HomeMy WebLinkAboutItem 14 Sale of property 725 S 57th StAGENDA ITEM SUMMARY
SPRINGFIELD
CITY COUNCIL
Meeting Date:
Meeting Type:
Staff Contact/Dept.:
Staff Phone No:
Estimated Time:
Council Goals:
1/18/2022
Regular Meeting
Vahana Keene/CMO
(541) 726-3700
20 Minutes
Encourage Economic
Development and
Revitalization through
ITEM TITLE: APPROVAL TO SELL CITY -OWNED REAL PROPERTY AT 725 S 57TH
STREET
ACTION
Authorize/not authorize the City Manager to prepare and list for sale City -owned
REQUESTED:
real property located at map 18-02-04-11 tax lot 04600 and addressed as 725 57th
Street, with real estate agent Brandy Huynh of Re/Max Integrity.
ISSUE
The City purchased in 2010 a 1.5 acre low density residential (LDR) parcel located
STATEMENT:
at map 18-02-04-11 tax lot 04600. The property was acquired for $405,000 with the
intent to redevelop into a new Springfield Fire Station. The property, which
includes one vacant single family structure, is no longer needed for Fire and Life
Safety purposes and the City might pursue a market rate sale of the parcel.
ATTACHMENTS:
Attachment 1 — Property Map and Summary Sheet
Attachment 2 — Recommended Real Estate Agent Information
DISCUSSION/
The purchase of the 1.5 acre tax lot 4600 for $405,000 in 2010 was facilitated by
FINANCIAL
the City to support the Springfield Fire Department's efforts for facility planning.
IMPACT:
After further evaluation, and following the Eugene -Springfield Fire and Life Safety
services functional consolidation, the location was deemed unnecessary for fire
services, although a small northern portion of the property (approx. 0.3 acre) was
carved off for City storm water needs. In 2018, the Council directed staff to engage
affordable housing providers to explore affordable housing redevelopment
opportunities on the remaining 1.2 acre site. This process was unsuccessful for a
number of factors including property size and costs associated with developing the
site.
The 1.2 acre site currently includes a 1,735 SF unoccupied single family residence
and is without future redevelopment plans by the City. As the City does not have a
formal practice of operating residential properties for lease without future intent to
participate in redevelopment, the Council might consider listing the property for
sale.
Staff have engaged multiple real-estate brokers and is recommending contracting
with Brandy Huynh of Re/Max Integrity to list the property at current market rates
and for no less than the 2010 City purchase price of $405,000. Should the Council
authorize the listing of the property, the site would first benefit from minor
landscape and structure repairs to increase marketability. Staff suggests allocating a
Not to Exceed budget of $10,000 for the hiring of a third -party vendor for this
maintenance and repair work.
The property might be listed beginning in early Spring 2022 with a goal of
capitalizing on the Spring and Summer market conditions. Offers might be
anticipated from buyers interested in maintaining the site as a single family
residence or residential developers looking for redevelopment opportunities. Any
received offers would be brought back to the Council for review, discussion and
formal direction.
725 SOUTH 57TH STREET PROPERTY SUMMARY SHEET
Map 18-02-04-11, Tax Lot 04600
Addressed: 725 South 57th Street Springfield, Oregon 97478-6906
City 2010 Purchase Price: $405,000
Purchased With: General Fund
Physical
Characteristics:
Property Size: 1.21 Acres
Total Home Scl Ft: 1,735
Bedrooms: 3
Bathrooms: 1
Year Built: 1966
Annexed: 2008
$500.000
$400,000
$300,000
$200,000
$100.000
$0
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021
Year
Zoned: Low Density Residential (LDR)
2010 County Listed Real Market Value (RMV): $240,167
2021 County Listed Real Market Value (RMV): $453,420
2021 Property Taxes Paid: $4,057.98
ATTACHMENT 1, PAGE 1 OF 1
REAL ESTATE BROKER INFORMATION SHEET
Recommended Broker/Firm: Brandy Huynh, Re/Max Integrity
More than 11 years of local experience, specializing in representing buyers and sellers,
relocation, and country properties.
Website: bra ndyhuynh.remax.com
Address: 4710 Village Plaza Loop Ste 200, Eugene, OR 97401
License: 200912121
About: Ms. Huynh is a native Oregonian and has lived in the Willamette Valley for over 35
years. Reviews from clients consistently reflect high scores and positive feedback.
Staff Recommendation: Ms. Huynh was engaged by staff and provided an overview of
strategies for listing the property. She reflected strength in perspective of the site's
opportunity, recommendations for minor repairs and beautification upgrades to improve resale
opportunity, and a portfolio which reflected significant experience in listing Springfield area
properties. Ms. Huynh's proposed commission is 4.5%, the lowest commission of those agents
engaged by staff.
ATTACHMENT 2, PAGE 1 OF 1