Laserfiche WebLink
Attachment 2 <br />.~ ~- -~" CITY OF SAN LEANDRO <br />~ ~NG/NEERING <br />h. L,~~,, __ %ANO <br />`~~'_'+~_ ~RANSPO~?TAT/ON MEMORANDUM <br />/C/lY C7F SANLEANPRC) _'~~ <br />DATE: February 22, 2005 <br />TO: Keith Cooke, Principal Engineer <br />FROM: Tara Peterson, Administrative Services Mana <br />SUBJECT: Value of Land in San Leandro <br />In response to your request for information concerning the value of land in San Leandro, I <br />contacted an appraiser I use frequently and requested a range of value for commercial and <br />industrial property in San Leandro. In the interest of time, you asked that I provide you with an <br />estimated value using the appraisals I have on hand and information provided from Business <br />Development, and not wait to hear back from the appraiser. <br />I have taken the two most recent appraisals obtained by the Engineering & Transportation <br />Department over the last six months for property acquisition purposes (attached), to arrive at a <br />value for you. Using the comparable land sales data from the two appraisals, the average value <br />for commercial /retail and industrial land in San Leandro is approximately $21/sq, ft. <br />In addition to my own data, the following information was provided by our colleagues in <br />Business Development: <br />Our recent property purchases have not been based on a particular land value. Recent appraisals <br />have identified property value in terms of building square footage. However, we are aware of <br />recent commercial transactions in the $30/SF range (where the improvements on the property <br />were valued at $0) on Marina Boulevard (in the Auto Mall area} and East 14th Street/Hesperian. <br />When I have been preparing offers for downtown commercial property, I have considered the <br />land to be in the $2Q-25 range. As the appraisers love to say, "It's an art, not ascience." - <br />Amalia <br />Once I hear back from the appraiser, I will forward that data to you. <br />