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 27.59. Market s Approach Data and Analysis Regional s - Range of s s 01/01/2010 03/31/2013 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.
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 26.12. G:\ASSR\comml\PROPERTY TYPES\27_Multifamily\14_Multifamily_Model_Documentation\14_Multifamily_Narrative.doc
Tax Year 2014 Multifamily Model - Countywide s from 01/01/2010-03/31/2013 No. Nbrhd 637 132401-2-030-2002 121 132401-2-033-2009 910 132401-2-081-2000 1 8100501 910 3784-002-001-0001 Future Evergreen Pointe Dev Site 09/27/10 D 2010EX04978 $ 750,000 111 3784-002-002-0000 111 3784-002-007-0005 111 3784-002-008-0004 637 132401-2-030-2002 121 132401-2-033-2009 910 132401-2-081-2000 2 8100501 Future Evergreen Pointe Dev Site 910 3784-002-001-0001 11/03/11 D 2011EX05901 $ 650,000 111 3784-002-007-0005 111 3784-002-008-0004 121 132401-3-005-2001 Duplex 131 132401-3-006-2000 5 UNITS @ 610 WASHINGTON AVE 122 132401-2-037-2005 Triplex 3 9100521 111 132401-2-039-2003 SFR 122 132401-2-040-2000 Triplex 121 132401-2-041-2009 Duplex 121 262702-1-020-2007 121 262702-1-021-2006 460 262702-1-022-2005 111 262702-1-023-2004 12/30/10 D 2010EX06880 4 8400301 Kingston Mixed Use Project 111 262702-1-024-2003 111 262702-1-025-2002 910 262702-1-056-2004 910 262702-1-057-2003 123 3737-004-008-0107 4-PLEX @ 917 HIGHLAND AVE 10/26/12 D 2012EX05954 $ 675,000 5 9100541 111 3737-004-010-0004 SFR 12/15/11 D 2011EX06626 155,000 8401102 123 4463-000-006-0105 Shoreplace Townhouse Apts 1 of 4 8401102 123 4463-000-006-0204 Shoreplace Townhouse Apts (2 of 4) 6 8401102 123 4463-000-007-0005 Shoreplace Townhouse Apts (3 of 4) 8401102 131 4463-000-007-0104 Shoreplace Townhouse Apts 4 of 4 10/17/12 D 2012EX05813 800,000 7 9402390 134 012301-2-143-2001 Lund Pointe Apts 12/22/11 V 2011EX06848 1,600,000 $ 667,455 $ 818,910 1.21 $ 647,918 $ 615,260 0.82 0.95 $ 604,482 $ 521,460 0.80 0.86 $ 1,105,000 $ 971,673 $ 1,055,200 $ $ 145,216 $ 213,150 1.38 $ $ 789,874 0.95 1.09 $ $ 1,500,844 $ 1,350,660 0.84 0.90 8 9100541 123 082401-3-100-2002 4 Units @ 2294 Northlake Way NW 03/12/12 V 2012EX01074 $ 44,900 $ 42,715 $ 56,980 1.27 1.33 9 8100501 123 132401-2-065-2000 4-PLEX @ 415 11TH ST PL 02/24/11 V 2011EX00908 $ 190,000 $ 168,824 $ 200,530 1.06 1.19 10 9401190 121 172501-2-023-2006 Duplex off Old Frontier Split Zoning 01/20/11 V 2011EX00318 $ 210,000 $ 185,387 $ 189,420 0.90 1.02 11 8401102 121 202501-1-099-2002 Duplex SW crnr Bucklin and Anderson 06/14/10 V 2010EX02998 $ 225,000 $ 190,492 $ 321,980 1.43 1.69 1.23 1.47 $ 995,370 1.24 1.26
No. Nbrhd 12 9100541 123 3712-001-023-0004 NOA Highland & Pleasant Ave Condo 01/03/13 V 2013EX00386 $ 175,000 $ 175,029 $ 131,110 0.75 0.75 13 9100541 123 3723-000-009-0001 4-PLEX @ 2305 6TH ST 04/09/12 V 2012EX01590 $ 165,000 $ 157,731 $ 115,350 0.70 0.73 14 9100541 121 3734-009-003-0005 DUPLEX ON MONTGOMERY 02/28/11 V 2011EX00916 $ 110,000 $ 97,813 $ 62,450 0.57 0.64 15 9100521 131 3782-001-005-0308 Three Duplexes High Avenue 01/31/11 V 2011EX00438 $ 307,000 $ 271,573 $ 215,450 0.70 0.79 16 9100541 131 3790-001-014-0000 5 Units @ 507 Summit Ave 02/28/12 V 2012EX00844 $ 213,000 $ 202,181 $ 157,660 0.74 0.78 17 9100541 131 3797-012-010-0004 1108 HIGH AVE APTS 08/25/11 V 2011EX04450 $ 235,000 $ 215,839 $ 184,790 0.79 0.86 18 9100541 123 3799-012-039-0009 4-Plex @ 1208 10TH Street 03/15/12 V 2012EX01164 $ 160,000 $ 152,294 $ 131,850 0.82 0.87 19 9100543 132 3914-004-002-0207 DRIFTWOOD APTS. 11/30/12 V 2012EX06589 $ 500,000 $ 497,288 $ 337,010 0.67 0.68 20 8100505 121 3967-002-009-0002 Duplex- 841 Callahan 01/28/10 V 2010EX00405 $ 126,500 $ 104,250 $ 203,820 1.61 1.96 21 9400390 134 4316-047-001-0209 Kingston Harbor Apartments 09/19/12 V 2012EX05210 $ 1,200,000 $ 1,179,288 $ 939,460 0.78 0.80 22 9400390 123 4347-000-009-0005 Fourplex- Central Ave Kingston 02/07/13 V 2013EX00802 $ 313,000 $ 314,852 $ 275,900 0.88 0.88 23 8401102 132 4463-000-009-0003 Bay Vista Apts 04/07/11 V 2011EX01740 $ 839,005 $ 751,289 $ 749,960 0.89 1.00 131 122401-4-022-2009 WINFIELD APTS I 24 9100543 132 122401-4-023-2008 WINFIELD APTS II 121 122401-4-029-2002 WINFIELD DUPLEX 11/02/11 W 2011EX05876 $ 850,000 $ 790,337 $ 885,810 1.04 1.12 25 8100503 134 3719-001-020-0505 Bayview West Apts 04/15/13 W 2013EX02293 $ 1,297,600 $ 1,319,570 $ 1,048,290 0.81 0.79 Median 0.84 0.90 Mean 0.95 1.02 Ave Dev 0.20 0.24 COD 23.30 26.12 No. Nbrhd s removed from analysis 1 8400204 134 4366-012-001-0004 Continental Apts, Ofc, Restaurant 11/02/10 2 2010EX05764 $ 850,000 2 9100541 131 3806-002-008-0008 HILLCREST II APTS 01/11/12 3 2012EX00132 $ 900,000 $ 221,030 3 8402307 121 342401-4-019-2008 SFR conv to Duplex Tremont 08/30/11 4 2011EX04550 $ 14,200 $ 114,660 4 9100541 121 3713-001-002-0008 SFR @ 645 Highland 04/03/12 6 2012EX01520 $ 173,282 $ 115,410 5 9100541 123 3800-002-004-0008 Future Highland Apartments 04/03/12 6 2012EX01520 $ 173,282 $ 117,190 6 8400204 134 4366-012-001-0004 Continental Apts, Ofc, Restaurant 09/20/10 C 2010EX04832 $ 984,000 7 9402390 123 022301-2-132-2003 Fourplex 03/17/10 F 2010EX01194 $ 230,100 $ 260,290 8 9100541 123 082401-3-100-2002 4 Units @ 2294 Northlake Way NW 07/25/11 F 2011EX03767 $ 196,000 $ 56,980 9 8100501 134 132401-2-064-2001 PACIFIC TERRACE APTS 10/12/12 F 2012EX05574 $ 690,000 $ 715,430 10 8100501 131 132401-3-196-2000 CONGRESS APTS 02/02/12 F 2012EX00472 $ 1,105,050 $ 420,700 11 9100541 123 152401-4-009-2003 4 UNITS @ 3510 9TH ST 04/24/13 F 2013EX02553 $ 130,152 $ 83,130
No. Nbrhd 12 8303401 121 272502-1-021-2007 Duplex zoned MAD on Madison 05/20/10 F 2010EX02519 $ 480,000 $ 444,280 13 9100541 131 3704-004-015-0008 RIDGEVIEW APTS 05/14/12 F 2012EX02293 $ 390,000 $ 186,430 14 9100541 123 3717-004-028-0008 4-Plex @ 1732 4th St 09/24/12 F 2012EX05573 $ 90,000 $ 62,470 15 8100503 134 3719-001-020-0505 Bayview West Apts 02/03/11 F 2011EX00570 $ 1,398,978 $ 1,048,290 16 9100541 123 3799-012-039-0009 4-Plex @ 1208 10TH Street 08/08/11 F 2011EX04109 $ 252,563 $ 131,850 17 9100541 123 3807-001-003-0004 4-PLEX @ 2017 11TH ST 03/11/10 F 2010EX01056 $ 122,642 $ 78,440 18 9402390 123 4027-017-006-0009 Fourplex 05/26/10 F 2010EX02582 $ 140,000 $ 114,300 19 8400204 134 4366-012-001-0004 Continental Apts, Ofc, Restaurant 06/08/10 F 2010EX02894 $ 984,000 20 9402390 134 012301-1-013-2000 Point West Apts 09/17/12 I 2013EX00751 $ 2,000 $ 1,580,420 21 9100541 123 3715-000-020-0105 4-PLEX @ 601 N CONSTITUTION AVE 04/05/11 I 2011EX01688 $ 3,000 $ 166,200 22 8401101 133 172501-4-044-2007 Sunrise Vista Apts - Silverdale 04/30/12 M 2012EX01986 $ 1,050,000 $ 967,810 23 8401101 123 5095-000-005-0000 Fourplex on Trident 05/30/12 M 2012EX02597 $ 282,000 $ 383,630 24 9100521 121 132401-3-005-2001 Duplex 09/27/10 Q 2010EX04977 $ 615,000 $ 161,940 25 9100521 131 132401-3-006-2000 5 UNITS @ 610 WASHINGTON AVE 09/27/10 Q 2010EX04977 $ 615,000 $ 263,220 26 9402390 123 4027-017-006-0009 Fourplex 06/30/11 R 2011EX03394 $ 75,000 $ 114,300 27 9402390 123 022301-2-119-2000 Fourplex 1 Lot Back From Lippert 04/28/10 R 2010EX02042 $ 220,000 $ 273,260 28 9402390 123 022301-2-134-2001 Fourplex Fronts Lippert 04/28/10 R 2010EX02041 $ 220,000 $ 280,450 Nbrhd Neighborhood PC Property Code VC Validity Code 8100501 Downtown Bremerton 111 Single family residence 2 Corporate Affiliates 8100502 West Bremerton 121 Duplex 3 Partial Interest 8100503 122 Triplex 4 Right-of-way 8100505 Harrison Medical District 123 Four units 6 Tax Deed 8303401 Bainbridge Island 131 5-9 Units 8 Outlier 8400204 Greater Poulsbo 132 10-14 Units C Correction Deed 8400301 Downtown Kingston 133 15-19 Units D Not an economic unit 8401101 Silverdale 134 20-29 Units F Forced 8401102 Old Silverdale 460 Parking I Private Easement 8402307 South Kitsap UGA 590 Other retail trade M Other 9100541 West Bremerton Uplands Cit-COM 637 General warehouse R Remodel after sale 9100543 Manette Uplands-COM 910 Undeveloped Land Q Quit Claim Deed 9400390 Kingston UGA-COM V Valid 9402390 Port Orchard-COM W With other property