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![]() | Back to Frontpage | Mortgagee’s Sale of Real Estate on Premises 203 Grove Street, Wellesley, Ma EXECUTIVE SUMMARY
The Property
Location: 203 Grove Street, Wellesley, Massachusetts
Property Description: The subject site consists of 9.375 acres positioned between Grove Street and Dover Road, proximate to the southerly side of Benvenue Street in Wellesley. It is residentially zoned and located in what is commonly known as the Dana Hall area. This wooded site is improved with five buildings (plus two small outbuildings) operated as a 60-bed psychiatric hospital. The residential style structures were reportedly constructed about 100 to 125 years ago. The five primary buildings include two for hospital patient residences, two for outpatient clinics and offices, and one for administration.
Zoning: Single Residence 40 District
Ownership: Charles River Hospital, Inc.
CERTIFICATION
We certify that, to the best of our knowledge and belief:
· The statements of fact contained in this report are true and correct. · The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions, and conclusions. · We have the requisite knowledge and experience to competently undertake the assignment. · We have no present or prospective interest in the property that is the subject of this report and we have no personal interest with respect to the parties involved. · We have no bias with respect to the property that is the subject of this report and or to the parties involved with this assignment. · Our engagement in this assignment was not contingent upon developing or reporting predetermined results. The appraisal assignment was not based on a requested minimum valuation, specific valuation or approval of a loan. · Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction of value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. · Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. · The subject property was inspected by Pamela S. McKinney, MAI, CRE and Sandra L. O’Sullivan on May 29, 2001. (This included a tour of representative interior areas of the primary buildings by Ms. McKinney and a tour of the grounds by both). · No one provided significant real property appraisal assistance to the persons signing this certification, unless otherwise stated in this report.
· We certify to the best of our knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. · We certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. · As of the date of this report, Pamela S. McKinney has completed the requirements of the continuing education program of the Appraisal Institute. · Pamela S. McKinney, MAI, CRE, and Sandra L. O'Sullivan are both registered with the State of Massachusetts as Certified General Real Estate Appraisers holding respective license numbers 745 and 4722. · We do not authorize the out-of-context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of the appraisal report shall be disseminated to the general public by the use of media for public communication without the prior written consent of the appraisers signing this appraisal report.
Byrne McKinney & Associates, Inc.
Pamela S. McKinney, MAI, CRE Principle
Sandra L. O'Sullivan Senior Vice President STANDARD ASSUMPTIONS AND LIMITING CONDITIONS
The appraisers assume:
1. That the subject's interests as defined in this report are marketable and that the property is free and clear of all liens, encumbrances, easements and restrictions unless otherwise noted.
2. No liability for matters legal in nature.
3. That property ownership and management are in competent, responsible hands.
4. That the property is not operating in violation of any applicable government regulations, codes, ordinances, or statutes. Any zoning variations and special permits currently in place are assumed to be available as of the date of value.
5. That there are no concealed or dubious conditions of the subsoil or subsurface waters, including water table and flood plain. Further, that there are no regulations of any government entity to control or restrict the use of the property, unless specifically referred to in this report.
6. Building and unit area estimates are based on information supplied by others.
7. The appraisers personally inspected the subject property. When the date of inspection differs from the effective date of appraised value, the appraisers have assumed no material change in the condition of the property, unless otherwise noted in the report. The limiting conditions of this report are as follows: 1. All of the facts, conclusions and observations contained herein are consistent with information available as of the date of valuation. The value of real estate is affected by many related and unrelated economic conditions, both local and national. We, therefore, assume no liability for the effect on the subject property of any unforeseen precipitous change in the economy. 2. The valuation, which applies only to the property described herein, was prepared for the purpose so stated and should not be used for any other purpose. 3. The appraisers have made no survey of the property. The appraisers presumed any and all maps, sketches, and site plans provided to be correct, but no guarantee is made as to their accuracy. 4. Any information furnished by others is presumed to be reliable and, where so specified in the report, has been verified, but no responsibility, whether legal or otherwise, is assumed for its accuracy nor can it be guaranteed as being certain. No single item of information was completely relied upon to the exclusion of any other information. 5. The signatories herein shall not be required to give testimony or attend court or appear at any governmental hearing with reference to the subject property, unless prior arrangements have been made. 6. Disclosure of the contents of this report is governed by the bylaws of the Appraisal Institute. Neither this report nor any portions thereof (especially any conclusions as to value, the identity of the appraisers or the firm with which they are connected, or any reference to the Appraisal Institute or the MAI or RM designation) shall be disseminated to the public through public means of communications without the prior written consent and approval of the appraisers and the firm which they represent. 7. The appraisers have no present or contemplated interest in the subject property. 8. Employment for this appraisal and compensation for the report is in no way contingent on the conclusions reported herein. 9. This appraisal has been made in conformance to the Code of Professional Ethics and Standards of Practice of the Appraisal Institute, of which Pamela S. McKinney is a member, and represent the best judgment of the appraisers. 10. No responsibility is taken for the effect on the subject property of changes in market conditions after the date of valuation or for the inability of the property owner to find a purchaser at the appraised value. 11. No effort has been made to determine the impact on this project of possible energy shortages or present or future federal, state, or local legislation, including any environmental or ecological matters or interpretations thereof. 12. The date of valuation to which the value estimate conclusions apply is set forth in the letter of transmittal and within the body of the report. The value is based on the purchasing power of the U.S. dollar as of the date of the report. 13. The appraisal conclusions that apply to the subject property are based on economic conditions and estimated supply and demand factors as of May 29, 2001. 14. The report does not take into consideration the possibility of the existence of asbestos, PCB transformers, or other toxic, hazardous, or contaminated substances and/or underground storage tanks containing hazardous material. The report does not consider the cost of encapsulation, treatment, or removal of such material. If the property owner has a concern over the existence of such conditions in the subject property, the appraisers consider it imperative to retain the services of a qualified engineer or contractor to determine the existence and extent of such hazardous conditions. Such consultation should include the estimated cost associated with any required treatment or removal of hazardous material. 15. We did not ascertain the legal and regulatory requirements, except for zoning applicable to this project, including permits and licenses and other state and local government regulations. Further, no effort was made to determine the possible effect on the subject property of present or future federal, state or local legislation or any environmental or ecological matters. DESCRIPTION OF ASSIGNMENT Subject Property IdentificationThe subject property is comprised of a parcel of land in Wellesley, Massachusetts, having an address of 203 Grove Street and identified by the assessor’s office as Map 114, Lot 1. The wooded site contains 408,355 square feet of land (9.375 acres) with 732± feet of frontage along Grove Street and 580± feet of frontage along Dover Road. The property is improved with several residential style buildings and has been operated as a psychiatric hospital since the early 1900s. The 60-bed facility has been under the Charles River Hospital name since the mid-1970s. The property’s legal description is recorded in the Norfolk County Registry of Deeds in Book 6187, Page 139, with the exclusion of those portions of land subsequently subdivided and sold, having legal descriptions recorded in Book 11868, Pages 375 and 712. A reduced site plan (showing the site’s configuration, frontage, and existing buildings’ locations) is provided on an accompanying page herein, with the subject identified as Lot 4.
Regional Location Map
Aerial
Photograph of Subject Site (Est. Taken Mid-1990s)
Assessor’s
Map with Overlaid Topographic Contour Lines
Flood
Insurance Rates Map Section
Grove Street Frontage (southwesterly view)
Northerly View Along Grove Street (site to the left)
Southerly View Along Dover Street (site to the left)
Dover Street entry to the site (southeasterly view)
Administration Building (northwesterly view from site interior)
The Gold Building (westerly view from site interior)
Lipton Hall (southeasterly view from site interior)
The White Cottage (southwesterly view from site interior)
Southwick Pavilion (southwesterly view from site interior)
Southwesterly View of Site Interior (from parking area south of the Gold Building)
Garage (southerly view from site interior)
Barn (northerly view from site interior)
Front Lawn (northeasterly view from site interior)
Northerly View From Lipton Hall to the Gold and Administration Buildings presentation of DATA Legal Description and Ownership HistoryThe subject property is currently owned by Charles River Hospital, Inc. They have owned the property for many years. The most recent conveyance reflects an apparent inter-corporate transfer in 1983. That deed, recorded in the Norfolk Country Registry Book 6187, Page 139, involved an original 12.184 acre site. Subsequently, in 1997, three parcels of land totaling 2.809 acres were subdivided from the property and conveyed in two separate sales, recorded in the Norfolk County Registry Book 11868, Page 375 and Page 712. Thus, the property now contains 9.375 acres. These deeds, with the respective legal descriptions, are provided in the Addenda for reference. In addition, an accompanying site plan shows these parcels, with the subject property identified as Lot 4 with 408,355 square feet. Location and Neighborhood SettingThe subject is located in the Town of Wellesley, a suburb of Boston located 12 miles directly to the west, just beyond circumferential Route 128. The Town encompasses a 10.5 square mile area and is bordered by the communities of Newton to the northeast, Needham to the southeast, Dover to the south, Natick to the west, and Weston to the north. The eastern portion of the town is positioned on Route 128, a major divided highway encircling the Boston metropolitan area. The primary access routes into and through the Town are Routes 9, 16 and 135. The Massachusetts Turnpike traverses its northern neighbors, Newton, Weston and Natick, and thus is in relatively close proximity. Commuter trains heading into Boston have several stops in Wellesley, the MBTA trolley system is available from the nearby Riverside station in Weston, and local bus service provides transportation to neighboring communities. The town is predominantly residential and is one of the more affluent communities in the state. Residential values continually remain higher than most of the metropolitan area communities. It is known for its good public school system. Wellesley is a college town, home to Wellesley College, Babson College, and Massachusetts Bay Community College, as well as Dana Hall, a girl’s private prep school. Residences consist predominantly of single-family homes, although there are some condominiums and apartment buildings. Commercial development is predominantly comprised of small retailers, restaurants, and offices (mostly service-oriented establishments) positioned along Route 16 in the eastern side of town (the Wellesley Hills area), and along both Route 135 and nearby Linden Street in the western portion of town (the Wellesley Square area). Larger commercial uses are located along Route 9 or near Route 128. The subject site is located in the southwesterly section of town, near the Dover and Needham town lines. It is only one mile south along Grove Street from Wellesley Square, the primary retail center of town and a commuter rail stop. The subject is contained within what is referred to as the Dana Hall area (due to its proximity to the girls prep school), and is considered particularly appealing to families as it is a quiet area that falls within the Hunnewell elementary school district. The surrounding land uses are all single-family residential. The subject’s immediate area, west of Grove Street and generally south of Benvenue Street, is unique in having the largest minimum lot zoning requirements (40,000 square feet) of anywhere in the town. Access to the property is picturesque, passing either the Dana Hall playing fields along Grove Street or the Nehoiden Golf Course along Dover Road (the latter is owned by Wellesley College but has membership available to town residents). The area is comprised of mature residential neighborhoods, so there has been very limited new construction until the relatively new phenomena of single-family demolition for larger new construction single-family development. Several such ‘tear down’ sales have occurred in this neighborhood and zoning district (including some on Livingston Road, Sabrina Road and Sabrina Farm Road, each extending off Dover Road). In addition, there is a new 19-home subdivision under construction nearby off Grove Street (with only two lots in Wellesley and the balance in Needham) and a 4-home cul-de-sac to be created directly across Dover Road from the subject. Both of these developments consist of 40,000+ square foot lots created on former estate sites. These are unusual, as there is extremely limited land available for development throughout the area. Brokers report a strong demand for homes in this area. Wellesley has long enjoyed the status of being one of the more desirable Boston suburbs in which to dwell. It enjoys proximity to transportation routes for relatively short commutes (to downtown Boston or Route 128), and a reputation for high quality public schools and town services. Furthermore, the subject’ immediate area is attractive due to its ‘Dana Hall’ neighborhood locale, and its being within walking distance (approximately one mile) to shops, a commuter rail stop, and the public elementary school. Site DataThe following information and exhibits serve as an abridged description of the subject property. The material is not exhaustive and is intended solely as appraisal background. Descriptions of the property are based on the appraisers' tour of the subject property (on May 29, 2001), a site plan, and town assessor's records. We were not provided with any physical property data or descriptions, and note that information regarding the existing improvements is very limited and based predominantly on general reference information available at the town assessor’s office. Location and Access – The 9.375 acre subject parcel is nestled between Grove Street and Dover Road in the southwesterly section of Wellesley. The site currently has curb cuts off of both roads. Each road runs from Washington Street (Route 16) in a generally southerly direction. Grove Street commences in Wellesley Square, and is lined predominantly with single family homes along the its westerly side and with Dana Hall school property (including open playing fields) along its easterly side. Dover Road commences near the entrance to Wellesley College and is lined with single-family homes along its easterly side and the Nehoiden Golf Course and some woodlands along most of its westerly side. Grove Street and Dover Road converge just south of the subject site and lead into the neighboring town of Needham. Size and Shape – The subject is labeled as Lot 4 on a plan entitled ‘Subdivision Plan of Land, Charles River Hospital, Wellesley, MA’ prepared by Vanasse Hangen Brustlin Inc. and dated January 7, 1992. According to the site plan, there is 731.92 feet of frontage along the westerly side of Grove Street and 580.27 feet of curved frontage along the northeasterly side of Dover Road. The subject parcel is irregular in shape, narrowing as it extends from north to south, and contains 408,355 square feet (9.375 acres) of land. It is noted that the hospital property originally encompassed all four lots shown on the plan, but lots 1, 2 and 3 (2.81 acres in aggregate) were sold off a few years ago. Thus, the full legal description of the property must be derived from the original 12.18 acre site description, less these three smaller lots. Topography and Drainage – By visual inspection, drainage of the site appeared to be adequate (as there was no evidence of standing water noted at the time of our inspection) and it is not contained within a flood plain according to the Flood Insurance Rates Map (within Zone C of Community-Panel No. 250255-0005B; Effective 9/5/79). Furthermore, on-site hospital maintenance personnel advised us that the existing structures’ basements are all dry. The topography of the land is gently rolling throughout, with a slope in a generally northwesterly direction (so that the majority of the currently improved site is generally level, but sloping down on the northerly end behind the existing brick Administration Building and along the westerly Dover Street frontage side). An accompanying plan, provided by the town’s planning department, provides a general indication of topography contour lines. The site is wooded with tall mature trees throughout. The existing curved driveway off Grove Street encircles a large grass lawn, and trees. There are scattered flowering bushes along Grove Street and some building facades. Soils and Sub-soils – Subsoil conditions are assumed to be adequate to support development, particularly of single-family homes (given the existing older structures on site which are reported to be sound, and the surrounding neighborhood developments). No environmental reports were made available to us (the reader is referred to the Special Assumptions and Limiting Conditions section of this report). For the purpose of our appraisal we have assumed that subsoil conditions are adequate to support the proposed improvements and that the site is in compliance with all Community, State (especially Chapter 21E), and Federal laws governing hazardous waste. Utilities – All municipal utilities are available to the site, including water, sewer, gas, and electric. Easements and Encumbrances – A title search is beyond the scope of this report (see Assumptions and Limiting Conditions). The appraisers were not made aware of any easements or deed restrictions that would impact the marketability or value of the subject. Site Improvements – The primary improvements on the site include the five residential-style structures and two outbuildings (a garage and barn). There is wooden fencing lining much of the site perimeter. Paved drives run from three curb cuts off Grove Street (one chained off and not utilized) and one off Dover Road, between the existing buildings and their adjacent parking areas. Improvements DataThe property is improved with five primary buildings and two secondary structures. The five primary buildings include two hospital level buildings which house patients (the Gold Building and Lipton Hall), two outpatient buildings with more office space and clinician treatment space (the White Cottage and Southwick Pavilion), and one administrative building. The secondary structures include a two-bay garage and a wooden barn, both of which are used for maintenance storage space. The buildings were constructed during the late 1880s and early 1900s. According to the town planning department, none are currently registered as historic. The two patient residence buildings (Lipton and Gold, which together house 60 beds in mostly double-occupancy patient rooms) underwent renovations in 1992-94 to meet new life-safety regulations for hospitals and to expand and upgrade the kitchen and dining area. These two structures have wet sprinkler systems, elevators, and central air conditioning. The other buildings have smoke and heat detectors and window mounted air conditioning units. According to on-site maintenance personnel, each building has its own gas-fired heating system and emergency generator, and there are window mounted air conditioners (except the two residence buildings as noted). There are reportedly no structural or mechanical problems. Overall the buildings are considered to be in generally average condition, with significant wear evident on the interior finishes, especially in the two patient residences. While substantial rehabilitation work was undertaken less than ten years ago and there is on-going maintenance, the complex’s use as a psychiatric hospital subjects it to a high amount of wear. Therefore, the interiors of four primary buildings are considered to be in fair condition, with the Administration Building considered to be in good condition. Additionally, there were no notable historical features or architecturally aesthetic details observed in these older buildings. So while the buildings may well be suited for their current use, they would not meet the current standard for single-family residences in the neighborhood. A brief description of each building follows. The square footage information is based on the previously referenced site plan which indicates number of stories and apparent footprint areas, which fit roughly with the town assessor’s records (the latter with some seemingly incomplete or outdated measurement data thus not relied upon). Administrative Building – This 2½-story plus basement, wood framed building with brick exterior walls contains an estimated 7,998± square feet. There is wall-to-wall carpeting throughout, dropped acoustical ceilings with fluorescent lighting, and double-hung wood framed windows. The first floor has a foyer with central staircase, two waiting rooms and offices. There are two fireplaces and chimneys. The second floor has an elongated hallway with multiple small offices off either side. The attic level is finished and used for records storage. Gold Building – This large yellow clapboard structure is centrally positioned on the site at the arch of the main entry driveway. A handicap accessible ramp leads up to the covered front porch entry. There is a fenced-in adjoining side yard with picnic tables. It is one of the two patient occupied buildings. The 2½-story plus basement, wood clapboard building contains an estimated 13,500± square feet. Interior finish primarily consists of wall-to-wall carpeting, drywall, and fluorescent lighting. The first floor contains a commercial kitchen and a dining room with an estimated 40 to 50 seats, which services the entire facility. There are locked units (hallway sections) with patient rooms, showers, bathrooms and supervisor stations on both the first and second floors. Under the dormered eves of the top floor are clinician’s offices, with older finishes. The basement level is partially exposed to the rear, and contains one small drive-in door to a small maintenance supplies area. The finished basement also has a group therapy lounge/recreation area. An elevator provides access to all floors, including the basement. Lipton Hall – This is a 2½-story plus basement, wood framed building with brick exterior walls plus clapboard covered building extensions and slate and asphalt shingle roof sections. It is estimated to contain 12,145± square feet. It is one of the two patient occupied buildings, with locked units containing patient rooms, showers, bathrooms, and supervisor stations on both the first and second floors (for geriatric and adolescent patients, respectively). The third floor has office space and the basement has a large classroom. An elevator provides access to all floors, including the basement. There is a handicap accessible ramp entry. And, there is a fenced in side yard adjacent to the building. There has reportedly been a substantial amount of interior renovation work over the last two years, however the interior finish is very worn due to the high wear or abuse by the younger patients in particular. The White Cottage – The smallest of the primary structures, this 2-story clapboard building contains an estimated 4,020± square feet including the unfinished basement. The first floor has a reception/waiting area and both floors contain administrative and doctor’s offices and patient treatment rooms. It is utilized for outpatient services. Reportedly this building has had some recent renovations. Southwick Pavilion – This 2-story plus basement, wood framed building with stucco exterior walls contains an estimated 8,400± square feet. There is a wheelchair ramp. The basement is used for storage. There is a waiting area, rehabilitation/therapy areas and offices on the first floor, with additional offices on the second floor. Outbuildings – There are two small secondary structures on the site. A one-story garage with two drive-in doors, which is utilized for maintenance and machinery storage, contains approximately 830± square feet. A 1½-story wooden barn, that had been storage area but is no longer in active use, is estimated to contain 1,030± square feet. Property Assessment and TaxesThe Town of Wellesley has an overall tax rate for Fiscal Year 2001 of $8.85 per $1,000 of assessed value. The town reassesses properties on an annual basis, but does not provide a valuation breakdown by land and building components for non-residential properties. The subject is currently owned by Charles River Hospital, Inc. and is used as a psychiatric hospital. According to the assessor’s records the property is currently assessed as outlined below:
Property Identification:
Map 114, Lot 1
Address:
203 Grove Street
Land Area:
408,355 square feet
Aggregate of 5 Building Areas:
18,504 square feet
FY 2001 Assessment:
$5,617,000
FY 2001 Tax Levy:
$49,710.45 According to town records, there are outstanding payments due on the taxes for the current fiscal year (July 1, 2000 to June 30, 2001). And, interest charges are accruing daily at an annual rate of 14%. As of June 7, 2001, there was $68,021.63 due ($65,740.67 in taxes plus $2,280.96 in interest). ZoningThe following salient use and dimensional requirements that pertain to the subject property have been taken from the Wellesley Zoning By-Laws. The subject parcel is located in a Single Residence 40 zoning district. Single-family homes are the primary use allowed by right. The subject’s current use as a psychiatric hospital is considered legally non-conforming as a pre-existing use.
Single Family Residence 40 District
Selected Permitted Uses
By Right:
Single-family residence, religious purposes, educational purposes (with
some restrictions), child care facility (with some restrictions), club,
agricultural, etc.
By Special Permit:
Two-family residence, boarding/lodging house (with existing building),
other educational, public/philanthropic, community group residence (in existing
building, with a single kitchen facility), etc.
Minimum Lot Area: 1
40,000 square feet
Maximum Building to Lot Coverage Ratio:
15%
Maximum Build Factor: 2
20
Minimum Frontage:
200 feet
Minimum Yard Width:
200 feet
Minimum Front Yard Depth:
40 feet
Minimum Side & Rear Yard Setbacks:
40 feet Maximum Building
Height:
45 feet or 3-stories; 36 feet for single-family (1)
20,000 square foot lots are allowed in cluster residential developments,
which require sites 10+ acres in size, and allow no more lots than under regular
zoning plus an open space set-aside of 2+ acres. (2)
Build Factor is a ratio of lot perimeter to lot area which limits the
degree to which a lot may have an irregular shape according to the following
formula: Lot Perimeter Squared/Actual Lot Area
: Actual Lot
Area/Required Lot Area ©2000 Auction Marketing Group, Inc. All rights reserved.
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