R. P. LAURAIN
& ASSOCIATES
APPRAISERS - ANALYSTS
APPRAISAL REPORT
MARKET VA
LUE APPRAISAL
CITY-OWNED REMNANT LAND PARCEL
APN 2463-015-902
SOUTHWEST CORNER OF VANOWEN STREET AND FREDERIC STREET
BURBANK, CALIFORNIA
Effective Date
of
Appraisal
November 30, 2022
Prepared for
CITY OF BURBANK
HOUSING AND ECONOMIC DEVELOPMENT
150 North Third Street
Burbank, California 91502
Prepared by
R. P. LAURAIN & ASSOCIATES, INC.
3353 Linden Avenue, Suite 200
Long Beach, California 90807
Date of Report
December 13, 2022
ATTACHMENT 3-1
3353 LINDEN AVENUE, SUITE 200
LONG BEACH, CALIFORNIA 90807
TELEPHONE (562) 426-0477
FACSIMILE (562) 988-2927
[email protected]
R. P. LAURAIN
& ASSOCIATES
INCORPORATED
APPRAISERS - ANALYSTS
December 13, 2022
City of Burbank
Housing and Economic Development
150 North Third Street
Burbank, California 91502
Attention: Simone McFarland
Assistant Community Development Director
Subject: Market Value Appraisal
City-Owned Remnant Land Parcel
APN 2463-015-902
Southwest Corner of Vanowen Street and Frederic Street
Burbank, California
In accordance with your request and authorization, I have appraised the above- referenced property, as of a current date. The appraisal study included (1) an off-site inspection of the subject proper ty, (2) a review of market data in the subject market area, and (3) a valuation analysis.
The property appraised herein (subject property) represents an effectively vacant remnant land parcel owned by the City of Burbank. The subject site has a triangular configuration, contains 1,634 square feet (0.038± acres), and is within the R1 (Single Family Residential) zone district of the City of Burbank.
The subject property includes certain si te improvements which encroach onto the subject site. Said improvements (1) include a portion of a detached garage, a portion of a concrete driveway, grass landscaping, chain link fencing, etc., (2) are owned by the property owner of th e adjacent south improved residential property, and (3) have been excluded from this appraisal. Note that the two mature trees within the subject property have been included in the valuation herein, as said trees apparently belong to the property owner (City of Burbank).
The purpose of this appraisal report is to express an estimate of the market value of the subject property. After cons idering various factors which influence value, including the remnant nature of the site, the market value of the fee simple interest in the subject property, as of November 30, 2022, is:
NINETY-ONE THOUSAND FIVE HUNDRED DOLLARS
$91,500
ATTACHMENT 3-2