TO: Denville Board of Education 400 Morris Ave Suite 279 Denville, NJ 07834 APPRAISAL OF PROPERTY: 501 Openaki Rd, Denville, NJ 07834 Block #20203, Lot #13 OWNED BY: Denville Board of Education PERFORMED BY: Myron M. Bytz, #00252 PO Box 1177 Denville, NJ 07834 973.989.5800 Fax 973.989.0033 appraisalonenj@gmail.com Myron M. Bytz Appraisals
MYRON M. BYTZ #00252000 PO BOX 1177, Denville, NJ 07834 973.989.5800 Fax 973.989.0033 AppraisalOneNJ@gmail.com January 29, 2015 Denville Board of Education 400 Morris Ave Suite 279 Denville, NJ 07834 Re: Property Located at: Block 20203,Lot #13 501 Openaki Rd Denville, NJ 07834 Dear Sirs: Per your request, we have completed an Appraisal of the property located at Block 20203, Lot 13, 501 Openaki Rd, Denville, NJ 07834. The purpose of this appraisal is to estimate the market value of Fee simple title of this property as of January 23, 2015. Market Value is defined in the body of this report. Value influencing conditions are reported whatever their nature and whenever they are found, analyzed and adjusted for their impact on the subject property value. Explanations are given for all steps taken in the nationally recognized approaches employed in estimating value. It is the opinion of this appraiser that the appraisal process employed indicated a Market Value estimate of: TWO HUNDRED FORTY THREE THOUSAND AND NO/00 ($243,000) DOLLARS Myron M. Bytz MYRON M. BYTZ #00252 MMB Attachments Page 2 of 53 Myron M. Bytz Appraisals
TABLE OF CONTENTS PAGE NO. SUMMARY OF SALIENT FACTS AND CONCLUSIONS 4 PURPOSE OF APPRAISAL, MARKET VALUE DEFINITION, PROPERTY RIGHTS 5 – 8 APPRAISED, CONTINGENT AND LIMITING CONDITIONS, ENVIRONMENTAL DISCLAIMER, HIGHEST AND VEST USE, PHYSICALLY POSSIBLE, LEGALLY PERMISSIBLE, FINANCIALLY FEASIBLE, MAXIMALLY PRODUCTIVE, CONCLUSION LEGAL DESCRIPTION 9 CENSUS TRACT, SCOPE OF APPRAISAL, FUNCTION OF APPRAISAL 10 IMPROVEMENT DATA 11-12 MAP OF NEW JERSEY SHOWING COUNTY 13 HISTORY OF NEW JERSEY 14-16 MORRIS COUNTY MAP 17 HISTORY OF MORRIS COUNTY 18-20 MUNICIPALITIES OF MORRIS COUNTY 21 MAP OF MORRIS COUNTY 22 MAP OF DENVILLE 23 HISTORY OF DENVILLE 24-25 DEMOGRAPHICS OF DENVILLE, NJ 26-27 ZONING 28 MARKET DATA APPROACH 29 MARKET DATA APPROACH, Comparables 1, 2, 3, 4 30-33 ADJUSTMENT GRID 34 ADJUSTMENTS 35 LAND SALES 36 LAND ADJUSTMENT GRID/CONCLUSION 37-38 RECONCILIATION 39 ADDENDA 41 QUALIFICATIONS OF APPRAISER 42 COMPETENCY OF THE APPRAISER 43 EXTENT OF THE ASSIGNMENT 44 ASSUMPTIONS AND LIMITING CONDITIONS 45-46 MAPS SHOWING LOCATION OF SUBJECT AND COMPARABLES 47-48 SUBJECT PROPERTY PHOTOGRAPHS 49-53 Page 3 of 53 Myron M. Bytz Appraisals
SUMMARY OF SALIENT FACTS AND CONCLUSIONS LOCATION: Block 20203 Lot 13 501 Openaki Rd Denville, NJ 07834 OWNER OF RECORD: Denville Board of Education IMPROVEMENTS: 1554 sq ft 1 story schoolhouse/Office SITE: .852 acre ZONING: R 1 HIGHEST AND BEST USE: school/offices Value Indications: MARKET DATA APPROACH: $ 218,000 LAND VALUE: (no building) $ 243,000 FINAL VALUE ESTIMATE: TWO HUNDRED FORTY THREE THOUSAND AND NO/00 ($243,000) DOLLARS DATE OF APPRAISAL: January 29, 2015 APPRAISER: Myron M. Bytz, #00252 Page 4 of 53 Myron M. Bytz Appraisals
Purpose of the Appraisal This appraisal was made for the purpose of estimating the market value of the subject property, including land and improvements, as of January 23, 2015. Market Value Definition 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, 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: Buyer and seller are typically motivated; Both parties are well informed or well advised and each acting in what he considers his own best interest; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 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. Property Rights Appraised The property rights appraised are all rights existing in the lease fee and fee simple estate as of the appraisal date. These rights are the legal and economic properties of the owner that may be rightfully exchanged for money or equivalent goods. Property rights inherent in the ownership of tangible personal property or intangible benefits of the property itself are not the subject of this report. Contingent and Limiting Conditions The appraiser assumes no responsibility for matters legal in character, nor render any opinion as to the title, which is assumed to be good. All existing liens and encumbrances have been disregarded and the property is being appraised as though free and clear under responsible ownership and competent management. A personal inspection of the property has been made. Areas and dimensions of the property were not physically measured, but were furnished by the principal, or from plot plans furnished by the principal. Maps or sketches, if any included in this report, are to assist the reader in visualizing the property. We have made no survey of the property and assume no responsibility for its accuracy. An analysis of local conditions and all relevant data has been made. Verification of factual matters contained in this report has been made to the extent deemed practicable. The appraiser certifies that to the best of his knowledge and belief, such factual matters are true and correct and that no important factors affecting the value of this property were knowingly overlooked or Page 5 of 53 Myron M. Bytz Appraisals
withheld. Market data has been taken from sources deemed to be reliable, but which could not be verified in all cases. The resulting estimate of market value is predicated on the financial structure prevailing as of the date of value. The appraisal report sets forth all of the limiting conditions (imposed by the terms of the assignment or by the undersigned) affecting the analyses, opinions and conclusions contained herein. Possession of this report, or a copy thereof, does not carry with it the right of publication, nor may all or any part of the contents of this report be conveyed to the public through advertising, public relations, news, sales, or other media without written consent and approval of the authors, particularly as to value conclusions, and the identity of the appraisers of the firm with which they are connected. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. The appraiser shall not be required to give testimony or appear in court by reason of this appraisal, unless a specific agreement for these services is otherwise arranged. All major improvements on the land under appraisement appear to be structurally sound, unless otherwise noted in the body of this report. However, the appraisers are not engineers and have not been instructed to secure a qualified engineer’s certifications to structural soundness of said improvements or functional utility of major appliances or mechanical units. Therefore, no legal responsibility is hereby accepted for structural or mechanical failures which would not be obvious in the scope of the appraiser’s normal inspection of the improvements or be obvious to a prudent purchaser. The appraiser assumes no responsibility for site, soil or subsurface conditions that are not readily evident upon a visual inspection of the property. It is further assumed that the land is environmentally sound as per instructions. The appraisal report has been made in conformity with the Uniform Standards of Professional Practice (USPAP), and Title XI of the financial Institutional Reform Recovery and Enforcement Act of 1989 (FIRREA). Environmental Disclaimer The value estimated in this report is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser’s routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous materials and environmental conditions on or around the property that would negatively affect its value. Page 6 of 53 Myron M. Bytz Appraisals
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