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appraised property were in 1992. Mr. Bollinger opined that the
comparative sales approach produced the most reliable data in the
case of a restaurant. He determined that this approach supported
a value of $388,000 for the restaurant and the land upon which it
was located.
Three of the four comparable sales used by Mr. Bollinger
were also cited in Mr. Schmidt’s 1991 appraisal (#2,3,5). The
most recent of these occurred more than 3 years before the
valuation date. The fourth property (#1) used by Mr. Bollinger
sold in 1992, closer to the valuation date. We do not find that
property comparable to decedent’s property for a number of
reasons. The fourth property had 29,140 square feet of interior
space, almost four times larger than the property being valued
(6,474 square feet). The fourth property was located on 4.18
acres of land as compared to the subject property, which was
located on 1.9 acres. The fourth property was zoned C-3 "highway
service", had a frontage of 447 feet, and contained a separate
retail store. It also had 125,000 square feet of asphalt parking
and 5,800 square feet of concrete walks and patios. In contrast,
the subject property was zoned C-1, "local business district",
had a frontage of only 64 feet, contained no additional retail
facilities, and had 10,941 square feet of parking.
The principal difference between the two comparable sales
valuations (other than the inclusion of the 1992 sale which we
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