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Appraisal - 2024-11-08 - 84 Madison Avenue, Albany, NY 12202.pdf

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APPRAISAL REPORT OF REAL PROPERTY LOCATED AT: 84 Madison Ave As Per Deed - Libre 2697, Page 1073 - Dated 12/14/2001 Albany, NY 12202 FOR: Park Place Finance, LLC 7000 N Mopac Expy Ste 200-41 Austin, TX 78731 AS OF: 11/08/2024 BY: Jennifer L Hallock PO Box 421 Averill Park, NY 12018 (518) 527-0551 jhallockrealestate@gmail.com Form GA6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Serial# 371B5195 esign.alamode.com/verify Regional Appraisal Services, Inc. (518) 669-7171 Small Res

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APPRAISAL REPORT OF REAL PROPERTY

LOCATED AT:
84 Madison Ave
As Per Deed - Libre 2697, Page 1073 - Dated 12/14/2001
Albany, NY 12202

FOR:
Park Place Finance, LLC
7000 N Mopac Expy Ste 200-41
Austin, TX 78731

AS OF:
11/08/2024

BY:
Jennifer L Hallock
PO Box 421
Averill Park, NY 12018
(518) 527-0551
jhallockrealestate@gmail.com

Form GA6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Serial# 371B5195
esign.alamode.com/verify

Regional Appraisal Services, Inc. (518) 669-7171

Small Residential Income Property Appraisal Report

110344
File # 24-11-001

SUBJECT

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address 84 Madison Ave
City Albany
State NY
Zip Code 12202
Borrower Wesley Babcock
Owner of Public Record See attached addenda.
County Albany
Legal Description As Per Deed - Libre 2697, Page 1073 - Dated 12/14/2001
Assessor's Parcel # 76.50-3-6
Tax Year 2024
R.E. Taxes $ 5,829
Neighborhood Name Downtown/City of Albany
Map Reference 10580
Census Tract 0025.00
Occupant
Owner
Tenant
Vacant
Special Assessments $ 0
PUD
HOA $ 0
per year
per month
Property Rights Appraised
Fee Simple
Leasehold
Other (describe)
Assignment Type
Purchase Transaction
Refinance Transaction
Other (describe)
Lender/Client
Address 7000 N Mopac Expy Ste 200-41, Austin, TX 78731
Park Place Finance, LLC
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal?
Yes
No
Report data source(s) used, offering price(s), and date(s).
The subject was listed with the Global MLS, Inc. #202426984 on 10/07/2024 for $260,000 and

CONTRACT

went under contract on 11/08/2024 for a total of 32 days on the market.
I
did
did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
performed. The sales contract dated 10/19/2024 was reviewed wherein it was noted that the contract price is $260,000. No seller concessions
were noted. The appraiser assumes this is an arms length transaction. No irregularities were noted.
Contract Price $ 260,000
Date of Contract 10/19/2024 Is the property seller the owner of public record?
Yes
No Data Source(s)
Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower?
If Yes, report the total dollar amount and describe the items to be paid.

NEIGHBORHOOD

Note: Race and the racial composition of the neighborhood are not appraisal factors.
2-4 Unit Housing Trends
Neighborhood Characteristics
Location
Urban
Built-Up
Over 75%
Growth
Rapid
Neighborhood Boundaries

Suburban
25-75%
Stable

Rural
Under 25%
Slow

Property Values
Demand/Supply
Marketing Time

Increasing
Shortage
Under 3 mths

Assessor/Contract
Yes
No

2-4 Unit Housing

Stable
In Balance
3-6 mths

Declining
Over Supply
Over 6 mths

The neighborhood is bounded to the North by Washington Avenue, to the
South by Second Avenue & Whitehall Road, to the East by I-787 & to the West by South Main Avenue.
Neighborhood Description
See attached addenda.

PRICE
$ (000)

50
950
250

AGE
(yrs)
Low
High
Pred.

30
225
125

Present Land Use %
50 %
25 %
10 %
10 %
5%

One-Unit
2-4 Unit
Multi-Family
Commercial
Other

Market Conditions (including support for the above conclusions)

SITE

Current marketing conditions are stable at this time with a limited supply of active listings,
strong demand and stable values. Average marketing time for homes that are priced within 10% of their eventual selling price is 0 - 3 months.
There is ample mortgage money available at local lending institutions. Sales and financing concessions are seeing limited use. The Albany
market area has remained very stable.
Dimensions 29.5 FF x Irregular
Area 2,275 sf
Shape Mostly Rectangular
View N;City Street
Specific Zoning Classification R-T
Zoning Description Residential Townhouse - 1,150 sf min lot size, 18 ft min frontage
Zoning Compliance
Legal
Legal Nonconforming (Grandfathered Use)
No Zoning
Illegal (describe)
Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use?
Yes
No If No, describe See attached
addenda.
Off-site Improvements - Type
Public
Private
Utilities
Public Other (describe)
Public Other (describe)
Street Asphalt
Water
Electricity
Alley None
Gas
Sanitary Sewer
FEMA Special Flood Hazard Area
Yes
No FEMA Flood Zone AE
FEMA Map # 36001C0194D
FEMA Map Date 3/16/2015
Are the utilities and/or off-site improvements typical for the market area?
Yes
No If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?
Yes
No If Yes, describe

See attached addenda.

IMPROVEMENTS

General Description
Units
Two
Three
Four
Accessory Unit (describe below)
# of Stories 2
# of bldgs.
Type
Det.
Att.
S-Det./End Unit
Existing
Proposed
Under Const.
Design (Style)
2 Unit
Year Built
1815
Effective Age (Yrs) 15
Attic
None
Drop Stair
Stairs
Floor
Scuttle
Finished
Heated

# of Appliances

Foundation

Exterior Description

Concrete Slab
Crawl Space
Foundation Walls
Full Basement
Partial Basement
Exterior Walls
Basement Area
1,160 sq.ft. Roof Surface
Basement Finish
% Gutters & Downspouts
0
Outside Entry/Exit
Sump Pump
Window Type
Evidence of
Infestation
Storm Sash/Insulated
Dampness
Settlement
Screens

Heating/Cooling
FWA
HWBB
Radiant
Other Elec BB Fuel Gas,Elec
Cooling
Central Air Conditioning
Individual
Other None

Refrigerator
2 Range/Oven
Unit # 1 contains:
4 Rooms
Unit # 2 contains:
4 Rooms
Unit # 3 contains:
Rooms
Unit # 4 contains:
Rooms
Additional features (special energy efficient items, etc.).

2

Dishwasher

2 Bedrooms
2 Bedrooms
Bedrooms
Bedrooms

1

materials/condition Interior

materials/condition

Floors
Mixed/Avg
Walls
Brick/Avg
Dwall,Plaster/Avg
Asphalt Shingle/Avg Trim/Finish
Wood/Avg
Bath Floor
None
Mixed/Avg
Bath Wainscot Fglass,CTile/Avg
Double Hung/Avg
Car Storage
Thermo Pane/Avg
None
Yes/Avg
Amenities
Driveway # of Cars
2
Fireplace(s) # 0
Woodstove(s) # 0 Driveway Surface
Asphalt
Patio/Deck 0/1
Fence Wood
Garage
# of Cars
0
Pool None
Porch 2 Covered
Carport
# of Cars
0
Other
Att.
Det.
Built-in

Disposal

Microwave

1.0 Bath(s)
1.0 Bath(s)
Bath(s)
Bath(s)

Brick,Stone,Conc/Avg

Washer/Dryer

Other (describe)

(2) Fan/Hood

1,156 Square Feet of Gross Living Area
1,160 Square Feet of Gross Living Area
Square Feet of Gross Living Area
Square Feet of Gross Living Area

Additional features include a rear porch, a second floor rear porch, a fenced back yard and a
bedroom, full bath an family room in the finished attic. Units #1 and #2 are heated with a gas hot air furnace. The finished attic is heated with
electric baseboard heaters.
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
Average quality construction in average overall
condition. The roof cover is assumed to be in average condition with no evidence of leaks on the interior. The floor plan is adequate. At the time
of inspection the utilities and mechanical systems were turned on and were operational. The structure has been well maintained over the course
of its life. The effective age is less than the actual age.

Freddie Mac Form 72 March 2005

Page 1 of 7

Form 1025 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Fannie Mae Form 1025 March 2005
Serial# 371B5195
esign.alamode.com/verify