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10/16/2009 4:51:01 PM
 
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Section 5: OPA Board Subject: OC Bayside Appraisal Msg# 702919
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Here are some salient facts from the appraisal of OPA's Bayfront Parking lot in Ocean City: Appraised value is $2 million, based on highest and best use as parking in support of existing restaurant/night club operation. Zoning is LC-1. Land area usable is 23,524 SF and 2,503 SF encroached upon by building and fencing by the Seacrets parcel to the south. Overall parcel is 60,548 SF, including wetlands. The encroachment has an impact on value. Tax assessment sets value at $3,055,200 as of 2011/2012 and is over-assessed Property is subject to a five-year lease which is set at a below-market rate. Lease was executed as of November 1, 2008 and expires, without option October 31, 2013. The above information is direct from the appraisal. Some observations will follow later. |
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