PORT ANGELES — The Port’s Landing mall on the city’s waterfront soon could be up for sale.
Port Commissioner Leonard Beil of Port Angeles has talked about selling the building at Port meetings and during campaign appearances.
He is seeking re-election during the Nov. 8 general election and is running against George Schoenfeldt.
Beil said the property could be more valuable to the community with improvements that are beyond the Port’s financial means.
Port Commissioners Bill Hannan of Sequim and John Calhoun of Forks were unavailable Saturday for comment.
Two appraisals complete
A fair market appraisal, the first step before public agencies declare a property surplus and available for purchase, was completed earlier this year.
A discussion of whether the Port should put the property on the market could occur at an upcoming Port of Port Angeles commission meeting.
“We’re talking about it,” said Beil.
“Probably the Nov. 14 meeting, we’ll really get into a discussion about surplusing it.”
Port legal counsel Dave Neupert explained the process for selling property at the Oct. 10 Port Commission meeting, he said.
The appraisal conducted this summer by Halberg Pacific Appraisal Service concluded that the 2.67-acre property was worth either $560,000 or $800,000, with the latter being the better choice.
The appraisal used both the “income approach” and “cost approach” to analyze the property’s estimated value.
The estimated value using the income approach was $560,000.
The method estimates gross income and expenses to develop a stable net annual income. Then that income estimate is translated into an estimated market value.
The estimated value using the cost approach was $800,000.
It is based on the principle that a buyer wouldn’t pay more for a property than the cost to replace it.
Accrued depreciation is subtracted from the estimated cost and land value added to produce an estimated market value.