HomeMy WebLinkAbout1961 Louisiana Avenue Appraisal ' . .
CHARLES d Real ETTe Appraiser
J E W E T T APPRAISAL SERVICE
Registered Real Estate Broker
VERO BEACH. FLORIDA
December 18, 1961
APP KAI SAL REPORT
PREJ ARLD r`OR
Mr. Jack Baxter, Sebastian, Florida.
SUBJEOT
Lot on Louisiana Avenue , Sebastian, Florida.
LEuAL DESCRIPTION
All of Lot "A" , W. A. Martin's Subdivision, Sebastian, Indian
River County, Florida, according to the plat thereof recorded
in Plat Book 3 at Page 12, Public Records of St. Lucie County,
Florida.
SCOPE OF APPRAISAL
This appraisal covers the land only. It does not include any
of the improvements made by the lessee, consisting of fence,
entrance gate, fill and driveway, electric service , etc.
CONDITIONS
This appraisal assumes a fee simple , merchantable title.
P P ,
The dimensions shown were obtained from a recent survey by
Lloyd and Associates of Vero Beach, and are assumed to be
correct.
SIZE ANDLOOTION
According to survey, this lot has 120 feet frontage on the
east side of Louisiana Avenue and 123.85 feet along the west
right of way line of the Florida East Coast Railway. The
depth is 95.6 feet along the northerly line and 96.53 feet
along the southerly line.
The location is just west of the railway and about 1,000
feet south of the Main Street crossing in the City of Seb-
astian. It is about 1,600 feet south-southwest of the
Sebastian City Hall.
GENERAL DLSORIPTION
Louisiana Avenue , upon which this lot fronts, is a narrow
paved street and is not further improved with curbs, gutters
or walks. It is a subordinate street and appears to carry
only local traffic.
The rear of the lot fronts upon the main line of the railway
but there are no sidetrack facilities.
The natural slope of the parcel is downward from Louisiana
Avenue, to the east to the railway. Some filling and grading
has been done by the lessee, including construction of a marl
or shell driveway.
The south three quarters, more or less, is included in a sub-
stantial woven wire fence, together with adjacent property on
the south, and the combined area developed as a bulk gas depot
of the Protane Corp. , operated by Jack's Bottled Gas of Sebastian.
Storage tank, small building and loading ramp appear to be al-
together on the adjacent land.
The small area north of the fence is now being used by the
adjacent home owner and is partially improved as a part of
the residence site, including a short concrete driveway.
The environment is that of an old, well established residential
area. There are small homes adjoining on the north and south
and there are several other homes in the vicinity. There are
no other commercial properties in the immediate area, west of
the railway.
BASIS OF VALUE
We are advised that the subject lot, land alone, is now under
lease to Mr. Baxter at an annual rental of $75. A return of
75 per ear would appear to indicate a land value of from
625 to $750 . On the other hand, the character of the neighbor-
hood is such that a front foot valuation of from $7 to $8.50
would appear justified. The proximity of the railway is by
no means an asset from a residential standpoint, or for com-
mercial use until such time as sidetrack facilities are made
available.
JEWETT APPRAISAL SERVICE VERO BEACH, FLORIDA
Charles C.Jewett,Appraiser-Registered Real Estate Broker
APPRA►I trL
Based upon the conditions as herein set forth, we are of the
opinion that the subject lot, as herein described, land alone,
may be fairly said to have a present market value of $900.
10
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JEWETT APPRAISAL SERVICE VERO BEACH, FLORIDA
Charles C.Jewett,Appraiser-Registered Real Estate Broker
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