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-17- <br />Land Value Estimate <br />Three two-year old sales of note were located <br />on E. 14th St. 301 E. 14th St. involved the <br />sale o'f a 9,160 sq. ft. parcel with 91.6' of <br />frontage. The grantor was Peabody Motors, <br />Inc.; grantee, S. Wilhelm. Sale price $87,000 or <br />$9.50/sq.ft. Sold 6/17/77 (R 4917/678) Obso- <br />lete ARCO station. Motivation for purchase <br />was to open a Mercedes repair service shop <br />which wasn't carried out. Improvements presently <br />in use. A second sale took place, 1/11/77 <br />(R 4729 I 402), at 696 E. 14th St. Peabody <br />Motors sold to G. Pao for $391,000 or at the <br />rate of $6.96 per sq. ft. This corner lot con- <br />tains 5,600 sq. ft. and is paved and used for <br />a car sales lot. W. Atchinson purchased a <br />corner parcel at 290 E. 14th St; improved <br />with a used car lot for an indicated price of <br />$57,500, 3/18/77 (R 4769 I 668), from Peabody <br />Motors, Inc. This 9,100 sq. ft. parcel sold <br />at the rate of $6.32 per sq. ft. <br />Across from the subject property a narrow, <br />inside block lot containing 5,200 sq. ft. sold <br />1/27/78 (R 5247 I 220) at an indicated price <br />of $68,500. Seller was William S. Hoover; <br />buyer L. J. Cabral. Terms included secondary <br />financing. Improvements include an approxi- <br />mately 600 to 700 sq. ft. old retail store <br />(beauty salon) to which the appraiser attri- <br />butes a value of $18,500t. The balance of <br />the sale price, $50,000, would indicate a <br />value to the lot at $9.60f per sq. ft. <br />The subject property is larger than the <br />sale properties; it is irregular and lacks <br />E. 14th St. frontage. By comparison a cur- <br />rent market value to land is estimated on the <br />basis of $8.50 per sq. ft. <br />