal + Strategy
Introduction 13
Current Ownership/Ownership History
According to information obtained from Flathead County public records the subject property is
currently under the ownership of the City of Kalispell.
There were no other sales or listings of the subject property that have occurred during the last three
years.
Scope of Appraisal
This is a Narrative Appraisal Report which is intended to comply with reporting requirements set
forth under Standards Rule 2-2 (a) of the Uniform Standards of Professional Appraisal Practice
(USPAP). As part of this appraisal, the appraiser has made a number of independent investigations
and analyses. The investigations undertaken, and the major data sources used follow.
Area/City and Neighborhood Analysis
Data pertaining to the market area and the neighborhood was provided by publications such as the
Daily Interlake and the Flathead Beacon, and information from the local Chamber of Commerce and
the Economic Development Authority of Western Montana. Information regarding population was
supplied by the State of Montana and Flathead County. Information about visitor volume, data
pertaining to the labor force, employment and unemployment was supplied by the State of
Montana. Information pertaining to taxable sales was provided by the Montana Department of
Revenue. Data pertaining to residential construction building permits was collected from the
governing jurisdictions. Additional neighborhood data was based upon a physical inspection of the
area.
Site Description and Analysis
On October 19, 2023, James Williamson physically inspected the subject property and the
surrounding area. Photographs of the property were also taken as of this date. Information
concerning utilities was collected by a physical inspection as well as contacting the individual utility
companies, when necessary. The City of Kalispell Planning and Development Department was
contacted to obtain zoning information on the property. Information pertaining to dimensions,
shape, and area was taken from the Flathead County Assessor's Map. The description of analysis of
topography, drainage, soil conditions, and surrounding land uses was based upon a physical
inspection.
Improvements Description and Analysis
Data pertaining to construction details and specifications were obtained by physical inspection of
the subject improvements and interviews with the owner. Details regarding building size were
taken from on -site measurements.
Applied Methods of Valuation
All three methods of valuation, 1) cost approach, 2) the income approach and, 3) sales comparison
approach were considered in the valuation of the subject property. Please see the section entitled
"Method of Valuation," contained later in the report, for a full description of the complete process
for each approach. Depending on market conditions and property type one or more approaches
College Ave. Access Sage Appraisal + Strategy
Introduction 14
may be omitted. The omission of one or more approaches does not affect the reliability of the value
conclusions. For this assignment:
Cost Approach: Not utilized for land valuations.
Income Approach: Not utilized for land valuations.
Sales Comparison Approach: Will be utilized.
Market Data Collection and Verification
Data pertaining to land sales was collected from sources including the local MLS, Title Agencies, and
discussions with brokers, owners, and developers. Information on land sales, listings, or offers was
verified with the parties involved in the transaction, including the grantor, grantee, broker, or other
knowledgeable parties, when possible. Verification of each sale is listed separately on each land
sale abstract.
Cost information was considered from the Marshall Valuation Service, published by Marshall & Swift
Publication Company.
Comparable rental data was based upon a physical inspection of properties in the neighborhood
and from sources including the local MLS, property managers, and brokers in the area. The rental
data was verified with the owner, property manager, or tenants of the property, when possible.
Verification of the data is contained on rental comparable abstracts later in the report. Vacancy
rate and collection loss information was based upon the surveyed properties and from information
published through realty offices informed about the Flathead Valley. Information pertaining to
expenses and overall capitalization rates, was also provided from rental properties, surveys of
sales/leasing agents, or improved sales contained within this report.
Improved sales data was collected through various sources including County records, MLS, First
American Title, or from brokers, owners, and developers. The information was verified with parties
involved in the transaction including the grantor, grantee, broker, or other knowledgeable parties,
when possible. Verification of each sale is listed separately on each improved sale abstract
contained later in the report.
College Ave. Access Sage Appraisal + Strategy
Site Description and Analysis 15
SITE DESCRIPTION AND ANALYSIS
Location
The property has a street address of 375 College Ave, Kalispell, MT 59901. The subject may be
further identified as Flathead County Assessor's Parcel Number 0977004. The property is in Census
Tract Number 30-029-0012.02.
Dimensions, Shape, and Area
The subject has a rectangular shape and contains a land area of approximately 2,020 Sq Ft.
The reader is referred to the assessor's parcel map and the aerial photograph on the following
pages for a visual description of the subject site.
Topography and Drainage
The subject parcel is generally at grade with the adjoining streets and properties. The site is typical
of other sites in the area, and there are no adverse site conditions noted at the time of inspection.
According to the Federal Emergency Management Agency (FEMA) flood insurance rate map, the
property is categorized as being in Flood Zone X, Map 300269C1810J, Eff 11/4/15. Flood Zone X is
depicted on the FEMA website as being in an area of minimal flood hazard.
The Flood Disaster Protection Act of 1973, and the National Flood Insurance Reform Act of 1994,
have made the purchase of flood insurance mandatory for federally backed mortgages on structures
located in special flood hazard areas. Because the subject is not within an area identified as a 100-
year flood zone, flood insurance is not required.
Waterfront Amenity
None
View Amenity
Urban
Adjacent Property Owners
Public
Street Improvements and Accessibility
The subject is located on 375 College Ave which is a two-lane road that extends in a roughly
north/south direction. There are minimal off -site improvements on the street.
College Ave. Access Sage Appraisal + Strategy
Site Description and Analysis
16
Utilities
Public utility services are available to the site. They are provided by the following agencies:
UTILITY
AGENCY
Electricity
Flathead Electric Co -Op
Water
City of Kalispell
Sanitation
City of Kalispell
Telephone
CenturyLink
Natural Gas
Northern Energy
Solid Waste Disposal
Flathead County
Nuisances, Hazards, and Surrounding Land Uses
The subject site is located within a neighborhood that has a predominantly residential use. None of
the surrounding properties appear to be suspect relative to toxic or hazardous materials.
The value opinions are predicated upon the assumption there are no such environmental conditions
on or in the property that would cause a loss in value. No responsibility is assumed for any such
environmental conditions, or for any expertise or engineering knowledge required to discover them.
Easements and Encroachments
Typical road and utility easements are assumed to exist. No adverse encroachments were noted.
Unless otherwise noted, it is assumed the subject property has legal access.
Zoning
The subject property is zoned R-3 under the jurisdiction of the City of Kalispell. This is a residential
zoning district.
Land Use
There is no additional zoning or land use overlay district relating to the subject property.
CC&R's
None.
HOA
None
College Ave. Access Sage Appraisal + Strategy
Highest and Best Use
17
HIGHEST AND BEST USE
Highest and Best (HBU)
Highest and best use is defined as follows:
"The reasonably probable use of property that results in the highest value. The four
criteria that the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity."
Source: The Dictionary of Real Estate Appraisal Sixth Edition (Chicago: Appraisal Institute, 2010),
Page 109.
The highest and best use of a property is an economic study focusing on the four criteria. The
determination of a property's highest and best use is the basis that provides the valuation
framework upon which comparable market data is selected. Such data for improved properties may
include cost, income and expense data, and improved sales pertaining to the property's concluded
best use.
Highest and best use of the property as though vacant, is considered separately from the highest
and best use of the property as improved. The site is valued as though vacant, and available for
development to its highest and best use even if the property's existing improvements do not
represent the highest and best use of the site. Highest and best use of the land as though vacant
indicates only how the land should be used if it were vacant.
Highest and Best Use as Though Vacant
Highest and best use of land or site as though vacant is defined as:
"Among all reasonable, alternative uses, the use that yields the highest present land
value, after payments are made for labor, capital, and coordination. The use of a
property based on the assumption that the parcel of land is vacant or can be made
vacant by demolishing any improvements."
Source: The Dictionary of Real Estate Appraisal, Fifth Edition, (Chicago: Appraisal Institute, 2010),
Page 94.
Legally Permissible
The subject property is zoned R-3, under the jurisdiction of the City of Kalispell. This zoning
designation allows for largely residential improvements. The parcel is zoned consistent with the
nature of the immediate area, which has a variety of residential (single family and multi -family). A
complete list of permitted uses is included in the "Site Description and Analysis" section of the
report.
College Ave. Access Sage Appraisal + Strategy
Highest and Best Use 18
Physically Possible
This analysis determines which legally permissible use is physically possible on the subject property.
The physical characteristics of the site that affect its possible use include but are not limited to its
location, street frontage, size, shape, street access, availability of utilities, easements,
encroachments, soils and subsoils, and topography.
Based on a physical inspection of the subject property, the site appears to be in an area that has
stable soil and subsoils, which provide suitable support for typical commercial structures. The soil
and subsoil conditions are assumed to be typical of the area, and do not present limitations or
problems regarding development.
The property is not located within a designated flood hazard area and there are no environmental
hazards assumed to exist near the subject. There are no apparent adverse conditions that would
restrict development of the property. Size of the parcel can be a limiting factor in the highest and
best use of a property, and may preclude many legally permissible uses. In summary, the site
appears adequate for development of any legally permissible use, where size of the parcel is not a
factor.
Financially Feasible
This HBU analysis determines which of the legally permissible and physically possible uses are
financially feasible. The subject neighborhood is characterized by multi -family and single-family
residential properties. The subject property is well located within relatively easy walking distance to
amenities in Kalispell.
In summary, the financially feasible use of the subject site would include only residential uses.
Maximally Productive
Finally, the maximally productive use of the site determines which one of the financially feasible
uses will result in the highest present value. The maximally productive use of the site as though
vacant is for a residential use.
Conclusion
In conclusion, the highest and best use of the site as though vacant would be for access to the
neighboring properties due to the size of the site no improvements would be placed on the
property.
College Ave. Access Sage Appraisal + Strategy
Land Valuation
19
LAND VALUATION
The sales comparison approach is the most common technique for valuing vacant land. It is used to
form an opinion of the market value of the subject site as though vacant. To apply this method,
sales of similar parcels of land are analyzed, compared, and adjusted to provide a value indication.
The sales are then adjusted for dissimilarities between them and the subject. Elements considered
include property rights, legal encumbrances, financing terms, conditions of sale (motivation),
market conditions (sale date), location, physical characteristics, available utilities, zoning, and
highest and best use. The sales used in the valuation are the most comparable to the subject as of
the date of valuation.
In the price/unit method, the data is analyzed, and an appropriate unit of comparison is selected
(price/square foot, acre, front foot, dwelling unit, etc.).
• Transactional adjustments are applied to the comparables for: property rights, financing,
conditions of sale, expenditures immediately after purchase, and market conditions.
• The comparables are analyzed to determine market sensitivity to various physical
characteristics.
• They are then arrayed in a table which brackets the unit market value of the subject.
• The range of values is reconciled to a unit market value.
• The unit of value is then multiplied by the size of the subject property to provide an
indication of market value.
For this assignment, the appropriate unit of comparison is $/SF.
Sales of vacant land are summarized below, followed by a map and complete abstracts.
LAND SALES SUMMARY
Comparable Sales Summary
Sale Date
SF
ID
Address
Sale Price
$/SF
Zoning
10/16/23
21,344
1
54 Sunset DR, Kalispell
$139,000
$7
R 2
01/31/23
17,860
2
418 Maple DR, Kalispell
$175,000
$10
R-1
09/16/22
6,970
3
NHN 8th Ave W, Kalispell
$155,000
$22
R-4
06/21/23
9,148
4
7 Muskrat DR, Kalispell
$125,000
$14
R-4
07/14/23
3,049
5
1331 7th ST W, Kalispell
$90,000
$30
R-4
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Land Valuation 20
Lana saes Map
Subject
ip'I
Kalispell',
City Airpore
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Land Valuation
21
COMPARABLE LAND SALE #1
54 Sunset Drive, Kalispell, MT 59901
Listing
ML5#: 22208989 prop Type: Land and Lots price: $139,000
Status: UC-Back-Up Offers Sub Type: Residential DOM CDOM: 482/482
Recent:,
10/15/2023 : Under Contract Taking Back Up Offers : ACT->UCTBUI
Unit:
City Limits:
Lot Size: 0.49 ac
21,344 sgft
Features
Lot Fe3:_-es: Corners Marked. Few Trees
Fencing,
View:
Horse Feat:
Topography:
Road Frontage: City Street
Road SurfacE
11laterfront: No/None
Other Struck
Systems & Utilities
Other Equip: Ut..,ties:
Geocode: 07407833304010000
County: Flathead
Subdiv:
$/Acre: S283,673
Industrial, Residential, Trees/Woods
Level
Asphalt
Electricity Available, Natural Gas Available,
Sewer Available, Water Available
R3dor Feat: off Grid: No
Public Remarks
Rema•ks: Ar excit rg oppc�rt j- :,y Mt- the feel 3= be rg in t-e cDuntry but yet minutes from to-d:r. This leve . nea•l-, 112-acre Io_, parked
out witn a mix a` tees and open space has outstanding access off a paved road in Evergreen. Existing se6Er 3; a;ater Fook-up on t-e
property. Gas (a ready there) and power too. R-2 zoning allows for a mar.,factured or single-family home, Call N Ke Hcdees at
406.871.0673 or your real estate professional.
Legal/Taxes
Assessor=:
0739350
SID(s) Inciaded: Covenant: No
Zoning;
R-2
SID Annual Amt: School Dist:
Taxes:
$1,075
SID Est Tot Payoff:
Tax ''ear:
2022
SID Features:
Legal Desc:
LOT 25 of CERTIFICATE OF SURVEY (COS) #22153
ent/ Broker Info
List Office: Westward Bound Real Estate
Office Phone: 406-253-0222
Office Fax: 406-755-0222
Address: 140 Kelly Rd, Kalispell, MT 59901
List Ag--nt: Michael Joseph Hodges
Contact =: 406-871-0673
michaelhodge5798&gmai1.com
LA License -e: RRE-BRO-LIC-79493
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Land Valuation 22
Parcel Map
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Land Valuation
23
COMPARABLE LAND SALE #2
418 Maple Drive.. Kalispell, MT 59991
Listing
MLS=: 22211234 Prop Type: Land and Lots Close Price: $175,000
Status: Closed Sub Type: Residential List Price: $250,000
DOM/CDOM: 186f
Lot Features:
Few Trees
Fencing:
Chain Link, Partial
Horse Feat:
Road Frontage:
City Street
Waterfront:
No/None
Frontage:
Heating:
Other Equip:
Radon Feat:
Irrigation: well
Unit:
City - m -s: No
Lot 5 Fe: 0.41 ac
17,860 sgft
Features
Geocode: 07407833110430000
County: Flathead
Subdiv:
$/Acre: 5425,829
View:
Topography: Level
Road Surface: Asphalt
Other Struct: Shed(s)
Mobile Homes Perm tted: Double, Double Permanent,
Manufactured Home, Modular, Single
Systems & Utilities
,'�'ek=r Well
Ut -ies: Sewer Available, Water Not Available
Of" Si � No
Public Remarks
Nice property with just under a half an acre. Sits on a quiet street with mature trees and plenty of room to use it as you would like. Fix
up the mobile home or build your dream home on the lot. Evergreen sewer and water as well as your own private well for irrigating.
Contact Lisa Bartholomew at 406-250-7117 or Jordan Keller at 406-309-4954 or your real estate professional.
LenalITaxes
Assessor =
0004974398 SID(s) Included:
Covenant: No
Zoning:
none SID Annual Amt:
S:-vol Dist:
Taxes:
5621 SID Est Tot Payoff:
Tax Year:
2021 SID Features:
Legal DEsc
MOUNTAIN VIEW, 533, T29 N, R21 W, BLOCK 002, Lot 013,
MOUNTAIN
VIEW LOT 13 TR 13
Agent/Broker Info
List Office:
Montana Read Estate Associates
List Agent:
Lisa Bartholomeyv
Office Phone:
406-407-7357
Contact --:
406-250-7117
Office Fax:
lisaf&mtrealestateassoc.com
Address:
142 2nd St W, Kalispell, MT 59901
LA License t:
RRE-RBS-LIC-70477
Co List Off:
Montana Real Estate Associates
Co List Agt:
Jordan Keller
Buyer Office:
Montana Real Estate Associates
Buyer Agent:
Jordan Ann Keller
Office Phone:
406-253-7369
Contact --:
406-309-4954
Office Fax:
thepropertygalsiamtrealestateassoc.com
Address:
SA License =:
RRE-RBS-LIC-70477
Co Buyer Off:
Montana Real Estaite Associates
Co BuyerAgt:
Lisa Bartholomew
College Ave. Access Sage Appraisal + Strategy
Land Valuation
24
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Land Valuation
25
COMPARABLE LAND SALE #3
Nhn 8th Avenue W. Kalispell, MT 59901
Listing
MLS#: 22207470 Prop Type: Land and Lots
Status: Closed Sub Type: Multi Faiviily
Unit:
City Limits: Yes
Lot Size: 0.16 ac
6,970 sqft
Close Price: $155,000
List Price: $159,900
DOMfCDOM: 105;`
Geocode: 07396618312080000
County: Flathead
Subd iv:
$/Acre: 5968, 750
Features
Lot Features:
Few Trees
Fencing:
Partial View:
Residential
Horse Feat:
Topography:
Level
Road Frontage:
City Street Road Surface: Asphalt
Waterfront:
No/None Other Struct:
Water Body:
Mineral Righ'.s:
unknown
Systems & Utilities
Other Equip:
Ut ties:
Water Not Available, Phone Available, Electricity
Available, Natural Gas Available; Set -jar Available,
Internet Available
Rador Feat:
off Gr d
No
public Remarks
Remarks: Hard to
find singie family; muiti-family building c:. quiet locat cn rti:ith c
tv se -rites availab a in t-e street. Perinit:ed zo- -g
uses include SFR,
townhome or duplex. The corners have been located. Some init
al prelim nary work fc•• co-verting to townhome lets is
done, call For details. Amazing apple tree on north edge of the lot. One owner is a
lice-sed -eal estate agent. Call D.I. Walker at 406-
250-2487 or your real estate professional.
Legal/Taxes
Assessor =;
0330101 SI7(s) Included:
Covenant: No
Zcnino:
R-4 SI3 Annual Amt:
School Dist:
Taxes_
s832 SID Est Tot Pavcff:
Tax Year:
2021 SID Features:
Legal Desc;
HIGH SCHOOLADD, Lot8, Block 10 in S13 T28N R21V%F
Agent/ Broker Info
List Office:
Premiere Real Estate Professio
List Agent: D.J. Walker
Office Phone:
406-755-6789
Contact --: 406-250-2487
Office Fax:
diwalkerobuyinmontana.com
Address:
285 2nd Ave W N No. 102, Kalispell; MT 59901
LA License s: RRE-BRO-LIC-7176
Buyer Office:
Flathead Valley Brokers
Buyer Agent: Joe Pistorese
Office Phone:
406-752-8383
Contact t: 406-471-1626
Office Fax:
9oe0fvbmt.com
Address:
1307 3rd Ave E, Kalispell, MT 59901
BA License =: RRE-11135-LIC-89621
College Ave. Access Sage Appraisal + Strategy
Land Valuation 26
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College Ave. Access Sage Appraisal + Strategy
Land Valuation
27
COMPARABLE LAND SALE #4
7 Muskrat Drive, Kalispell, MT 59901
Listing
MLS#: 300192969 Prop Type: Land and Lots Close Price: $125,000
Status: Closed Sub Type: Residential List Price: $149,000
DOMfCDOM: 64/84
Unit: Geocade: 07396620122250000
City Limits; Yes County: Flathead
iff Lot Sze; 0.21 ac}Public Rec Subdiv:
9,148 scift
�,*. � ` ;r�•'�"�-� � - � $fAcre: 5595,238
Features
Lot Features:
City Lot, Corner Lot
Fencing:
View: Mountain(s), Mountains
Horse Feat:
Topography: Level
Road Frontage:
City Street
Road Surface: Asphalt
Waterfront:
Yes/Lagoon, Non -Navigable
Other Struct:
Water Body:
Muskrat Slough
Mineral Rights:
Frontage:
Waterfront/ 139 feet
Mobile Homes Perm tted: None
Systems & Utilities
Cooling:
Sewer: Public Sewer
Heating:
Water: Public
Other Equip:
Utilities: Electricity Available, Sewer Available, Water Not
Available
Radon Feat:
Off Grid: No
Irrigation:
No
Public Remarks
Great Location, Single Family Lot in Kalispell. Corner lot with good access. City Sewer, Water Available. Seller may wish to do a 1031 Tax
Deferred exchange. Kalispell City requires a 20 foot easement for the sewer line that crosses the property. See attached Photo.
Assaciation Info
..s_oc at cn:
So/ Association Transfer Fee:
None
Assoc Name:
Muskrat Sub
Assoc Amenites:
None
L al Taxis
Assessor #:
0500188 SID(s) Included: No
Covenant: Yes
Zoning:
Residential/R-4 SID Annual Amt:
School Dist: District No. 5
Taxes:
$871 SID Est Tot Payoff:
Tax Year:
2022 SID Features:
Legal Desc:
Muskrat Stough Lot 20
ent BrokerInfo
List Office:
Flathead Valley Brokers
List Agent:
Scott ] Santa
Office Phone:
406-752-8883
Contact --:
406-253-2658
Office Fax:
sailiin 7g 612@gmaiLcom
Address:
1807 3rd Ave E, Kalispell, MT 59901
LA License s;
RRE-BRO-LIC-6917
Buyer Office:
Flathead Valley Brokers
Buyer Agent:
Joe Pistorese
Office Phone:
406-752-8883
Contact --:
406-471-1626
Office Fax:
jloedbfvbmt.com
Address:
1807 3rd Ave E, Kalispell, MT 59901
BA License �:
RRE-RBS-LIC-89621
Co Buyer Off:
Flathead Valley Brokers
Co Buyer Agt:
Trent W Mlassie
College Ave. Access Sage Appraisal + Strategy
Land Valuation 28
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Land Valuation
W
COMPARABLE LAND SALE #5
1931 7th Strut W, Kalispell, MT 59901
Listing
MLS#: 30003359 Prop Type; Land and (Lots Close Price: $90,000
Status: Closed Sub Type: Residential List Price: $105,000
DOM/CI]OM: 100/100
Unit:
City Limits;
Lot Size: 0.07 ac/Public Rec
3,049 sqft
Features
LotFe3-,•-s
Level
Fe-. -g
Partial
View;
H srsv Feat
Topography:
R.ac =1:111:3-le
City Street
Road Surfac€
hater -ort:
No
Other Struck'.
Systems & Utilities
Other Equip: Utilities:
Radon Feat: off Grid:
Ir igatior; No
Geocode: 07396618317020000
County: Flathead
S-bd:v;
$/Acre: $1,235,714
Mountain(s), Trees/Woods
Level
Cable Available; Electricity Available, Phone
Available, Sewer Available, Water Available,
Internet Available
No
Public Remarks
In town, ready to build on with easy access to bypass and Rails to Tra s s}'stem. Tn,s lot offers views of Lone Pine state -a•< and is close
to Foys Lake and Herron Park. Seller is including a building plan approved by City of Kalispell Building Department. Tr s :t also allows
for the placement of a manufactured home, but there are specific: regulations that must be followed. Call Natalya Shvets at 406-212-
2926 or your real estate professional.
Legal/Taxes
Assessor =
0672711 SID(s'. Inc -ded; No
Covenant: No
Zonino:
Residential/R-4 SID .nntia Amt:
School Dist; district No. 5
Taxes:
5318 SID Es- Tot Pa%cff;
Legal Desc:
ASHLEY, S18, T28 N, R21 W, BLOCK 1, Lot 9 E2, C5 21363-9B
Agent/ Broker Info
List Office;
Keller Williams Realty Northwest Montana
List Agent;
NataIya Sheets
Office Phone:
406-752-4700
Co^ -act =:
406-212-2926
Office Fax:
406-752-9090
natalyashvetscpkw.com
Address:
162 TimberwoIf Pkwy, Kalispell, MT 59901
LA License #:
RRE-RIBS-LIC-99045
Buyer office:
Premiere Real Estate Professionals
Buyer Agent:
D.J. Walker
Office Phone:
406-755-6789
Contact #:
406-250-2437
Office Fax:
diwalker buyinmontana.com
Address:
285 2nd Ave W N No. 102, Kalispell, MT 59901
BA License =:
RRE-BRO-LIC-7176
College Ave. Access Sage Appraisal + Strategy
Land Valuation 30
Parcel Map
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College Ave. Access Sage Appraisal + Strategy
Land Valuation
31
TRANSACTIONAL ADJUSTMENTS
The first step in the sales comparison analysis is to analyze and make transactional adjustments to
each comparable sale. Those transactional adjustments are: property rights, financing, sale
conditions, expenditures immediately after purchase, and market conditions (time). A brief
description of the transactional adjustments is explained below. It is noted that these adjustments
are typically made in the order presented below:
1) Property Rights: The comparables are adjusted for impacts that leased fee, fee simple or
leasehold impacts to the sale price. No adjustments are needed as all the sales are fee
simple estate.
2) Financing: The comparables are then adjusted for impacts that unusual or non -market
financing has on the transaction. Agents for the sales confirmed that all the sales were
cash transactions. No adjustments are needed.
3) Condition of Sale: The comparables are then adjusted for non -market sale conditions
that affected the sale price. Sale #1 is adjusted downward 8% for the listing status to
account for seller concessions and buyer negotiations.
4) Expenditures Immediately After Purchase: The comparables are then adjusted for the
impact that any additional investment (i.e. curing deferred maintenance) required to
make a property salable. No adjustments are needed.
5) Market Conditions: The comparables are then adjusted for changes to market
conditions that have occurred between the sale date of each comparable and the
effective date of the appraisal. No adjustments are needed.
Sale Price After Transactional Adjustments
The next step in the analysis is to arrive at an adjusted sale price which factors non -market
influences for: property rights, financing, conditions of sale, expenditures immediately after
purchase, and market conditions.
The adjustments in the table below reflect the adjustments discussed on the prior pages and in the
attached sale abstracts. The adjustments are cascading.
Sale Price After Transactional Adjustments
Sale #
Address
Sale Price
Prop Rights
Financing
Sale Cond.
Expend
Time
Adj SP
1
54 Sunset DR
$139,000
$0
$0
($11,120)
$0
$64
$127,944
2
418 Maple DR
$175,000
$0
$0
$0
$0
$7,577
$182,577
3
NHN 8th Ave W
$155,000
$0
$0
$0
$0
$10,234
$165,234
4
7 Muskrat DR
$125,000
$0
$0
$0
$0
$2,488
$127,488
5
1331 7th ST W
$90,000
$0
$0
$0
$0
$1,448
$91,448
College Ave. Access Sage Appraisal + Strategy
Land Valuation
32
PHYSICAL CHARACTERISTICS ADJUSTMENTS
The physical characteristic adjustments are made to the unit of comparison, in this case the
adjustments will be made to each comparables $/Acre. A paired sales analysis of the characteristics
shown below is analyzed for the comparable properties to determine the most desirable
characteristic and the applicable adjustment. A brief description of the physical characteristic's
adjustments is explained below:
1) Economy of Scale: Market participants typically pay more per unit for smaller properties
over larger properties. To adjust the unit of comparison the smaller properties are
adjusted downward, and the larger properties are adjusted upward.
1) Zoning: Zoning is an important aspect for prospective buyers. The zoning regulations
limit properties use. Zoning adjustments are based on paired sales analysis to determine
which zoning designation is more desirable than others.
2) Location: Property location has a substantial impact on the marketability of a property.
Location aspects such as neighboring properties, access roads, and aspect are all
considered in the location adjustment.
3) Property Access: Market participants typically pay more for properties with direct
access to the property. Additional sales were considered to determine the adjustment
for access to the property. This adjustment will be updated for the property value after
acquiring the additional parcel for access.
4) Flood Zone: Properties within a flood zone are typically harder to develop and are less
desirable than properties located outside of a flood zone. Properties with flood zone
areas are adjusted upward.
The following table highlights the characteristics of the comparables and the adjustment grid for the
property characteristics.
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Land Valuation
33
Physical Characteristics Adjustments
Subject
Sale 1
Sale 2
Sale 3
Sale 4
Sale 5
Item
375 College Ave
54
Sunset DR
418
Maple DR
NHN
8th Ave W
7
Muskrat DR
1331
7th ST W
Sq. Ft.
21,344
21,344
17,860
6,970
9,148
3,049
Sq. Ft. Adjustments
$2.50
$0.00
($0.49)
($5.16)
($3.33)
($15.00)
Zoning
R-3
R-2
R-1
R-4
R-4
R-4
Zoning Adjustments
%
$0.30
$0.51
$0
$0
$0
Location
East
Evergreen
Evergreen
Downtown
South
Downtown
Location Adjustments
%
$0.90
$1.53
($2.37)
$1.12
($3.00)
Access
Limited
Street
Street
Street
Street
Street
Access Adjustments
%
($0.60)
($1.02)
($2.37)
($1.39)
($3.00)
Flood Zone
No
Yes
No
No
No
No
Flood Zone Adjustments
%
$0.60
$0
$0
$0
$0
Sale Price
$127,944
$182,577
$165,234
$127,488
$91,448
Adj. $/SF
$5.99
$10.22
$23.71
$13.94
$29.99
Total Adjustments
$1.20
$0.53
-$9.90
-$3.61
-$21.00
Final Adjusted $/SF
$7.19
$10.75
$13.81
$10.33
$8.99
Final Adjusted Sales Price
$153,423.55
$192,065.62
$96,262.37
$94,475.19
$27,418.41
College Ave. Access Sage Appraisal + Strategy
Land Valuation
34
Summary
The table below lists each of the units of comparison that were analyzed. If the overall analysis
indicates the comparable is inferior to the subject property there will be a (+), a (0) if the
comparable is similar to the subject, or a (-) if the comparable is superior to the subject.
Summary of Results
of Sales Comparison Analysis
Sale 1
Sale 2
Sale 3
Sale 4
Sale 5
Item
54
Sunset DR
418
Maple DR
NHN
8th Ave W
7
Muskrat DR
1331
7th ST W
Economy of Scale
0
-
-
-
-
Zoning
+
+
0
0
0
Location
+
+
-
+
-
Access
-
-
-
-
-
Flood Zone
+
0
0
0
0
Conclusion
The comparables adjusted unit value after all transactional and physical characteristic adjustments
have been considered is shown in the table below.
Adjusted Unit Value Summary
Sale #
Address
Adj. Unit Value
Net Adjustment
1
54 Sunset DR
$7
20%
2
418 Maple DR
$11
5%
3
NHN 8th Ave W
$14
-42%
4
7 Muskrat DR
$10
-26%
5
1331 7th ST W
$9
-70%
College Ave. Access Sage Appraisal + Strategy
Land Valuation 35
Reconciliation
The comparables are each weighted with the most similar properties given the greatest weight to
the least similar properties with the smallest weight. The total weight of all the comparables is
100%, the sum of all the weights is considered the unit value for the subject property. The weight
given to each comparable is multiplied by that comparables unit value. The contributory value of all
the comparables is then combined to determine the unit value of the subject property. A summary
of the sales comparison reconciliation is shown in the table below.
Weighted Reconciliation with Access
Sale #
Address
Unit Value
Weight
Contributory Value
1
54 Sunset DR
$7.19
25%
$1.80
2
418 Maple DR
$10.75
25%
$2.69
3
NHN 8th Ave W
$13.81
15%
$2.07
4
7 Muskrat DR
$10.33
20%
$2.07
5
1331 7th ST W
$8.99
15%
$1.35
6
NHN Woodland Ave
$2.05
0%
$0.00
Total
100%
$9.97
Property Access Adjustments
Market research of similar properties indicate that properties with limited access are less desirable
than properties with direct street access. In the search for comparable properties with limited
access due to location, topography, and shape were researched to determine the adjustment
amount necessary for the additional access. The following sale was utilized in a paired sales analysis
to determine the appropriate adjustment for direct and indirect access.
College Ave. Access Sage Appraisal + Strategy
Land Valuation
36
LIMITED ACCESS SALE
Nhn Woodland Avenue, Kalispell, MT 59901
Listing
ML5#: 22210226 Prop Type: Land and Lots Close Price: $35,000
Status: Closed Sub Type: Residential List Price: $69,000
DOM/CDOM: 85;
Unit: Geocode: 07396617105280000
City Limits: Yes County: Flathead
Lot S aEl: 0.82 ac Subdiv:
35,719 sqf#
$/Acre: 542,683
Lot Features:
Few Trees
Fencing:
Horse Feat:
Road Frontage:
City Street
Waterfront:
Yes/Non-Navigable, Stream
Water Body:
Unknown
Frontage:
Waterfront/Unknown
Features
View:
River/Stream/Creek, Trees/Woods
Topography:
Sloping
Road Surface:
Asphalt
Other Struct:
Mineral Rights:
Unknown
Mobile Homes Permitted: Unknown
Public Remarks
Remarks:.82 of an Acre fronting Woodland Drive near Conrad Mansion. Boards Heritage Park and crosses a small stream coming from
Woodland Park. This long narrow Lot has slope to it with Great Views to the Mountains to the East.Call Russell Purdy at 406-253-7877, or
your real estate professional. Surface Water: From Wood and Park
Legal/Taxes
Assessor -:
0974353 SID(s) Induded: No
Covenant: No
Zoning:
R-3 SID Annual Amt:
School Dist: District No. 5
Taxes:
$1,783 SID Es: Tot Pavcff:
Tax Year:
2021 SID Features:
Legal Desc:
Tr 2EBA in NE4NW4 of S17-T28N-R21W
Age nt/IBroker Info
List Office:
Montana Properties LLC
List Agent:
Russell Purdy
Office Phone:
406-297-6871
Contact =:
406-253-7877
Office Fax:
406-730-4C52
russellpurdy5icbgmail.com
Address:
311 Dewey Avenue, P.O. Box 1478 , Eureka, MT 59917
LA License =:
RRE-BRO-LIC-8907
Buyer Office:
Montana Properties LLC
Buyer Agent:
Russell Purdy
Office Phone:
406-297-5871
Contact :":
406-253-7877
Office Fax:
406-730-4C52
russellpurdy�il gma.com
Address:
311 Dewey Avenue, P.O. Box 1473 , Eureka, MT 59917
BA License : :
RRE-BRO-LIC-8907
College Ave. Access Sage Appraisal + Strategy
Land Valuation
37
Parcel Map
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College Ave. Access Sage Appraisal + Strategy
Land Valuation
38
Market Value Opinion
The property was adjusted for the indirect access based on the paired sales analysis, the same
comparables were then utilized to determine the value of the property with direct street access.
The adjustments for the property with the direct access are shown in the table below.
Physical Characteristics Adjustments
Subject
Sale 1
Sale 2
Sale 3
Sale 4
Sale 5
Item
375
College Ave
54
Sunset DR
418
Maple DR
NHN
8th Ave W
7
Muskrat DR
1331
7th ST W
Economy of Scale
21,344
21,344
17,860
6,970
9,148
3,049
Economy of Scale Adjustments
$2.50
$0.00
($0.49)
($5.16)
($3.33)
($15.00)
Zoning
R-3
R-2
R-1
R-4
R-4
R-4
Zoning Adjustments
%
$0.30
$0.51
$0
$0
$0
Location
East
Evergreen
Evergreen
Downtown
South
Downtown
Location Adjustments
%
$0.90
$1.53
($2.37)
$1.12
($3.00)
Access
Street
Street
Street
Street
Street
Street
Access Adjustments
%
$0.00
$0.00
$0.00
$0.00
$0.00
Flood Zone
No
Yes
No
No
No
No
Flood Zone Adjustments
%
$0.60
$0
$0
$0
$0
Sale Price
$127,944
$182,577
$165,234
$127,488
$91,448
Adj. $/SF
$5.99
$10.22
$23.71
$13.94
$29.99
Total Adjustments
$1.80
$1.56
-$7.53
-$2.22
-$18.00
Final Adjusted $/SF
$7.79
$11.78
$16.18
$11.72
$11.99
Final Adjusted Sales Price
$166,208.84
$210,318.13
$112,787.29
$107,226.95
$36,562.96
The reconciled unit value with direct access is shown in the table below.
Weighted Reconciliation With
Access
Sale #
Address
Unit Value
Weight
Contributory Value
1
54 Sunset DR
$7.79
25%
$1.95
2
418 Maple DR
$11.78
25%
$2.94
3
NHN 8th Ave W
$16.18
15%
$2.43
4
7 Muskrat DR
$11.72
20%
$2.34
5
1331 7th ST W
$11.99
15%
$1.80
6
NHN Woodland Ave
$2.05
0%
$0.00
Total
100%
$11.46
College Ave. Access Sage Appraisal + Strategy
Land Valuation
39
The property has been appraised with direct access and without direct access. When these values
are applied to the subject site the value increase for the effected property is shown in the table
below.
Market Value Opinion
Unit Market Value
$9.97
$11.46
x # Units
Limited Access 21,344
Direct Access 21,344
Unit
SF
SF
Rounded
Value Difference
Market Value
$212,804
$244,607
$31,803
$32,000
The access area being acquired is 2,020 SF with a value of $32,000 this equates to $15.85/SF. Based
on the unit value of the comparable properties and the economy of scale of these properties this is
a reasonable value for the access lot.
College Ave. Access Sage Appraisal + Strategy
Exposure Time and Marketing Period 40
EXPOSURE TIME AND MARKETING PERIOD
Within the preceding sales comparison approach, the marketing periods of the individual
comparable sales were illustrated. The marketing period for the sales ranged from less than three
months (Sale 4) to over eighteen months (Sale 1).
Exposure time is the length of time that the property would have been exposed on the market to
achieve the opinion of market value. The exposure time is based upon comparable sales within this
report, as well as discussions with real estate brokers and developers. The most reasonable
indication of suitable exposure time is three to twelve months.
The marketing period of the subject property has been estimated at three to twelve months. The
marketing period is the length of time that the property would need to be put on the market to
achieve the opinion of market value of the subject property. The marketing period has been based
upon comparable sales, and takes into consideration the future supply and similar property types in
the subject's market area. It also assumes prudent marketing and an asking price (list price) similar
to the market value opinion.
College Ave. Access Sage Appraisal + Strategy
Definitions
41
ADDENDA
College Ave. Access Sage Appraisal + Strategy
Definitions
42
Definitions
College Ave. Access Sage Appraisal + Strategy
Definitions
43
Definition of Extraordinary Assumption
"An assumption, directly related to a specific assignment, as of the effective date of the
appraisal assignment results, which, if found to be false, could alter the appraiser's opinions
or conclusions."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
Page 83.
Definition of Hypothetical Condition
1. "A condition that is presumed to be true when it is known to be false.
2. A condition directly related to a specific assignment, which is contrary to what is known
by the appraiser to exist on the effective date of the assignment results, but is used for
the purposes of analysis."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
Page 113.
Definition of Market Value
The most probable price which a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently and
knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified date and the passing of title from
seller to buyer under conditions whereby:
1. buyer and seller are typically motivated;
2. both parties are well informed or well advised, and acting in what they consider their
own best interests;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in United States dollars or in terms of financial
arrangements comparable thereto; and
5. the price represents the normal consideration for the property sold unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale.
Source: 12 C.F.R. Part 34.42(g); date 1 January 2005.
Definition of As -is Market Value
"The estimate of the market value of real property in its current physical condition, use and
zoning as of the appraisal date."
College Ave. Access Sage Appraisal + Strategy
Definitions
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
Page 13.
Definition of Fee Simple Ownership
"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."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 90.
Definition of Exposure Time
"The time a property remains on the market. 2. 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."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 83.
Definition of External Obsolescence
"A type of depreciation; a diminution in value caused by negative external influences and
generally incurable on the part of the owner, landlord, or tenant. The external influence
may be either temporary or permanent."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 83.
Definition of Final Reconciliation
"The last phase in the development of a value opinion in which two or more value
indications derived from market data are resolved into a final value opinion, which may be
either a final range of value, in relation to a benchmark, or a single point estimate."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 91.
Definition of Financial Feasibility
"1) One of the four criteria of highest and best use. For a land use to be considered
financially feasible, the value of the land use must exceed its cost. 2) The capability of a
physically possible and legal use of property to produce a positive return to the land after
considering risk and all costs to create and maintain the use."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 92.
College Ave. Access Sage Appraisal + Strategy
Definitions
45
Definition of Functional Obsolescence
"The impairment of functional capacity of improvements according to market tastes and
standards."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 97.
Definition of Leased Fee Interest
"The ownership interest held by the lessor, which includes the right to receive the contract
rent specified in the lease plus the reversionary right when the lease expires."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 128.
Definition of Legal Permissibility
"One of the four criteria the highest and best use of a property must meet; a property use
that is either currently allowed or most probably allowable under zoning codes, building
codes, environmental regulations, and other applicable laws and regulations that govern
land use."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 129.
Definition of Marketing Time
"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."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 140.
Definition of Maximum Productivity
"One of the four criteria the highest and best use of a property must meet. To achieve
maximum productivity, a specific land use must yield the highest value of all the physically
possible, legally permissible and financially feasible possible uses."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 144.
Definition of Physical Deterioration
"The wear and tear that begins when a building is completed and placed into service."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 170.
College Ave. Access Sage Appraisal + Strategy
Definitions
Definition of Physical Possibility
"One of the criteria that the highest and best use of a property must meet. For a land use to
be considered physically possible, the parcel of land must be able to accommodate the
construction of any building that would be a candidate for the ideal improvement."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 171.
Definition of Reconciliation
"A phase of a valuation assignment in which two or more value indications are processed
into a value opinion, which may be a range of value, a single point estimate, or a reference
to a benchmark value."
Source: The Dictionary of Real Estate Appraisal, Sixth Edition (Chicago: Appraisal Institute, 2015),
page 190.
College Ave. Access Sage Appraisal + Strategy
Addenda
ENGAGEMENT LETTER
College Ave. Access Sage Appraisal + Strategy
Addenda
Engagement Letter
APPRAISAL 6
Complete this form and return to Sage Appraisal + Strategy BTRRTEGY
Property Address: 375 College Ave, Kalispell
Owner of Record: City of Kalispell
Person to Contact for Entry: Jeremy Peterson
Phone # of Contact: 406-890-0331
Intended Use of Report: Project Planning (Property Access)
Intended User: Jeremy Peterson & City of Kalispell
If Purchase, Contract Price: None
The Report Should be Addressed to:
Client: Jeremy Peterson
Address: 2135 Wintercrest CAR
City, State: Kalispell, MT 59901
Phone#: 460-890-0331
Email: jpeterson@martelconstruction.com
Fee Quoted: $1,200 Due Date: 10/20/2023
Client .Signature: ` � rf A P
Report Type Provided IV
17 Narrative Appraisal Report
1004 Form Appraisal
C.MA (Market Analysis does not include property inspection or measurements.)
Email: iamesfsa�e anvraisaLcom
Phone: 406-270-2121
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Addenda
QUALIFICATIONS OF APPRAISER
College Ave. Access Sage Appraisal + Strategy
Addenda
JAMES WILLIAMSON
586 Stoneridge DR, Kalispell, MT 59901 • 406-270-2121
james@sage-appraisal.com
MT Appraiser License #15327
Experience includes appraising complex commercial properties in Western Montana. Property
types include: office, industrial, retail, medical, mixed use, multi -family, subdivisions, vacant
land, agricultural properties, ranches, and luxury lake/river front estates.
EXPERIENCE
APRIL 2020 — PRESENT
APPRAISER, SAGE APPRAISAL+ STRATEGY
NOVEMBER 2015 — PRESENT
REAL ESTATE - DEVELOPMENT & SALES, SAGE APPRAISAL + STRATEGY
SEPTEMBER 2012— NOVEMBER 2015
PRODUCT DEVELOPER, AON (NATIONAL FLOOD SERVICES)
EDUCATION
APPRAISAL EDUCATION
• Basic Appraisal Principals
• Basic Appraisal Procedures
• 15 HR National USPAP
• Residential Market Analysis & Highest Best Use
• Residential Appraiser Site Valuation & Cost Approach
• Residential Sales Comparison & Income Approach
• Residential Report Writing & Case Studies
• Statistics, Modeling & Finance
• General Appraiser Market Analysis Highest & Best Use
• General Appraiser Sales Comparison Approach
• Appraisal Subject Matter Electives
• Advanced Residential Applications & Case Studies
BS - BUSINESS ADMIN / MANAGEMENT, BLACK HILLS STATE UNIVERSITY
MAY 2013
MT SUPERVISING BROKER LICENSE #62214
NOVEMBER 2018
College Ave. Access Sage Appraisal + Strategy
Addenda
State of Montana
Business Standards Division
Board of Real Estate Appraisers
G-LIC-15327
Status: Active
Expires: 03/31 /2024
JAMES WILLIAMSON
586 STONERIDGE DR
586 STONERIDGE DR
KALISPELL
This ccnificatc ,erires liCen'Urc a,:
CERTIFIED GENERAL APPRAISER
�, Montana Department of
LABOR & INDUSTRY
RENM OR VERIFY YOUR LICENSE AT:
https�?!ebzrnUwPd A
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