HomeMy WebLinkAboutAdministrative Permit APX2003015 - Project DescriptionJanuary 29, 2001
Dr. ARTHUR JAN, JR Page iii
Executive Summary
Address:Harbour Landing
4911 Warner Avenue
Huntington Beach, California
Assessor Parcel No.: 178-263-25
Date of Value: December 17, 2000
Date of Report : January 29, 2001
Interest Appraised : Fee Simple (Land); Leased Fee (Property)
R EC EIV SO
OCT 3 02003
Underlying Assumption: The property in question is subject to a long-term ground
lease, which commenced December 17, 1980 and terminates
December 16, 2055. According to the lease agreement, the
rental rate is adjusted in the beginning of the tenth year and
every five years thereafter, assuming the value of the land as
leased land and the current use thereof. As such, the
property's current use and operation is recognized.
Property Description: Completed in 1981, this two and three-story retail and office
project contains approximately 30,752 square feet of gross
building area. The ground floor units are generally leased to
retail tenants, while the upper floor space accommodates
office users. Reflecting wood-frame and wood-sided
construction, the project exhibits average quality and overall
condition. Approximately 166 open, onsite parking spaces,
or 5.4 spaces per 1,000 square feet are provided. The
improvements are situated on a corner parcel containing
approximately 1.88 acres of land. Although not considered a
major intersection, the property possesses good access and
overall visibility.