Kitsap County Assessor

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1 Kitsap County Assessor Narrative for Countywide Model Tax Year: 2018 Appraisal Date: 1/1/2017 Property Type: Quick Service Restaurants (QSR) Updated 5/30/2017 by CM20 Area Overview Countywide models are for properties located throughout Kitsap County, rather than by neighborhood. Property Type Overview Quick Service Restaurants (QSR), also known as fast food restaurants, contain limited seating in relation to preparation area, and typically include drive-up windows. Economic Overview: The overall economic condition is improving with several sales typically occurring each year. Sales prices show a positive trend in sales price per square foot. Kitsap county has 53 QSR properties with one currently vacant. QSR properties are reviewed countywide and are ranked based on eleven individual charateristics that are rated on a 6+ point scale. The total points reflect the cumulative effect each charateristic has upon the real estate. Each score categorizes the property into one of five classes. Valuation Summary Approach Used: Income Analysis and Conclusion Summary: The three approaches to value were considered. The cost approach was given little consideration in the appraiser's final analysis. Cost approach components such as replacement cost new, effective age, and depreciation are difficult to accurately calculate in a mass appraisal model. A market/sales comparison approach uses sale prices of comparable properties to calculate value. The market/sales approach was not applied as Kitsap County lacks sufficient, recent sales. The income approach was selected as the best method for valuing these properties. The data used to develop our current model data was collected from our mail survey, site visits, local sales, national publications, and data supplied for review or appeal. Market sales were used to calibrate the income model. No paired resales were available for trend analysis, however, comparison of price per square foot between equally rated sales allowed for the development of a conservative trend rate of 1 per year for sales occurring in No trend was applied for sales occurring in 2014, 2015 or The mean, median, and COD are calculated from the 11 Kitsap County sales based on the valued computed from the income approach. No market/sales comparison model was developed. Model Calibration Preliminary Ratio Analysis: Analysis of sales resulted in a mean ratio of 85%, a median ratio of 83%, and a coefficient of disperson (COD) of Market/Sales Comparison Approach Data and Analysis Printed 5/31/2017

2 Property type: Quick Service Restaurants (QSR) (continued) Sales: Range of Sale Dates: 1/1/2013 to 12/31/2016. A total of 11 local sales, and 36 regional sales, and 0 national sales were used in the sales analysis. Additional information is provided on the sales analysis data sheet. Kitsap County attempts to review, analyze, and validate via telephone, mail, or in person interviews, all commercial sales within the county for inclusion or exclusion in our market/sales approach. Market/Sales Rates: Sales ranged from $ to $1, per square foot. Insufficient local sales were available across the property classification to develop a market/sales comparison model. Additional regional sales were reviewed to quantify the range of values. Income Approach and Data Analysis Values were calculated using a triple net (NNN) income model. Income and expense information was collected from mailed surveys, property representatives, on-site visits, and market research (publications, newsletters, websites, etc.) Income information from Kitsap County was limited, but sufficient regional information was obtained to develop an income model. Additional information from national publications was reviewed to determine industry standards. Rent Data: The Assessor validated rents from 39.6% of the market. Typical reported rents had a range of $5.46 to $ We selected $15.81 to $51.75 for our model. Vacancy Data: Typical reported vacancy had a range of to 5%. We selected 5% to 5% for our model. Expense Data: Typical reported expense had a range of to 25%. We selected 6% to 6% for our model. Capitalization Rate (Cap) Data: Typical sale cap rates ranged from 4.71% to 7.91%. We selected 6.25% to 8% for our model. Income Model Value Range: square foot. The income approach calculates a range of values from $ to $739.4 per Final Ratio Analysis: Analysis of sales resulted in a mean ratio of 92%, a median ratio of 93%, and a coefficient of disperson (COD) of Sources Kitsap County Board of Equalization appeal documentation. Washington State Board of Tax appeal documentation. Kitsap County income and expense surveys. Kitsap County sales questionaires. The Dictionary of Real Estate Appraisal, Appraisal Institute, Third Edition, 1993 Property Appraisal and Assessment Administration, IAAO, 1990 Glossary for Property Appraisal and Assessment, IAAO,1997 LoopNet - Commercial Brokers Association - Boulder Group, The Net Lease QSR Market Report Q Calkain Companies, Cap Rate Report Q Location Analysis for the Fast Food Restaurant, The Canadian Appraiser, Winter 1992 The Valuation of Fast Food Outlets: Analysis, Methodology, and Reliability. Peter Elliott and Richard Reed, 1999 Printed 5/31/2017

3 Property type: Quick Service Restaurants (QSR) (continued) The Valuation of Fast Food Restaurants, J. Scott Renne, CAE, MAI, IAAO, September/October 2004 Washington State Department of Transportation, 2011 Annual Traffic Report, City of Poulsbo, City of Bremerton, Printed 5/31/2017

4 QUICK SERVICE RESTAURANT CLASSIFICATION Class A >= +6 Class B 4 to 5 Class C 2 to 3 Class D 0 to 1 Class E <= Points 1 Point 0 Points -1 Points -2 Points Lot Size 1.00 acre <= 1.20 acres 1.20 acres acres < 0.40 acres Multiple Access Shopping center, or front, back and adjacent properties Front & Back, or Corner Road frontage only Lighted Access Available Yes No Fronts Shopping Center Yes No Adjacent to Hwy or Hotel/Motel Yes No Heavy Noon Traffic Yes No Lot Shape Rectangular Square Odd shaped Traffic Count > 30,000 20,000 < 30,000 15,000 < 20,000 10,000 < 15,000 < 10,000 Competition None Building Size (do not include basements or play areas) < 1,000 1,000 < ,000 < 4,000 4,000 < 5,000 > 5,000 Building Age/Condition Brand new in prime location (+ 1) New or excellent condition, clean, landscaped, well lighted. Built > 2000 or older with recent remodel. (+ 0) Typical age and condition QSR; Built < 2000 and mostly original or older with recent RA. (- 1) Old or poor condition, obsolete design, visible deferred maintenance

5 Kitsap County Assessor Tax Year: 2018 Property Type: Quick Service Rest Neighborhood: Countywide Not Used Not Used QSR QSR Bsmt QSRPlaylnd Class A Rent Vac % Exp % Cap Rate Market Class B Rent Vac % Exp % Cap Rate Market Class C Rent Vac % Exp % Cap Rate Market Class D Rent Vac % Exp % Cap Rate Market Class E Rent Vac % Exp % Cap Rate Market Income Mode /31/2017

6 Kitsap County Assessor Tax Year 2018 Local Income Survey for Fast Food PGI per Unit Vacancy EGI per Unit Expense % $80.73 $80.72 $63.30 $63.30 $62.09 $ % $ % $ % $58.60 $58.60 $54.50 $54.50 $52.76 $52.76 $51.09 $51.09 $46.88 $ % $46.34 $46.34 $46.25 $46.25 $44.08 $ % $44.08 $44.08 $39.45 $39.45 $37.45 $37.45 $35.43 $35.43 $34.05 $34.05 $33.93 $33.93 $33.66 $33.66 $32.14 $32.14 $32.11 $32.11 $32.11 $32.11 $32.11 $32.11 $26.70 $26.70 $26.23 $26.23 $25.52 $25.52 $25.52 $25.52 $25.43 $25.43 $24.28 $24.28 $16.33 $16.33 $5.46 $5.46 NOI per Unit $80.71 $63.30 $61.46 $55.13 $58.60 $54.50 $52.76 $51.09 $41.25 $46.34 $46.24 $33.06 $44.08 $39.45 $37.45 $35.43 $34.04 $33.93 $33.66 $32.14 $32.11 $32.11 $32.11 $26.70 $26.23 $25.52 $25.52 $25.43 $24.27 $16.33 $5.46 Printed: 5/30/2017

7 Tax Year 2018 Quick Service Restaurant Sales Sales from 01/01/ /31/2016 Income Approach Analysis Local Sales 1 # NBRHD PARCEL# PROJECT VC EXCISE# DATE PRICE TRENDED UNITS TRENDED RENT PRICE $/UNIT CLASS 2018 Model Other Value Ratio KFC Silverdale V 2013EX /03/2013 $ 1,100,000 $ 1,384,192 2,242 $ B $ 1,377,780 $ Taco Bell - Kitsap Way V 2014EX /12/2014 $ 1,325,000 $ 1,325,000 2,155 $ B $ 1,324,320 $ 28, % Taco Time - Highway 303 V 2014EX /30/2014 $ 1,595,900 $ 1,595,900 2,456 $ B $ 1,509,280 $ - 95% Taco Bell - Mile Hill V 2014EX /09/2014 $ 1,950,000 $ 1,950,000 2,752 $ B $ 1,691,180 $ - 87% Skippers of Silverdale V 2015EX /19/2015 $ 845,000 $ 845,000 2,595 $ D $ 788,230 $ - 93% Poulsbo Perk Expresso - Poulsbo V 2015EX /23/2015 $ 300,000 $ 300, $ C $ 232,550 $ 47,490 93% Jack in the Box- Silverdale V 2016EX /15/2016 $ 1,638,000 $ 1,638,000 2,361 $ B $ 1,450,910 $ - 89% Jack in the Box- Silverdale V 2016EX /20/2016 $ 2,320,000 $ 2,320,000 2,361 $ B $ 1,450,910 $ - 63% Sonic Fast Food V 2016EX /08/2016 $ 2,600,000 $ 2,600,000 2,403 $ 1, A $ 1,776,780 $ 71,930 71% Taco Time Bucklin Hill V 2016EX /20/2016 $ 1,200,000 $ 1,200,000 2,393 $ B $ 1,470,560 $ - 123% Arby's Wheaton Way V 2016EX /21/2016 $ 1,375,000 $ 1,375,000 2,831 $ B $ 1,739,730 $ (347,950) 101% NBRHD Neighborhood VC Validity Codes Count West Bremerton V Valid Sale High 123% Highway 305 Low 63% Viking Way Median 93% College Marktplace Mean 92% Silverdale AAD 11% Wheaton Way COD South Kitsap UGA

8 OTHER COUNTY QUICK SERVICE RESTAURANT (QSR) SALE COUNTY ACCOUNT NUMBER PROJECT SIZE YEAR TRAFFIC NOI/SF EXCISE# DATE PRICE $UNIT CAP Quick Service Restaurant, Fast Food Chelan Sonic /30/2016 $1,640,000 $ $0.00 Clark Starbuck's , /14/2014 $1,450,000 $ % $3 Clark Dairy Queen Grill & Chill , /5/2014 $1,500,000 $1, $67.76 Grays Harbor Starbucks Aberdeen ,000 E /23/2016 $1,145,000 $ % $37.59 King Starbucks /11/2013 $1,200,000 $ $0.00 King former Taco Bell , /24/2014 $630,000 $ $0.00 King Church's Chicken , /16/2014 $485,000 $ % $17.75 King former Wendy's /7/2014 $1,192,000 $ $0.00 King Arby's /4/2014 $1,825,000 $ % $4 King Wendy's /9/2015 $2,550,000 $ % $39.60 Lewis ' Starbucks Napavine /1/2015 $1,670,000 $ % $32.00 Pierce Jack in the Box /17/2013 $1,675,000 $ $0.00 Pierce Jack in the Box /17/2013 $2,000,000 $ $0.00 Pierce former KFC /16/2014 $485,000 $ $0.00 Pierce Jack in the Box , /4/2014 $2,465,000 $ % $50.87 Pierce former Herfy Burger , /19/2014 $800,000 $ $0.00 Pierce Sonic Drive In /12/2014 $2,571,429 $1, $0.00 Pierce McDonalds /14/2014 $2,210,000 $ $0.00 Pierce Burger King , /10/2015 $2,620,000 $ % $41.42 Pierce Ivar's at Willow Hill /28/2015 $1,360,000 $ % $34.24 Pierce ' Bigfoot Java /10/2015 $750,000 $1, $76.19 Pierce ' Taco Bell /31/2015 $1,661,538 $ $0.00 Pierce Starbucks ,000 9/11/2015 $1,090,000 $1, % $71.34 Pierce ' Sonic /21/2015 $1,625,000 $ $0.00 Pierce ' Popeye's /8/2016 $3,000,000 $1, $0.00 Pierce ' Popeye's /7/2016 $2,500,000 $ $0.00

9 COUNTY ACCOUNT NUMBER PROJECT SIZE YEAR TRAFFIC NOI/SF EXCISE# DATE PRICE $UNIT CAP Pierce ' Arby's /24/2016 $1,000,000 $ $0.00 Skagit P83926 Wendy's /19/2013 $1,230,391 $ $0.00 Skagit P26248 Burger King /29/2014 $1,250,000 $ $0.00 Snohomish Carls Jr /1/2013 $900,000 $ $0.00 Snohomish Taco Bell /27/2013 $2,251,271 $1, % $61.50 Snohomish Jack in the Box /6/2014 $1,082,000 $ $0.00 Thurston Church's Chicken /8/2016 $2,182,000 $ $0.00 Thurston Sonic /24/2016 $2,105,000 $1, $0.00 Thurston Sonic /26/2016 $2,660,000 $1, Whatcom ' Starbuck's /30/2016 $1,890,000 $2, $0.00

10 MARKET SURVEY REPORTS - Cap Rates Quick Service Restaurant (QSR) Source Boulder Group Date Cap Rate Cap Rate Range The Net Lease QSR Market Report Q Franchisee Properties Median Asking Cap Rates 7/1/ % 5.15%-6.0 Q Corporate Properties Median Asking Cap Rates 7/1/ % % Source Calkain Companies Date Cap Rate Cap Rate Range Cap Rate Report Q /1/ % 3.28% % Page 1 of 1

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