Kitsap County Assessor Narrative for Countywide Multifamily Valuation Appraisal Date 1/01/2013, Tax Year 2014 Updated 03/27/2013 by CM20

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1 Kitsap County Assessor Narrative for Countywide Multifamily Valuation Appraisal 1/01/2013, Tax Year 2014 Updated 03/27/2013 by CM20 Valuation Summary Approach Used Cost approach was used. Analysis and Conclusion Summary The cost approach generates the most acceptable statistics for this property type. s trends were adopted from the residential market. Property Type Overview Population Multifamily properties consists of duplexes, triplexes, fourplexes, and multi-building configurations that have between four and 20 units per project. Standalone duplexes and triplexes on land with commercial zoning are also considered in the Multifamily model. Kitsap County has over 360 parcels that fall into this category. Economic Conditions The recent downturn in the economy was evident in the limited number of valid sales occurring in the past three years. Land to Building Due to the cost approach being used, no additional or insufficient land calculations were necessary. Rating System Multifamily projects located on the main corridors or in commercially developed areas were valued using the cost approach with a commercial land value. Multifamily projects mixed in with commercial developments were valued with a cost approach and were blended with the income approach with the commercial income group and commercial land value. Multifamily projects located off of the main corridors and secondary streets, that are in areas predominately residential in nature, or are zoned residential, were moved to a hybrid neighborhood and valued using the cost approach with an underlying residential land value. This residential land value was adopted from the nearest residential zoning to the subject property. Model Calibration Preliminary Analysis Countywide 25 valid sales were recognized. The median ratio to the original sales price was 0.91, the mean ratio was 1.09, and the coefficient of dispersion (COD) was Market s Approach Data and Analysis Regional s - Range of s s 01/01/ /31/2013 A total of 25 valid sales and an additional 28 invalid sales were analyzed. Current Listings No listings were reviewed. Market s Rates No rates were developed. Income Approach Data and Analysis Rent Data Rent data documented from income questionnaires was insufficient to develop an income approach.

2 Narrative for Countywide Multifamily Valuation (continued) Vacancy Data Vacancy data documented from income questionnaires was insufficient to develop an income approach. Expense Data Expense data documented from income questionnaires was insufficient to develop an income approach. Cap Data Not researched. Current Lease Listings Not researched. Model Validation Final Analysis s were trended -6% per year. New land values were applied. The new trended sales prices returned a median ratio of 0.90, a mean ratio of 1.02 and a COD of G:\ASSR\comml\PROPERTY TYPES\27_Multifamily\14_Multifamily_Model_Documentation\14_Multifamily_Narrative.doc

3 Tax Year 2014 Multifamily Model - Countywide s from 01/01/ /31/2013 No. Nbrhd Future Evergreen Pointe Dev Site 09/27/10 D 2010EX04978 $ 750, Future Evergreen Pointe Dev Site /03/11 D 2011EX05901 $ 650, Duplex WASHINGTON AVE Triplex SFR Triplex Duplex /30/10 D 2010EX Kingston Mixed Use Project HIGHLAND AVE 10/26/12 D 2012EX05954 $ 675, SFR 12/15/11 D 2011EX , Shoreplace Townhouse Apts 1 of Shoreplace Townhouse Apts (2 of 4) Shoreplace Townhouse Apts (3 of 4) Shoreplace Townhouse Apts 4 of 4 10/17/12 D 2012EX , Lund Pointe Apts 12/22/11 V 2011EX ,600,000 $ 667,455 $ 818, $ 647,918 $ 615, $ 604,482 $ 521, $ 1,105,000 $ 971,673 $ 1,055,200 $ $ 145,216 $ 213, $ $ 789, $ $ 1,500,844 $ 1,350, Northlake Way NW 03/12/12 V 2012EX01074 $ 44,900 $ 42,715 $ 56, TH ST PL 02/24/11 V 2011EX00908 $ 190,000 $ 168,824 $ 200, Duplex off Old Frontier Split Zoning 01/20/11 V 2011EX00318 $ 210,000 $ 185,387 $ 189, Duplex SW crnr Bucklin and Anderson 06/14/10 V 2010EX02998 $ 225,000 $ 190,492 $ 321, $ 995,

4 No. Nbrhd NOA Highland & Pleasant Ave Condo 01/03/13 V 2013EX00386 $ 175,000 $ 175,029 $ 131, TH ST 04/09/12 V 2012EX01590 $ 165,000 $ 157,731 $ 115, DUPLEX ON MONTGOMERY 02/28/11 V 2011EX00916 $ 110,000 $ 97,813 $ 62, Three Duplexes High Avenue 01/31/11 V 2011EX00438 $ 307,000 $ 271,573 $ 215, Summit Ave 02/28/12 V 2012EX00844 $ 213,000 $ 202,181 $ 157, HIGH AVE APTS 08/25/11 V 2011EX04450 $ 235,000 $ 215,839 $ 184, TH Street 03/15/12 V 2012EX01164 $ 160,000 $ 152,294 $ 131, DRIFTWOOD APTS. 11/30/12 V 2012EX06589 $ 500,000 $ 497,288 $ 337, Duplex- 841 Callahan 01/28/10 V 2010EX00405 $ 126,500 $ 104,250 $ 203, Kingston Harbor Apartments 09/19/12 V 2012EX05210 $ 1,200,000 $ 1,179,288 $ 939, Fourplex- Central Ave Kingston 02/07/13 V 2013EX00802 $ 313,000 $ 314,852 $ 275, Bay Vista Apts 04/07/11 V 2011EX01740 $ 839,005 $ 751,289 $ 749, WINFIELD APTS I WINFIELD APTS II WINFIELD DUPLEX 11/02/11 W 2011EX05876 $ 850,000 $ 790,337 $ 885, Bayview West Apts 04/15/13 W 2013EX02293 $ 1,297,600 $ 1,319,570 $ 1,048, Median Mean Ave Dev COD No. Nbrhd s removed from analysis Continental Apts, Ofc, Restaurant 11/02/ EX05764 $ 850, HILLCREST II APTS 01/11/ EX00132 $ 900,000 $ 221, SFR conv to Duplex Tremont 08/30/ EX04550 $ 14,200 $ 114, Highland 04/03/ EX01520 $ 173,282 $ 115, Future Highland Apartments 04/03/ EX01520 $ 173,282 $ 117, Continental Apts, Ofc, Restaurant 09/20/10 C 2010EX04832 $ 984, Fourplex 03/17/10 F 2010EX01194 $ 230,100 $ 260, Northlake Way NW 07/25/11 F 2011EX03767 $ 196,000 $ 56, PACIFIC TERRACE APTS 10/12/12 F 2012EX05574 $ 690,000 $ 715, CONGRESS APTS 02/02/12 F 2012EX00472 $ 1,105,050 $ 420, TH ST 04/24/13 F 2013EX02553 $ 130,152 $ 83,130

5 No. Nbrhd Duplex zoned MAD on Madison 05/20/10 F 2010EX02519 $ 480,000 $ 444, RIDGEVIEW APTS 05/14/12 F 2012EX02293 $ 390,000 $ 186, th St 09/24/12 F 2012EX05573 $ 90,000 $ 62, Bayview West Apts 02/03/11 F 2011EX00570 $ 1,398,978 $ 1,048, TH Street 08/08/11 F 2011EX04109 $ 252,563 $ 131, TH ST 03/11/10 F 2010EX01056 $ 122,642 $ 78, Fourplex 05/26/10 F 2010EX02582 $ 140,000 $ 114, Continental Apts, Ofc, Restaurant 06/08/10 F 2010EX02894 $ 984, Point West Apts 09/17/12 I 2013EX00751 $ 2,000 $ 1,580, N CONSTITUTION AVE 04/05/11 I 2011EX01688 $ 3,000 $ 166, Sunrise Vista Apts - Silverdale 04/30/12 M 2012EX01986 $ 1,050,000 $ 967, Fourplex on Trident 05/30/12 M 2012EX02597 $ 282,000 $ 383, Duplex 09/27/10 Q 2010EX04977 $ 615,000 $ 161, WASHINGTON AVE 09/27/10 Q 2010EX04977 $ 615,000 $ 263, Fourplex 06/30/11 R 2011EX03394 $ 75,000 $ 114, Fourplex 1 Lot Back From Lippert 04/28/10 R 2010EX02042 $ 220,000 $ 273, Fourplex Fronts Lippert 04/28/10 R 2010EX02041 $ 220,000 $ 280,450 Nbrhd Neighborhood PC Property Code VC Validity Code Downtown Bremerton 111 Single family residence 2 Corporate Affiliates West Bremerton 121 Duplex 3 Partial Interest Triplex 4 Right-of-way Harrison Medical District 123 Four units 6 Tax Deed Bainbridge Island Units 8 Outlier Greater Poulsbo Units C Correction Deed Downtown Kingston Units D Not an economic unit Silverdale Units F Forced Old Silverdale 460 Parking I Private Easement South Kitsap UGA 590 Other retail trade M Other West Bremerton Uplands Cit-COM 637 General warehouse R Remodel after sale Manette Uplands-COM 910 Undeveloped Land Q Quit Claim Deed Kingston UGA-COM V Valid Port Orchard-COM W With other property