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HomeMy WebLinkAboutCA-02 Appraisal Report of vacated Simms St RECEIVED L 0 $ 2025 APPRAISAL REPORT I[FF RSON COUNTY C ) MISStONERS u 7T e l- EXHI tT _.______,_ i .. . .-..-----iiir u sr ,rx ,erg; , ' r m A > 'y'' 3„++ e `l .+ ' ' • ...rq-. Ili 106xx Rhody Dr(vacated Simms St) Port Hadlock,WA 98339 PREPARED FOR LLC 5 James A Jackson Chimacum Properties PO Box 140 Port Hadlock,WA 98339 AS OF 06/15/2023 PREPARED BY Olympus Appraisal P.O.Box 940 Chimacum,WA 98325 Olympus Appraisal P.O.Box 940 Chimacum,WA 98325 07/21/2023 Chimacum Properties LLC PO Box 1405 Port Hadlock,WA 98339 RE: Chimacum Properties LLC 106xx Rhody Dr(vacated Simms St) Port Hadlock,WA 98339 File No. JPH23038 Case No. Dear James In accordance with your request,I have personally inspected and prepared an appraisal report of the real property located at: 106xx Rhody Dr(vacated Simms St),Port Hadlock,WA 98339 The purpose of this appraisal is to estimate the market value of the property described in the body of this appraisal report. Enclosed,please find the appraisal report which describes certain data gathered during our investigation of the property. The methods of approach and reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report. An inspection of the property and a study of pertinent factors,including valuation trends and an analysis of neighborhood data,led the appraiser to the conclusion that the market value,as of 06/15/2023 is: $ 30,000 The opinion of value expressed in this report is contingent upon the limiting conditions attached to this report. It has been a pleasure to assist you. If I may be of further service to you in the future,please let me know. Respectfully isubmi d, • Signatur : Donna J.Bauman Olympus Appraisal Olympus Appraisal LAND APPRAISAL REPORT File No. JPH23038 Owner Chimacum Properties LLC Census Tract 9502.02 Map Reference Good Map PG 24 Z Property Address 106xx Rhody Dr(vacated Simms St) o City Port Hadlock County JEFFERSON State WA Zip Code 98339 6 Legal Description See Attached description LL Sale Price$ na Date of Sale na Property Rights Appraised n Fee ❑Leasehold nDe Minimis PUD I.Z.Actual Real Estate Taxes$ 0 (yr) Loan Charges to be paid by seller$ 0 Other Sales Concessions 0 o Client Chimacum Properties LLC Address PO Box 1405,Port Hadlock,WA 98339 Occupant Vacant Appraiser Donna J.Bauman Instructions to Appraiser Appraise portion of vacated Simms St Intended User James Jackson Intended Use_ purchase vacated portion of street Location _Urban Suburban Rural Good Avg.Fair Poor Built Up _Over 75% X 25%to 75% — i Under 25% Employment Stability ❑I X I I II Growth Rate n Fully Devi I Rapid X Steady I I Slow Convenience to Employment ❑ X Property Values ❑Increasing X Stable Declining Convenience to Shopping X _ Demand/Supply ❑Shortage X In Balance Oversupply Convenience to Schools X 0 Marketing Time ❑X Under 3 Mos, _4-6 Mos. Over 6 Mos. Adequacy of Public Transportation XX p Present Land Use 90 %1 Family 0_5%2-4 Family 0.5 %Apts %Condo 1 %Commercia Recreational Facilities 0 n I II I _ _%Industrial 8 %Vacant % Adequacy of Utilities X O Change In Present Land Use �ot Likely n Likely(') n Taking Place(') Property of Compatibility X _ (*)From To Protection from Detrimental Conditions n I X O Predominate Occupancy n Owner I I Tenant %Vacant Police and Fire Protection I I X — z Single Family Price Range $ 390,000 to$ 742,000 Predominant Value$ 508,000 General Appearance of Properties X Single Family Age 1 yrs to 80 yrs. Predominant Age 25 yrs Appeal to Market X Comments including those factors,favorable or unfavorable,affecting marketability(e.g.public parks,schools,view,noise): See addendum comments Dimensions 60x340x60x331 = Appx:20,130 sf ❑Corner Lot Zoning Classification UGA Low Density Residential(Urban Growth Area)/Commercial Present Improvements n do El do not conform to zoning regulations Highest and best use n Present use n Other(specify) Public Other(Describe) OFF SITE IMPROVEMENTS Topo Level Elec. Gas (� n Street Access IT Public n Private Size Smaller than typical None Surface Asphalt Shape Rectangular Water ❑X City Maintenance ❑X Public❑Private View Neighborhood San.Sewer❑ None _ n Storm Sewer n Curb/Gutter Drainage Appears Adequate ❑Underground Elect.&Tel. I I Sidewalk n Street Lights Is the property located in a HUD identified Special Flood Hazard Arhlf Nol I yes Comments(favorable or unfavorable including any apparent adverse easements,encroachments or other adverse conditions): This is the vacated 20,130 sf portion of Simms Street with a U.S.West Communications fence area The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis.The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties.If a significant item in the comparable property is superior to or more favorable than the subject property,a minus(-)adjustment is made thus reducing the indicated value of subject;if a significant item in the comparable is inferior to or less favorable than the subect property,a plus(+)adjustment is made thus increasing the indicated value of tie subject. For the Market Data Anal sis ©See•rid below U See narrative attachment SUBJECT PROPER COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address 106xx Rhody Dr(vacated Simms St 10xx Rhody Dr(Vacated Simms) 700 Prospect Ave 1200 41 st St rn Port Hadlock,WA 98339 Port Hadlock,WA 98339 Port Townsend,WA 98368 Port Townsend,WA 98368 )Proxim' to Sub.- t ., 0.18 miles W 1.60 miles N 6.91 miles N -I Sales Price $ na $ 85 000 $ 21,000 $ 20,000 z Price/ $ 0 $ 20 433 ...:. $ 4 $ 4 <Data Source Assessor Assessor/Private Sale NWMLS#1791741;DOM 88 NWMLS#1926486;DO�rM- 2 1-Date of Sale and DESCRIPTION DESCRIPTION Adii]stment DESCRIPTION Adiu-Istrnent DESCRIPTION Adi&ent ao Time Adjustment na 03/2022 • 10/2021 r 05/2022 t—Location Rural Rural Rural Rural Y SiteNiew Appx:20,130 sf 4.16 Ac/Neighborhd -50,000 4883 sf/Neighborhd r 4792 sf/Woods 0 a Amenities Power/Water at Str Power/Wtr at Street Power at Street None E Zone UGA-C UGA-C R5 R-11 SF Sales or Financing None 03/22/2023$0 07/03/2006$0 11/809/2007$20000 Concessions Net Ad'.Total E.Plus©® $ -50 000 M©Plus M® $ 0 1113 Plus M® $ 0 Indicated Value Net=-59% Net=0% Net=0% of Subject Gross=59% $ 35,000 Gross=0% $ 21 000 Gross=0% $ 20,000 Comments on Market Data The easement Sales are the most similar to the subject. Easement sales are typically private sales and hard to find similar sale's com•arables. z Comments and Conditions of Appraisal: Sale 1 is most similar to the subject,it is adjacent to the subject with additional vacated lots.This sale has a limited access. Sale 2 consists of two small lots,with no improvements. Sale 3 is a little larger lot in an area which is in an undeveloped part of Vthe city of Port Townsend. The only access to the lot is by foot. z O U cc Final Reconciliation: Sale 1 is most similar to the subject,since it is adjacent to the subject on the west boundary line. Sale 1 sold with some additional lots which were adjusted.These lots have limited access to them. Sale 2 is a corner lot of a major street and is a vacated street. Sale 3 is an undeveloped lot with no utilities and walking trail access only. I ESTIMATE THE MARKET VALUE,AS DEFINED,OF SUBJECT PROPERTY AS OF 06/15/2023 to be$ 30,000 NL-Land 5/2007 This form may be reproduced unmodified without written permission,however,Bradford Technologies,Inc.must be acknowledged and credited. Produced by ClickFORMS Software 800-622-8727 Page 1 of 11 Olympus Appraisal File No. JPH23038 Case No. ?we` 1 - - 7 :.-`+x 2l'v �•" s .�} - - '-' t } w a F _ c t +•� , �rct s5- a - r v s�>.v t a css �ti - r� nic .s rrr' •; r.? ./.S r`. Identification of the Subject Property The subject is in Jefferson County,WA,located in the central part of Port Hadlock,along Rhody Drive(Highway 19). It is in the UGA_oi Density Residential(Urban Growth Area)/Commercial zone. The subject is currently being used as storage/showcase for Reds storage sheds. There is a fenced area in the vacated street for US West Communications. Legal Description The subject is 60 x 335 ft+/-(20,130 sf)and located between 10601 Rhody Drive and 10633/10631 Rhody Drive. Legal description for this parcel would be in Block 37 of Chalmers#2 Addition to Irondale. , s+ Produced by ClickFORMS Software 800-622-8727 Page 2 of 11 Olympus Appraisal COMMENT ADDENDUM File No JPH23038 Borrower Chimacum Properties LLC _ Property Address 106xx Rhody Dr(vacated Simms St) City Port Hadlock County JEFFERSON State WA Zip Code 98339 Lender/Client Chimacum Properties LLC Address PO Box 1405,Port Hadlock,WA 98339 PURPOSE OF APPRAISAL The purpose of this appraisal is for market value decision to pursue the acquisition of that portion of Simms Street which lies adjacent to tax parcel 942 903 701. SCOPE The following steps were followed in arriving at the final estimate of value included in the appraisal report of the subject property: 1. After receiving the assignment,an initial search of all available resources;MLS,Realist,title company and online county data,was made to determine market trends,influences and other significant factors pertinent to the subject property. 2. A visual on-site observation of the subject property and improvements to determine their characteristics,amenities, quality,and general condition,a visual off-site observation of several market sales including those comparables provided in this report,a visual observation of the subject's neighborhood and surrounding market area,and considered the relevant characteristics of the subject property and improvements as listed in the report. Although due diligence was exercised while at the subject,the appraiser is not an expert in such matters as pest control, structural engineering,hazardous waste,etc.and no warranty is given as to these elements. As needed,inspections by various professionals within these fields might be recommended with the final estimate of value subject to their findings. 3. A second review of the subject data was then performed with the most relevant factors extracted and considered. The sales were examined and discussed,or, an effort was made to discuss the sales with owners,listing agents,and parties involved in the transactions. Market factors were weighted and their influence on the subject property was determined. 4. This appraisal has been prepared in conformity with the code of ethics of the National Association of Independent Fee Appraisers,and the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Foundation. The report included all data and information needed to lead a reader to a similar value conclusion. 5. This written report was prepared as a SUMMARY APPRAISAL REPORT prepared under the Uniform Standards of Professional Appraisal Practice under Standard 1 and 2. 6. The appraisal report was then delivered to the client,which constituted the completion of the assignment. 7. The National Association of Independent Fee Appraisers and the State of Washington have mandatory continuing education requirements. This appraiser has complied with those CE requirements. OWNERSHIP OF INTELLECTUAL PROPERTY AND/OR DATA Olympus Appraisal expressly retains all rights,title,and interest in all patents,trademarks,trade names,trade secrets, software,data,conclusions,opinions,valuations,or other information including in,arising out of,or in any way related to this appraisal or the provision of appraisal services to the named client and/or Intended User. The report and information supplied by the staff and/or agents of the Olympus Appraisal is a culmination of intellectual education,professional experience, personal investigation,and know-how,which shall at all times remain the property of Olympus Appraisal. No person shall be entitled to break down,strip out,mine,or disseminate any component or part of this report,including,but not limited to,any conclusions,valuations,opinions,or other data compilations herein. Notwithstanding,the Intended User as defined below may use this appraisal report and the contents herein for the limited purpose and use identified below. INTENDED USER The Intended User of this appraisal report is for the client or assignee. The Intended Use is to evaluate the property that is the subject of this appraisal for purchase of the vacated portion of Gustaysen Road,subject to the stated Scope of Work, purpose of the appraisal,reporting requirements of this appraisal report form,and Definition of Market Value. No additional Intended Users are identified by the appraiser. HOME INSPECTION COMMENT This appraisal is not a home inspection,that the appraiser only performed a visual inspection of accessible areas and the appraisal cannot be relied upon to disclose conditions and/or defects in the property. NEIGHBORHOOD MARKETABILITY The subject is located in the heart of Port Hadlock on Rhody Drive(Highway 19)and approximately 5 miles south to Port Townsend and about approximately 35 miles to the Poulsbo and Silverdale area. Port Hadlock/Chimacum provides the basic shopping needs with banks,lumber yards,limited medical/professional services,schools,a gas stations,local restaurants, schools and small shops. Port Townsend provides professional services,employment,county hospital,and is the county seat for the county. The Port Townsend paper mill which is approximately 5 miles north of Port Townsend and is the largest employer in the county. Other employers in the county include government jobs,the county hospital,Port Ludlow development,mining(basalt rock), the maritime industry(ship building),fishing,and support services catering to the local population. (Port Townsend is a historical town and draws many visitors yearly to this area.) The U.S.Navy's Indian Island and Trident Support Site projects, which provide security and support service jobs,is located east of Port Hadlock,can provide additional jobs. Jefferson County is surrounded by water and divided by the Olympic Mountain Range which gives this county many parks, beaches,campgrounds,golf courses,and other recreational facilities relating to the water or mountains. There are three state parks in the Port Townsend area;Fort Worden which borders the northeasterly city limits of Port Townsend,Old Fort Townsend which is located to the south just outside the city limits,and Fort Flagler which is located on the north end of Marrowstone Island. The Dosewallips State Park is just south of the town of Brinnon. Produced by ClickFORMS Software 800-622-8727 Page 3 of 11 O ymp❑s Appraisal COMMENT ADDENDUM File No JPH23038 Borrower Chimacum Properties LLC Property Address 106xx Rhody Dr(vacated Simms St) City Port Hadlock County JEFFERSON State WA Zip Code 98339 Lender/Client Chimacum Properties LLC Address PO Box 1405,Port Hadlock,WA 98339 Schools are located in Chimacum where the children are bussed or walked,and there is limited public transit available. Kitsap County,which is east of the subject is also a major employer for the peninsula. Bangor and Keyport are large employers,as well as,the Bremerton Shipyard,located in Bremerton. SITE No adverse factors noted. The subject site is typical of the neighborhood and is located on a semi-busy thoroughway to Port Townsend and residential neighborhood. The subject's vacated street partial asphalt from Rhody Drive and the balance of the street is crushed rock which provides low traffic patterns and privacy. The property is level and Geared. The subject is serviced by some public services and utilities with the exception of sewer. The property is subject to all easements,covenants,conditions,restrictions and rights of way of record per legal description,if any. ZONING The zoning is UGA Low Density Residential(Urban Growth Area)which includes Commercial which is a legal conforming lot, which,according to the county planning department. HIGHEST AND BEST USE The highest and best use is road access. As a result,it is concluded that the present use of the site represents its highest and best use. Produced by ClickFORMS Software 800-622-8727 Page 4 of 11 Olympus Appraisal SUBJECT PHOTOS File No. JPH23038 Borrower Chimacum Properties LLC Property Address 106xx Rhody Dr(vacated Simms St) City Port Hadlock County JEFFERSON State WA Zip Code 98339 LenderlClient Chimacum Properties LLC Address PO Box 1405,Port Hadlock,WA 98339 --- -4 g " . • ..,... I 't. ., Ir 1-' -AO Ir. . __II ,...--.... . . .... .,... . , ... - - . .. .... .. _ ,., . . . . . . . .. ......;;•._.:....7_7_,.-,:_ . .. . .. . ...„.7..,..„.i.....„.:.......,..,,, .•,_ ,,..7 .k';''''k•,..k. Center and Rear View of Vacated Street Boundary Line of Northwestern Side of Vacated Street • 3�- A _ .. t Front View of Vacated Street Southwestern Boundary Line O .w. U.S.West Communications Fenced in Center of Vacated Str Southwestern Boundary Line Produced by ClickFORMS Software 800-622-8727 Page 5 of 11 Olympus Appraisal COMPARABLES 1-2-3 File No. JPH23038 Borrower Chimacum Properties LLC Property Address 106xx Rhody Dr(vacated Simms St) City Port Hadlock County JEFFERSON State WA Zip Code 98339 Lender/Client Chimacum Properties LLC Address PO Box 1405,Port Hadlock,WA 98339 .. , MPARABLERhody (Vacated SALE Simms) # "�' 10xx Dr�r_ ' Port Hadlock,WA 98339 k ,°max x , u: .:. , '4 COMPARABLE SALE# 2 4+ _':, 700 Prospect Ave . Port Townsend,WA 98368 • MLS PHOTO t x « - - �,, COMPARABLE SALE# 3 '. : . +� ,# 1200 41st St Port Townsend,WA 98368 yg, x zv �t4 —4. oaf MLS PHOTO w e ``'t c x Ite C. " Produced by ClickFORMS Software 800-622-8727 Page 6 of 11 Comparables Plat Map File No JPH23038 Borrower Chimacum Properties LLC PropertyAddress 106xx Rhody Dr(vacated Simms St) City Port Hadlock County JEFFERSON State WA Zip Code 98339 Lender/Client Chimacum Properties LLC Address PO Box 1405,Port Hadlock,WA 98339 % 9,ri. BLOCK 37 g.yi Jo ga' 344 x • ', wrpE 99 97 LOTS 2 - ALLer S�'99'ayE `"' gR Sex•s•••5'E • 99.% 73' VI rmo'ns o•u.••.yam •- See•59'•3-E 'WLLEr 20 21 z2� "»I DICK OLSEN a a JOB 605 N ROBERT DETTMER"i, 3 W S n ',net JOB J36 ' " �' , " COMP 3 "' 1:LO CK 37 ="I °r°°tz 1 ICI • 9]T• 00 I 1,1 60 � :1°°D:vACATED SIMMS ST9 wOP 1 °°cy ou, $ 91•, K 205 DATED 6/2/1925 REE COO a�"0,84� a • Ioo.0] cgs POeTIO� OF �• n Q '06 0z eb°ry SIMMS STREET L i� C7 7 ��'s9'r • 30a p] e y In • IOo.Ol COMP 3 • 239 93 ' ROBERT TTMFR 1"ea•0., w c.y [ !R X 4 ,9.••••SBT,7��,E • A': n b JOB J36 'SERy1LLE ROAD a y r r 137,,ei BLOCK 38 z �� • 99,93 ?S 9e e9 �99.e9 N r a — -__. 99.e9 z. z o \ , F'FTOSp = '--< c. 1 --.r.�_., ..�'., - r...Ave 4> ' '' tj NULc ;"v' Nz y .w 9 —1 a� • = r— - -__ .E2 4 Z,A Z t(i COMP 2 I ao U ri- /n , m Q. a F o a > is i 6 Op 's / COMP3 it l' 4:ird St -;F §J; M' c d/ 99. w 9 . _ 0` m s ' L50T'J 101 SF _ Si.'. Produced by ClickFORMS Software 800-622-8727 Page 7 of 11 Olympus Appraisal LOCATION MAP ADDENDUM File No. JPH23038 Borrower Chimacum Properties LLC Property Address 106xx Rhody Dr(vacated Simms St) City Port Hadlock County JEFFERSON State WA Zip Code 98339 Lender/Client Chimacum Properties LLC Address PO Box 1405,Port Hadlock,WA 98339 sale st5t S3iu'< ems. ayt'*aCincM.WA�ff�? Dtscov APH. Cana: Produced by ClickFORMS Software 800-622-8727 Page 8 of 11 Olympus Appraisal File No JPH23038 Appraiser License Certificate STATE OF 14. ASHINGTON DEPARTMENI INSINC ROSINESS AND PROFESSIONS DNISKity {ilLCENSING THIS CERTIFIES THAT THE PERSON OR BUSINESS NAMED BELOW IS AUTHORIZED AS A CERTIFIED RESIDENTL4L REAL ESTATE APPRAISER ' DONNA J BAIMAN PO Box 940 C6imreom WA 98325-0940 .4 1700419 01/03/1994 03.05 2024 'rf.. Q. B i-vvq eNumbs Issue Date Capiration Date Produced by ClickFORMS Software 800-622-8727 Page 9 of 11 Olympus Appraisal File No. JPH23038 This appraisal report is subject to the scope of work,intended use,intended user,definition of market value,statement of assumptions and limiting conditions,and certifications.The Appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form,including the following definition of market value,statement of assumptions and limiting conditions,and certifications.The appraiser must,at a minimum:(1)research,verify,and analyze data from reliable public and/or private sources,and(2)report his or her analysis,opinions,and conclusions in this appraisal report. DEFINITION OF MARKET VALUE:The definition of market value is the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale,the buyer and seller,each acting prudently,knowledgeably and assuming the price is not affected by undue stimulus.Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:(1)buyer and seller are typically motivated;(2)both parties are well informed or well advised,and each acting in what he or she considers his or her own best interest;(3)a reasonable time is allowed for exposure in the open market;(4)payment is made in terms of cash in U.S.dollars or in terms of financial arrangements comparable thereto;and(5)the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions*granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions.No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area;these costs are readily identifiable since the seller pays these costs in virtually all sales transactions.Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction.Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions 1.The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it,except for information that he or she became aware of during the research involved in performing this appraisal.The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2.The appraiser may have provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3.The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources)and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area.Because the appraiser is not a surveyor,he or she makes no guarantees,express or implied,regarding this determination. 4.The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand,or as otherwise required by law. 5.The appraiser has noted in this appraisal report any adverse conditions(such as needed repairs,deterioration,the presence of hazardous wastes,toxic substances,etc.)observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal.Unless otherwise stated in this appraisal report,the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property(such as,but not limited to,needed repairs,deterioration,the presence of hazardous wastes,toxic substances, adverse environmental conditions,etc.)that would make the property less valuable,and has assumed that there are no such conditions and makes no guarantees or warranties,express or implied.The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards,this appraisal report must not be considered as an environmental assessment of the property. 6.The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion,repairs,or alterations on the assumption that the completion,repairs,or alterations of the subject property will be performed in a professional manner. NL-General Certification 5/2007 This form may be reproduced unmodified without written permission,however,Bradford Technologies,Inc.must be acknowledged and credited. Produced by ClickFORMS Software 800-622-8727 Page 10 of 11 Olympus Appraisal File No JPH23038 APPRAISER'S CERTIFICATION:I certify that,to the best of my knowledge and belief: 1.The reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting conditions,and are my personal,impartial,and unbiased professional analyses,opinions,and conclusions. 2.10 have E have no present or prospective interest in the property that is the subject of this report an J❑have E have no personal interest with respect to the parties involved. 3.I❑have performedE have not performed services,as an appraiser or in any other capacity,regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 4.I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5.My engagement in this assignment was not contingent upon developing or reporting predetermined results. 6.My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of this client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7.My analyses,opinions,and conclusions,were developed,and this report has been prepared,in conformity,with theUniform Standards of Professional Appraisal Practice 8.I❑X have❑ have not made a personal inspection of the property that is the subject of this report. 9.Unless otherwise noted,no one has provided significant real property appraisal assistance to the person signing this certification. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1.I directly supervised the appraiser for this appraisal assignment,have read the appraisal report,and agree with the appraiser's analysis,opinions,statements,conclusions,and the appraiser's certification. 2.I accept full responsibility for the contents of this appraisal report including,but not limited to,the appraiser's analysis,opinions, statements,conclusions,and the appraiser's certification. 3.The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser(or the appraisal firm),is qualified to perform this appraisal,and is acceptable to perform this appraisal under the applicable state law. 4.This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5.If this appraisal report was transmitted as an"electronic record"containing my"electronic signature,"as those terms are defined in applicable federal and/or state laws(excluding audio and video recordings),or a facsimile transmission of this appraisal report containing a copy or representation of my signature,the appraisal report shall be as effective,enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER(ONLY IF REQUIRED) Signatur Signature Name a J.Bauman Name Company Name Olympus Appr isal Company Name Company Address P.O.Box 940 Company Address Chimacum,WA 98325 Telephone Number 3607320251 Telephone Number Email Address olyappr@olypen.com Email Address Date of Signature and Report 07/21/2023 Date of Signature Effective Date of Appraisal 06/15/2023 State Certification# State Certification# 1700419 or State License# or State License# State or Other(describe) State# Expiration Date of Certification or License State WA Expiration Date of Certification or License 03/05/2024 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED _ 106xx Rhody Dr(vacated Simms St) _Did not inspect subject property Port Hadlock,WA 98339 _Did inspect exterior of subject property from street Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY$ 30.000 ❑Did inspect interior and exterior of subject property CLIENT Date of Inspection Contact James A Jackson Client Name Chimacum Properties LLC COMPARABLE SALES ClientAddress PO Box 1405 _Did not inspect exterior of comparable sales from street Port Hadlock,WA 98339 _Did inspect exterior of comparable sales from street Email Address Jimjacks66@hotmail.com Date of Inspection NL-General Certification 5/2017 This form may be reproduced unmodified without written permission,however,Bradford Technologies,Inc.must be acknowledged and credited. 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