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best use of the townsite was reasonably reflected in most
instances by its current mixed use. He believed that the houses
were in fair to average condition and assumed separate sales with
no additional development.
Mr. Eldred estimated the value of the townsite using a
combination of the cost and comparative sales approaches. In
valuing the millsite and log dump property, he used only the
comparative sales approach. Mr. Eldred determined that the
income approach was inappropriate, because structures like the
subject structures are generally not purchased for the purpose of
receiving rental income. He found that most of the
nonresidential buildings, such as the church, fire station,
community hall, and Masonic temple, were special purpose
facilities for which no meaningful rental, expense, and income
data are available. He believed that the actual rents charged by
petitioner in 1985 were not reflective of market rents.
Mr. Eldred determined that the fair market value of the Port
Gamble townsite and related properties was as follows:
Land and Improvement Value
Millsite industrial land $1,400,000
Log dump property 770,000
Townsite-residential 1,952,000
Townsite-nonresidential 882,000
Total $5,004,000
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