$103 per square foot with an average of $89 per square foot. Based on his analysis, Mr. Wolff concluded that a value of $89 per square foot would be indicated for the subject property. With the subject property containing a total of 82,367 square feet of gross finished floor area, Mr. Wolff concluded that the fee simple value of the subject property indicated by the sales comparison approach is $7,330,663, which he rounded to $7,330,000 for fiscal year 2014. b. Income-capitalization approach Mr. Wolff conducted a single analysis under this approach applicable to both fiscal years at issue. He first decided to value separately the subject property’s non-refrigerator/freezer “dry” space and the refrigerator/freezer “cold” space. Mr. Wolff selected 10 purportedly comparable industrial market rental properties to value the “dry” warehouse space. The rentals that Mr. Wolff found to be most comparable are summarized below: # Location Tenant Area Date $/sf Comment (sf) term NNN 1 18 Dorrance St., Alta Bicycle 28,750 06/2012 $4.50 multi-tenant Charlestown Share 4 yrs warehouse const. a/k/a Hubway in 1990, avg. condition 2 41 Bartlett St., Confidential 9,047 02/2012 $5.00 multi-tenant Everett 5 yrs manufacturing building constr. in 1982, avg. condition
$103 per square foot with an average of $89 per square foot. Based on his analysis, Mr. Wolff concluded that a value of $89 per square foot would be indicated for the subject property. With the subject property containing a total of 82,367 square feet of gross finished floor area, Mr. Wolff concluded that the fee simple value of the subject property indicated by the sales comparison approach is $7,330,663, which he rounded to $7,330,000 for fiscal year 2014. b. Income-capitalization approach Mr. Wolff conducted a single analysis under this approach applicable to both fiscal years at issue. He first decided to value separately the subject property’s non-refrigerator/freezer “dry” space and the refrigerator/freezer “cold” space. Mr. Wolff selected 10 purportedly comparable industrial market rental properties to value the “dry” warehouse space. The rentals that Mr. Wolff found to be most comparable are summarized below: # Location Tenant Area (sf) Date term $/sf NNN Comment 1 18 Dorrance St., Charlestown Alta Bicycle Share a/k/a Hubway 28,750 06/2012 4 yrs $4.50 multi-tenant warehouse const. in 1990, avg. condition 2 41 Bartlett St., Everett Confidential 9,047 02/2012 5 yrs $5.00 multi-tenant manufacturing building constr. in 1982, avg. condition
18p001.docx